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President Executive Vice President, Co-Head and Chief Revenue Officer of Real Estate Executive Vice President, Co-Head and Chief Operating Officer of Real Estate Executive Vice President, Chief Financial Officer, Chief Accounting Officer 4 | 38 Chairman & Chief Executive Officer
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5 | 38 Recognized no taxable gain on any sale through 1031 transactions Transitioned to NYC assets with superior growth and better relationship of revenue to capital expense $1.0B acquisitions which improve and Acquired NYC assets projected to generate approximately vs. suburban assets sold Exited growth challenged suburban office markets
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• Constant portfolio reassessment to uncover capital recycle opportunities to and • Assess (>$300M since 2020) Ability to act decisively when investment opportunities arise; 6.3x net leverage at 4Q25 Address maturities and position ESRT for growth; No unaddressed maturities until March 2027 100% owned asset portfolio, limited secured debt and high-quality assets which are unencumbered (e.g. 130 Mercer, North Sixth Street Collection) 7 | 38
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8 | 38 • High-quality mixed-use asset in prime SoHo location • Compelling risk adjusted return: Downside protection from in-place leases, upside from successful leasing • Unlevered mid-5% initial cash yield at 70% occupancy, supported by a new 15-year office lease with Scholastic and fully leased street retail in AAA location anchored by Sephora and Capital One, with ~8 years of remaining term • Value creation upside through lease-up of a three-floor, over 110,000 square foot vacant office block, with large, efficient floor plates • Built on ESRT’s core strength in urban retail and achieved scale in a supply-constrained market • $250M Portfolio (acquisition value) • Unencumbered • Strong leasing since acquisition, one vacancy remains • Four key street corners, premium tenant mix • Significant mark-to-market over time • High-foot traffic, high-population density, strong local demographics • Expanded into Multifamily with 3 high-quality NYC assets • Majority free-market units • Low vacancy and minimal new supply support rental growth
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9 | 38 • Operate more efficiently: Expect to exit 2026 with lower run-rate G&A (down ~5-10% vs. 2025 baseline) • Maximize occupancy and lease economics in Manhattan Office portfolio following a period of significant lease-up (+600 bps since 2021) • Deliver continued resilient bottom-line performance at Observatory and position for growth when international demand recovers
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• 2026 FFO guidance $0.85-$0.89 • SS Property Cash NOI (1.5%) to +2.0% • ~($0.03) FFO and ~(270 bps) SS NOI impact from temporary downtime related to previously disclosed FDIC expiration, which is r e-leased • 2026 year-end occupancy 90-92% vs. 90.3% at 4Q25 • Expect to exit 2026 with lower run-rate G&A (down ~5-10% vs 2025 baseline) • 93.5% leased Manhattan office portfolio (+40 bps sequentially) • +6.4% positive mark-to-market on Manhattan office leases in 4Q (18th consecutive quarter of positive spreads) • 458k sf leased in 4Q and 1M sf in 2025 • 11.6-year average duration for new leases executed in 4Q • Market conditions remain favorable, with low availability of high-quality space and net effective rent growth • 2025 NOI $90.1M, impacted by reduced budget conscious international visitation • 2026 NOI guidance $87-$92M • Disciplined cost management and price execution • Observatory is a strong cash flow contributor with low capital intensity and high operating margins • In 2025, executed $417M of all-cash acquisitions of well-located, high-quality office and retail assets (130 Mercer/Scholastic Building, 86-90 North 6th Street) and completed disposition of final suburban asset (Metro Center) in Stamford, CT • Completed full exit from commercial suburban markets in tax-efficient manner and transitioned to NYC portfolio with superior cash flow growth • Executed share buybacks of $6M in 4Q and $8M in 2025 • In 4Q, executed $420M of financings comprised of $175M issuance of unsecured notes and $245M term loan recast • Net debt to adjusted EBITDA of 6.3x, $0.6B liquidity, no unaddressed debt maturities until March 2027 11 | 38
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• Unique, high-quality NYC portfolio that benefits from live, work, play, visit • Diverse income streams: Office, Observatory, Retail, Multifamily • International capital of the world • NYC is an irreplaceable market that is resilient, vibrant, with favorable supply conditions across multiple sectors • Strong, flexible balance sheet • Top-tier office products at optimal price points in the market's deepest segment • Well-leased portfolio with rent growth • Leadership in sustainability • Service oriented landlord
