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Dec 31, 2025
Empire State Realty Trust Q4 2025 Earnings Report
Empire State Realty Trust reported its operational and financial results for the fourth quarter and full year 2025, with a focus on its NYC-focused REIT portfolio.
Key Takeaways
Empire State Realty Trust reported a net income of $32.172 million for Q4 2025, with an EPS of $0.12. The company completed $417 million in all-cash acquisitions of well-located, high-quality assets in 2025 and transitioned to a 100% NYC portfolio by exiting suburban commercial assets. Core FFO per diluted share was $0.23 for the quarter.
Net Income per fully diluted share was $0.12 in Q4 2025, compared to $0.07 in Q4 2024.
Core FFO per fully diluted share was $0.23 in Q4 2025, compared to $0.24 in Q4 2024.
The company completed $417 million of all-cash acquisitions of well-located, high-quality assets in 2025.
Empire State Realty Trust transitioned to a 100% NYC portfolio by exiting suburban commercial assets.
Revenue by Segment
Forward Guidance
The company provides 2026 guidance with Core FFO Per Fully Diluted Share expected between $0.85 to $0.89, Commercial Occupancy at year-end between 90% to 92%, and Observatory NOI between $87M to $92M.
Positive Outlook
- Assumes positive year-over-year revenue growth for SS Property Cash NOI.
- Observatory NOI reflects average quarterly expenses of ~$10M.
- No unaddressed debt maturity until March 2027.
- Transitioned to a 100% NYC portfolio, focusing on high-quality assets.
- Recognized leader in energy efficiency and indoor environmental quality.
Challenges Ahead
- 2026 guidance assumes ~($0.03) impact from temporary downtime associated with previously disclosed FDIC expiration for Core FFO.
- SS Property Cash NOI guidance includes a ~2.0% to 4.0% year-over-year increase in operating expenses and real estate taxes.
- SS Property Cash NOI guidance includes ~(270 bps) impact from temporary downtime associated with previously disclosed FDIC expiration.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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