Empire State Realty OP LP (OGCP) AI Stock Analysis
OGCP AI stock analysis summary
AI ResearchEmpire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc., with 642 employees. For FY2025, revenue was $768.3M with net income of $47.6M, though quarterly earnings for the period ended June 30, 2026, declined 85.5% year-over-year. The entity maintains total debt of $2.26B and offers a forward dividend yield of 2.98%.
- Market cap
- $1.32B
- Revenue (TTM)
- $782.8M
- P/E
- 235.0x
- 1Y return
- -35.7% S&P 500 16.8%
- Avg. target
- —
Bull case
- OGCP generated $249.1M in operating cash flow and $50.6M in free cash flow during FY2025.
- The partnership trades at an EV/EBITDA multiple of 10.4x and a price-to-sales ratio of 1.7x, both below the US-listed Real Estate peer medians of 14.7x and 3.7x.
- A current ratio of 6.81 as of June 30, 2026, indicates substantial short-term coverage.
Bear case
- For the quarter ended June 30, 2026, quarterly earnings fell 85.5% year-over-year.
- OGCP carries substantial obligations, including total debt of $2.26B and net debt of $2.18B against cash of $85.6M as of June 30, 2026.
- Shares fell 35.7% over the past 1 year and 52.4% over the past 5 years, underperforming broader market benchmarks.
What Empire State Realty OP does
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc. Categorized under the office real estate investment trust industry within the Real Estate sector, the entity completed its initial public offering in 2013 and employs 642 workers. The business operates with a fiscal year ending in December, maintaining commercial property assets across its portfolio structure.
Growth and profitability
Annual revenue grew from $624.1M in FY2021 to $727.0M in FY2022, $739.6M in FY2023, and $767.9M in FY2024, reaching $768.3M with 0.0% growth in FY2025. Net income shifted from -$13.0M in FY2021 to $84.3M in FY2023, before settling at $47.6M in FY2025 alongside a 17.7% operating margin and a 1.8% gross margin. For the latest quarter ended June 30, 2026, revenue increased 3.2% year-over-year, while quarterly earnings fell 85.5%. Trailing twelve-month revenue stood at $782.8M with a profit margin of 1.2%.
Balance sheet and cash flow
As of June 30, 2026, the partnership held $85.6M in cash and short-term investments against total debt of $2.26B, resulting in net debt of $2.18B. Shareholders' equity was $1.79B and total assets were $4.27B, supporting a current ratio of 6.81 and a debt-to-equity ratio of 1.26. In FY2025, operating cash flow reached $249.1M, which funded capital expenditures of $198.5M to generate free cash flow of $50.6M, alongside $8.1M in share buybacks and $39.0M in dividends paid.
Valuation and performance
OGCP closed at $4.70 on October 16, 2026, with a market cap of $1.32B and an enterprise value of $3.32B. The partnership trades at a trailing P/E of 235.0x, above the 21.6x median of its US-listed Real Estate peers. In contrast, its price-to-sales ratio of 1.7x and EV/EBITDA of 10.4x sit below peer medians of 3.7x and 14.7x, respectively. Over the past year, the stock fell 35.7%, trailing the S&P 500 return of 16.8%, and dropped 52.4% over five years compared to an 83.0% gain for the index.
OGCP dividend
OGCP pays a quarterly dividend with an annualized forward payout of $0.14 per share, translating to a dividend yield of 2.98%. The entity has paid dividends for 14 consecutive years, although the annualized dividend growth over the past 5 years was -7.8%. The most recent ex-dividend date was September 15, 2026.
What analysts expect
Tracking operational execution, OGCP has registered 4 EPS beats over the last 4 quarters. The stock closed at $4.70 on October 16, 2026, which is 19.9% below its 200-day moving average. Its 52-week trading range spans from a low of $3.76 to a high of $8.09, and the stock exhibits a beta of 1.46.
Key risks and what to watch
- A debt-to-equity ratio of 1.26 with $2.26B in total debt exposes the balance sheet to leverage concerns.
- Revenue growth stalled at 0.0% in FY2025, down from 3.8% in FY2024 and 16.5% in FY2022.
- Annualized dividend growth of -7.8% over the past 5 years reflects historical payout contraction.
- A beta of 1.46 subjects the stock to higher price volatility than the broader equity market.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this OGCP AI stock analysis
This page is an AI-written research summary of Empire State Realty OP LP (OGCP). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: OGCP income statement, OGCP balance sheet, OGCP key metrics, OGCP chart. See the OGCP stock overview for the latest quote and news.
OGCP AI stock analysis FAQ
What is OGCP's dividend yield and payout schedule?
OGCP offers an annual forward dividend of $0.14 per share, resulting in a 2.98% dividend yield. Payouts are made on a quarterly schedule, with 14 consecutive years of distributions.
How much debt does OGCP hold?
As of June 30, 2026, OGCP reported total debt of $2.26B and net debt of $2.18B, compared to $85.6M in cash and short-term investments. The partnership's debt-to-equity ratio stood at 1.26.
How does OGCP's valuation compare to real estate peers?
OGCP trades at an EV/EBITDA of 10.4x and a price-to-sales multiple of 1.7x, both below the median of its US-listed Real Estate peers at 14.7x and 3.7x, respectively. However, its trailing P/E of 235.0x exceeds the peer median of 21.6x.
What were OGCP's primary financial results in FY2025?
In FY2025, OGCP generated $768.3M in revenue with 0.0% annual growth and net income of $47.6M. Operating cash flow was $249.1M, yielding $50.6M in free cash flow after $198.5M in capital expenditures.