Opinions
Andrew Moffs
Empire State Realty Trust
ESRT-N
TOP PICK
Oct 31, 2024
$10.770
Stock price when the opinion was issued
0
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Primarily office buildings across New York City, as well as retail and a bit of multi-family. Revenue: office (60%), retail/multi-family (10-20%), and Empire State Building Observatory (~25% net operating income). The iconic Observatory recently voted #1 attraction in the world.
(Analysts’ price target is $11.12)Likes the Manhattan office market, seeing increasing leasing volume. It's a market of haves (lots of capital) and have nots (not well capitalized). ESRT is well capitalized. Attracting tenants with value. 28% discount to NAV. Listed as the #1 globally sustainable REIT. Yield is 1.3%.