Risk Factors Update Summary
- Properties in New York City and Stamford, Connecticut accounted for 53% of rental revenues, down from 72%.
- Revenue from the Empire State Building's Observatory declined from $106.0 million in 2022 to $129.4 million in 2023.
- Approximately 18% of the commercial portfolio's annualized rent is vacant, up from 17%.
- The number of employees covered by collective bargaining agreements decreased from 442 to 429.
- Total debt outstanding decreased from $2.3 billion to $2.2 billion, with total mortgages decreasing from $901 million to $877 million.
- Visitor volume increased from 2.2 million in 2022 to 2.6 million in 2023, compared to 3.5 million in 2019.
- The revenue from the Observatory operations increased from $106.0 million in 2022 to $129.4 million in 2023.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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