The earnings call reflected a mix of positive and negative aspects. On the positive side, Empire State Realty Trust demonstrated strong office leasing performance, leadership in sustainability, success in their multifamily portfolio, a strong balance sheet, and growth in retail acquisitions. However, these were balanced by challenges such as declines in Observatory performance, increased operating expenses, and revised guidance for Observatory NOI. The sentiment is balanced with both achievements and challenges highlighted.

Company Guidance -

Q3 2025

During the Empire State Realty Trust's (ESRT) second quarter 2025 earnings call, the company provided a detailed update on its financial performance and forward-looking guidance. Core Funds from Operations (FFO) for the quarter was reported at $0.22 per diluted share, while same-store property cash Net Operating Income (NOI) decreased by 3% year-over-year. The Manhattan office portfolio was 93.8% leased, with a positive mark-to-market leasing spread of 7%. The Observatory business faced challenges due to adverse weather, generating $24 million in NOI, a 4.3% decline from the previous year, with a visitation drop of 2.9%. Revenue per capita saw a 2.3% year-over-year increase. ESRT adjusted its full-year Observatory NOI guidance to between $90 million and $94 million, reflecting these challenges. Operating expenses rose by 8.8%, mainly due to real estate taxes and nonrecurring repairs. Looking ahead, ESRT anticipates core FFO for 2025 to range between $0.83 and $0.86 per share, maintaining a strong balance sheet with a leverage ratio of 5.6x net debt-to-EBITDA. The company remains focused on strategic priorities, including leasing, capital management, and sustainability initiatives.

Strong Office Leasing Performance

Empire State Realty Trust achieved approximately 232,000 square feet of office leasing in the second quarter, including 202,000 square feet of new Manhattan office leasing at double-digit positive mark-to-market leasing spreads. The Manhattan office portfolio is 93.8% leased, showing an increase in occupancy.

Sustainability Leadership

Empire State Realty Trust continues to lead in sustainability, with initiatives that focus on business outcomes and achieving sustainability objectives alongside tenants.

Multifamily Portfolio Success

The multifamily portfolio is 99% occupied, achieving 8% year-over-year rent growth in the second quarter.

Strong Balance Sheet

The company maintains a strong balance sheet with no floating rate debt, no unaddressed maturity until December 2026, and a net debt-to-EBITDA ratio of 5.6x.

Growth in Retail Acquisitions

Empire State Realty Trust closed on a $31 million retail acquisition on North 6th Street in Williamsburg, Brooklyn. This acquisition adds to their existing holdings and positions them for long-term growth.

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

Daily Earnings Calendar >

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 (ESRT) report earnings?

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

What is Empire State Realty (ESRT) earnings time?

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

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is ESRT EPS forecast?

Currently, no data Available

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