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Jun 30, 2022
Empire State Realty Trust Q2 2022 Earnings Report
Second quarter results announced with net income of $0.18 per share and Core FFO of $0.29 per share.
Key Takeaways
Empire State Realty Trust reported its Q2 2022 results, with a net income of $0.18 per fully diluted share and Core FFO of $0.29 per fully diluted share. The company's total commercial portfolio is 87.8% leased, and the Empire State Building Observatory's NOI was $19.6 million.
Net income of $0.18 per fully diluted share.
Core FFO of $0.29 per fully diluted share, including $0.07 of lease termination fee income.
Same-Store Property Cash Net Operating Income excluding lease termination fees decreased 7.1% from the second quarter of 2021.
Empire State Building Observatory NOI was $19.6 million, representing approximately 80% of 2019 second quarter NOI levels.
Revenue by Segment
Forward Guidance
The Company updated its 2022 Core FFO guidance to a revised range of $0.80 to $0.85 per fully diluted share. The higher range versus prior guidance reflects +$0.07 of lease termination fee income recognized in the second quarter. Other underlying guidance assumptions for the year remain unchanged.
Positive Outlook
- +$0.07 vs. prior guidance due to lease termination fees recognized in 2Q22
- Includes $0.02 from the multifamily acquisition that closed in late-December 2021
- Includes ~270M fully diluted shares as of July 21, 2022
- Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) 70% in 3Q22 and 80% in 4Q22
- Reflects second half quarterly expenses of approximately $8M - $9M
Challenges Ahead
- Primarily driven by normalization of operating expenses as building utilization increases; ~10% y/y increase in SS operating expenses
- Also impacted by late-2021 occupancy decline
- May be subject to fluctuations as a result of several factors, including the negative impact of the ongoing COVID-19 global pandemic on our business and our market
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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