ESRT - Earnings call 4 2023 | Empire State Realty Trust, Inc.

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Operator

Greetings, and welcome to the Empire State Realty Trust Fourth Quarter 2023 Earnings Call. [Operator Instructions]

As a reminder, this conference is being recorded. It is now my pleasure to introduce Heather Houston, Senior Vice President, Chief Counsel, Corporate and Secretary. Thank you.

begin. may You

Heather Lawson

you Realty Thank us for today Good Fourth for Quarter State Trust's Call. XXXX Empire afternoon. joining Earnings Conference

to presentation company's were website distributed release in the with our the esrtreit.com. of quarterly posted and addition the section results investor package on further yesterday, latest our at Investors supplemental detail In a press

capital On may laws, as operations, statements applicable securities income contain including conditions, today's related expenditures, defined events. call, market management's prepared results transactions remarks and financial forward-looking answers to your to those and questions expense, and in property proposed

As They State differ Empire a which We from risks to reminder, to may forward-looking discussions the subject no more uncertainties, detailed today. discussed forward-looking the these SEC. Realty statements encourage represent listeners company's obligation any Trust management's current and the to those to update are filings related review assumes estimates. cause results actual in forward-looking statements the statement with future. to in

will release financial we believe property in measures discuss and which cash EBITDA, During same-store company's today's adjusted evaluating certain included NOI, to the NOI, GAAP as these The in call, measures, definitions FFO, are measures the the directly each comparable the and of most available package, performance. and reconciliations FFO, non-GAAP and we earnings EBITDA core modified on website. such meaningful supplemental are company's

Executive Officer. the turn will call over and to I Chief our Now Malkin, Tony Chairman

Anthony Malkin

was pleased productive good quarter report great for fourth to a to a It is back what is tier top your of year close leave, Thanks, you to out very to portfolio. our afternoon Heather. after parental everyone. ESRT have and strong

to points in circumstance so. of us efficient energy that to absolute amenitized balance under any and modernized, a board the commitment portfolio allows great sheet properties do on locations, a have We put

of Christina, positive FFO comments. of in her our majority Manhattan fourth team's We achieved $X.XX In We absorption. operations. balance positive delivered relentless will handle that tenth and items, office, quarter from spreads came our new from depth nonrecurring the continues, percentage our again and quarter, leased effort best-in-class. remains delivered $X.XXX lease Our sheet for the recurring in focus more mark-to-market consecutive expectations, in quarter once eighth observatory results. President, performance our our consecutive above

Our points Building and tier shy Lease-up top feet. leased absorption last points. X progress year XX% increased will increase leased. this XX% just to square That leased increased basis of basis Within over continued increased is over over of is the last discuss portfolio office now the the the contribute XXX tenant of of some Manhattan year. sees leases, year. Tom demand, our over which by we quality XXX our XXXX percentage rate leased XXX at Broadway Empire State million to an basis and The leased nearly campus, points progress. the Broadway last

portfolio since of X.X service our commitment value totals quite portfolio feet to expansions of the square relationships, market feet in volumes. million to our combined portfolio tenant relative million our IPO, drives proves square of our ESRT's our entire leasing consistent our amenitized, in properties proposition. energy-efficient great modernized, Over X.X with today locations tenant significant and that

words why some buildings. like from I ESRT's chose tenants would to share to signed as they recently

location. Prime Industry-leading Top-tier contemporary quotes. are following the facilities client design. Blend and of of amenities. heritage and All services. Iconic.

sustainability. of Forefront

efficient. That teamwork end partner. and tenants. Commuter-friendly. is the Bolsters Energy the from quotes Astute of innovation.

