Empire State Realty Trust (ESRT) Reports Q1 EPS of $0.06, Beats on Revenues

Empire State Realty Trust (NYSE: ESRT) reported Q1 EPS of $0.06. Revenue for the quarter came in at $168.5 million versus the consensus estimate of $123.6 million.

First Quarter Highlights

• Achieved net income attributable to the Company of $0.06 per fully diluted share.
• Core Funds From Operations (“Core FFO”) was $0.20 per fully diluted share.
• Occupancy and leased percentages at March 31, 2018:
  • Total portfolio was 88.1% occupied; including signed leases not commenced (“SLNC”), the total portfolio was 91.5% leased.
  • Manhattan office portfolio (excluding the retail component of these properties) was 87.3% occupied; including SLNC, the Manhattan office portfolio was 91.6% leased.
  • Retail portfolio was 89.7% occupied; including SLNC, the retail portfolio was 91.4% leased.
  • Empire State Building was 92.8% occupied; including SLNC, was 93.9% leased.
• Signed 41 leases, representing 259,530 rentable square feet across the total portfolio, and achieved a portfolio-wide 11.4% increase in mark-to-market rent over previous fully escalated rents on new, renewal, and expansion leases.
• Signed 20 new leases representing 158,932 rentable square feet for the Manhattan office portfolio (excluding the retail component of these properties), and achieved an increase of 23.8% in mark-to-market rent over previous fully escalated rents.
• Empire State Building Observatory revenue for the first quarter 2018 grew 1.5% to $21.2 million from $20.9 million in the first quarter 2017. The 102nd floor observatory was closed during first quarter 2018 for replacement of original elevator machinery with a new, higher speed glass elevator. If the $1.9 million in revenue in first quarter 2017 from the 102nd floor observatory is excluded, in the comparable 2018 period revenue increased 11.4%.
• Lease termination fees and other revenue and fees totaled $6.7 million which included $2.8 million related to the settlement reached with a former broadcast tenant.
• Issued long-term, fixed rate unsecured financing of $335 million that increased weighted average term to maturity to 8.8 years, from 6.2 years, at December 31, 2017.
• Declared a dividend of $0.105 per share.

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

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