Empire State Realty OP - S60 | 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.

EBIT: As of FY2025 Q2, the actual value is USD 35.12 M.

Segment Revenue

• Rental Revenue: $153.54 million for Q2 2025, compared to $152.47 million for Q2 2024.
• Observatory Revenue: $33.899 million for Q2 2025, compared to $34.124 million for Q2 2024.

Operational Metrics

• Net Income: $11.385 million for Q2 2025, compared to $28.555 million for Q2 2024.
• Operating Income: $35.122 million for Q2 2025, compared to $39.361 million for Q2 2024.
• Total Operating Expenses: $156.128 million for Q2 2025, compared to $150.182 million for Q2 2024.

Cash Flow

• Liquidity: $0.7 billion as of June 30, 2025, including $95 million in cash and $620 million available under the revolving credit facility.
• Core Funds Available for Distribution (Core FAD): $11.949 million for the three months ended June 30, 2025.

Unique Metrics

• Empire State Building Observatory NOI: $24.1 million for Q2 2025.
• Leasing Activity: Signed 232,108 rentable square feet of leases in Q2 2025.
• Same Store Property Cash NOI: $67.280 million for the three months ended June 30, 2025, excluding lease termination fees.

Outlook / Guidance

• The company updated its 2025 Core FFO guidance to $0.83 to $0.86 per fully diluted share, down from the initial guidance of $0.86 to $0.89.
• Commercial occupancy is expected to be between 89% to 91% by year-end 2025.
• Observatory NOI is projected to be between $90 million to $94 million for 2025, revised down from the initial guidance of $97 million to $102 million.
• The company anticipates that the initial cash rent from signed leases not yet commenced will contribute significantly to cash NOI in the coming years, with expected contributions of $33.115 million in 2026 and $58.548 million in 2027.