ESRT Q1 core FFO $0.19 vs $0.21 YoY; net income $0.05; same-store NOI down 1.9%

Empire State Realty Trust, Inc.

2025-Q1 EPS reported $0.05 revenue$180,066,000

Net income $0.05 per diluted share; Core FFO $0.19 per share, down from $0.21 in Q1 2024.
Same-store Property Cash NOI (ex lease term fees) decreased 1.9% YoY; +0.4% adjusted for non-recurring items.
Signed 229k sq ft of office leases; Manhattan office blended leasing spreads +10.4% for 15th consecutive quarter.
Manhattan office 93.0% leased, 88.1% occupied as of March 31, 2025; total commercial 92.5% leased.
2025 Core FFO guidance $0.86-$0.89 vs $0.91 ex non-recurring in 2024; outlook unchanged.

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