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Empire State Realty Trust Inc Class A ESRT

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Stock XNYS Rating as of
$9.21 +0.09 (0.99%)
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Company Report

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Empire State Earnings: Results Largely in Line With Our Expectations; 2024 FFO Guidance Reaffirmed

Suryansh Sharma

No-moat-rated Empire State Realty reported a decent set of numbers in the first quarter as core funds from operations, or FFO, was reported at $0.21 per share in the current quarter, around 31% higher than the $0.16 in core FFO during the same quarter last year. The full-year 2024 guidance was reaffirmed, which we see as a good sign for leasing momentum in the Manhattan office market environment. Core FFO for 2024 is guided at $0.90-0.94 per share, up 2.2% at the midpoint compared with $0.90 in core FFO during 2023 after excluding nonrecurring items. The occupancy rate is expected to be in the 87%-89% range by the end of 2024 compared with 87.6% as of the end of the first quarter. We are maintaining our fair value estimate of $9.60 per share for Empire State Realty after incorporating the first-quarter results.

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Price vs Fair Value

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ESRT is trading at a 3% discount.
Price
$9.32
Fair Value
$1.80
Uncertainty
High
1-Star Price
$98.73
5-Star Price
$7.37
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The iconic Empire State Observation deck continues to be a must-see attraction for tourists visiting New York City.

Bears

Employees are still hesitant in returning to the office as physical building occupancy rates remain at approximately 50% of the prepandemic level.

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News

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Trading Information

Previous Close Price
$9.12
Day Range
$9.01–9.30
52-Week Range
$5.43–10.32
Bid/Ask
$8.94 / $9.62
Market Cap
$1.51 Bil
Volume/Avg
891,030 / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
47.53
Price/Sales
3.24
Dividend Yield (Trailing)
1.52%
Dividend Yield (Forward)
1.52%
Total Yield
2.35%

Company Profile

Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, featuring its landmark Empire State Building office and observation deck. The company owns and operates around 9.4 million square feet of office space, about 80% of which is located in Manhattan.
Sector
Real Estate
Industry
REIT - Diversified
Stock Style Box
Small Core
Total Number of Employees
666
Website
https://www.empirestaterealtytrust.com

Competitors

Valuation

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Metric
ESRT
VNO
KRC
Price/Earnings (Normalized)
 47.5398.8318.74
Price/Book Value
 —1.160.73
Price/Sales
 3.242.783.51
Price/Cash Flow
 9.327.486.57
Price/Earnings
ESRT
VNO
KRC

Financial Strength

Metric
ESRT
VNO
KRC
Quick Ratio
 1.151.741.84
Current Ratio
 1.262.031.86
Interest Coverage
 1.711.042.89
Quick Ratio
ESRT
VNO
KRC

Profitability

Metric
ESRT
VNO
KRC
Return on Assets (Normalized)
 1.86%0.31%2.41%
Return on Equity (Normalized)
 8.04%1.13%4.92%
Return on Invested Capital (Normalized)
 4.06%1.74%3.27%
Return on Assets
ESRT
VNO
KRC
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