Strong Leasing Performance
In 2024, Empire State Realty Trust leased over 1.3 million square feet, the highest annual volume since 2019, with a Manhattan office portfolio that is over 94% leased. The company achieved 12 consecutive quarters of higher leased percentages and positive absorption.
Observatory Business Growth
The observatory achieved year-over-year growth in net operating income exceeding 2019 levels, with over 485 billion global media impressions and generating $950 million in advertising value equivalency.
Financial Performance and Stability
Empire State Realty Trust reported core FFO of $0.95 per diluted share for 2024, with the lowest leverage among New York City-focused REITs at 5.3 times net debt to EBITDA. The company maintains strong liquidity and a well-laddered debt maturity schedule.
Expansion and Strategic Acquisitions
Continued diversification into attractive multifamily assets and prime retail assets in Williamsburg, Brooklyn, with $221 million in acquisitions and another $30 million acquisition expected in 2025.
Positive Market Demand
Strong demand for high-quality office space in New York City, allowing for increased rents and reduced concessions. The company achieved a 13% year-over-year increase in net effective rent per square foot.