Empire State Realty Trust Reports Tepid 1Q Earnings; Maintaining FVE
Empire State Realty Trust provided mixed first-quarter results, with encouraging re-leasing spreads offset by soft observatory demand. However, we saw little in this quarterly report to alter our long-term thesis and consequently expect to maintain our $17 per share fair value estimate for the no-moat-rated company. Core funds from operations was $0.19 in the first quarter compared with $0.20 a year ago. This slight decline was largely driven by a 3% decrease in observatory revenue compared with...Empire State Realty Trust is a self-administered and self-managed real estate investment trust. The company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. The company's operating partnership, Empire State Realty OP, L.P., conducts substantially all of the company's business. The company has two reportable segments: Real Estate and Observatory. The company's real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of its real estate assets. The company's observatory segment operates the floor observatories at the Empire State Building.
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