What's the ESB Latest $$$ Story?

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In the face of continuing complaints that the new NYSE-traded REIT undervalues its prime asset, the Empire State Realty Trust has released its first results and its management is thrilled.

The full portfolio—18 properties including the Empire State Building—executed 53 leases in the third quarter, more than 241,000 square feet, and was 85.7%.  The Empire State Building is 82% leased, the company reports.

It's a strong performance, according to the company's chairman.  “Our portfolio demonstrated performance gains as we continued to implement our renovation, repositioning and leasing strategies,” noted stated ESRT chairman/CEO/president Anthony E. Malkin in a press release statement.

Last week, shareholders who opposed the REIT’s October IPO complained that early results indicated poor performance, and their holdings were undervalued. 

But we also noted earlier this week that the ESRT is beefing up its marketing efforts, too.

You can see the full financials and comments here.  

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