Empire State Realty Trust Files 2023 10-K

TL;DR

<b>Empire State Realty Trust (ESRT) has submitted its 2023 10-K annual report detailing financial performance and corporate structure.</b>

AI Summary

Empire State Realty Trust, Inc. (ESRT) filed a Annual Report (10-K) with the SEC on February 28, 2024. Empire State Realty Trust, Inc. (ESRT) filed its annual 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points and share information for Common Class A and B members are included. The report details financial activities and balances for the fiscal years 2020, 2021, 2022, and 2023. ESRT is incorporated in Maryland and operates within the Real Estate Investment Trusts sector.

Why It Matters

For investors and stakeholders tracking Empire State Realty Trust, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ESRT's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within the 10-K are essential for regulatory compliance and for stakeholders to understand the company's assets, liabilities, and equity as of December 31, 2023.

Risk Assessment

Risk Level: medium — Empire State Realty Trust, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the real estate sector is subject to market fluctuations and interest rate sensitivity, which could impact future performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand ESRT's current financial position and potential risks in the real estate market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 0001541401 — Central Index Key (Company identifier)
• 001-36105 — SEC File Number (SEC registration number)

Key Players & Entities

• Empire State Realty Trust, Inc. (company) — Filer name
• ESRT (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 111 WEST 33RD STREET, 12TH FL (address) — Business address
• New York (location) — Business address city
• MD (location) — State of incorporation
• 6798 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Empire State Realty Trust operates as a real estate investment trust (REIT), primarily owning and managing office and retail properties. The REIT sector is sensitive to economic conditions, interest rates, and real estate market trends.

Regulatory Implications

As a publicly traded company, ESRT is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K, which adheres to the Securities Exchange Act of 1934.

What Investors Should Do

1. Review ESRT's detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the company's operational segments and any disclosed revenue or segment-specific performance data.
3. Examine any risk factors or management discussion and analysis sections for insights into future challenges and strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 10-K, providing the latest annual financial overview for Empire State Realty Trust, Inc. compared to previous filings.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share ESRT The New York Stock Excha
• $7.49 — he registrant's Class A common stock of $7.49 per share on the New York Stock Exchang

Filing Documents

• esrt-20231231.htm (10-K) — 3136KB
• exhibit1020esrtstephenvhor.htm (EX-10.20) — 98KB
• exhibit1021esrtstephenvhor.htm (EX-10.21) — 122KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 10KB
• exhibit231consentesrt12-31.htm (EX-23.1) — 3KB
• exhibit311esrt12-31x23.htm (EX-31.1) — 9KB
• exhibit312esrt12-31x23.htm (EX-31.2) — 10KB
• exhibit321esrt12-31x23.htm (EX-32.1) — 5KB
• exhibit322esrt12-31x23.htm (EX-32.2) — 5KB
• exhibit971esrtcompensation.htm (EX-97.1) — 29KB
• esrt-20231231_g1.jpg (GRAPHIC) — 132KB
• 0001628280-24-007642.txt (&nbsp;) — 15226KB
• esrt-20231231.xsd (EX-101.SCH) — 108KB
• esrt-20231231_cal.xml (EX-101.CAL) — 147KB
• esrt-20231231_def.xml (EX-101.DEF) — 532KB
• esrt-20231231_lab.xml (EX-101.LAB) — 1223KB
• esrt-20231231_pre.xml (EX-101.PRE) — 805KB
• esrt-20231231_htm.xml (XML) — 2314KB

BUSINESS

ITEM 1. BUSINESS Overview Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. ESRT's flagship Empire State Building – the "World's Most Famous Building" – includes its Observatory, the #1 attraction in the U.S. in Tripadvisor's Travelers' Choice Awards: Best of the Best for two consecutive years . As of December 31, 2023, our portfolio is comprised of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. Our office portfolio included 11 properties (including three long-term ground leasehold interests) encompassing approximately 8.6 million rentable square feet. Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet, including the Empire State Building. The remaining two office properties encompass approximately 1.1 million rentable square feet and are located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to one of the Stamford office properties that can support the development of either office or residential per local zoning. Our multifamily portfolio included 727 residential units in New York City. We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initial public offering and related formation transactions on October 7, 2013 (the "IPO"). Our operating partnership, Empire State Realty OP, L.P. (the "Operating Partnership"), holds substantially all of our assets and conducts substantially all of our business. As of December 31, 2023, we owned approximately 60.2% of the aggregate operating partnership units in the Operating Partnership. We, as the sole general p

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View this 10-K filing on SEC EDGAR