Empire State Building REIT Declares Its First Dividend

Despite still lingering charges that investors were shortchanged in the initial public offering in a REIT that owns, among other properties, the Empire State Building, investors got their first payout yesterday.

The board of the Empire State Realty Trust Inc. declared a partial dividend of $0.0795 per share for the fourth quarter 2013.

Litigation over the REIT's existence, centered around its Oct. 1 public offering, is being briefed and argued in New York's appellate court, after a trial court refused to invalidate the REIT's buyout terms, which some shareholders say is coercive and undervalued.

There has been no court action or decision since the Nov. 21 arguments.

The dividend is payable to two classes of common shareholders as well as five partnership units. The press release, available HERE, says that "the partial dividend reflects the 86 days during the quarter after [the IPO] and related formation transactions were completed based on $0.085 per share for a full quarter."

The IPO shares were sold in October at $13; today, 30 minutes into the trading day, ESRT is unchanged from its $14.50 opening.

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