{
  "docId": "019dd923-622b-71dc-a6dd-9fc6477513b5",
  "docSlug": "a882372d8d55",
  "documentTitle": "Empire State Realty Trust (ESRT)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
  "documentKindSlug": "press-release",
  "documentKindLabel": "Press release",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-05-06 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 4,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "key_messages",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "The slide is a dense text-heavy press release or research note format with supporting charts.",
  "elementsJson": [
    "paragraph",
    "line_chart",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-9fc6477513b5/2",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-9fc6477513b5",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-9fc6477513b5.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-9fc6477513b5#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "New York City's population growth turned negative for the first time in 2017, legged down again in 2018 and appears poised for further trouble as housing remains inadequate across the city and the current crisis once again puts New York in the crosshairs.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5b-4c3987384bf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.48,
        "y": 0.58
      },
      "kind": "chart",
      "text": "Manhattan Office ex Co-Working Was Already Declining",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c9e9294-1822-4b64-a3cb-372e52b8a4b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.48,
        "y": 0.235
      },
      "kind": "chart",
      "text": "NYC Population Growth Has Turned Negative",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83f40bbc-e453-4147-818b-41a03767df03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Annual Growth Rate: -0.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5b-5205bd53285c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.1,
        "y": 0.235
      },
      "kind": "paragraph",
      "text": "The Tax Cuts and Jobs Act of 2018 capped the deduction of State and Local Taxes (SALT) at $10,000, putting New York City at a competitive disadvantage.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e53e143-6919-4ae4-ae8b-10fd329563c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.1,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "WeWork and other co-working firms were the largest consumers of office space in New York City during the past several years, in some cases accounting for 100% or more of the positive leasing absorption each year.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dba2d969-e981-4046-8948-a78bdb2b8dc3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.48,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Source: CBRE Research, Evercore ISI Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "209e32b9-957f-4855-8905-e63eabfd6296",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.48,
        "y": 0.44
      },
      "kind": "source-note",
      "text": "Source: U.S Census Bureau",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc684d04-c5af-49cb-95c4-76d5b004c2d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 2,
      "beatId": "c0005634-4561-405a-b543-b2aa8ab27442",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the elevated Manhattan Office Vacancy and prior crises",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "fda1c99c-845b-43ed-bd61-1d9b433a6f84",
      "evidence": "The document implies that inaction will lead to significant losses",
      "position": 0,
      "objective": "To highlight the potential cost of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}