Empire State Realty Trust

Empire State Realty Trust, Inc. is a real estate investment trust, which engages in owning, managing, acquiring, and repositioning office and retail properties. It operates through the Real Estate and Observatory segments. The Real Estate segment includes ownership, management, operation, acquisition, repositioning, and disposition of real estate assets. The Observatory segment manages observatories at the Empire state building. The company was founded on July 29, 2011 and is headquartered in New York, NY.

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Empire State Realty Trust reports robust performance and growth opportunities

ESRT's Q4 2022 performance showcased strong leasing results, sustainability achievements, and a focus on energy-efficient buildings.
The company's strengths lie in its quality customer experience, solid balance sheet, and strategic capital recycling activities.
Challenges include managing operating expenses, revenue fluctuations, and potential market trend shifts.
ESRT has opportunities for growth in multi-family properties, New York City real estate, and optimizing its operational strategies.

Empire State Realty Trust (ESRT) reports strong Q1 performance

Empire State Realty Trust (ESRT) delivered a solid performance in Q1 2023, with strong leasing activity and Observatory results driving overall performance. The company's balance sheet strength and focus on modernization position it well for future growth.
ESRT faces challenges from potential distress transactions in the office sector and market forces affecting financing availability. However, the company's low debt levels and strategic approach provide resilience in navigating challenges.
Opportunities lie in ESRT's focus on New York City properties, attracting diverse tenants, and potential distress transactions for strategic acquisitions. The company's positive guidance and preparedness to capitalize on opportunities showcase a proactive stance towards growth.

ESRT excels in Q2, poised for growth amidst NYC resilience

ESRT delivered a strong quarter with robust financial performance and operational achievements.
The company's strategic focus on modernization and tenant diversification positions it well for future growth.
Challenges in decision-making speed and market dynamics require ongoing attention, while opportunities in leasing and visibility offer avenues for expansion.

Empire State Realty Trust excels in Q3, eyes NYC property growth

Empire State Realty Trust's Q3 performance showcases operational excellence, financial strength, and strategic growth initiatives. Despite challenges in capital markets, the company remains well-positioned to capitalize on opportunities in NYC real estate.

Empire State Realty Trust excels in Q4 2023 earnings call

ESRT's Q4 2023 performance reflects operational strength, robust financial metrics, and promising growth prospects, underpinned by strategic leasing initiatives and market positioning.
Despite potential challenges in lease management and capital decisions, ESRT's strong portfolio value, tenant relationships, and financial outlook offer a solid foundation for future success.
By leveraging opportunities in leasing, sustainability efforts, and strategic planning, ESRT can navigate challenges, drive growth, and enhance shareholder value in the real estate market.

Empire State Realty Trust reports robust Q1 results and growth outlook

ESRT's Q1 performance reflects strong leasing momentum and balance sheet enhancements. Challenges in specific properties are being addressed with confidence in overall leasing activity. The company's focus on growth and operational efficiency sets the stage for shareholder value creation in 2024.

Empire State Realty Trust (ESRT) reports solid Q2 performance

ESRT's Q2 2024 earnings call highlighted a robust performance, emphasizing leasing strength and operational growth. While facing challenges such as lower visitor counts and strategic decision-making, the company remains well-positioned to leverage opportunities in the market.

Empire State Realty Trust (ESRT) reports strong Q3 performance and outlines growth strategies

Empire State Realty Trust (ESRT) delivered a strong performance in Q3 2024, showcasing leasing success, retail acquisitions, and positive portfolio absorption. While facing challenges related to tenant renewals and market uncertainties, ESRT remains well-positioned to capitalize on growth opportunities and create shareholder value through strategic asset management.

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NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. ESRT's flagship Empire State Building – the “World's Most Famous Building” – includes its Observatory, the #1 attraction in the U.S. in Tripadvisor's Travelers' Choice Awards: Best of the Best for.

Empire State Realty Trust Announces Fourth Quarter and Full Year 2023 Results

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Executive Vice President, Chief Operating Officer & Chief Financial Officer Christina Chiu has been promoted to President. Anthony E. Malkin will continue to serve as Chairman and Chief Executive Officer. Additionally, Senior Vice President, Chief Accounting Officer Stephen V. Horn has been promoted to Executive Vice President, Chief Financial Officer & Chief Accounting Officer. “In her nearly f.

