Published on 22 Apr 2024 on GuruFocus.com via Yahoo Finance
Empire State Realty Trust Inc. (ESRT) Q1 2024 Earnings: Aligns with Analyst Projections
Net Income: Reported at $5.66 million for Q1 2024, which exceeded the estimated $0.65 million.Revenue: Reached $181.18 million, surpassing the quarterly estimate of $174.38 million.Earnings Per Share (EPS): Achieved $0.03 per fully diluted share, aligning with disclosed figures.Occupancy Rates: Commercial portfolio occupancy increased to 87.6% from 86.3% at the end of the previous quarter.Leasing Activity: Signed leases for 248,000 rentable square feet, indicating robust demand for space.Observatory Revenue: Grew to $24.6 million with a 13% year-over-year increase in net operating income (NOI).Liquidity and Debt: Maintained strong liquidity at $834 million and closed a new $715 million credit facility, enhancing financial stability.
Warning! GuruFocus has detected 8 Warning Signs with ESRT.