Empire State Realty reports Q3 FFO 25c, consensus 23c

Reports Q3 revenue $191.5M, consensus $181.3M. The company states: “Manhattan office portfolio leased rate increased by 30bps sequentially and increased by 250bps year-over-year to 91.9%. Total commercial portfolio is 90.5% leased as of September 30, 2023. Same-Store Property Cash Net Operating Income (“NOI”) increased 8.8% year-over-year, excluding lease termination fees, primarily driven by cash rent commencement and increased tenant expense reimbursements. Same-Store Property Cash NOI guidance range for full year 2023 improved by 100 basis points.”