HIGHBuilt-inGeographic
New York City
“10-K Item 1A: 'Our commercial portfolio is comprised of properties in New York City. As a result, our business is dependent on the New York City economy'”
FISK · Concentration risk · 10-K extracted
Empire State Realty OP, L.P. (FISK) concentration risks
Updated
The most significant concentration Empire State Realty OP, L.P. discloses is New York City, 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 · 3 disclosed concentrations
HIGH1
MEDIUM0
LOW2
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).
LOWBuilt-inProperty_type
20.1%
retail
“10-K Item 1A: 'approximately 20.1% of our commercial portfolio's annualized rent was comprised of retail tenants'”
LOWOutside partyTenant
17.4%
five largest tenants
“10-K Item 1A: '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 OP's concentration profile is dominated by a single structural fact: the portfolio is concentrated in New York City, meaning results are tied to that market's economic cycle rather than to any single counterparty. Layered on top are two more granular, low-share exposures — retail tenants account for approximately 20.1% of the commercial portfolio's annualized rent, and the five largest tenants together represent approximately 17.4% of total commercial portfolio annualized rent. Both of these are well-diversified by the filing's own numbers, and neither approaches a level where a single tenant's departure would be destabilizing. Together, the exposures net out as a geographically concentrated but tenant-diversified REIT: the NYC dependency is the exposure most likely to move the verdict, since it is structural and macro-linked, while the retail and top-five-tenant shares are idiosyncratic but modest, limiting the risk that any one relationship or category drives an outsized swing in cash flow. All three exposures are well-disclosed in the most recent 10-K.
For the engine’s reasoning on FISK’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 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| FISK● | Empire State Realty OP, L.P. Se | 1 | 0 | 2 | 3 |
| 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.