Empire State Realty OP, L.P. (ESBA)

Empire State Realty OP, L.P. (ESBA) — VMCI valuation read

Across 120 indicators, Empire State Realty OP, L.P. (ESBA) lands at VMCI 51/100. The Real Estate sector median is 50, so the 1-point above-median read is the active comparison. Pillar weighting on the score: Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%.

No material Form 4 disclosures landed on ESBA in the past 30 days. Quiet insider tape removes one signal source; the active reads stay with the trailing-twelve-month financials and the next 10-Q.

**Investor frame.** On Value, ESBA trades at 15.0x earnings, 17% below the Real Estate median of 18.0x; the EV/EBITDA delta of -2.0x reinforces that single line. On Quality, ROIC of 13.0% sits 3.0pp above the Real Estate median (10.0%). On Risk, net debt to EBITDA of -1.8x leaves covenant headroom for ESBA on the trailing balance sheet.

ESBA rose 1.8% over the trailing 7 days, with a -0.9% read on a 30-day basis.