Vanguard disaggregates holdings after internal realignment (ESRT)
The Vanguard Group has filed an amendment to its Schedule 13G/A, reporting a 0% beneficial ownership in Empire State Realty Trust Inc (ESRT) after an internal realignment effective January 12, 2026. This realignment leads to disaggregated reporting by Vanguard subsidiaries. The amendment clarifies that Vanguard no longer beneficially owns securities held by these subsidiaries, per SEC Release No. 34-39538.
(ESRT) Price Dynamics and Execution-Aware Positioning
This article provides an analysis of Empire State Realty Trust Inc. Class A (NASDAQ: ESRT), highlighting weak sentiment across all time horizons which supports a short bias. It details several AI-generated institutional trading strategies, including long, breakout, and short positions, along with their respective entry, target, and stop loss levels. The analysis also includes multi-timeframe signal data, indicating support and resistance levels for near-term, mid-term, and long-term outlooks.
Empire State Realty Trust (NYSE:ESRT) Hits New 52-Week Low - Should You Sell?
Empire State Realty Trust (NYSE:ESRT) stock hit a new 52-week low of $5.11 on Wednesday, with analyst ratings recently trimmed and the average target price at $7.58. The company reported $0.12 EPS last quarter and guides FY2026 EPS of $0.85–$0.89, while also declaring a quarterly dividend of $0.035. Institutional investors hold 67.10% of the stock, but several analysts have downgraded their ratings, suggesting a "Reduce" consensus.
Empire State Realty Trust (ESRT) CAO files initial Form 3 on awards
Empire State Realty Trust's Chief Accounting Officer, Donna Jean Sutherland, filed an initial Form 3, disclosing restricted stock awards after becoming subject to Section 16 on March 16, 2026. These awards, granted on March 13, 2025, and March 13, 2026, are subject to four-year vesting schedules conditional on her continued service. The filing provides transparency on her equity ownership in the company.
Empire State Realty (NYSE: ESRT) CAO receives 11,584-share equity grant
Empire State Realty Trust's Chief Accounting Officer, Donna Jean Sutherland, was granted 11,584 shares of Class A Common Stock as equity compensation. These shares, valued at $0.00 each, will vest in four equal installments over the next four years, contingent on her continued service. Following this transaction, Sutherland directly holds 17,836 shares of the company.
Land & Buildings Investment Management LLC Buys Shares of 1,014,676 Empire State Realty Trust, Inc. $ESRT
Land & Buildings Investment Management LLC has acquired 1,014,676 shares of Empire State Realty Trust, Inc. in Q3, valued at approximately $7.77 million, making it their 20th largest holding. This purchase gives the firm roughly 0.60% ownership of ESRT, which currently trades near $5.16 with an annualized dividend yield of about 2.7%. Analysts have an average "Reduce" rating for the stock with a price target of $7.58.
Short Interest in Empire State Realty Trust, Inc. (NYSE:ESRT) Expands By 25.8%
Short interest in Empire State Realty Trust (NYSE:ESRT) significantly increased by 25.8% to over 9 million shares as of February 27th, representing 6.2% of its shares short and a short-interest ratio of 3.9 days. This growth comes amidst cautious analyst ratings, with an average "Reduce" recommendation and a $7.58 price target, while the company's shares are trading at $5.16 with a 2.7% dividend yield. Institutional investors have made various adjustments to their holdings, and the company has announced its FY 2026 EPS guidance and a quarterly dividend.
Empire State Realty Trust, Inc. (NYSE:ESRT) to Issue Quarterly Dividend of $0.04
Empire State Realty Trust (ESRT) declared a quarterly dividend of $0.035 per share, payable on March 31st to shareholders of record by March 13th, representing a 2.7% dividend yield. The company's shares are trading near their 52-week low at $5.28, with a market capitalization of $897.77 million. Analysts expect an EPS of $0.88 for the current fiscal year.
(ESRT) as a Liquidity Pulse for Institutional Tactics
This article provides an AI-driven analysis of Empire State Realty Trust Inc. Class A (ESRT), indicating weak sentiment across all time horizons and supporting a short bias. It outlines three institutional trading strategies—Position Trading, Momentum Breakout, and Risk Hedging—with specific entry, target, and stop-loss levels. The analysis emphasizes elevated downside risk due to a lack of long-term support signals.
