ESRT
Empire State Realty Trust, Inc.6.98
-0.05-0.71%
Dec 16, 4:00:02 PM EST
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
2.07BP/E (TTM)
34.90Basic EPS (TTM)
0.20Dividend Yield
0.02%Recent Filings
8-K
8-K
10-Q
Q3 FY2025 results
Empire State Realty Trust's Q3 2025 results showed total revenues dipping 0.9% y/y to $197.7M, with rental revenue up 3.5% y/y to $158.4M on stronger tenant reimbursements and acquisitions, 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 costs, while net income dropped 40.1% y/y to $13.6M, or $0.05 diluted EPS—consistent with 270.4M weighted shares. YTD through September 30, 2025, revenues edged down 0.2% y/y to $569.0M, but operating cash flow rose 2.0% y/y to $215.2M (FCF not disclosed in the 10-Q). Cash stood at $154.1M with $620.0M revolver availability; total debt fell to $2.1B after repaying $100.0M Series A notes, maintaining covenant compliance. June 2025 closed a $31.0M all-cash retail acquisition in Brooklyn, recognizing no new goodwill. Ongoing litigation over fiduciary duties from the 2013 IPO poses a lingering distraction.
8-K
ESRT Q3 earnings steady amid costs
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.
8-K
ESRT secures $175M notes
Empire State Realty OP entered a note purchase agreement on October 15, 2025, for $175 million in 5.47% senior notes due January 7, 2031, with funding set for December 18, 2025, at par. Proceeds will refinance existing debt and support general corporate needs, while the deal imposes covenants capping total debt at 60% of assets and secured debt at 40%, alongside a 1.50x fixed charge coverage minimum. Yet covenants bind flexibility. Debt matures in 2031.
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