Strong Leasing Activity
Empire State Realty Trust (ESRT) signed 88,000 square feet of new and renewal leases in Q3, with an additional 50,000 square feet signed post-quarter and 150,000 square feet in negotiation. Manhattan office occupancy increased 80 basis points sequentially to 90.3%.
Positive Financial Metrics
Reported core FFO of $0.23 per diluted share. Same-store property cash NOI increased 1.1% year-over-year. Core FAD increased from $11.9 million in Q2 to $40.4 million in Q3.
Observatory Business Performance
Generated approximately $26.5 million of NOI in Q3 with revenue per capita increasing 2.7% year-over-year. The Empire State Building Observatory remains a resilient asset with steady domestic demand.
Sustainability Achievements
ESRT achieved the highest possible GRESB 5-star rating for the sixth consecutive year, demonstrating leadership in environmental stewardship.
Successful Retail Leasing
Announced leases with Tourneau for a Rolex store, Tocovus, and HOKA within the North Sixth Street collection, highlighting strategic retail development success.