JPMorgan Chase & Co. Buys 846,505 Shares of Empire State Realty Trust, Inc. $ESRT
JPMorgan Chase & Co. increased its stake in Empire State Realty Trust, Inc. by 58.2% in the third quarter, acquiring an additional 846,505 shares. Several other hedge funds also modified their holdings in the real estate investment trust. The company recently announced a quarterly dividend of $0.035 per share, and analysts have issued various ratings and price targets for the stock.
William Blair Investment Management LLC Has $23.71 Million Stock Position in Empire State Realty Trust, Inc. $ESRT
William Blair Investment Management LLC reduced its stake in Empire State Realty Trust (ESRT) by 5.7% in Q3, now holding 3,095,750 shares valued at approximately $23.71 million. Analysts generally have a "Hold" rating on ESRT, with an average price target of $7.58, and the company recently declared a quarterly dividend of $0.035, resulting in an annualized yield of 2.4%. Institutional investors collectively own 67.10% of the company's stock.
Empire State Realty Trust (NYE:ESRT) Sets New 12-Month Low on Analyst Downgrade
Empire State Realty Trust (ESRT) hit a new 52-week low after Wells Fargo downgraded its price target to $6.30 and maintained an underweight rating. The REIT reported Q EPS of $0.23 on $199.2M revenue and projects FY2026 EPS of $0.850–$0.890. Analysts currently hold an average "Hold" rating with an average target price of $7.58 for the company.
Empire State Realty Trust (ESRT) Q4 FFO Per Share Holds At About US$0.22 Challenging Bearish Views
Empire State Realty Trust (ESRT) reported Q4 2025 revenue of US$199.2 million and FFO per share of US$0.22, with a significant one-off gain impacting earnings quality. Despite steady FFO, analysis reveals modest revenue growth and pressure on profitability, challenging bullish views. Analysts project declining earnings and highlight a P/E ratio of 22.6x, above its DCF fair value, suggesting the stock may be overvalued relative to its risk profile.
Lasalle Investment Management Securities LLC Makes New Investment in Empire State Realty Trust, Inc. $ESRT
Lasalle Investment Management Securities LLC has made a new investment in Empire State Realty Trust, acquiring over 1.5 million shares valued at approximately $11.62 million, representing about 0.89% ownership. Empire State Realty Trust recently announced a quarterly dividend of $0.035 per share, yielding 2.4% with a payout ratio of 53.85%. The stock opened at $5.91, near its one-year low, and currently holds a consensus "Hold" rating from analysts with an average target price of $7.70.
Centersquare Investment Management LLC Buys 627,210 Shares of Empire State Realty Trust, Inc. $ESRT
Centersquare Investment Management LLC increased its stake in Empire State Realty Trust (ESRT) by 22%, acquiring an additional 627,210 shares to hold a total of 3,475,569 shares valued at approximately $26.6 million. Other institutions like Ameriprise, Principal, and Goldman Sachs have also increased their positions, with institutional investors collectively owning about 67.10% of the company. Analysts currently have a consensus "Hold" rating on ESRT with an average price target of $7.70, while the stock trades near $6.10, and the company recently declared a quarterly dividend of $0.035 per share, representing a 2.3% yield.
Empire State Realty Trust to Present at Citi’s 31st Annual Global Property CEO Conference
Empire State Realty Trust, Inc. announced that its Chairman and CEO, Anthony E. Malkin, and President, Christina Chiu, will present at Citi's 31st Annual Global Property CEO Conference on March 2, 2026. Interested investors can access a live audio-webcast of the presentation through the Company's investor relations website, with a replay available until March 2, 2027. ESRT is a NYC-focused REIT with a portfolio including the iconic Empire State Building.
Do Empire State Realty Trust's New NYC Leases and Buybacks Reshape ESRT's Core Investment Story?
Empire State Realty Trust (ESRT) reported strong Q4 2025 results, with increased revenue and net income, alongside significant lease renewals and expansions in Manhattan. The company also completed a share repurchase program and reiterated its commitment to dividends, reinforcing its income profile. While these actions strengthen ESRT's occupancy and amenity-rich landlord pitch, investors are cautioned about potential risks from sustained tourism softness and rising operating expenses impacting margins and the Observatory segment.
