Earnings release
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EMPIRE STATE REALTY TRUST ANNOUNCES SECOND QUARTER 2025 RESULTS – Net Income Per Fully Diluted Share of $0.04 – – Core FFO Per Fully Diluted Share of $0.22 – – Signed 232,108 Rentable Square Feet of Leases – – $0.7B of Liquidity, No Floating Rate Debt Exposure – New York, New York, July 23, 2025 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter 2025. All per share amounts are on a fully diluted basis, where applicable. Second Quarter and Recent Highlights • Net Income of $0.04 per share. • Core Funds From Operations (“Core FFO”) of $0.22 per share. • Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees decreased 5.9% year-over-year. The second quarter change was primarily attributed to increases in real estate taxes and property operating expenses. These higher expense were partially offset by higher tenant reimbursement income. Adjusted for non-recurring items, which predominately consisted of positive items recognized in the second quarter of 2024, Same-Store Property Cash NOI decreased by 3.0%. • Signed 221,776 rentable square feet of Manhattan office leases. In our Manhattan office portfolio, blended leasing spreads were +12.1%, the 16 consecutive quarter of positive leasing spreads. • Manhattan office leased rate increased by 80 bps sequentially to 93.8%. The total commercial portfolio is 92.9% leased as of June 30th, 2025. • Manhattan office occupancy increased by 140 bps sequentially to 89.5%. The total commercial portfolio is 89.0% occupied as of June 30th, 2025. • Empire State Building Observatory generated NOI of $24.1 million. • Closed on the previously announced acquisition of a retail asset located at 86-90 North 6th Street in Williamsburg Brooklyn, for a purchase price of $31.0 million. th 1
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Property Operations As of June 30, 2025, the Company’s property portfolio contained 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below. June 30, 2025 March 31, 2025 June 30, 2024 Percent occupied: Total commercial portfolio 89.0% 87.9% 88.9% Total office 88.9% 87.5% 88.6% Manhattan office 89.5% 88.1% 89.3% Total retail 89.9% 91.2% 92.3% Percent leased (includes signed leases not commenced): Total commercial portfolio 92.9% 92.5% 93.1% Total office 93.1% 92.3% 93.0% Manhattan office 93.8% 93.0% 93.8% Total retail 90.7% 94.1% 93.5% Total multifamily portfolio 98.6% 99.0% 97.9% All occupancy and leased percentages exclude broadcasting and storage space. 1 1 1 1 2
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Leasing The tables that follow summarize leasing activity for the second quarter of 2025. During this period, the Company signed 22 leases that totaled 232,108 square feet with an average lease duration of 9.9 years. Total Portfolio Total Portfolio Leases executed Square footage executed Average cash rent psf – leases executed % of new cash rent over / under previously escalated rents Office 18 221,776 71.21 12.1 % Retail 4 10,332 268.92 (15.0)% Total Overall 22 232,108 80.01 7.0 % Manhattan Office Portfolio Manhattan Office Portfolio Leases executed Square footage executed Average cash rent psf – leases executed % of new cash rent over / under previously escalated rents New Office 16 202,499 72.28 14.5 % Renewal Office 2 19,277 59.97 (11.2)% Total Office 18 221,776 71.21 12.1 % Leasing Activity Highlights • A 14-year 39,610 square foot expansion lease with an investment management tenant at One Grand Central Place. • A 12-year 39,237 square foot new lease with Elsberg Baker & Maruri at the Empire State Building. • An 11-year 25,372 square foot new lease with Mott MacDonald Group at the Empire State Building. • A 12-year 24,212 square foot renewal lease with SLCE Architects at 1359 Broadway. Balance Sheet The Company had $0.7 billion of total liquidity as of June 30, 2025, which was comprised of $95 million of cash, plus $620 million available under its revolving credit facility. At June 30, 2025, the Company had total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.34%. At June 30, 2025, the Company’s ratio of net debt to adjusted EBITDA was 5.6x. Portfolio Transaction Activity In the second quarter, the Company closed on the previously announced acquisition of a prime retail asset located at 86-90 North 6th Street in Williamsburg Brooklyn, for a purchase price of $31.0 million. 3
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The asset represents a strategic redevelopment opportunity in a prime retail location at the southeast corner of North 6th Street and Wythe Avenue. With this acquisition, the Company now owns two of the three viable corners on North 6th Street and Wythe Avenue and over 600 linear feet of prime retail frontage on North 6th Street. Share Repurchases During the second quarter and through July 22, 2025, the Company repurchased $2.1 million of common stock at a weighted average price of $6.92 per share. The stock repurchase program began in March 2020 and through July 22, 2025, approximately $296 million has been repurchased at a weighted average price of $8.17 per share. Dividend On June 30, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the second quarter of 2025 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”). On June 30, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the second quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively. 4
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2025 Earnings Outlook The Company provides 2025 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity. Key Assumptions 2025 Updated Guidance (July 2025) 2025 Initial Guidance (Feb 2025) Comments Earnings Core FFO Per Fully Diluted Share $0.83 to $0.86 $0.86 to $0.89 • 2025 includes ~$0.05 from multifamily assets Commercial Property Drivers Commercial Occupancy at year-end 89% to 91% 89% to 91% SS Property Cash NOI (excluding lease termination fees) – 2.0% to +1.5% – 2.0% to +1.5% • Assumes positive revenue y/y growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes • 2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items Observatory Drivers Observatory NOI $90M to $94M $97M to $102M • Reflects average quarterly expenses of ~$9 to 10M Low High Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership $0.22 $0.25 Add: Impairment Charge 0.00 0.00 Real Estate Depreciation & Amortization 0.65 0.65 Less: Private Perpetual Distributions 0.02 0.02 Gain on Disposal of Real Estate, net 0.05 0.05 FFO Attributable to Common Stockholders and the Operating Partnership $0.80 $0.83 Add: Amortization of Below Market Ground Lease 0.03 0.03 Core FFO Attributable to Common Stockholders and the Operating Partnership $0.83 $0.86 The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. 5
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Investor Presentation Update The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations. Webcast and Conference Call Details Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 24, 2025 at 12:00 pm Eastern time. The webcast will be accessible on the “Investors” section of ESRT’s website . To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. Starting shortly after the call until July 31, 2025, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13753919. The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website . The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2025, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook , Instagram , TikTok , X , and LinkedIn . 6
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Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in 7
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governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the SEC. While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward- looking statement contained in this press release speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements). Contact: Investors and Media Empire State Realty Trust Investor Relations (212) 850-2678 IR@esrtreit.com 8
