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 (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '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

10-K

FY2025 results

3/2/26Mar 2, 2026

Empire State Realty OP posted FY2025 net income of $72.98M, down from $80.36M in 2024, with rental revenues up 1.9% to $626.21M on 1,009,009 square feet leased at 5.2% mark-to-market hikes, pushing Manhattan office occupancy to 89.9%. Yet Observatory revenue slipped 5.9% to $128.33M on 2.3M visitors amid softer international tourism, despite revenue-per-visitor gains. Portfolio ended 90.3% occupied, yielding $552M annualized rent; Q4 saw $888K OP units repurchased. Debt stands at $2.4B with 4.48% average rate. NYC economic swings threaten leasing momentum.

8-K

ESRT Q4 earnings, NYC shift

2/17/26Feb 17, 2026

Empire State Realty Trust reported Q4 2025 net income of $0.12 per fully diluted share, with Core FFO at $0.23, down from $0.24 last year amid higher expenses. Completed $386M all-cash buy of 130 Mercer in SoHo while dumping Stamford's Metro Center, shifting portfolio 100% to NYC. Issued 2026 Core FFO guide of $0.85-$0.89. Debt maturities now pushed to 2027.

8-K

New $500M repurchase authorized

12/5/25Dec 5, 2025

Empire State Realty Trust authorized a $500 million repurchase program for its Class A common stock and select OP units, effective January 1, 2026 through December 31, 2027. This replaces the prior $500 million program ending December 31, 2025. Repurchases hinge on market conditions. Board holds full discretion to adjust.

8-K

ESRT buys SoHo tower

12/2/25Dec 2, 2025

Empire State Realty Trust signed a $386 million all-cash deal to buy the 396,000 sq ft Scholastic Building in SoHo Manhattan, 70% leased with Scholastic's 15-year lease on 222,000 sq ft and fully leased retail. A 110,000+ sq ft block offers leasing upside. Closing expected December 2025. Value-add potential shines here.

8-K

Amends $210M term loan

11/17/25Nov 17, 2025

Empire State Realty OP amended its $210M senior unsecured term loan on November 14, 2025, extending maturity to January 15, 2029 with two optional one-year extensions. SOFR-based rates range 1.50%-2.05% or lower with investment grade pricing; expandable to $310M. Lenders secured standard covenants while bolstering working capital access. No prepayment penalties apply.