Empire State Realty OP (ESBA) Below-Market Lease Liabilities (2013 - 2026)
Empire State Realty OP (ESBA) recorded Below-Market Lease Liabilities of $34.89 million in Q3 2026, up 119.8% from $15.88 million a year earlier but down 4.2% from the prior quarter.
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Analysis
Empire State Realty OP (ESBA) Below-Market Lease Liabilities (2013 - 2026) Analysis & Trends
At the end of FY2025, Empire State Realty OP reported Below-Market Lease Liabilities of $39.77 million, up 104.0% from FY2024.
- Annual Below-Market Lease Liabilities has a five-year compound annual growth rate of 4.6% (FY2020 to FY2025).
- Across earlier years, Below-Market Lease Liabilities came in at $19.5 million in FY2024 (+41.8%), $13.75 million in FY2023 (-23.0%), $17.85 million in FY2022 (-28.4%) and $24.94 million in FY2021 (-21.3%).
- Quarterly Below-Market Lease Liabilities has ranged from $11.87 million in Q2 2024 to $39.77 million in Q4 2025 over the past five years.
- On a year-over-year basis, Below-Market Lease Liabilities has increased for eight consecutive quarters, with growth averaging 72.6% over the last eight quarters.
- Peak year-over-year performance for Below-Market Lease Liabilities in the last five years was growth of 119.8% in Q3 2026, against a decline of 29.3% in Q2 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $36.43 million (Q2 2026), $37.95 million (Q1 2026) and $39.77 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Below-Market Lease Liabilities (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 179.36 Bn | 166.43 Bn | 1.47 Bn | - |
| 2 | Prologis | 122.34 Bn | 120.73 Bn | - | - |
| 3 | Simon Property | 79.95 Bn | 78.05 Bn | - | - |
| 4 | Public Storage | 62.14 Bn | 61.58 Bn | 112.08 Mn | - |
| 5 | Realty Income | 55.95 Bn | 57.33 Bn | - | 1.46 Bn |
| 6 | Ventas | 47.02 Bn | 46.18 Bn | -3.39 Bn | - |
| 7 | Ryman Hospitality Properties | 46.62 Bn | 45.46 Bn | 266.41 Mn | - |
| 8 | Vivmark Residential | 37.34 Bn | 37.09 Bn | - | - |
| 9 | Extra Space Storage | 33.12 Bn | 32.90 Bn | 650.96 Mn | - |
| 10 | Empire State Realty OP | 1.41 Bn | 1.75 Bn | 110.85 Mn | 34.89 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 34.89 Mn |
| Jun 30, 2026 | 36.43 Mn |
| Mar 31, 2026 | 37.95 Mn |
| Dec 31, 2025 | 39.77 Mn |
| Sep 30, 2025 | 15.88 Mn |
| Jun 30, 2025 | 17.08 Mn |
| Mar 31, 2025 | 18.31 Mn |
| Dec 31, 2024 | 19.50 Mn |
| Sep 30, 2024 | 14.70 Mn |
| Jun 30, 2024 | 11.87 Mn |
| Mar 31, 2024 | 12.80 Mn |
| Dec 31, 2023 | 13.75 Mn |
| Sep 30, 2023 | 14.70 Mn |
| Jun 30, 2023 | 15.28 Mn |
| Mar 31, 2023 | 16.58 Mn |
| Dec 31, 2022 | 17.85 Mn |
| Sep 30, 2022 | 18.90 Mn |
| Jun 30, 2022 | 20.18 Mn |
| Mar 31, 2022 | 22.46 Mn |
| Dec 31, 2021 | 24.94 Mn |
API Access
Empire State Realty OP Below-Market Lease Liabilities API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=below-market-lease-liabilities&ticker=ESBA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "below-market-lease-liabilities", "ticker": "ESBA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=below-market-lease-liabilities&ticker=ESBA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();