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Dec 31, 2023
Empire State Realty Trust Q4 2023 Earnings Report
Empire State Realty Trust reported Q4 2023 results, with net income per share of $0.06 and core FFO per share of $0.25.
Key Takeaways
Empire State Realty Trust (ESRT) reported its Q4 and full year 2023 financial results. The company's Manhattan office portfolio leased rate increased to 92.1%. The Empire State Building Observatory generated $26.9 million of NOI in Q4.
Net income per share was $0.06 in Q4 2023.
Core FFO per share was $0.25 in Q4 2023.
Same-Store Property Cash Net Operating Income increased 11.3% year-over-year.
Signed approximately 164,000 rentable square feet of leases in Q4 2023.
Revenue by Segment
Forward Guidance
The Company has provided initial 2024 guidance and key assumptions, as summarized in the table below. 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
- 2024 includes $0.04 from multifamily assets
- Assumes positive revenue growth
- Reflects average quarterly expenses of ~$9M
Challenges Ahead
- 2023 FFO included approximately $0.03 of non-recurring items
- Assumes a ~6-8% y/y increase in operating expenses and real estate taxes, partially offset by higher tenant expense reimbursements
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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