Blaine Heck

Dylan Burzinski

Steve Sakwa

John Kim

Michael Griffin

Seth Bergey

Jamie Feldman

Regan Sweeney

- Empire State Realty Trust (ESRT) reported **Core FFO of $0.23 per diluted share** for Q3 2025 and **reaffirmed its 2025 guidance**.  **[0001541401_2217056_1]** **[0001541401_2217056_4]** 
- The company's Manhattan office portfolio is **over 93% leased**, marking its **11th consecutive quarter above 90%**, with **88,000 square feet of new and renewal leases signed** in Q3 and an additional **50,000 square feet post-quarter end**.  **[0001541401_2217056_3]**  ESRT also achieved its **17th consecutive quarter of positive mark to market lease spreads**.  **[0001541401_2217056_1]** **[0001541401_2217056_3]** 
- ESRT announced the issuance of **$175 million of senior unsecured notes** at **5.47%** maturing in 2031, with proceeds for general corporate purposes including potential new investments and debt repayment.  **[0001541401_2217056_5]**  The company also noted its **flexible balance sheet** with **5.6 times net debt to EBITDA** and is actively evaluating **opportunistic share repurchases**.  **[0001541401_2217056_5]** **[0001541401_2217056_6]** 
- The Observatory business generated approximately **$26.5 million of NOI** in Q3, with revenue per capita increasing **2.7% year over year**.  **[0001541401_2217056_4]**  The multifamily portfolio also performed strongly with **99% occupancy** and **9% year over year net rent growth**.  **[0001541401_2217056_3]**

ESRT Reaffirms 2025 Guidance and Reports Strong Q3 2025 Performance

- Empire State Realty Trust (ESRT) reported **Core FFO per share of $0.23** for Q3 2025 and reaffirmed its **2025 FFO guidance at $0.83-$0.86**.  **[0001541401_2212669:1]** 
- The Manhattan office portfolio's occupancy increased sequentially by **80 basis points to 90.3%**, with **93.1% leased**, and achieved **+3.9% positive mark-to-market** for the 17th consecutive quarter.  **[0001541401_2212669:1]** 
- The ESB Observatory's Q3 NOI decreased by **10.6% year-over-year**, impacted by lower demand from its pass program business, but its **2025 NOI guidance remains unchanged at $90-$94 million**.  **[0001541401_2212669:1]** 
- ESRT maintains a strong balance sheet with **5.6x net debt to adjusted EBITDA** and **$0.8 billion in liquidity**, and in October, announced the issuance of **$175 million of 5.47% senior unsecured notes** due in 2031.  **[0001541401_2212669:1]**

ESRT Reports Q3 2025 Results and Reaffirms Full-Year Guidance