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Empire State Realty Trust, Inc. Condensed Consolidated Statements of Operations (unaudited and amounts in thousands, except per share data) Three Months Ended June 30, 2025 2024 Revenues Rental revenue $ 153,540 $ 152,470 Observatory revenue 33,899 34,124 Lease termination fees 464 — Third-party management and other fees 408 376 Other revenue and fees 2,939 2,573 Total revenues 191,250 189,543 Operating expenses Property operating expenses 44,880 41,516 Ground rent expenses 2,332 2,332 General and administrative expenses 18,685 18,020 Observatory expenses 9,822 8,958 Real estate taxes 32,607 31,883 Depreciation and amortization 47,802 47,473 Total operating expenses 156,128 150,182 Total operating income 35,122 39,361 Other income (expense): Interest income 1,867 5,092 Interest expense (25,126) (25,323) Interest expense associated with property in receivership — (628) Gain on disposition of property — 10,803 Income before income taxes 11,863 29,305 Income tax expense (478) (750) Net income 11,385 28,555 Net income attributable to non-controlling interests: Non-controlling interest in the Operating Partnership (3,815) (10,433) Preferred unit distributions (1,051) (1,051) Net income attributable to common stockholders $ 6,519 $ 17,071 Total weighted average shares Basic 168,368 164,277 Diluted 269,951 268,716 Earnings per share attributable to common stockholders Basic $ 0.04 $ 0.10 Diluted $ 0.04 $ 0.10 9
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Empire State Realty Trust, Inc. Condensed Consolidated Statements of Operations (unaudited and amounts in thousands, except per share data) Six Months Ended June 30, 2025 2024 Revenues Rental revenue $ 308,082 $ 306,352 Observatory revenue 57,060 58,720 Lease termination fees 464 — Third-party management and other fees 839 641 Other revenue and fees 4,871 5,009 Total revenues 371,316 370,722 Operating expenses Property operating expenses 89,940 86,576 Ground rent expenses 4,663 4,663 General and administrative expenses 35,625 33,992 Observatory expenses 17,940 17,389 Real estate taxes 65,657 64,124 Depreciation and amortization 96,581 93,554 Total operating expenses 310,406 300,298 Total operating income 60,910 70,424 Other income (expense): Interest income 5,653 9,270 Interest expense (52,064) (50,451) Interest expense associated with property in receivership (647) (628) Loss on early extinguishment of debt — (553) Gain on disposition of property 13,170 10,803 Income before income taxes 27,022 38,865 Income tax (expense) benefit 141 (95) Net income 27,163 38,770 Net income attributable to non-controlling interests: Non-controlling interest in the Operating Partnership (9,323) (13,933) Non-controlling interests in other partnerships — (4) Preferred unit distributions (2,101) (2,101) Net income attributable to common stockholders $ 15,739 $ 22,732 Total weighted average shares Basic 167,644 163,988 Diluted 269,739 268,105 Earnings per share attributable to common stockholders Basic $ 0.09 $ 0.14 Diluted $ 0.09 $ 0.14 10
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Empire State Realty Trust, Inc. Reconciliation of Net Income to Funds From Operations (“FFO”), Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”) (unaudited and amounts in thousands, except per share data) Three Months Ended June 30, 2025 2024 Net income $ 11,385 $ 28,555 Preferred unit distributions (1,051) (1,051) Real estate depreciation and amortization 46,921 46,398 Gain on disposition of property — (10,803) FFO attributable to common stockholders and Operating Partnership units 57,255 63,099 Amortization of below-market ground leases 1,958 1,958 Modified FFO attributable to common stockholders and Operating Partnership units 59,213 65,057 Interest expense associated with property in receivership — 628 Core FFO attributable to common stockholders and Operating Partnership units$ 59,213 $ 65,685 Total weighted average shares and Operating Partnership units Basic 266,899 264,676 Diluted 269,951 268,716 FFO per share Basic $ 0.21 $ 0.24 Diluted $ 0.21 $ 0.23 Modified FFO per share Basic $ 0.22 $ 0.25 Diluted $ 0.22 $ 0.24 Core FFO per share Basic $ 0.22 $ 0.25 Diluted $ 0.22 $ 0.24 11
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Empire State Realty Trust, Inc. Reconciliation of Net Income to Funds From Operations (“FFO”), Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”) (unaudited and amounts in thousands, except per share data) Six Months Ended June 30, 2025 2024 Net income $ 27,163 $ 38,770 Non-controlling interests in other partnerships — (4) Preferred unit distributions (2,101) (2,101) Real estate depreciation and amortization 94,792 91,255 Gain on disposition of property (13,170) (10,803) FFO attributable to common stockholders and Operating Partnership units 106,684 117,117 Amortization of below-market ground leases 3,916 3,916 Modified FFO attributable to common stockholders and Operating Partnership units 110,600 121,033 Interest expense associated with property in receivership 647 628 Loss on early extinguishment of debt — 553 Core FFO attributable to common stockholders and Operating Partnership units$ 111,247 $ 122,214 Total weighted average shares and Operating Partnership units Basic 266,985 264,619 Diluted 269,739 268,105 FFO per share Basic $ 0.40 $ 0.44 Diluted $ 0.40 $ 0.44 Modified FFO per share Basic $ 0.41 $ 0.46 Diluted $ 0.41 $ 0.45 Core FFO per share Basic $ 0.42 $ 0.46 Diluted $ 0.41 $ 0.46 12
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Empire State Realty Trust, Inc. Condensed Consolidated Balance Sheets (unaudited and amounts in thousands) June 30, 2025 December 31, 2024 Assets Commercial real estate properties, at cost $ 3,903,950 $ 3,786,653 Less: accumulated depreciation (1,341,144) (1,274,193) Commercial real estate properties, net 2,562,806 2,512,460 Contract asset — 170,419 Cash and cash equivalents 94,643 385,465 Restricted cash 42,084 43,837 Tenant and other receivables 28,124 31,427 Deferred rent receivables 255,272 247,754 Prepaid expenses and other assets 85,083 101,852 Deferred costs, net 181,694 183,987 Acquired below market ground leases, net 309,495 313,410 Right of use assets 28,070 28,197 Goodwill 491,479 491,479 Total assets $ 4,078,750 $ 4,510,287 Liabilities and equity Mortgage notes payable, net $ 691,440 $ 692,176 Senior unsecured notes, net 1,097,355 1,197,061 Unsecured term loan facility, net 268,883 268,731 Unsecured revolving credit facility — 120,000 Debt associated with property in receivership — 177,667 Accrued interest associated with property in receivership — 5,433 Accounts payable and accrued expenses 104,315 132,016 Acquired below market leases, net 17,081 19,497 Ground lease liabilities 28,070 28,197 Deferred revenue and other liabilities 55,343 62,639 Tenants’ security deposits 27,015 24,908 Total liabilities 2,289,502 2,728,325 Total equity 1,789,248 1,781,962 Total liabilities and equity $ 4,078,750 $ 4,510,287 This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place. 2 2 13
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Second Quarter 2025 Table of Content Page Summary Supplemental Definitions 3 Company Profile 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 FFO, Modified FFO, Core FFO, FAD and EBITDA 8 Highlights 9 Selected Property Data Property Summary Net Operating Income 10 Same Store Net Operating Income 11 Leasing Activity 12 Commercial Property Detail 14 Portfolio Expirations and Vacates Summary 15 Tenant Lease Expirations 16 Largest Tenants and Portfolio Tenant Diversification by Industry 18 Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program 19 Observatory Summary 20 Financial information Consolidated Debt Analysis Debt Summary 21 Debt Detail 22 Debt Maturities 23 Ground Leases 23 Forward-looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward- looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements). Page 2
