Empire State Realty Trust Compliance Issue

By Tamara Parker • Monday, August 19 15:12 • Permanent Link

Empire State Realty Trust, Inc. (NYSE: ESRT) and Empire State Realty OP, L.P. have announced that they are unable to file their quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2024, due to control deficiencies identified by their independent registered public accounting firm, Ernst & Young LLP (EY). This has led to a notice from the New York Stock Exchange (NYSE) indicating that ESRT is not in compliance with the NYSE listing standard.

The company's flagship property, the Empire State Building, continues to be a significant attraction, having been declared the #1 attraction in the U.S. and the world in TripAdvisor's 2024 Travelers' Choice Awards. As of June 30, 2024, ESRT's portfolio comprises approximately 7.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space, and 727 residential units.

ESRT is diligently working with EY to complete the assessment of the impacts of EY’s findings and plans to file the Form 10-Q as soon as practicably possible to regain compliance with the listing standard.

It's important to note the potential impact on the company's stock due to the non-compliance and the efforts being made to rectify the situation. Today the company's shares have moved -1.2% to a price of $10.15. Check out the company's full 8-K submission here.

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