Empire State Realty Trust (NYSE:ESRT) Stock Price
Empire State Realty Trust (ESRT) is currently trading at US$5.88, which is 20.1% undervalued compared to the analyst consensus target of US$7.36. The company shows strong financials with diversified income and strategic capital allocation supporting future growth despite market fluctuations, and recently announced a quarterly dividend of US$0.035. Various analysts have provided fair value targets ranging from US$6.80 to US$9.00 based on different growth drivers like modern office leasing, urban growth, and maintaining revenue in New York office assets.
Empire State Realty Trust Announces Dividend for First Quarter 2026
Empire State Realty Trust, Inc. announced that its Board of Directors has declared a dividend of $0.035 per share for the first quarter of 2026 for its Class A and B common stock and various operating partnership units. Additionally, dividends of $0.15 per unit for Series 2014 Private Perpetual Preferred Units and $0.175 per unit for Series 2019 Private Perpetual Preferred Units were declared. These dividends are payable in cash on March 31, 2026, to unitholders of record as of March 13, 2026.
Citigroup Cuts Empire State Realty Trust (NYSE:ESRT) Price Target to $7.00
Citigroup has lowered its price target for Empire State Realty Trust (NYSE:ESRT) from $8.00 to $7.00, while maintaining a "neutral" rating. This adjustment reflects a cautious analyst sentiment, with other firms like Wells Fargo also reducing their targets and the stock trading near a 12-month low of $6.02. Despite these cuts, the consensus rating from MarketBeat for ESRT remains "Hold" with an average target price of $7.70.
Empire State Realty Trust (NYSE:ESRT) Reaches New 12-Month Low - Time to Sell?
Empire State Realty Trust (NYSE:ESRT) recently hit a new 52-week low of $6.02, trading actively with a market capitalization of approximately $1.05 billion. Analyst consensus rates the stock as "Hold" with an average price target of $7.93, despite a recent downgrade by Wells Fargo & Company. The company also announced a quarterly dividend, which yields 2.3% annually, and institutional investors have significantly increased their positions.
Empire State Realty earnings on deck as office recovery tests NYC REIT By Investing.com
Empire State Realty Trust Inc. (ESRT) is scheduled to report fourth-quarter earnings, with investors closely watching its Observatory's performance to offset a soft Manhattan office portfolio. Analysts project revenue of $189.3 million, a decline from the prior quarter and year-ago period, and the stock is trading near its 52-week low despite a neutral consensus rating and significant upside to price targets. The report will assess if ESRT's unique combination of trophy office assets and tourist attraction can navigate the post-pandemic office market challenges.
(ESRT) Movement as an Input in Quant Signal Sets
The article analyzes Empire State Realty Trust Inc. Class A (NASDAQ: ESRT) using AI models, indicating near-term and long-term weak sentiment. It highlights a mid-channel oscillation pattern and presents three distinct trading strategies with specific entry zones, targets, and stop losses tailored to different risk profiles. The analysis suggests an exceptional 32.0:1 risk-reward short setup targeting 9.6% downside.
Principal Financial Group Inc. Acquires 1,424,066 Shares of Empire State Realty Trust, Inc. $ESRT
Principal Financial Group Inc. increased its stake in Empire State Realty Trust, Inc. by 59.6% during the third quarter, acquiring an additional 1,424,066 shares to hold a total of 3,813,895 shares valued at approximately $29.2 million. Other institutional investors like Ameriprise Financial, Goldman Sachs, and Resolution Capital also boosted their positions, contributing to institutional ownership of 67.10% of the company's stock. Empire State Realty Trust, which owns the Empire State Building, recently declared a quarterly dividend of $0.035, yielding 2.1%.
Liquidity Mapping Around (ESRT) Price Events
This article provides an AI-driven liquidity mapping and trading analysis for Empire State Realty Trust Inc. Class A (ESRT). It highlights mixed sentiment, identifies resistance and support levels, and outlines three distinct trading strategies (Position, Momentum Breakout, and Risk Hedging) with specific entry, target, and stop-loss zones. The analysis also includes multi-timeframe signal strengths to guide potential investors.
