Empire State Realty Trust(ESRT)

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Empire State Realty Trust(ESRT) - 2022 Q2 - Earnings Call Presentation
2022-07-28 17:55
EMPIRE STATE REALTY TRUST Investor Presentation July 2022 One Grand 250 W 57 Central Place LinkedIn at ESB Empire State Building Observator Empire Building Playbook Launch with A3 Artists Agency at ESB President Clinton, Governor Hochul, Mayor Adams Contents Company Priorities Competitive Advantages Flight To Quality Attractive Value Proposition Contracted Rents and Tenant Expansions Strong & Flexible Balance Sheet Focus on ESG Initiatives Sustainability Leadership & Scorecard ESRT Property Sector Highlight ...
Empire State Realty Trust(ESRT) - 2022 Q1 - Quarterly Report
2022-05-04 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |------------------------------------------------------------------------------|----------------------------------------------------------|---------- ...
Empire State Realty Trust(ESRT) - 2022 Q1 - Earnings Call Transcript
2022-04-28 21:11
Empire State Realty Trust, Inc. (NYSE:ESRT) Q1 2022 Earnings Conference Call April 28, 2022 12:00 PM ET Company Participants Tom Keltner - Executive Vice President & General Counsel Tony Malkin - Chairman, President & Chief Executive Officer Tom Durels - Executive Vice President, Real Estate Christina Chiu - Executive Vice President & Chief Financial Officer Conference Call Participants Steve Sakwa - Evercore Michael Bilerman - Citi Daniel Ismail - Green Street Operator Greetings, and welcome to the Empire ...
Empire State Realty Trust(ESRT) - 2022 Q1 - Earnings Call Presentation
2022-04-28 18:16
EMPIRE STATE REALTY TRUST Investor Presentation April 2022 Competitive Advantages | --- | --- | |----------|------------------------------------------------------| | | ▪ Portfolio Characteristics and Sources of Upside | | | ▪ Attractive Value Proposition / Flight To Quality | | | ▪ Contracted Rents and Tenant Expansions | | Contents | ▪ Strong & Flexible Balance Sheet | | | ▪ Sustainability Leadership & Scorecard | | | ESRT Property Sector Highlights | | | ▪ Office | | | ▪ ESB Observatory | | | ▪ Retail | | ...
Empire State Realty Trust(ESRT) - 2021 Q4 - Annual Report
2022-02-24 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36105 EMPIRE STATE REALTY TRUST, INC. (Exact name of Registrant as specified in its charter) Maryland 37-1645259 (State or other jurisdiction of i ...
Empire State Realty Trust(ESRT) - 2021 Q4 - Earnings Call Presentation
2022-02-18 16:17
EMPIRE STATE REALTY TRUST Investor Presentation February 2022 | --- | --- | |----------|---------------------------------------| | | Overview | | | New York City Focus | | | Flight To Quality | | Contents | Sustainability Leadership & Scorecard | | | Strong & Flexible Balance Sheet | | | ESRT Portfolio | | | Office | | | ESB Observatory | | | Retail | | | Multifamily | | | Meet the Team: ESRT Management | | | Appendix | 2 | 29 | --- | --- | --- | |------------------------------------------------------------ ...
