NYSE$ESRT
Empire State Realty Trust Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Second quarter results announced with net income of $0.18 per share and Core FFO of $0.29 per share.
Empire State Realty Trust reported its Q2 2022 results, with a net income of $0.18 per fully diluted share and Core FFO of $0.29 per fully diluted share. The company's total commercial portfolio is 87.8% leased, and the Empire State Building Observatory's NOI was $19.6 million.
- Net income of $0.18 per fully diluted share.
- Core FFO of $0.29 per fully diluted share, including $0.07 of lease termination fee income.
- Same-Store Property Cash Net Operating Income excluding lease termination fees decreased 7.1% from the second quarter of 2021.
- Empire State Building Observatory NOI was $19.6 million, representing approximately 80% of 2019 second quarter NOI levels.
Headline financials
Revenue & EPS history
Empire State Realty Trust · Revenue · Quarterly
$198M
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 updated its 2022 Core FFO guidance to a revised range of $0.80 to $0.85 per fully diluted share. The higher range versus prior guidance reflects +$0.07 of lease termination fee income recognized in the second quarter. Other underlying guidance assumptions for the year remain unchanged.
Tailwinds
- +$0.07 vs. prior guidance due to lease termination fees recognized in 2Q22
- Includes $0.02 from the multifamily acquisition that closed in late-December 2021
- Includes ~270M fully diluted shares as of July 21, 2022
- Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) 70% in 3Q22 and 80% in 4Q22
- Reflects second half quarterly expenses of approximately $8M - $9M
Headwinds
- Primarily driven by normalization of operating expenses as building utilization increases; ~10% y/y increase in SS operating expenses
- Also impacted by late-2021 occupancy decline
- May be subject to fluctuations as a result of several factors, including the negative impact of the ongoing COVID-19 global pandemic on our business and our market
- May be subject to straight-line rent adjustments
- May be subject to the amortization of above and below-market leases
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 Q2 2022
-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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