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Mar 31, 2024
Empire State Realty Trust Q1 2024 Earnings Report
Reported first quarter 2024 results, with core FFO per fully diluted share of $0.21 and signed 248,000 rentable square feet of leases.
Key Takeaways
Empire State Realty Trust announced its first quarter 2024 results, featuring a net income per fully diluted share of $0.03 and a core FFO per fully diluted share of $0.21. The company signed 248,000 rentable square feet of leases and closed a new credit facility.
Net income per fully diluted share was $0.03.
Core FFO per fully diluted share was $0.21.
Signed 248,000 rentable square feet of leases.
Closed new credit facility with over $800M of liquidity and no floating rate debt exposure.
Revenue by Segment
Forward Guidance
The Company reaffirms 2024 guidance and key assumptions.
Positive Outlook
- Assumes positive revenue growth
- 2024 includes $0.04 from multifamily assets
- Reaffirms 2024 Outlook
- New credit facility matures in March 2029, inclusive of extensions, and replaces the existing credit facility that was due to mature in March 2025.
- The facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.
Challenges Ahead
- Assumes a ~6-8% y/y increase in operating expenses and real estate taxes, partially offset by higher tenant expense reimbursements
- The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.
- The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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