Empire State Realty Trust Appoints Christina Chiu as President, Stephen V. Horn as Chief Financial Officer & Chief Accounting Officer

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Burlington Stores, Inc. signed an expansion lease for an additional 67,865 square feet of office space across two full floors at 1400 Broadway. With this expansion, Burlington will occupy a total of 170,763 square feet within ESRT's portfolio across five full floors, with a new 16-year lease term for the expansion space coterminous with the current office space. After an initial deal in 2010 for 35,182.

Burlington Stores, Inc. Expands by 67,865 Square Feet to Occupy a Total of 170,763 Square Feet at 1400 Broadway

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed a new lease with Hanover Street Capital, a commercial real estate platform that provides comprehensive services for Deutsche Bank's commercial and multifamily real estate financing business, for a 12,622 square foot space at 250 West 57th Street. “We were drawn to 250 W. 57th Street for its unbeatable location and our high end pre-built space that is move-in ready,” said Sunil Madan, Head and.

Empire State Realty Trust Signs New Full-Floor Lease with Hanover Street Capital at 250 West 57th Street

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U.S. equity markets notched another week of gains after a busy slate of economic data and corporate earnings results were broadly consistent with a "soft landing" trend for the domestic economy. Ahead of the Federal Reserve's first policy meeting of 2024, the FOMC's favored inflation gauge - Core PCE - showed a "2-handle" for the first time in nearly two years. Notching a series of record highs through the week, the S&P 500 advanced 1.2%, extending its impressive rally since late October to 12 of the past 13 weeks.

Fed Looms As Earnings Begin

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed Greater New York Mutual Insurance Company (GNY Mutual) for a new full-floor, 52,116 square foot space at the world-famous Empire State Building (ESB). GNY Mutual has served policyholders since 1914 and earned an A+ (Superior) rating from A.M. Best for more than 30 consecutive years. "As a 109-year-old insurance company who specializes in providing coverage solutions for commercial real estate.

Empire State Realty Trust Signs New Full-Floor Lease with Greater New York Mutual Insurance Company at the Empire State Building

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced the 2023 tax treatment of its Class A common stock distributions, as described below. The following table summarizes, for income tax purposes, the nature of the cash distributions paid by the Company to its stockholders during the year ended December 31, 2023, and the appropriate Form 1099-DIV box number. Stockholders are encouraged to consult with their personal tax advisors as to their spe.

Empire State Realty Trust Announces 2023 Tax Treatment of Its Distributions

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The REIT sector closed the year out strong with a +11.40% total return in December, pushing into positive territory for the full year (+8.66%). Small cap REITs (+13.39%) outperformed in December. Large cap REITs (+9.55%) averaged a lower return than their smaller peers. 90.79% of REIT securities had a positive total return in December with 66.25% in the black for the full year.

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NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it will welcome Ghirardelli Chocolate Company in a 2,758 square foot retail space at the base of the world-famous Empire State Building. “Ghirardelli Chocolate is excited to open our first shop in New York. We are proud of our 171-year history that started in San Francisco, and pride ourselves in making quality chocolate so delicious it Makes Life a Bite Better,” said a Ghirardelli Chocolate Company Spo.

Empire State Realty Trust Welcomes Ghirardelli's First-Ever New York Store to Its Retail Portfolio at the Empire State Building

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it will release its fourth quarter 2023 financial results on Tuesday, February 20, 2024, after the close of markets on the New York Stock Exchange. A conference call will be held on Wednesday, February 21, 2024, at 12:00 p.m. Eastern Time. During the conference call, the Company's officers will review fourth quarter performance, discuss recent events and conduct a question-and-answer pe.

Empire State Realty Trust Announces Dates for Fourth Quarter 2023 Earnings Release and Conference Call

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NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that its Board of Directors has authorized the repurchase of up to $500 million of the Company's Class A common stock and Empire State Realty OP, L.P.'s Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) for the period from January 1, 2024 through December 31, 2025. This will replace the existing $500 million repurchase authorizatio.

