BMO Capital analyst John Kim upgraded Empire State Realty to Outperform from Market Perform with an unchanged price target of $9. The company has a "manageable" 6.1% and 7.2% of leases set to expire, lower than the office sector average of 9.7% and 12.0%, respectively, the analyst tells investors in a research note. The firm expects growth from Empire State’s multifamily to outpace the foregone earnings in its Greater New York portfolio.
Published first on TheFly
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