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Second Quarter 2025 Supplemental Definitions Funds From Operations We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. Modified Funds From Operations Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Core Funds From Operations Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core Funds Available for Distribution In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs. Net Operating Income and Property Cash NOI Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do. Same Store In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end Page 3
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Second Quarter 2025 Supplemental Definitions of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of June 30, 2025, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024, October 2024 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025. EBITDA and Adjusted EBITDA We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property. Net Debt to Adjusted EBITDA We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Page 4
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Second Quarter 2025 COMPANY PROFILE Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. BROAD OF DIRECTORS Anthony E. Malkin Chairman and Chief Executive Officer Steven J. Gilbert Director, Lead Independent Director, Chair of the Compensation Committee S. Michael Giliberto Director, Chair of the Audit Committee Patricia S. Han Director Grant H. Hill Director R. Paige Hood Director, Chair of the Finance Committee George L. W. Malkin Director James D. Robinson IV Director, Chair of the Nominating and Corporate Governance Committee Christina Van Tassell Director Hannah Yang Director EXECUTIVE MANAGEMENT Anthony E. Malkin Chairman and Chief Executive Officer Christina Chiu President Thomas P. Durels Executive Vice President, Real Estate Steve Horn Executive Vice President, Chief Financial Officer & Chief Accounting Officer COMPANY INFORMATION Corporate Headquarters Investor Relations New York Stock Exchange 111 West 33rd Street, 12th Floor IR@esrtreit.com Trading Symbol: ESRT New York, NY 10120 www.esrtreit.com (212) 687-8700 RESEARCH COVERAGE Bank of America Merrill Lynch Jeff Spector (646) 855-1363 jeff.spector@bofa.com BMO Capital Markets Corp. John Kim (212) 885-4115 jp.kim@bmo.com BTIG Thomas Catherwood (212) 738-6140 tcatherwood@btig.com Citi Seth Bergey (212) 816-2066 seth.bergey@citi.com Evercore ISI Steve Sakwa (212) 446-9462 steve.sakwa@evercoreisi.com Green Street Advisors Dylan Burzinski (949) 640-8780 dburzinski@greenstreetadvisors.com KeyBanc Capital Markets Todd Thomas (917) 368-2286 tthomas@key.com Wells Fargo Securities, LLC Blaine Heck (443) 263-6529 blaine.heck@wellsfargo.com Wolfe Research Ally Yaseen (646) 582-9253 ayaseen@wolferesearch.com Page 5
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Second Quarter 2025 Condensed Consolidated Balance Sheet (unaudited and dollars in thousands) Assets June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Commercial real estate properties, at cost $ 3,903,950 $ 3,825,422 $ 3,786,653 $ 3,667,687 $ 3,503,302 Less: accumulated depreciation (1,341,144) (1,306,924) (1,274,193) (1,241,454) (1,206,039) Commercial real estate properties, net 2,562,806 2,518,498 2,512,460 2,426,233 2,297,263 Contract asset — — 170,419 168,687 166,955 Cash and cash equivalents 94,643 187,823 385,465 421,896 535,533 Restricted cash 42,084 49,589 43,837 48,023 41,015 Tenant and other receivables 28,124 29,071 31,427 34,068 34,665 Deferred rent receivables 255,272 252,299 247,754 244,448 242,940 Prepaid expenses and other assets 85,083 64,233 101,852 81,758 105,438 Deferred costs, net 181,694 181,802 183,987 176,720 172,318 Acquired below-market ground leases, net 309,495 311,452 313,410 315,368 317,326 Right of use assets 28,070 28,134 28,197 28,257 28,318 Goodwill 491,479 491,479 491,479 491,479 491,479 Total assets $ 4,078,750 $ 4,114,380 $ 4,510,287 $ 4,436,937 $ 4,433,250 Liabilities and Equity Mortgage notes payable, net $ 691,440 $ 691,816 $ 692,176 $ 692,989 $ 700,348 Senior unsecured notes, net 1,097,355 1,097,212 1,197,061 1,196,911 1,196,831 Unsecured term loan facility, net 268,883 268,807 268,731 268,655 268,580 Unsecured revolving credit facility — — 120,000 120,000 120,000 Debt associated with property in receivership — — 177,667 177,667 177,667 Accrued interest associated with property in receivership — — 5,433 3,511 1,589 Accounts payable and accrued expenses 104,315 135,298 132,016 81,443 90,908 Acquired below-market leases, net 17,081 18,306 19,497 14,702 11,872 Ground lease liabilities 28,070 28,134 28,197 28,257 28,318 Deferred revenue and other liabilities 55,343 61,888 62,639 70,766 61,890 Tenants' security deposits 27,015 27,044 24,908 24,715 24,031 Total liabilities 2,289,502 2,328,505 2,728,325 2,679,616 2,682,034 Total equity 1,789,248 1,785,875 1,781,962 1,757,321 1,751,216 Total liabilities and equity $ 4,078,750 $ 4,114,380 $ 4,510,287 $ 4,436,937 $ 4,433,250 Note: (1) This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place. (1) Page 6
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Second Quarter 2025 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenues Rental revenue $ 153,540 $ 154,542 $ 155,127 $ 153,117 $ 152,470 Observatory revenue 33,899 23,161 38,275 39,382 34,124 Lease termination fees 464 — — 4,771 — Third-party management and other fees 408 431 258 271 376 Other revenue and fees 2,939 1,932 3,942 2,058 2,573 Total revenues 191,250 180,066 197,602 199,599 189,543 Operating expenses Property operating expenses 44,880 45,060 46,645 45,954 41,516 Ground rent expenses 2,332 2,331 2,332 2,331 2,332 General and administrative expenses 18,685 16,940 17,870 18,372 18,020 Observatory expenses 9,822 8,118 9,730 9,715 8,958 Real estate taxes 32,607 33,050 32,720 31,982 31,883 Depreciation and amortization 47,802 48,779 45,365 45,899 47,473 Total operating expenses 156,128 154,278 154,662 154,253 150,182 Total operating income 35,122 25,788 42,940 45,346 39,361 Other income (expense) Interest income 1,867 3,786 5,068 6,960 5,092 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) Gain on disposition of property — 13,170 1,237 1,262 10,803 Income before income taxes 11,863 15,159 19,944 24,238 29,305 Income tax (expense) benefit (478) 619 (1,151) (1,442) (750) Net income 11,385 15,778 18,793 22,796 28,555 Net income attributable to noncontrolling interests: Non-controlling interests in the Operating Partnership (3,815) (5,508) (6,575) (8,205) (10,433) Private perpetual preferred unit distributions (1,051) (1,050) (1,050) (1,050) (1,051) Net income attributable to common stockholders $ 6,519 $ 9,220 $ 11,168 $ 13,541 $ 17,071 Weighted average common shares outstanding Basic 168,368 167,181 166,671 164,880 164,277 Diluted 269,951 269,529 270,251 269,613 268,716 Earnings per share attributable to common stockholders Basic $ 0.04 $ 0.06 $ 0.07 $ 0.08 $ 0.10 Diluted $ 0.04 $ 0.05 $ 0.07 $ 0.08 $ 0.10 Dividends per share $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.035 Note: (1) The following table reflects the components of rental revenue: Three Months Ended Rental Revenue June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Base rent $ 133,987 $ 136,096 $ 135,629 $ 132,492 $ 136,328 Billed tenant expense reimbursement 19,553 18,446 19,498 20,625 16,142 Total rental revenue $ 153,540 $ 154,542 $ 155,127 $ 153,117 $ 152,470 The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance. (1) Page 7