Empire State Realty Trust Announces Stock Repurchase Authorization

Empire State Realty grew 2023 third quarter core FFO per share by 4 cents over its year-ago comp. Falling CPI and interest rate cuts in 2024 set the backdrop for a possible dividend hike with the REIT currently paying out just 14% of core FFO. The company's diversified portfolio, strong occupancy rates, and positive NOI growth contribute to its favorable position.

Empire State Realty: Occupancy Gains, 2024 Fed Pivot, And Possible Dividend Hike

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that its Board of Directors has declared a dividend of $0.035 per share for the fourth quarter of 2023, payable to holders of the Company's Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.'s (“ESRO”) Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership uni.

Empire State Realty Trust Announces Dividend for Fourth Quarter 2023

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NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced that the world-famous Empire State Building received three prestigious awards which showcase ESRT's dedication to exemplary tenant experience; modernized, amenity-rich properties; and a world-class brand. The 2023 BOMA Grand Pinnacle Award, 2023 BOMA Earth Award, and the Manhattan Chamber of Commerce Landmark of the Year Award were given to the “World's Most Famous Building” for outstanding achievement in building.

Empire State Building Wins Big with Three Prestigious Awards for Excellence in Building Management, Sustainability, and Community Contributions

Empire State Realty Trust Inc. (NYSE:ESRT ) Q3 2023 Results Conference Call October 26, 2023 12:00 PM ET Company Participants Katy Malonoski - VP and Head of Investor Relations Anthony Malkin - Chairman, President and CEO Tom Durels - Executive Vice President of Real Estate Christina Chiu - Executive VP, COO and CFO Financial & Investment Officer Conference Call Participants Steve Sakwa - Evercore Michael Griffin - Citi John Kim - BMO Capital Markets Camille Bonnel - Bank of America Blaine Heck - Wells Fargo Dylan Burzinski - Green Street Operator Greetings, and welcome to the Empire State Realty Trust Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

Empire State Realty Trust Inc. (ESRT) Q3 2023 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT's flagship Empire State Building – the “World's Most Famous Building” – includes its Observatory, Tripadvisor's 2023 Travelers' Choice Awards: Best of the Best the #1 attraction in the US f.

Empire State Realty Trust Announces Third Quarter 2023 Results

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it achieved the highest possible Global Real Estate Sustainability Benchmark (GRESB) 5 Star Rating for the fourth consecutive year with a score of 92. ESRT additionally received a score of 96 and an “A” rating in the Public Disclosure Assessment that measures ESG disclosure activities. ESRT's overall score ranked first of all 115 listed companies in the Americas, first in the most competitive peer group.

Empire State Realty Trust Ranks First of All 115 Americas' Listed Companies and Achieves Top GRESB 5 Star Rating for Fourth Consecutive Year

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), will ring The Opening Bell® at the New York Stock Exchange (NYSE) on October 4, 2023, in celebration of the Company's 10th anniversary of its Initial Public Offering on the NYSE. “This week, we celebrate ESRT's first decade as a public company listed on the New York Stock Exchange,” said Anthony E. Malkin, Chairman, President, and Chief Executive Officer. “Since our IPO in October 2013, we have strengthened.

Empire State Realty Trust to Ring the NYSE Opening Bell to Celebrate Its 10th Anniversary as a New York Stock Exchange Listed REIT

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), announced that it recently closed on the acquisition of two adjacent properties located at the northeast corner of North 6th Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn, New York, for an aggregate purchase price of $26.4 million. The properties, which were 100% leased as of September 30, 2023, have an aggregate square footage of 11,000 square feet, comprised of 5,600 square feet of.

Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it will release its third quarter 2023 financial results on Wednesday, October 25, 2023, after the close of markets on the New York Stock Exchange. A conference call will be held on Thursday, October 26, 2023, at 12:00 p.m. Eastern Time. During the conference call, the Company's officers will review third quarter performance, discuss recent events and conduct a question-and-answer perio.

Empire State Realty Trust Announces Dates for Third Quarter 2023 Earnings Release and Conference Call

Operator of primarily office properties and owner of the Empire State Building, Empire State Realty, has outperformed over the past year. Shares have gained over 15% since my last bullish update and are up about 12% YTD. Several other peers have generated negative returns over the same period. A positive outlook and continuing strength in their observatory operations have been two contributors to the outperformance.

Empire State Realty: Fairly Valued Following YTD Outperformance

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