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Jun 30, 2024
Empire State Realty Trust Q2 2024 Earnings Report
Announced second quarter 2024 results, featuring net income per fully diluted share of $0.10 and core FFO per fully diluted share of $0.24.
Key Takeaways
Empire State Realty Trust reported its Q2 2024 results, with key highlights including Observatory NOI of $25.2 million, a 1.6% increase year-over-year, and the signing of 272,000 rentable square feet of leases. The company also announced agreements to acquire North 6th Street Williamsburg, Brooklyn Retail and reaffirmed its 2024 FFO guidance.
Net income per fully diluted share was $0.10.
Core FFO per fully diluted share was $0.24.
Signed 272,000 rentable square feet of leases.
Observatory NOI was $25.2 million, a 1.6% increase year-over-year.
Revenue by Segment
Forward Guidance
The Company provides 2024 guidance and key assumptions, which assumes positive revenue growth and a 6-7% 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.
Positive Outlook
- Assumes positive revenue growth
- Higher tenant expense reimbursements
Challenges Ahead
- Assumes a 6-7% y/y increase in operating expenses
- Assumes a 6-7% y/y increase in real estate taxes
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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