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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 the 2021 Empire State Building Run-Up happening on October 26, 2021, at 8 p.m. EST. Registration opens on June 1, 2021, with only 125 runners selected to participate. Enhanced safety measures include proof of vaccination and staggered heats. The event marks the building's 90th anniversary. Last year’s participants will retain their spots. The entry fee is $125, payable only upon lottery acceptance. Turkish Airlines returns as a sponsor, and the Challenged Athletes Foundation will support runners with disabilities.
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.
Empire State Realty Trust (NYSE: ESRT) reported its Q1 2021 results, showing earnings per share at ($0.02) and Core FFO at $0.15. Rent collection remained stable at 94%. The company signed 26 leases totaling 171,817 square feet, with a strong liquidity position of $1.4 billion. ESRT's portfolio occupancy fell to 85%, down from 88.7% YoY, while same-store cash NOI rose by 3% from Q1 2020. The Company continues its focus on sustainability with 100% renewable energy in its portfolio. A suspension of dividends is ongoing, with a review set for the next board meeting.
Empire State Realty Trust (NYSE: ESRT) has secured a new lease with Zentalis Pharmaceuticals for a 31,362 square foot office space at 1359 Broadway. Zentalis aims to create a sustainable and healthy workplace, focusing on innovative cancer treatments. The building, consisting of 22 stories with ample amenities, reflects ESRT's commitment to energy efficiency and sustainability. ESRT's portfolio includes 10.1 million rentable square feet, with significant achievements in health and safety ratings. This new lease signifies growth in ESRT's performance and tenant satisfaction.
Empire State Realty Trust (NYSE: ESRT) has signed a new long-term office lease with Burlington Stores, expanding its space at 1400 Broadway from 35,182 to 68,307 square feet. Burlington Stores is an established off-price retailer that has rented in the building since 2010. The building boasts modern amenities including a new tenant lounge and advanced environmental technologies. ESRT emphasizes its commitment to sustainability and health, holding several leading certifications. The expansion indicates a strengthening partnership between ESRT and Burlington as both companies pursue growth.
Empire State Realty Trust (NYSE:ESRT) will release its Q1 2021 financial results on April 28, 2021, after market close. A conference call is scheduled for April 29, 2021, at 12:00 p.m. ET, where company officers will discuss performance and recent events. Earnings and supplemental materials will be available on the company’s website before the call. ESRT owns and manages significant office and retail properties in New York, with a portfolio of 10.1 million rentable square feet as of December 31, 2020.
Empire State Realty Trust (NYSE: ESRT) has secured an $850 million, four-year unsecured revolving credit agreement to enhance its liquidity and financial flexibility. The facility, which matures on March 31, 2025, can be extended twice for six months each. This replaces the prior facility set to expire in 2021. The credit line features a sustainability-linked pricing mechanism, which may lower borrowing costs based on achieving specific benchmarks. The arrangement, led by top financial institutions, signals confidence in ESRT's capital access and asset management capabilities.
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