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The latest update is out from Empire State Realty ( (ESRT) ).
On February 17, 2026, Empire State Realty Trust reported fourth-quarter 2025 net income of $0.12 per fully diluted share and full-year 2025 net income of $0.25, with Core FFO at $0.23 for the quarter and $0.87 for the year, down from 2024, while same-store cash NOI edged higher in the quarter and slightly lower for the year after non-recurring adjustments. The company maintained high occupancy with its commercial portfolio 90.3% occupied, signed over 1 million square feet of commercial leases in 2025, recorded $90.1 million in full-year NOI from the Empire State Building Observatory, completed $417 million of all-cash acquisitions including the Scholastic Building, exited its last suburban office asset to become a 100% NYC commercial portfolio, strengthened its balance sheet with new notes and term loan upsizing, and repurchased common stock ahead of providing a 2026 outlook.
Leasing momentum remained solid with 458,473 square feet executed in the fourth quarter at positive blended office leasing spreads of 6.4%, including long-duration renewals and expansions with tenants such as TJ Maxx, Nespresso, and Burlington Stores that support cash flow visibility. As of December 31, 2025, the portfolio totaled 7.6 million square feet of office, 0.8 million square feet of retail, and 743 residential units with strong occupancy and leasing levels across asset classes, underscoring management’s strategic shift toward concentrated, higher-quality New York City assets and a laddered debt profile with no unaddressed maturities until March 2027.
The most recent analyst rating on (ESRT) stock is a Sell with a $6.80 price target. To see the full list of analyst forecasts on Empire State Realty stock, see the ESRT Stock Forecast page.
Spark’s Take on ESRT Stock
According to Spark, TipRanks’ AI Analyst, ESRT is a Neutral.
Empire State Realty’s overall stock score is driven by strong financial performance and positive earnings call sentiment. However, technical indicators suggest bearish momentum, and the valuation appears high, which tempers the overall score. The company’s high leverage and challenges in international visitation also present risks that investors should consider.
To see Spark’s full report on ESRT stock, click here.
More about Empire State Realty
Empire State Realty Trust, Inc. is a New York City-focused real estate investment trust that owns and operates a portfolio of modernized, amenitized office, retail, and multifamily properties. Its flagship asset is the Empire State Building and its Observatory attraction, and the company positions itself as a leader in energy efficiency and indoor environmental quality across its urban portfolio.
Average Trading Volume: 1,375,610
Technical Sentiment Signal: Sell
Current Market Cap: $1.07B
For an in-depth examination of ESRT stock, go to TipRanks’ Overview page.