Empire State Realty Trust posts Q4 net income per share of $0.12

Empire State Realty Trust

17/02/2026 21:52

Overview

NYC-focused REIT's Q4 net income per share was $0.12

Core FFO per share for Q4 was $0.23, slightly down from $0.24 last year

Company completed $417 mln all-cash acquisitions, transitioned to 100% NYC portfolio

Outlook

Empire State Realty Trust expects 2026 Core FFO per share between $0.85 and $0.89

Company anticipates 2026 commercial occupancy at year-end between 90% and 92%

Empire State Realty Trust projects 2026 Observatory NOI between $87 mln and $92 mln

Result Drivers

ACQUISITIONS AND PORTFOLIO TRANSITION - Completed $417 mln in all-cash acquisitions, transitioning to a 100% NYC portfolio

SAME-STORE NOI - Same-store property cash NOI increased 0.9% in Q4 due to higher base rent and tenant reimbursement income, offset by increased utility costs and real estate taxes

OBSERVATORY REVENUE - Empire State Building Observatory generated $24.4 mln in NOI for Q4, contributing significantly to overall revenue

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Rental Revenue
$159.72 mln
Q4 Net Income
$32.17 mln
Q4 Operating Income
$35.41 mln
Q4 Pretax Profit
$33.23 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the diversified reits peer group is "hold"

Wall Street's median 12-month price target for Empire State Realty Trust Inc is $8.00, about 25.2% above its February 17 closing price of $6.39

The stock recently traded at 103 times the next 12-month earnings vs. a P/E of 120 three months ago

Press Release: ID:nBw3r2PF9a

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)