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Empire State Realty Trust (ESRT) investor relations material
Empire State Realty Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Core FFO per share for Q2 2025 was $0.22, with full-year guidance revised to $0.83–$0.86 due to lower Observatory NOI; 232,000+ sq ft leased, Manhattan office portfolio 93.8% leased, and $0.7B liquidity with no floating rate debt.
Observatory segment faced headwinds from adverse weather and lower international demand, leading to a 2.9% visitation decline and 4.3% NOI drop year-over-year, but revenue per capita increased 2.3%.
Multifamily portfolio excelled with 98.6–99% occupancy and 8% year-over-year rent growth in Q2.
Strategic retail acquisition in Williamsburg, Brooklyn, totaling $31M in June 2025, consolidating retail presence on North Sixth Street.
Portfolio transformation completed, with ~$1B invested in modernizing and amenitizing assets.
Financial highlights
Q2 2025 total revenues were $191.3M, up 0.9% year-over-year; net income attributable to common stockholders was $6.5M, with Core FFO per diluted share of $0.22.
Same-store property cash NOI, excluding lease termination fees and nonrecurring items, declined 3.0% year-over-year; operating expenses rose 8.8% mainly due to real estate taxes and repairs.
Observatory generated $24.1M NOI in Q2 2025, a 4.3% decline year-over-year; expenses totaled $9.8M.
Quarterly dividend of $0.035 per share paid; annualized dividend yield of 1.7% at quarter end.
Net debt to EBITDA at 5.6x as of quarter end, with $0.7B liquidity and no floating rate debt.
Outlook and guidance
2025 Core FFO per share guidance updated to $0.83–$0.86, down from initial $0.86–$0.89; Observatory NOI guidance lowered to $90M–$94M.
Commercial occupancy expected at 89–91% at year-end; same-store property cash NOI growth for 2025 expected between -2.0% and +4.0%.
Guidance reflects headwinds from higher expenses and lower Observatory revenue; multifamily assets expected to contribute negatively to 2025 Core FFO.
Operating expenses and real estate taxes expected to fluctuate, with maintenance work concentrated in Q3; FAD CapEx to trend lower in H2 2025.
Portfolio positioned with diversified income streams and strong liquidity, with no near-term debt maturities.
How did weather impact Observatory NOI?
What's the expected return on Brooklyn retail?
Any change in tech tenant demand?
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Next Empire State Realty Trust earnings date
Q3 202530 Oct, 2025
Next Empire State Realty Trust earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Empire State Realty Trust Inc is a real estate investment trust that owns and manages office and retail properties in the New York metropolitan area. The company’s portfolio includes the Empire State Building and other commercial assets, with a focus on energy efficiency and tenant amenities. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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