HIGHBuilt-inGeographic
New York City
“10-K Item 1A: 'Our commercial portfolio is comprised of properties in New York City.'”
OGCP · Concentration risk · 10-K extracted
Empire State Realty OP, L.P. (OGCP) 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 · 4 disclosed concentrations
HIGH1
MEDIUM1
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).
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%'”
LOWBuilt-inProperty_type
20.1%
retail tenants
“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 commercial portfolio is geographically concentrated in a single market — New York City — a high, structural exposure that ties the REIT's fortunes closely to that city's office and retail fundamentals rather than to a diversified national footprint. Within that portfolio, asset-level concentration compounds the picture: the Empire State Building alone accounts for approximately 32.3% of portfolio rental revenue, a moderate share that makes the trust meaningfully dependent on the performance of one flagship property. By contrast, tenant- and use-type concentration are comparatively contained: retail tenants make up about 20.1% of the commercial portfolio's annualized rent, and the five largest tenants together represent roughly 17.4% of that rent, both disclosed as low shares. This means the more consequential risks here are structural — geography and single-asset weighting — rather than counterparty-specific; no individual tenant or the retail category alone is large enough to move results on its own, but a downturn in New York City real estate broadly, or an issue specific to the Empire State Building, would weigh heavily on the portfolio given how much of the rental base sits in those two features.
For the engine’s reasoning on OGCP’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 |
| OGCP● | Empire State Realty OP, L.P. Se | 1 | 1 | 2 | 4 |
| 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.