Empire State Realty Trust Inc. is offering to exchange up to 15.0 million of the operating partnership units of Empire State Realty OP LP.
Upon completion of the exchange offer, all OP units tendered will be converted on a 1-for-1 basis into series 2019 private perpetual preferred units of the operating partnership, which will annually pay 70 cents per unit, up from 42 cents.
The exchange offer, available only to current OP unit holders, will expire at midnight ET on Oct. 11, unless extended or earlier terminated by the real estate investment trust.
Holders who tender their OP units may withdraw them at any time before the expiration date. After the expiration date, holders may withdraw any tendered units that the REIT does not accept for exchange within 40 business days after the commencement of the offer.
MacKenzie Partners Inc. is the information agent for the offer.
