Empire State Realty Trust Q1 core FFO per share rises

Empire State Realty Trust

29/04/2026 21:44

Overview

U.S. office and retail REIT's Q1 net income per diluted share was $0.01

Core FFO per diluted share for Q1 was $0.20

Company acquired Williamsburg retail asset for $46 mln and completed $184 mln in financings

Outlook

Empire State Realty Trust maintains 2026 Core FFO per share guidance at $0.85 to $0.89

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

Empire State Realty Trust forecasts 2026 Observatory NOI of $87 mln to $92 mln

Result Drivers

BASE RENT AND REIMBURSEMENTS - Co said higher base rent and tenant reimbursement income drove same-store property cash NOI growth

NON-RECURRING ITEMS - About $3 mln in lease modification revenue and insurance recoveries contributed to cash NOI growth

OBSERVATORY NOI DECLINE - Empire State Building Observatory NOI fell by about $3.5 mln y/y, with gift shop license fees expected to be more weighted to Q4 due to a COVID-era license amendment

Company press release: ID:nBwbfFlqRa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rental Revenue
$166.11 mln
Q1 Net Income
$3 mln
Q1 Core FFO Per Share
$0.20
Q1 Operating Income
$29.46 mln
Q1 Pretax Profit
$1.93 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 $7.00, about 22.2% above its April 28 closing price of $5.73

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)