--- title: "Empire State Realty OP - S250 | 10-Q: FY2026 Q1 Revenue: USD 190.33 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285619432.md" datetime: "2026-05-07T21:02:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285619432.md) - [en](https://longbridge.com/en/news/285619432.md) - [zh-HK](https://longbridge.com/zh-HK/news/285619432.md) --- # Empire State Realty OP - S250 | 10-Q: FY2026 Q1 Revenue: USD 190.33 B Revenue: As of FY2026 Q1, the actual value is USD 190.33 B. EPS: As of FY2026 Q1, the actual value is USD 0.01. EBIT: As of FY2026 Q1, the actual value is USD 56.98 B. #### Overall Company Performance Net income attributable to common unitholders was $1,945 thousand for the three months ended March 31, 2026, marking an -86.8% decrease from $14,728 thousand in the prior year period. Total net income decreased by -81.0% to $2,995 thousand in 2026 from $15,778 thousand in 2025. Core Funds From Operations (Core FFO) attributable to common unitholders increased to $53,195 thousand for the three months ended March 31, 2026, from $52,034 thousand in the same period of 2025. Total revenues increased by 5.7% to $190,325 thousand for the three months ended March 31, 2026, compared to $180,066 thousand in the prior year period. Total operating expenses increased by -4.3% to $160,868 thousand for the three months ended March 31, 2026, from $154,278 thousand in the prior year period. Total operating income increased by 14.2% to $29,457 thousand for the three months ended March 31, 2026, from $25,788 thousand in the prior year period. #### Cash Flow Cash and cash equivalents and restricted cash totaled $106,146 thousand as of March 31, 2026, decreasing by -$60,365 thousand from $237,412 thousand as of March 31, 2025. Net cash provided by operating activities decreased by $14,236 thousand to $68,910 thousand for the three months ended March 31, 2026, compared to $83,146 thousand for the same period in 2025. Net cash used in investing activities increased by -$22,602 thousand to -$64,665 thousand for the three months ended March 31, 2026, from -$42,063 thousand in the prior year period. Net cash used in financing activities decreased by $168,363 thousand to -$64,610 thousand for the three months ended March 31, 2026, from -$232,973 thousand in the prior year period. #### Real Estate Segment Rental revenue increased by 7.5% to $166,105 thousand for the three months ended March 31, 2026, from $154,542 thousand in the prior year period, driven by acquisitions, dispositions, and higher tenant reimbursement income. Property operating expenses increased by -6.0% to $47,744 thousand, mainly due to higher operating payroll costs and utilities. Real estate taxes increased by -4.7% to $34,613 thousand, primarily due to the net impact of acquisitions and dispositions. The Real Estate Segment’s operating income increased by 74.8% to $18,862 thousand for the three months ended March 31, 2026, from $10,789 thousand in the prior year period. The company acquired a retail property in Williamsburg, Brooklyn, for $46,000 thousand in March 2026, and 130 Mercer Street for $386,000 thousand in December 2025. Leasing activity included 113,484 rentable square feet of new, renewal, and expansion leases signed. Office properties saw 9 leases for 90,687 square feet, with a weighted average annualized cash rent per square foot of $59.46, representing a 6.8% increase over previously escalated rents. Retail properties had 2 leases for 22,797 square feet, with a weighted average annualized cash rent per square foot of $135.49, reflecting a -1.1% decrease over previously escalated rents. Capital expenditures for the commercial portfolio were $10,639 thousand for the three months ended March 31, 2026, compared to $8,764 thousand in 2025. #### Observatory Segment Observatory revenue decreased by -20.1% to $18,510 thousand for the three months ended March 31, 2026, from $23,161 thousand in the prior year period, primarily due to lower levels of international tourism. Observatory expenses decreased by 3.1% to $7,868 thousand. The Observatory Segment’s operating income decreased by -29.4% to $10,595 thousand. Visitor numbers decreased by 18.2% to 350,000 visitors for the three months ended March 31, 2026, from 428,000 visitors in the prior year period. #### Debt and Liquidity As of March 31, 2026, total consolidated indebtedness was approximately $2,300,000 thousand, with a weighted average interest rate of 4.54% and a weighted average maturity of 4.8 years. Empire State Realty OP, L.P. had $90,000 thousand borrowed under its Unsecured Revolving Credit Facility, with $530,000 thousand available as of March 31, 2026. Mortgage notes payable, net, amounted to $621,400 thousand, including a new $53,500 thousand mortgage loan at 10 Union Square East closed in March 2026. Senior unsecured notes, net, amounted to $1,300,000 thousand, with a subsequent private placement of $130,000 thousand aggregate principal amount of 5.99% Series M Senior Notes due July 15, 2032, scheduled to fund on July 15, 2026. #### Outlook Empire State Realty OP, L.P. believes it maintains a strong competitive position due to its diversified income drivers across office, retail, multifamily, and the Empire State Building Observatory. The company’s portfolio is modernized, well-located, energy-efficient, and features competitive rental rates and strong leased percentages. 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