our and XX tenant XX, You can Slides testimonials see of on presentation. investor more

retention. collaboration, are critical recruitment culture components the locations employee right buildings right offices The and and company and at the with the and right right right prices the of landlord,

a assets and renovate We are $X maintain upgrades fully competitive to that leasing sheet, leaders our New energy a lease. environment. consolidate modernized, York And market the in difference and at invested buildings our City big price we ESRT's segment upon office that we today's the and plates service billion in accessible tenant brokers to tenants to successes built floor and of and makes points. of the portfolio best-in-class demand balance so the efficiency, are deepest attractive our

volumes the Our consistent challenged in goal and best the is times to good get times, draw get deals deals in cycles. leasing through

we we NOI what have to the sheet expertise, Observatory our balance focused. absolutely admissions with perform. that select continues and Observatory partners debt buildings. And We with to to XX do, for we right with with relative create issues amongst believe current -- additional we and grow remain the excuse whom know pre-COVID can capital the that was just opportunities us to of the XXXX XXXX. back to just saw success return XX% office The me, And share levels.

advertising Building to For work exceptional iconic, the State generated hard we in years, put Building The the the have in value was and the year had authentic York row. impressions media a attraction the billion XXX of by and globally authentic #X Observatory XXXX, over the build million in $XXX global United is second Empire ranked Empire in equivalency. States brand experience State brand. In New nearly TripAdvisor awareness our for

a year-over-year through focus on growth. reliable presentation. investor on new Our shown XX Observatory's NOI cycles, cash our as economic Slide and flows pandemic, all of now We are competition

as decision a integrated and or and has their ESRT into sustainability new financially for Tenants best reporting. a to for every recycling, at to return share acquisitions We investors, stable to the quantitative leader from our been FP&A sustainability it repurchases. capital property more be we allocate make is with than achieve assets. landlord partner who will maintain we standards think capital can look high-quality decade,

our healthy employees come Our with building and companies for matters and sustainability year each successful tenants to performance and sustainability. their industry reputation more to and upon leadership more us and based who partnerships

we Best Cap governance awarded statement Intelligence's were shareholder as engagement. and Governance for best the of we one for XXXX quarter, be Governance And nominee front, This were to companies. proxy responsible Small Corporate most on pleased recognized Newsweek's Award

shareholder goals. XXXX sell remain together to unchanged: These actions Observatory, ESRT's lease sustainability the achieve balance priorities tickets enhance value. sheet, the manage our space, and

advantage We are York and and ways an New to a capital it, and portfolio the market in is of the targets X in to dislocation. opportunities disruptions play that we created of diverse deepest tier office position We City, have segment. through believe market our top take

is the observatory, attraction States. that United Our #X in the ranked

will street to detail retail, a foot we multifamily more accomplish platform. and in provide Our our and Tom progress XXXX. on Christina and high plan how traffic goals everyday these growing

value-add committed recognizes opportunities. reflects success and is promotion Steve. well-deserved I development Durels and announced President; and Tom our to and CFO directly strength, partner. more capabilities, congratulations to the Chief Steve And I materially big things with Christina I nearly ever. over a her ESRT, to Accounting as experience, has for EVP, as to has great in attraction, comment will with that contributed assure to talent years her and ESRT, and Horn, ESRT Her successes to I sector-leading hand she Before Tom, grown just plan promotion and depart been led no In of and let future on present with ESRT, responsibilities to the of our Christina's Christina have Officer. a for promotion X you

on Now Tom. to

Thomas Durels

deliver XXXX Thanks, have and Tony, strong the year everyone. XXXX. had to in the good afternoon, properties people results and We strong in and another

XXX,XXX feet leased XXXX. of our Manhattan in the we our square annual leased XXXX, During portfolio. we office since year feet was our In full over highest square portfolio, commercial XXX,XXX which volume

the X-year the for spreads Our Place. year, XX% averaged rents prior State Empire X starting new highest exceeds leases and the new at Grand average. office which Building achieved our lease We Central for

