NYSE$ESRT
Empire State Realty Trust Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Net income per share and core FFO per share were reported, and 2023 guidance was raised.
Empire State Realty Trust reported its Q3 2023 results, featuring a net income of $0.07 per share and a core FFO of $0.25 per share. The company increased its full-year core FFO guidance to $0.85-$0.87 per share. ESRT completed the acquisition of a prime retail asset in Williamsburg, Brooklyn for $26.4 million.
- Net Income of $0.07 per share.
- Core Funds From Operations (Core FFO) of $0.25 per share in the third quarter.
- Signed approximately 248K rentable square feet of new, renewal, and expansion leases, inclusive of a 144K square foot lease with LinkedIn and a 25K square foot office lease with Starbucks.
- Manhattan office portfolio leased rate increased by 30bps sequentially and increased by 250bps year-over-year to 91.9%. Total commercial portfolio is 90.5% leased as of September 30, 2023.
Headline financials
Revenue & EPS history
Empire State Realty Trust · Revenue · Quarterly
$192M
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 updates the 2023 Core FFO guidance range to $0.85 to $0.87 per fully diluted share. This reflects an improvement in the 2023 same-store property cash NOI outlook. 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.
Tailwinds
- Includes $0.04 from multifamily assets
- Assumes modest revenue growth
- Assumes increased building utilization
- Assumes an ~8% y/y increase in operating expenses and real estate taxes, partially offset by higher tenant expense reimbursements
- Reflects average quarterly expenses of ~$9M
Headwinds
- Commercial Occupancy at year-end 85% to 87%
- SS Property Cash NOI (excluding lease termination fees) -2% to -4% from 2022
- Continued impacts of pandemics on our business and our market
- Our ability to complete planned capital improvements in line with budget
- Costs of integration of completed acquisitions
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 Q3 2023
-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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro