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Free Research Report as Empire State Realty Trust’s Revenues Grew 4%

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LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free earnings report on Empire State Realty Trust, Inc. (NYSE: ESRT) ("ESRT"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ESRT. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The New York-based real estate investment trust (REIT) beat funds from operations (FFO) estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Empire State Realty Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, ESRT generated revenues of $122.3 million, up 4% compared to $117.1 million in Q1 2017. The Company's revenue numbers lagged analysts' estimates by $0.41 million.

During Q1 2018, ESRT's net income attributable to common stockholders was $9.8 million, or $0.06 per fully diluted share, compared to $10.0 million, or $0.06 per fully diluted share, in Q1 2017.

For Q1 2018, ESRT's FFO was $57.3 million, or $0.19 per fully diluted share, compared to $59.3 million, or $0.20 per fully diluted share, in Q1 2017. The Company's core FFO was $59.3 million, or $0.20 per fully diluted share, in the reported quarter compared to $61.3 million, or $0.21 per fully diluted share, in the prior year's same quarter.

ESRT's adjusted FFO was $59.3 million, or $0.20 per fully diluted share, versus $61.3 million, or $0.21 per fully diluted share, in the prior year's comparable quarter. The Company's FFO numbers topped Wall Street's estimates of $0.19 per share.

Portfolio Operations

As of March 31, 2018, ESRT's total portfolio contained 10.1 million rentable square feet of office and retail space. At March 31, 2018, the Company's total portfolio was 88.1% occupied; and, including signed leases not commenced (SLNC), its total portfolio was 91.5% leased.

At March 31, 2018, ESRT's Manhattan office portfolio, excluding the retail component of these properties, was 87.3% occupied; and, including SLNC, the Manhattan office portfolio was 91.6% leased. The Company's retail portfolio was 89.7% occupied; and, including SLNC, the retail portfolio was 91.4% leased. As of March 31, 2018, ESRT's Empire State Building was 92.8% occupied; and, including SLNC, was 93.9% leased.


During Q1 2018, ESRT signed 41 new, renewal, and expansion leases within the total portfolio, comprising 259,530 rentable square feet with an average starting rental rate of $57.29 per rentable square foot, representing an increase of 11.4% increase in mark-to-market rent over previous fully-escalated rents on new, renewal, and expansion leases.

During Q1 2018, on a blended basis, ESRT's 31 new, renewal, and expansion office leases, comprising 192,896 rentable square feet, signed within the Manhattan office portfolio had an average starting rental rate of $58.94 per rentable square foot, representing an increase of 19.1% versus the previous fully-escalated rent.

Empire State Building

During Q1 2018, the Company signed five office leases at the Empire State Building, representing 25,674 rentable square feet in aggregate.

ESRT''s Empire State Building Observatory revenues grew 1.5% to $21.2 million in Q1 2018 from $20.9 million in Q1 2017. The 102nd floor observatory was closed during the reported quarter due to the replacement of original elevator machinery with a new, higher speed glass elevator.

The Empire State Building Observatory hosted approximately 660,000 visitors in Q1 2018 compared to 636,000 visitors in Q1 2017, reflecting an increase of 3.8%. The Company stated that in the reported quarter, there were 15 bad weather days compared to 22 bad weather days in the prior year's corresponding quarter. For Q1 2018, ESRT estimated that bad weather resulted in approximately 14,000 net fewer visitors than in Q1 2017.

Balance Sheet

At March 31, 2018, ESRT had no outstanding balance on its $1.1 billion unsecured revolving credit facility, but had $265 million outstanding under the term loan facility. The Company held cash and cash equivalents of $690.5 million at March 31, 2018.

As of March 31, 2018, ESRT had a total debt outstanding of approximately $1.9 billion, with a weighted average interest rate of 3.84% per annum, and a weighted average term to maturity of 8.8 years. At March 31, 2018, the Company's consolidated net debt to total market capitalization was approximately 19.5% and consolidated net debt to EBITDA was 3.5x.

Stock Performance Snapshot

May 14, 2018 - At Monday's closing bell, Empire State Realty Trust's stock fell 1.91%, ending the trading session at $16.98.

Volume traded for the day: 1.17 million shares.

Stock performance in the last month – up 3.41%

After yesterday's close, Empire State Realty Trust's market cap was at $2.83 billion.

Price to Earnings (P/E) ratio was at 53.90.

The stock has a dividend yield of 2.47%.

The stock is part of the Financial sector, categorized under the REIT - Diversified industry.


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