Empire State Realty Trust, Inc. (NYSE:ESRT) Q3 2023 Earnings Call Transcript

Empire State Realty Trust, Inc. (NYSE:ESRT) Q3 2023 Earnings Call Transcript October 26, 2023

Operator: Greetings, and welcome to the Empire State Realty Trust Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Katy Malonoski, Vice President of Investor Relations. Thank you. You may begin.

Katy Malonoski: Good afternoon. Thank you for joining us today for Empire State Realty Trust's Third Quarter 2023 Earnings Conference Call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the Investors section of the company's website at esrtreit.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in applicable securities laws, including those related to market conditions, property operations, capital expenditures, income expense, financial results and proposed transactions and events. As a reminder, forward-looking statements represent management's current estimates.

An exterior view of an upscale building in a busy urban area, showcasing the company's real estate investments.

They are subject to risks and uncertainties, which may cause actual results to differ from those discussed today. Empire State Realty Trust assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to those forward-looking statements in the company's filings with the SEC. During today's call, we will discuss certain non-GAAP financial measures, such as FFO, modified and core FFO, NOI, same-store property cash NOI, EBITDA and adjusted EBITDA, which we believe are meaningful in evaluating the company's performance. The definitions and reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release and supplemental package, each available on the company's website.

And now I will turn the call over to Tony Malkin, our Chairman, President and Chief Executive Officer.

Anthony Malkin: Thanks, Katy, and good afternoon to everyone. We continue our efforts to educate the market that ESRT is a top-tier destination for tenants flight to quality today. We are not B properties. We are top of our tier and our accessible price range, and we continue to capture market share. We can think of no better way to inform than to continue to put points on the board. So we are pleased to report a third quarter of strong performance in 2023. We did not predict the weather, we built an arc for the storms that were certain to come. We positioned ESRT to perform in all cycles. We built a brand around modernized, amenitized, well-located, energy-efficient buildings with indoor environmental quality and a team of union and nonunion colleagues distinguished by service and collaborative work.

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