Empire State Realty Trust, Inc. | REIT Profile
Symbol: ESRT
CIK: 1541401
Exchange: NYSE
Other Symbols: ESBA, FISK
Founded: 2011 (12 years)
HQ: New York, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Office
See ESRT on Yahoo Finance
See ESRT on SEC.gov
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Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), 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 world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2017, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 708,000 rentable square feet in the retail portfolio.
Stock Chart
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REITMovers tracks the stock price and other indicators for all US REITs tracked by REITNotes during normal trading hours. This data is updated every 3 minutes during normal trading hours. Note: All prices have a 15 minute delay.
| Latest Price | High | Low | Open | Close | Previous Close | Volume | Change $ | Change % | Market Cap | PE Ratio | 52W High | 52W Low | Ytd Change |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $8.13 | $8.35 | $8.13 | $8.28 | $8.34 | $8.34 | 94,011 | -$0.21 | -2.52% | $1,304,287,266 | 107.40 | $9.90 | $6.21 | 21.22% |
Last update: 2023-02-01 06:44:19 PST
REITRating™ Trend
REITRating™ is REITNotes' Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. See score breakdown. The graph below plots the overall REITRating™ score for the last trading days. See complete trend.
Hightlights of Trading Day January 31, 2023
Closing Price: $8.34
Price Change: 0.44 (5.57%)
Lowest Price: $7.825
Highest Price: $8.34
52-Week Low: $6.21
52-Week Change: -9.74%
5 Day Price Change: 5.19%
1 Month Price Change: 17.21%
3 Month Price Change: 8.03%
6 Month Price Change: -6.46%
1 Year Price Change: -10.25%
2 Year Price Change: -17.51%
5 Year Price Change: -53.70%
Dividend of Trading Day January 31, 2023
Annualized Dividend: $0.14*
Dividend Yield (TTM): 1.759%
Annualized Dividend (TTM): $0.139
Ex-Dividend Date: 2022-12-16
Dividend Frequency: Quarterly
*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.
Latest News Headlines
- Empire State Realty Trust - Empire State Realty Trust Selected for 2023 Bloomberg Gender-Equality Index for Second Consecutive Year - Tue, 31 Jan 2023 14:16:33 UTC
- Empire State Realty Trust - Empire State Realty Trust Announces 2022 Tax Treatment of Its Distributions - Thu, 26 Jan 2023 21:15:32 UTC
- Empire State Realty Trust - The Empire State Building Observatory Reveals New Host Uniforms with Designer Peyman Umay - Tue, 24 Jan 2023 16:47:28 UTC
- Empire State Realty Trust - Empire State Building Kicks off Lunar New Year 2023 Celebrations - Fri, 20 Jan 2023 20:55:39 UTC
- Empire State Realty Trust - Empire State Realty Announces Director Leslie D. Biddle to Step Down - Wed, 11 Jan 2023 21:15:26 UTC
Funds From Operations (FFO)
FFO Amount and Payout Ratio
Below are the FFO amounts, dividends, and payout ratios for the last two quarters for ESRT.
| Year | Quarter | Type | Amount | Dividend Paid | Payout Ratio |
|---|---|---|---|---|---|
| 2022 | Q3 | FFO Core | $--- | $--- | ---% |
| 2022 | Q3 | FFO | $--- | $--- | ---% |
| 2022 | Q2 | FFO Core | $--- | $--- | ---% |
| 2022 | Q2 | FFO | $--- | $--- | ---% |
REITNotes uses the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.
Key Stats of Trading Day January 31, 2023
Current Debt: $221,132,000
Revenue: $706,102,000
Gross Profit: $706,102,000
Total Revenue: $706,102,000
Earnings Before Interest, Taxes & Depreciation Amortization (EBITDA): $328,032,000
Revenue Per Share: $4
Revenue Per Employee: N/A
Employee: 693
Debt to Equity Ratio (D/E): 4.28
Enterprise Value (EV): $3,157,594,610
Enterprise Value to Revenue (EV/R): 4.47
Price to Sales (P/S): 1.79
Price to Book (P/B): 1.33
Price/Earnings-to-Growth (PEG) Ratio: 0.17
P/E Ratio: 110.17
P/E High: -88.43
P/E Low: -228.37
Forward P/E Ratio: N/A
Market Capitalization: $1,337,977,343
Latest Volume: 1,847,091
Avg. Total Volume: 908,200
Avg. 10-Day Volume: 1,065,926
Avg. 30-Day Volume: 908,200
TTM EPS: 0.08
Shares Outstanding: 160,428,938
Float: N/A
50-Day Moving Avg.: $7.10
200-Day Moving Avg.: $7.21
Latest REIT Community Comments on #ESRT
- Congrats #ESRT! President Biden is proud of you! - LetsDoThis - 2021-02-03 22:29:05 - See full comment
- Too bad #ESRT will continue with suspended dividends into at least half of next year! - TimHl - 2020-12-14 09:56:45 - See full comment
- #ESRT good to see Empires State Realty which is Office REIT in NY is being able to hold a consistent dividend payment of $0.105 for this Q2 2020. - BlueBlue - 2020-06-09 09:18:24 - See full comment
Properties Owned by ESRT
Sample of REIT’s Properties. Image Source - REIT’s website
Occupancy Rate
Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.
