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Empire State Realty Trust Inc Class A ESRT

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Morningstar’s Analysis

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Empire State Realty Reports Mixed Third-Quarter Results; Lowering Our Fair Value Estimate to $11

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Empire State Realty reported third-quarter results that demonstrate the firm’s vulnerability amid the current pandemic environment. The company reported third-quarter core funds from operations of $0.12 per share, a significant decline as compared with $0.22 during the third quarter of 2019. The precipitous decline highlights the firm’s tough position with a slightly lower quality portfolio of office properties and an observatory deck that is being badly impacted by depressed tourism numbers. With the recent results providing some greater clarity, we are reducing our fair value estimate for no-moat rated Empire State Realty to $11 per share from $13. 

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 831