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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) has appointed Grant H. Hill to its Board of Directors, effective November 30. Hill fills a newly created vacancy, expanding the Board from eight to nine members. He brings extensive experience from his role as Vice Chairman of the Atlanta Hawks and his investment firm with over $200 million in commercial real estate. Hill's expertise in branding and entrepreneurial ventures is expected to enhance the Company’s brand development, particularly in its Observatory business.
Empire State Realty Trust (NYSE: ESRT) achieved a GRESB 5 Star Rating and Green Star recognition with a score of 88 in the 2020 GRESB Real Estate Assessment, placing it in the top 20% of respondents. This accomplishment marks ESRT's first participation in GRESB, reflecting over a decade of sustainable practices. The company exceeded peer averages by approximately 10 points and the global average by nearly 20 points. Additionally, ESRT is the first U.S. commercial real estate portfolio to earn the WELL Health-Safety Rating, underscoring its commitment to health, safety, and sustainability.
The Empire State Building (ESB) has announced its holiday festivities for 2020, featuring special attractions at its Observatory. Visitors purchasing tickets will enjoy views and a unique 3D LEGO Star Wars display. From November 30 to December 1, families can have holiday portraits taken with the ESB as a backdrop. With a $165 million revamped experience and new safety measures, including timed ticketing, the ESB aims to enhance visitor experience while ensuring safety. The building will also be adorned with festive decorations and lights throughout the holiday season.
Empire State Realty Trust (NYSE: ESRT) closed a $180 million mortgage loan for its property at 250 West 57th Street in Manhattan. The interest-only loan features a fixed rate of 2.83% and matures in December 2030. This financing reinforces ESRT's asset quality and capital market access. Proceeds will enhance liquidity and balance sheet flexibility. The company operates numerous properties in Manhattan and the broader New York area, focusing on energy efficiency and sustainability.
Empire State Realty Trust (NYSE: ESRT) and iHeartMedia announce the Empire State Building's annual holiday music-to-light show featuring Carrie Underwood's new song 'Hallelujah' with John Legend. Scheduled for December 19 to December 25, the show will sync live at 8:00 p.m. with broadcasts on iHeartRadio's Z100 and LiteFM. The event highlights Underwood's debut holiday album, 'My Gift,' released on September 25, with an emphasis on bringing festive joy to viewers worldwide through YouTube and Earthcam.
Empire State Realty Trust (NYSE: ESRT) has secured a lease with Swedbank for 7,905 sq ft on the 45th floor of the Empire State Building. This addition reflects ESRT's continued appeal to top credit businesses and international tenants, bolstered by its WELL Health-Safety Rating. The company’s portfolio includes 10.1 million rentable sq ft, with significant space in both Manhattan and surrounding areas. The leadership underscores a commitment to energy efficiency and high indoor environmental quality, aiding in tenant comfort and safety during the ongoing health crisis.
The Empire State Building (ESB) launched ESB SIMON®, an interactive game for Halloween that allows families and fans to compete via the building's iconic lights. The game, inspired by Hasbro's SIMON, takes place on Halloween night from 8:00 p.m. to 9:00 p.m., enabling up to 100,000 players to join live. Participants can view the game from New York or New Jersey and must repeat increasingly complex color sequences. An 'Infinite Play' mode is also available leading up to the event, providing a way to practice memory skills.
Empire State Realty Trust (NYSE:ESRT) reported its third-quarter 2020 results, revealing a net loss of $0.05 per share. Core Funds From Operations stood at $0.12 per share. The Company collected 94% of its third-quarter billings, with 96% from office tenants. Liquidity remains strong at $1.5 billion. Same-Store Property Cash NOI increased 9.3% while it reduced property operating expenses by $26 million year-to-date. Notably, the Company suspended its third and fourth quarter dividends, citing no taxable income for 2020. It also received the WELL Health-Safety rating for its commercial portfolio.
Empire State Realty Trust (NYSE: ESRT) has signed a direct lease with Centric Brands for 212,154 square feet at the Empire State Building. This space was previously occupied by Global Brands Group. Centric Brands' decision to commit long-term to ESB follows their reorganization efforts. The leadership expressed gratitude for the collaboration among all parties involved in the deal. ESRT continues to lead in Indoor Environmental Quality and has achieved the WELL Health-Safety Rating for its commercial portfolio, emphasizing its commitment to tenant safety and business continuity.
Empire State Realty Trust (NYSE: ESRT) will release its third quarter 2020 financial results on October 28, 2020, after market close. A conference call to discuss the performance will occur on October 29, 2020, at 12:00 PM ET. Participants can access the earnings release and supplemental materials on the company's website prior to the call. Interested parties can join the call via phone or through a webcast available in the 'Investors' section of the website. The call will be replayed for 90 days post-event.
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