Empire State Realty reports Q3 FFO 23c vs. 25c last year

Reports Q3 revenue $197.7M vs. $199.6M last year. Same-Store Property Cash Net Operating Income, excluding lease termination fees decreased 1.5% year-over-year. The third quarter change was primarily attributed to increases in real estate taxes and property operating expenses. These higher expenses were partially offset by higher tenant reimbursement income. Adjusted for approximately $1.7 million of non-recurring items, which predominately consisted of revenue items recognized in the third quarter of 2024, Same-Store Property Cash NOI increased by 1.1%. Manhattan office occupancy increased by 80 bps sequentially to 90.3%. The total commercial portfolio occupancy increased by 80 bps sequentially to 90.0%.