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Dec 31, 2022
Empire State Realty Trust Q4 2022 Earnings Report
Reported operational and financial results for Q4 2022.
Key Takeaways
Empire State Realty Trust reported net income of $0.08 per share and Core FFO of $0.22 per share for the fourth quarter of 2022. The company completed a multifamily acquisition and dispositions of non-core suburban assets. As of December 31, 2022, total liquidity was $1.1 billion with no debt maturity until November 2024.
Net Income of $0.08 per share in the fourth quarter of 2022.
Core Funds From Operations (“Core FFO”) of $0.22 per share in fourth quarter of 2022.
Completed the acquisition of a multifamily asset located at 298 Mulberry Street in lower Manhattan in the fourth quarter.
Repurchased $8.2 million of common stock in the fourth quarter through February 13, 2023.
Revenue by Segment
Forward Guidance
The Company currently expects 2023 Core FFO to range between $0.82 to $0.86 per fully diluted share.
Positive Outlook
- Includes $0.04 from multifamily assets
- Assumes modest revenue growth
- Reflects quarterly expenses of ~$9M
- SS Occupancy at year-end 85% to 87%
- Observatory NOI $88M to $96M
Challenges Ahead
- Does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.
- Assumes increased building utilization
- an ~8% increase in operating expenses
- real estate taxes
- SS Cash NOI (excluding lease termination fees) -4% to -6% from 2022
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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