Empire State Realty Trust, Inc.

require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Heather Houston, Senior Vice President, Chief Counsel, Corporate and Secretary. Thank you. You may begin.

Good afternoon. Welcome to Empire State Realty Trust's first quarter 2025 earnings conference call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the investor section of the company's website at esrtreads.com. On today's call, management's prepared remarks and answers to your questions contain forward-looking statements as defined in applicable securities law, including those related to market conditions, property operations, capital expenditures, income expense, financial results, and proposed transactions and events. As a reminder, forward-looking statements represent management's current estimates. They are subject to risks and uncertainties, which may cause actual results to differ from those discussed today. Empire State Realty Trust assumes no obligation to update any forward-looking statement in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements in the company's filings with the SEC. During today's call, we will discuss certain non-GAAP financial measures, such as FFO, modified and core FFO, NOI, same-store property cash NOI, EBITDA, and adjusted EBITDA, which we believe are meaningful in evaluating the company's performance. The definitions and reconciliations of these measures for the most directly comparable GAAP measures are included in the earnings release and supplemental package, each available on the company's website. Now, I will turn the call over to Tony Malkin, our Chairman and Chief Executive Officer.

Thanks, Heather. Good afternoon to everyone. Yesterday, we reported ESRT's first quarter results. We started the year with solid first quarter earnings, continued leasing momentum, and observatory performance, and we reaffirm our outlook for the remainder of 2025. We are not the first reporting public company to state today's world has a wide range of potential macroeconomic outcomes, and some of those could have an adverse impact on our business. That said, as we have mentioned so many times, we do not seek to predict the weather. Rather, we have an arc, and that arc allows us to remain on our front foot. ESRT receives a substantial portion of our cash flows from long-term leases, has high leased percentages, diverse income streams, a diverse tenant base, and a flexible balance sheet. And that puts us in a strong position from which to act. The leasing environment in New York City remains active for our top-of-tier product. The haves, buildings like ours, which have been modernized, are well-located near mass transit, our sustainability leaders have great amenities and are owned by financially stable landlords, will outperform in any environment. In the first quarter, our leasing team put points on the board with approximately 230,000 square feet leased, which included the successful conversion of 77,000 square feet of previously unknown 2026 expirations into renewals. Our Manhattan office portfolio is 93% leased, and we retain our guidance and expect to have leasing and occupancy gains for the full year. We achieved our 15th consecutive year of positive New York City office mark to market rent spreads. We have not changed our observatory guidance for 2025. The first quarter is our lightest quarter seasonally in the observatory and saw an abundance of visibility impaired days concentrated over the peak holiday periods of Presidents and Martin Luther King weekends. The observatory was resilient in the first quarter and produced NOI of $15 million. Visitation was down 4.6% year over year after adjustment for the shift of the Easter holiday to the second quarter. Consumer confidence, geopolitical tensions, and currency exchange rates can have an impact on tourism and consumers in the remainder of the year. That said, our Easter holiday performance was solid and will be reflected in second quarter results. We grew revenue per caps by 5.9% in the first quarter. We continue our digital marketing initiatives to enhance revenues, optimization of our pricing strategy, reservation-based cost controls, and above all, delivery to our customers of an excellent experience. There has been a lot of discussion around tourism and the potential impact on businesses like observatory decks. Today, roughly 50% of our visitors are domestic. Our international exposure is broad-based. No one region contributes more than 10% of our total visitation. We adjust our marketing efforts to focus real-time on sourcing trends. Our observatory deck remains the leader and is named the number one attraction in the world in TripAdvisor's Traveler's Choice Awards. Our observatory has proven to be resilient over time through cycles. The maintenance of a best-in-class balance sheet allows ESRT tremendous flexibility to lease, maintain our portfolio to the highest standards, and transact opportunistically to create additional value for our shareholders. Our entire organization remains laser-focused on the company's five priorities to lease space, sell tickets to the observatory, manage our balance sheet, identify growth opportunities, and achieve our sustainability goals. Tom, Christina, and Steve will provide more detail on our progress and outlook for the balance of 2025. Tom?