NYSE$ESRT

Empire State Realty Trust Inc · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Empire State Realty Trust reported Q3 2025, revenue of $197.7M, net income of $13.6M, diluted EPS of $0.05.

For Q3 2025, Empire State Realty Trust reported revenue of $197.7M, net income of $13.6M, diluted EPS was $0.05. Management discusses segment trends, capital allocation, and macro risks in the quarterly filing.

  • Revenue $197.7M.
  • Net income $13.6M.
  • Diluted EPS $0.05.
  • Empire State Realty Trust MD&A highlights operating priorities and liquidity.
  • Segment and geographic mix shape year-over-year comparisons.

Headline financials

Total Revenue

$198M

Previous: $200M-0.9%
EPS (adj)

$0.05

Previous: $0.08-37.5%
Total commercial portfolio occupied

90.0%

Previous: 89.1%+1.0%
Total commercial portfolio leased

92.6%

Previous: 93.4%-0.9%
Office portfolio occupied

89.7%

Previous: 88.9%+0.9%
Office portfolio leased

92.4%

Previous: 93.3%-1.0%
Retail portfolio occupied

92.8%

Previous: 91.1%+1.9%
Retail portfolio leased

94.7%

Previous: 94.0%+0.7%
Total multifamily portfolio leased

98.6%

Previous: 96.8%+1.9%
Manhattan office blended leasing spreads

3.9%

No prior period
Observatory NOI

$26.5M

No prior period
Total leases signed square feet

87.9K

No prior period
Office leases signed square feet

71.9K

No prior period
Retail leases signed square feet

16.0K

No prior period
Total liquidity

$800M

No prior period
Total debt outstanding

$2.1B

No prior period
Weighted average interest rate

4.3%

No prior period
Net debt to adjusted EBITDA

5.6

No prior period
Capital Expenditures

-$188M

Previous: -$287M+34.5%
Net Income

$13.6M

Previous: $22.8M-40.1%
Operating Income

$39.3M

Previous: $45.3M-13.3%

Revenue & EPS history

Empire State Realty Trust · Revenue · Quarterly

$198M

Q3 2025-0.9%vs Q3 2024
Beat estimate in 11 of 14 quarters(79%)
ActualEstimate

Revenue by segment

Empire State Realty Trust · $21.3M total across 3 segments · Q2 2022

  • Lease termination fees
    $18.9M+464.8%
  • Other revenue and fees
    $2.13M+263.5%
  • Third-party management and other fees
    $326K-0.3%

Forward guidance

Real estate and infrastructure REITs emphasize occupancy, rents, refinancing, and cap rates.

Tailwinds

  • Leasing spreads and renewal rates.
  • Development and acquisition pipeline.
  • Balance-sheet liquidity.

Headwinds

  • Interest rates and cap-rate expansion.
  • Tenant health and refinancing walls.
  • Fair-value marks on investments.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

-0.1%

Avg return

Earnings day

+0.1%

Avg return

5 days after

-1.2%

Avg return

30 days after

49%

25 / 51 earnings

Positive

+8.6%

Q2 2022

Best reaction

-6.8%

Q3 2021

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.9%-1.6%+2.0%
Q4 2025-3.0%-5.6%-20.5%
Q3 2025-5.8%-4.1%-7.7%
Q2 2025+0.4%-0.9%+6.9%
Q1 2025+2.3%+6.5%+10.1%
Q4 2024-2.9%-3.7%-11.5%
Q3 2024-2.0%-4.5%-5.5%
Q2 2024-5.2%-3.9%-6.3%
Q1 2024-3.8%-2.0%-4.7%
Q4 2023-2.5%+0.8%+0.7%
Q3 2023+4.8%+7.2%+11.6%
Q2 2023+7.1%+12.7%+1.6%
Q1 2023-0.5%+0.9%+0.7%
Q4 2022+2.5%-0.6%-23.3%
Q3 2022-2.0%+3.2%+7.6%
Q2 2022+8.6%+10.6%-4.6%
Q1 2022+0.2%-1.6%-6.3%
Q4 2021+3.0%+1.0%+5.1%
Q3 2021-6.8%-9.2%-10.3%
Q2 2021-2.0%-4.0%-11.3%
Q1 2021+1.1%+3.3%+4.9%
Q4 2020-3.3%+8.3%+14.6%
Q3 2020-4.8%-1.7%+67.8%
Q2 2020-1.5%-5.9%-5.8%
Q1 2020+0.1%+1.8%-12.1%
Q4 2019+1.0%-3.0%-41.7%
Q3 2019+1.8%-0.1%-3.3%
Q2 2019-3.0%-4.2%-8.6%
Q1 2019+1.1%+1.3%+3.7%
Q4 2018-1.1%+0.1%+1.5%
Q3 2018+0.7%+0.4%+2.7%
Q2 2018-0.7%-1.9%+4.7%
Q1 2018+2.1%+2.2%-2.9%
Q4 2017-3.0%-5.0%-10.1%
Q3 2017-0.2%-0.3%+1.0%
Q2 2017+3.5%+4.2%+2.0%
Q1 2017-3.2%-3.0%-3.5%
Q4 2016+1.3%+2.0%-2.7%
Q3 2016-2.4%-0.2%+2.6%
Q2 2016+1.8%+2.9%+1.4%
Q1 2016+1.5%
Q4 2015+1.1%
Q3 2015+1.4%
Q2 2015+0.5%
Q1 2015-0.4%
Q4 2014-0.2%
Q3 2014+0.0%
Q2 2014-1.0%
Q1 2014+3.2%
Q4 2013+1.9%
Q3 2013+3.9%
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010

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