Empire State Realty Trust(ESRT) - 2021 Q4 - Earnings Call Transcript
2022-02-17 23:26
Financial Data and Key Metrics Changes - The company reported core FFO of $49.8 million or $0.18 per diluted share for Q4 2021 [40] - Same-store property cash NOI decreased by 4.9% from Q4 2020, primarily due to reduced revenues from lease terminations and decreased occupancy [40] - Fourth quarter NOI for the observatory was $10.7 million, a 67% increase from the previous quarter [41] Business Line Data and Key Metrics Changes - In Q4, the company signed 34 new and renewal leases totaling approximately 375,000 square feet, with 294,000 square feet in Manhattan office properties [27] - Rental rates on new leases in Manhattan office properties increased by 3.9% on a cash basis compared to prior escalator rents [31] - The total portfolio occupancy was at 82.4%, down 110 basis points from the prior quarter, while the leased percentage was 85.7% [32] Market Data and Key Metrics Changes - Hotel occupancy in New York City was up 21% year-over-year through November, with December bookings up 312% year-over-year [11] - Foot traffic in the Garment district rebounded to 86% of pre-COVID levels, with 3.2 million people traversing the area [11] - Building utilization for the Manhattan office portfolio currently stands at 30%, with expectations for steady increases as companies announce return-to-office dates [36] Company Strategy and Development Direction - The company is focused on maximizing the benefits of its balance sheet and adapting to a post-COVID environment [8] - There is a strong emphasis on leasing activity and attracting long-term tenants, with a focus on modernized, healthy office spaces [14][35] - The company aims to capitalize on the flight to quality trend, providing accessible rents for well-amenitized buildings [15][72] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter is historically the slowest period, but they are already seeing post-Omicron recovery [17] - The company anticipates an increase in leased percentage starting in Q1 2022, despite a slight decline in occupancy due to lease terminations [32][54] - Management expressed confidence in the recovery of New York City tourism and the return to office trends [49] Other Important Information - The company closed on the acquisition of 625 multifamily units in Manhattan, which is expected to be accretive to FFO [22][45] - ESRT received a $5 million grant as part of the Empire Building Challenge to reduce greenhouse gas emissions [24] - The company has a flexible balance sheet with $1.3 billion in liquidity, including $424 million in cash [42] Q&A Session Summary Question: Can you elaborate on the leasing and occupancy targets for 2022? - Management expects occupancy to reach the mid-80s by year-end 2022, with a focus on tenant retention and signed leases not yet commenced [51][54] Question: What is the outlook for investment activity in the multifamily sector? - The investment team is actively underwriting deals, focusing on opportunities that add value, while being cautious about market conditions [55][56] Question: How is the company addressing the flight to quality trend? - The company is seeing increased demand for modernized, healthy buildings with good access to mass transit, which aligns with their portfolio offerings [71][72] Question: What are the implications of the Norwalk impairment charge? - The impairment charge is specific to that property and reflects the weak fundamentals of the Norwalk submarket, with no impact on the broader portfolio [47][48] Question: How are tenants in the retail sector performing amid current challenges? - Retail tenants are performing well, with a 91% leased rate, and the company has supported smaller retailers through COVID [90]
Empire State Realty Trust(ESRT) - 2021 Q3 - Quarterly Report
2021-11-04 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|------------ ...
Empire State Realty Trust(ESRT) - 2021 Q3 - Earnings Call Presentation
2021-11-01 12:35
EMPIRE STATE REALTY TRUST Investor Presentation October 2021 Well-Positioned with Path to the Future Balance sheet � $582 million cash, $850 million undrawn revolving credit facility � No outstanding debt maturity until 2024 Value proposition � � Energy efficient, Indoor Environmental Quality leadership, modernized for the 21吋 Century Benefits from the flight to quality trend in the leasing market � Less expensive than new construction/aged Class A Upside � $45 million in contracted revenue growth represent ...
Empire State Realty Trust(ESRT) - 2021 Q3 - Earnings Call Transcript
2021-10-28 22:13
Empire State Realty Trust, Inc. (NYSE:ESRT) Q3 2021 Results Conference Call October 28, 2021 12:00 PM ET Company Participants Tom Keltner - EVP, General Counsel Tony Malkin - Chairman, President & CEO Tom Durels - EVP, Real Estate Christina Chiu - CFO Conference Call Participants Steve Sakwa - Evercore ISI Craig Mailman - KeyBanc Capital Markets Jamie Feldman - Bank of America Michael Bilerman - Citi John Kim - BMO Capital Markets Blaine Heck - Wells Fargo Operator Greetings, and welcome to Empire State Re ...