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• 7.9M SF Manhattan portfolio • Modern, amenitized, energy efficient, healthy buildings • Central locations near mass transit / majority one-seat commute • Top-tier space within rental price point across the deepest segment of the market • Globally recognized, top attraction for visitors to NYC • Iconic, authentic NYC experience • 0.8M SF in Manhattan and North 6th Street • Resilient everyday and destination shopping locations • High-foot traffic locations on or near mass transit • 743 units primarily in Manhattan • Well-located, amenitized • Low availability in top of tier, well-located buildings • No new supply at ESRT rental price point due to high costs of new construction • Upward pressure on net effective rents • Upside from mark-to-market of leases • High operating margin • Strong cash flow contributor • Resilient across economic cycles • High-quality tenant roster • Strong local demographics • Stable cash flows and long-term upside • Low vacancy and minimal new supply supports rental growth • Secular tailwinds from elevated cost of home ownership and housing shortage 57% 22% 5% 16% 14 | 38
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▪ Sd • Globally recognized, top attraction for visitors to NYC • Maximize per capita revenue • Manage expenses • Improve direct marketing to higher paying customers who purchase directly • Strong and flexible balance sheet • Landlord financial stability is key for tenants and brokers • Maintain capital allocation discipline • On offense to pursue investments that create value • Recycle capital to improve portfolio quality • Repurchase shares opportunistically • Recognized sustainability leader • Achieved highest possible GRESB 5 Star Rating for six consecutive years • Partner with tenants and brokers in energy efficiency and sustainability 15 | 38
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• Lowest leverage among NYC peers • Well-laddered debt maturity schedule • Limited secured debt • High-quality unencumbered pool • 100% owned asset portfolio • Operational runway • Recycle capital • External growth • Repurchase shares 3 6.3x 8.6x ESRT Peers 3 16 | 38
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• Stable in-place cash flow with growth • Unlevered mid-5% initial cash yield at 70% leased • In-place tenant highlights: o 15-year office lease with Scholastic (NASDAQ: SCHL) for ~222k sf o ~28k sf of fully leased prime retail with weighted average lease term of ~8 years, anchored by Sephora and Capital One • Upside from lease-up of vacant office space • Supply constrained market with high demand for large block contiguous space • Vacancy at 130 Mercer Street consists of a three-floor block of over 110k sf, a unique availability in a prime submarket, with large floor plates (~37k sf) and 12+ ft ceiling heights • Opportunity for ESRT to apply its operating and repositioning expertise to drive occupancy, rent growth and value-creation • Long-term optionality on capital structure • ~368k sf of office and ~28k sf of prime retail space • One of a kind SoHo office with unique physical characteristics; large block availability in a fully amenitized building • Prime SoHo retail with strong tenant credit profile and unparalleled foot traffic, located between Spring and Prince Streets with entrances on both Mercer Street and Broadway; near mass transit • Amenities: modernized systems, building amenities (290 seat auditorium, fitness center redevelopment) 18 | 38
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20 | 38 • Upside from mark-to-market of leases • Locked in pipeline of signed leases not commenced and free rent burn off
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All properties are near mass transit and majority are one-seat commutes 21 | 38 Proximity creates valuable synergies and shared amenities Transit proximity and amenities drive office space decisions
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Icon Description automatically generated Click the ‘Play Arrow’ for videos • 60 usable terraces • 27 food and beverage options • Fitness/wellness facilities • Town halls/conference centers • Tenant lounges • Multi-sport court (basketball, pickleball) • Golf simulators • Rooftop lounges Virtual Tour ✓ • Proximity to mass transit • Restaurants, leisure, shopping • Broadway Plaza • Madison Square Park • Central Park ✓ 22 | 38 Icon Description automatically generated
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“Since the creation of our company, and we are pleased to . Across the life of our respective businesses, we’ve demonstrated through this office space that we can revive ourselves and still remain young at heart.” — – President & Co-CEO, JCDecaux “There wasn’t anything I can think of that we weren’t able to do that we needed. That’s just an example of and in any way that they can.” — – Chief Executive Officer, Progyny "The reaction of our own employees, candidates, prospects and customers that we bring to the facilities is when you walk through these walls.” — – Sr. Brand Marketing Manager, Talent Attraction, LinkedIn “We grew beyond anybody’s expectations. The only way that could have happened was because we had They worked to create for us a contiguous expansion space.” — – Managing Director and Chief People Officer, iCapital 23 | 38 A picture containing text, sign Description automatically generated Icon Description automatically generated Icon Description automatically generated Icon Description automatically generated Icon Description automatically generated Icon Description automatically generated “From lease signing to move-in, it was an amazing experience. all the different things we needed to do to get our lease completed. They were very hands-on.” — – Chief Operating Officer, Rising Ground
