Thomas P. Durels, Executive Vice President of Real Estate at Empire State Realty Trust, Inc. (NYSE:NYSE:ESRT), a $2.77 billion market cap real estate company, recently sold 3,193 shares of the company's Class A common stock. According to InvestingPro data, the stock has experienced a notable 9.6% decline over the past week, trading at $10.06 per share. The sale, conducted on December 18, 2024, was executed at a price of $10.90 per share, totaling approximately $34,803. This transaction was part of a secondary market block trade during an open window period, as noted in the company's SEC filing. InvestingPro analysis shows the company maintains strong liquidity with current assets exceeding short-term obligations by over 5 times, though it trades at a relatively high P/E ratio of 36.7x.
The sale represents less than 1% of Durels' beneficial ownership of Empire State Realty Trust's equity on a fully diluted basis. Additionally, the filing reports that Durels converted 100,000 long-term incentive plan units into an equivalent number of Class A common shares, although no monetary value was associated with this conversion. Get access to 12 more exclusive InvestingPro Tips and comprehensive financial analysis in our Pro Research Report for ESRT.
In other recent news, Empire State Realty Trust has reported impressive Q3 2024 results, exceeding expectations with a Funds From Operations (FFO) of $69 million. The company also revised its 2024 core FFO guidance to $0.93 per share, demonstrating a robust financial performance. In addition, Empire State Realty Trust has amended executive employment agreements, extending the non-competition clause for CEO Anthony Malkin and entering a new agreement with President Christina Chiu. BMO Capital Markets maintained an Outperform rating on the company's stock, increasing the price target to $13.00, expressing confidence in the company's strategy. These are recent developments that reflect Empire State Realty Trust's commitment to aligning executive compensation with the long-term interests of its stakeholders, its strategic approach to acquisitions, and its solid operational performance. The company has demonstrated strong revenue growth and maintains excellent liquidity. Empire State Realty Trust is also progressing with the acquisition of retail assets in Williamsburg, Brooklyn, projecting a yield of over 6% by 2027.
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