REIT Simulation
Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.
| With $1,000 USD | With $500 USD | With $250 USD | With $100 USD | With $50 USD | |
|---|---|---|---|---|---|
| Initial investment | @ $13.89 per share you would have been able to buy 71 shares of ESRT on 2022-02-01 costing $986.19 | @ $13.89 per share you would have been able to buy 35 shares of ESRT on 2022-02-01 costing $486.15 | @ $13.89 per share you would have been able to buy 17 shares of ESRT on 2022-02-01 costing $236.13 | @ $13.89 per share you would have been able to buy 7 shares of ESRT on 2022-02-01 costing $97.23 | @ $13.89 per share you would have been able to buy 3 shares of ESRT on 2022-02-01 costing $41.67 |
| Current worth | On 2023-01-31 these 71 shares would be worth $592.14 @ $8.34 | On 2023-01-31 these 35 shares would be worth $291.90 @ $8.34 | On 2023-01-31 these 17 shares would be worth $141.78 @ $8.34 | On 2023-01-31 these 7 shares would be worth $58.38 @ $8.34 | On 2023-01-31 these 3 shares would be worth $25.02 @ $8.34 |
| Dividends earned | $9.94 in dividends would have been earned since 2022-02-01 with 71 shares. | $5 in dividends would have been earned since 2022-02-01 with 35 shares. | $2.38 in dividends would have been earned since 2022-02-01 with 17 shares. | $0.98 in dividends would have been earned since 2022-02-01 with 7 shares. | $0.42 in dividends would have been earned since 2022-02-01 with 35 shares. |
| Net (gain / loss)* | -384.11 USD | -189.35 USD | -91.97 USD | -37.87 USD | -16.23 USD |
| ROI** | -38.95% | -38.95% | -38.95% | -38.95% | -38.95% |
*Net (Gains/Loss): Includes the stock price (appreciate or depreciate ) + dividends earned during period held. Stock prices based on closing price for the date. **ROI: Is based on the Net (gain/loss) divided by the initial investment value. Note: Past performance is no guarantee of future results. This is a high-level simulation and does not account for many factors such as inflation and taxes so we cannot guarantee the accuracy of this simulation.
Dividend History
Below are the most recent cash dividends paid by ESRT. The percent difference from one dividend payment to the next has also been calculated for your convenience. Dividends flagged as [E] are extraordinary dividend payments.
| Symbol | Ex Date | Cash Amount | Change in Dividend | Declaration Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| ESRT | 2022-12-16 | 0.035 | --- | 2022-12-09 | 2022-12-19 | 2022-12-30 |
| ESRT | 2022-09-14 | 0.035 | --- | 2022-08-16 | 2022-09-15 | 2022-09-30 |
| ESRT | 2022-06-14 | 0.035 | --- | 2022-05-13 | 2022-06-15 | 2022-06-30 |
| ESRT | 2022-03-14 | 0.035 | --- | 2022-03-04 | 2022-03-15 | 2022-03-31 |
| ESRT | 2021-12-17 | 0.035 | --- | 2021-12-10 | 2021-12-20 | 2021-12-31 |
| ESRT | 2021-09-14 | 0.035 | --- | 2021-08-09 | 2021-09-15 | 2021-09-30 |
| ESRT | 2021-06-14 | 0.035 | -66.67% | 2021-05-17 | 2021-06-15 | 2021-06-30 |
| ESRT | 2020-03-13 | 0.105 | --- | 2020-02-28 | 2020-03-16 | 2020-03-31 |
| ESRT | 2019-12-20 | 0.105 | --- | 2019-12-13 | 2019-12-23 | 2019-12-31 |
| ESRT | 2019-09-13 | 0.105 | --- | 2019-08-09 | 2019-09-16 | 2019-09-30 |
| ESRT | 2019-06-13 | 0.105 | --- | 2019-05-17 | 2019-06-14 | 2019-06-28 |
| ESRT | 2019-03-14 | 0.105 | --- | 2019-03-01 | 2019-03-15 | 2019-03-29 |
| ESRT | 2018-12-14 | 0.105 | --- | 2018-12-07 | 2018-12-17 | 2018-12-31 |
| ESRT | 2018-09-13 | 0.105 | --- | 2018-08-10 | 2018-09-14 | 2018-09-28 |
| ESRT | 2018-06-14 | 0.105 | --- | 2018-05-18 | 2018-06-15 | 2018-06-29 |
| ESRT | 2018-03-14 | 0.105 | --- | 2018-03-02 | 2018-03-15 | 2018-03-30 |
| ESRT | 2017-12-14 | 0.105 | --- | 2017-11-24 | 2017-12-15 | 2017-12-29 |
