Empire State Realty Trust reported its Q3 2023 results, featuring a net income of $0.07 per share and a core FFO of $0.25 per share. The company increased its full-year core FFO guidance to $0.85-$0.87 per share. ESRT completed the acquisition of a prime retail asset in Williamsburg, Brooklyn for $26.4 million.
Net Income of $0.07 per share.
Core Funds From Operations (Core FFO) of $0.25 per share in the third quarter.
Signed approximately 248K rentable square feet of new, renewal, and expansion leases, inclusive of a 144K square foot lease with LinkedIn and a 25K square foot office lease with Starbucks.
Manhattan office portfolio leased rate increased by 30bps sequentially and increased by 250bps year-over-year to 91.9%. Total commercial portfolio is 90.5% leased as of September 30, 2023.
The Company updates the 2023 Core FFO guidance range to $0.85 to $0.87 per fully diluted share. This reflects an improvement in the 2023 same-store property cash NOI outlook. 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.
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