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Empire State Realty Trust: Q1 Earnings Snapshot
By AP News - Apr 24, 2024, 05:07 PM ET
Last Updated - May 27, 2024, 01:07 AM EDT
NEW YORK (AP) — NEW YORK (AP) — Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its first quarter.
The New York-based real estate investment trust said it had funds from operations of $56.5 million, or 21 cents per share, in the period.
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Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $5.7 million, or 3 cents per share.
The real estate investment trust, based in New York, posted revenue of $181.2 million in the period. Its adjusted revenue was $153.9 million.
Empire State Realty Trust expects full-year funds from operations in the range of 90 cents to 94 cents per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ESRT at https://www.zacks.com/ap/ESRT
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