| ESRT | 2017-09-14 | 0.105 | --- | 2017-08-09 | 2017-09-15 | 2017-09-29 |
| ESRT | 2017-06-13 | 0.105 | --- | 2017-05-12 | 2017-06-15 | 2017-06-30 |
| ESRT | 2017-03-13 | 0.105 | --- | 2017-02-17 | 2017-03-15 | 2017-03-31 |
Earnings Press Releases
| Year | Quarter | Title |
|---|---|---|
| 2021 | Q4 | EMPIRE STATE REALTY TRUST ANNOUNCES FOURTH QUARTER 2021 RESULTS |
| 2022 | Q1 | EMPIRE STATE REALTY TRUST ANNOUNCES FIRST QUARTER 2022 RESULTS AND PROVIDES 2022 GUIDANCE |
Financial Statements Overview
Balance Sheet | Quarterly
See Annual Balance Sheet | See Quarterly Balance Sheet
Amounts in USD ($)
| Balance Sheet | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|
| Current Cash | 387,248,000 | 359,424,000 | 429,716,000 | 423,695,000 |
| Receivables | 270,297,000 | 276,866,000 | 244,365,000 | 243,569,000 |
| Inventory | 0 | 0 | 0 | 0 |
| Current Assets | 730,450,000 | 718,546,000 | 726,233,000 | 743,813,000 |
| Current Assets (Other) | 72,905,000 | 82,256,000 | 52,152,000 | 76,549,000 |
| Short Term Investments | 72,905,000 | 82,256,000 | 52,152,000 | 76,549,000 |
| Long-term Investments | 3,470,690,000 | 3,498,685,000 | 3,517,097,000 | 3,538,634,000 |
| Property, Plant & Equipment Net | 2,378,183,000 | 2,398,666,000 | 2,411,277,000 | 2,427,979,000 |
| Goodwill | 491,479,000 | 491,479,000 | 491,479,000 | 491,479,000 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Other Assets | 519,736,000 | 526,424,000 | 532,548,000 | 539,341,000 |
| Net Tangible Assets | 460,900,000 | 466,324,000 | 486,942,000 | 506,649,000 |
| Total Assets | 4,201,140,000 | 4,217,231,000 | 4,243,330,000 | 4,282,447,000 |
| Accounts Payable | 0 | 0 | 0 | 0 |
| Liabilities (Other) | 0 | 80,008,000 | 84,380,000 | 134,607,000 |
| Current Liabilities (Other) | 221,132,000 | 163,630,000 | 158,806,000 | 124,251,000 |
| Total Current Liabilities | 221,132,000 | 163,630,000 | 158,806,000 | 124,251,000 |
| Current Long-term Debt | 0 | 0 | 0 | 0 |
| Long-term Debt | 2,277,454,000 | 2,278,719,000 | 2,309,270,000 | 2,310,365,000 |
| Total Liabilities | 3,218,821,000 | 3,229,488,000 | 3,234,969,000 | 3,254,379,000 |
| Minority Interest | 691,510,000 | 678,350,000 | 653,671,000 | 656,264,000 |
| Common Stock | 162,165,000 | 167,118,000 | 169,731,000 | 173,936,000 |
| Retained Earnings | -116,232,000 | -114,860,000 | -129,747,000 | -133,610,000 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Capital Surplus | 0 | 0 | 0 | 0 |
| Shareholder Equity | 982,319,000 | 987,743,000 | 1,008,361,000 | 1,028,068,000 |
Income Statement | Quarterly
See Annual Income Statement | See Quarterly Income Statement
Amounts in USD ($)
| Income Statement | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|
| Total Revenue | 183,712,000 | 198,022,000 | 164,034,000 | 160,334,000 |
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 183,712,000 | 198,022,000 | 164,034,000 | 160,334,000 |
| Research and Development | 0 | 0 | 0 | 0 |
| Selling General and Admin | 15,725,000 | 15,876,000 | 13,686,000 | 13,578,000 |
| Operating Expense | 148,185,000 | 151,523,000 | 157,986,000 | 139,237,000 |
| Operating Income | 35,527,000 | 46,499,000 | 6,048,000 | 21,097,000 |
| Income Expense Net (Other) | 0 | 0 | 0 | 0 |
| EBIT | 35,527,000 | 46,499,000 | 6,048,000 | 21,097,000 |
| Interest Income | 23,952,000 | 24,611,000 | 24,865,000 | 23,634,000 |
| Pretax Income | 11,575,000 | 49,058,000 | -18,817,000 | -2,537,000 |
| Income Tax | 1,457,000 | 363,000 | -1,596,000 | 1,537,000 |
| Minority Interest | 3,511,000 | 18,065,000 | -6,982,000 | -1,936,000 |
| Net Income | 5,557,000 | 29,515,000 | -11,296,000 | -3,214,000 |
| Net Income Basic | 5,557,000 | 29,515,000 | -11,296,000 | -3,214,000 |
Cash Flow | Quarterly
See Annual Cash Flow | See Quarterly Cash Flow
