Empire State Realty OP | 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.

Segment Revenue

• Rental Revenue: $158.41 million for Q3 2025, compared to $153.12 million in Q3 2024.
• Observatory Revenue: $36.04 million for Q3 2025, down from $39.38 million in Q3 2024.
• Total Revenues: $197.73 million for Q3 2025, compared to $199.60 million in Q3 2024.

Operational Metrics

• Net Income: $13.65 million for Q3 2025, compared to $22.80 million in Q3 2024.
• Operating Income: $39.33 million for Q3 2025, compared to $45.35 million in Q3 2024.
• Total Operating Expenses: $158.40 million for Q3 2025, compared to $154.25 million in Q3 2024.

Cash Flow

• Liquidity: $0.8 billion as of September 30, 2025, including $154 million in cash and $620 million available under the revolving credit facility.
• Core Funds Available for Distribution (Core FAD): $40.37 million for the three months ended September 30, 2025, compared to $46.57 million for the same period in 2024.

Unique Metrics

• Empire State Building Observatory NOI: $26.5 million for Q3 2025.
• Manhattan Office Occupancy: Increased by 80 basis points to 90.3%.
• Same Store Property Cash NOI: $68.13 million for the three months ended September 30, 2025, compared to $69.15 million for the same period in 2024.

Outlook / Guidance

• The company reaffirms its 2025 guidance, with Core FFO per fully diluted share expected 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.
• The company anticipates continued contributions to cash NOI from the burn-off of free rent and signed leases not commenced, with expected cash commencements in the fourth quarter of 2025 and throughout 2026.