WATCH: Tony Malkin on “The Exchange” and ESRT’s Strong Earnings for Q4 2023

February 23, 2024

After a successful fourth quarter and start to the new year, Empire State Realty Trust held its quarterly earnings conference call to discuss its significant leasing activity, C-suite promotions, and strong Empire State Building Observatory performance on Feb. 21.

ESRT’s Chairman and CEO Tony Malkin joined “The Exchange” on CNBC the next day to talk further about the REIT’s modernized portfolio, the market flight to quality, and the Empire State Building’s global brand recognition.

See highlights from the earnings call and Malkin’s interview below!

Onward and Upward

Malkin announced executive appointments in his opening remarks on the earnings call, which included the company’s EVP, Chief Operating Officer & Chief Financial Officer Christina Chiu’s promotion to President, and SVP, Chief Accounting Officer Steve Horn’s elevated role as EVP, Chief Financial Officer & Chief Accounting Officer. Read more about the C-suite promotions in ESRT’s official press release.

Leasing Wins

Empire State Realty Trust signed nearly one million rentable square feet of leases in 2023, with 164,000 of new, renewal, and expansion leases in the fourth quarter. ESRT’s EVP, Real Estate Tom Durels highlighted notable wins throughout the portfolio, which included a 52,116 square foot lease with Greater New York Mutual at the Empire State Building, and after quarter end, a 67,865 square foot expansion with Burlington at 1400 Broadway, and a 57,203 square foot lease with Sol de Janeiro at One Grand Central Place, among others.

Back in the New York Groove

Another notable tidbit from the call was strong Observatory performance, with fourth quarter NOI that neared $30 million. Chiu noted NOI total of $94.1 million for the year, a 26% increase year-over-year, which was in line with the 2019 NOI. See the full earnings report online.

Watch Tony Malkin on "The Exchange!"

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