HIGHBuilt-inProperty_type
55.6%
three largest properties
“10-K Item 1A: 'For the year ended December 31, 2025, three of our properties together accounted for approximately 55.6% of our portfolio's rental revenues'”
ESBA · Concentration risk · 10-K extracted
Empire State Realty OP, L.P. (ESBA) concentration risks
Updated
The most significant concentration Empire State Realty OP, L.P. discloses is three largest properties at 55.6%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Empire State Realty OP, L.P.’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
New York City
“10-K Item 1A: 'Our commercial portfolio is comprised of properties in New York City.'”
MEDIUMBuilt-inProperty_type
32.3%
Empire State Building
“10-K Item 1A: 'three of our properties together accounted for approximately 55.6% of our portfolio's rental revenues, with the Empire State Building individually accounting for approximately 32.3%.'”
LOWOutside partyTenant
17.4%
five largest tenants
“10-K Item 1A: 'As of December 31, 2025, our five largest tenants together represented approximately 17.4% of our total commercial portfolio's annualized rent'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Empire State Realty's concentration profile is dominated by structural, not counterparty, exposure. Three properties together accounted for approximately 55.6% of the portfolio's rental revenue in 2025, with the Empire State Building alone contributing approximately 32.3% of that total — a single asset responsible for roughly a third of rental revenue. Layered on top, the commercial portfolio is disclosed as concentrated in New York City, meaning the entire revenue base is exposed to one metro market's economic and regulatory conditions rather than being geographically diversified. These are structural features of how the REIT is built, not dependencies on specific counterparties, and they would only move the verdict if something at the asset or market level — building-specific or citywide — deteriorated broadly, since no single tenant relationship carries that same weight. By contrast, the five largest tenants together represent approximately 17.4% of the total commercial portfolio's annualized rent, a comparatively modest, dependency-type exposure that is the smallest of the four disclosed concentrations. Netting these out: the meaningful risk here is structural — a property portfolio and revenue base concentrated in a handful of assets within a single city — while tenant-level dependency is the least consequential of the disclosed exposures.
For the engine’s reasoning on ESBA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Office
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CDP | COPT Defense Properties | 2 | 2 | 1 | 5 |
| ESBA● | Empire State Realty OP, L.P. Se | 2 | 1 | 1 | 4 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| BDN | Brandywine Realty Trust | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.