Asset ManagementESRT decided to 'hand back the keys' on a wholly-owned, positive cash-flowing asset, First Stamford Place, due to leasing risks, high capex, and desire to reduce suburban office exposure.
Financial GuidanceAnalyst points to a higher FAD payout ratio and lack of full-year guidance raise as concerns.
Operational PerformanceThe asset's NOI has declined 11.4% since 2019, and additional capex is necessary.