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NEW YORK - Empire State Realty Trust, Inc. (NYSE:ESRT) announced Monday that George L. W. Malkin has been appointed to its Board of Directors, effective July 13, 2025. The appointment comes as the REIT, currently valued at $2.26 billion, trades at $8.25 per share. According to InvestingPro analysis, the company maintains a GOOD financial health score, with several positive indicators among its comprehensive set of metrics.
Malkin, who currently serves as President of Malkin Holdings, brings experience from both operational and financial roles. His previous positions include executive roles at QMC Telecom, where he launched three international markets and served as Chief-of-Staff to the CEO, and at H.J. Heinz Company, where he implemented restructuring initiatives.
He currently serves as a director at Map of Agriculture, a privately held agricultural data analytics business. Malkin holds a B.A. in International Relations from Stanford University and an M.B.A. from Stanford’s Graduate School of Business.
Malkin has family ties to the company’s leadership. He is the son of Anthony E. Malkin, ESRT’s Chairman and Chief Executive Officer, and the grandson of Peter L. Malkin, the Company’s Chairman Emeritus.
"We welcome George and his contributions to the board," said Steven J. Gilbert, Empire State Realty Trust’s Lead Independent Director, according to the company’s press release.
Empire State Realty Trust is a NYC-focused REIT that owns and manages a portfolio of office, retail, and multifamily assets, including its flagship Empire State Building. As of March 31, 2025, the company’s portfolio comprised approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 732 residential units. With the company’s next earnings report due on July 23, 2025, investors can access detailed analysis and forecasts through InvestingPro’s comprehensive research reports, which provide deep-dive analysis of ESRT’s performance metrics and growth potential.
In other recent news, Empire State Realty Trust reported its first-quarter 2025 earnings, which exceeded analysts’ expectations. The company achieved an earnings per share (EPS) of $0.05, slightly above forecasts, and reported revenue of $180.07 million, surpassing the anticipated $178.72 million. These results were driven by strong leasing activity, with 231,000 square feet leased during the quarter. Empire State Realty Trust maintained its full-year Core FFO guidance and continues to expect commercial occupancy rates to reach between 89% and 91% by the end of 2025.
Additionally, Citi analysts have adjusted their outlook on Empire State Realty Trust by raising the stock’s price target from $7.50 to $9.00, maintaining a Neutral rating. This update reflects revised operating, financing, and transaction assumptions, which led to an increase in the firm’s estimated funds from operations per share for 2025 and 2026. The company’s annual shareholder meeting also took place, where all director nominees were elected, and Ernst & Young LLP was ratified as the independent auditor for the fiscal year ending December 31, 2025.
Empire State Realty Trust continues to demonstrate resilience in the New York City real estate market, with strong occupancy rates across its office, multifamily, and retail portfolios. The company’s strategic initiatives and market positioning appear to be yielding positive results, as evidenced by its recent financial performance and leasing successes.
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