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Second Quarter 2025 FFO, Modified FFO, Core FFO, Core FAD and EBITDA (unaudited and in thousands, except per share amounts) Three Months Ended Reconciliation of Net Income to FFO, Modified FFO, and Core FFO 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 Preferred unit distributions (1,051) (1,050) (1,050) (1,050) (1,051) Real estate depreciation and amortization 46,921 47,871 44,386 44,871 46,398 Gain on disposition of property — (13,170) (1,237) (1,262) (10,803) FFO attributable to common stockholders and the Operating Partnership 57,255 49,429 60,892 65,355 63,099 Amortization of below-market ground lease 1,958 1,958 1,958 1,958 1,958 Modified FFO attributable to common stockholders and the Operating Partnership 59,213 51,387 62,850 67,313 65,057 Interest expense associated with property in receivership — 647 1,921 1,922 628 Core FFO attributable to common stockholders and the Operating Partnership $ 59,213 $ 52,034 $ 64,771 $ 69,235 $ 65,685 Total weighted average shares and Operating Partnership units Basic 266,899 267,073 264,798 264,787 264,676 Diluted 269,951 269,529 270,251 269,613 268,716 FFO attributable to common stockholders and the Operating Partnership per share and unit Basic $ 0.21 $ 0.19 $ 0.23 $ 0.25 $ 0.24 Diluted $ 0.21 $ 0.18 $ 0.23 $ 0.24 $ 0.23 Modified FFO attributable to common stockholders and the Operating Partnership per share and unit Basic $ 0.22 $ 0.19 $ 0.24 $ 0.25 $ 0.25 Diluted $ 0.22 $ 0.19 $ 0.23 $ 0.25 $ 0.24 Core FFO attributable to common stockholders and the Operating Partnership per share and unit Basic $ 0.22 $ 0.19 $ 0.24 $ 0.26 $ 0.25 Diluted $ 0.22 $ 0.19 $ 0.24 $ 0.26 $ 0.24 Reconciliation of Core FFO to Core FAD Core FFO $ 59,213 $ 52,034 $ 64,771 $ 69,235 $ 65,685 Add: Amortization of deferred financing costs 1,080 1,094 1,099 1,110 1,050 Non-real estate depreciation and amortization 880 908 979 1,029 1,074 Amortization of non-cash compensation expense 6,900 4,980 6,107 5,752 6,388 Amortization of loss on interest rate derivative 1,386 1,386 1,386 1,386 1,480 Deduct: Straight-line rental revenues, above/below market rent, and other non-cash adjustments (4,913) (6,407) (5,044) (3,082) (2,744) Corporate capital expenditures (234) (83) (226) (121) (157) Tenant improvements - second generation (36,890) (39,304) (45,969) (17,149) (25,087) Building improvements - second generation (7,868) (5,770) (9,377) (7,838) (11,362) Leasing commissions - second generation (7,605) (7,629) (10,769) (3,753) (3,807) Core FAD $ 11,949 $ 1,209 $ 2,957 $ 46,569 $ 32,521 Reconciliation of Net Income to EBITDA and Adjusted EBITDA 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 Page 8
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Second Quarter 2025 Highlights (unaudited and dollars and shares in thousands, except per share amounts) Three Months Ended Office and Retail Metrics: June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total rentable square footage 8,626,395 8,617,292 8,616,284 8,592,481 8,549,496 Percent occupied 89.0 % 87.9 % 88.6 % 89.1 % 88.9 % Percent leased 92.9 % 92.5 % 93.5 % 93.4 % 93.1 % Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees: Manhattan office portfolio $ 63,589 $ 61,548 $ 64,110 $ 65,069 $ 67,165 Greater New York office portfolio 1,393 1,584 1,769 1,651 1,825 Retail portfolio 2,298 2,433 2,472 2,431 2,517 Total Same Store Property Cash NOI $ 67,280 $ 65,565 $ 68,351 $ 69,151 $ 71,507 Multifamily Metrics: Multifamily Cash NOI $ 5,173 $ 4,643 $ 4,168 $ 4,506 $ 4,533 Total number of units 743 732 732 732 727 Percent occupied 98.6 % 99.0 % 98.5 % 96.8 % 97.9 % Observatory Metrics: Observatory NOI $ 24,077 $ 15,043 $ 28,545 $ 29,667 $ 25,166 Number of visitors 629,000 428,000 718,000 727,000 648,000 Change in visitors year-over-year (2.9)% (11.8)% 1.0 % (2.2)% (2.7)% Ratios: Debt to Total Market Capitalization 46.9 % 47.8 % 44.0 % 42.3 % 46.4 % Net Debt to Total Market Capitalization 45.8 % 45.4 % 39.5 % 37.5 % 39.9 % Debt and Perpetual Preferred Units to Total Market Capitalization 49.0 % 49.8 % 45.7 % 44.0 % 48.2 % Net Debt and Perpetual Preferred Units to Total Market Capitalization 47.8 % 47.5 % 41.4 % 39.3 % 41.9 % Debt to Adjusted EBITDA 5.8x 5.8x 6.4x 6.4x 6.6x Net Debt to Adjusted EBITDA 5.6x 5.2x 5.3x 5.2x 5.1x Core FFO Payout Ratio 16 % 19 % 15 % 14 % 15 % Core FAD Payout Ratio 82 % 805 % 324 % 21 % 30 % Core FFO per share - diluted $ 0.22 $ 0.19 $ 0.24 $ 0.26 $ 0.24 Diluted weighted average shares 269,951 269,529 270,251 269,613 268,716 Class A common stock price at quarter end $ 8.09 $ 7.82 $ 10.32 $ 11.08 $ 9.38 Dividends declared and paid per share $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.035 Dividends per share - annualized $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14 Dividend yield 1.7 % 1.8 % 1.4 % 1.3 % 1.5 % Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) 1,560 1,560 1,560 1,560 1,560 Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) 4,664 4,664 4,664 4,664 4,664 Class A common stock 168,301 167,094 166,405 165,507 164,483 Class B common stock 975 976 978 981 982 Operating partnership units 109,308 110,662 106,768 107,664 108,713 Total common stock and operating partnership units outstanding 278,584 278,732 274,151 274,152 274,178 Notes: (1) Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space. (2) Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods percent leased excludes storage and broadcasting space. (3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge. (4) Market capitalization represents the sum of (i) Company's common stock per share price as of June 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2025, (ii) the number of Series 2014 perpetual preferred units at June 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of June 30, 2025. (5) Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, $9 million and $12 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025. (6) Represents the amount of Core FFO paid out in distributions. (7) Based on the closing price per share of Class A common stock on June 30, 2025. (8) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share. (9) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units. (1) (2) (3) (4) (4) (4) (4) (5) (5) (6) (7) (8) (9) Page 9
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Second Quarter 2025 Property Summary - Same Store NOI (unaudited and dollars in thousands) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024 Same Store Portfolio Revenues $ 143,776 $ 143,916 $ 146,969 $ 145,501 $ 140,763 $ 287,692 $ 280,910 Operating expenses (74,612) (74,891) (76,317) (75,596) (68,762) (149,503) (140,248) Same store property NOI 69,164 69,025 70,652 69,905 72,001 138,189 140,662 Straight-line rent (3,213) (4,831) (3,782) (2,184) (1,887) (8,044) (5,105) Above/below-market rent revenue amortization (629) (587) (477) (528) (565) (1,216) (1,130) Below-market ground lease amortization 1,958 1,958 1,958 1,958 1,958 3,916 3,916 Total same store property cash NOI - excluding lease termination fees $ 67,280 $ 65,565 $ 68,351 $ 69,151 $ 71,507 $ 132,845 $ 138,343 Percent change over prior year (5.9)% (1.9)% (2.9)% 5.2 % 7.4 % (4.0)% 9.7 % Total same store property cash NOI - excluding lease termination fees $ 67,280 $ 65,565 $ 68,351 $ 69,151 $ 71,507 $ 132,845 $ 138,343 Lease termination fees 464 — — 4,771 — 464 — Total same store property cash NOI $ 67,744 $ 65,565 $ 68,351 $ 73,922 $ 71,507 $ 133,309 $ 138,343 Same Store Manhattan Office Revenues $ 136,543 $ 136,408 $ 139,380 $ 138,060 $ 133,180 $ 272,951 $ 267,099 Operating expenses (71,336) (71,598) (73,062) (72,287) (65,473) (142,934) (133,646) Same store property NOI 65,207 64,810 66,318 65,773 67,707 130,017 133,453 Straight-line rent (2,947) (4,633) (3,689) (2,134) (1,935) (7,580) (5,163) Above/below-market rent revenue amortization (629) (587) (477) (528) (565) (1,216) (1,130) Below-market ground lease