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  "documentTitle": "Empire State Realty Trust (ESRT)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2020-05-06 00:00:00",
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  "notes": "This is a press release excerpt from Land & Buildings (L&B) criticizing ESRT.",
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      "text": "Empire State’s shares face meaningful cyclical and secular headwinds and could move substantially lower as the COVID-19 pandemic bares its full fury.",
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      "text": "The company's retail tenants are smoldering with stores closed and rent collections of just 46% in April and likely to get worse in May. To the extent the company's retail tenants survive and re-open, sales volumes will likely be a shadow of their former self for an extended period of time, suggesting meaningful rent impairment today or as the leases expire.",
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      "text": "Then there are the office spaces themselves. ESRT office buildings are much older than public REIT peers and cater to fashion and apparel tenants in particular given the garment district location. Top tenants include Global Brands (i.e. Calvin Klein, Jones New York etc.), PVH Corp. (i.e. Tommy Hilfiger etc.), and Macy's. Just 73% of the office tenants paid April rent, which compares to 90 – 95% for most other office companies which have reported. Occupancy losses and rent declines are likely to be particularly acute for ESRT.",
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      "kind": "paragraph",
      "text": "Media Contacts: Sloane & Company Dan Zacchei / Joe Germani, 212-486-9500 Dzacchei@sloanepr.com JGermani@sloanepr.com",
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      "text": "Empire State’s shares face meaningful cyclical and secular headwinds and could move substantially lower as the COVID-19 pandemic bares its full fury. L&B has a position in ESRT.",
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      "text": "– Jonathan Litt, Founder & Chief Investment Officer",
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