Empire State Realty Trust, Inc. (NYSE:ESRT) Sees Significant Decrease in Short Interest
Empire State Realty Trust, Inc. (NYSE:ESRT) experienced a significant 17.4% decrease in short interest in January, totaling 5,671,589 shares as of January 15th. This represents about 3.9% of the float, with a days-to-cover ratio of approximately 3.8 days. Despite this, the stock trades near $6.61, with analysts maintaining a "Hold" rating and a consensus target price of $8.40, alongside a quarterly dividend yielding 2.1%.
Press Release: Empire State Realty Trust Announces 2025 Tax Treatment of Its Distributions
Empire State Realty Trust (ESRT) announced the 2025 tax treatment of its distributions. Concurrently, Unity Software (U.US) reported its Q4 financial results, with revenue increasing 35% year-over-year to $609 million, exceeding estimates, despite a quarterly loss of 66 cents per share. The article combines news from both companies, highlighting their recent financial disclosures.
Empire State Realty Trust Announces 2025 Tax Treatment of Its Distributions
Empire State Realty Trust, Inc. announced the 2025 tax treatment of its Class A common stock distributions, summarizing the tax classifications for its quarterly payouts. For the year ended December 31, 2025, the total distribution per share was $0.140, primarily composed of ordinary dividends and section 199A dividends. The company advises stockholders to consult personal tax advisors for specific treatment.
Empire State Realty Trust Announces 2025 Tax Treatment of Its Distributions
Empire State Realty Trust, Inc. announced the 2025 tax treatment of its Class A common stock distributions, detailing how the cash distributions paid to stockholders during the year ended December 31, 2025, will be categorized for income tax purposes. The company provided a summary table outlining the allocation of distributions into ordinary dividends, nondividend distributions, and Section 199A dividends for each quarterly payment. Stockholders are advised to consult with their personal tax advisors for specific tax treatment.
The World’s Most Romantic Building: ESB Celebrates Valentine’s Day 2026 with NYC's Most Extravagant Date Night, Romantic Paint ‘n Pour Classes, ‘Sleepless in Seattle’ Screenings, Proposal Package, and More - 매일타임즈
The Empire State Building (ESB) is offering a variety of romantic experiences for Valentine's Day 2026, including an extravagant private dinner on the 102nd floor for one lucky couple, Paint 'n Pour classes, and screenings of "Sleepless in Seattle." Other offerings include a sunrise experience, a special dinner at STATE Grill and Bar, and a "Happily Ever Empire" proposal package. The building will also light up in its annual pink heartbeat on February 14th.
The World's Most Romantic Building: ESB Celebrates Valentine's Day 2026 with NYC's Most Extravagant Date Night, Romantic Paint 'n Pour Classes, 'Sleepless in Seattle' Screenings, Proposal Package, and More
The Empire State Building (ESB) is gearing up for Valentine's Day 2026 with a series of romantic events and offerings. These include an extravagant date night, Paint 'n Pour classes, 'Sleepless in Seattle' movie screenings, and a special proposal package, aiming to be New York City's most romantic destination for the holiday.
Empire State Building unveils $14K Valentine’s date: private deck, champagne, live music
The Empire State Building (ESB) announced its Valentine's Day 2026 plans, featuring an extravagant $14,000 date night for one couple with private access, vintage champagne, and a chef's tasting menu on the 102nd Floor Observation Deck. Other romantic offerings include Paint 'n Pour classes, "Sleepless in Seattle" screenings, a sunrise experience, and special dinner at STATE Grill and Bar. The building will also light up in pink for Valentine's Day, continuing its tradition as a top romantic destination in New York City.
The World’s Most Romantic Building: ESB Celebrates Valentine’s Day 2026 with NYC’s Most Extravagant Date Night, Romantic Paint ‘n Pour Classes, ‘Sleepless in Seattle’ Screenings, Proposal Package, and More – News Hub
The Empire State Building (ESB) is celebrating Valentine's Day 2026 with an array of romantic events, including an extravagant private dinner on the 102nd floor, Paint 'n Pour classes, and screenings of "Sleepless in Seattle." Other offerings include a sunrise experience, a special dinner at STATE Grill and Bar, and a "Happily Ever Empire" proposal package. The ESB, recently reimagined with a $165 million renovation, continues to be a top NYC attraction for couples.
