Empire State Realty Trust (NYSE: ESRT) reported Q3 EPS of $0.10, versus $0.00 reported last year. Revenue for the quarter came in at $186.4 million versus the consensus estimate of $123.6 million.

“We continued to execute our long-term strategy to consolidate, redevelop and re-lease space to larger, higher credit quality tenants at higher rents and create long-term value for shareholders. During the quarter, we leased approximately 354,000 square feet of office and retail space that resulted in a spread of 27.3% on new Manhattan office and a 24.1% increase in mark-to-market rent portfolio-wide over previous fully escalated rents on new, renewal, and expansion leases. Our well-located, modernized office buildings continue to attract a diverse group of prospective tenants. Our value price point between trophy Class A and Class B properties positions us well to capture steady tenant demand,” stated John B. Kessler, Empire State Realty Trust’s President and Chief Operating Officer.

“Year-to-date, Observatory revenue increased 2.6% and Observatory net operating income increased 2.4%, as compared with the first nine months of 2017, driven primarily by improved pricing. We are pleased with the positive market response to our new Observatory entrance that opened in the third quarter and look forward to sharing more of the enhanced visitor experience as we complete our work by the end of 2019,” added Kessler. “We continue to manage our balance sheet to fund our redevelopment program and shareholder value enhancement opportunities.”

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