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Observatory NOI
Net operating income from the Empire State Building observatory, showing how much profit the tourist attraction generates after operating costs. Strong observatory NOI signals healthy visitor spending and pricing power; weakness points to lower tourism, weather or event risks that directly hit cash flow.Observatory NOI is a highly seasonal, cash-generative business that climbed through 2022–24 but flattened in 2025 as weaker international tourism trimmed peak quarters. Management still treats the deck as a reliable earnings pillar—pointing to higher revenue-per-capita and conservative guidance for roughly flat annual NOI next year—so upside now depends more on tourism recovery and timing of license‑fee receipts than on further pricing alone. Watch tourist flows and the announced license‑fee timing shift for the next leg of growth; expense pressure and modest visitation risk are the key near-term negatives.
Date | Observatory NOI |
|---|---|
Mar 31, 2026 | $10.64M |
Dec 31, 2025 | $24.45M |
Sep 30, 2025 | $26.53M |
Jun 30, 2025 | $24.08M |
Mar 31, 2025 | $15.04M |
Dec 31, 2024 | $28.55M |
Sep 30, 2024 | $29.67M |
Jun 30, 2024 | $25.17M |
Mar 31, 2024 | $16.16M |
Dec 31, 2023 | $26.93M |