Observatory XXth sushi Empire lease Broadway and and of retail store new State major to our office name the welcomed Street Ground, LinkedIn, amenities New greater new Building hosts a now Capco, next to one great and and tenants more at Ghirardelli, office the Building, at the State the opportunity first New Empire one has STV, Ghirardelli, serve X ever will signed Mutual one leases including entrance. XXXX Insurance open few. tenants, tenants. will And Reserve, We Company, Starbucks, restaurants, the to in Starbucks to retail like with AT&T which The quality Chipotle, their who Rising York we York Front as base

quarter, the for we tenth for Our property to year. in fourth It the the portfolio mark-to-market And portfolio. quarter. close achieved positive achieved absorption lease office our a we strong in team consecutive leased eighth delivered which rate commercial our Manhattan our quarter was across spreads consecutive positive

positive feet to percentage which the points lease XXX leased of XXX,XXX by compared basis it X.X% end been including XXX,XXX points XX duration year years, increased office Manhattan in our in an to The basis feet mark-to-market to We XX.X%, average points ago, spreads. portfolio since in Manhattan We basis has the at square square lease XXX quarter-over-quarter weighted increase years. and our is a our which commercial rent increased portfolio XXXX. the reflects X highest last of office office Manhattan our XX.X in portfolio,

floor signed will Maxwell. industry-leading Mutual Building. quarter Broadway. Company office for with lease a quarter full include York offices signed amenities location. excellent Building their State our because their and Madison Notable renewed XXXX New desire relocate Group, our New fourth Empire Ingram retention Greater square from lease Ingram XX-year XX aid the feet its in Insurance with amenities collaboration and with services, a State square tenant-only in Greater to and new leases full and employee marks XX,XXX convenient Mutual Ingram measures sustainability York Content which years deals and the with a This in Anaplan for at Avenue quality at productivity. We space Fairfield the Empire of foot recruitment, XX,XXX our third renewal reflects this for floor

West with spanned Hanover and square signed XX XX,XXX that Fairfield square feet new Capital office for XX-year partnership with feet. pre-built signed Street office a XX Additionally, Street, over at our has totaled XXth lease years. XXX leases suites full-floor for we Maxwell We XX,XXX

leases on Page shown and million from XX burn ramp in as commenced have our revenue cash $XX off. supplemental, not free signed Additionally, of incremental we

we're new of current XXXX XX,XXX expansion with a a times an a square de occupy with Broadway. Burlington We XXX,XXX for total foot square of and lease L'Occitane Grand has Central we And an latest Burlington extension Sol expansion, lease, And in recently Janeiro, signed just to term. X XX,XXX foot XX-year Place. us with XXXX. subsidiary off square XX-year X Burlington a lease will feet at lease expanded their signed great start at along with XX-year a with this

the healthy pipeline level reaching the have in We an uptick in leasing year tour activity volume quarter, leasing fourth our XXXX and a saw that in should drive second since for highest XXXX ahead.

time. XXX,XXX square And XXX,XXX expirations only with feet and Sol feet are were to lease and set years, expected new and of in of feet XXXX that average annual square our positioned XXXX. square known and XXX,XXX our we XX,XXX leases signed, is past feet new in de Burlington vacates modest feet increase have of leases leases signed percentage relocations at square We in Based the expire. renewals, X that to well undecided this just the Janeiro by are approximately on lease square is covered after XXX,XXX

and at sustainability amenitized, price market, environmental energy and high-quality efficient points. at the bracket. product of near tenants located amenities, quality sheet attract ownership, and mass who today's financially offering modernized, a our indoor in is ESRT In top offers stable and price transit price there is and want our well service tier that every flight tier property balance to quality We neighborhood

as their and for strategy. on to costs were money they as rental space get we workspace the value market square they presentation, and deepest range that make the and up are for $XX $XX rent, of market, look of for leasing the we our proposition since Tenants tenants our spot. can employee nearly More Manhattan per their XXXX, to sweet part XX foot a Page in office in complement XX% of price investor our show best is hear sensitive which will leases more, seek

leasing excellent product unique attractive as from our and tenants to percentage Our XX% demonstrated Manhattan leased results, office. competitive is by

