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ESRT - Empire State Realty ...

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Empire State Realty Trust, Inc.

ESRT

NYSE

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 September 30, 2020, 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 700,000 rentable square feet in the retail portfolio. Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.

10.26 USD

0.09 (0.877%)

Operating Data

Year

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Revenue

731.34M

609.23M

624.09M

727.04M

739.57M

746.9M

754.29M

761.77M

769.31M

776.93M

Revenue %

-

-16.7

2.44

16.5

1.72

0.99

0.99

0.99

0.99

Ebitda

355.38M

251.05M

288.66M

343.92M

336.62M

341.89M

345.28M

348.7M

352.15M

355.64M

Ebitda %

48.59

41.21

46.25

47.3

45.52

45.77

45.77

45.77

45.77

Ebit

-232.15M

-300.91M

-248.58M

-256.09M

146.71M

-203.68M

-205.7M

-207.74M

-209.79M

-211.87M

Ebit %

-31.74

-49.39

-39.83

-35.22

19.84

-27.27

-27.27

-27.27

-27.27

Depreciation

587.54M

551.96M

537.24M

600.01M

189.91M

545.57M

550.98M

556.43M

561.95M

567.51M

Depreciation %

80.34

90.6

86.08

82.53

25.68

73.05

73.05

73.05

73.05

Balance Sheet

Year

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Total Cash

233.95M

526.71M

423.69M

264.43M

346.62M

402.69M

406.67M

410.7M

414.77M

418.88M

Total Cash %

31.99

86.46

67.89

36.37

46.87

53.91

53.91

53.91

53.91

Receivables

246.38M

244.05M

243.57M

264.29M

295.46M

282.44M

285.24M

288.07M

290.92M

293.8M

Receivables %

33.69

40.06

39.03

36.35

39.95

37.82

37.82

37.82

37.82

Inventories

1

1

50.94M

85.78M

-

29.82M

30.11M

30.41M

30.71M

31.02M

Inventories %

0

0

8.16

11.8

-

3.99

3.99

3.99

3.99

Payable

35.08M

32.31M

41.66M

32.93M

44.17M

40.75M

41.15M

41.56M

41.97M

42.39M

Payable %

4.8

5.3

6.68

4.53

5.97

5.46

5.46

5.46

5.46

Cap Ex

-250.25M

-143.12M

-95.04M

-126.27M

-

-134.9M

-136.23M

-137.58M

-138.95M

-140.32M

Cap Ex %

-34.22

-23.49

-15.23

-17.37

-

-18.06

-18.06

-18.06

-18.06

Weighted Average Cost Of Capital

Price

10.26

Beta

Diluted Shares Outstanding

265.63M

Costof Debt

4.47

Tax Rate

After Tax Cost Of Debt

2.73

Risk Free Rate

Market Risk Premium

Cost Of Equity

Total Debt

2.27B

Total Equity

2.73B

Total Capital

4.99B

Debt Weighting

45.43

Equity Weighting

54.57

Wacc

7.77

Build Up Free Cash Flow

Year

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Revenue

731.34M

609.23M

624.09M

727.04M

739.57M

746.9M

754.29M

761.77M

769.31M

776.93M

Ebitda

355.38M

251.05M

288.66M

343.92M

336.62M

341.89M

345.28M

348.7M

352.15M

355.64M

Ebit

-232.15M

-300.91M

-248.58M

-256.09M

146.71M

-203.68M

-205.7M

-207.74M

-209.79M

-211.87M

Tax Rate

38.88

38.88

38.88

38.88

38.88

38.88

38.88

38.88

38.88

38.88

Ebiat

-225.65M

-230.66M

-219.4M

-249.98M

89.66M

-171.44M

-173.13M

-174.85M

-176.58M

-178.33M

Depreciation

587.54M

551.96M

537.24M

600.01M

189.91M

545.57M

550.98M

556.43M

561.95M

567.51M

Receivables

246.38M

244.05M

243.57M

264.29M

295.46M

282.44M

285.24M

288.07M

290.92M

293.8M

Inventories

1

1

50.94M

85.78M

-

29.82M

30.11M

30.41M

30.71M

31.02M

Payable

35.08M

32.31M

41.66M

32.93M

44.17M

40.75M

41.15M

41.56M

41.97M

42.39M

Cap Ex

-250.25M

-143.12M

-95.04M

-126.27M

-

-134.9M

-136.23M

-137.58M

-138.95M

-140.32M

Ufcf

-99.67M

177.74M

181.7M

159.47M

345.42M

219.02M

238.92M

241.29M

243.68M

246.09M

Wacc

7.77

7.77

7.77

7.77

7.77

Pv Ufcf

203.23M

205.71M

192.77M

180.64M

169.28M

Sum Pv Ufcf

951.52M

Terminal Value

Growth In Perpetuity Method

Long Term Growth Rate

Wacc

7.77

Free Cash Flow T1

253.47M

Terminal Value

5.31B

Present Terminal Value

3.65B

Intrinsic Value

Enterprise Value

4.6B

Net Debt

1.92B

Equity Value

2.68B

Diluted Shares Outstanding

265.63M

Equity Value Per Share

10.09

Projected DCF

10.09 -0.017%

DCF Levered

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