Is Empire State Realty Trust a Buy?
Few would argue with New York City's status as one of the most incredible cities in the world. Landlord Empire State Realty Trust (NYSE: ESRT) is a quick way for investors to get exposure to the Big Apple, including a piece of one of the most iconic properties on Earth. But don't jump in before you read this, because there's more to consider here.
Real estate investment trust (REIT) Empire State Realty Trust is the owner of the Empire State Building. That's one very impressive trophy property, to say the least. It also says a lot about this REIT. For starters, the Empire State Building is an office tower, which highlights the REIT's focus. However, office buildings in New York City, including the Empire State Building, often have retail at street level. And thus Empire State Realty's rent breakdown is 93% office and 7% retail.
Image source: Getty Images.
Source Fool.com
