NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE:ESRT) today provided the following update on its business operations.
Rent Collection Update
The Company has experienced steady monthly improvement in the collection of its property billings. The Company has collected the following:
| Collections (per Investor deck on 4/22/20) | Overall | Office | Retail | |||
| April | 69 | % | 73 | % | 46 | % |
| Collections (per Investor Deck on 6/3/20) | Overall | Office | Retail | |||
| April | 80 | % | 83 | % | 65 | % |
| May | 75 | % | 80 | % | 49 | % |
| Collections (as of 7/8/20) | Overall | Office | Retail | |||
| April | 84 | % | 84 | % | 81 | % |
| May | 81 | % | 83 | % | 70 | % |
| June | 79 | % | 82 | % | 66 | % |
| July | 75 | % | 76 | % | 73 | % |
| Collections with Applied and Potentially Applied Security Deposits (as of 7/8/20) | Overall | Office | Retail | |||
| April | 96 | % | 97 | % | 91 | % |
| May | 93 | % | 96 | % | 79 | % |
| June | 93 | % | 96 | % | 77 | % |
| July | 91 | % | 92 | % | 83 | % |
As of July 8, 2020, based on annualized fully escalated rent, we executed deferral agreements with 12.0% of our tenants:
- Rent was deferred for 5.5% of our tenants, and
- Application of and deferral of the required replenishment of security deposits for 6.5% of our tenants.
Observatory Reopening Update
As noted in its press release dated July 13, 2020, the Company announced the recall of its employees for training in new protocols and processes to prepare for the Empire State Building Observatory to reopen on July 20, 2020.
The Company will release its operating results for the quarter ended June 30, 2020 after the market closes on July 29, 2020. The Company will host its conference call on July 30, 2020 at 1:00 p.m. ET to discuss the operating results.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
