Regan Sweeney's questions to Empire State Realty Trust Inc (ESRT) leadership • Q1 2025
Question
On behalf of John Kim, Regan Sweeney asked for an update on leasing progress at the Williamsburg retail property and inquired about how management ranks capital allocation opportunities between acquisitions and share buybacks.
Answer
EVP of Real Estate, Thomas Durels, reported strong leasing activity in Williamsburg from recognizable brand names and noted the overall retail portfolio is 94% leased. On capital allocation, EVP and COO Christina Chiu explained that buybacks will be measured, prioritizing operating runway and the flexibility to pursue investment opportunities. Chairman and CEO Anthony Malkin added that they are 'omnivorous' and 'opportunivorous,' evaluating multi-family, retail, and office deals based on basis, structure, and potential returns.