Revenue growth remains inconsistent, fluctuating between a 5.7% increase in 2026Q1 and a 0.9% contraction in 2025Q3, while NOI margins have exhibited extreme volatility, including a negative 172.6% margin in 2025Q4.
| 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 office market volatility
According to the reported quarterly figures, OGCP's revenue growth remains inconsistent, fluctuating between a 5.7% increase in 2026Q1 and a 0.9% contraction in 2025Q3, suggesting that the firm's reliance on the Observatory's cyclical tourism traffic may be offsetting persistent weakness in the core Manhattan office leasing segment.
The revenue trajectory appears heavily influenced by the seasonal nature of the Observatory, which complicates the assessment of organic office leasing performance. Investors should monitor whether the recent pivot toward multi-family residential assets can provide a more stable growth floor as the office market continues to face structural headwinds.
As reported in financial statements, NOI margins have exhibited extreme volatility, swinging from a negative 172.6% in 2025Q4 to a robust 83.2% in 2025Q3, which suggests that the entity's property-level profitability is highly sensitive to non-recurring expenses or specific accounting adjustments within the Operating Partnership structure.
The erratic nature of these margins warrants further investigation into the underlying cost structure, particularly regarding the impact of NYC property taxes and potential capital expenditures related to Local Law 97. Such wide fluctuations make it difficult to ascertain the true underlying profitability of the portfolio without adjusting for these periodic distortions.
Based on the entity's reported figures, FFO per share has remained relatively range-bound between $0.19 and $0.26 over the last ten quarters, indicating that while core operations are generating consistent cash, the ability to grow FFO is currently constrained by the high cost of maintaining aging assets.
The divergence between FFO and AFFO, particularly the negative AFFO reported in 2025Q2, suggests that significant recurring maintenance CAPEX and tenant improvements are required to sustain occupancy. This implies that the quality of FFO may be lower than headline figures suggest, as substantial cash is being reinvested to prevent asset degradation.
Data from recent filings reveals that the discrepancy between FFO and AFFO, highlighted by the negative $25.3M AFFO in 2025Q2, suggests that the company's reliance on capitalizing tenant improvements may be masking the true cash-on-cash return profile of its office portfolio in a tenant-favorable market.
Investors should be cautious of the potential for 'straight-line' rent adjustments and capitalized leasing costs to inflate earnings metrics relative to actual cash generation. This practice may be creating a disconnect between reported FFO and the actual liquidity available for dividends or debt service, warranting a closer look at the cash-basis performance of the assets.
Quick answers to the most common questions about buying OGCP stock.
For fiscal year 2025, Empire State Realty OP, L.P. (OGCP) reported total revenue of $768.3M. This represents a 230.7% increase compared to $232.3M in 2009.
Empire State Realty OP, L.P. (OGCP) 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. (OGCP) 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. (OGCP) 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.