Empire State Realty Trust (ESRT) is Back From a Challenging Real Estate Environment
Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Longleaf Partners Small-Cap Fund had a successful year, outperforming the Russell 2000 and Russell 2000 Value benchmark indices and achieving its absolute return goal of inflation plus 10%. The fund delivered 10.85% in the fourth quarter compared to a 14.03% return for the Russell 2000 Index and 15.26% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund featured stocks like Empire State Realty Trust, Inc. (NYSE:ESRT) in the fourth quarter 2023 investor letter. Empire State Realty Trust, Inc. (NYSE:ESRT) is a NYC-focused REIT. On February 29, 2024, Empire State Realty Trust, Inc. (NYSE:ESRT) stock closed at $9.97 per share. One-month return of Empire State Realty Trust, Inc. (NYSE:ESRT) was 5.50%, and its shares gained 28.81% of their value over the last 52 weeks. Empire State Realty Trust, Inc. (NYSE:ESRT) has a market capitalization of $2.793 billion.
Longleaf Partners Small-Cap Fund stated the following regarding Empire State Realty Trust, Inc. (NYSE:ESRT) in its fourth quarter 2023 investor letter:
"Empire State Realty Trust, Inc. (NYSE:ESRT) - New York commercial real estate and tourism company Empire State Realty Trust (ESRT) was a top contributor in the fourth quarter and for the year, bouncing back from a challenging real estate environment that made it a top detractor last year. After a slow start in 1Q23, ESRT resolved the significant overhang of losing Signature Bank as a flagship tenant, announcing that Flagstar Bank took over the entire 300,000+ square foot lease at 1400 Broadway at a comparable rate. The company reported a solid 2Q and 3Q23, with good operating results for the NYC office business and raising 2023 full year guidance. ESRT outperformed its peer group by 4000bps, highlighting the importance of our great partners. We trimmed our position in the quarter on the back of price strength but think the company provides attractive upside from still depressed levels today."
A businessman standing in front of a modern building, emphasizing the successful real estate sector of the company.
Empire State Realty Trust, Inc. (NYSE:ESRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Empire State Realty Trust, Inc. (NYSE:ESRT) was held by 16 hedge fund portfolios, up from 12 in the previous quarter, according to our database.
We discussed Empire State Realty Trust, Inc. (NYSE:ESRT) in another article and shared the list of top tourists attractions in the USA. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
