Empire State Realty Trust Inc ( (ESRT) ) has released its Q2 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 New York City-focused real estate investment trust (REIT) that owns and operates a portfolio of well-leased office, retail, and multifamily properties, including the iconic Empire State Building. The company is recognized for its leadership in energy efficiency and indoor environmental quality.
In its second quarter 2025 earnings report, Empire State Realty Trust announced a net income of $0.04 per share and core funds from operations (Core FFO) of $0.22 per share. The company highlighted its strong leasing activity, with 232,108 rentable square feet of leases signed and a liquidity position of $0.7 billion with no floating rate debt exposure.
Key financial metrics for the quarter included a slight decrease in same-store property cash net operating income by 5.9% year-over-year, primarily due to increased real estate taxes and property operating expenses. The company’s Manhattan office portfolio saw a positive leasing spread for the 16th consecutive quarter, with a 12.1% increase. Additionally, the Empire State Building Observatory generated a net operating income of $24.1 million.
Empire State Realty Trust also completed the acquisition of a retail asset in Williamsburg, Brooklyn, for $31.0 million, enhancing its strategic position in a prime retail location. The company maintained a strong balance sheet with a net debt to adjusted EBITDA ratio of 5.6x and continued its stock repurchase program, buying back $2.1 million worth of shares.
Looking ahead, Empire State Realty Trust remains focused on maintaining its high occupancy rates and optimizing its portfolio performance. The management’s guidance for 2025 suggests stable commercial occupancy and a slight growth in same-store net operating income, reflecting the company’s resilience in a dynamic real estate market.