Stage
IPO | IPODate of IPO
10/2/2013Market Cap
1.70BStock Price
9.78Revenue
$0000About Empire State Realty Trust
Empire State Realty Trust is a self-administered and self-managed real estate investment trust, or REIT, that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area. The company was formed to continue and expand the commercial real estate business of it's predecessor Malkin Holdings and its affiliates. Empire's primary focus will be to continue to own, manage and operate it's current portfolio and to acquire and reposition office and retail properties in Manhattan and the greater New York metropolitan area.
Empire State Realty Trust Headquarter Location
One Grand Central Place
New York, New York, 10165,
United States
212-953-0888
Latest Empire State Realty Trust News
Jan 13, 2022
yongyuan/E+ via Getty Images Empire State Realty Trust (NYSE: ESRT ) stock slips 2.2% in premarket trading after KeyBanc analyst Jordan Sadler downgrades the New York-focused office REIT to Underweight from Overweight as it adjusts its view on office REITs to Underweight from Sector Weight. Cuts ESRT price target to $8 from $13. Sharp tightening by the Fed to stem inflation could "temper growth expectations and multiples," Sadler writes in a note to clients. "We view the sense of urgency surrounding inflation as a risk to asset values, particularly as the severity of the virus moderates," the analyst said. After reviewing 2021's strong performance and taking into account expected central bank moves, KeyBanc's Sadler upgrades lodging REITs to Overweight from Sector Weight and keeps apartment and retail REITs at Overweight and industrial, data center, self-storage, health care, and triple-net REITs at Sector Weight. Upgrades LTC Properties (NYSE: LTC ) and Xenia Hotels and Resorts (NYSE: XHR ) to Overweight from Sector Weight. Downgrades Empire State Realty Trust ( ESRT ) to Underweight from Overweight, Corporate Office Properties Trust (NYSE: OFC ) to Underweight from Sector Weight, and Hudson Pacific Properties (NYSE: HPP ) and Global Medical REIT (NYSE: GMRE ) to Sector Weight from Overweight. In response, Corporate Office ( OFC ) drops 1.6%, Hudson Pacific ( HPP ) falls 0.6%, and Global Medical REIT ( GMRE ) declines 1.1% in premarket trading. Raises price targets on AvalonBay Communities (NYSE: AVB ) to $275 from $255, Essex Property Trust (NYSE: ESS ) to $371 from $363, UDR (NYSE: UDR ) to $63 from $61, Summit Hotel Properties (NYSE: INN ) to $12 from $11, Brixmor Property Group (NYSE: BRX ) to $29 from $26, Life Storage (NYSE: LSI ) to $160 from $146.
