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Empire State Realty Trust

Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, featuring its landmark Empire State Building office and observation deck. The company owns and operates around 8.5 million square feet of office space, about 80% of which is located in Manhattan.

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Empire State Realty Trust, Inc. Class A Common Stock

Empire State Realty Trust Inc

BMO Capital analyst John Kim maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Outperform and raises the price target from $12 to $13.

BMO Capital Maintains Outperform on Empire State Realty Trust, Raises Price Target to $13

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) raises FY2024 FFO guidance from $0.90-0.94 to $0.92-0.94 vs $0.93 analyst estimate..

Guidance

Empire State Realty Trust Raises FY2024 Core FFO Guidance from $0.90-0.94 to $0.92-0.94 vs $0.93 Est.

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.26 per share which beat the analyst consensus estimate of $0.24 by 8.33 percent. The company reported quarterly sales of $153.117 million which missed the analyst consensus estimate of $193.695 million by 20.95 percent. This is a 1.10 percent increase over sales of $151.458 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Empire State Realty Trust Q3 2024 FFO $0.26 Beats $0.24 Estimate, Sales $153.117M Miss $193.695M Estimate

Empire State Realty Trust Reveals Four New Tenants To Its Retail Portfolio And Plans To Open New Ticketing Center At The Empire State Building Observatory

Wells Fargo analyst Blaine Heck maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Underweight and raises the price target from $7 to $10.

Wells Fargo Maintains Underweight on Empire State Realty Trust, Raises Price Target to $10

Empire State Realty Trust Reaffirms 2024 Core FFO Guidance Of Core $0.90 - $0.94, Est $0.92

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.24 per share which met the analyst consensus estimate. This is a 7.69 percent decrease over earnings of $0.26 per share from the same period last year. The company reported quarterly sales of $152.470 million which missed the analyst consensus estimate of $189.402 million by 19.50 percent. This is a 1.38 percent decrease over sales of $154.603 million the same period last year.

Empire State Realty Trust Q2 2024 GAAP EPS $0.24, Inline, Sales $152.470M Miss $189.402M Estimate

BMO Capital analyst John Kim maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Outperform and raises the price target from $11 to $12.

BMO Capital Maintains Outperform on Empire State Realty Trust, Raises Price Target to $12

Reported Earlier, Empire State Building Teams Up With WhatsApp And Mercedes-AMG For Spectacular F1 Show And More

Empire State Realty Trust Sees FY24 Core FFO $0.90-$0.94 Vs $0.92 Est.

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.21 per share which beat the analyst consensus estimate of $0.19 by 10.53 percent. This is a 31.25 percent increase over earnings of $0.16 per share from the same period last year. The company reported quarterly sales of $153.882 million which missed the analyst consensus estimate of $174.385 million by 11.76 percent. This is a 9.84 percent increase over sales of $140.091 million the same period last year.

Empire State Realty Trust Q1 2024 FFO $0.21 Beats $0.19 Estimate, Sales $153.882M Miss $174.385M Estimate

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=Empire+State+Realty+Trust%2C+Inc.&amp;index=1&amp;md5=eb43ca18db4493a496e36f9092753be2">Empire State Realty Trust, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) announced today that it signed a new 11-year office lease with Sol de Janeiro USA – a luxury skincare and beauty brand – for 57,203 square feet at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2Fone-grand-central-place1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=One+Grand+Central+Place&amp;index=2&amp;md5=a1a08a7d68afa214881e21beb016b2f2">One Grand Central Place</a>. Sol de Janeiro is a subsidiary of French beauty brand L'Occitane, who recently signed a separate 9,497 square foot expansion and lease term extension on their existing 20,962 square foot space at ESRT's <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2F111-west-33rd-street1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=111+W.+33rd+Street&amp;index=3&amp;md5=6d13ec685e8decea31c08cdd9fad9d7e">111 W. 33rd Street</a>.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240221089922/en/">https://www.businesswire.com/news/home/20240221089922/en/</a>
One Grand Central Place offers 55 stories of modernized, amenitized office space near New York City's top dining, lodging, and entertainment, as well as convenient in-building access to Grand Central Terminal's commuter trains, five subway lines, and Grand Central Madison access to LIRR.
"Sol de Janeiro is a fantastic addition to One Grand Central Place's stellar tenant roster," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "Our partnership together will deliver them a fantastic, custom installation where Sol will enjoy top-tier amenities and convenient access to transportation."
Brent Ozarowski of Newmark represented Sol de Janeiro USA in the lease negotiations. Jordan Berger of ESRT and Scott Klau, William Cohen, Erik Harris, and Neil Rubin of Newmark represented the property owner.
More information about One Grand Central Place, and current office availability, can be found <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2Fone-grand-central-place1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=online&amp;index=4&amp;md5=184d093ae099a68720dbdb5b363590f1">online</a>.

