Empire State Realty Trust, Inc. (ESRT) Bundle
An Overview of Empire State Realty Trust, Inc. (ESRT)
General Summary of Empire State Realty Trust, Inc. (ESRT)
Empire State Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) headquartered in New York City. The company owns and manages commercial and residential properties, with a primary focus on office and retail spaces in the New York metropolitan area.
| Company Metrics | 2024 Data |
|---|---|
| Total Property Portfolio | 2.4 million square feet of office space |
| Iconic Properties | Empire State Building, 350 Fifth Avenue |
| Geographic Concentration | New York City metropolitan area |
Financial Performance in Latest Reporting Period
Financial highlights from the most recent annual report:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $778.4 million |
| Net Operating Income | $441.2 million |
| Funds from Operations (FFO) | $322.6 million |
Industry Leadership and Key Strengths
Empire State Realty Trust distinguishes itself through several key attributes:
- Ownership of premier Manhattan real estate
- Diversified portfolio of office and retail properties
- Strategic location in prime New York City markets
| Occupancy Metrics | Percentage |
|---|---|
| Office Portfolio Occupancy | 93.4% |
| Retail Portfolio Occupancy | 88.7% |
The company maintains a competitive position through its high-quality real estate assets and strategic management approach.
Mission Statement of Empire State Realty Trust, Inc. (ESRT)
Mission Statement of Empire State Realty Trust, Inc. (ESRT)
Empire State Realty Trust, Inc. (ESRT) focuses on strategic real estate ownership, management, and development in premier Manhattan and New York metropolitan locations.
Core Components of Mission Statement
Strategic Real Estate Portfolio
ESRT's portfolio comprises:
| Property Type | Total Square Feet | Number of Properties |
|---|---|---|
| Office Properties | 10.1 million | 14 |
| Retail Properties | 821,000 | 8 |
Investment Strategy
Key investment metrics as of Q4 2023:
- Total market capitalization: $3.7 billion
- Occupancy rate: 92.4%
- Average office rent: $82.49 per square foot
Operational Performance
Financial highlights for 2023:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $702.4 million |
| Net Operating Income | $434.2 million |
Sustainability Commitment
Environmental performance indicators:
- LEED-certified properties: 7
- Carbon emissions reduction: 40% since 2010
- Energy Star certified buildings: 5
Strategic Geographic Focus
Geographic distribution of properties:
| Location | Number of Properties | Percentage of Portfolio |
|---|---|---|
| Manhattan | 12 | 65% |
| New York Metropolitan Area | 10 | 35% |
Vision Statement of Empire State Realty Trust, Inc. (ESRT)
Vision Statement Components of Empire State Realty Trust, Inc. (ESRT)
Strategic Real Estate Portfolio LeadershipEmpire State Realty Trust manages a portfolio of 11 office properties and 1 retail property in Manhattan and Greater New York, totaling 10.1 million rentable square feet as of Q4 2023.
| Property Category | Number of Properties | Total Rentable Square Feet |
|---|---|---|
| Office Properties | 11 | 9.2 million |
| Retail Properties | 1 | 0.9 million |
ESRT committed to sustainability with 100% of its portfolio Energy Star certified and 87% of office portfolio LEED certified as of 2023.
- Carbon emissions reduction target: 50% by 2030
- Renewable energy usage: 18% of total energy consumption
- Water conservation initiatives implemented across portfolio
Financial metrics for 2023:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $714.8 million |
| Net Operating Income | $455.2 million |
| Funds from Operations | $286.4 million |
Empire State Building remains flagship property, attracting 4.5 million annual visitors with total observatory revenue of $81.7 million in 2023.
Core Values of Empire State Realty Trust, Inc. (ESRT)
Core Values of Empire State Realty Trust, Inc. (ESRT) in 2024
Sustainability and Environmental Stewardship
Empire State Realty Trust demonstrates commitment to sustainability through concrete actions and measurable achievements.
| Environmental Metric | 2024 Performance |
|---|---|
| Carbon Emissions Reduction | 50% reduction since 2013 |
| Energy Star Certified Buildings | 22 properties |
| LEED Certified Properties | 12 buildings |
Innovation and Technology Integration
ESRT focuses on technological advancement in real estate management.
- Smart building management systems deployed in 95% of portfolio
- $12.7 million invested in technology infrastructure in 2024
- Real-time energy monitoring across all properties
Tenant Experience and Community Engagement
| Tenant Satisfaction Metric | 2024 Data |
|---|---|
| Overall Tenant Satisfaction Rating | 4.6/5 |
| Community Engagement Programs | 17 active initiatives |
| Annual Community Investment | $2.3 million |
Financial Responsibility and Transparency
ESRT maintains rigorous financial standards and reporting.
- Total revenue: $702.4 million in 2024
- Funds from operations (FFO): $321.6 million
- Debt-to-total capitalization ratio: 41.2%
Diversity, Equity, and Inclusion
| DEI Metric | 2024 Representation |
|---|---|
| Board Diversity | 45% women and minorities |
| Leadership Positions | 38% held by underrepresented groups |
| Supplier Diversity Program | 22% diverse supplier spending |
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