Empire State Realty Trust, Inc.

Greetings and welcome to the Empire State Realty Trust's fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. The 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 Hewson, SVP, Chief Counsel, Corporate and Secretary. Thank you. You may begin.

Good afternoon. Welcome to Empire State Realty Trust's fourth 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 sections of the company's website at esrtreads.com. During today's call, management's prepared remarks and responses to questions may include forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current views and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. 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 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.

Good afternoon, everyone. Yesterday, we reported ESRT's fourth quarter and full year results. Today, we will discuss our continued leasing momentum, observation deck execution, latest balance sheet recycling, and outlooks for 2026. We delivered full year core FFO of 87 cents, a reflection of continued performance across our platform. Our leasing team again put points on the board with nearly 460,000 square feet leased in the quarter and 1 million square feet for the year. We have now delivered four consecutive years of occupancy growth and positive New York City office rent spreads. As we enter 2026, we have framed in our new investor deck that is available online the significant transformation to drive shareholder value ESRT has executed over the past five years. This transformation was deliberate to strengthen our platform and improve the quality and durability of our cash flows. Since Christina joined as CFO in 2020 and was in 2024 elevated as president to join me at the head of the company, We addressed management succession with key leadership hires and promotions. Steve Horn was promoted from CAO to CFO in 2024. Ryan Kast, a co-head and chief revenue officer of real estate, and Jackie Benton joined us in 3Q as co-head and chief operating officer of real estate. The management changes, along with others across the organization, strengthen our operating platform, and reinforce our ability to execute on our growth initiatives. Our portfolio is now 100% New York City. We completed $1 billion of acquisitions of high-quality real estate and disposed of our suburban commercial assets, all without tax leakage. Our acquired assets improve our cash flow and portfolio quality and include high-quality Manhattan multifamily properties, prime retail on North 6th Street in Williamsburg, Brooklyn, and more recently, 130 Mercer in Soho, also known as Scholastic's headquarters. ESRT's New York City pure play portfolio benefits from live, work, play, and visit dynamics of the greatest market in the United States. This is all made possible by our proactive balance sheet management that provides ESRT significant flexibility to transact strategically and create shareholder value. We are confident in our position as we look ahead. While known tenant rollover will impact our FFO growth in 2026, we believe the portfolio is well positioned for long-term cash growth. Our office portfolio is 93.5% leased. That reflects the desirability of our top-of-tier, modernized, amenitized, well-located, sustainability-leading portfolio underpinned by a strong financial position. Importantly, there is no new supply at our price point. We continue to see an upward trajectory in net effective rents and our portfolio continues to perform. Our iconic Empire State Building observation deck remains a market leader and a meaningful contributor to our cash flow. Revenue per capita increased year over year. In 2025, we delivered resilient bottom line performance through disciplined cost management and price execution. despite the decline in visitation from our cross-ocean international tourist visitors. We continue to grow our domestic demand and be ready for the return of our traditional budget-conscious international visitors. Our sustainability leadership is a lever for measurable business results and reduces our and our tenants' exposure to increased energy and regulatory costs. We partner with tenants to support their sustainability goals. In 2025, ESRT achieved the highest possible GRESB rating for the sixth consecutive year with a score of 93 and an A in public disclosure. In addition, the Empire State Building became the first LEED Version 5 Platinum Certified Building in New York State. These results reflect the leadership and focus of our organization. Our entire organization remains laser-focused on the observatory's five priorities. Lease space, sell tickets to the observation deck, manage our balance sheet, identify growth opportunities, and achieve our sustainability goals. These priorities are simple, repeatable, and aligned with our desire to drive long-term shareholder value. Christina, Ryan, and Steve will provide more detail on our results and outlook. Christina?