Company – Scrape Financial
Risk Factors Summary

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.

To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1541401&owner=exclude

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