Earnings Releases·Nov 2, 2026, 5:27 PM ET

Empire State Realty Trust — Third Quarter 2026 Earnings Summary

**Financial Results:** Net income per diluted share fell to $0.02 from $0.05 year-over-year, while Core FFO per share declined to $0.20 from $0.23; Same-Store Property Cash NOI increased 0.5% YoY (1.9% adjusted for non-recurring items), and total revenues dropped to $193.1 million from $197.7 million.
**Guidance & Outlook:** The Company raised its 2026 Core FFO per share guidance range to $0.77–$0.80 from $0.75–$0.79, projecting year-end commercial occupancy between 90% and 92% and Same-Store Property Cash NOI growth of +1.75% to +2.25%.
**Capital Allocation & Strategy:** Proceeds from the $217.5 million disposition of 1359 Broadway are being redeployed toward share repurchases ($85.8 million bought back since Q2) and debt paydown, alongside a $245 million term loan closing to refinance existing debt in January 2027.
**Balance Sheet & Leasing:** Total debt stands at $2.2 billion with a 6.7x net debt-to-EBITDA ratio and $0.6 billion in liquidity; the office portfolio achieved 95.6% leasing with +9.9% blended leasing spreads for the 21st consecutive quarter.