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Empire State Realty Trust Inc (ESRT)
NYSE:ESRT
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.05Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call reflects a broadly positive operational and strategic outlook driven by sustained leasing momentum, occupancy gains, successful portfolio transformation into a 100% New York City — higher-quality — footprint, strong observatory cash flows, and proactive balance sheet management. Near-term headwinds include an identifiable FDIC-related downtime hit to 2026 FFO and same-store NOI, some cost pressure from taxes and cleaning labor, modestly elevated leverage (6.3x net debt/EBITDA), and weaker international tourism impacting observation deck visitation and license fees. Management provided clear mitigation plans (lease-up at 130 Mercer, capital recycling, cost reductions and ample liquidity) and conservative 2026 guidance that incorporates these factors.Company Guidance
Strong Leasing Momentum and Occupancy Gains
Leased nearly 460,000 sq ft in Q4 and approximately 1.0 million sq ft for full year 2025; overall occupancy grew to 90.3% (up 170 bps YoY) and the office portfolio was 93.5% leased with 12 consecutive quarters above 90%.
Positive Mark-to-Market Rent Momentum
Recorded 18 consecutive quarters of positive mark-to-market lease spreads with a Q4 Manhattan office mark-to-market spread of 6.4%; average lease duration for Q4 new leases was 11.6 years.
Resilient Financial Results
Reported full year 2025 core FFO of $0.87 per diluted share and Q4 core FFO of $0.23 per diluted share; 2026 core FFO guidance of $0.85–$0.89 per diluted share.
Observation Deck Performance and Revenue per Capita Growth
Observatory generated approximately $24M of NOI in Q4 and $90M for the full year 2025; revenue per capita increased 6.9% in Q4 and 4.4% for the full year despite weaker international visitation.
Strategic Portfolio Transformation and Acquisitions
Completed transition to a 100% New York City portfolio via ~$1 billion of acquisitions over five years, including $417M of all-cash acquisitions in 2025 (notably 130 Mercer for $386M); suburban commercial assets disposed tax-efficiently.
Capital Recycling, Liquidity and Financing Execution
Completed $420M of financing (including $175M unsecured notes and $245M term loan recast) with no unaddressed maturities until March 2027; pro forma net debt to adjusted EBITDA of 6.3x and ample liquidity cited; repurchased $6M of shares in Q4 ($8M for full year) and $302M repurchased since 2020.
Operational Efficiency and Expense Discipline
FAD CapEx decreased by approximately $21M (11% YoY) and company expects calendar year 2026 G&A of $69M–$71M versus ~$73M in 2025, targeting a 5%–10% run-rate G&A reduction by year-end 2026.
Sustainability Leadership
Achieved highest possible GRESB rating for the sixth consecutive year (score of 93 and an A in public disclosure), and the Empire State Building became the first LEED v5 Platinum certified building in New York State.
Multifamily and Retail Performance
Multifamily occupancy near 98% with revenue growth of ~9% in Q4 and ~10% for the full year; North Sixth Street retail acquisitions (~$250M aggregate) bolster retail presence and expected yields.
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 |
|---|---|---|---|
Feb 17, 2026 | $6.39 | $6.22 | -2.66% |
Oct 29, 2025 | $7.58 | $7.12 | -6.07% |
Jul 23, 2025 | $7.86 | $7.31 | -7.00% |
Apr 29, 2025 | $6.87 | $7.02 | +2.18% |
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 Apr 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 Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is ESRT EPS forecast?
Currently, no data Available