and spaces over invested more brought frequently discussions. We latest apart assets years. Of IEQ which with our amenitized broker did us work competitors tenant the fully sets leasing provide hard and our product, course, committed tenant from technology, and to to sustainability in many modernized, early build in more up and our the we has in all

fourth relationships which the in tenant occupancy average The XX.X% renew and from through and quarter to maintain enduring strong validates was commitments. our Christina sheet, consider culture a portfolio investments more fundamentals important We lease tenants these speak fostered a our balance prior will which to, quality assets. long-term making than multifamily into they market service-oriented continues to is in benefit attract solid as ever and to that

a signed increase we a ago fourth a good by point and commercial XXX once of end So very over increased which points percentage at in basis since had leases again, of basis year office square that Manhattan XXX,XXX completed our year solid the XXX XXXX. quarter XX.X% feet portfolio year-end, to XXXX. We represents from a lease

well to are positioned space XXXX And start performance to lease multifamily in healthy positive continue year. to again We lease portfolio. achieve we lease expirations leases impressive our and pipeline for modest the and in year with of the absorption new a see

have alongside Steve closely on to both to Thank you Christina, well-deserved I my call these to in want fresh and Having ESRT and optimistic ongoing partnership both immense your of abilities shareholders. promotions. congratulations our to you. years, value ESRT. And the for past and enhanced also the worked will yield Christina your few before extend confidence I'm bring I over turn that I value you opportunities

Christina?

Christina Chiu

Thanks, Tom.

quarter for strong from same-store other interest per well items, share, diluted of which the reported increased higher we cash NOI Results business largely performance included fourth nonrecurring or within by $XX of approximately the year-over-year. This $X.XXX quarter as income. year-over-year. property million core was growth, XXXX, driven of as $X.XX income mostly FFO XX% strong our Observatory For

and in guidance rent higher from year-over-year burn-off, year. These NOI property commencement, property by ahead revenue embedded XX.X% expectations reimbursements tenant in same-store cash of cash early driven the income. higher increased expense our Same-store came higher NOI other rent free primarily cash items revenues for

in less appeals a we tax which we to operating due in The fourth increase higher successful were what property revenues quarter was in than offset increase an the anticipated expenses guidance, albeit partially $X.XXX and our some that resulted cost items by NOI million in few in expected that approximately same-store benefited quarter. repair to relative well of expectations. were as $X maintenance as or there refunds Overall, as savings mentioned, fourth the the nonrecurring

expense the In the capita year-over-year. Revenue Observatory XX% year-over-year. of an continued quarter. remains the improve high and Observatory $XX was operating to fourth quarter, million, per increase $X.X admissions in income fourth of generated net million

for the XXXX, For year. full that the generated the million, exceeded year NOI our of and Observatory $XX the of guidance midpoint

core reported the share. $X.XX full For of per we diluted year, FFO

of Observatory to in the contributed our revenues, results, expenses, provided NOI to guidance the quarter year that Within XXXX each same-store fourth happen relative we beat the building skew table full blocks, FFO guidance. same-store to our which to favorable large side,

results As higher-than-expected benefited nonrecurring of mentioned in income. release, were in $X.XX the items that approximately and from nature XXXX interest also also included

and had XXXX, undrawn which the million $X.X facility. billion, was of XX, As company December credit of cash of our of liquidity capacity total $XXX comprised million revolving on $XXX of

of with years. weighted to At maturity X.X $X.X and quarter term billion debt interest X.X% a of rate had weighted end, the of a company average net average

We a New City leverage to debt X.Xx exposure, schedule York debt have maturity lowest strong REITs EBITDA. among liquidity, no all net well-laddered at floating and the focused rate adjusted debt

to and allows financing our great repurchased actively continue XXX% we owns portfolio are past pursued no of shareholder York opportunity commercial assets ESRT recycled New generate allocate capitalization. complex structures, that manner, our investment tax-efficient flexibility With and to opportunities this shares. sheet additive with and future our to that years, City balance will for we for flexibility, and X capital focused in the a over value. And capital JV

