Revenue growth of 5.7% in 2026Q1 remains disconnected from property-level profitability, as evidenced by the decline in NOI to a negative $2.7 million during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Revenue | 778.07M | 768.27M | 763.15M | 739.57M | 707.01M | 607.86M | 609.23M | 731.34M | 731.51M | 712.47M | 678M | 657.63M | 635.33M | 311.85M | 260.29M | 294.79M | 246.54M | 232.31M |
| Revenue Growth % | 1.47% | 0.67% | 3.19% | 4.61% | 16.31% | -0.22% | -16.7% | -0.02% | 2.67% | 5.08% | 3.1% | 3.51% | 103.73% | 19.81% | -11.7% | 19.57% | 6.13% | - |
| Property Operating Expenses | 858.98M | 754.54M | 354.16M | 339.02M | 321.35M | 279.49M | 291.11M | 333.99M | 319.47M | 305.6M | 289.07M | 296.52M | 306.15M | 145.44M | 105.7M | 86.26M | 87.94M | 87.79M |
| Net Operating Income (NOI) | -80.91M | 13.73M | 408.99M | 400.56M | 385.65M | 328.38M | 318.12M | 397.36M | 412.04M | 406.87M | 388.93M | 361.11M | 329.17M | 166.41M | 154.59M | 208.53M | 158.6M | 144.53M |
| NOI Margin % | -10.4% | 1.79% | 53.59% | 54.16% | 54.55% | 54.02% | 52.22% | 54.33% | 56.33% | 57.11% | 57.36% | 54.91% | 51.81% | 53.36% | 59.39% | 70.74% | 64.33% | 62.21% |
| Operating Expenses | -219.78M | -121.92M | 250.28M | 253.85M | 258.63M | 249.25M | 259.45M | 242.65M | 221.18M | 211.03M | 204.29M | 209.55M | 184.47M | 107.97M | 65.9M | 97.43M | 75.55M | 62.75M |
| G&A Expenses | 74M | 72.84M | 70.23M | 63.94M | 61.77M | 55.95M | 62.24M | 61.06M | 52.67M | 50.31M | 49.08M | 38.07M | 39.04M | 42.57M | 23.21M | 18.53M | 14.73M | 33.43M |
| EBITDA | 335.52M | 330.41M | 343.53M | 336.62M | 343.92M | 280.94M | 249.67M | 347.19M | 359.37M | 356.56M | 339.75M | 322.84M | 286.75M | 2.78M | 131.38M | 147.01M | 119.08M | 112.64M |
| EBITDA Margin % | 43.12% | 43.01% | 45.01% | 45.52% | 48.64% | 46.22% | 40.98% | 47.47% | 49.13% | 50.05% | 50.11% | 49.09% | 45.13% | 0.89% | 50.47% | 49.87% | 48.3% | 48.48% |
| Depreciation & Amortization | 196.2M | 194.76M | 184.82M | 189.91M | 216.89M | 201.81M | 191.01M | 192.49M | 168.51M | 160.71M | 155.21M | 171.47M | 145.43M | 66.34M | 42.69M | 38.76M | 36.02M | 30.86M |
| D&A / Revenue % | 25.22% | 25.35% | 24.22% | 25.68% | 30.68% | 33.2% | 31.35% | 26.32% | 23.04% | 22.56% | 22.89% | 26.07% | 22.89% | 21.27% | 16.4% | 13.15% | 14.61% | 13.28% |
| Operating Income | 139.32M | 135.65M | 158.71M | 146.71M | 127.03M | 79.13M | 58.66M | 154.71M | 190.86M | 195.84M | 184.54M | 151.37M | 141.32M | -63.56M | 88.69M | 108.25M | 83.06M | 81.78M |
| Operating Margin % | 17.91% | 17.66% | 20.8% | 19.84% | 17.97% | 13.02% | 9.63% | 21.15% | 26.09% | 27.49% | 27.22% | 23.02% | 22.24% | -20.38% | 34.07% | 36.72% | 33.69% | 35.2% |
| Interest Expense | 4M | 103.78M | 109.71M | 101.48M | 101.21M | 94.39M | 89.91M | 79.25M | 79.62M | 68.47M | 71.15M | 65.74M | 66.46M | 63.81M | 54.39M | 54.75M | 52.26M | 50.74M |
| Interest Coverage | - | 1.73x | 1.45x | 1.86x | 1.64x | 0.84x | 0.67x | 2.09x | 2.53x | 2.82x | 2.58x | 2.30x | 2.13x | 3.43x | 1.63x | 2.05x | 1.57x | 1.61x |
