• ESRT


 

Press Release

Empire State Realty Trust Provides Business Update

Company Release - 7/13/2020 9:07 AM ET

NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE:ESRT) (the “Company”) today provided the following update on its business operations.

Rent Collection Update

The Company has experienced steady monthly improvement in the collection of its property billings. The Company has collected the following:

Collections (per Investor deck on 4/22/20)

Overall

Office

Retail

April

69

%

73

%

46

%

 

 

 

 

Collections (per Investor Deck on 6/3/20)

Overall

Office

Retail

April

80

%

83

%

65

%

May

75

%

80

%

49

%

 

Collections (as of 7/8/20)

Overall

Office

Retail

April

84

%

84

%

81

%

May

81

%

83

%

70

%

June

79

%

82

%

66

%

July

75

%

76

%

73

%

 

 

 

 

Collections with Applied and Potentially Applied Security
Deposits (as of 7/8/20)

Overall

Office

Retail

April

96

%

97

%

91

%

May

93

%

96

%

79

%

June

93

%

96

%

77

%

July

91

%

92

%

83

%

As of July 8, 2020, based on annualized fully escalated rent, we executed deferral agreements with 12.0% of our tenants:

  • Rent was deferred for 5.5% of our tenants, and
  • Application of and deferral of the required replenishment of security deposits for 6.5% of our tenants.

Observatory Reopening Update

As noted in its press release dated July 13, 2020, the Company announced the recall of its employees for training in new protocols and processes to prepare for the Empire State Building Observatory to reopen on July 20, 2020.

The Company will release its operating results for the quarter ended June 30, 2020 after the market closes on July 29, 2020. The Company will host its conference call on July 30, 2020 at 1:00 p.m. ET to discuss the operating results.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT’s control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, (i) economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief, (b) the duration of any shut-down orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s tenants, particularly retail and the Observatory, recover following the lifting of any such orders or recommendations, (c) potential changes to current federal, state and local guidelines, which could prevent the Observatory from reopening on July 20, 2020 as planned, (d) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments and honor commitments, and (e) disruption of international and national travel and tourism with a resulting decline in Observatory visitors; (ii) a failure of conditions or performance regarding any event or transaction described above; (iii) regulatory changes, and (iv) other risks and uncertainties described from time to time in the Company’s filings with the SEC, including those set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 under the headings “Risk Factors”. Except as may be required by law, ESRT does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise

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

Source: Empire State Realty Trust, Inc.