Empire State Realty OP, L.P. (ESBA) Form 8-K — Nov 2, 2026
Empire State Realty Trust reported Q3 2026 net income of $0.02 per fully diluted share and Core FFO of $0.20 per share, down from $0.05 and $0.23 respectively in the year-ago quarter. Total revenues of $193.1 million declined about 2.4% year-over-year, pressured by a 25.8% drop in Observatory visitors and lower Observatory revenue of $26.8 million versus $36.0 million. The commercial portfolio improved to 95.6% leased and 92.3% occupied, with blended office leasing spreads of +9.9% — the 21st consecutive quarter of positive spreads — on 189,477 square feet signed. Same-store property cash NOI excluding termination fees rose 0.5% (1.9% adjusted for non-recurring items).
Key figures
- Eps
- 0.02
- Revenue
- 193053000
- Guidance
- 2026 Core FFO raised to $0.77-$0.80 per share (from $0.75-$0.79); Observation Deck NOI framework of $55M for 2026 unchanged; year-end commercial occupancy 90%-92%; SS Property Cash NOI ex-termination fees +1.75% to +2.25%
- Net Income
- 5895000
- Total Debt
- 2239571000
- Revenue Yoy
- -2.4% (Q3 2026 total revenues of $193.053M vs $197.730M in Q3 2025)
- Cash Position
- 85257000
- Shares Outstanding
- 277,620 thousand fully diluted common stock and OP units
- Q3 dividend
- $0.035 per share/unit
- Total liquidity
- $0.6B ($85M cash + $520M revolver capacity)
- Core ffo per share
- 0.2
- Leases signed sqft
- 189477
- Observatory noi q3
- $15.6M
- Delayed draw term loan
- $245M maturing 2032, draws January 2027
- Goodwill impairment ytd
- $166.113M (Q2 2026)
- Avg lease duration years
- 8.1
- Commercial percent leased
- 95.6%
- Disposition 1359 broadway
- $217.5M
- Weighted avg interest rate
- 4.78%
- Commercial percent occupied
- 92.3%
- Net debt to adjusted ebitda
- 6.7x
- Core ffo per share prior year
- 0.23
- Observatory visitor change yoy
- -25.8%
- Office blended leasing spreads
- +9.9%
- Share repurchases since q2 call
- $85.8M at weighted average $4.56/share
- Aggregate repurchases since 2020
- $387.7M
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.