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Mar 31, 2022
Empire State Realty Trust Q1 2022 Earnings Report
Empire State Realty Trust reported first quarter 2022 results, featuring a net loss of ($0.07) per fully diluted share and core FFO of $0.18 per fully diluted share.
Key Takeaways
Empire State Realty Trust reported its operational and financial results for the first quarter of 2022, with core FFO increasing compared to the prior year and the Empire State Building Observatory showing strong revenue growth.
Net loss of ($0.07) per fully diluted share.
Core Funds From Operations of $0.18 per fully diluted share, compared to $0.15 in Q1 2021.
Same-Store Property Cash Net Operating Income excluding lease termination fees increased 0.9% over Q1 2021.
Empire State Building Observatory revenue was $13.2 million and NOI was $7.0 million.
Revenue by Segment
Forward Guidance
The Company currently expects 2022 Core FFO to range between $0.73 and $0.78 per fully diluted share.
Positive Outlook
- Includes $0.02 from the multifamily acquisition that closed in late-December 2021
- Includes ~273M fully diluted shares as of April 21, 2022
- Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) of 60% in 2Q22
- Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) of 70% in 3Q22
- Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) of 80% in 4Q22
Challenges Ahead
- Primarily driven by normalization of operating expenses as building utilization increases
- Approximately 10% y/y increase in SS operating expenses
- Also impacted by late-2021 occupancy decline
- SS Cash NOI (excluding lease termination fees) -10% to -12% from 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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