Empire State Realty Trust delivered a solid second quarter in 2025, signing over 232,000 square feet of leases and achieving positive blended leasing spreads in Manhattan office for the 16th consecutive quarter. While Same-Store Property Cash NOI saw a slight decrease primarily due to increased expenses, the company maintained strong liquidity and increased its Manhattan office leased and occupied rates.
Net Income per fully diluted share was $0.04, and Core FFO per fully diluted share was $0.22.
The company signed 232,108 rentable square feet of leases, including 221,776 square feet of Manhattan office leases.
Manhattan office blended leasing spreads were positive at +12.1%, marking the 16th consecutive quarter of positive spreads.
Total commercial portfolio was 92.9% leased and 89.0% occupied as of June 30, 2025, with Manhattan office leased rate increasing to 93.8% and occupancy to 89.5% sequentially.
Empire State Realty Trust updated its 2025 guidance, projecting Core FFO per fully diluted share between $0.83 and $0.86. Commercial occupancy at year-end is expected to be between 89% and 91%, with Same-Store Property Cash NOI (excluding lease termination fees) ranging from -2.0% to +1.5%. Observatory NOI is projected to be between $90 million and $94 million.
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