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Empire State Realty Trust Inc (ESRT)
:ESRT
US Market

Empire State Realty (ESRT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date
Apr 23, 2025
TBA Not Confirmed
Period Ending
2025 (Q1)
Consensus EPS Forecast
Last Year’s EPS
0.03
Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary

Earnings Call Date:Feb 19, 2025
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% Change Since: -2.89%
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Next Earnings Date:Apr 23, 2025
Earnings Call Sentiment|Positive
Empire State Realty Trust showcased strong leasing momentum, significant growth in the observatory business, and strategic diversification into multifamily and retail assets. However, challenges include a decline in same-store property cash NOI and a relatively flat projection for the observatory business in 2025. The core FFO guidance for 2025 also indicates a slight decrease. Overall, the highlights, particularly the strong leasing performance and financial stability, outweigh the lowlights.
Company Guidance
During the Empire State Realty Trust's fourth-quarter 2024 earnings call, the company reported strong financial metrics and provided optimistic guidance for 2025. They achieved a record annual leasing volume of 1.3 million square feet, with their Manhattan office portfolio reaching over 94% leased. The company expects to see commercial occupancy rates between 89% and 91% by the end of 2025, driven by positive absorption and reduced inventory. Financially, they reported a core FFO of $0.24 per diluted share for the fourth quarter and $0.95 for the full year, with an adjusted core FFO of $0.91 after accounting for nonrecurring items. For 2025, they forecast core FFO to range from $0.86 to $0.89. The observatory business performed strongly, with a fourth-quarter net operating income of approximately $29 million and a full-year NOI of $100 million, with future growth expected due to a new dynamic pricing model. Additionally, Empire State Realty Trust maintained a robust balance sheet with a net debt to EBITDA ratio of 5.3 times, and they plan to continue capital recycling into high-growth assets like multifamily and prime retail. Overall, the company remains committed to its five priorities: leasing space, selling observatory tickets, managing the balance sheet, identifying growth opportunities, and achieving sustainability goals.
Strong Leasing Performance
In 2024, Empire State Realty Trust leased over 1.3 million square feet, the highest annual volume since 2019, with a Manhattan office portfolio that is over 94% leased. The company achieved 12 consecutive quarters of higher leased percentages and positive absorption.
Observatory Business Growth
The observatory achieved year-over-year growth in net operating income exceeding 2019 levels, with over 485 billion global media impressions and generating $950 million in advertising value equivalency.
Financial Performance and Stability
Empire State Realty Trust reported core FFO of $0.95 per diluted share for 2024, with the lowest leverage among New York City-focused REITs at 5.3 times net debt to EBITDA. The company maintains strong liquidity and a well-laddered debt maturity schedule.
Expansion and Strategic Acquisitions
Continued diversification into attractive multifamily assets and prime retail assets in Williamsburg, Brooklyn, with $221 million in acquisitions and another $30 million acquisition expected in 2025.
Positive Market Demand
Strong demand for high-quality office space in New York City, allowing for increased rents and reduced concessions. The company achieved a 13% year-over-year increase in net effective rent per square foot.
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Empire State Realty (ESRT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

ESRT Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Slides
Play Transcript
Apr 23, 20252025 (Q1)
- / -
0.03
Feb 19, 20252024 (Q4)
- / 0.07
0.0616.67% (+0.01)
Oct 21, 20242024 (Q3)
- / 0.08
0.0714.29% (<+0.01)
Jul 24, 20242024 (Q2)
- / 0.10
0.14-28.57% (-0.04)
Apr 24, 20242024 (Q1)
- / 0.03
0.04-25.00% (-0.01)
Feb 20, 20242023 (Q4)
- / 0.06
0.08-25.00% (-0.02)
Oct 25, 20232023 (Q3)
- / 0.07
0.03133.33% (+0.04)
Jul 26, 20232023 (Q2)
- / 0.14
0.1127.27% (+0.03)
Apr 26, 20232023 (Q1)
- / 0.04
-0.07157.14% (+0.11)
Feb 15, 20232022 (Q4)
- / 0.08
-0.02500.00% (+0.10)
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
Feb 19, 2025$9.01$8.75-2.89%
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%
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 Trust Inc (ESRT) report earnings?
Empire State Realty Trust Inc (ESRT) is schdueled to report earning on Apr 23, 2025, TBA Not Confirmed.
    What is Empire State Realty Trust Inc (ESRT) earnings time?
    Empire State Realty Trust Inc (ESRT) earnings time is at Apr 23, 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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