The World’s Most Romantic Building: ESB Celebrates Valentine’s Day 2026 with NYC's Most Extravagant Date Night, Romantic Paint n Pour Classes, ‘Sleepless in Seattle’ Screenings, Proposal Package, and More
The Empire State Building (ESB) has announced its lavish Valentine's Day 2026 plans, featuring an array of romantic experiences for couples. Highlights include an extravagant $14,000 "Empire for Two" private dinner on the 102nd Floor, "Paint 'n Pour" classes, and screenings of the classic film "Sleepless in Seattle." The celebration also offers a Valentine's Day sunrise experience, a special dinner menu at STATE Grill and Bar, and a "Happily Ever Empire" proposal package, alongside the building lighting up in a pink heartbeat.
Universal Beteiligungs und Servicegesellschaft mbH Acquires 634,543 Shares of Empire State Realty Trust, Inc. $ESRT
Universal Beteiligungs und Servicegesellschaft mbH significantly increased its stake in Empire State Realty Trust, Inc. (NYSE:ESRT) by 131.2% in the third quarter, purchasing an additional 634,543 shares. This institutional investor now owns 1,118,081 shares, representing approximately 0.66% of the company. Other institutional investors also adjusted their positions in the real estate investment trust, which has a current market capitalization of $1.14 billion and recently declared a quarterly dividend.
The World's Most Romantic Building: ESB Celebrates Valentine's Day 2026 with NYC's Most Extravagant Date Night, Romantic Paint 'n Pour Classes, 'Sleepless in Seattle' Screenings, Proposal Package, and More
The Empire State Building (ESB) is celebrating Valentine's Day 2026 with a variety of romantic offerings. These include an extravagant date night, Paint 'n Pour classes, screenings of 'Sleepless in Seattle', and a special proposal package, aiming to be New York City's most romantic destination.
Why (ESRT) Price Action Is Critical for Tactical Trading
This article analyzes Empire State Realty Trust Inc. Class A (ESRT) using AI models to provide trading insights. It highlights a potential shift in near-term sentiment, weak broader alignment, and resistance testing. The analysis offers specific long, breakout, and short trading strategies with entry zones, targets, and stop losses.
Short Interest in Empire State Realty Trust, Inc. (NYSE:ESRT) Rises By 22.7%
Short interest in Empire State Realty Trust (NYSE:ESRT) surged by 22.7% to 6,867,742 shares as of December 31st, representing 4.7% of the total stock. Institutional investors like Resolution Capital and Goldman Sachs have significantly increased their stakes, with 67.1% of shares owned by these entities. Analysts currently rate ESRT with an average "Hold" and a consensus price target of $8.40, while the stock trades near $6.59 and offers a 2.1% dividend yield.
The Bull Case For Empire State Realty Trust (ESRT) Could Change Following Rolex Tourneau Lease In Williamsburg
Empire State Realty Trust (ESRT) recently signed a lease with Tourneau, LLC for a Rolex retail store in Williamsburg, Brooklyn, which is seen as a positive signal for its retail strategy. While this lease doesn't immediately change the focus on stabilizing Observatory NOI, it underscores the appeal of ESRT's properties to premium brands. Investors are awaiting the Q4 2025 results on February 17, 2026, for a clearer picture of how new leases and office expansions are impacting revenue, margins, and capital spending, especially considering rising operating expenses.
Robeco Institutional Asset Management B.V. Acquires Shares of 520,000 Empire State Realty Trust, Inc. $ESRT
Robeco Institutional Asset Management B.V. recently acquired a new stake of 520,000 shares in Empire State Realty Trust (NYSE:ESRT), valued at approximately $3.98 million. Several other institutional investors also adjusted their positions in the real estate investment trust, bringing total institutional ownership to about 67.10%. Empire State Realty Trust, which owns properties including the Empire State Building, currently trades around $6.39, offers a 2.2% dividend yield, and holds a consensus "Hold" rating from analysts with an average price target of $8.40.
A Look At Empire State Realty Trust (ESRT) Valuation After New Rolex Lease In Williamsburg
Empire State Realty Trust (ESRT) recently signed a lease with Tourneau, LLC for a Rolex store in Williamsburg, drawing attention to its retail footprint. Despite this news, ESRT shares have seen negative returns over the past year, trading below the average analyst target price. Simply Wall St's analysis suggests ESRT is undervalued with a fair value of $8.36 compared to its current price of $6.39, although its P/E ratio is higher than some peers.