Amounts in USD ($)
| Cash Flow | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|
| Net Income | 5,557,000 | 29,515,000 | -11,296,000 | -3,214,000 |
| Depreciation | 46,984,000 | 58,304,000 | 67,106,000 | 46,467,000 |
| Changes in Receivables | 270,297,000 | 276,866,000 | 244,365,000 | 243,569,000 |
| Changes in Inventories | 0 | 0 | 0 | 0 |
| Cash Change | 387,248,000 | 359,424,000 | 429,716,000 | 423,695,000 |
| Cash Flow | 90,307,000 | 15,985,000 | 67,693,000 | 45,459,000 |
| Capital Expenditures | -32,471,000 | -21,669,000 | -34,945,000 | -24,277,000 |
| Investments | 0 | 0 | 0 | 0 |
| Investing Activity (Other) | 0 | 0 | 0 | 0 |
| Total Investing Cash Flows | -32,471,000 | -21,669,000 | -34,976,000 | -141,982,000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Net Borrowings | 1,817,301,000 | 1,837,039,000 | 1,827,402,000 | 1,810,121,000 |
| Cash Flow Financing | -30,780,000 | -64,224,000 | -24,688,000 | -49,806,000 |
| Financing Cash Flows (Other) | 0 | 0 | 0 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 |
REITRating™ Scorecard
| Rating | Dividend Section | Avg. Rating |
|---|---|---|
| 0 | Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. | 3.7 |
| 9 | Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. | 7.1 |
| 6 | Dividend to FFO Core Payout Ratio Health: Analysis of the REIT’s Dividend to FFO Core Payout Ratios during the last four quarters. | 8.7 |
| Rating | AFFO & Efficiency Section | Avg. Rating |
| 10 | FFO Core Trend: Analysis of the REIT’s FFO Core trend during the last two years. | 8.9 |
| 5 | FFO Core to Revenue Health: Analysis of the REIT's Adjusted Funds From Operation to its Revenues. | 6.9 |
| 7 | Operating Expense Efficiency: Analysis of the REIT's Operating Expenses to its Revenues. | 7.0 |
| 7 | Operating Expense Efficiency Trend: Analysis of the trend of the REIT's Operating Expenses to its Revenue. | 6.8 |
| Rating | Leverage Section | Avg. Rating |
| 5 | Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. | 6.8 |
| 4 | Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. | 7.1 |
| 9 | Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. | 7.7 |
| 8 | Total Debt Interest Rate Trend: Analysis of the REIT’s Interest Rate to Total Debt trend during the last two years. | 8.2 |
| 2 | Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. | 5.0 |
| 4 | Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. | 7.2 |
| Rating | Asset & Revenue Section | Avg. Rating |
| 8 | G&A Effeciency Level: Analysis of the REIT’s General and Administrative expenses in relationship to its Revenues. | 7.4 |
| 9 | G&A Effeciency Trend: Analysis of the Trend of the REIT’s General and Administrative expenses in relationship to its Revenues. | 8.1 |
| 10 | Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. | 7.9 |
| 7 | Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. | 7.3 |
| Rating | Properties Section | Avg. Rating |
| 6 | Occupancy Health Level: Analysis of the REIT’s occupancy health level during the last four quarters. | 7.7 |
| 6 | Occupancy Trend: Analysis of the REIT’s occupancy trend over the last two years. | 8.9 |
| 9 | Tenants: Analysis of the REIT's tenant diversification, operation type, and exposure to risk. | 8.1 |
| Rating | Market Cap Section | Avg. Rating |
| 4 | Market Cap Strength: Analysis of the REIT's Market Capitalization performance, preservation and resistance in comparison to market changes. | 4.5 |
| 6.0 | Overall REITRating™ Score (See trend) | 6.2 |
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.
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|---|---|---|---|---|---|
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Last updated: 2023-02-01 - v3.7