Empire State Realty Trust Inc ( (ESRT) ) has released its Q1 earnings. Here is a breakdown of the information Empire State Realty Trust Inc presented to its investors.
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Empire State Realty Trust, Inc. (NYSE: ESRT) is a real estate investment trust (REIT) focused on owning and operating a portfolio of office, retail, and multifamily properties in New York City, including the iconic Empire State Building. Known for its energy efficiency and indoor environmental quality, the company is a leader in its sector.
In its first-quarter 2025 earnings report, Empire State Realty Trust announced a net income of $0.05 per share and a Core Funds From Operations (Core FFO) of $0.19 per share. The company highlighted its strong leasing activity, signing 231,000 rentable square feet of leases, and maintained a robust liquidity position with $0.8 billion available and no floating rate debt exposure.
Key financial metrics showed a slight decrease in Core FFO per share compared to the previous year, from $0.21 to $0.19. The same-store property cash net operating income (NOI) decreased by 1.9% year-over-year, primarily due to increased operating expenses and real estate taxes. However, adjusted for non-recurring items, the NOI saw a modest increase of 0.4%. The Manhattan office portfolio reported a 93.0% leased rate, with positive leasing spreads for the 15th consecutive quarter.
The company’s balance sheet remains strong, with total debt outstanding at approximately $2.1 billion and a weighted average interest rate of 4.30%. Empire State Realty Trust also continued its stock repurchase program, buying back $2.1 million of common stock at an average price of $6.92 per share.
Looking ahead, Empire State Realty Trust’s management has maintained its 2025 outlook, expecting occupancy and leased percentages to rise by year-end. The company remains focused on enhancing its portfolio and achieving steady growth in its financial performance.