ESBA Research | Milton Maxwell

ESBA

Empire State Realty OP, L.P.

6.98

+0.13+1.9%

Dec 16, 3:59:06 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

No earnings call transcript available

Key Stats

Market Cap

1.92B

P/E (TTM)

34.90

Basic EPS (TTM)

0.20

Dividend Yield

0.02%

Recent Filings

8-K

12/5/25Dec 5, 2025

8-K

12/2/25Dec 2, 2025

8-K

11/17/25Nov 17, 2025

10-Q

Q3 FY2025 results

11/5/25Nov 5, 2025

Empire State Realty OP's Q3 2025 revenues dipped 0.9% y/y to $197.7M, with rental revenue up 3.5% y/y to $158.4M on acquisitions and escalations, yet observatory revenue fell 8.5% y/y to $36.0M from softer international tourism. Operating income slid 13.3% y/y to $39.3M amid higher property expenses and taxes, while net income dropped 40.1% y/y to $13.6M, or $0.05 diluted EPS—down from $0.08—reconciled against 270,357 weighted units with no anti-dilution flagged. Cash from operations rose to $215.2M YTD, funding $31.7M June acquisition of two Brooklyn retail properties (cash, recognizing $11.2M land and $20.5M building); free cash flow stood at $70.7M YTD (derived). Debt totaled $2.1B at quarter-end with $620M revolver availability and no covenant breaches, but total debt edged up q/q after $100M note repayment. Non-GAAP metrics like Core FFO not disclosed in the 10-Q. Competition from rival observatories lingers as a balanced risk.

8-K

ESRT Q3 earnings steady amid costs

10/29/25Oct 29, 2025

Empire State Realty Trust reported Q3 2025 net income of $0.05 per diluted share, down from $0.08 last year, while Core FFO held at $0.23 per share amid rising real estate taxes and operating costs that dragged same-store Property Cash NOI down 1.5% year-over-year. Manhattan office occupancy climbed to 90.3%, buoyed by 71,859 square feet of leases at +3.9% spreads, yet Observatory visitors dipped 10.9% to 648,000. The REIT maintains $0.8B liquidity and reaffirms 2025 Core FFO guidance of $0.83–$0.86, but higher expenses signal tighter margins ahead.