Empire State Realty Trust holds annual shareholder meeting

Empire State Realty Trust, Inc. (NYSE:ESRT), a real estate investment trust with a market capitalization of $1.32 billion and a track record of 13 consecutive years of dividend payments, announced the results of its annual shareholders meeting held on May 15, 2025. According to InvestingPro analysis, the company maintains a strong financial health score of GOOD, with liquid assets significantly exceeding short-term obligations. The shareholders elected all of the company’s nominees for director, approved the compensation of the company’s named executive officers on a non-binding advisory basis, and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

During the meeting, shareholders voted on several key issues. Anthony E. Malkin received a majority of votes for his re-election to the board with 170,388,902 votes for, 5,100,033 against, and 38,678 abstentions. Other directors were also elected with a significant majority. The advisory vote on executive compensation saw 170,553,313 votes for, 4,771,266 against, and 203,034 abstentions. Ernst & Young LLP was ratified as the company’s independent auditor with 184,444,910 votes for, 590,700 against, and 135,722 abstentions.

Class A and Class B common stockholders were entitled to vote at the meeting, with Class A stockholders having one vote per share and Class B stockholders entitled to 50 votes per share, provided they continued to own a proportionate number of operating partnership units in Empire State Realty OP, L.P. Votes from both classes were counted together as a single class for the matters at hand.

The announcement, based on a press release statement, highlights the company’s compliance with corporate governance and shareholder engagement. Empire State Realty Trust, Inc. did not disclose any further strategic plans or initiatives beyond the meeting’s resolutions. The results of the meeting are a routine part of the company’s annual governance and compliance process. Despite a challenging six-month period with a -27.81% return, InvestingPro analysis indicates the stock is currently trading below its Fair Value, with additional insights available in the comprehensive Pro Research Report, part of the coverage of 1,400+ US equities.

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 the forecast, and reported a revenue of $180.07 million, surpassing the anticipated $178.72 million. The company maintained its full-year Core FFO guidance and anticipates commercial occupancy rates to reach 89-91% by the end of 2025. Empire State Realty Trust’s strong leasing activity was highlighted with 231,000 square feet leased in the first quarter, contributing to a 93% leased rate for its Manhattan office portfolio. The company’s multifamily and retail portfolios also demonstrated strong occupancy rates at 99% and 94%, respectively. Analysts from Evercore ISI and BMO Capital Markets noted the company’s strategic leasing efforts and capital allocation strategies, respectively. The company continues to focus on its strategic initiatives in the New York City real estate market, with no lease negotiations paused in the last 60 days. Lastly, Empire State Realty Trust expressed optimism about future opportunities in multifamily, retail, and office sectors, despite potential macroeconomic pressures.

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