Empire State Realty Trust

Empire State Realty Trust, Inc. is a real estate investment trust, which engages in owning, managing, acquiring, and repositioning office and retail properties. It operates through the Real Estate and Observatory segments. The Real Estate segment includes ownership, management, operation, acquisition, repositioning, and disposition of real estate assets. The Observatory segment manages observatories at the Empire state building. The company was founded on July 29, 2011 and is headquartered in New York, NY.

Earnings data Q1 2021

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Empire State Realty Trust reports robust performance and growth opportunities

ESRT's Q4 2022 performance showcased strong leasing results, sustainability achievements, and a focus on energy-efficient buildings.
The company's strengths lie in its quality customer experience, solid balance sheet, and strategic capital recycling activities.
Challenges include managing operating expenses, revenue fluctuations, and potential market trend shifts.
ESRT has opportunities for growth in multi-family properties, New York City real estate, and optimizing its operational strategies.

Empire State Realty Trust (ESRT) reports strong Q1 performance

Empire State Realty Trust (ESRT) delivered a solid performance in Q1 2023, with strong leasing activity and Observatory results driving overall performance. The company's balance sheet strength and focus on modernization position it well for future growth.
ESRT faces challenges from potential distress transactions in the office sector and market forces affecting financing availability. However, the company's low debt levels and strategic approach provide resilience in navigating challenges.
Opportunities lie in ESRT's focus on New York City properties, attracting diverse tenants, and potential distress transactions for strategic acquisitions. The company's positive guidance and preparedness to capitalize on opportunities showcase a proactive stance towards growth.

ESRT excels in Q2, poised for growth amidst NYC resilience

ESRT delivered a strong quarter with robust financial performance and operational achievements.
The company's strategic focus on modernization and tenant diversification positions it well for future growth.
Challenges in decision-making speed and market dynamics require ongoing attention, while opportunities in leasing and visibility offer avenues for expansion.

Empire State Realty Trust excels in Q3, eyes NYC property growth

Empire State Realty Trust's Q3 performance showcases operational excellence, financial strength, and strategic growth initiatives. Despite challenges in capital markets, the company remains well-positioned to capitalize on opportunities in NYC real estate.

Empire State Realty Trust excels in Q4 2023 earnings call

ESRT's Q4 2023 performance reflects operational strength, robust financial metrics, and promising growth prospects, underpinned by strategic leasing initiatives and market positioning.
Despite potential challenges in lease management and capital decisions, ESRT's strong portfolio value, tenant relationships, and financial outlook offer a solid foundation for future success.
By leveraging opportunities in leasing, sustainability efforts, and strategic planning, ESRT can navigate challenges, drive growth, and enhance shareholder value in the real estate market.

Empire State Realty Trust reports robust Q1 results and growth outlook

ESRT's Q1 performance reflects strong leasing momentum and balance sheet enhancements. Challenges in specific properties are being addressed with confidence in overall leasing activity. The company's focus on growth and operational efficiency sets the stage for shareholder value creation in 2024.

Empire State Realty Trust (ESRT) reports solid Q2 performance

ESRT's Q2 2024 earnings call highlighted a robust performance, emphasizing leasing strength and operational growth. While facing challenges such as lower visitor counts and strategic decision-making, the company remains well-positioned to leverage opportunities in the market.

Empire State Realty Trust (ESRT) reports strong Q3 performance and outlines growth strategies

Empire State Realty Trust (ESRT) delivered a strong performance in Q3 2024, showcasing leasing success, retail acquisitions, and positive portfolio absorption. While facing challenges related to tenant renewals and market uncertainties, ESRT remains well-positioned to capitalize on growth opportunities and create shareholder value through strategic asset management.

Revenue

Cost of revenue

Gross profit

Operating expenses

SG&A

Other

Operating income

EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

Long-term debt

Total equity

Stockholders equity

Minority interest

Total liabilities & equity

Total debt

Net debt

Book value per share

Cash from operations

Funds from operations

Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Flagstar Bank, N.A. (“Flagstar”) has assumed the entire 313,109 square foot lease at 1400 Broadway, formerly leased by Signature Bank, under the same terms through 2039 with the exception of an approximate $3 per square foot rent reduction for the first five years of the lease amendment, which equates to an approximate 1.5% rent reduction over the duration of the lease. In the second quarter of 2023, ES.