XXXX. for outlook our to on Now

range items. share, to $X.XX per We nonrecurring excluding FFO XXXX share, $X.XX per core diluted expect XXXX to FFO of $X.XX between compares and core which

XXXX, midpoint, leases pipeline revenue in positive of occupancy our modestly at guidance. X% NOI up up XX.X% In expect a be discuss me year-end a XX% Within we and to year-end positive range cash by XXXX, of the assumes Let expect of range, which by expirations X% strong a XXXX relative same-store XXXX, XXXX. XX% to to driven signed commercial commenced the manageable assumptions with this used moment we from in lease growth, yet spend down to levels. at not to

basis XXXX year, the and that our points from than expect reimbursement also X% in fall XXXX by operating XXX increases. R&M the lighter increased tax XXXX. real note approximate in ultimately X% inflationary property certain expenses about operating reflect will XXXX, prior side, taxes forecasted offset On projects higher partially tenant an anticipated income. year-over-year It X% into now is X.X% the refunds, in expenses we guidance changes and driven some which to estate expense property to that important operating savings is timing growth expense XXXX cost by expenses from increase cost

the to Turning Observatory.

We expect for from to to guidance $XXX in XXXX. million NOI approximately per $XX quarter million expenses million Observatory assumes of million, NOI be $X $XX This Observatory approximately XXXX up XXXX.

continue include uncertainty We that and FFO that any any unannounced could of income fluctuations assumptions future guidance guidance for the quarter. just impact room not do leave impact XXXX within estimates to note future described fee property activity. our range around given meaningful any acquisitions, tourism and or results or markets termination Please the capital bad dispositions in lease weather

portfolio. last has over of company its on positive over over In and points well absorption achieved leased summary, XXX,XXX occupancy priorities. of commercial XXX square total basis the space We year, executed feet across the the

continue tenants' proposition value strength and sheet benefit a our to as balance We we offer for that from high-quality and demand unique assets the landlord.

invested now those our fully reaps the to portfolio, forward-looking modernize Importantly, portfolio rewards our have of already and we efforts.

up to leased and lease are further. XX% We positioned

continues growth continued fourth attraction ] growth, net remains attractive of strong strategically the equity to X.Xx for the year and trend which recovery, performed has uncertainty may continue best-in-class seen business of has company consecutive well second and Observatory of dislocation. emerge capital and cash that prudently [ resiliency take advantage manage flows. EBITDA, multifamily, to our to and #X balance and strong to into TripAdvisor's with sheet investment debt down ESRT's XXXX. U.S. expect the to Our our in The and this opportunities we in of And period to adds a leg

to asset it and since Accounting his succession I us to congratulate Before Steve December Steve a promotion Chief I'd been turn Officer. Financial he mind with our on closely joined work plan role and ESRT. natural in growth tremendous on his I promotion board. and over new in part this Steve to Steve ESRT at continue was of Officer that like we Q&A, to to development on has will XXXX, Chief had we brought a his when in

I'll that, with Operator? back turn the Q&A. for operator call to the And

Operator

[Operator Instructions]

questions of BMO from first the Our Kim line with come John Markets. Capital

John Kim

Christina ask potentially, deja it given they about looks but space of little a Steve. that to space a bit stock at more Broadway. was are of and up? bit they little Or that a how give And gave it's wanted I foreshadowing concerned already with may to like realize I Flagstar's known? vu you Congratulations lease price? XXXX NYCB Flagstar. Was

Thomas Durels

rent John, foot. XXXX is XXXX of low Flagstar foot. space compares fully say, previously total our just This Broadway XXX,XXX previously about to rent represents XXs of had commercial was $XX been total Flagstar of connection lease X.X% annual larger Burlington about temporary expansion compared about only and X.X% Broadway. with small done of Broadway. Their in done where the low Remember, It anticipated. square in-place feet with the favorably a per portfolio revenue. the space to, was escalated of our the Yes, square XXXX the giveback leases in in leased

fantastic is modernized. Beyond that, It's fully It's XXXX -- XXX% that but Broadway leased. I'd say a building.

