---
title: "Empire State Realty OP - S250 | 8-K: FY2025 Q3 Revenue: USD 197.73 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/263370034.md"
datetime: "2025-10-29T20:38:31.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/263370034.md)
  - [en](https://longbridge.com/en/news/263370034.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/263370034.md)
generator: "portal-rs"
---

# Empire State Realty OP - S250 | 8-K: FY2025 Q3 Revenue: USD 197.73 M

Revenue: As of FY2025 Q3, the actual value is USD 197.73 M.

EPS: As of FY2025 Q3, the actual value is USD 0.05.

EBIT: As of FY2025 Q3, the actual value is USD 63.38 M.

### Financial Metrics Summary

#### Net Income and Core FFO

-   Net Income per fully diluted share was $0.05 for the third quarter of 2025.
-   Core Funds From Operations (Core FFO) per fully diluted share was $0.23.

#### Revenue and Operating Income

-   Total revenues for the third quarter of 2025 were $197.73 million, a slight decrease from $199.60 million in the same period of 2024.
-   Rental revenue increased to $158.41 million from $153.12 million year-over-year.
-   Observatory revenue decreased to $36.04 million from $39.38 million year-over-year.
-   Total operating income was $39.33 million, down from $45.35 million in the third quarter of 2024.

#### Operating Expenses

-   Total operating expenses increased to $158.40 million from $154.25 million year-over-year.
-   Property operating expenses were $46.96 million, compared to $45.95 million in the previous year.
-   Real estate taxes increased to $33.24 million from $31.98 million year-over-year.

#### Cash Flow and Liquidity

-   The company reported $0.8 billion in total liquidity as of September 30, 2025, including $154 million in cash and $620 million available under its revolving credit facility.

#### Debt and Interest

-   Total debt outstanding was approximately $2.1 billion with a weighted average interest rate of 4.34%.
-   In October, the company issued $175 million of senior unsecured notes at a fixed rate of 5.47% maturing in 2031.

#### Leasing and Occupancy

-   Manhattan office occupancy increased to 90.3%, and total commercial portfolio occupancy increased to 90.0%.
-   Signed 87,880 rentable square feet of commercial leases, with a blended leasing spread of +3.9%.

#### Outlook / Guidance

-   The company reaffirmed its 2025 guidance, expecting Core FFO per fully diluted share to be between $0.83 and $0.86.
-   Commercial occupancy at year-end is projected to be between 89% and 91%.
-   Same-Store Property Cash NOI is expected to range from -2.0% to +1.5%, excluding lease termination fees.

### Segment Revenue

-   Rental revenue for the third quarter of 2025 was $158.4 million, compared to $153.1 million in the same period of 2024.
-   Observatory revenue for the third quarter of 2025 was $36.0 million, compared to $39.4 million in the same period of 2024.

### Operational Metrics

-   Net income for the third quarter of 2025 was $13.6 million, compared to $22.8 million in the same period of 2024.
-   Total operating income for the third quarter of 2025 was $39.3 million, compared to $45.3 million in the same period of 2024.
-   Total operating expenses for the third quarter of 2025 were $158.4 million, compared to $154.3 million in the same period of 2024.

### Cash Flow

-   Core Funds Available for Distribution (Core FAD) for the third quarter of 2025 was $40.4 million, compared to $46.6 million in the same period of 2024.

### Unique Metrics

-   Same Store Property Cash Net Operating Income (NOI) excluding lease termination fees for the third quarter of 2025 was $68.1 million, compared to $69.2 million in the same period of 2024.

### Outlook / Guidance

-   The company anticipates initial cash rent contributing to cash NOI from signed leases not commenced to be $23.2 million in 2026, increasing to $60.8 million by 2029.
-   The company expects total debt maturities and amortization to be $228.9 million in 2026, with a weighted average interest rate of 4.06%.
-   The company forecasts total office and retail portfolio expirations and vacates to be 511,467 square feet in 2026.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**