Thanks, normal, to all everyone. of It takes we reported confront Tom moment situation and to we confronted we been prepared And and efforts flexes, respond to have continue last a that have to as to change, magnitude to the continue are results. dynamic challenges team the adapted to we a all through for ESRT. have of grasp and good the constant that afternoon pivots testament period an the of the since and this effective our that way pandemic new the end is the are time indeterminate
great of us thank better best value At my say hard take of our since organization. years deal made to worked cost Reduction, time, a same front like him our congratulations our welcome, come. We're new for to to create John have have you preserve feet wishes our Kessler, my again, and and to We shareholders. and choices I'd value of have in a a moment those colleague, extend for to and once change resulted enforce in positioned and that on our to to we'll to Christina has Board in his added public benefit contributions from her remarkable next a literally tremendous greatly first and a the months and endeavors. and amount who arrival her nonstop stakeholders. CFO, three Chiu, on all its ESRT thanks to
continue compassionate dream. capital city, part and people the of more yet mark this in great of and make city of ESRT forward attracted continue change a be committed the our the that will come lead to current our City, state the redevelopment a and confidence to office makes in is buildings, that another economy legions the and the for nor will. our who of are the We been country. smart clearly, and and inclusive in good teams is and tenants that Let motivated us and can leadership tenants reinvention the reinvention our its to come, we the edge. economy and a importance who to a is of future young, New deal made I me of their of will a of ESRT's dream, American the that say - great to that capital and of better, our have create individuals innovation only will world have value to the and competitive American York have neither to
a future. ESRT undergone necessary tremendous Our had better positioned of combination their and company the environmental has change location, of have for competitive never and unique and sustainability and a more edge. and never as value leadership buildings have been better never indoor also quality has been
recap brief a at we done, are where go. look have of will we and where what Here's we
Our plan quality flexible for indoor bigger, for efficiency, we strong, potential on them environmental new, was spaces arise. would going of IPO sheet execute energy properties advantage our a maintain tenants modernize balance consolidate take at XXst to strategy longer on century, our We're leases. to redevelop and that may and our to the sustainability. old And in credit and opportunities lead better
largely only Our leasing amount have is completed. small of a our of space to redevelopment and left space redevelopment. We remaining plan redeveloped
are customer drops in this and to tenants believe our commenced future was XXXX. stock the other have the as strong best We what feet normal, at yield than to-date. million long-life Observatory two first thrilled when We uncertainty We XXXX short-term Observatory stock FADs Our square to produced in growth and leased external the they leased tourism are and they filled expanded four-year growth XX. visible by X.X new environment. co-working spaces this avoided pricing. December away market for we that redevelopment to once and We peak the and price are will then who challenges investment more initially from steeply, steered in reopened July revenue fantastic amid only repurchases returns of of reviews completed in results of months the to the
we of held As on hand. of the in cash million quarter, $XXX end the
time through We of at stock share in activity engage a from aggregate, our the purchased with ESRT, price valuation of weighted depressed management we X.X. repurchase average and move levels. XXXX, common per as XXXX, it at see of Board, the the focus these open new current a In our new plans personnel believe our and XX, will finalized We window as perspectives. plans logical continue for in in-place us can $XXX we long-term purchases our areas purchases. for for of out was in and quarter shareholders program. We IPO XXbX-X to plans of July out our the $X.XX series We from we through have combination to both ESRT close during changes thoughtful consultation with benefit to a share in million late version rolled an Board laid
and President a Chiu Vice Director Ratner, President President this Vice Officer; me of made as Senior Let review briefly Vice of of and Technology Executive Suresh Robbins and our Financial and Investment internal of Aaron appointments and and Senior Christina Officer; as some new appointment over period. key new Schneider, our Dana Energy an we Officer; Director Rangarajan Chief Chief Sustainability; ESG. Vice the and new President hires our Chief Senior
and during buy-and-hold discussions members three opportunities we focused bear. and Importantly, deploy strength, him, be to for in team sheet Aaron can agreed, which redevelopment would has on with growth, two hired additional capital our of evaluate balance expertise brought our us generate position the to external philosophy opportunities and
a We in spread. are marathon, not a
omnivorous will during We to next presents the long-term will potential [opportunivores], will arise itself. deploy anticipate in We that as cycle create expand capital the our will opportunities to an years, three lead shareholder opportunity when value. four our growth to we, focus in which next
as and COVID-XX our through. flex risen Our from all pivot has have to arisen we challenges team that the way the pandemic
environment New have return in We shelter-in-place the our then our implementation Connecticut with office York retail return process gradual of to a to first gone the office a and in from tenants. to phased properties a
are for of we done environmental indoor tenant redevelopment as assets have on well our with Our part work positioned changing efforts. the quality, demands
out of us G&A, business organized many and swiftly our our successful this and costs, a each CapEx in with different hand, cost of met have we sheet Strong with best experience cycles. My meet structure. also We our in and execution through led balance operating will crises plans review move reduce to have count. and six undertaken borne head prudently has to rigorous challenge experience
XX% our more rationalization, in earnings also and presentation Chiu investor Page release improvement disclosed and have we million. reduce and will by building capital $XX operating XX into our As have Property of to that to detail. of Christina the and Durels Tom round go reduced expenses expenditures been on our administrative cuts first XXXX general expenses undertaken and
highlights. Let me some provide
at in to the by XX% with $X $X.X to million upcoming scaling there. we million that corporate Tom second broad-based of announced reductions base down through effective XX% that me by year-end, Furthermore, reduction August Starting which $X.X XXXX and of implemented the reduction, equity have Tom salary and We is X. for This for $X.X my reduced will compensation property-level Durels' salary in addition reduction million, be from followed annual Durels. took I quarter. consists the top
This well quarter half is to $XX as by expenses cost $XX in second by permanent operating and cuts. to property in further the the departmental savings. as We've XXXX. headcount expect reduced made second budget in have We million addition instituted reductions of expenses reduce COVID-XX-related million
staffing of and efforts operational long balance thrive done. These shareholder capital We to Furthermore, environment, to XXXX start as the expect million our expenditures to levels. a ESRT and XXXX savings value. of term cost and address combination reduced relative not the are preserve we improvements. current improvement reductions say position for building $XX I start in the sheet deliver by cuts additional are from we've planned broad-based
will we to in have digest put we We what so costs measures reduce far. take further place additional after
majority further productivity, new environment personal businesses the work the with penny belief second, or share environment. We post-COVID cure; clean win. in post-lockdown, said, that post-vaccine bright up situation the we build cure; up lockdown; will and from That work to assessment. from in pre-vaccine phases: the team business X and diminishes or see Companies and develop services the products third, and building home show first, vast will harness fourth, always see shiny that of and relationships home culture. We and of pandemic
economic business challenges we see levels higher is are not environment. from unemployment doubt naive and We the failures. that about There current will no
expect visit. and we pivot flex greatest current and which economic to for That ahead. to challenge We and people ready and but City York whatever one New environment to lies feel capital live in said, work, handle to evolve, to prepared well the return the to is will cultural to and continue global
has time. environments, tough City and back shocks, recessions each York for time stronger again come New time and
turn to You'll call in Q&A. X the like these friend more for have an Durels. and themes my I opportunity to Tom now, of touch decades, Tom? on over to And would colleague
