ESRT Empire State Realty Trust Inc

– Net Income Per Fully Diluted Share of $0.07 in 4Q and $0.28 in 2024 –

– Core FFO Per Fully Diluted Share of $0.24 in 4Q and $0.95 in 2024 –

– Signed 1.325M Rentable Square Feet of Leases in 2024 and 379K in 4Q –

– $0.9B of Liquidity, No Floating Rate Debt Exposure –

– Provides 2025 Outlook –

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year– in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the fourth quarter and the full year. All per share amounts are on a fully diluted basis, where applicable.

Fourth Quarter and Full Year 2024 Recent Highlights

• Net Income of $0.07 per share for the fourth quarter of 2024 and $0.28 per share for the full year.
• Core Funds From Operations (“Core FFO”) of $0.24 per share for the fourth quarter of 2024 and $0.95 per share for the full year, compared to $0.25 per share and $0.93 per share for the same respective periods in 2023.
• Same-Store Property Cash Net Operating Income (“NOI”), which excludes lease termination fees, decreased 2.9% for the fourth quarter and increased 5.2% for the full year as compared to the same periods in 2023. The fourth quarter change was primarily attributed to a decrease in positive non-recurring items by approximately $1.9 million relative to the prior period and increases in operating expenses. Adjusted for non-recurring items, fourth quarter Same-Store Property Cash NOI was flat.
• Manhattan office leased rate increased by 160bps year-over-year to 94.2%. The total commercial portfolio is 93.5% leased as of December 31, 2024. This is the 12th consecutive quarter of positive commercial leased rate absorption.
• Manhattan office occupancy increased by 130bps year-over-year to 89.0%. The total commercial portfolio is 88.6% occupied as of December 31, 2024.
• Signed approximately 379 thousand rentable square feet of office leases in the fourth quarter and 1.325 million rentable square feet of office and retail leases in the full year. In our Manhattan office portfolio, blended leasing spreads were +10.8%, the 14th consecutive quarter of positive leasing spreads.
• Empire State Building Observatory generated year-over-year NOI growth of 6.0% to $28.5 million in the fourth quarter and 5.8% NOI growth to $99.5 million for the full year.

Property Operations

As of December 31, 2024, the Company’s property portfolio contained 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units, which were occupied and leased as shown below.

 

December 31, 20241

September 30, 20241

December 31, 20231

Percent occupied:

 

 

 

Total commercial portfolio

88.6%

89.1%

86.6%

Total office

88.4%

88.9%

86.3%

Manhattan office

89.0%

89.6%

87.7%

Total retail

90.4%

91.1%

90.4%

 

 

 

 

Percent leased (includes signed leases not commenced):

Total commercial portfolio

93.5%

93.4%

91.0%

Total office

93.5%

93.3%

90.9%

Manhattan office

94.2%

94.1%

92.6%

Total retail

94.1%

94.0%

92.1%

Total multifamily portfolio

98.5%

96.8%

98.1%

 

 

 

 

1 All occupancy and leased percentages exclude broadcasting and storage space. September 30, 2024 and December 31, 2024 exclude First Stamford Place.

Leasing

The tables that follow summarize leasing activity for the fourth quarter of 2024. During this period, the Company signed 20 leases that totaled 378,913 square feet with an average lease duration of 8.0 years. Average lease duration excluding early renewals and extensions was 12.3 years.

Total Portfolio

Total Portfolio

Leases executed

Square footage executed

Average cash rent psf – leases executed

Previously escalated cash rents psf

% of new cash rent over / under previously escalated rents

Office

20

378,913

78.40

71.03

10.4 %

Retail

0

0

0.00

0.00

— %

Total Overall

20

378,913

78.40

71.03

10.4 %

Manhattan Office Portfolio

Manhattan Office Portfolio

Leases executed

Square footage executed

Average cash rent psf – leases executed

Previously escalated cash rents psf

% of new cash rent over / under previously escalated rents

New Office

11

184,258

71.07

59.54

19.4 %

Renewal Office

7

182,464

86.98

83.14

4.6 %

Total Office

18

366,722

78.99

71.28

10.8 %

Leasing Activity Highlights

• A 16-year 78,704 square foot expansion lease and a 141,224 square foot early 2-year lease extension at One Grand Central Place with an investment management tenant.
• A 16-year 38,550 square foot expansion lease with NYSERDA at 1333 Broadway.
• An 11-year 37,186 square foot expansion lease and a 27,377 square foot early 7-year lease extension with Booking Holdings at the Empire State Building.

