Author Topic: ESRT- Empire State Realty Trust  (Read 15974 times)

bizaro86

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Re: ESRT- Empire State Realty Trust
« Reply #80 on: September 19, 2020, 02:26:53 PM »
Not sure how I feel about this, and yes, overlooking certain algorithm produced results are necessary. But really? Ad campaigns for flex space?

https://www.esrtturnkeysuites.com/info?utm_source=Nypost.com&utm_medium=Turnkey_Banner_Ads

I've leased multiple NYC and NJ offices over the past decade so yea I'm probably the type they are targeting for this stuff...but I find it an interesting read through. Must be tough if you're using Seeking Alpha, IBD, NY Post, etc to run spam ads for office space.

I wonder if small tenants that find it hard to move might be a way of getting more market power.

Where I live, office real estate has been in a nuclear winter for a number of years. But my lawyer renewed his lease in an average suburban building at flat rent last year. He's probably paying $25/soft, and he could easily get a similar five year sublease just for op costs. But he doesnt want to move, doesn't have the tech skills to get set up again easily etc.

Full service moves with in-house tech supply probably appeal the most to clients who are least capable of moving again in the future.


fareastwarriors

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Re: ESRT- Empire State Realty Trust
« Reply #81 on: October 16, 2020, 11:16:24 AM »
Centric Brands downsizes at the Empire State Building

Tommy Hilfiger’s parent company takes 200K sf at Midtown skyscraper, down from 300K sf

...

The company, which previously occupied 300,000 square feet on three floors, signed a lease for 212,000 square feet, Commercial Observer reported. The company inked a 10-year lease directly with the Empire State Realty Trust, in lieu of its previous sublease agreement from Global Brands Group. The asking rent per square foot was in the low to mid $70s.


https://therealdeal.com/2020/10/16/centric-brands-downsizes-at-the-empire-state-building/



Gregmal

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Re: ESRT- Empire State Realty Trust
« Reply #82 on: October 28, 2020, 01:57:05 PM »
Third Quarter and Recent Highlights

Net loss attributable to the Company was $0.05 per fully diluted share.
After a $0.02 per share reserve against tenant receivables and non-cash reduction in straight-line rent balances, Core Funds From Operations (“Core FFO”) was $0.12 per fully diluted share.
Same-Store Property Cash NOI excluding lease termination fees was up 9.3% from the third quarter of 2019 primarily driven by lower property operating expenses and free rent burn-off, partially offset by lower revenue.
Strong liquidity position of $1.5 billion as of September 30, 2020, which consists of $373.0 million of cash plus an additional $1.1 billion available under the Company’s revolving credit facility. Moreover, the Company has no debt maturity until 2024.
In the third quarter and through October 27, 2020, the Company repurchased $18.4 million of its common stock at a weighted average price of $6.36 per share, which brings the year-to-date total to $132.9 million at a weighted average price of $8.33 per share.
For the total portfolio in the third quarter, we signed 18 new, renewal, and expansion leases, representing 247,449 rentable square feet.
Collected 94% of third quarter 2020 total billings with 96% for office tenants and 84% for retail tenants. Through October 23, 2020, collected 92% of October total billings, with 93% for office tenants and 84% for retail tenants.
On-track with previously communicated 2020 G&A run rate of $60 million, excluding one-time severance charges, which reflects an $8 million reduction year-to-date.
Year-to-date through September 30th, the Company reduced property operating expenses by $26 million compared to the prior year period, driven by reduced tenant utilization and the Company’s cost reduction initiatives. The Company also expects $4 million on an annualized basis of permanent cost reductions from 2021 onwards.
On July 13, 2020, the Company announced the appointment of R. Paige Hood to its Board of Directors, effective August 1, 2020, and the departure of William H. Berkman, effective July 31, 2020.



Not too many are repurchasing stock right now. These guys are, granted a slower pace than previous quarters but down here, money well spent.

Gregmal

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Re: ESRT- Empire State Realty Trust
« Reply #83 on: November 12, 2020, 01:39:45 PM »
I'm lazy so find your own official link, but they just pulled a $180M 10 yr I/O mortgage for 2.8% on one of the shitty B buildings...

thepupil

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Re: ESRT- Empire State Realty Trust
« Reply #84 on: November 12, 2020, 03:31:08 PM »
https://seekingalpha.com/pr/18084508-empire-state-realty-trust-completes-180-million-mortgage-financing
https://s23.q4cdn.com/783625937/files/doc_financials/2020/q3/ESRT-3Q-2020-Supplement-FINAL.pdf

well just because I'm paranoid about the state of NYC office finance market....

$180mm loan on 250 West 57th. Here's what she looks like:

https://www.empirestaterealtytrust.com/properties/office/250-west-57th-street1/availabilities/

$180mm on a 0.5mm sf building, $333 debt / foot. the office portion is 70% occupied in the low $60's foot. the retail is 100% occupied at $152 / foot. the building is doing about $31mm of annualized rent ($20mm office, $10mm retail).

 the retail here is super solid. it's mostly a TJ Maxx (47K / 67K)
https://therealdeal.com/2018/02/26/t-j-maxx-expands-by-19k-sq-ft-at-columbus-circle-location/