Empire State Realty Trust (ESRT) Misses Q4 EPS by 8c

Empire State Realty Trust (NYSE: ESRT) reported Q4 EPS of $0.11, $0.08 worse than the analyst estimate of $0.19. FFO of $0.25.

• Achieved net income attributable to the Company of $0.11 per fully diluted share.
• Core Funds From Operations (“Core FFO”) was $0.25 per fully diluted share.
• Occupancy and leased percentages at December 31, 2017:
• Total portfolio was 89.6% occupied; including signed leases not commenced (“SLNC”), the total portfolio was 92.2% leased.
• Manhattan office portfolio (excluding the retail component of these properties) was 89.0% occupied; including SLNC, the Manhattan office portfolio was 92.1% leased.
• Retail portfolio was 92.0% occupied; including SLNC, the retail portfolio was 93.9% leased.
• Empire State Building was 93.6% occupied; including SLNC, was 94.2% leased.
• Signed 55 leases, representing 274,988 rentable square feet across the total portfolio, and achieved a portfolio-wide 26.8% increase in mark-to-market rent over previous fully escalated rents on new, renewal, and expansion leases.
• Signed 24 new leases representing 170,669 rentable square feet for the Manhattan office portfolio (excluding the retail component of these properties), and achieved an increase of 33.9% in mark-to-market rent over previous fully escalated rents.
• Achieved Empire State Building Observatory revenue for the fourth quarter 2017 of $32.9 million.
• Realized lease termination fee income, included in other revenues and fees, of $3.2 million or approximately $0.01 per fully diluted share.
• Entered into an agreement to issue and sell an aggregate principal amount of $450 million of senior unsecured notes in a private placement, of which $115 million was sold and purchased in December 2017 and $335 million will be sold and purchased in March 2018.
• Declared a dividend in the amount of $0.105 per share.

For earnings history and earnings-related data on Empire State Realty Trust (ESRT) click here.

You May Also Be Interested In

• 'Ocean of opportunity': Wolfe initiates SpaceX at Buy ahead of historic IPO
• Limoneira (LMNR) Misses Q2 EPS by 8c, Beats on Revenue
• Stitch Fix (SFIX) Tops Q3 EPS by 4c, Offers Guidance