Balance Sheet

The Company had $0.9 billion of total liquidity as of December 31, 2024, which was comprised of $385 million of cash, plus $500 million available under its revolving credit facility. At December 31, 2024, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 4.27%. At December 31, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.3x.

Dividend

On December 31, 2024, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the fourth quarter of 2024 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On December 31, 2024, the Company paid quarterly preferred dividends of $0.15 and $0.175 per unit for the fourth quarter to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2025 Earnings Outlook

The Company provides 2025 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.

Key Assumptions 2025Guidance 2024ActualResults Comments Earnings       Core FFO Per Fully Diluted Share $0.86 to $0.89 $0.95($0.91 ex non-recurring items)

• 2024 FFO included approximately $0.04 of one-time items and lease termination income • 2025 FFO includes a net $0.04 y/y decline from changes in interest income, G&A, interest expense, transaction income, and non cash adjustments • 2025 includes ~$0.05 from multifamily assets

Commercial Property Drivers       Commercial Occupancy at year-end 89% to 91%

88.6%

  SS Property Cash NOI(excluding lease termination fees)  -2.0% to +1.5%

5.2%

• Assumes positive revenue y/y growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes • 2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items

Observatory Drivers       Observatory NOI $97M to $102M $99.5M • Reflects average quarterly expenses of ~$9 to 10M

Low

High

Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership

$0.21

$0.24

Add: Impairment Charge

0.00

0.00

Real Estate Depreciation & Amortization

0.64

0.64

Less: Private Perpetual Distributions

0.02

0.02

Gain on Disposal of Real Estate, net

0.00

0.00

FFO Attributable to Common Stockholders and the Operating Partnership

$0.83

$0.86

Add: Amortization of Below Market Ground Lease

0.03

0.03

Core FFO Attributable to Common Stockholders and the Operating Partnership

$0.86

$0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, February 20, 2025 at 12:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of ESRT’s website. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until February 27, 2025, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13741464.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of December 31, 2024, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.

Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, climate-related risks such as natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) a failure of conditions or performance regarding any event or transaction described herein; (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (v) changes in our business strategy; (vi) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (ix) declining real estate valuations and impairment charges; (x) termination of our ground leases; (xi) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xii) decreased rental rates or increased vacancy rates; (xiii) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xiv) difficulties in identifying and completing acquisitions; (xv) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvi) our failure to qualify as a REIT; (xvii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xviii) our disclosure controls and internal control over financial reporting, including any material weakness; and (xix) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023 and any additional factors that may be contained in any filing we make with the SEC.

While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this press release speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

 

 

 

 

 

Three Months Ended December 31,

 

 

2024

 

 

 

2023

 

Revenues

 

 

 

Rental revenue

$

155,127

 

 

$

151,167

 

Observatory revenue

 

38,275

 

 

 

36,217

 

Lease termination fees

 

—

 

 

 

—

 

Third-party management and other fees

 

258

 

 

 

275

 

Other revenue and fees

 

3,942

 

 

 

5,223

 

Total revenues

 

197,602

 

 

 

192,882

 

Operating expenses

 

 

 

Property operating expenses

 

46,645

 

 

 

42,944

 

Ground rent expenses

 

2,332

 

 

 

2,332

 

General and administrative expenses

 

17,870

 

 

 

16,144

 

Observatory expenses

 

9,730

 

 

 

9,282

 

Real estate taxes

 

32,720

 

 

 

31,809

 

Depreciation and amortization

 

45,365

 

 

 

49,599

 

Total operating expenses

 

154,662

 

 

 

152,110

 

Total operating income

 

42,940

 

 

 

40,772

 

Other income (expense):

 

 

 

Interest income

 

5,068

 

 

 

4,740

 

Interest expense

 

(27,380

)

 

 

(25,393

)

Interest expense associated with property in receivership

 

(1,921

)

 

 

—

 

Gain (loss) on disposition of properties

 

1,237

 

 

 

(2,497

)

Income before income taxes

 

19,944

 

 

 

17,622

 

Income tax expense

 

(1,151

)

 

 

(1,792

)

Net income

 

18,793

 

 

 

15,830

 

Net (income) loss attributable to non-controlling interests:

 

 

 

Non-controlling interest in the Operating Partnership

 

(6,575

)

 

 

(5,670

)

