Empire State Realty Trust, Inc.

Greetings and welcome to the Empire State Realty Trust third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should 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 third 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 was posted in the investor section of the company's website at csrtreach.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in applicable securities laws. 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 assets. 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 and the company's filings of 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 to 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, everyone. Yesterday, we reported ESRT's third quarter and year-to-date results. We delivered FFO above consensus and reaffirmed our 2025 guidance. Our highly leased portfolio, has benefited from strong lease-up executed over the last several years, and 3Q was a slightly lighter quarter for office leasing. Post 3Q closed, we signed another 50,000 square feet of leases, and we presently have approximately 150,000 square feet of leases in negotiation. We also delivered our 17th consecutive quarter of positive marks to markets. We will discuss our healthy pipeline of leasing activity and completed leasing in October in this call. Observatory results were consistent with our guidance. ESRT is purpose-built for strength and agility across all cycles. Our long-term leases, high occupancy, diversified income streams, and flexible balance sheet provide a solid foundation for consistent performance and strategic growth. In New York City, office leasing market remains strong. Availability is low at top tier buildings like ours, and rents continue to rise. There is no new supply at our price point, and many older building properties, which are not like our portfolio, modernized, monetized, well located, supported by sustainability leadership and a strong financial position, continue to be taken off the market for conversion to residential. We continue to outperform. Our focus right now is on our little over 500,000 square feet of availability in our Manhattan office portfolio. Some is held off the market for assembly of large contiguous blocks at several properties. We remain focused on our ability to drive occupancy and maximize lease economics. At the observatory, revenue per capita continued to increase in the third quarter in the face of reduced budget traveler visitation. More than half of our visitation is domestic. Slide 16 of our latest investor presentation shows that the observatory remains resilient. Our strong balance sheet gives ESRT the flexibility to act on opportunity, maintain our portfolio at the highest standards, and create durable long-term value for our shareholders. We continue to be leaders in environmental stewardship and healthy building performance, focus on business outcomes, and partner with our tenants to help them achieve their own sustainability goals. Earlier this month, ESRT achieved the highest possible GRES five-star rating for the sixth consecutive year. Hats off to the team for their continued leadership and excellence. Our entire organization remains laser-focused on the company's five priorities. Lease space, sell tickets to the observatory, manage our balance sheet, identify growth opportunities, and achieve our sustainability goals. Last month, we announced that Tom Durrells, my partner for more than 35 years, and our head of real estate, began to transition his role to two senior leaders at ESRT. We are deeply grateful to Tom and his impact on our company's success and culture, strategy, and post IPO transformation into a modernized and monetized sustainable portfolio are all indelible. We have an experienced and capable team to build on the strong foundation that Tom helped to establish. I will now turn the call over to Tom as a few remarks then Ryan, Steve, and Christina will provide more detail on our progress and outlook for the balance of 2025. Tom?