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Jun 30, 2023
Empire State Realty Trust Q2 2023 Earnings Report
Reported net income of $0.14 per share and core FFO of $0.26 per share.
Key Takeaways
Empire State Realty Trust announced second quarter 2023 results, reporting net income of $0.14 per share and core FFO of $0.26 per share. The company's Manhattan office portfolio leased rate increased to 91.6%, and the Observatory generated $24.8 million of NOI.
Net Income of $0.14 per share.
Core Funds From Operations (“Core FFO”) of $0.26 per share.
Signed 336,314 rentable square feet of new, renewal, and expansion leases.
Manhattan office portfolio leased rate increased by 90bps sequentially and increased by 330bps year-over-year to 91.6%. Total commercial portfolio is 90.3% leased as of June 30, 2023.
Forward Guidance
The Company updates the 2023 Core FFO guidance range to $0.83 to $0.86 per fully diluted share.
Positive Outlook
- Update includes the impact from a +$0.02 straight-line reserve reversal recognized in 2Q23
- Revised 2023 SS Cash NOI outlook
- Includes $0.04 from multifamily assets
- Assumes modest revenue growth
- Higher tenant expense reimbursements
Challenges Ahead
- The Company’s current guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.
- Continued impacts of pandemics on our business and our market
- Our ability to complete planned capital improvements in line with budget
- Costs of integration of completed acquisitions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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