Empire State Realty: Strong Q3 Performance and Strategic Growth Drive Buy RatingWe believe ESRT exceeded tempered expectations in 3Q25, with a Core FFOps beat, driven by higher Manhattan revenues as occupancy reached 90.0% (+80bps q/q) for the second time in its public company history. While ESB observatory came in slightly weaker than our expectations, ESRT maintained '25 Core FFOps guidance and all major components. However, leasing volume was unusually light this quarter, partly due to timing, as well as selectively holding spaces to accommodate larger-block transactions.