Empire State Realty OP | 8-K: FY2025 Q2 Revenue: USD 191.25 M

Revenue: As of FY2025 Q2, the actual value is USD 191.25 M.

EPS: As of FY2025 Q2, the actual value is USD 0.04.

Same-Store Property Cash NOI, excluding lease termination fees, decreased 5.9% year-over-year, primarily due to increases in real estate taxes and property operating expenses, partially offset by higher tenant reimbursement income. Adjusted for non-recurring items, Same-Store Property Cash NOI decreased by 3.0%.

Signed 221,776 rentable square feet of Manhattan office leases with blended leasing spreads of +12.1%, marking the 16th consecutive quarter of positive leasing spreads.
Manhattan office leased rate increased by 80bps sequentially to 93.8%, and the total commercial portfolio is 92.9% leased as of June 30, 2025.
Manhattan office occupancy increased by 140bps sequentially to 89.5%, and the total commercial portfolio is 89.0% occupied as of June 30, 2025.

Closed on the acquisition of a retail asset located at 86-90 North 6th Street in Williamsburg Brooklyn, for a purchase price of $31.0 million.

Total liquidity of $0.7 billion as of June 30, 2025, comprised of $95 million of cash and $620 million available under its revolving credit facility.
Total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.34%.
Ratio of net debt to adjusted EBITDA was 5.6x.

Repurchased $2.1 million of common stock at a weighted average price of $6.92 per share during the second quarter and through July 22, 2025.
Since the stock repurchase program began in March 2020, approximately $296 million has been repurchased at a weighted average price of $8.17 per share.

Paid a quarterly dividend of $0.035 per share or unit for the second quarter of 2025.
Paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the second quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

Rental Revenue: $153.54 million for the three months ended June 30, 2025, compared to $152.47 million for the same period in 2024.
Observatory Revenue: $33.899 million for the three months ended June 30, 2025, compared to $34.124 million for the same period in 2024.

Net Income: $11.385 million for the three months ended June 30, 2025, compared to $28.555 million for the same period in 2024.
Operating Income: $35.122 million for the three months ended June 30, 2025, compared to $39.361 million for the same period in 2024.
Operating Expenses: $156.128 million for the three months ended June 30, 2025, compared to $150.182 million for the same period in 2024.

Core Funds Available for Distribution (Core FAD): $11.949 million for the three months ended June 30, 2025, compared to $32.521 million for the same period in 2024.

Same Store Property Cash NOI: $67.280 million for the three months ended June 30, 2025, compared to $71.507 million for the same period in 2024.

The Company provides 2025 guidance with Core FFO per fully diluted share expected to be between $0.83 and $0.86, down from the initial guidance of $0.86 to $0.89.
Commercial occupancy at year-end is expected to be between 89% and 91%.
Same-Store Property Cash NOI (excluding lease termination fees) is expected to range from -2.0% to +1.5%.
Observatory NOI is expected to be between $90 million and $94 million, down from the initial guidance of $97 million to $102 million.
The company anticipates continued challenges in the office and retail space markets due to changes in work habits and economic conditions. It expects to maintain its focus on leasing activity and tenant retention to mitigate potential impacts. The company remains committed to its sustainability goals and improving its financial flexibility through strategic debt management.