--- 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) --- # 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. ### Related Stocks - [FISK.US](https://longbridge.com/en/quote/FISK.US.md) ## Related News & Research - [Key facts: Cameco (CCJ) Keeps 2026 Output Guidance; Owns 49% of Westinghouse IPO](https://longbridge.com/en/news/294574669.md) - [3 Dividend Stocks to Buy and Hold Forever](https://longbridge.com/en/news/294589403.md) - [Medicare is about to change a drug program that held down the cost of premiums. Here's what to know.](https://longbridge.com/en/news/294586276.md) - [American Express Raised Its Revenue Guidance and Left Its Earnings Guidance Alone. Here's Where the Extra Money Is Going.](https://longbridge.com/en/news/294584206.md) - [Palo Alto Networks, Inc. $PANW Shares Purchased by Western Wealth Management LLC](https://longbridge.com/en/news/294580356.md)