Empire State Realty Trust reported strong leasing performance and maintained a robust balance sheet, which supports long-term growth. However, challenges were noted in the Observatory's performance due to adverse weather and reduced tourism, alongside increased operating expenses. Despite these challenges, the company continues to strategically position itself with key acquisitions and a focus on sustainability.

Company Guidance -

Q3 2025

During the Empire State Realty Trust's second-quarter 2025 earnings call, the management provided several key metrics and guidance for the rest of the year. The company reported a core Funds From Operations (FFO) of $0.22 per diluted share for the second quarter. It achieved a significant office leasing volume of approximately 232,000 square feet, with a 93.8% leasing rate in its Manhattan office portfolio, marking the 16th consecutive quarter of positive mark-to-market rent spreads. The Observatory segment faced challenges with a 4.3% year-over-year decline in net operating income (NOI) to $24 million due to a 2.9% decrease in visitation. Despite these challenges, revenue per capita increased by 2.3% year-over-year. Operating expenses rose by 8.8%, primarily due to increased real estate taxes and repair works. The company revised its 2025 Observatory NOI guidance to a range of $90 million to $94 million, impacting the core FFO guidance, now expected to be between $0.83 and $0.86 per share. The multifamily portfolio reported 8% year-over-year rent growth, with a 99% occupancy rate. Overall, Empire State Realty Trust remains focused on leasing space, selling Observatory tickets, managing its balance sheet, exploring growth opportunities, and achieving sustainability goals.

Strong Office Leasing Performance

Approximately 232,000 square feet were leased in Q2 2025, including 202,000 square feet of new Manhattan office leases at double-digit positive mark-to-market leasing spreads. The Manhattan office portfolio is 93.8% leased, with expectations for further leasing and occupancy gains for the full year.

Positive Mark-to-Market Rent Spreads

Empire State Realty Trust achieved its 16th consecutive quarter of positive New York City office mark-to-market rent spreads, with a 12.1% increase in Q2 2025.

Strong Balance Sheet

Empire State Realty Trust reported a strong balance sheet with no floating rate debt exposure, a well-laddered debt maturity schedule, and no unaddressed maturity until December 2026. Net debt-to-EBITDA is at 5.6x as of quarter-end.

Multifamily Portfolio Performance

The multifamily portfolio was 99% occupied and achieved 8% year-over-year rent growth in the second quarter of 2025.

Strategic Retail Acquisition in Williamsburg

Empire State Realty Trust closed on a $31 million acquisition of a prime retail asset on North 6th Street in Williamsburg, Brooklyn, adding to their holdings in a high-foot-traffic area with strategic redevelopment plans.

Empire State Realty (ESRT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ESRT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	- / -	0.08	―	―	―
Jul 23, 2025	2025 (Q2)	- / 0.04	0.1	-60.00% (-0.06)
Apr 29, 2025	2025 (Q1)	- / 0.05	0.03	66.67% (+0.02)
Feb 19, 2025	2024 (Q4)	- / 0.07	0.06	16.67% (+0.01)
Oct 21, 2024	2024 (Q3)	- / 0.08	0.07	14.29% (<+0.01)
Jul 24, 2024	2024 (Q2)	- / 0.10	0.14	-28.57% (-0.04)
Apr 24, 2024	2024 (Q1)	- / 0.03	0.04	-25.00% (-0.01)
Feb 20, 2024	2023 (Q4)	- / 0.06	0.08	-25.00% (-0.02)
Oct 25, 2023	2023 (Q3)	- / 0.07	0.03	133.33% (+0.04)
Jul 26, 2023	2023 (Q2)	- / 0.14	0.11	27.27% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ESRT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$7.94	$7.38	-7.05%
Apr 29, 2025	$6.93	$7.09	+2.31%
Feb 19, 2025	$8.93	$8.68	-2.80%
Oct 21, 2024	$11.08	$11.05	-0.27%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Empire State Realty Trust Inc (ESRT) report earnings?

Empire State Realty Trust Inc (ESRT) is schdueled to report earning on Oct 22, 2025, After Close (Confirmed).

What is Empire State Realty Trust Inc (ESRT) earnings time?

Empire State Realty Trust Inc (ESRT) earnings time is at Oct 22, 2025, After Close (Confirmed).

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What is ESRT EPS forecast?

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