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Side-by-side financial comparison of Empire State Realty Trust, Inc. (ESRT) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Empire State Realty Trust, Inc. is the larger business by last-quarter revenue ($190.3M vs $143.3M, roughly 1.3× Piedmont Realty Trust, Inc.). Empire State Realty Trust, Inc. runs the higher net margin — 1.6% vs -31.4%, a 33.0% gap on every dollar of revenue. On growth, Empire State Realty Trust, Inc. posted the faster year-over-year revenue change (5.7% vs 0.4%). Over the past eight quarters, Empire State Realty Trust, Inc.'s revenue compounded faster (0.2% CAGR vs 0.0%).
Empire State Realty Trust is a leading real estate investment trust that owns, manages, and operates a portfolio of premium commercial, residential, and retail properties primarily in the New York City metropolitan area, including the iconic Empire State Building. It serves corporate tenants, retail partners, and residential occupants, focusing on sustainable property operations and long-term asset value growth.
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.
ESRT vs PDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $190.3M | $143.3M |
| Net Profit | $3.0M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | 15.5% | — |
| Net Margin | 1.6% | -31.4% |
| Revenue YoY | 5.7% | 0.4% |
| Net Profit YoY | -73.7% | -27.9% |
| EPS (diluted) | $0.20 | $-0.10 |
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.
| Q1 26 | $190.3M | $143.3M | ||
| 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 26 | $3.0M | $-45.0M | ||
| 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 26 | 15.5% | — | ||
| 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 26 | 1.6% | -31.4% | ||
| 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 26 | $0.20 | $-0.10 | ||
| 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 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $68.8M | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.8B | $1.5B |
| Total Assets | $4.4B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $68.8M | $2.3M | ||
| 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 26 | — | — | ||
| 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 26 | $1.8B | $1.5B | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $1.0B | $1.7B |
| Q1 26 | $4.4B | $4.0B | ||
| 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 26 | — | — | ||
| 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× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESRT
| Rental revenue (1) | $166.1M | 87% |
| Observatory revenue | $18.5M | 10% |
| Other revenue and fees | $4.1M | 2% |
| Lease termination fees | $1.4M | 1% |
| Third-party management and other fees | $277.0K | 0% |
PDM
Segment breakdown not available.
