Empire State Realty Trust (ESRT) investor relations material

Executive summary

• Core FFO per share was $0.23 for Q3 2025, with full-year FFO guidance reaffirmed at $0.83–$0.86 and strong liquidity of $0.8B.

• Net income for Q3 2025 was $13.6 million, down 40.1% year-over-year; total revenues were $197.7 million, a slight decrease of 0.9%.

• Manhattan office portfolio was 93.1% leased, with occupancy up 80 bps sequentially to 90.3%; 87,880 sq ft of new, renewal, and expansion leases signed in Q3.

• 17 consecutive quarters of positive mark-to-market lease spreads in Manhattan office (+3.9%).

• Leadership transition underway, with succession of Head of Real Estate to two senior leaders, ensuring continuity and strategic focus.

Financial highlights

• Core FFO for Q3 2025 was $61.3 million, or $0.23 per diluted share; Core FAD rose to $40.4 million from $11.9 million sequentially.

• Same-store property cash NOI, adjusted for nonrecurring items, increased 1.1% year-over-year; NOI for Q3 2025 was $105.3 million.

• Observatory NOI reached $26.5 million, with revenue at $36.0 million, but declined year-over-year due to lower international tourism.

• Multifamily portfolio achieved 99% occupancy and 9% year-over-year net rent growth; retail occupancy at 92.8%.

• Net income attributable to common stockholders was $8.0 million for Q3 2025, down from $13.5 million in Q3 2024.

Outlook and guidance

• Reaffirmed 2025 Core FFO guidance of $0.83–$0.86 per diluted share and expects year-end commercial occupancy between 89% and 91%.

• Same-store property cash NOI guidance for the full year remains at +0.5–4.0%.

• Observatory NOI guidance for 2025 is $90–$94 million.

• Management highlights a challenging macroeconomic environment with uncertainty around inflation, interest rates, and global growth.

• Expects to maintain strong liquidity and no near-term debt maturities, supporting capital allocation flexibility.