Empire State Realty reports Q2 FFO 24c, consensus 24c

The company states: “Same-Store Property Cash Net Operating Income increased 7.4% year-over-year, excluding lease termination fees, primarily driven by higher revenues from cash rent commencement, which was partially offset by increases in operating expenses. Adjusted for certain nonrecurring items, Same-Store NOI increased by approximately 6% year-over-year. Manhattan office portfolio leased rate increased by 60bps sequentially and 170bps year-over-year to 93.3%. The total commercial portfolio is 92.6% leased as June 30, 2024. This is the 10th consecutive quarter of positive commercial leased rate absorption.”