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Reconciliation of Net Income to Cash NOI and Same Store Cash NOI June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income $ 11,385 $ 15,778 $ 18,793 $ 22,796 $ 28,555 Add: General and administrative expenses 18,685 16,940 17,870 18,372 18,020 Depreciation and amortization 47,802 48,779 45,365 45,899 47,473 Interest expense 25,126 26,938 27,380 27,408 25,323 Interest expense associated with property in receivership — 647 1,921 1,922 628 Loss on early extinguishment of debt — — — — — Income tax expense (benefit) 478 (619) 1,151 1,442 750 Less: Gain on disposition of property — (13,170) (1,237) (1,262) (10,803) Third-party management and other fees (408) (431) (258) (271) (376) Interest income (1,867) (3,786) (5,068) (6,960) (5,092) Net operating income 101,201 91,076 105,917 109,346 104,478 Straight-line rent (3,748) (5,283) (4,045) (2,277) (1,900) Above/below-market rent revenue amortization (840) (798) (674) (476) (513) Below-market ground lease amortization 1,958 1,958 1,958 1,958 1,958 Total cash NOI - including Observatory and lease termination fees 98,571 86,953 103,156 108,551 104,023 Less: Observatory NOI (24,077) (15,043) (28,545) (29,667) (25,166) Less: cash NOI from non-Same Store properties (6,750) (6,345) (6,260) (4,962) (7,350) Total Same Store property cash NOI - including lease termination fees 67,744 65,565 68,351 73,922 71,507 Less: Lease termination fees (464) — — (4,771) — Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 67,280 $ 65,565 $ 68,351 $ 69,151 $ 71,507 18
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Three Months Ended Reconciliation of Net Income to EBITDA and Adjusted EBITDA June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income $ 11,385 $ 15,778 $ 18,793 $ 22,796 $ 28,555 Interest expense 25,126 26,938 27,380 27,408 25,323 Interest expense associated with property in receivership — 647 1,921 1,922 628 Income tax expense (benefit) 478 (619) 1,151 1,442 750 Depreciation and amortization 47,802 48,779 45,365 45,899 47,473 EBITDA 84,791 91,523 94,610 99,467 102,729 Gain on disposition of property — (13,170) (1,237) (1,262) (10,803) Adjusted EBITDA $ 84,791 $ 78,353 $ 93,373 $ 98,205 $ 91,926 Three Months Ended Twelve Months to Date June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Rental revenue $ 538,204 $ 133,987 $ 136,096 $ 135,629 $ 132,492 Tenant expense reimbursement 78,122 19,553 18,446 19,498 20,625 Deduct: Straight-line rental revenues (15,353) (3,748) (5,283) (4,045) (2,277) Above/below-market rent revenue amortization (2,788) (840) (798) (674) (476) Total cash revenues $ 598,185 $ 148,952 $ 148,461 $ 150,408 $ 150,364 19 19
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