Non-controlling interests in other partnerships

 

—

 

 

 

1

 

Preferred unit distributions

 

(1,050

)

 

 

(1,050

)

Net income attributable to common stockholders

$

11,168

 

 

$

9,111

 

Total weighted average shares

 

 

 

Basic

 

166,671

 

 

 

161,974

 

Diluted

 

270,251

 

 

 

267,003

 

Earnings per share attributable to common stockholders

 

 

 

Basic and Diluted

$

0.07

 

 

$

0.06

 

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

 

 

 

 

 

Year ended December 31,

 

 

2024

 

 

 

2023

 

Revenues

 

 

 

Rental revenue

$

614,596

 

 

$

597,319

 

Observatory revenue

 

136,377

 

 

 

129,366

 

Lease termination fees

 

4,771

 

 

 

—

 

Third-party management and other fees

 

1,170

 

 

 

1,351

 

Other revenue and fees

 

11,009

 

 

 

11,536

 

Total revenues

 

767,923

 

 

 

739,572

 

Operating expenses

 

 

 

Property operating expenses

 

179,175

 

 

 

167,324

 

Ground rent expenses

 

9,326

 

 

 

9,326

 

General and administrative expenses

 

70,234

 

 

 

63,939

 

Observatory expenses

 

36,834

 

 

 

35,265

 

Real estate taxes

 

128,826

 

 

 

127,101

 

Depreciation and amortization

 

184,818

 

 

 

189,911

 

Total operating expenses

 

609,213

 

 

 

592,866

 

Total operating income

 

158,710

 

 

 

146,706

 

Other income (expense):

 

 

 

Interest income

 

21,298

 

 

 

15,136

 

Interest expense

 

(105,239

)

 

 

(101,484

)

Interest expense associated with property in receivership

 

(4,471

)

 

 

—

 

Loss on early extinguishment of debt

 

(553

)

 

 

—

 

Gain on disposition of properties

 

13,302

 

 

 

26,764

 

Income before income taxes

 

83,047

 

 

 

87,122

 

Income tax expense

 

(2,688

)

 

 

(2,715

)

Net income

 

80,359

 

 

 

84,407

 

Net income attributable to non-controlling interests:

 

 

 

Non-controlling interest in the Operating Partnership

 

(28,713

)

 

 

(31,094

)

Non-controlling interests in other partnerships

 

(4

)

 

 

(68

)

Preferred unit distributions

 

(4,201

)

 

 

(4,201

)

Net income attributable to common stockholders

$

47,441

 

 

$

49,044

 

Total weighted average shares

 

 

 

Basic

 

164,902

 

 

 

161,122

 

Diluted

 

269,019

 

 

 

265,633

 

Earnings per share attributable to common stockholders

 

 

 

Basic

$

0.29

 

 

$

0.30

 

Diluted

$

0.28

 

 

$

0.30

 

Empire State Realty Trust, Inc.

Reconciliation of Net Income to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

 

 

 

Net income

$

18,793

 

 

$

15,830

 

Non-controlling interests in other partnerships

 

—

 

 

 

1

 

Preferred unit distributions

 

(1,050

)

 

 

(1,050

)

Real estate depreciation and amortization

 

44,386

 

 

 

48,548

 

(Gain) loss on disposition of properties

 

(1,237

)

 

 

2,497

 

FFO attributable to common stockholders and Operating Partnership units

 

60,892

 

 

 

65,826

 

 

 

 

 

Amortization of below-market ground leases

 

1,958

 

 

 

1,958

 

Modified FFO attributable to common stockholders and Operating Partnership units

 

62,850

 

 

 

67,784

 

 

 

 

 

Interest expense associated with property in receivership

 

1,921

 

 

 

—

 

Core FFO attributable to common stockholders and Operating Partnership units

$

64,771

 

 

$

67,784

 

 

 

 

 

Total weighted average shares and Operating Partnership units

 

 

 

Basic

 

264,798

 

 

 

262,775

 

Diluted

 

270,251

 

 

 

267,003

 

 

 

 

 

FFO per share

 

 

Basic

$

0.23

 

 

$

0.25

 

Diluted

$

0.23

 

 

$

0.25

 

 

 

 

 

Modified FFO per share

 

 

 

Basic

$

0.24

 

 

$

0.26

 

Diluted

$

0.23

 

 

$

0.25

 

 

 

 

 

Core FFO per share

 

 

 

Basic

$

0.24

 

 

$

0.26

 

Diluted

$

0.24

 

 

$

0.25

 

Empire State Realty Trust, Inc.

