ESRT - Empire State Realty Trust: Fairly Priced Worth Watching
2024-06-13 06:55:17 ET
Summary
- Empire State Realty Trust owns mainly office real estate, with a bit of retail and multifamily as well, offering exposure to NYC.
- Shares have historically declined and offer a strangely low dividend yield of 1.5%.
- ESRT mostly earns rental revenue but also enjoys good tourist income through the Empire State Building, which it owns.
- The balance sheet is healthy, and the dividend is poised to recover, but shares may only be fairly valued for now.
Empire State Realty Trust ( ESRT ) is no ordinary REIT, but the proud owner of the Empire State Building. With its other properties, owning these shares gives investors a chance for exposure to NYC real estate.
Empire State Realty Trust: Fairly Priced, Worth Watching