--- title: "Empire State Realty OP - S250 | 8-K: FY2026 Q2 Revenue: USD 196.9 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294259288.md" datetime: "2026-07-29T20:45:25.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294259288.md) - [en](https://longbridge.com/en/news/294259288.md) - [zh-HK](https://longbridge.com/zh-HK/news/294259288.md) generator: "portal-rs" --- # Empire State Realty OP - S250 | 8-K: FY2026 Q2 Revenue: USD 196.9 M Revenue: As of FY2026 Q2, the actual value is USD 196.9 M. EPS: As of FY2026 Q2, the actual value is USD -0.15. EBIT: As of FY2026 Q2, the actual value is USD -112.48 M. ### Financial Highlights for Q2 2026 and Six Months Ended June 30, 2026 #### Net Income (Loss) Empire State Realty OP, L.P. reported a net loss of -$39,554 thousand for the three months ended June 30, 2026, compared to a net income of $11,385 thousand for the same period in 2025. This includes a non-cash goodwill impairment charge of $166,113 thousand and a gain on disposition of properties of $124,622 thousand in 2026. For the six months ended June 30, 2026, the net loss was -$36,559 thousand, compared to a net income of $27,163 thousand for the same period in 2025. #### Core Funds From Operations (Core FFO) Core FFO attributable to common stockholders and Operating Partnership units was $57,134 thousand for the three months ended June 30, 2026, a decrease from $59,213 thousand for the same period in 2025. For the six months ended June 30, 2026, Core FFO was $110,329 thousand, slightly down from $111,247 thousand in the prior year period. #### Core Funds Available for Distribution (Core FAD) Core FAD increased to $16,152 thousand in Q2 2026 from $11,949 thousand in Q2 2025. #### Total Revenues Total revenues for Q2 2026 were $196,899 thousand, an increase from $191,250 thousand in Q2 2025. For the six months ended June 30, 2026, total revenues were $387,224 thousand, up from $371,316 thousand in 2025. #### Revenue by Segment - **Rental Revenue**: $165,166 thousand for Q2 2026, up from $153,540 thousand in Q2 2025. For the six months, rental revenue was $331,271 thousand in 2026, compared to $308,082 thousand in 2025. - **Observatory Revenue**: $24,225 thousand for Q2 2026, a decrease from $33,899 thousand in Q2 2025. For the six months, Observatory revenue was $42,735 thousand in 2026, down from $57,060 thousand in 2025. - **Lease Termination Fees**: $0 in Q2 2026, down from $464 thousand in Q2 2025. - **Other Revenue and Fees**: Increased to $7,240 thousand in Q2 2026 from $2,939 thousand in Q2 2025. #### Operating Expenses Total operating expenses significantly increased to $335,612 thousand for Q2 2026 from $156,128 thousand in Q2 2025, primarily due to a $166,113 thousand goodwill impairment charge in 2026. For the six months, total operating expenses were $496,480 thousand in 2026, compared to $310,406 thousand in 2025. **General and Administrative Expenses**: Rose to $25,123 thousand for Q2 2026 from $18,685 thousand for Q2 2025. **Observatory Expenses**: Increased to $11,795 thousand for Q2 2026 from $9,822 thousand for Q2 2025. **Property Operating Expenses**: Increased to $47,774 thousand in Q2 2026 from $44,880 thousand in Q2 2025. **Real Estate Taxes**: Were $32,912 thousand in Q2 2026, up from $32,607 thousand in Q2 2025. **Depreciation and Amortization**: Increased to $50,389 thousand in Q2 2026 from $47,802 thousand in Q2 2025. #### Operating Income (Loss) Total operating income (loss) was -$138,713 thousand for Q2 2026, a significant decrease from an income of $35,122 thousand for Q2 2025. For the six months, total operating income (loss) was -$109,256 thousand in 2026, compared to an income of $60,910 thousand in 2025. #### EBITDA and Adjusted EBITDA EBITDA was $37,873 thousand in Q2 2026, down from $84,791 thousand in Q2 2025. Adjusted EBITDA was $79,364 thousand in Q2 2026, compared to $84,791 thousand in Q2 2025. #### Same-Store Property Cash Net Operating Income (NOI) Same-Store