Reconciliation of Net Income to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

 

 

 

Year ended December 31,

 

 

2024

 

 

 

2023

 

 

 

 

 

Net income

$

80,359

 

 

$

84,407

 

Non-controlling interests in other partnerships

 

(4

)

 

 

(68

)

Preferred unit distributions

 

(4,201

)

 

 

(4,201

)

Real estate depreciation and amortization

 

180,513

 

 

 

184,633

 

Gain on disposition of properties

 

(13,302

)

 

 

(26,764

)

FFO attributable to common stockholders and Operating Partnership units

 

243,365

 

 

 

238,007

 

 

 

 

 

Amortization of below-market ground leases

 

7,831

 

 

 

7,831

 

Modified FFO attributable to common stockholders and Operating Partnership units

 

251,196

 

 

 

245,838

 

 

 

 

 

Interest expense associated with property in receivership

 

4,471

 

 

 

—

 

Loss on early extinguishment of debt

 

553

 

 

 

—

 

Core FFO attributable to common stockholders and Operating Partnership units

$

256,220

 

 

$

245,838

 

 

 

 

 

Total weighted average shares and Operating Partnership units

 

 

 

Basic

 

264,706

 

 

 

263,226

 

Diluted

 

269,019

 

 

 

265,633

 

 

 

 

 

FFO per share

 

 

 

Basic

$

0.92

 

 

$

0.90

 

Diluted

$

0.90

 

 

$

0.90

 

 

 

 

 

Modified FFO per share

 

 

 

Basic

$

0.95

 

 

$

0.93

 

Diluted

$

0.93

 

 

$

0.93

 

 

 

 

 

Core FFO per share

 

 

 

Basic

$

0.97

 

 

$

0.93

 

Diluted

$

0.95

 

 

$

0.93

 

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

 

 

 

 

 

December 31, 2024

 

December 31, 2023

Assets

 

 

 

Commercial real estate properties, at cost

$

3,786,653

 

 

$

3,655,192

 

Less: accumulated depreciation

 

(1,274,193

)

 

 

(1,250,062

)

Commercial real estate properties, net

 

2,512,460

 

 

 

2,405,130

 

Contract asset2

 

170,419

 

 

 

—

 

Cash and cash equivalents

 

385,465

 

 

 

346,620

 

Restricted cash

 

43,837

 

 

 

60,336

 

Tenant and other receivables

 

31,427

 

 

 

39,836

 

Deferred rent receivables

 

247,754

 

 

 

255,628

 

Prepaid expenses and other assets

 

101,852

 

 

 

98,167

 

Deferred costs, net

 

183,987

 

 

 

172,457

 

Acquired below market ground leases, net

 

313,410

 

 

 

321,241

 

Right of use assets

 

28,197

 

 

 

28,439

 

Goodwill

 

491,479

 

 

 

491,479

 

Total assets

$

4,510,287

 

 

$

4,219,333

 

 

 

 

 

Liabilities and equity

 

 

 

Mortgage notes payable, net

$

692,176

 

 

$

877,388

 

Senior unsecured notes, net

 

1,197,061

 

 

 

973,872

 

Unsecured term loan facility, net

 

268,731

 

 

 

389,286

 

Unsecured revolving credit facility

 

120,000

 

 

 

—

 

Debt associated with property in receivership

 

177,667

 

 

 

—

 

Accrued interest associated with property in receivership

 

5,433

 

 

 

—

 

Accounts payable and accrued expenses

 

132,016

 

 

 

99,756

 

Acquired below market leases, net

 

19,497

 

 

 

13,750

 

Ground lease liabilities

 

28,197

 

 

 

28,439

 

Deferred revenue and other liabilities

 

62,639

 

 

 

70,298

 

Tenants’ security deposits

 

24,908

 

 

 

35,499

 

Total liabilities

 

2,728,325

 

 

 

2,488,288

 

Total equity

 

1,781,962

 

 

 

1,731,045

 

Total liabilities and equity

$

4,510,287

 

 

$

4,219,333

 

 

 

 

 

2 This contract asset represents the amount of obligation we expect to be released upon the final resolution of the foreclosure process on First Stamford Place.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250219249014/en/

Investors and Media Empire State Realty Trust Investor Relations (212) 850-2678 IR@esrtreit.com