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Side-by-side financial comparison of Empire State Realty OP, L.P. (ESBA) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Empire State Realty OP, L.P. is the larger business by last-quarter revenue ($199.2M vs $142.9M, roughly 1.4× Piedmont Realty Trust, Inc.). Empire State Realty OP, L.P. runs the higher net margin — 16.1% vs -30.3%, a 46.4% gap on every dollar of revenue. On growth, Empire State Realty OP, L.P. posted the faster year-over-year revenue change (0.8% vs -0.3%). Over the past eight quarters, Empire State Realty OP, L.P.'s revenue compounded faster (4.9% CAGR vs -0.6%).
Empire State Realty OP, L.P. is a real estate operating partnership focused on owning, managing, and leasing premium commercial and retail properties primarily in the New York City metropolitan area. Its portfolio includes iconic landmarks like the Empire State Building, serving corporate tenants, retail brands and tourism-related business segments.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
ESBA vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.2M | $142.9M |
| Net Profit | $32.2M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | 17.8% | — |
| Net Margin | 16.1% | -30.3% |
| Revenue YoY | 0.8% | -0.3% |
| Net Profit YoY | 71.2% | -44.3% |
| EPS (diluted) | $0.11 | $-0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $199.2M | $142.9M | ||
| Q3 25 | $197.7M | $139.2M | ||
| Q2 25 | $191.3M | $140.3M | ||
| Q1 25 | $180.1M | $142.7M | ||
| Q4 24 | $197.6M | $143.2M | ||
| Q3 24 | $199.6M | $139.3M | ||
| Q2 24 | $189.5M | $143.3M | ||
| Q1 24 | $181.2M | $144.5M |
| Q4 25 | $32.2M | $-43.2M | ||
| Q3 25 | $13.6M | $-13.5M | ||
| Q2 25 | $11.4M | $-16.8M | ||
| Q1 25 | $15.8M | $-10.1M | ||
| Q4 24 | $18.8M | $-30.0M | ||
| Q3 24 | $22.8M | $-11.5M | ||
| Q2 24 | $28.6M | $-9.8M | ||
| Q1 24 | $10.2M | $-27.8M |
| Q4 25 | 17.8% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.4% | — | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 21.7% | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 17.1% | — |
| Q4 25 | 16.1% | -30.3% | ||
| Q3 25 | 6.9% | -9.7% | ||
| Q2 25 | 6.0% | -12.0% | ||
| Q1 25 | 8.8% | -7.1% | ||
| Q4 24 | 9.5% | -20.9% | ||
| Q3 24 | 11.4% | -8.3% | ||
| Q2 24 | 15.1% | -6.8% | ||
| Q1 24 | 5.6% | -19.2% |
| Q4 25 | $0.11 | $-0.34 | ||
| Q3 25 | $0.05 | $-0.11 | ||
| Q2 25 | $0.04 | $-0.14 | ||
| Q1 25 | $0.05 | $-0.08 | ||
| Q4 24 | $0.07 | $-0.25 | ||
| Q3 24 | $0.08 | $-0.09 | ||
| Q2 24 | $0.10 | $-0.08 | ||
| Q1 24 | $0.03 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $132.7M | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | $4.5B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $132.7M | $731.0K | ||
| Q3 25 | $154.1M | $3.0M | ||
| Q2 25 | $94.6M | $3.3M | ||
| Q1 25 | $187.8M | $2.9M | ||
| Q4 24 | $385.5M | $109.6M | ||
| Q3 24 | $421.9M | $133.6M | ||
| Q2 24 | $535.5M | $138.5M | ||
| Q1 24 | $333.6M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $4.5B | $4.0B | ||
| Q3 25 | $4.1B | $4.0B | ||
| Q2 25 | $4.1B | $4.0B | ||
| Q1 25 | $4.1B | $4.0B | ||
| Q4 24 | $4.5B | $4.1B | ||
| Q3 24 | $4.4B | $4.1B | ||
| Q2 24 | $4.4B | $4.2B | ||
| Q1 24 | $4.2B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $249.1M | $140.6M |
| Free Cash FlowOCF − Capex | $50.6M | — |
| FCF MarginFCF / Revenue | 25.4% | — |
| Capex IntensityCapex / Revenue | 99.6% | — |
| Cash ConversionOCF / Net Profit | 7.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | $109.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.1M | $140.6M | ||
| Q3 25 | $105.3M | $35.8M | ||
| Q2 25 | $26.7M | $50.1M | ||
| Q1 25 | $83.1M | $3.7M | ||
| Q4 24 | $260.9M | $198.1M | ||
| Q3 24 | $102.8M | $42.9M | ||
| Q2 24 | $37.1M | $66.8M | ||
| Q1 24 | $70.9M | $23.4M |
| Q4 25 | $50.6M | — | ||
| Q3 25 | $72.8M | — | ||
| Q2 25 | $-55.1M | — | ||
| Q1 25 | $41.1M | — | ||
| Q4 24 | $88.0M | — | ||
| Q3 24 | $-65.1M | — | ||
| Q2 24 | $19.5M | — | ||
| Q1 24 | $23.2M | — |
| Q4 25 | 25.4% | — | ||
| Q3 25 | 36.8% | — | ||
| Q2 25 | -28.8% | — | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | -32.6% | — | ||
| Q2 24 | 10.3% | — | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 99.6% | — | ||
| Q3 25 | 16.5% | — | ||
| Q2 25 | 42.8% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 87.5% | — | ||
| Q3 24 | 84.1% | — | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | 26.3% | — |
| Q4 25 | 7.74× | — | ||
| Q3 25 | 7.72× | — | ||
| Q2 25 | 2.35× | — | ||
| Q1 25 | 5.27× | — | ||
| Q4 24 | 13.88× | — | ||
| Q3 24 | 4.51× | — | ||
| Q2 24 | 1.30× | — | ||
| Q1 24 | 6.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
