Empire State Realty Trust, Inc.

Greetings and welcome to the Empire State Realty Trust first quarter 2026 earnings call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. For anyone to 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 Suzanne Liu, SVP, Chief Counsel, Real Estate. Thank you. You may begin.

Good afternoon. Welcome to Empire State Realty Trust's first quarter 2026 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 esrtreit.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. 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 to 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, Suzanne. Good afternoon, everyone. Yesterday, we reported ESRT's first quarter results. We began the year with solid earnings steady execution across our portfolio, and continued contribution from the observatory. We acquired a high-quality retail asset on North 6th Street with recycled investment, part of our concentrated effort to reallocate our balance sheet capacity towards growth, and completed financings which address our debt maturities all the way into 2028 and maintain balance sheet flexibility. Today's environment presents a wide range of macroeconomic outcomes, some of which could adversely affect our business. That said, as we have said consistently, we do not seek to predict the weather. We have an arc. From that arc, we operate from a position of strength and with great latitude. We derive our revenue from diverse income streams and a broad tenant base. A substantial portion of our revenue is from long-term leases, and we maintain high-least percentages, all supported by our balance sheet. We navigate freely and act decisively when opportunities arise. Pages 5 through 9 of our investor presentation, available at esrtreit.com, highlight our ongoing program to trade into opportunities which provide better prospects for growth at our desired capitalization and levels of risk. Cash flow growth is key to our focus. The Manhattan office leasing environment remains healthy and active for our top-of-tier product. Tenant demand is strong and diverse. Availability of high-quality space remains limited, and there is no new construction at our price point. Ryan will provide highlights on occupancy, leased percentage, and what we expect to achieve by year end. Much has been written about AI as a disruptor of office demand. In New York City, our leasing pipeline remains active, tour volume is strong, and tenants across industries continue to make long-term commitments to high-quality space. Office leases executed this quarter averaged over 10.5 years in term. Our commercial portfolio is 93.2% leased. Our leasing pipeline is healthy, and we expect occupancy gains for the full year. We are delighted to have leased the first floor at our 130 Mercer Street acquisition and have a strong pipeline of leases in negotiation, which will hit in 2Q, about which Ryan will speak. We achieved our 19th consecutive quarter of positive mark-to-market rent spreads in our Manhattan office portfolio. which reflects sustained demand from our best-in-class buildings. We continue to see an upward trajectory in net effective rents, and our portfolio is well positioned to deliver strong operating performance. Our iconic Empire State Building Observatory deck remains a market leader and a meaningful contributor to cash flow. NOI was $10.6 million in the first quarter, our seasonally lightest quarter, Revenue per capita increased approximately 1% year over year, excluding gift shop license fees. Visitation from international and budget-conscious tourist-centric past programs remains soft and impacted our results. Against this backdrop, we focus on our domestic and direct sales program, which support higher revenue per visitor, and better margin performance while we await the return of our traditional international demand. ESRT has been a leader in sustainability for more than a decade. The Empire State Building was the first building in New York State to achieve LEED version 5 platinum status. We focus on measurable business outcomes which drive energy savings, operational efficiency, and high-performance buildings for our tenants and reduce risk for our shareholders and stakeholders. Our sustainability leadership attracts tenants and is part of their satisfaction when they renew and or expand. Our entire organization remains laser-focused on the company's five priorities. Lease space, sell tickets to our Empire State Building Observation Deck experience, manage our balance sheet, identify growth opportunities, and achieve our sustainability goals. These priorities are directly aligned with long-term shareholder value creation. Christina, Ryan, and Steve will provide more detail on our results and outlook. Christina?