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Empire State Realty Trust Inc Class A - Stock Quote ESRT

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Morningstar's Empire State Realty Trust Inc Class A Stock Analysis

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Challenging Office Real Estate Environment Continues to Weigh on Empire State Realty’s Q1 Results

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

The challenging office real estate environment continues to weigh on no-moat-rated Empire State Realty’s first-quarter results. The firm reported first-quarter core funds from operations, or FFO, of $0.18 per share, higher than the $0.15 in core FFO during the same quarter last year. Meanwhile, the same-store cash net operating income excluding lease termination fees was up 0.9% from the first quarter of 2021. The same-store rental and NOI growth numbers are disappointing especially after considering the fact that we are currently in a highly inflationary environment. The record-high vacancy rates and the remote work dynamic are making it difficult for office owners to increase rental rates that match inflation. We do not plan to materially change our $11.30 fair value estimate for Empire State Realty as we fully incorporate the first-quarter result.

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Empire State Realty Trust Inc Class A's Company Profile

Business Description

Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, featuring its landmark Empire State Building office and observation deck. The company owns and operates around 10 million square feet of office space, about 80% of which is located in Manhattan.

111 West 33rd Street, 12th Floor
New York, NY, 10120
T +1 212 850-2600
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 693