Empire State Reports 1Q Earnings; New Observatory Entrance Should Open in 3Q
There was little in no-moat-rated Empire State Realty Trust’s first-quarter results that would alter our long-term view of the company, and we are maintaining our $17 fair value estimate. The company posted first-quarter funds from operations per diluted share of $0.20, a 5% decrease compared with the same period a year ago. The quarter finished with occupancy of 88.1%, down 150 basis points sequentially. While we don’t put too much emphasis on quarterly moves in occupancy, it’s apparent that gr...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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