ES9 ETF Analysis: Dividends, Returns FWB:ES9
This article provides an analysis of the ES9 ETF (Empire State Realty Trust, Inc. Class A) traded on the Frankfurt Stock Exchange. It details the company's business segments, including real estate ownership and management, and the operation of observatories. The analysis explicitly states that ES9 does not pay dividends to its holders and shows that price performance, NAV total return, dividend payout history, AUM, and fund flows data are currently unavailable.
Empire State Realty Trust, Inc. Class A Common Stock (NY: ESRT)
This page provides recent news and financial updates for Empire State Realty Trust, Inc. (NYSE: ESRT), including dividend announcements, earnings reports, sustainability achievements, and new lease signings. The stock closed at $6.390, down 2.14% on January 9, 2026. The information compiled here covers various business activities and financial results over the past year.
Empire State Realty Trust (NYSE:ESRT) Hits New 52-Week Low - Time to Sell?
Empire State Realty Trust (NYSE:ESRT) shares recently hit a new 52-week low of $6.36 on high trading volume. Analysts have mixed but cautious outlooks, with a consensus "Hold" rating and an average price target of $8.40, despite a recent downgrade by Wells Fargo. The company pays a quarterly dividend of $0.035, yielding 2.2%, and institutional investors hold a significant portion of its shares, with recent increases in positions.
Avoiding Lag: Real-Time Signals in (ESRT) Movement
An analysis of Empire State Realty Trust Inc. Class A (NASDAQ: ESRT) indicates a near-term neutral sentiment, suggesting a pause in mid and long-term weakness, with a mid-channel oscillation pattern in play. The report highlights an exceptional 38.5:1 risk-reward short setup targeting 11.3% downside versus 0.3% risk. Three distinct AI-generated trading strategies are provided for different risk profiles and holding periods, along with multi-timeframe signal analysis.
ESRT - Empire St Rlty Tr Inc Latest Stock News & Market Updates
This page provides the latest news and market updates for Empire State Realty Trust (ESRT), a New York City-focused REIT. It covers company announcements on leasing, acquisitions, sustainability, financial reporting, and activities at the Empire State Building Observatory. Recent news highlights include tax treatment of distributions, Valentine's Day events, Q4 2025 earnings release dates, acquisition of the Scholastic Building, LEED Platinum certification for the Empire State Building, and new retail and office leases.
NYC's Empire State Building Is Feeling The Squeeze From Remote Work, Tourism Weakness: Growth Score Drops
Empire State Realty Trust Inc. (ESRT), owner of the iconic Empire State Building, is experiencing significant financial strain due to widespread remote work trends and weakened tourism, leading to a sharp drop in its Growth score in Benzinga’s Edge Stock Rankings. Analysts, including Wells Fargo, have trimmed price targets as the company consistently misses revenue estimates and its stock price has fallen substantially over the past year. The persistent challenges from these post-COVID shifts continue to impact its earnings, reflecting poorly on its Momentum and Growth metrics.
Empire State Realty Trust (NYSE:ESRT) Reaches New 1-Year Low - Here's Why
Empire State Realty Trust (NYSE:ESRT) recently hit a new 52-week low of $6.51. The real estate investment trust has an average "Hold" rating from analysts with a consensus price target of $8.40, though Wells Fargo recently cut its target to $6.80 and rates the stock "underweight." The company also declared a quarterly dividend of $0.035, representing a 2.1% yield and a 66.7% payout ratio.
Technical Reactions to ESRT Trends in Macro Strategies
This article analyzes Empire State Realty Trust Inc. Class A (NASDAQ: ESRT), highlighting near-term weak sentiment that may resume long-term weakness. It identifies a mid-channel oscillation pattern and an exceptional 42.0:1 risk-reward short setup targeting a 12.3% downside. The article also presents institutional trading strategies tailored for different risk profiles based on AI models.
US$500 Million Buyback and SoHo Deal Could Be A Game Changer For Empire State Realty Trust (ESRT)
Empire State Realty Trust (ESRT) recently announced a US$386 million acquisition of Scholastic’s SoHo headquarters, approved a dividend, and authorized a US$500 million share repurchase program through 2027. This move signals management's strategy to reinvest in prime Manhattan real estate and return capital to shareholders. The buyback could significantly influence ESRT’s per-share metrics and risk-reward profile, despite ongoing risks like rising operating costs and property taxes.
