Quarterly ResultMay 7, 2026, 04:39 PM
Empire State Realty OP Q1 Net Income $2.99M, EPS $0.01; Revenues Up 5.7%
AI Summary
Empire State Realty OP reported a significant decrease in net income and EPS for Q1 2026, despite a 5.7% increase in total revenues. Net income attributable to common unitholders fell to $1.945 million from $14.728 million year-over-year, with basic EPS dropping to $0.01 from $0.06. The company also completed a $46.0 million retail property acquisition in March 2026 and secured a $53.5 million mortgage loan. Subsequent to quarter-end, it entered an agreement for a $130.0 million private placement of Series M Senior Notes.
Key Highlights
- Net income attributable to common unitholders decreased 86.8% to $1.945 million from $14.728 million YoY.
- Basic earnings per unit fell 83.3% to $0.01 from $0.06 YoY.
- Total revenues increased 5.7% to $190.325 million from $180.066 million YoY.
- Total operating income rose 14.2% to $29.457 million from $25.788 million YoY.
- Acquired a retail property in Williamsburg, Brooklyn for $46.0 million in March 2026.
- Closed on a $53.5 million mortgage loan at 10 Union Square East on March 31, 2026.
- Entered an agreement for a $130.0 million private placement of Series M Senior Notes, funding July 15, 2026.
- Dividends per unit remained flat at $0.035.