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Mar 31, 2023
Empire State Realty Trust Q1 2023 Earnings Report
Reported operational and financial results for the first quarter 2023
Key Takeaways
Empire State Realty Trust reported a net income of $0.04 per share and Core Funds From Operations (FFO) of $0.16 per share for Q1 2023. The Manhattan office portfolio occupancy increased, and the Empire State Building Observatory saw a significant rise in NOI and visitor count.
Net Income of $0.04 per share.
Core Funds From Operations (“Core FFO”) of $0.16 per share, which includes a one-time $0.024 straight-line rent receivable reserve.
Manhattan office portfolio occupancy increased by 180bps sequentially and 390bps year-over-year. Commercial portfolio is 89.4% leased and Manhattan office is 90.7% leased as of March 31, 2023.
Empire State Building Observatory generated $14.3 million of NOI and visitor count increased 65% year-over-year.
Forward Guidance
The Company currently expects 2023 Core FFO to range between $0.80 to $0.84 per fully diluted share. We have reduced our 2023 Core FFO guidance range by $0.02 to reflect a one-time straight-line rent receivable reserve taken in 1Q23 tied to the accounting treatment for Signature Bank.
Positive Outlook
- Update includes impact from straight-line rent receivable reserve in 1Q23
- Includes $0.04 from multifamily assets
- Assumes modest revenue growth
- Assumes increased building utilization
- Reflects average quarterly expenses of ~$9M
Challenges Ahead
- Update includes impact from straight-line rent receivable reserve in 1Q23
- Assumes increased building utilization and an ~8% increase in operating expenses and real estate taxes
- The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of pandemics on our business and our market
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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