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Empire State Realty Trust, Inc. (NYSE: ESRT) is a premier real estate investment trust (REIT) headquartered in New York, New York. As a leading entity in the real estate sector, ESRT specializes in the ownership, management, operation, acquisition, and repositioning of both office and retail properties in Manhattan and the greater New York metropolitan area. The company is renowned for its iconic property, the Empire State Building, which stands as one of the most famous buildings in the world.
As of June 30, 2015, Empire State Realty Trust's extensive office and retail portfolio boasts a substantial 10.0 million rentable square feet. This includes 9.3 million rentable square feet distributed across 14 office properties, with nine properties located in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York. Additionally, the retail portfolio encompasses approximately 720,000 rentable square feet.
Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, with around 9.4 million square feet of office space under its management, about 80% of which is located in Manhattan. The Empire State Building alone, featuring both office spaces and the popular observation deck, serves as a significant revenue generator and a prominent tourist attraction.
ESRT's strategic approach to real estate investment and management ensures that its properties are continually optimized for maximum value and performance. This includes ongoing projects aimed at enhancing tenant satisfaction, improving energy efficiency, and maintaining the historic integrity of its properties. The company's commitment to sustainability is evident in its efforts to achieve various environmental certifications and implement green building practices.
Financially, Empire State Realty Trust remains robust, with a diverse tenant base and a strategic focus on high-demand locations. The company's partnerships and collaborations with other industry leaders further strengthen its market position, offering shareholders confidence in its long-term growth and stability.
Empire State Realty Trust (NYSE: ESRT) announced a dividend of $0.035 per share for Q3 2021, payable September 30, 2021, to shareholders of Class A and Class B common stock, as well as operating partnership units. Additionally, a dividend of $0.15 per unit will be paid for Series 2014 Preferred Units, and $0.175 per unit for Series 2019 Preferred Units. Unitholders must be on record by September 15, 2021. The company, managing a portfolio of 10.1 million rentable square feet, emphasizes its commitment to sustainability, achieving multiple certifications for energy efficiency.
The Empire State Building (ESB) is celebrating its 90th anniversary with the launch of a pop-up program featuring exclusive offerings from local businesses. Starting on August 5, 2021, My Cookie Dealer will sell an ESB-themed chocolate chip cookie at a special cart on the Observatory's 80th floor. This initiative will showcase a new vendor every four to six weeks. With a recent $165 million renovation, the Observatory now boasts interactive exhibits and 350-degree views, further enhancing the visitor experience.
Empire State Realty Trust (NYSE: ESRT) announced its Q2 2021 financial results, reporting earnings of $0.01 per fully diluted share and Core FFO of $0.18. Same-Store Property Cash NOI fell 6.0% year-over-year due to revenue write-offs. The Empire State Building Observatory generated $8.4 million in revenue with a net operating income of $3.1 million. Leasing activity included 35 leases totaling 190,838 square feet, with a collection rate of 95%. The quarterly dividend was reinstated at $0.035 per share. As of June 30, 2021, the company's liquidity stood at $1.4 billion, and total debt was approximately $2.2 billion.
Empire State Realty Trust (NYSE: ESRT) has secured an 11-year lease with Rizzo Group and CodeGreen Solutions for 11,835 square feet at 1350 Broadway, New York. The companies are expanding from their previous location at 1333 Broadway. Rizzo Group's CEO praised ESRT's commitment to high-performance safety and sustainability, emphasizing their collaboration on reducing energy usage. The building features advanced air filtration systems and is located in a prime area with various amenities. ESRT's portfolio includes over 10 million rentable square feet in the New York metropolitan area.
The Empire State Building (ESB) partnered with Macy's for the 45th Annual Macy's 4th of July Fireworks, featuring 65,000 shells launched from five barges and the iconic building itself. The event celebrated the building's 90th anniversary, with a spectacular firework display from its 72nd, 86th, and 103rd floors. Anthony E. Malkin, CEO, emphasized the ESB's modern relevance amidst historical significance. The building showcased a light show synced with the fireworks, highlighting its commitment to energy efficiency and sustainability.
Empire State Realty Trust (NYSE:ESRT) plans to release its second quarter 2021 financial results on July 28, 2021, after the market closes. A conference call will take place on July 29 at 1:00 p.m. Eastern Time to discuss performance and recent events. The earnings release and supplemental materials will be available on the company's website prior to the call. ESRT's portfolio spans 10.1 million rentable square feet, emphasizing energy efficiency and sustainability, with 76% of properties ENERGY STAR certified and fully powered by renewable energy.
Empire State Realty Trust (NYSE: ESRT) announced the return of its 10th annual Empire State Building Photo Contest on June 24, 2021. Photographers can compete in eight categories for a total of $8,500 in prizes, including a grand prize of $5,000 and a $500 gift card for photo equipment. In honor of the building's 90th anniversary, there will be 90 finalists. Entries must be submitted by August 19, 2021. Winners will be displayed in the building's lobby and featured on its social channels.
The Empire State Building (ESB) announced the complete lift of COVID-19 protocols for its Observatory Experience, aligning with new local guidelines. Visitors can now enjoy fully reopened interactive exhibits with optional mask-wearing. The Observatory showcases a recently renovated space, including a $165 million overhaul completed in November 2019, enhancing visitor experience with immersive exhibits and improved indoor air quality. Reservations are recommended for limited visitor capacity. ESB is part of Empire State Realty Trust (ESRT), a leader in sustainability and energy efficiency.
Empire State Realty Trust (ESRT) has partnered with New York State to accept the Excelsior Pass for entry at their 11 buildings, including the Empire State Building, allowing fully vaccinated visitors to bypass daily temperature screenings. The initiative begins with a vaccination event at the Empire State Building and offers special discounts for vaccinated guests at the observatory. From June 10 to June 26, Excelsior Pass holders can access mask-optional hours at the observatory. Over 2 million Excelsior Passes have been issued since its launch in March 2021, aimed at supporting a safe return to normalcy.
Empire State Realty Trust (NYSE:ESRT) announced participation in Nareit’s REITweek 2021 virtual investor conference on June 8, 2021. The presentation will feature Tony Malkin (Chairman, President, and CEO), Christina Chiu (EVP, CFO), and Tom Durels (EVP of Real Estate) from 8:45 a.m. to 9:15 a.m. ET. Attendees must register for the event using the provided link. ESRT focuses on office and retail properties, owning 10.1 million rentable square feet. The company emphasizes sustainability, achieving various certifications and ratings, including ENERGY STAR and GRESB 5 Star.
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