Empire State Realty Trust Inc (ESRT)
NYSE:ESRT
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
0.04Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong leasing momentum, high portfolio occupancy, meaningful rent growth and mark-to-market gains in Manhattan, improved cash flow metrics, successful capital recycling into a strategic retail position, and proactive financing that extends maturities and preserves liquidity. Lowlights were concentrated in the seasonally weak first-quarter performance of the Observatory (notably lower international visitation and a ~$3.5M YoY NOI decline excluding gift shop), some operating expense growth, reliance on a few large lease-ups which creates lumpy occupancy dynamics, and broader macro/tourism uncertainty. On balance, operational strength, balance sheet flexibility, and demonstrated leasing execution materially outweigh the headwinds reported.Company Guidance
High Occupancy and Robust Leasing Activity
Commercial portfolio ~93% leased (93.2% reported); thirteenth consecutive quarter above 90%. Signed 113,000 sq ft of new and renewal leases in Q1; leasing pipeline increased to ~280,000 sq ft (from 170,000 sq ft). Average lease term for office transactions ~10.5 years; average lease duration 12.2 years.19th consecutive quarter of positive mark-to-market rent spreads in Manhattan with a 6.8% mark-to-market spread.
Notable New and Renewal Leases
Executed a 13-year, 60,000 sq ft new office lease with Steve Madden (501 Seventh Ave); a 20-year, 22,000 sq ft retail renewal with JPMorgan (1 Grand Place); subsequent to quarter-end signed a 10.5-year, 38,000 sq ft lease at 130 Mercer (raising building lease % from 70% to 80%).
Strong Multifamily Performance
Multifamily same-store NOI increased 9% year-over-year; net rents increased 6% year-over-year. Ended the quarter 96.4% occupied and currently over 98% leased after seasonal rollouts.
Observatory Generates Meaningful Cash Flow
Empire State Building Observatory NOI of $10.6 million in Q1 (seasonally light quarter). Revenue per capita increased ~1% year-over-year excluding gift shop license fees. Management emphasizes low capex, strong operating margin, and dynamic pricing capability as resilient cash-flow drivers.
Proactive Balance Sheet and Financing Execution
Year-to-date financings of $184 million including $130 million senior notes (private placement at 5.99%, maturing 2032) and a $53.5 million 10-year interest-only mortgage at 5.3% for 10 Union Square East. No unaddressed debt maturities until January 2028. Reported net debt to adjusted EBITDA of 6.3x and ample liquidity; limited secured debt and a well-laddered maturity profile.
Disciplined Capital Recycling and Strategic Acquisition
Acquired 4155 North 6th Street for $46 million (~22,000 sq ft), completing redeployment of Metro Center proceeds without recognizing taxable gain. North 6th Street portfolio now totals 124,000 sq ft; built a ~2.5-year, ~$300 million unlevered position that management expects to deliver current yield and upside (prior assets acquired at high-4%–5% with expected ~6% as stabilized; new lease-up expected higher).
Improved Cash Flow and Reduced CapEx
Reported core FFO of $0.20 per diluted share. Core FAD approximately $33 million in Q1 versus approximately $1 million in Q1 2025 and above $31 million in Q4 2025. FAD CapEx decreased to about $22 million in the quarter versus ~$53 million in Q1 2025, reflecting completed prior lease-up related investments.
ESRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ESRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | $5.62 | $5.57 | -0.89% |
Feb 17, 2026 | $6.35 | $6.18 | -2.66% |
Oct 29, 2025 | $7.53 | $7.08 | -6.04% |
Jul 23, 2025 | $7.81 | $7.26 | -7.05% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Empire State Realty Trust Inc (ESRT) report earnings?
Empire State Realty Trust Inc (ESRT) is schdueled to report earning on Jul 29, 2026, After Close (Confirmed).
What is Empire State Realty Trust Inc (ESRT) earnings time?
Empire State Realty Trust Inc (ESRT) earnings time is at Jul 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What is ESRT EPS forecast?
Currently, no data Available