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Empire State Realty Trust raises 2026 Core FFO outlook

By Reuters News


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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