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Empire State Realty Trust Announces First Quarter 2024 Results

Retrieved on:

Wednesday, April 24, 2024

Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, One Grand Central Place, Partnership, Foot, ESBA, Sol, Acquisition, Empire, S60 (software platform), ESRT, Series, Security (finance)

In the first quarter, Observatory revenue was $24.6 million and expenses were $8.4 million.

Key Points:

In the first quarter, Observatory revenue was $24.6 million and expenses were $8.4 million.
The Company had $834 million of total liquidity as of March 31, 2024, which was comprised of $334 million of cash, plus $500 million available under its revolving credit facility.
At March 31, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.3x.
The Company reaffirms 2024 guidance and key assumptions, as summarized in the table below.

Empire State Realty Trust Announces Dividend for First Quarter 2024

Retrieved on:

Friday, March 1, 2024

Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, ESBA, S60 (software platform), Empire State Building, Empire, ESRT, Partnership

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 first quarter of 2024, 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.

Key Points:

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 first quarter of 2024, 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.
The Board of Directors has declared a dividend of $0.15 per unit for the first quarter of 2024, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the first quarter of 2024, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units.
The dividends will be payable in cash on March 28, 2024, to stockholders or unitholders, as applicable, of record at the close of business on March 15, 2024.

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

Retrieved on:

Tuesday, February 20, 2024

Professional Services, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Acquisition, Empire, Foot, NOI, Series, S60 (software platform), ESBA, ESRT, Partnership

A 17-year 52,116 square foot new lease with Greater New York Mutual Insurance Company, at the Empire State Building.

Key Points:

A 17-year 52,116 square foot new lease with Greater New York Mutual Insurance Company, at the Empire State Building.
After the quarter end, a 16-year 67,865 square foot expansion lease with Burlington Merchandising Corporation, at 1400 Broadway.
In the fourth quarter, Observatory revenue was $36.2 million and expenses were $9.3 million.
For the full year 2023, Observatory revenue was $129.4 million and expenses were $35.3 million.

Empire State Realty Trust Announces Stock Repurchase Authorization

Retrieved on:

Friday, December 22, 2023

Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, ESBA, S60 (software platform), ESRT, Partnership, Empire State Building

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.

Key Points:

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 authorization that runs from January 1, 2022 through December 31, 2023.

Empire State Realty Trust Announces Dividend for Fourth Quarter 2023

Retrieved on:

Friday, December 8, 2023

Commercial Building & Real Estate, Construction & Property, REIT, ESBA, Empire State Building, Empire, ESRT, NYSE, Partnership, S60 (software platform), NYSE Arca

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 units.

Key Points:

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 units.
The Board of Directors has declared a dividend of $0.15 per unit for the fourth quarter of 2023, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the fourth quarter of 2023, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units.
The dividends will be payable in cash on December 29, 2023, to stockholders or unitholders, as applicable, of record at the close of business on December 18, 2023.

Empire State Realty Trust Announces Third Quarter 2023 Results

Retrieved on:

Wednesday, October 25, 2023

A 10-year 143,778 square foot lease with LinkedIn at the Empire State Building.

Key Points:

A 10-year 143,778 square foot lease with LinkedIn at the Empire State Building.
LinkedIn will expand by 25,132 square feet and exercise its option to relocate 118,646 square feet, which will bring LinkedIn’s total leased square footage at the Empire State Building to 526,541 square feet.
An 11-year 24,640 square foot office lease with Starbucks at the Empire State Building.
Observatory revenue for the third quarter of 2023 was $37.6 million and expenses were $9.5 million.

Empire State Realty Trust Announces Dividend for Third Quarter 2023

Retrieved on:

Tuesday, August 8, 2023

Residential Building & Real Estate, Construction & Property, REIT, ESRT, NYSE Arca, Empire State Building, ESBA, Partnership, S60 (software platform), NYSE, Empire, Security (finance)

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 third 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 units.

Key Points:

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 third 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 units.
The Board of Directors has declared a dividend of $0.15 per unit for the third quarter of 2023, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the third quarter of 2023, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units.
The dividends will be payable in cash on September 29, 2023, to stockholders or unitholders, as applicable, of record at the close of business on September 15, 2023.

Empire State Realty Trust Announces Second Quarter 2023 Results

Retrieved on:

Wednesday, July 26, 2023

Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, Partnership, ESRT, ESBA, Empire, EBITDA, Acquisition, S60 (software platform), NYSE Arca, Observatory, Series, NOI, NYSE, Security (finance)

For the second quarter of 2023, the Observatory hosted approximately 666,000 visitors, a 16% increase year-over-year.

Key Points:

For the second quarter of 2023, the Observatory hosted approximately 666,000 visitors, a 16% increase year-over-year.
Observatory revenue for the second quarter of 2023 was $33.4 million and expenses were $8.7 million.
The Company repurchased $7.4 million of common stock at a weighted average price of $6.09 per share in the second quarter.
This reflects the positive $0.02 per share straight-line reserve reversal recognized in the second quarter and an improvement in the 2023 same-store property cash NOI outlook.

Empire State Realty Trust Announces Dividend for Second Quarter 2023

Retrieved on:

Friday, May 12, 2023

Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, Empire State Building, Partnership, ESRT, ESBA, Empire, S60 (software platform), NYSE Arca, Observatory, NYSE, Security (finance)

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area.

Key Points:

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area.
Today, the Company announced that its Board of Directors has declared a dividend of $0.035 per share for the second 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 units.
The Board of Directors has declared a dividend of $0.15 per unit for the second quarter of 2023, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the second quarter of 2023, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units.
The dividends will be payable in cash on June 30, 2023, to stockholders or unitholders, as applicable, of record at the close of business on June 15, 2023.

Empire State Realty Trust Announces First Quarter 2023 Results

Retrieved on:

Wednesday, April 26, 2023

For the first quarter of 2023, the Observatory hosted approximately 443,000 visitors, a 65% increase compared to 269,000 visitors in the first quarter of 2022.

Key Points:

For the first quarter of 2023, the Observatory hosted approximately 443,000 visitors, a 65% increase compared to 269,000 visitors in the first quarter of 2022.
Observatory revenue for the first quarter of 2023 was $22.2 million and expenses were $7.9 million.
During the quarter, the Company was certified as a 2023 Great Place to Work® in the first year of participation and was included in the 2023 Bloomberg Gender-Equality Index for the second consecutive year.
The Empire State Building has reduced carbon emissions by 54% and the commercial portfolio by 43% since 2009.