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Empire State Realty Trust Inc Class A ESRT

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Morningstar’s Analysis

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Empire State Realty Reports Mixed Second-Quarter Results; We Maintain Our $10.50 FVE

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

No-moat rated Empire State Realty posted mixed second-quarter results as the core portfolio reported decent performance, but the observatory continues to struggle amid pandemic-induced restrictions on international travel. The firm reported second-quarter funds from operations, or FFO, of $0.18 per share, higher than the $0.14 in FFO during the second quarter of 2020. After incorporating the second-quarter results, we are maintaining our $10.50 fair value estimate.

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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 +1 212 687-8700
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 755