expanded The We tenants a XX,XXX amenities. campus lounge, Burlington access new have town square just by feet. new tenant to facility. have hall

XXXX confident Flagstar, with that our Broadway will at happens do whatever well. So leasing very, very we're

John Kim

make my And on a wondering you've side. capital know know if would on second stock own be accretive the the raising recently. comment like the And of on to repurchasing argument wanted Okay. It are was that could your if I route, been that. seems on is attractive other or would I defense question that going opportunities I third-party lot shares because opportunistic on and investments. -- it you depending either you investments buying go can consider make. you there's you capital, that debt

Anthony Malkin

once-in-a-generation Tony capital office Sure. near-term market a create York here. opportunity Thanks, upside. assets crisis with New great We City buy heavy by to dislocation, maturities the certain created and rising believe John, rates will a

intellectual unique of property and attractive energy-efficient success have amenitized, track We of competitive tier and are to in top the assets modernized, lease. redevelopment buildings which of a the record in

underwritings. We find deals these to And course, our At be know anything. in are you We costs find prime opportunivores. partners. and the time, the we'll we required if we look look. to We be of right We'll create continue for assets. right the to We'll the opportunities. same patient prudent omnivorous let know always

opportunities we Tom we've of We'll acquired or that whether retail. resi the any above. in anything have and Christina wants our to response. eyes keep So not add acquired know for don't open or I to

Christina Chiu

to capital. thing is other on and we've access actions to in only best I interest would say John's the allocation as we is our capital evaluate The stakeholders. decisions of all question And demonstrated, address

wouldn't So depends any on situation. the line really but options, red

issuance. opportunities, as in think we're what at do to mentioned. certainly But either I soon looking way Tony roll offensive too you equity

Operator

line come questions Michael of the next Citi. from Our Griffin with

Michael Griffin

for Maybe guidance the going second. a to back

quarter, $X.XXX in XXXX. If you rate for strip non-core $X.XXX you do out run about of the for the

the about just look Observatory there any pieces, I from it NOI you should it other at the benefit was If curious, we to guidance? other increase, puts you that takes the from How midpoint? kind $X.XXX $X.XX like a benefit of had think and about getting call on looks occupancy. are

Christina Chiu

where cash our we point same-store is we NOI could a midpoint the NOI, the And property up And you pickup for flattish. what always, lot represent we Observatory. building and roughly ended the pick try to I we provide does think transparency. on of from XXXX is to blocks, do guidance, a as see

the revenue positive narrow at modest at the guidance of to expenses and gets X% to we'll and with continue range same-store better that course growth modest as our us have So over X% up, visibility we to operating the growth, initial year.

Michael Griffin

back helpful. just All to right. of going kind And opportunities. maybe allocation capital That's then

You've I right kind up, like the joint it opportunity the there's reason table. If venture seems But would strategy? came are Or you past of the that in out joint structure, of entertain ventures not nothing that's there long-term the that part simple stressed the no there. opportunities, it? just off

Anthony Malkin

Griff, it's price. Absolutely structure, we the the right more capital if the Tony here. we'll right And entertain to the incorporate logical at capital, will. right use of third-party

Operator

Our Bonnel from Bank next questions come the of America. with of line Camille

Jing Xian Tan

and everyone all done Congrats quarter those Last negotiation. And square a Christina over the on you the on leases were like date, looking solid promotion. you've to get in around quarter, looks able you at and Steve had line. of it your to to feet activity XXX,XXX

could So currently comments, you and your quantify up following on leasing Tom, earlier what's pipeline under contract?