| Non-Operating Income | -27.33M | -43.67M | 0 | -41.9M | -38.94M | -490K | -1.39M | 0 | 12.1M | 2.94M | 0 | 0 | 0 | -282.44M | 0 | -3.89M | 0 | 0 |
| Pretax Income | 62.31M | 75.54M | 83.05M | 87.12M | 64.76M | -14.77M | -29.86M | 86.72M | 121.89M | 124.93M | 113.4M | 83.88M | 74.86M | 155.07M | 48.64M | 57.4M | 45.31M | 31.04M |
| Pretax Margin % | 8.01% | 9.83% | 10.88% | 11.78% | 9.16% | -2.43% | -4.9% | 11.86% | 16.66% | 17.53% | 16.73% | 12.75% | 11.78% | 49.73% | 18.69% | 19.47% | 18.38% | 13.36% |
| Income Tax | 2.12M | 2.56M | 2.69M | 2.71M | 1.55M | -1.73M | -6.97M | 2.43M | 4.64M | 6.67M | 6.15M | 3.95M | 4.66M | -1.13M | 0 | 0 | -15.32M | -10.8M |
| Effective Tax Rate % | 3.39% | 3.39% | 3.24% | 3.12% | 2.39% | 11.74% | 23.35% | 2.8% | 3.81% | 5.34% | 5.42% | 4.71% | 6.22% | -0.73% | 0% | 0% | -33.82% | -34.8% |
| Net Income | 39.62M | 47.6M | 51.64M | 53.24M | 40.64M | -6.51M | -12.52M | 51.19M | 66.54M | 63.58M | 52.39M | 34.67M | 27.14M | 38.01M | 48.64M | 57.4M | 46.12M | 41.84M |
| Net Margin % | 5.09% | 6.2% | 6.77% | 7.2% | 5.75% | -1.07% | -2.05% | 7% | 9.1% | 8.92% | 7.73% | 5.27% | 4.27% | 12.19% | 18.69% | 19.47% | 18.71% | 18.01% |
| Net Income Growth % | -28.23% | -7.83% | -3.01% | 31.01% | 724.32% | 47.98% | -124.45% | -23.07% | 4.65% | 21.36% | 51.13% | 27.72% | -28.6% | -21.85% | -15.25% | 24.46% | 10.23% | - |
| Funds From Operations (FFO) | 235.82M | 242.36M | 236.46M | 243.16M | 257.54M | 195.3M | 178.49M | 243.68M | 235.05M | 224.29M | 207.6M | 206.14M | 172.57M | 104.35M | 91.33M | 96.16M | 82.14M | 72.7M |
| FFO Margin % | 30.31% | 31.55% | 30.98% | 32.88% | 36.43% | 32.13% | 29.3% | 33.32% | 32.13% | 31.48% | 30.62% | 31.35% | 27.16% | 33.46% | 35.09% | 32.62% | 33.32% | 31.29% |
| FFO Growth % | -11.3% | 2.5% | -2.75% | -5.58% | 31.87% | 9.41% | -26.75% | 3.67% | 4.79% | 8.04% | 0.71% | 19.45% | 65.38% | 14.25% | -5.02% | 17.06% | 12.99% | - |
| FFO per Share | 0.88 | 0.90 | 0.88 | 0.92 | 0.95 | 0.71 | 0.63 | 0.82 | 0.79 | 0.75 | 0.75 | 0.77 | 0.68 | 1.09 | 1.00 | 1.05 | 0.90 | 0.79 |
| FFO Payout Ratio % | 7.57% | 9.79% | 9.82% | 9.33% | 8.97% | 9.27% | 20.83% | 30.86% | 30.14% | 29.78% | 26.88% | 19.01% | 19.47% | 155.93% | 68.87% | 48.56% | 49.52% | 67.16% |
| EPS (Diluted) | 0.15 | 0.18 | 0.28 | 0.30 | 0.22 | -0.05 | -0.10 | 0.28 | 0.39 | 0.21 | 0.38 | 0.29 | 0.27 | 0.79 | 0.53 | 0.66 | 0.49 | 0.46 |
| EPS Growth % | -41.22% | -35.71% | -6.67% | 36.36% | 564.13% | 52.6% | -135.71% | -28.21% | 85.71% | -44.74% | 31.03% | 7.41% | -65.82% | 49.06% | -19.7% | 34.69% | 6.52% | - |
| EPS (Basic) | - | 0.26 | 0.29 | 0.30 | 0.22 | -0.08 | -0.13 | 0.28 | 0.39 | 0.40 | 0.38 | 0.30 | 0.27 | 0.79 | 0.53 | 0.66 | 0.49 | 0.46 |
| Diluted Shares Outstanding | 269.35M | 270.04M | 269.02M | 265.63M | 269.95M | 274.98M | 283.84M | 297.8M | 297.26M | 298.05M | 277.57M | 266.62M | 254.51M | 95.61M | 91.66M | 91.66M | 91.66M | 91.66M |
NYC regulatory and occupancy
As reported in financial statements, FISK achieved a 5.7% revenue increase in 2026Q1, yet this growth appears disconnected from property-level profitability, as NOI plummeted to negative $2.7 million during the same period, suggesting that top-line gains are failing to translate into meaningful cash flow for the REIT.