Contracts

Empire State Realty Trust Announced Today That It Signed A New 11-Year Office Lease With Sol De Janeiro USA

Empire State Realty Trust Sees FY24 Core FFO $0.90-$0.94 Vs $0.89 Est.

Chiu previously served as Executive Vice President, Chief Operating Officer &amp; Chief Financial Officer; Horn previously served as Senior Vice President, Chief Accounting Officer
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2F&amp;esheet=53898818&amp;newsitemid=20240220404736&amp;lan=en-US&amp;anchor=Empire+State+Realty+Trust%2C+Inc.&amp;index=1&amp;md5=8e73dc547b16fc26e5e71329aa784ed6">Empire State Realty Trust, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) announced today that Executive Vice President, Chief Operating Officer &amp; Chief Financial Officer Christina Chiu has been promoted to President. Anthony E. Malkin will continue to serve as Chairman and Chief Executive Officer. Additionally, Senior Vice President, Chief Accounting Officer Stephen V. Horn has been promoted to Executive Vice President, Chief Financial Officer &amp; Chief Accounting Officer.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240220404736/en/">https://www.businesswire.com/news/home/20240220404736/en/</a>
&nbsp;
"In her nearly four years with ESRT, Christina has grown with experience, led with strength, contributed materially to the sector leading successes of ESRT, and been a great partner. Her well-deserved promotion recognizes her capabilities, responsibilities, and value add to ESRT and reflects our success in the attraction, development and promotion of talent for our present and future opportunities," said Anthony E. Malkin, ESRT Chairman and CEO.
"Steve Horn has been a tremendous asset to ESRT since he joined us in December 2020, and his promotion to Chief Financial Officer &amp; Chief Accounting Officer reflects our view of his capabilities," said Christina Chiu. "When we brought Steve on board, we had his potential to fill this role in mind, and I will continue to work closely with Steve on his growth and development in his new role at ESRT."
Tom Durels continues in his role as EVP, Real Estate and as a key partner to Malkin, Chiu and Horn. Chiu continues her close partnerships with Malkin and Durels on all matters. Horn has been an integral member of ESRT's management team, performed exceptionally well in his Chief Accounting Officer role, and has deep knowledge of financial reporting.
More information about the ESRT leadership can be found <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fleadership%2F&amp;esheet=53898818&amp;newsitemid=20240220404736&amp;lan=en-US&amp;anchor=online&amp;index=2&amp;md5=0386ef0cfbe00bf13ca64963f99aa75c">online</a>.

Management

Empire State Realty Trust Appoints Christina Chiu As President, Stephen V. Horn As Chief Financial Officer & Chief Accounting Officer; Anthony E. Malkin Will Continue To Serve As Chairman And Chief Executive Officer

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.25 per share which beat the analyst consensus estimate of $0.21 by 19.05 percent. The company reported quarterly sales of $151.17 million which missed the analyst consensus estimate of $186.47 million by 18.93 percent. This is a 3.61 percent increase over sales of $145.91 million the same period last year.

Empire State Realty Trust Q4 2023 FFO $0.25 Beats $0.21 Estimate, Sales $151.17M Miss $186.47M Estimate

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Earnings Scheduled For February 20, 2024

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Empire State Realty Trust Says Burlington Stores Expands By 67,865 Square Feet To Occupy Total Of 170,763 Square Feet At 1400 Broadway

Empire State Realty Trust Signs New Full-Floor Lease With Greater New York Mutual Insurance Company At Empire State Building

