Key Highlights

  • Core FFO came to $0.20 per share compared with $0.23, while Net Income slid to $0.02 per diluted share from $0.05.
  • The 2026 Core FFO range now runs from $0.77 through $0.80 per share, above the $0.75 through $0.79 band set in July.
  • At Sep 30, 2026, 95.6% of the commercial portfolio was leased and 92.3% was occupied, versus 92.6% leased a year before.
  • Office leasing spreads came in at 9.9%, extending a run of gains to 21 consecutive quarters.
  • Repurchases of $85.8 million since the second-quarter call were paired with 1359 Broadway's $217.5 million disposal.

Higher 2026 Core FFO Outlook Follows Leasing Gains and Occupancy Above 92%

Empire State Realty Trust (NYSE:ESRT) announced its third-quarter 2026 figures on Nov 2, 2026. Core FFO per share came to $0.20, down from $0.23, and net income per diluted share was $0.02 compared with $0.05 in the earlier year. Net income attributable to common stockholders fell to $3.1 million, versus $8.0 million.

Its holdings span office, retail and multifamily Assets across New York City, the Empire State Building among them, along with its observation deck. For 2026, Core FFO is now projected at $0.77 through $0.80 per share, a step up from the $0.75 through $0.79 range set in July. Same-store cash NOI excluding termination fees is forecast to rise between 1.75% and 2.25%, replacing a previous band that ran from minus 1.5% to plus 2.0%.

Commercial occupancy at year end is still projected in a 90% to 92% window.

Deck Income Slides 25.6% as Office Leasing Spreads Remain Positive

Overall Revenue came to $193.1 million, roughly 2.4% lower (calculated) than $197.7 million. Observatory receipts sank from $36.0 million to $26.8 million, a fall of about 25.6% (calculated). That Business produced $15.6 million of NOI amid soft visitation, and its 2026 framework stays at $55 million.

Rent income grew to $162.0 million, versus $158.4 million. Excluding termination fees, same-store cash NOI edged up 0.5%; after adjusting for a lapsed tenant agreement and roughly $1.2 million in one-time amounts, the figure becomes 1.9%.

Leasing activity included 27 agreements spanning 189,477 square feet, of which 170,608 were office space. Retail deals priced cash rents 13.9% under previous escalated figures, whereas office rents came in 9.9% higher. Office occupancy moved to 91.9% from 89.1% as of June 30, 2026.

Repurchases Total $85.8 Million While 1359 Broadway Proceeds Target Debt Reduction

Following the second-quarter call, Buybacks amounted to $85.8 million at a weighted average $4.56 per share, lifting cumulative repurchases to roughly $387.7 million since March 2020. After quarter end, the $217.5 million 1359 Broadway transaction closed, with proceeds slated for further buybacks and debt paydown.

Liquidity reached $0.6 billion on Sep 30, 2026, comprising $85 million in cash plus $520 million of revolver availability. Roughly $2.2 billion of debt carried a weighted average rate of 4.78%, with net debt at 6.7 times adjusted EBITDA. The earliest Maturity still needing a refinancing plan is March 2029.

The $0.035 quarterly payout went out on Sep 30, 2026. Over nine months, Core FFO totaled $0.61 per diluted share against $0.64, while a $166.1 million Goodwill write-down pushed net loss attributable to common stockholders to $21.5 million.

Visitor Trends and a Nov 3 Webcast Shape the Remaining Months of 2026

The revised Core FFO band accounts for buybacks made so far and the 1359 Broadway disposal, but the deck assumption did not change. Softer visitor counts and office Demand are the principal swing factors. A webcast and call will take place on Nov 3, 2026.