Empire State Realty Trust Announces Third Quarter 2026 Results
Q3 Core FFO $0.20/sh, Core FFO guidance raised; $85.8M buybacks since Q2 call; 1359 Broadway sold for $217.5M; leasing spreads +9.9%.
What this release says
Empire State Realty Trust reported third quarter 2026 net income of $0.02 per share and Core FFO of $0.20 per share, and raised its 2026 Core FFO range. The company completed the $217.5 million sale of 1359 Broadway after quarter-end and has begun using the proceeds for share buybacks and debt paydown. For a shareholder, the buybacks reduce the share count, while the sale removes a property from the portfolio.
Key figures
- Net income per diluted share
- $0.02
- Core FFO per diluted share
- $0.20
- 1359 Broadway sale price
- $217.5 million
- Shares repurchased since Q2 call
- $85.8 million
- Total commercial portfolio leased
- 95.6%
- Square feet leased
- 189,477 square feet
Positive for shareholders
- Blended office leasing spreads were +9.9%, the 21st consecutive quarter of positive spreads.
- Same-store cash NOI rose 1.9% year-over-year when adjusted for the FDIC expiration and non-recurring items.
- The company raised its 2026 Core FFO range.
- Share repurchases since the second quarter call total $85.8 million at a weighted average of $4.56 per share.
Negative for shareholders
- Same-store cash NOI grew only 0.5% year-over-year as reported, with the FDIC expiration causing an approximate $2 million revenue decline.
- Visitation to the Empire State Building Observation Deck continued to be weak, with NOI of $15.6 million in the quarter.
- Net debt to adjusted EBITDA stood at 6.7x, and total debt was about $2.2 billion at a weighted average rate of 4.78%.
Written by Quantisnow AI from this release. Not financial advice.
Key terms
- Core FFO:
- A REIT earnings measure that adjusts net income for items such as depreciation and gains on sales, to better reflect ongoing property operating performance.
- Same-Store Property Cash NOI:
- Cash net operating income from properties owned in both the current and prior-year periods, used to compare like-for-like performance.
- 1031 replacement asset:
- A property acquired to qualify a sale for tax deferral under Section 1031 of the U.S. tax code.
- Net debt to adjusted EBITDA:
- A leverage ratio comparing debt, net of cash, to earnings before interest, taxes, depreciation and amortization, adjusted for certain items.
FAQ
What did Empire State Realty Trust report for third quarter 2026 Core FFO?
Empire State Realty Trust reported Core FFO of $0.20 per fully diluted share for the third quarter of 2026, with net income of $0.02 per share.
How is Empire State Realty Trust using proceeds from the 1359 Broadway sale?
The company began redeploying the $217.5 million sale proceeds toward share repurchases starting in late July and will also use them to pay down debt.
Did Empire State Realty Trust change its 2026 outlook?
Yes, the release states that the company increased its 2026 Core FFO range, and it excludes significant future lease termination fees and unannounced transactions from that range.
Historical context for ESRT
Across the 27 sessions after earlier ESRT headlines, the stock closed higher 7 times and lower 17 times, with a median move of 1.0% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | ESRT | SPY |
|---|---|---|---|
| Oct 7, 2026 | The Empire State Building Observation Deck Hosts Annual Run-Up, Presented by NYU Langone Health and Powered by Merrell | +0.9% | -0.2% |
| Oct 2, 2026 | Empire State Realty Trust Announces Dates for Third Quarter 2026 Earnings Release and Conference Call | +1.0% | +0.7% |
| Sep 22, 2026 | Resident Announces Exclusive Partnership with Empire State Realty Trust to Host Private Culinary Events Across Its Iconic Portfolio | -1.0% | -0.0% |
| Sep 18, 2026 | Back By Popular Demand: Empire State Building Observation Deck Hosts Exclusive, Themed Silent Disco Nights on its Iconic 86th Floor Observation Deck | -5.5% | -0.1% |
| Sep 9, 2026 | Empire State Building Observation Deck Opens Skyline to NYC Students with Complimentary Visit Program | -3.6% | -0.5% |
| Aug 5, 2026 | Empire State Realty Trust Announces Dividend for Third Quarter 2026 | -1.0% | -0.2% |
- Market cap
- 30-day
- Sector
- Real Estate
- Industry
- Real Estate Investment Trusts
- Listed since
- 2013
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