The divergence between revenue growth and NOI suggests that the cost of maintaining the portfolio is rising faster than the company's ability to extract rent. Investors should monitor whether this negative NOI is a temporary accounting anomaly or a structural shift in the cost-to-revenue relationship for their Manhattan assets.
Based on the provided income statement data, NOI margins have exhibited extreme volatility, swinging from a negative 172.6% in 2025Q4 to a positive 83.2% in 2025Q3, which indicates that the company's property-level cost structure is highly sensitive to non-recurring expenses or significant seasonal accounting adjustments.
The erratic nature of these margins implies that the underlying property operations are not yet stabilized. The extreme swings suggest that fixed costs, such as property taxes and maintenance, are creating significant operating leverage that works against the company during periods of lower occupancy or higher operational spend.
According to recent SEC filings, FFO per share has fluctuated between $0.19 and $0.26 over the last ten quarters, reflecting a lack of consistent earnings growth that may complicate the company's ability to maintain dividend coverage without relying on capital recycling or external financing sources.
The inconsistency in FFO growth suggests that the core office business is struggling to provide a stable earnings floor. Analysts should investigate whether the recent pivot toward multifamily acquisitions is intended to smooth out this FFO volatility or if it introduces new, unproven operational risks to the bottom line.
As evidenced by the significant disparity between FFO and AFFO, particularly the negative $25.3 million AFFO reported in 2025Q2, the company appears to face substantial recurring cash drains from tenant improvements and leasing commissions that are not fully captured by headline FFO metrics.
This gap between FFO and AFFO suggests that the true cost of retaining tenants in the competitive NYC office market is significantly higher than the accounting earnings imply. Investors should be wary of the 'capex treadmill' required to keep older assets competitive, as this may permanently impair the company's ability to generate free cash flow.
Quick answers to the most common questions about buying FISK stock.
For fiscal year 2025, Empire State Realty OP, L.P. (FISK) reported total revenue of $768.3M. This represents a 230.7% increase compared to $232.3M in 2009.
Empire State Realty OP, L.P. (FISK) is profitable, generating $47.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Empire State Realty OP, L.P. (FISK) reported an operating income of $135.6M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Empire State Realty OP, L.P. (FISK) generated $13.7M in gross profit for the year, representing a gross profit margin of 1.8%. This demonstrates the company's core pricing power and production efficiency.