ESRT's commercial properties were 95.6% leased, with rents above older leases for 21 quarters. Sale proceeds will fund share repurchases and debt cuts, outweighing weak Observation Deck results in a business where properties provide close to 85% of income.
This points to steady demand for ESRT’s office and retail space, which makes up close to 85% of its property income. The Broadway sale gives ESRT cash for share repurchases and debt cuts. The Observation Deck remained weak, so that business still needs improvement.
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