Empire State Realty Trust, Inc. (NYSE:ESRT) Q4 2023 Earnings Call Transcript
Empire State Realty Trust, Inc. (NYSE:ESRT) Q4 2023 Earnings Call Transcript February 21, 2024
Empire State Realty Trust, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings, and welcome to the Empire State Realty Trust Fourth Quarter 2023 Earnings Call. As a reminder, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Heather Houston, Senior Vice President, Chief Counsel, Corporate and Secretary. Thank you. You may begin.
Heather Houston: Good afternoon. Thank you for joining us today for Empire State Realty Trust's fourth quarter 2023 earnings conference call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the Investors section of the company's website at esrtreit.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in applicable securities laws, including those related to market conditions, property operations, capital expenditures, income expense, financial results and proposed transactions and events. As a reminder, forward-looking statements represent management's current estimates.
They are subject to risks and uncertainties, which may cause actual results to differ from those discussed today. Empire State Realty Trust assumes no obligation to update any forward-looking statement in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements in the company's filings with the SEC. During today's call, we will discuss certain non-GAAP financial measures, such as FFO, modified and core FFO, NOI, same-store property cash NOI, EBITDA and adjusted EBITDA, which we believe are meaningful in evaluating the company's performance. The definitions and reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release and supplemental package, each available on the company's website.
Now I will turn the call over to Tony Malkin, our Chairman and Chief Executive Officer.
Tony Malkin: Thanks, Heather. It is great to have you back after your parental leave, and good afternoon to everyone. ESRT is pleased to report a strong fourth quarter to close out what was a very productive year for our top of tier portfolio. We have a modernized, amenitized energy efficient portfolio of properties in great locations, absolute commitment to put points on the board under any circumstance and a balance sheet that allows us to do so. Our team's focus and relentless effort once again delivered results. In the fourth quarter, FFO came in $0.05 above expectations, $0.015 from non-recurring items, the majority from recurring operations. Christina, our new President, will handle that in more depth in her comments. We delivered our eighth consecutive quarter of positive leased percentage absorption.
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