Donald Trump built his wealth through estate investments and development. He inherited a portion of his father&#8217;s real estate business, which he then expanded through strategic property deals, hotel developments, and branding.&nbsp;
Trump also ventured into entertainment, including his popular show The Apprentice and his new social media app Truth Social, which is <a href="https://www.benzinga.com/real-estate/24/01/36662910/trump-linked-spac-digital-world-acquisition-corp-dwac-continues-surge-after-iowa-win">trying to go public</a> through a SPAC merger with Digital World Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DWAC#NASDAQ">DWAC</a>).
Investing in real estate is not as easy as it once was, especially with rates at elevated levels. However, investors can explore alternative routes to enter the real estate market, including investing in real estate investment trusts (REITs) or participating in <a href="https://www.benzinga.com/alternative-investments/real-estate">real estate crowdfunding</a>.
So, how can you invest like Donald Trump? Well, his portfolio is <a href="https://www.benzinga.com/real-estate/24/01/36535479/donald-trumps-real-estate-portfolio-is-highly-concentrated-in-these-two-states">highly concentrated in two states</a> – New York and Florida.
<h2 class="wp-block-heading">Invest in New York</h2>
An easy way to invest in New York City is with Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>). It's a NYC-focused REIT that owns and operates a portfolio of office, retail, and multifamily assets, including the world-famous Empire State Building, One Grand Central Place, and 1400 Broadway. As of September 30, 2023, its portfolio consists of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space, and 727 residential units.
Empire State also offers investors the opportunity to generate income. Its <a href="https://investors.esrtreit.com/stock-information/dividend-history/default.aspx">dividend has varied</a> since its 2013 initial public offering, but it currently pays a quarterly dividend of $0.035 per share, equating to $0.14 per share annually, giving it a yield of about 1.4% today. While its yield is not eye-popping, it could surely grow this dividend over time.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
</ul>
<h2 class="wp-block-heading">Invest in Florida</h2>
A great way to invest in Florida is with Invitation Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>). Invitation Homes has approximately 80,000 homes for lease across 16 markets in the U.S., making it one of the largest homeowners in the country. In the <a href="https://s28.q4cdn.com/264003623/files/doc_presentation/2023/11/investor-presentation_november-2023_vfinal.pdf">third quarter of 2023</a>, its Florida markets – Orlando, Tampa, and South Florida – represented 30% of its total revenue.
Invitation Homes is also a fantastic dividend stock. It currently pays a quarterly dividend of $0.28 per share, equating to $1.12 per share annually, which gives it a yield of about 3.3% today. It has also raised its annual dividend every year since its initial public offering in 2017, making it both a high-yield and dividend-growth stock.
<h2 class="wp-block-heading">Another way to invest like Donald Trump</h2>
You can also get started in real estate like Donald Trump with as little as $100 by using a real estate crowdfunding platform, like <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">Bezos and Khosrowshahi-backed Arrived Homes</a> or <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">Marcus and Millichap-backed EquityMultiple</a>. Real estate crowdfunding platforms allow you to connect with other investors and pool your money to purchase property for passive real estate income.&nbsp;
Learn more about real estate crowdfunding <a href="https://www.benzinga.com/money/best-real-estate-crowdfunding-platforms">here</a> and check out properties available for investment right now <a href="https://www.benzinga.com/alternative-investments/real-estate">here</a>.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
</ul>
Image Credit: Shutterstock

Empire State Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) (the "Company"), today announced that its Board of Directors has authorized the repurchase of up to $500 million of the Company's Class A common stock and Empire State Realty OP, L.P.'s Series ES, Series 250 and Series 60 operating partnership units (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESBA#NYSE">ESBA</a>, FISK and OGCP, respectively)))) for the period from January 1, 2024 through December 31, 2025. This will replace the existing $500 million repurchase authorization that runs from January 1, 2022 through December 31, 2023.

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Empire State Realty Trust Announces Stock Repurchase Authorization Of Up To $500M Of The Company's Class A Common Stock And Empire State Realty OP, L.P.'s Series ES, Series 250 And Series 60 Operating Partnership Units

Brace For Volatility

In a report released today, John Kim from BMO Capital maintained a Buy rating on Empire State Realty (ESRT – Research Report), with a price target ...

Empire State Realty Trust: Strategic Investments and Growth Prospects Elevate Buy Rating

BMO Capital raised the firm's price target on Empire State Realty (ESRT) to $13 from $12 and keeps an Outperform rating on the shares. The analyst ...

Empire State Realty price target raised to $13 from $12 at BMO Capital

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Empire State Realty ( ($ESRT) ) just unveiled an update. Empire State Realty Trust, Inc. announced amendments to employment agreements for top exec...

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