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Empire State Realty Trust Inc Class A ESRT

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Empire State Realty Reports Middling Q1 Results; We Maintain Our $10.50 FVE

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Empire State Realty Trust posted mixed first-quarter results, with encouraging re-leasing spreads and higher same-store net operating income offset by a slightly lower occupancy rate and an observatory deck that is being badly affected by depressed visitor volume. The company reported first-quarter core funds from operations of $0.15 per share, 17% below the $0.18 that it reported for the first quarter of 2020.

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Company Profile

Business Description

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 10 million square feet of office space, about 80% of which is located in Manhattan.

111 West 33rd Street, 12th Floor
New York, NY, 10120
T +1 212 687-8700
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 755