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Empire State Realty Trust Inc Class A ESRT

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Stock XNYS Rating as of
$9.68 −0.07 (0.72%)
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As of Delayed Price Post-Trading: $9.59 −0.08
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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 842% premium.
Price
$9.75
Fair Value
$6.40
Uncertainty
High
1-Star Price
$68.48
5-Star Price
$3.59
Economic Moat
Zzhd
Capital Allocation
Cslwrffl

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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Trading Information

Previous Close Price
$9.75
Day Range
$9.60–9.76
52-Week Range
$5.43–10.32
Bid/Ask
$9.44 / $9.89
Market Cap
$1.60 Bil
Volume/Avg
641,090 / 1.0 Mil

Key Statistics

Price/Earnings (Normalized)
50.11
Price/Sales
3.42
Dividend Yield (Trailing)
1.45%
Dividend Yield (Forward)
1.45%
Total Yield
1.90%

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
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