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Empire State Realty Trust
Empire State Realty Trust (ESRT) investor relations material
Empire State Realty Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved full-year core FFO of $0.87 per share, driven by strong leasing, operational execution, and a fully NYC-based portfolio after $1B in acquisitions and suburban asset exits.
Completed transformation to a pure-play NYC portfolio, projected to generate $90M incremental cash flow (2025-2030E), and addressed management succession with key internal promotions and hires.
Maintained 93.5% office portfolio leasing, delivered 4 consecutive years of occupancy growth, and signed over 1M sq ft of commercial leases in 2025.
Observation deck remains a market leader, with $90.1M NOI in 2025, increased revenue per capita, and resilient cash flow despite reduced international visitation.
Sustainability leadership recognized with top GRESB rating and first LEED v5 Platinum in NY State.
Financial highlights
Core FFO per share was $0.23 in Q4 2025 and $0.87 for the year; 2026 guidance is $0.85–$0.89.
Same-store property cash NOI, excluding lease termination fees, increased 3.4% YoY in Q4 and 0.6% for the year after adjustments; full-year revenues were $768.3M.
Observatory generated $24M NOI in Q4 and $90M for the year; revenue per capita up 6.9% YoY in Q4.
Multifamily portfolio occupancy just under 98%, with revenue up 9% YoY in Q4 and 10% for the year.
Net debt to adjusted EBITDA at 6.3x; ended 2025 with $0.6B liquidity and no unaddressed maturities until March 2027.
Outlook and guidance
2026 core FFO guidance: $0.85–$0.89 per diluted share; same-store property cash NOI growth expected between -1.5% and +2% for 2026.
Commercial occupancy guidance for year-end 2026: 90%–92%.
Observatory 2026 NOI guidance: $87M–$92M; expenses ~$10M per quarter.
Plan to exit 2026 with higher occupancy and 5–10% lower run-rate G&A versus 2025 baseline.
How will 130 Mercer's vacant space be leased?
How does ESB Observatory compete in NYC?
Plans to manage balance sheet leverage?
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Next Empire State Realty Trust earnings date
Q1 202629 Apr, 2026
Empire State Realty Trust
Next Empire State Realty Trust earnings date
Q1 202629 Apr, 2026
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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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