Empire State Realty OP's Low Price Reflects Underlying Challenges

Tuesday, Jan 27, 2026 4:25 am ET1min read
ESRT--

Empire State Realty OP LP's partnership units are undervalued, with a low price-to-FFO ratio. However, closer inspection reveals structural issues, including a declining dividend payout ratio and a significant discount to net asset value. These factors justify the price discount and suggest that the units may be cheap for a reason.

Empire State Realty OP's Low Price Reflects Underlying Challenges

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