Empire State Realty OP - S60 | 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.

Rental revenue increased 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 during 2024 and 2025 and higher tenant reimbursement income.

Property operating expenses increased to $46.9 million for the three months ended September 30, 2025, compared to $46.0 million for the same period in 2024, primarily due to higher repair and maintenance costs and the increase from acquisitions during 2024 and 2025.

Real estate taxes increased to $33.2 million for the three months ended September 30, 2025, compared to $32.0 million for the same period in 2024, primarily due to higher tax rates and property valuations and the increase from acquisitions during 2024 and 2025.

Interest income decreased to $1.1 million for the three months ended September 30, 2025, compared to $7.0 million for the same period in 2024, primarily due to a decrease in cash and cash equivalents due to unlevered property acquisitions during 2024 and 2025, the paydown of the $120.0 million revolving credit facility, and the $100.0 million Series A senior unsecured notes in March 2025.

Observatory revenue decreased to $36.0 million for the three months ended September 30, 2025, compared to $39.4 million for the same period in 2024, primarily due to lower levels of international tourism in 2025 as compared to 2024.

The company expects to meet its short-term liquidity requirements, including distributions, operating expenses, working capital, debt service, and capital expenditures from cash flows from operations, cash on hand, debt issuances, and available borrowing capacity under its unsecured revolving credit facility.
The company anticipates generating positive cash flows from operations in the foreseeable future and intends to distribute its net taxable income to its securityholders in a manner intended to satisfy REIT distribution requirements and to avoid U.S. federal income tax liability.

The company closed on the acquisition of two retail properties on North 6th Street in Williamsburg, Brooklyn for an aggregate purchase price of $31.0 million in June 2025.
The company closed on the acquisition of a portfolio of retail properties on North 6th Street in Williamsburg, Brooklyn for an aggregate purchase price of $195.0 million in September and October 2024.

The company has no senior unsecured notes maturing until March 2027 and expects to meet its long-term capital requirements, including acquisitions, redevelopments, and capital expenditures through cash flows from operations, cash on hand, its unsecured revolving credit facility, mortgage financings, debt issuances, common and/or preferred equity issuances, and asset sales.