Empire State Realty Trust Announces Flagstar Assumption of Lease at 1400 Broadway

American Assets

Armada Hoffler Properties

Alexander's

Alpine Global Premier Properties Fund

Brookfield Asset Management

Brandywine Realty

Cambria Global Real Estate ETF

Boston Properties

City Office REIT

CIM Commercial Trust

Cousins Properties

Easterly Government Properties

Douglas Emmett

Elme Communities

Equity Commonwealth

Invesco S&P 500 Equal Weight Real Estate ETF

Fidelity MSCI Real Estate ETF

First Trust S&P REIT Index Fund

Franklin Street Properties Corp.

FlexShares Global Quality Real Estate Index Fund

Xtrackers International Real Estate ETF

Highwoods Properties

Hoya Capital Housing ETF

Hudson Pacific Properties

The new pariah of the commercial real estate sector, Office REITs, have remained in free-fall in recent months, plunging another 30% this year following a plunge of nearly 40% last year. Just how bad is it? The surge in interest rates has turned a weak-but-manageable situation into a bleak one, but there is more nuance than what the prevailing narrative would suggest.

Office REITs: The New Malls

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building – the “World's Most Famous Building” – ESRT also owns and operates its iconic, newly reimagined Observatory Experience that was named the #1 attraction in the US, and #3 in the world, in Tripadvi.

Empire State Realty Trust Announces Dividend for Second Quarter 2023

JBG SMITH Properties

Declining cash flows at several big office landlords might be the next big worry for embattled office properties.

Office REITs with this falling profitability metric are a worrying sign: Barclays

Many investors think office real estate is dead, but this company's numbers suggest otherwise.

This Beaten-Down Stock Could Be a Great Contrarian Opportunity

EPR Properties

EPR Properties and Empire State Realty Trust have been major underperformers in the bear market. Despite the poor stock performance, there's a lot to like about these businesses from a long-term perspective.

2 Ridiculously Cheap Income Stocks for 2023 and Beyond

Apollo Commercial Real Estate Finance

AvalonBay Communities

JPMorgan BetaBuilders MSCI US REIT ETF

Blackstone Mortgage Trust

Camden Property

Digital Realty Trust

Direxion Daily Real Estate Bull 3x Shares

Direxion Daily Real Estate Bear 3x Shares

Dynex Capital

Essex Property Trust

iShares Cohen & Steers REIT ETF

Summit Hotel Properties

iShares U.S. Real Estate ETF

Nuveen Real Estate Income Fund

Invesco KBW Premium Yield Equity REIT ETF

Kimco Realty

KKR Real Estate Finance Trust

Ladder Capital

Mid-America Apartment Communities

U.S. equity markets extended their rebound this week as a strong slate of earnings reports clashed with renewed concerns over financial instability and economic data that provided fodder for both bulls and bears. Closing at its highest levels since early February, the S&P 500 advanced 0.9%, but gains were skewed towards larger companies. The Mid-Cap 400 slipped 0.3%, and the Small-Cap 600 declined 1.0%.

Tale Of 2 Cities

Empire State Realty Trust, Inc. (ESRT) Q1 2023 Earnings Call Transcript.

Empire State Realty Trust, Inc. (ESRT) Q1 2023 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) today shared its annual Sustainability Report that highlights its major achievements, goals, and transparent metrics for ESG which include energy, emissions, water, waste, healthy buildings, and diversity, equity, and inclusion (DEI) throughout 2022. “Our Sustainability Report sets forth ESRT's industry leadership and forward-looking approach to emissions reduction, energy usage, and DEI measures,” said Tony Malkin, chairma.

Empire State Realty Trust Publishes 2022 Sustainability Report with Major Achievements, Goals, and DEI Metrics

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building – the “World's Most Famous Building” – ESRT also owns and operates its iconic, newly reimagined Observatory Experience that was named the #1 attraction in the US, and #3 in the world, in Tripadvisor's 2022 Travel.

Empire State Realty Trust Announces First Quarter 2023 Results

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Are Investors Undervaluing Empire State Realty Trust (ESRT) Right Now?

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced that it was selected as a 2023 Platinum Green Lease Leader by the U.S. Department of Energy's (DOE) Better Buildings Alliance and the Institute for Market Transformation (IMT) for the second consecutive year.

Empire State Realty Trust Named as a 2023 Platinum Green Lease Leader by the Department of Energy's Better Buildings Alliance and the Institute for Market Transformation

Empire State Realty owns the Empire State Building and derives over 20% of its net operating income from its Observatory operations. While visitation has taken a step back since the start of the COVID-19 pandemic, it has steadily returned to normal expectations.

