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Empire State Realty (ESRT)
NYSE:ESRT
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
―Last Year’s EPS
$0.06Same Quarter Last Year
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 21, 2024
|% Change Since: -9.17%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive trajectory in leasing performance, occupancy rates, and strategic retail acquisitions in a prime location. The company maintains a strong balance sheet and leadership in sustainability. However, challenges such as softer visitor numbers at the Observatory and potential dilution from recent transactions were noted. Overall, the call indicates more positive developments than negative, with continued growth and strong financial health.Company Guidance
During the Empire State Realty Trust's Q3 2024 earnings call, the guidance provided included several key metrics and strategic insights. The company reported a strong quarter with Funds from Operations (FFO) exceeding consensus, driven by over 300,000 square feet of leasing activity, marking their 11th consecutive quarter of leased percentage growth. The commercial portfolio's leased rate is in the mid-90% range, with a Manhattan office portfolio leased at 93.6%, reflecting an increase of 30 basis points from the previous quarter. The Observatory segment showed sequential and year-over-year growth, although overall visitation is still below 2019 levels. A significant acquisition of prime retail assets on North 6th Street in Williamsburg was highlighted, with $143 million closed and an additional $30 million acquisition in progress, expecting yields to rise from 4% to over 6% by 2027. The company's balance sheet remains robust with no unaddressed debt maturity until December 2026, and the leverage ratio is the lowest among New York City REITs at 5.2x net debt to EBITDA. The 2024 core FFO guidance midpoint was raised to $0.93 per share, with expectations of continued strong leasing performance and strategic capital recycling activities contributing to long-term shareholder value.Strong Leasing Performance
Over 300,000 square feet leased in the quarter, marking the 11th consecutive quarter of leased percentage growth and 13th consecutive quarter of positive New York City office rent spreads.
High Occupancy Rates
Manhattan office portfolio stands at 93.6% leased, with occupancy increasing by 40 basis points compared to last quarter and 140 basis points year-over-year to 89.2%.
Significant Retail Expansion
Closed on $143 million of the $195 million acquisition of prime retail assets in Williamsburg, Brooklyn, with a portfolio expected to yield 4% initially and over 6% by 2027.
Sustainability Leadership
Achieved highest GRESB score among U.S. listed companies in the Americas for the second year in a row, highlighting sustainability efforts.
Strong Balance Sheet
Lowest leverage among New York City REITs at 5.2x net debt to EBITDA, with no unaddressed debt maturity until December 2026.
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ESRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ESRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 21, 2024 | $11.18 | $11.14 | -0.36% |
| Jul 24, 2024 | $10.60 | $10.47 | -1.23% |
| Apr 24, 2024 | $9.26 | $9.03 | -2.48% |
| Feb 20, 2024 | $9.59 | $9.69 | +1.04% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Empire State Realty (ESRT) report earnings?
Empire State Realty (ESRT) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Empire State Realty (ESRT) earnings time?
Empire State Realty (ESRT) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ESRT EPS forecast?
Currently, no data Available
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