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Alcoholic beverage company Boston Beer was a contributor for the quarter as industry data improved compared to last year. Children's toy, media, and consumer products creator Mattel was a detractor in the quarter. During the quarter we had no new purchases or exits.

The office REIT sector is bifurcating: true moats and prime locations are separating from distressed, obsolete assets. Alexandria Real Estate, Douglas Emmett, Empire State Realty Trust, and Highwoods are highlighted for durable moats and unique competitive advantages. Deep value opportunities exist where market fear has mispriced assets with irreplaceable locations, fortress balance sheets, or unique cash engines.

U.S. equity markets extended their rebound this week as investors welcomed tentative progress toward de-escalation in the Middle East following several days of dramatic threats of significant escalation. The fragile pause in hostilities temporarily eased fears of a prolonged disruption to global energy supplies and fueled a sharp retreat in oil prices after a surge to four-year highs. Markets also found support from…

NEW YORK--(BUSINESS WIRE)--Something sweet comes to the top attraction in NYC. The Empire State Building (ESB) announced today that it will partner with Ghirardelli Chocolate Company, beloved chocolate and ice cream shop located on the ground floor of the building, to bring a one-of-a-kind 95th anniversary pop-up to the 86th Floor Observation Deck each day from April 10 through May 10. To mark the milestone…

Empire State Realty Trust trades at a historically low 5.6x multiple to FFO despite resilient Manhattan leasing and NOI growth. ESRT has maintained positive leasing spreads for 18 consecutive quarters, with its office occupancy at 89.9% and total commercial occupancy at 90.3%. Dividend yield is 2.71%, below the US 10-year Treasury, making ESRT more of an FFO recovery play than an income play.