Thomas Durels

de call we leases is XXX,XXX XXX,XXX the new sheets. look, We're Sure. now in have the of around leases. between in negotiation with quarter constantly sit it, feet square Manhattan where Most office approximately or to feet about pipeline. great of and Well, in we're our Sol additional of first to But about, square a start of all, first square stages is off various Janeiro signed Burlington Camille, adding final leases our term right out XXX,XXX of feet. that roughly properties, we

just we our to leases signed. that's pipeline Burlington So current in Sol the that and addition

active have stages of hundred feet various a in few proposals negotiation. to thousand that, we square addition In probably of

in that exposure transition of leases, will an and XXXX. very healthy but of little Now very tenant those backdrop good gives modest move-outs -- pipeline into have not a expirations we the lease in this all to activity. And indication it you of

to in improve percentage I think well XXXX. leased So incredibly positioned we're our

Jing Xian Tan

color there. the Appreciate

more to to with your potential has near some how allocation in Do earnings some outlook shifting term? grow increase various in first? is the point liquidity capital the at position you need do expect momentum. you're visibility to dividend. very to the balancing this Or I strong, you was see your decisions and operations Just wondering good

Christina Chiu

So is it on the track dividend, what mentioned business. the will we've

carryforward However, of prudent net in million we've in it consider. if cost also we capital where and ability we that a on share to something cash other $XXX or be increased have capital, ways, are the markets does that have in should opportunities, of balance whether it that's loss return capital approximately mentioned pursue monetize to utilize environment that do an the buybacks operating uncertain, seem the we

So a dividend our dividend and we'll to the to level dividend. our sense what to us NOL, conditions current comfortably. business, monetize it to We'll on pay and continue makes continue allows very the raise the we'll when are monitor see

Operator

with of questions Jay Our come next from the line Poskitt Evercore ISI.

James Poskitt

and wondering was I But portfolio those I do if supplemental just I retail leases not of signed commenced. together. between XXX to put uptick forecast, and X just point XX just in to the total show the Page gap with office you occupancy wanted has could this the that help guidance the you implies. yet assume basis bridge a which lot the buckets of on

Thomas Durels

Sure.

fact you The XXXX XX, balance then Or of for and feet they're more that that leasing. about looking our I about of have renewals, Were question? only known your not you office XX,XXX that new square square detail Page does tenants. on undecided we And -- in lot think retail? leases the covered vacates of answer of expiring else simply, awful feet did that we'd my something -- relocations have been comments but expected or to not go by if are have on you given XXX,XXX back covered. only about think an earlier I that

James Poskitt

in leases the that to yet next would that will X that 'XX? not the years I commence? you that will guess, the over square of that point, commenced, commence just kind of of the roughly feet say majority of Or XXX,XXX is when signed

Thomas Durels

detail XX on those leases on of commencement We the give the of supplemental. Page

by are cash which commenced to expected leases by and the NOI. commence when see yet contribute -- to not quarter You can signed

James Poskitt

early Okay. 'XX. million over debt and year coming a the the And the have end mortgage you then just at on I due $XXX in coming then maturity of little due know front, a

any just that are color would great. the So plans be for on what

Christina Chiu

with discuss it's lending update as as an have productive But soon to don't we'll now. available. discussions, the continue provide market we to to as partners. always, I We provide an have update our and

Operator

Okay. Instructions] With now [Operator and Malkin, closing for CEO, over turn session. remarks. Tony that, Chairman we like end floor reached to would have question-and-answer to of the I back the our

Anthony Malkin

the we ESRT Thanks York New on positioned stream. much. and very well perform our and pure-play REIT, is to well-diversified build income City are

growth on stakeholders. you behalf interest. We your and all chance in our thanks property of roadshows, are have the work conferences company's today's job then, in team tours we'll a you months further every for thank to goals who incredibly you great call. We in Many forward execute our for the I look ahead. many to to to and with and at drive the confident in to Onward great do confidence ability shareholders on continue your Until XXXX. Thank for of non-deal meet and participation hard, upward.

Operator

That teleconference. you. Thank your does participation. conclude We appreciate today's

You day. at rest Enjoy may your your of time. lines this disconnect the

Empire State Realty Trust (ESRT) 21 Feb 242023 Q4 Earnings call transcript