Empire State Realty Trust raises 2026 Core FFO outlook
Overview
NYC office and retail landlord's Q3 net income per share was $0.02, Core FFO $0.20
Rental revenue rose slightly yr/yr
Company repurchased $85.8 mln in stock
Outlook
Empire State Realty Trust raises 2026 Core FFO per share outlook to $0.77-$0.80 from $0.75 to $0.79
Company expects year-end 2026 commercial occupancy between 90% and 92%
Empire State Building Observation Deck NOI framework for 2026 remains at $55 mln
Result Drivers
TENANT REIMBURSEMENTS AND INSURANCE - Co said higher tenant reimbursement income and insurance recoveries drove same-store property cash NOI growth, partly offset by higher operating expenses and lower revenue from FDIC lease expiration
POSITIVE LEASING SPREADS - Co achieved 9.9% blended positive leasing spreads in office portfolio for 21st consecutive qtr
WEAK OBSERVATION DECK VISITATION - Observation Deck NOI remained stable but visitation continued to be weak
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Rental Revenue | $161.97 mln | ||
Q3 Net Income | $5.90 mln | ||
Q3 Core FFO Per Share | $0.20 | ||
Q3 Operating Income | $35.81 mln | ||
Q3 Pretax Profit | $7.77 mln |
Reuters Recommended Reads
Nov 2 - AH Realty Trust raises 2026 outlook
Nov 2 - Vornado Realty Trust Q3 adjusted FFO per share rises on rent commencements
Nov 2 - Canada's RioCan Q3 core FFO per unit up 5.1% on retail occupancy strength
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)