Property Cash NOI, excluding lease termination fees, increased 3.3% year-over-year for Q2 2026, totaling $69,426 thousand, up from $67,214 thousand in Q2 2025. Adjusted for non-recurring real estate tax abatements, Same-Store Property Cash NOI decreased by -3.2% year-over-year. For the six months, total Same Store property cash NOI, excluding Observatory and lease termination fees, was $137,762 thousand, compared to $131,878 thousand in 2025. **Observatory NOI**: Was $12,430 thousand for Q2 2026, down from $24,077 thousand in Q2 2025. For the six months, Observatory NOI was $23,072 thousand in 2026, down from $39,120 thousand in 2025. #### Balance Sheet and Liquidity (as of June 30, 2026) Empire State Realty OP, L.P. had total liquidity of $0.5 billion, comprising $86 million in cash and $445 million available under its revolving credit facility. Total debt outstanding was approximately $2.2 billion at a weighted average interest rate of 4.70%. The ratio of net debt to adjusted EBITDA was 6.6x, compared to 5.6x in Q2 2025. Subsequent to quarter-end, the company closed a $245 million unsecured delayed draw term loan maturing in 2032, with no unaddressed debt maturity until January 2028. #### Capital Expenditures Total capital expenditures were $60,464 thousand in Q2 2026, compared to $61,572 thousand in Q2 2025. #### Operational Metrics - **Leasing Activity**: Empire State Realty OP, L.P. signed 381,799 rentable square feet of commercial leases in Q2 2026, including 363,968 rentable square feet of office leases. - **Occupancy (as of June 30, 2026)**: The total commercial portfolio was 94.9% leased and 89.4% occupied. The office portfolio was 94.8% leased and 89.1% occupied, while the retail portfolio was 95.9% leased and 92.8% occupied. The multifamily portfolio was 97.7% leased. - **Leasing Spreads**: Blended office leasing spreads were +17.8%, marking the 20th consecutive quarter of positive leasing spreads. The percentage of new cash rent over previously escalated rents for the Total Office and Retail Portfolio was 1.4% in Q2 2026, compared to 7.0% in Q2 2025. - **Portfolio Composition**: The property portfolio comprised 7.1 million rentable square feet of office space, 0.7 million rentable square feet of retail space, and 743 residential units. - **Observatory Visitors**: The number of visitors decreased to 450,000 in Q2 2026 from 629,000 in Q2 2025, representing a -28.5% year-over-year change. #### Portfolio Transaction Activity Empire State Realty OP, L.P. completed the disposition of 250 West 57th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt. The company also acquired the land under its 111 West 33rd Street and 1400 Broadway properties for an aggregate price of $110 million. ### Outlook / Guidance Empire State Realty OP, L.P. updated its 2026 Core FFO per fully diluted share range to $0.75 to $0.79, reflecting a reduced Observation Deck NOI of $55 million due to no expected improvement in current visitation levels. The company projects commercial occupancy at year-end to be between 90% and 92%. Same-Store Property Cash NOI (excluding lease termination fees) is expected to be between -1.5% and +2.0%. ### Related Stocks - [FISK.US](https://longbridge.com/en/quote/FISK.US.md) ## Related News & Research - [Equifax notifies availability of 8-K filing](https://longbridge.com/en/news/297785672.md) - [MMED: Q1 FY27 delivered 17% net sales growth and raised full-year organic revenue guidance to 10.5%](https://longbridge.com/en/news/297640006.md) - [Sportsman’s Warehouse announces earnings release for 26 weeks ended Aug. 1, 2026](https://longbridge.com/en/news/297692824.md) - [LE: Revenue up 2.7% and gross margin improved, with positive outlook for fiscal 2026](https://longbridge.com/en/news/297901122.md) - [EGAN: AI customer revenue surged 20% in fiscal 2026, driving margin and cash flow improvements](https://longbridge.com/en/news/297957227.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**