Empire State Realty: A Potential Beneficiary Of Increased NYC Foot Traffic

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) today announced that it achieved the 2023 ENERGY STAR Sustained Excellence Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy. The achievement highlights ESRT's consistent ENERGY STAR Partner of the Year recognition for outstanding leadership in environmental and public health initiatives, as the company's NYC portfolio achieved 92 percent ENERGY STAR certification.

Empire State Realty Trust Achieves 2023 ENERGY STAR Sustained Excellence Award

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it will hold its 2023 Annual Meeting of Shareholders (the “Annual Meeting) on Thursday, May 11, 2023 at 11:00 am ET. The board of directors established the close of business on Thursday, March 2, 2023 as the record date for determining shareholders entitled to receive notice of and vote at the Annual Meeting.

Empire State Realty Trust Announces Date of 2023 Annual Meeting of Shareholders

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – the “World's Most Famous Building” – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor's 2022 Travelers' Choice Awards: Best of the Best.

Empire State Realty Trust Announces Dates for First Quarter 2023 Earnings Release and Conference Call

Arlington Asset Investment

Crown Castle International

Invesco Mortgage Capital

Medical Properties Trust

Neuberger Berman Real Estate Securities Income Fund Inc

US Diversified Real Estate ETF

Invesco Active US Real Estate

ProShares Short Real Estate

iShares Mortgage Real Estate ETF

Rexford Industrial Realty

Cohen And Steers Total Return Realty Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

U.S. equity markets concluded a wild first-quarter with their best week of 2023 as easing contagion concerns and further evidence of cooling price pressures lifted markets to a third-straight weekly gain. Pushing its gains to 7.5% for the quarter, the S&P 500 posted its best week since last November with gains of 3.4%. The tech-heavy Nasdaq 100 climbed into "bull market".

Wild Quarter Ends With Optimism

SL Green Realty

Vornado Realty Trust

Real estate hasn't performed well in the recent market downturn, but these three have been particularly poor performers.

Why Are These 3 REITs Getting Crushed Lately?

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that its tenant, Claims Conference – a nonprofit organization that secures material compensation for Holocaust survivors around the world – signed a long term commercial lease at 1359 Broadway for 33,803 square feet. The company, a tenant at 1359 Broadway since 2007, will relocate to new office space within ESRT's property in Midtown Manhattan.

Claims Conference Leases 33,803 Square Feet at ESRT's 1359 Broadway

NEW YORK--(BUSINESS WIRE)--Rise and shine! The Empire State Building (ESB) announced today a brand-new sunrise experience in partnership with the Starbucks Reserve® Empire State Building.

The Empire State Building Announces New Starbucks Reserve® Sunrise Experience

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc (NYSE: ESRT) – the REIT that owns and manages the Empire State Building and other office, retail, and multifamily assets in NYC and the NY metro area as well as the world-famous Empire State Building Observatory – announced today that it is officially Certified™ as a Great Place to Work®.

Empire State Realty Trust Recognized as 2023 Great Place to Work in First Year of Participation

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – the “World's Most Famous Building” – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor's 2022 Travelers' Choice Awards: Best of the Best.

Empire State Realty Trust Announces Dividend for First Quarter 2023

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that Anthony E. Malkin, Chairman, President and Chief Executive Officer and Christina Chiu, Executive Vice President, Chief Operating Officer and Chief Financial Officer, will present at the Citi 2023 Global Property CEO Conference on Monday, March 6th, 2023, at 3:40 PM Eastern time.

Empire State Realty Trust to Present at the Citi 2023 Global Property CEO Conference

Empire State Realty Trust, Inc. (NYSE:ESRT ) Q4 2022 Earnings Conference Call February 16, 2023 12:00 PM ET Company Participants Heather Houston - SVP, Chief Counsel, Corporate & Secretary Tony Malkin - Chairman, President & CEO Tom Durels - EVP, Real Estate Christina Chiu - EVP, COO & CFO Conference Call Participants Steve Sakwa - Evercore ISI Camille Bonnel - Bank of America Michael Griffin - Citi Blaine Heck - Wells Fargo John Kim - BMO Capital Markets. Dylan Burzinski - Green Street Operator Greetings, and welcome to the Empire State Realty Trust Fourth Quarter 2022 Earnings Call.

Empire State Realty Trust, Inc. (ESRT) Q4 2022 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed new leases for approximately 100,000 square feet at the Empire State Building (ESB) in late Q422 and early 2023. In January, an important North American engineering firm leased 65,000 square feet for 16 years, and OFS Brands and Resolution Life, Inc. signed leases for a combined 23,500 square feet in December 2022.

Empire State Realty Trust Announces 100k Square Feet of New Transactions at the Empire State Building

News for Empire State Realty Trust Stock (ESRT)