Empire State Realty Trust (ESRT) will suspend its quarterly dividend in 2020.

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company” or “ESRT”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced its decision to suspend its third and fourth quarter dividends to holders of the Company’s Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.’s (“ESRO”) Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units.

ESRT expects to have no taxable income in 2020, and therefore no requirement to pay any dividend on its common stock in either the third or fourth quarter of 2020. The Company and its Board believe that payment of a dividend is currently not the highest and best use of its balance sheet.

“Our focus is to preserve and enhance shareholder value. The decision not to pay a dividend in the last two quarters of 2020 maintains the greatest balance sheet flexibility and is the correct action to take at this time,” said ESRT’s Chairman, President, and CEO, Anthony E. Malkin. He added, “I thank the entire ESRT team who continue to perform at a very high level and work together as we plot our course forward.”

Empire State Realty Trust, Inc. owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the “World's Most Famous Building.” Empire State Realty Trust initiated a quarterly dividend in 2013.