Empire State Realty Trust(US:ESRT)2025-04-30 11:17Financial Highlights - Core FFO per share was $0.19 in 1Q25[5] - Same-Store Property Cash NOI decreased by 1.9% year-over-year, but increased by 0.4% when adjusted for non-recurring items[5] - The company reaffirmed its 2025 FFO guidance at $0.86-$0.89[5] - $2.1 million of shares were repurchased at $6.92/share through April 28, 2025[5] Leasing and Occupancy - Manhattan office leasing achieved +10.4% positive mark-to-market spreads in 1Q25[5] - The commercial portfolio leased rate increased +110bps y/y in 1Q25 to 92.5%[16] - Total office leased rate increased +80bps y/y in 1Q25 to 92.3%[16] ESB Observatory - Revenue per visitor increased by 5.9% year-over-year[5, 11] - 2025 Observatory guidance is unchanged at $97-102 million, compared to $99.5 million in 2024[5] Portfolio Composition - NYC Office accounts for 56% of Pro-Forma 1Q25 TTM NOI[11] - ESB Observatory accounts for 25% of Pro-Forma 1Q25 TTM NOI[11] - NYC Retail accounts for 12% of Pro-Forma 1Q25 TTM NOI[11] - NYC Multifamily accounts for 5% of Pro-Forma 1Q25 TTM NOI[11] Capital Recycling - Approximately $675 million has been invested into NYC multifamily and retail assets to date[33] - Approximately $250 million portfolio on North 6th Street[59]