NYSE$ESRT
Empire State Realty Trust Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported first quarter 2024 results, with core FFO per fully diluted share of $0.21 and signed 248,000 rentable square feet of leases.
Empire State Realty Trust announced its first quarter 2024 results, featuring a net income per fully diluted share of $0.03 and a core FFO per fully diluted share of $0.21. The company signed 248,000 rentable square feet of leases and closed a new credit facility.
- Net income per fully diluted share was $0.03.
- Core FFO per fully diluted share was $0.21.
- Signed 248,000 rentable square feet of leases.
- Closed new credit facility with over $800M of liquidity and no floating rate debt exposure.
Headline financials
Revenue & EPS history
Empire State Realty Trust · Revenue · Quarterly
$181M
Revenue by segment
Empire State Realty Trust · $21.3M total across 3 segments · Q2 2022
- Lease termination fees$18.9M+464.8%88.5%
- Other revenue and fees$2.13M+263.5%10.0%
- Third-party management and other fees$326K-0.3%1.5%
Forward guidance
The Company reaffirms 2024 guidance and key assumptions.
Tailwinds
- Assumes positive revenue growth
- 2024 includes $0.04 from multifamily assets
- Reaffirms 2024 Outlook
- New credit facility matures in March 2029, inclusive of extensions, and replaces the existing credit facility that was due to mature in March 2025.
- The facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.
Headwinds
- Assumes a ~6-8% 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.
- The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market
- There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
- Forward-looking statements are subject to substantial risks and uncertainties
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.1%
Avg return
Earnings day
+0.1%
Avg return
5 days after
-1.2%
Avg return
30 days after
49%
25 / 51 earnings
Positive
+8.6%
Q2 2022
Best reaction
-6.8%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -1.6% | +2.0% | |
| Q4 2025 | -3.0% | -5.6% | -20.5% | |
| Q3 2025 | -5.8% | -4.1% | -7.7% | |
| Q2 2025 | +0.4% | -0.9% | +6.9% | |
| Q1 2025 | +2.3% | +6.5% | +10.1% | |
| Q4 2024 | -2.9% | -3.7% | -11.5% | |
| Q3 2024 | -2.0% | -4.5% | -5.5% | |
| Q2 2024 | -5.2% | -3.9% | -6.3% | |
| Q1 2024 | -3.8% | -2.0% | -4.7% | |
| Q4 2023 | -2.5% | +0.8% | +0.7% | |
| Q3 2023 | +4.8% | +7.2% | +11.6% | |
| Q2 2023 | +7.1% | +12.7% | +1.6% | |
| Q1 2023 | -0.5% | +0.9% | +0.7% | |
| Q4 2022 | +2.5% | -0.6% | -23.3% | |
| Q3 2022 | -2.0% | +3.2% | +7.6% | |
| Q2 2022 | +8.6% | +10.6% | -4.6% | |
| Q1 2022 | +0.2% | -1.6% | -6.3% | |
| Q4 2021 | +3.0% | +1.0% | +5.1% | |
| Q3 2021 | -6.8% | -9.2% | -10.3% | |
| Q2 2021 | -2.0% | -4.0% | -11.3% | |
| Q1 2021 | +1.1% | +3.3% | +4.9% | |
| Q4 2020 | -3.3% | +8.3% | +14.6% | |
| Q3 2020 | -4.8% | -1.7% | +67.8% | |
| Q2 2020 | -1.5% | -5.9% | -5.8% | |
| Q1 2020 | +0.1% | +1.8% | -12.1% | |
| Q4 2019 | +1.0% | -3.0% | -41.7% | |
| Q3 2019 | +1.8% | -0.1% | -3.3% | |
| Q2 2019 | -3.0% | -4.2% | -8.6% | |
| Q1 2019 | +1.1% | +1.3% | +3.7% | |
| Q4 2018 | -1.1% | +0.1% | +1.5% | |
| Q3 2018 | +0.7% | +0.4% | +2.7% | |
| Q2 2018 | -0.7% | -1.9% | +4.7% | |
| Q1 2018 | +2.1% | +2.2% | -2.9% | |
| Q4 2017 | -3.0% | -5.0% | -10.1% | |
| Q3 2017 | -0.2% | -0.3% | +1.0% | |
| Q2 2017 | +3.5% | +4.2% | +2.0% | |
| Q1 2017 | -3.2% | -3.0% | -3.5% | |
| Q4 2016 | +1.3% | +2.0% | -2.7% | |
| Q3 2016 | -2.4% | -0.2% | +2.6% | |
| Q2 2016 | +1.8% | +2.9% | +1.4% | |
| Q1 2016 | +1.5% | — | — | |
| Q4 2015 | +1.1% | — | — | |
| Q3 2015 | +1.4% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | -0.4% | — | — | |
| Q4 2014 | -0.2% | — | — | |
| Q3 2014 | +0.0% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +3.2% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | +3.9% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2010 | — | — | — |
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