---
title: "Empire State Realty OP - S250 | 10-Q: FY2025 Q3 Revenue: USD 197.73 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/264512267.md"
datetime: "2025-11-05T22:28:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264512267.md)
  - [en](https://longbridge.com/en/news/264512267.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264512267.md)
---

# Empire State Realty OP - S250 | 10-Q: 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.

### Real Estate Segment

-   **Rental Revenue**: Increased by 3.5% to $158.4 million for the three months ended September 30, 2025, compared to $153.1 million for the same period in 2024, primarily due to acquisitions and higher tenant reimbursement income.
-   **Property Operating Expenses**: Increased by 2.2% to $46.957 million for the three months ended September 30, 2025, compared to $45.954 million for the same period in 2024, mainly due to higher repair and maintenance costs.
-   **Real Estate Taxes**: Increased by 3.9% to $33.241 million for the three months ended September 30, 2025, compared to $31.982 million for the same period in 2024, due to higher tax rates and property valuations.
-   **Net Operating Income (NOI)**: For the nine months ended September 30, 2025, the real estate segment reported NOI of $287.928 million.

### Observatory Segment

-   **Observatory Revenue**: Decreased by 8.5% to $36.037 million for the three months ended September 30, 2025, compared to $39.382 million for the same period in 2024, primarily due to lower levels of international tourism.
-   **Observatory Expenses**: Decreased by 2.1% to $9.510 million for the three months ended September 30, 2025, compared to $9.715 million for the same period in 2024.
-   **Net Operating Income (NOI)**: For the nine months ended September 30, 2025, the observatory segment reported NOI of $9.636 million.

### Cash Flow

-   **Operating Cash Flow**: Increased to $215.154 million for the nine months ended September 30, 2025, compared to $210.860 million for the same period in 2024.
-   **Investing Activities**: Net cash used in investing activities was $188.098 million for the nine months ended September 30, 2025, compared to $318.470 million for the same period in 2024, primarily due to acquisitions.
-   **Financing Activities**: Net cash used in financing activities was $258.603 million for the nine months ended September 30, 2025, compared to net cash provided by financing activities of $170.573 million for the same period in 2024.

### Future Outlook and Strategy

-   **Core Business Focus**: The company aims to maintain a diversified portfolio with a focus on modernized, amenitized, and well-located properties, supported by a strong balance sheet and access to liquidity.
-   **Non-Core Business**: The company has not specified plans related to divestitures or emerging segments in the provided content.

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