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Empire State Realty Trust First Quarter 2024 Earnings: Beats Expectations
Empire State Realty Trust (NYSE:ESRT) First Quarter 2024 Results
Key Financial Results
- Revenue: US$181.2m (up 10% from 1Q 2023).
- Funds from operations (FFO): US$54.0m (up 32% from 1Q 2023).
- FFO margin: 30% (up from 25% in 1Q 2023). The increase in margin was driven by higher revenue.
- FFO per share: US$0.3 (up from US$0.25 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Empire State Realty Trust Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates.
Looking ahead, revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the REITs industry in the US.
Performance of the American REITs industry.
The company's shares are down 1.2% from a week ago.
Risk Analysis
You should always think about risks. Case in point, we've spotted 2 warning signs for Empire State Realty Trust you should be aware of.
Valuation is complex, but we're helping make it simple.
Find out whether Empire State Realty Trust is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.
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About NYSE:ESRT
Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets.
Second-rate dividend payer and slightly overvalued.