Erez Asset Management Discloses 5.8% Stake in Empire State Realty Trust
The filing says the Erez group has talked with Empire State Realty Trust's management and board about capital allocation, strategy and a potential strategic review of some or all of its assets.
Erez Asset Management LLC reported beneficial ownership of 10,000,000 shares of Empire State Realty Trust, Inc. Class A common stock, or 5.8% of the class, according to a Schedule 13D filed Oct. 5 with the US Securities and Exchange Commission.
The filing gives Oct. 1 as the date of the event that required it. Erez Asset Management filed jointly with Erez REIT Opportunities LP and Bruce Schanzer, who the filing says serves as chairman, chief investment officer and sole member of Erez Asset Management. Erez Asset Management reports the shares as held by certain funds and accounts it manages, including Erez REIT Opportunities. The 5.8% figure is based on 172,165,643 shares of Class A common stock outstanding, the filing says.
The filing says the reporting persons believe Empire State Realty Trust's securities are undervalued. They have communicated with management and the board "regarding capital allocation, business management and operations, and strategy and plans of the Issuer, including a potential strategic review of some or all of the Issuer's assets," according to the filing.
The reporting persons intend to hold further discussions with management and board members and may discuss other matters, including corporate governance and board composition, capital structure, dividend and buyback policies and compensation practices, the filing says. They may also communicate with other stockholders and third parties about the company, according to the filing.