NYC's Empire State Building Is Feeling The Squeeze From Remote Work, Tourism Weakness: Growth Score Drops

A New York City-focused REIT, with an expansive portfolio that includes the Empire State Building, has hit a prolonged rough patch amid structural shifts in the post-COVID retail and office space dynamics across the country.

The Empire State Realty Trust Inc. (NYSE:ESRT) has witnessed a steep decline in its Growth score in Benzinga’s Edge Stock Rankings, which coincides with the drop in the company’s stock price over the past year.

Remote Work, Weak Tourism Hurt Prominent REIT

The Growth score in Benzinga’s Edge Stock Rankings is assessed based on a company’s historic growth profile, which includes the pace of earnings and revenue growth, with equal importance given to both short and long-term trends, following which it is scored as a percentile against all other stocks.

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The Empire State Realty Trust has seen its Growth metrics drop from 44.61 to 30.1 within the span of a week, largely owing to leading analysts, such as Wells Fargo, trimming their price targets for the stock.

The company has also reported a string of misses on top-line estimates in its recent quarters, alongside a steady decline in earnings, as the remote/hybrid work trend, alongside the slowdown in tourism, continues to weigh on its earnings.

The stock is down 35.99% year-to-date and 7% over the past month. The stock scores poorly on Momentum and Growth in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.

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