Quarterly ResultMay 7, 2026, 04:39 PM
Empire State Realty Q1 Net Income $2.99M; EPS $0.01
AI Summary
Empire State Realty Trust reported a significant decrease in net income for the first quarter of 2026, falling to $2.99 million from $15.78 million in the prior year, with diluted EPS at $0.01. Total revenues increased to $190.33 million, primarily driven by higher rental revenue, while observatory revenue declined. The company acquired a retail property for $46.0 million and managed its debt portfolio, including a new $53.5 million mortgage loan and an agreement for $130.0 million in new senior notes.
Key Highlights
- Net income for Q1 2026 was $2.99 million, down from $15.78 million in Q1 2025.
- Diluted earnings per share decreased to $0.01 in Q1 2026 from $0.05 in Q1 2025.
- Total revenues increased to $190.33 million in Q1 2026 from $180.07 million in Q1 2025.
- Rental revenue rose to $166.11 million, while Observatory revenue decreased to $18.51 million.
- Acquired a retail property on North 6th Street for $46.0 million in March 2026.
- Closed on a $53.5 million mortgage loan at 10 Union Square East in March 2026.
- Entered agreement for $130.0 million Series M Senior Notes, funding July 15, 2026.
- Dividends per share remained stable at $0.035 for both periods.