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- **FFO beats expectations**: Q3 FFO of $0.23 per share, driven by 88,000 sq ft of leases and 150,000 sq ft in negotiation.
- **Observatory resilience**: $26.5M NOI with 2.7% revenue per capita growth, offsetting international visitation decline.
- **Financial strength**: 5.6x net debt/EBITDA, $175M notes issuance, and 9% multifamily rent growth.
- **NYC market dominance**: Limited supply in top-tier buildings, 93.1% office occupancy, and 17 consecutive quarters of positive lease spreads.
- **Sustainability leadership**: 6th GRESB 5-star rating and focus on ESG initiatives.

**【CEO Summary Section】**
- Delivered FFO above consensus, with 88,000 sq ft of new and renewal leases signed in Q3 and 150,000 sq ft in negotiation post-quarter end.
- Observatory generated $26.5M NOI, with revenue per capita up 2.7% YoY, driven by domestic visitation.
- Balance sheet strength with 5.6x net debt/EBITDA and $175M senior notes issuance at 5.47%.
- Sustainability leadership with 6th consecutive GRESB 5-star rating.

**【CFO Financial Commentary】**
- Core FFO of $0.23 per share, same-store property cash NOI up 1.1% YoY (1.3% excluding nonrecurring items).
- Operating expenses increased 1.5% YoY, partially offset by higher tenant reimbursement income.
- Core FAD rose to $40.4M in Q3, reflecting reduced CapEx spend.

**【Q&A Highlights】**
- Capital allocation focused on NYC office, retail, and multifamily; $175M notes to fund general corporate purposes.
- Share buybacks considered alongside acquisitions; no material impact from mayoral election policies.
- Amazon NYC demand strong, with 3.1M sq ft of tenant expansions since IPO.
- Multifamily portfolio at 99% occupancy with 9% YoY rent growth; Williamsburg retail pipeline active.
- Metro Center disposition under review, with potential redeployment of proceeds into higher-growth assets.

Empire State Realty Trust, Inc. (ESRT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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ESRT

ESRT fundamentals

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