amortization 1,958 1,958 1,958 1,958 1,958 3,916 3,916 Total same store property cash NOI - excluding lease termination fees 63,589 61,548 64,110 65,069 67,165 125,137 131,076 Lease termination fees 464 — — 4,771 — 464 — Total same store property cash NOI $ 64,053 $ 61,548 $ 64,110 $ 69,840 $ 67,165 $ 125,601 $ 131,076 Same Store Greater New York Metropolitan Area Office Revenues $ 2,985 $ 3,154 $ 3,213 $ 3,060 $ 3,319 $ 6,139 $ 6,163 Operating expenses (1,551) (1,606) (1,572) (1,612) (1,656) (3,157) (3,250) Same store property NOI 1,434 1,548 1,641 1,448 1,663 2,982 2,913 Straight-line rent (41) 36 128 203 162 (5) 295 Above/below-market rent revenue amortization — — — — — — — Below-market ground lease amortization — — — — — — — Total same store property cash NOI - excluding lease termination fees 1,393 1,584 1,769 1,651 1,825 2,977 3,208 Lease termination fees — — — — — — — Total same store property cash NOI $ 1,393 $ 1,584 $ 1,769 $ 1,651 $ 1,825 $ 2,977 $ 3,208 Same Store Retail Revenues $ 4,248 $ 4,354 $ 4,376 $ 4,381 $ 4,264 $ 8,602 $ 7,648 Operating expenses (1,725) (1,687) (1,683) (1,697) (1,633) (3,412) (3,352) Same store property NOI 2,523 2,667 2,693 2,684 2,631 5,190 4,296 Straight-line rent (225) (234) (221) (253) (114) (459) (237) Above/below-market rent revenue amortization — — — — — — — Below-market ground lease amortization — — — — — — — Total same store property cash NOI - excluding lease termination fees 2,298 2,433 2,472 2,431 2,517 4,731 4,059 Lease termination fees — — — — — — — Total same store property cash NOI $ 2,298 $ 2,433 $ 2,472 $ 2,431 $ 2,517 $ 4,731 $ 4,059 Notes: (1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes. (2) Includes 475,744 rentable square feet of retail space in the Company's nine Manhattan office properties. (1) (1),(2) (1) (1) Page 10
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Second Quarter 2025 Same Store NOI (unaudited and dollars in thousands) Three Months Ended Six Months Ended 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 June 30, 2025 June 30, 2024 Net income $ 11,385 $ 15,778 $ 18,793 $ 22,796 $ 28,555 $ 27,163 $ 38,770 Add: General and administrative expenses 18,685 16,940 17,870 18,372 18,020 35,625 33,992 Depreciation and amortization 47,802 48,779 45,365 45,899 47,473 96,581 93,554 Interest expense 25,126 26,938 27,380 27,408 25,323 52,064 50,451 Interest expense associated with property in receivership — 647 1,921 1,922 628 647 628 Loss on early extinguishment of debt — — — — — — 553 Income tax expense (benefit) 478 (619) 1,151 1,442 750 (141) 95 Less: Gain on disposition of property — (13,170) (1,237) (1,262) (10,803) (13,170) (10,803) Third-party management and other fees (408) (431) (258) (271) (376) (839) (641) Interest income (1,867) (3,786) (5,068) (6,960) (5,092) (5,653) (9,270) Net operating income 101,201 91,076 105,917 109,346 104,478 192,277 197,329 Straight-line rent (3,748) (5,283) (4,045) (2,277) (1,900) (9,031) (4,961) Above/below-market rent revenue amortization (840) (798) (674) (476) (513) (1,638) (1,027) Below-market ground lease amortization 1,958 1,958 1,958 1,958 1,958 3,916 3,916 Total cash NOI - including Observatory and lease termination fees 98,571 86,953 103,156 108,551 104,023 185,524 195,257 Less: Observatory NOI (24,077) (15,043) (28,545) (29,667) (25,166) (39,120) (41,331) Less: cash NOI from non-Same Store properties (6,750) (6,345) (6,260) (4,962) (7,350) (13,095) (15,583) Total Same Store property cash NOI - including lease termination fees 67,744 65,565 68,351 73,922 71,507 133,309 138,343 Less: Lease termination fees (464) — — (4,771) — (464) — Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 67,280 $ 65,565 $ 68,351 $ 69,151 $ 71,507 $ 132,845 $ 138,343 Multifamily NOI Revenues $ 9,846 $ 9,646 $ 9,322 $ 9,140 $ 9,161 $ 19,492 $ 17,633 Operating expenses (4,665) (4,993) (5,145) (4,623) (4,578) (9,658) (8,787) NOI 5,181 4,653 4,177 4,517 4,583 9,834 8,846 Straight-line rent (67) (67) (67) (69) (109) (134) (211) Above/below-market rent revenue amortization 59 57 58 58 59 116 115 Cash NOI $ 5,173 $ 4,643 $ 4,168 $ 4,506 $ 4,533 $ 9,816 $ 8,750 Page 11
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Second Quarter 2025 Property Summary - Leasing Activity by Quarter (unaudited) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total Office and Retail Portfolio Total leases executed 22 20 20 31 35 Weighted average lease term 9.9 years 8.4 years 8.0 years 7.0 years 7.0 years Average free rent period 7.6 months 7.8 months 5.7 months 5.2 months 7.4 months Office Total square footage executed 221,776 229,367 378,913 291,418 262,991 Average starting cash rent psf - leases executed $ 71.21 $ 66.43 $ 78.40 $ 70.11 $ 66.60 Previously escalated cash rents psf $ 63.50 $ 60.63 $ 71.03 $ 68.34 $ 65.31 Percentage of new cash rent over previously escalated rents 12.1 % 9.6 % 10.4 % 2.6 % 2.0 % Retail Total square footage executed 10,332 1,181 — 12,792 8,990 Average starting cash rent psf - leases executed $ 268.92 $ 193.00 $ — $ 203.88 $ 91.14 Previously escalated cash rents psf $ 316.28 $ 183.74 $ — $ 332.35 $ 75.03 Percentage of new cash rent over previously escalated rents (15.0)% 5.0 % — (38.7)% 21.5 % Total Office and Retail Portfolio Total square footage executed 232,108 230,548 378,913 304,210 271,981 Average starting cash rent psf - leases executed $ 80.01 $ 67.08 $ 78.40 $ 75.74 $ 67.41 Previously escalated cash rents psf $ 74.75 $ 61.27 $ 71.03 $ 79.44 $ 65.63 Percentage of new cash rent over previously escalated rents 7.0 % 9.5 % 10.4 % (4.7)% 2.7 % Leasing commission costs per square foot $ 31.62 $ 22.39 $ 21.73 $ 19.67 $ 18.87 Tenant improvement costs per square foot 86.85 47.92 49.46 42.90 65.69 Total LC and TI per square foot $ 118.47 $ 70.31 $ 71.19 $ 62.57 $ 84.56 Total LC and TI per square foot per year of weighted average lease term $ 11.93 $ 8.34 $ 8.89 $ 8.94 $ 12.14 Occupancy 89.0 % 87.9 % 88.6 % 89.1 % 88.9 % Manhattan Office Portfolio Total leases executed 18 18 18 25 31 Office - New Leases Total square footage executed 202,499 43,184 184,258 130,688 162,655 Average starting cash rent psf - leases executed $ 72.28 $ 69.13 $ 71.07 $ 66.07 $ 67.44 Previously escalated cash rents psf $ 63.11 $ 66.77 $ 59.54 $ 63.21 $ 64.36 Percentage of new cash rent over previously escalated rents 14.5 % 3.5 % 19.4 % 4.5 % 4.8 % Office - Renewal Leases Current Renewals 19,277 177,328 10,178 53,622 43,895 Early Renewals — — 172,286 105,019 54,761 Total square footage executed 19,277 177,328 182,464 158,641 98,656 Average starting cash rent psf - leases executed $ 59.97 $ 66.62 $ 86.98 $ 73.11 $ 65.50 Previously escalated cash rents psf $ 67.51 $ 59.35 $ 83.14 $ 72.24 $ 67.09 Percentage of new cash rent over previously escalated rents (11.2)% 12.3 % 4.6 % 1.2 % (2.4)% Total Manhattan Office Portfolio Total square footage executed 221,776 220,512 366,722 289,329 261,311 Average starting cash rent psf - leases executed $ 71.21 $ 67.11 $ 78.99 $ 69.93 $ 66.71 Previously escalated cash rents psf $ 63.50 $ 60.80 $ 71.28 $ 68.16 $ 65.40 Percentage of new cash rent over previously escalated rents 12.1 % 10.4 % 10.8 % 2.6 % 2.0 % Leasing commission costs per square foot $ 28.97 $ 22.47 $ 21.85 $ 17.40 $ 18.13 Tenant improvement costs per square foot 89.60 49.50 47.96 42.82 68.02 Total LC and TI per square foot $ 118.57 $ 71.97 $ 69.81 $ 60.22 $ 86.15 Total LC and TI per square foot per year of weighted average lease term $ 11.79 $ 8.41 $ 8.66 $ 8.67 $ 12.49 Occupancy 89.5 % 88.1 % 89.0 % 89.6 % 89.3 % (Table continued on next page) (1) (2) (3) (1) (2) (3) Page 12
