---
title: "Empire State Realty OP - S250 | 10-Q: FY2025 Q1 Revenue: USD 180.07 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/239203667.md"
datetime: "2025-05-07T21:22:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/239203667.md)
  - [en](https://longbridge.com/en/news/239203667.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/239203667.md)
---

# Empire State Realty OP - S250 | 10-Q: FY2025 Q1 Revenue: USD 180.07 M

Revenue: As of FY2025 Q1, the actual value is USD 180.07 M.

EPS: As of FY2025 Q1, the actual value is USD 0.05.

EBIT: As of FY2025 Q1, the actual value is USD 15.16 M.

### Real Estate Segment

-   **Rental Revenue**: Increased by $0.66 million to $154.54 million, primarily due to higher operating and real estate tax expense escalations, offset by the net impact of acquisitions and dispositions made during 2024, which reduced rental revenue by $4.0 million.
-   **Property Operating Expenses**: Consistent at $45.06 million, with a $2.1 million decrease due to acquisitions and dispositions made during 2024, offset by increases in payroll costs and utilities.
-   **Interest Expense**: Increased by $1.81 million to $26.94 million, due to the issuance of Series I-K senior unsecured notes and the paydown of Series A senior unsecured notes and revolver.
-   **Gain on Disposition of Property**: $13.17 million gain primarily from the deconsolidation of the mezzanine debt obligation related to the consensual foreclosure of First Stamford Place.

### Observatory Segment

-   **Observatory Revenue**: Decreased by $1.44 million to $23.16 million, primarily due to decreased visitation related to the timing of the Easter holiday.
-   **Observatory Expenses**: Decreased by $0.31 million to $8.12 million.

### Cash Flow

-   **Operating Cash Flow**: Increased by $12.2 million to $83.15 million, primarily due to increases in working capital.
-   **Investing Cash Flow**: Decreased by $29.2 million to -$42.06 million, primarily due to prior year acquisition of non-controlling interests and a decrease in capital expenditures.
-   **Financing Cash Flow**: Increased by $211.7 million to -$232.97 million, primarily due to repayment of Series A senior unsecured notes and pay-down on unsecured revolving credit facility.

### Outlook

-   **Core Business Focus**: ESRT is in a good competitive position with diversified drivers of income across office, retail, multifamily, and the Empire State Building Observatory. The company is supported by a well-positioned balance sheet, modest leverage, and good access to liquidity.
-   **Non-Core Business**: No specific plans related to divestitures or emerging segments were mentioned.

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