Empire State Realty Trust Inc (ESRT) released its first quarter results on Monday, May 3, 2021. The company reported net earnings of -$0.02 per share for the first quarter ending March 31, 2021. Earnings for this past quarter declined 162 percent compared to the same period a year ago.
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. 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. "
Empire State Realty Trust's revenue decreased 24 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 52.76% for the first quarter compared to the same period in the previous year, and operating margins decreased to 12.63% over the same period. Net earnings for past trailing twelve months were $-23.88 million, down 134% from the prior year.
Moving on to the balance sheet, Empire State Realty Trust's cash levels dropped 42% for the first quarter over the same period last year. The company decreased shares outstanding by 5.68%.
Shares of ESRT are currently trading around $11.65. In terms of valuation, the stock is trading at a price to book ratio of 1.16.