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Second Quarter 2025 Property Summary - Leasing Activity by Quarter - (Continued) (unaudited) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Retail Portfolio Total leases executed 4 1 — 5 3 Total square footage executed 10,332 1,181 — 12,792 8,990 Average starting cash rent psf - leases executed $ 268.92 $ 193.00 $ — $ 203.88 $ 91.14 Previously escalated cash rents psf $ 316.28 $ 183.74 $ — $ 332.35 $ 75.03 Percentage of new cash rent over previously escalated rents (15.0)% 5.0 % — (38.7)% 21.5 % Leasing commission costs per square foot $ 88.59 $ 63.04 $ — $ 74.25 $ 41.87 Tenant improvement costs per square foot 27.88 — — 51.72 9.45 Total LC and TI per square foot $ 116.47 $ 63.04 $ — $ 125.97 $ 51.32 Total LC and TI per square foot per year of weighted average lease term $ 16.15 $ 6.25 $ — $ 14.73 $ 5.33 Occupancy 89.9 % 91.2 % 90.4 % 91.1 % 92.3 % Multifamily Portfolio Percent occupied 98.6 % 99.0 % 98.5 % 96.8 % 97.9 % Total number of units 743 732 732 732 727 Notes: (1) Early Renewals include leases which were signed over two years prior to the lease expiration. (2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid. (3) All occupancy rates exclude broadcasting and storage space. (2) (3) Page 13
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Second Quarter 2025 Commercial Property Detail (unaudited) Property Name Location or Sub-Market Rentable Square Feet Percent Occupied Percent Leased Annualized Rent Annualized Rent per Occupied Square Foot Number of Leases Office - Manhattan The Empire State Building Penn Station -Times Sq. South 2,711,344 92.2 % 96.6 % $ 170,956,876 $ 69.05 148 One Grand Central Place Grand Central 1,224,683 87.2 % 93.3 % 68,905,466 64.59 128 1400 Broadway Penn Station -Times Sq. South 917,281 87.0 % 94.5 % 50,618,224 63.42 18 111 West 33rd Street Penn Station -Times Sq. South 639,595 92.6 % 94.3 % 41,656,476 70.32 21 250 West 57th Street Columbus Circle - West Side 476,831 81.6 % 82.9 % 27,777,535 71.46 29 1359 Broadway Penn Station -Times Sq. South 456,634 89.3 % 92.4 % 24,325,517 59.71 28 501 Seventh Avenue Penn Station -Times Sq. South 455,432 90.2 % 90.2 % 22,742,723 55.41 16 1350 Broadway Penn Station -Times Sq. South 383,588 88.0 % 97.0 % 21,435,654 63.63 47 1333 Broadway Penn Station -Times Sq. South 297,126 89.8 % 89.8 % 15,494,116 58.09 11 Office - Manhattan 7,562,514 89.5 % 93.8 % 443,912,587 65.83 446 Office - Greater New York Metropolitan Area Metro Center Stamford, CT 282,176 74.1 % 74.1 % 12,148,780 58.12 21 Office - Greater New York Metropolitan Area 282,176 74.1 % 74.1 % 12,148,780 58.12 21 Total/Weighted Average Office Properties 7,844,690 88.9 % 93.1 % 456,061,367 65.60 467 Retail Properties North Sixth Street Collection Williamsburg - Brooklyn 102,191 78.0 % 78.0 % 11,195,391 140.50 16 112 West 34th Street Penn Station -Times Sq. South 93,057 100.0 % 100.0 % 25,108,425 269.82 4 The Empire State Building Penn Station -Times Sq. South 88,445 78.7 % 78.7 % 8,039,762 115.45 12 One Grand Central Place Grand Central 70,810 79.6 % 79.6 % 6,947,677 123.23 11 1333 Broadway Penn Station -Times Sq. South 67,001 100.0 % 100.0 % 10,297,889 153.70 4 250 West 57th Street Columbus Circle - West Side 63,443 93.2 % 93.2 % 8,580,632 145.19 6 10 Union Square Union Square 58,049 88.2 % 88.2 % 7,983,831 155.91 8 1542 Third Avenue Upper East Side 56,211 95.0 % 100.0 % 2,517,661 47.16 3 1010 Third Avenue Upper East Side 38,235 100.0 % 100.0 % 3,498,187 91.49 2 1359 Broadway Penn Station -Times Sq. South 29,247 99.4 % 99.4 % 2,220,926 76.37 5 501 Seventh Avenue Penn Station -Times Sq. South 27,213 78.9 % 89.4 % 1,442,201 67.20 7 77 West 55th Street Midtown 25,388 100.0 % 100.0 % 2,124,815 83.69 3 1350 Broadway Penn Station -Times Sq. South 19,511 100.0 % 100.0 % 4,137,484 212.06 6 1400 Broadway Penn Station -Times Sq. South 17,017 82.2 % 82.2 % 1,753,002 125.39 6 561 10th Avenue Hudson Yards 11,822 100.0 % 100.0 % 1,618,381 136.90 2 298 Mulberry Street NoHo 10,365 100.0 % 100.0 % 1,981,662 191.19 1 345 East 94th Street Upper East Side 3,700 100.0 % 100.0 % 261,661 70.72 1 Total/Weighted Average Retail Properties 781,705 89.9 % 90.7 % 99,709,587 141.83 97 Portfolio Total 8,626,395 89.0 % 92.9 % $ 555,770,954 $ 72.60 564 Notes: (1) Excludes (i) 200,028 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units. (2) Based on leases signed and commenced as of June 30, 2025. (3) Percent occupied and percent leased exclude 107,875 rentable square feet of broadcasting and storage space. (4) Includes occupied space plus leases signed but not commenced as of June 30, 2025. (5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes. (6) Represents annualized rent under leases commenced as of June 30, 2025 divided by occupied square feet. (7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations. (8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years (expiring December 31, 2063). (9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077). (10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050). (1) (2),(3) (3),(4) (5) (6) (7) (8) (9) (10) (9) (10) (8) Page 14
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Second Quarter 2025 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet) Actual Forecast Forecast Three Months Ended Total Office and Retail Portfolio March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 July to Dec. 2025 Full Year 2026 Total expirations 164,025 79,269 60,286 197,267 257,553 510,412 Less: broadcasting — — (1,417) — (1,417) — Office and retail expirations 164,025 79,269 58,869 197,267 256,136 510,412 Renewals & relocations 31,205 8,483 15,635 14,461 30,096 119,513 New leases 50,486 21,120 — 126,391 126,391 19,463 Vacates 82,334 49,666 40,918 50,035 90,953 229,314 Unknown — — 2,316 6,380 8,696 142,122 Total Office and Retail Portfolio expirations and vacates 164,025 79,269 58,869 197,267 256,136 510,412 Manhattan Office Portfolio Total expirations 147,055 77,329 55,207 195,800 251,007 416,307 Less: broadcasting — — (1,417) — (1,417) — Office and retail expirations 147,055 77,329 53,790 195,800 249,590 416,307 Renewals & relocations 16,775 8,483 15,635 14,461 30,096 117,842 New leases 50,486 21,120 — 126,391 126,391 19,463 Vacates 79,794 47,726 35,839 48,921 84,760 212,716 Unknown — — 2,316 6,027 8,343 66,286 Total expirations and vacates 147,055 77,329 53,790 195,800 249,590 416,307 Greater New York Metropolitan Area Office Portfolio Office expirations 2,540 — 5,079 — 5,079 23,268 Renewals & relocations — — — — — — New leases — — — — — — Vacates 2,540 — 5,079 — 5,079 — Unknown — — — — — 23,268 Total expirations and vacates 2,540 — 5,079 — 5,079 23,268 Retail Portfolio Office expirations 14,430 1,940 — 1,467 1,467 70,837 Renewals & relocations 14,430 — — — — 1,671 New leases — — — — — — Vacates — 1,940 — 1,114 1,114 16,598 Unknown — — — 353 353 52,568 Total expirations and vacates 14,430 1,940 — 1,467 1,467 70,837 Notes: (1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends. (2) Any lease on month to month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting. (3) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2025; and tenants who move within a building or within the Company's portfolio. (4) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement. (5) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations. (6) For forecasted periods, "Unknown" represents tenants whose intentions are unknown. (1) (1) (2) (3) (4) (5) (6) (3) (4) (5) (6) (3) (4) (5) (6) (3) (4) (5) (6) Page 15
