Empire State Realty Trust Announces Reinstatement of Quarterly Dividend

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has announced a reinstated dividend of $0.035 per share for Q2 2021, translating to an annualized rate of $0.14 per share, payable on June 30, 2021. This decision reflects management's confidence in New York City's recovery and the company’s improved financial performance. Additionally, dividends for preferred units will be $0.15 and $0.175 for respective series, payable to unitholders on June 30, 2021. The announcement underscores the company's strengthening balance sheet and liquidity position.

Positive

• Reinstatement of $0.035 per share dividend indicates management's confidence in financial recovery.
• Dividends for preferred units ($0.15 and $0.175) enhance income for shareholders.
• Strengthened liquidity position and balance sheet.

Negative

• None.

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that its Board of Directors has reinstated and declared a dividend of $0.035 per share for the second quarter of 2021, which equates to an annualized rate of $0.14 per share. This amount is 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 units.

“Board and management confidence in the recovery of New York City, the improvement seen to-date in the Company’s results, and ESRT’s liquidity position and strengthening balance sheet have resulted in a reinstatement of our dividend one quarter earlier than previously announced,” said Christina Chiu, Empire State Realty Trust’s Executive Vice President and Chief Financial Officer.

The Board of Directors has declared a dividend of $0.15 per unit for the second quarter of 2021, payable to holders of Empire State Realty OP, L.P.’s (“ESRO”) Series 2014 Private Perpetual Preferred Units and a dividend of $0.175 per unit for the second quarter of 2021, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units. The dividends will be payable in cash on June 30, 2021 to unitholders of record at the close of business on June 15, 2021.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) 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.” The company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2021, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.

Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit esrtreit.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.

Forward-Looking Statements

This press release includes "forward looking statements" within the meaning of the federal securities laws. You can identify these statements by use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company’s filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Category: FINANCIAL

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FAQ

What is the dividend amount for ESRT in Q2 2021?

Empire State Realty Trust has declared a dividend of $0.035 per share for Q2 2021.

When is the payment date for ESRT's dividend?

The dividend will be payable on June 30, 2021.

What is the annualized dividend rate for ESRT?

The annualized dividend rate for ESRT is $0.14 per share.

Who qualifies for the dividends from ESRT in Q2 2021?

Holders of Class A and Class B common stock, as well as specific preferred unit holders, qualify for the dividends.