Empire State Realty Trust Announces a New Repurchase Authorization and Continued Dividend Suspension for First and Second Quarters Of 2021

NEW YORK--()--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that its Board of Directors has approved a new repurchase authorization of up to $500 million of the Company’s Class A common stock (“Common Stock”) and Empire State Realty OP, L.P.’s (“ESRO”) Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) (collectively with the Common Stock, the “Securities”) during the period from January 1, 2021 through December 31, 2021. This will replace an earlier $500 million repurchase authorization that runs from January 1, 2020 through December 31, 2020. Under the 2020 authorization, the Company repurchased approximately $143 million at a weighted average price of $8.31 through December 11, 2020.

Under the program, the Company may purchase the Securities in accordance with applicable securities laws from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to stock price, availability, trading volume and general market conditions. The authorization does not obligate the Company to acquire any particular amount of Securities, and the program may be suspended or discontinued at the Company’s discretion without prior notice.

In addition, the Company announced its decision to continue with the suspension of the dividend for holders of the Company’s Class A common stock and Class B common stock and to holders of ESRO’s Series ES, Series 250, Series 60 and Series PR operating partnership units for the first and second quarters of 2021.

Concurrently, the Company’s Board of Directors has declared a dividend of $0.15 per unit for the fourth quarter of 2020, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units and a dividend of $0.175 per unit for the fourth quarter of 2020, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units. The dividends will be payable in cash on December 31, 2020 to unitholders of record at the close of business on December 21, 2020.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the “World's Most Famous Building.” ESRT is a leader in energy efficiency in the built environment and sustainability, and is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating, an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a COVID-19 environment now and broader health and safety-related issues into the future.

In its first year of submission, ESRT has earned the highest possible GRESB 5 Star Rating and Green Star recognition, and score of 88, in the 2020 GRESB Real Estate Assessment, an achievement that places ESRT in the top 20% of all respondents. GRESB is recognized globally as a rigorous standard widely recognized as one of the best measures of sustainability performance of real estate companies and funds.

The Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, under the heading "Risk Factors". Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts

Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@empirestaterealtytrust.com

Contacts

Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@empirestaterealtytrust.com