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Second Quarter 2025 Tenant Lease Expirations (unaudited) Total Office and Retail Lease Expirations Number of Leases Expiring Rentable Square Feet Expiring Percent of Portfolio Rentable Square Feet Expiring Annualized Rent Percent of Annualized Rent Annualized Rent Per Rentable Square Foot Available — 642,124 7.4 % $ — — % $ — Signed leases not commenced 21 328,609 3.8 % — — % — 2Q 2025 6 45,336 0.5 % 2,812,089 0.5 % 62.03 3Q 2025 14 59,360 0.7 % 3,802,172 0.7 % 64.05 4Q 2025 19 197,267 2.3 % 12,995,985 2.3 % 65.88 Total 2025 39 301,963 3.5 % 19,610,246 3.5 % 64.94 1Q 2026 15 148,843 1.7 % 9,365,060 1.7 % 62.92 2Q 2026 7 26,719 0.3 % 1,846,306 0.3 % 69.10 3Q 2026 18 107,713 1.2 % 6,691,424 1.2 % 62.12 4Q 2026 22 227,137 2.6 % 12,259,510 2.2 % 53.97 Total 2026 62 510,412 5.8 % 30,162,300 5.4 % 59.09 2027 87 707,724 8.2 % 47,867,236 8.6 % 67.64 2028 63 873,723 10.1 % 52,913,755 9.5 % 60.56 2029 66 795,575 9.2 % 68,365,795 12.3 % 85.93 2030 60 777,381 9.0 % 58,892,496 10.6 % 75.76 2031 35 240,815 2.8 % 27,161,717 4.9 % 112.79 2032 31 388,724 4.5 % 29,292,989 5.3 % 75.36 2033 34 306,026 3.5 % 23,515,571 4.2 % 76.84 2034 22 361,995 4.2 % 27,256,503 4.9 % 75.30 2035 23 461,318 5.3 % 32,068,550 5.8 % 69.52 Thereafter 42 1,930,006 22.7 % 138,663,796 25.0 % 71.85 Total 585 8,626,395 100.0 % $ 555,770,954 100.0 % $ 72.60 Manhattan Office Properties Available — 495,958 6.6 % $ — — % $ — Signed leases not commenced 19 322,924 4.3 % — — % — 2Q 2025 5 43,396 0.6 % 2,564,393 0.6 % 59.09 3Q 2025 13 54,281 0.7 % 3,510,274 0.8 % 64.67 4Q 2025 17 195,800 2.6 % 12,881,357 2.9 % 65.79 Total 2025 35 293,477 3.9 % 18,956,024 4.3 % 64.59 1Q 2026 13 139,705 1.8 % 8,703,399 2.0 % 62.30 2Q 2026 7 26,719 0.4 % 1,846,306 0.4 % 69.10 3Q 2026 14 72,794 1.0 % 4,468,416 1.0 % 61.38 4Q 2026 20 177,089 2.3 % 11,075,014 2.5 % 62.54 Total 2026 54 416,307 5.5 % 26,093,135 5.9 % 62.68 2027 77 626,173 8.3 % 38,399,735 8.7 % 61.32 2028 58 854,533 11.3 % 50,714,632 11.4 % 59.35 2029 51 648,524 8.6 % 42,748,001 9.6 % 65.92 2030 43 657,412 8.7 % 44,481,444 10.0 % 67.66 2031 23 151,071 2.0 % 11,204,439 2.5 % 74.17 2032 23 344,120 4.6 % 25,144,502 5.7 % 73.07 2033 19 198,333 2.6 % 13,053,369 2.9 % 65.82 2034 16 337,787 4.5 % 23,828,011 5.4 % 70.54 2035 18 446,299 5.9 % 30,558,955 6.9 % 68.47 Thereafter 29 1,769,596 23.2 % 118,730,340 26.7 % 67.09 Total Manhattan office properties 465 7,562,514 100.0 % $ 443,912,587 100.0 % $ 65.83 (Table continued on next page) (1) (2) (3) (4) (5) (4) Page 16
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Second Quarter 2025 Tenant Lease Expirations (unaudited) Greater New York Metropolitan Area Office Portfolio Number of Leases Expiring Rentable Square Feet Expiring Percent of Portfolio Rentable Square Feet Expiring Annualized Rent Percent of Annualized Rent Annualized Rent Per Rentable Square Foot Available — 73,147 25.9 % $ — — % $ — Signed leases not commenced — — — % — — % — 2Q 2025 — — — % — — % — 3Q 2025 1 5,079 1.8 % 291,898 2.4 % 57.47 4Q 2025 — — — % — — % — Total 2025 1 5,079 1.8 % 291,898 2.4 % 57.47 1Q 2026 — — — % — — % — 2Q 2026 — — — % — — % — 3Q 2026 1 23,268 8.2 % 1,448,235 11.9 % 62.24 4Q 2026 — — — % — — % — Total 2026 1 23,268 8.2 % 1,448,235 11.9 % 62.24 2027 4 21,546 7.6 % 1,264,659 10.4 % 58.70 2028 2 11,480 4.1 % 658,539 5.4 % 57.36 2029 3 12,208 4.3 % 720,869 5.9 % 59.05 2030 5 42,827 15.2 % 2,516,457 20.7 % 58.76 2031 1 15,030 5.3 % 879,672 7.2 % 58.53 2032 2 7,281 2.6 % 381,961 3.1 % 52.46 2033 1 63,173 22.4 % 3,618,934 29.8 % 57.29 2034 — — — % — — % — 2035 1 7,137 2.6 % 367,556 3.2 % 51.50 Thereafter — — — % — — % — Total greater New York metropolitan area office portfolio 21 282,176 100.0 % $ 12,148,780 100.0 % $ 58.12 Retail Properties Available — 73,019 9.3 % $ — — % $ — Signed leases not commenced 2 5,685 0.7 % — — % — 2Q 2025 1 1,940 0.2 % 247,696 0.2 % 127.68 3Q 2025 — — — % — — % — 4Q 2025 2 1,467 0.2 % 114,628 0.1 % 78.14 Total 2025 3 3,407 0.4 % 362,324 0.3 % 106.35 1Q 2026 2 9,138 1.2 % 661,661 0.7 % 72.41 2Q 2026 — — — % — — % — 3Q 2026 3 11,651 1.5 % 774,773 0.8 % 66.50 4Q 2026 2 50,048 6.4 % 1,184,496 1.2 % 23.67 Total 2026 7 70,837 9.1 % 2,620,930 2.7 % 37.00 2027 6 60,005 7.7 % 8,202,842 8.2 % 136.70 2028 3 7,710 1.0 % 1,540,584 1.5 % 199.82 2029 12 134,843 17.2 % 24,896,925 25.0 % 184.64 2030 12 77,142 9.9 % 11,894,595 11.9 % 154.19 2031 11 74,714 9.6 % 15,077,606 15.1 % 201.80 2032 6 37,323 4.8 % 3,766,526 3.8 % 100.92 2033 14 44,520 5.7 % 6,843,268 6.9 % 153.71 2034 6 24,208 3.1 % 3,428,492 3.4 % 141.63 2035 4 7,882 1.0 % 1,142,039 1.1 % 144.89 Thereafter 13 160,410 20.5 % 19,933,456 20.1 % 124.27 Total retail properties 99 781,705 100.0 % $ 99,709,587 100.0 % $ 141.83 Notes: (1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations. (2) Excludes (i) 200,028 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units. (3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes. (4) Represents leases that are included in occupancy as of June 30, 2025 and expire on June 30, 2025. (5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations. (6) Includes a telecom lease with no square footage. (1) (2) (3) (4) (6) (4) Page 17
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Second Quarter 2025 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited) 20 Largest Tenants Property Lease Expiration Weighted Average Remaining Lease Term Total Occupied Square Feet Percent of Portfolio Rentable Square Feet Annualized Rent Percent of Portfolio Annualized Rent 1. LinkedIn Empire State Building Feb. 2026 - Aug. 2036 10.3 years 423,544 4.97 % $ 31,010,761 5.58 % 2. Flagstar Bank 1400 Broadway Aug. 2039 14.2 years 313,109 3.68 % 19,600,190 3.53 % 3. Centric Brands Inc. Empire State Building Oct. 2028 3.3 years 252,929 2.97 % 14,255,159 2.56 % 4. PVH Corp. 501 Seventh Avenue Jan. 2026 - Oct. 2028 2.7 years 237,281 2.79 % 13,507,462 2.43 % 5. Institutional Capital Network, Inc. One Grand Central Place Nov. 2027 - Dec. 2041 15.6 years 154,050 1.81 % 11,012,076 1.98 % 6. Sephora USA, Inc. 112 West 34th Street Jan. 2029 3.6 years 11,334 0.13 % 10,563,141 1.90 % 7. Target Corporation 112 West 34th St., 10 Union Sq.Jan. 2038 12.6 years 81,340 0.95 % 9,543,763 1.72 % 8. Macy's 111 West 33rd Street May 2030 4.9 years 131,117 1.54 % 9,520,794 1.71 % 9. Coty Inc. Empire State Building Jan. 2030 4.6 years 157,892 1.85 % 9,339,709 1.68 % 10. URBAN OUTFITTERS 1333 Broadway Sep. 2029 4.3 years 56,730 0.67 % 8,287,997 1.49 % 11. Li & Fung 1359 Broadway, ESB Oct. 2027 - Oct. 2028 3.0 years 149,061 1.75 % 8,173,187 1.47 % 12. Foot Locker, Inc. 112 West 34th Street Sep. 2031 6.3 years 34,192 0.40 % 7,834,994 1.41 % 13. FDIC Empire State Building Dec. 2025 0.5 years 119,226 1.40 % 7,751,788 1.39 % 14. Shutterstock, Inc. Empire State Building Apr. 2029 3.8 years 108,937 1.28 % 7,558,689 1.36 % 15. Fragomen 1400 Broadway Feb. 2035 9.7 years 107,680 1.26 % 7,118,080 1.28 % 16. The Michael J. Fox Foundation 111 West 33rd Street Nov. 2029 4.4 years 86,492 1.02 % 6,549,061 1.18 % 17. ASCAP 250 West 57th Street Aug. 2034 9.2 years 87,943 1.03 % 6,476,281 1.17 % 18. Burlington Merchandising Corporation1400 Broadway Jan. 2038 12.6 years 102,898 1.21 % 6,463,891 1.16 % 19. HNTB Corporation Empire State Building Sep. 2034 9.3 years 78,361 0.92 % 5,639,656 1.01 % 20. Kohl's Department Stores, Inc. 1400 Broadway May 2029 3.9 years 91,775 1.08 % 5,181,788 0.93 % Total 2,785,891 32.71 % $ 205,388,467 36.94 % Notes: (1) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range. (2) Represents the weighted average lease term based on annualized rent. (3) Based on leases signed and commenced as of June 30, 2025. (4) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate. (5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes. (6) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate. Portfolio Tenant Diversification by Industry (based on annualized rent) (1) (2) (3) (4) (5) (6) Page 18
