Empire State Realty Trust reported its third quarter 2025 results, highlighting increased Manhattan office occupancy to 90.3%, robust leasing activity with nearly 88,000 square feet signed, reaffirmed financial guidance, and the completion of new leases with prominent retail tenants SORA and Tourneau for properties in key New York City locations.
These developments were complemented by the company’s achievement of the highest GRESB 5 Star Rating for the sixth consecutive year, underscoring its sustained focus on sustainability and operational effectiveness amid evolving market conditions.
We’ll explore how the reaffirmed guidance and improved office occupancy provide fresh context for Empire State Realty Trust’s investment outlook.
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Shareholders in Empire State Realty Trust are typically investing in the belief that resilient occupancy in premium Manhattan office properties, supported by quality tenants and a focus on sustainability, can underpin long-term earnings. This quarter’s reaffirmed financial guidance and healthy leasing updates appear to reinforce the company’s base case, yet do not fundamentally alter the most important near-term catalyst, the momentum in high-quality office leasing, or reduce the primary risk from persistent expense pressures. Of the recent announcements, the signed lease with SORA at One Grand Central Place stands out as most relevant, as it contributes to the company’s effort to diversify income and enhance the appeal of its flagship assets. SORA’s arrival, bringing acclaimed dining concepts to a high-traffic Midtown property, aligns with efforts to maintain premium occupancy and steady rental growth at a time when attracting tenants remains critical. However, even as new leases support the company’s outlook, higher operating expenses, including increased real estate taxes, continue to present a key risk investors should be aware of…
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Empire State Realty Trust is projected to reach $797.6 million in revenue and $13.7 million in earnings by 2028. This outlook assumes annual revenue growth of 1.5%, but reflects an earnings decline of $26.7 million from current earnings of $40.4 million.
Uncover how Empire State Realty Trust’s forecasts yield a $8.97 fair value, a 21% upside to its current price.
ESRT Earnings & Revenue Growth as at Nov 2025
Just one retail investor in the Simply Wall St Community valued ESRT at US$8.97 per share. While new leasing momentum appears strong, persistent cost pressures may weigh on future results, underscoring why investors often reach different conclusions.
Explore another fair value estimate on Empire State Realty Trust – why the stock might be worth as much as 21% more than the current price!
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ESRT.
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