BMO Capital analyst John Kim maintained a Buy rating on Empire State Realty today and set a price target of $10.00.
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John Kim has given his Buy rating due to a combination of factors that highlight Empire State Realty’s performance and potential. The company exceeded expectations in the third quarter of 2025, particularly with its Core Funds From Operations (FFOps) surpassing forecasts, driven by increased revenues from its Manhattan properties. This was supported by a rise in office occupancy rates, which reached 90.0%, marking a significant achievement for the company.
Despite some challenges, such as a decline in leasing volume and a drop in the Empire State Building Observatory’s visitor count, John Kim remains optimistic. The company has maintained its full-year guidance and is actively negotiating new leases, indicating potential future growth. These factors, combined with the company’s strategic approach to managing its portfolio, underpin Kim’s positive outlook and Buy rating for Empire State Realty.