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Second Quarter 2025 Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program (unaudited and dollars in thousands) Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced Square Initial Annual Initial Cash Rent Contributing to Cash NOI in the Following Years Expected Cash Commencement Feet Cash Rent 2025 2026 2027 2028 2029 Third quarter 2025 141,538 $ 9,501 $ 3,152 $ 9,501 $ 9,501 $ 9,243 $ 8,999 Fourth quarter 2025 127,907 9,136 1,450 9,136 9,136 9,136 9,136 First quarter 2026 41,873 3,784 — 3,351 3,784 3,784 3,784 Second quarter 2026 182,828 13,664 — 8,552 13,664 13,664 13,664 Third quarter 2026 67,304 3,994 — 1,569 3,994 3,994 3,994 Fourth quarter 2026 119,981 7,507 — 1,006 7,507 7,507 7,507 First quarter 2027 106,746 8,563 — — 7,892 8,563 8,563 Second quarter 2027 51,726 3,799 — — 2,791 3,799 3,799 Fourth quarter 2027 13,943 1,115 — — 279 1,115 1,115 First quarter 2028 34,162 2,462 — — — 2,350 2,462 Third quarter 2028 24,212 1,453 — — — 482 1,453 First quarter 2029 39,610 3,094 — — — — 2,585 Second quarter 2029 25,212 1,575 — — — — 920 977,042 $ 69,647 $ 4,602 $ 33,115 $ 58,548 $ 63,637 $ 67,981 Incremental Annual Initial Annual Initial Cash Rent Contributing to Cash NOI in the Following Years 2Q 2025 Cash Rent Cash Rent 2025 2026 2027 2028 2029 Commenced leases in free rent period$ 21,939 $ 37,527 $ 4,136 $ 28,089 $ 37,527 $ 37,270 $ 37,026 Signed leases not commenced 25,007 32,120 466 5,026 21,021 26,367 30,955 $ 46,946 $ 69,647 $ 4,602 $ 33,115 $ 58,548 $ 63,637 $ 67,981 Three Months Ended Capital expenditures June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Tenant improvements - first generation $ 39 $ 174 $ 2,744 $ — $ — Tenant improvements - second generation 36,890 39,304 45,969 17,149 25,087 Leasing commissions - first generation — — 98 138 129 Leasing commissions - second generation 7,605 7,629 10,769 3,753 3,807 Building improvements - first generation 236 — 180 128 — Building improvements - second generation 7,868 5,770 9,377 7,838 11,362 Non-recurring capital improvements 8,934 2,910 14,420 2,825 5,979 Total $ 61,572 $ 55,787 $ 83,557 $ 31,831 $ 46,364 Notes: (1) Reflects initial annual cash rent less annual cash rent from existing tenant in the space. (2) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021. (1) (2) Page 19
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Second Quarter 2025 Observatory Summary (unaudited and dollars in thousands) Twelve Months to Date Three Months Ended Observatory NOI June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Observatory revenue $ 134,717 $ 33,899 $ 23,161 $ 38,275 $ 39,382 $ 34,124 Observatory expenses 37,385 9,822 8,118 9,730 9,715 8,958 NOI 97,332 24,077 15,043 28,545 29,667 25,166 Intercompany rent expense 82,256 20,666 15,160 22,969 23,461 20,980 NOI after intercompany rent $ 15,076 $ 3,411 $ (117) $ 5,576 $ 6,206 $ 4,186 Observatory Metrics Number of visitors 629,000 428,000 718,000 727,000 648,000 Change in visitors year over year (2.9)% (11.8)% 1.0 % (2.2)% (2.7)% Number of bad weather days ("BWD") 21 13 8 8 8 Notes: (1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, the fixed license fee was $1,904, $1,904, $1,855, $1,855 and $1,855, respectively. (2) The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. (3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge. (4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day. Annual Observatory NOI 2018 to 2024 Notes: (1) The 102nd floor Observatory was closed for approximately nine months in 2019 for renovations. (2) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020. (1) (2) (3) (4) Page 20
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Second Quarter 2025 Debt Summary (unaudited and dollars in thousands) June 30, 2025 Weighted Average Debt Summary Balance Interest Rate Maturity (Years) Mortgage debt $ 702,478 3.64 % 5.8 Senior unsecured notes 1,100,000 4.76 % 5.2 Unsecured term loan facilities 270,000 4.43 % 2.3 Total fixed rate debt 2,072,478 4.34 % 5.0 Unsecured term loan facilities — — — Unsecured revolving credit facility — — — Total variable rate debt — — — Total debt 2,072,478 4.34 % 5.0 Deferred financing costs, net (9,007) Debt discount (5,793) Total $ 2,057,678 Available Capacity Facility Outstanding at June 30, 2025 Letters of Credit Available Capacity Unsecured revolving credit facility $ 620,000 $ — $ — $ 620,000 Covenant Summary Required Current Quarter In Compliance Maximum Total Leverage < 60% 32.7 % Yes Maximum Secured Leverage < 40% 11.6 % Yes Minimum Fixed Charge Coverage > 1.50x 3.1x Yes Minimum Unencumbered Interest Coverage > 1.75x 5.0x Yes Maximum Unsecured Leverage < 60% 25.1 % Yes Notes: (1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements. (2) SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity. (3) As of June 30, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements. (4) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options. (5) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement. (6) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement. (7) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement. (1) (2) (3) (4) (5) (6) (7) Page 21
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Second Quarter 2025 Debt Detail (unaudited and dollars in thousands) Stated Interest Rate (%) Principal Balance Maturity Date Amortization 10 Union Square 3.70 % $ 50,000 4/1/2026 Interest only 1542 Third Avenue 4.29 % 30,000 5/1/2027 Interest only 1010 Third Avenue & 77 West 55th St. 4.01 % 33,580 1/5/2028 30 years Metro Center 3.59 % 71,600 11/5/2029 Interest only 250 West 57th Street 2.83 % 180,000 12/1/2030 Interest only 1333 Broadway 4.21 % 160,000 2/5/2033 Interest only 345 East 94th Street - Series A 70% of SOFR plus 0.95% 43,600 11/1/2030 Interest only 345 East 94th Street - Series B SOFR plus 2.24% 6,106 11/1/2030 30 years 561 10th Avenue - Series A 70% of SOFR plus 1.07% 114,500 11/1/2033 Interest only 561 10th Avenue - Series B SOFR plus 2.45% 13,092 11/1/2033 30 years Total fixed rate mortgage debt 702,478 Unsecured term loan facility SOFR plus 1.50% 175,000 12/31/2026 Interest only Unsecured term loan facility SOFR plus 1.50% 95,000 3/8/2029 Interest only Unsecured revolving credit facility SOFR plus 1.30% — 3/8/2029 Interest only Senior unsecured notes: Series B 4.09 % 125,000 3/27/2027 Interest only Series C 4.18 % 125,000 3/27/2030 Interest only Series D 4.08 % 115,000 1/22/2028 Interest only Series E 4.26 % 160,000 3/22/2030 Interest only Series F 4.44 % 175,000 3/22/2033 Interest only Series G 3.61 % 100,000 3/17/2032 Interest only Series H 3.73 % 75,000 3/17/2035 Interest only Series I 7.20 % 155,000 6/17/2029 Interest only Series J 7.32 % 45,000 6/17/2031 Interest only Series K 7.41 % 25,000 6/17/2034 Interest only Total / weighted average debt 4.34 % 2,072,478 Deferred financing costs, net (9,007) Debt discount (5,793) Total $ 2,057,678 Page 22
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Second Quarter 2025 Debt Maturities and Ground Lease Commitments (unaudited and dollars in thousands) Year Maturities Amortization Total Percentage of Total Debt Weighted Average Interest Rate of Maturing Debt 2025 $ — $ 1,868 $ 1,868 0.1 % N/A 2026 225,000 3,957 228,957 11.1 % 4.06 % 2027 155,000 4,276 159,276 7.7 % 4.13 % 2028 146,091 3,555 149,646 7.2 % 4.06 % 2029 321,600 3,890 325,490 15.7 % 5.72 % 2030 508,600 4,511 513,111 24.8 % 3.67 % 2031 45,000 3,283 48,283 2.3 % 7.32 % 2032 100,000 3,591 103,591 5.0 % 3.61 % 2033 439,007 3,249 442,256 21.3 % 4.20 % 2034 25,000 — 25,000 1.2 % 7.41 % 2035 75,000 — 75,000 3.6 % 3.73 % Total debt $ 2,040,298 $ 32,180 2,072,478 100.0 % 4.34 % Deferred financing costs, net (9,007) Debt discount (5,793) Total $ 2,057,678 Ground Lease Commitments Year 1350 Broadway 1400 Broadway 111 West 33rd Street Total 2025 $ 54 $ 338 $ 368 $ 760 2026 93 675 735 1,503 2027 72 675 735 1,482 2028 72 675 735 1,482 2029 72 675 735 1,482 Thereafter 1,482 22,950 34,851 59,283 $ 1,845 $ 25,988 $ 38,159 $ 65,992 Notes: (1) Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage. (2) There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments. (3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years. (4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years. (5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years. (1) (2) (3) (4) (5) Page 23