ESRT Q1 net income $0.04/sh, Core FFO $0.16; 2023 guidance cut to $0.80-0.84

Empire State Realty Trust, Inc.

2023-Q1 EPS reported $0.04 revenue$164,622,000

Net income $0.04 per fully diluted share; Core FFO $0.16 (includes $0.024 reserve for Signature Bank).
Manhattan office occupancy 90.7% leased (+180bps QoQ, +390bps YoY); Same-Store Cash NOI down 11.4% YoY.
Observatory NOI $14.3M, visitor count +65% YoY to 443,000; disposed Westport retail ($40M) and 500 Mamaroneck ($53M).
2023 Core FFO guidance reduced to $0.80-0.84/sh from $0.82-0.86; no debt maturity until Nov 2024, $1.1B liquidity.
Repurchased $11.6M stock in Q1+through Apr 25; quarterly dividend $0.035/sh.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Empire State Realty Trust, Inc. reported the first quarter 2023 results: EPS $0.04 per share.

Period: the first quarter 2023
EPS: $0.04 per share
Result: reported results

Exact text from the filing

Today the Company reported its operational and financial results for the first quarter 2023. All per share amounts are on a fully diluted basis, where applicable. First Quarter and Recent Highlights • Net Income of $0.04 per share.

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Empire State Realty Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-118571

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