Empire State Realty Trust Announces Stock Repurchase Authorization Of Up To $500M Of The Company's Class A Common Stock And Empire State Realty OP, L.P.'s Series ES, Series 250 And Series 60 Operating Partnership Units
Portfolio Pulse from Benzinga Newsdesk
Empire State Realty Trust, Inc. has announced a new stock repurchase program authorizing the buyback of up to $500 million of its Class A common stock and operating partnership units. This new program will be in effect from January 1, 2024, to December 31, 2025, replacing the existing repurchase authorization set to expire at the end of 2023.
December 22, 2023 | 9:18 pm
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POSITIVE IMPACT
The repurchase authorization includes Empire State Realty OP, L.P.'s Series ES operating partnership units, which could see a positive impact on their value.
The inclusion of Series ES operating partnership units in the repurchase plan may lead to a similar positive reaction as for the common stock, as it shows a commitment to return value to unit holders.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Empire State Realty Trust's new $500M stock repurchase plan may boost investor confidence and potentially increase the stock price in the short term.
Stock repurchase programs often lead to a positive market reaction as they can indicate management's belief that the stock is undervalued. Additionally, buybacks reduce the number of shares outstanding, potentially increasing earnings per share and the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Empire State Realty OP, L.P.'s Series 250 units are part of the repurchase plan, which could positively influence their short-term market performance.
The repurchase of Series 250 units as part of the plan is likely to be viewed favorably by the market, as it suggests management's confidence in the value of these units.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The new stock repurchase program includes Series 60 units, which may experience a positive impact on their price in the short term.
The inclusion of Series 60 units in the buyback program could lead to increased demand and a higher price for these units, as buybacks are typically seen as a positive signal.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80