Empire State Realty Trust Inc. extended the offer to exchange up to 15.0 million operating partnership units of Empire State Realty OP LP to Nov. 22 from Oct. 11.
The office real estate investment trust said the new deadline will allow it to begin the new higher distribution rate on all preferred units for the entire fourth quarter. The operating partnership units subject to the offer will be converted into newly issued series 2019 private perpetual preferred operating partnership units.
Holders who exchange their units will receive a more than 66% increase in annual distributions to a permanently fixed rate of 70 cents per preferred unit from the current rate of 42 cents per common unit.