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24 | 38 “ measures and which in addition to our hybrid work environment.” - Elizabeth Heck, Chairman, President, and CEO of GNY Mutual “We were drawn to 1350 Broadway for its access to ESRT’s Broadway Campus’s and , right in the heart of New York City’s dynamic tech scene. We are thrilled to join the ESRT community in which are prioritized.” - Lionel Bensoussan, Executive VP, Americas, Equativ “We are thrilled to continue to expand at the , a reflection of our growth and commitment to New York City. This is a space that to do their best work and allows us to better serve our customers, partners, and prospects.” - Assal Yavari, Vice President of Global Real Estate, Workday “When clients find out we’re in the , the meeting location stops being a question. It’s the type of office where ‘meet me here’ feels like an invitation, not a request. Visitors pull out their phones the moment they step in and say, ‘I need a photo.’ When clients and colleagues come through, we’re because we get to see it through their eyes again.” – Greg Kelly, CEO, STV
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20% 16% 23% 18% 11% 7% 5% 25 | 38
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• • • • • • (2025) • • ($M) 26 | 38
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• • • foot traffic • On or near • Weighted average lease term of ~ T op 10 Retail T enants1 % of Annual Annual Retail FER % of Retail Square Footage 1. 14.7% 2.9% 2. 8.3% 10.9% 3. 7.5% 4.6% 4. 7.3% 7.6% 5. 4.6% 6.3% 6. 3.4% 1.8% 7. 3.1% 2.9% 8. 2.9% 1.2% 9. 2.7% 3.8% 10. 2.6% 2.9% Icon Description automatically generated Click the ‘Play Arrow’ for video starbucks reserve online shop Cheap - OFF 62% starbucks reserve online shop Cheap - OFF 62% 27 | 38
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• • • • • • • • Long-term optionality on capital structure • • • • • Weekend ridership exceeds weekday ridership ESRT Owned
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Population Growth Multifamily Growth Williamsburg has emerged as a breakout retail submarket in NYC; Bedford "L" train station has the in Brooklyn, and weekend traffic exceeds weekday numbers. 35% of residents are 25-35 years old and 61% hold college degrees or higher. High Income Within one mile over the last decade 49% households earn $100K+ annually Increase in housing inventory since 2014 21% households earn $200K+ annually Median home value >$1M Daytime Population
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• Mulberry St. & East Houston St. • Subway lines: B, D, F, M & 6 • 96 Units, 100% free market • Studio, 1BR, 2BR • Retail space leased to CVS • 24-hour doorman, fitness center, resident lounge, roof deck, laundry room, parking • 94th Street and 1st Avenue • 2nd Avenue Subway Q Line • 208 Units, majority free market • Studio, 1BR, 2BR • 24-hour doorman, fitness center, resident lounge, outdoor terrace, parking • Just north of Hudson Yards & Manhattan West, 41st St. and 10th Ave. • 417 Units, majority free market • Studio, 1BR, 2BR • Retail space leased to CVS • 24-hour doorman, fitness center with half-court basketball, pickleball, resident lounge, outdoor terraces, roof deck, parking
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Pure play NYC portfolio aligned with trends across office, retail, multifamily, and the Empire State Building Observatory Flexibility to pursue capital allocation initiatives that align with ESRT’s focus on Well-leased portfolio positioned for rental growth upside in a low supply environment with no new office construction at our price point Extensive experience in NYC real estate and Long-standing focus on and tenant engagement
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✓ ✓ ✓ ✓ ✓ Our Chairman and CEO, Anthony E. Malkin is a recognized leader on sustainability initiatives for our local and national community ▪ Chairman of the Real Estate Roundtable Sustainability Policy Advisory Committee ▪ Was sole commercial owner member of NYC's Dept of Buildings Local Law 97 Implementation Advisory Board and Co-Chair of LL97 Commercial Buildings Working Group Our Director of Energy and Sustainability, SVP Dana Schneider serves on: ▪ Real Estate Round Table Sustainability Policy Advisory Committee ▪ Urban Green Council Board of Directors ▪ Sole commercial owner member of NYC Sustainability Advisory Board ▪ REBNY Sustainability Committee ▪ NYCECC Advisory Committee ▪ The Clean Fight and REBNY PropTech Judge Our President, Christina Chiu served on: • NYC Building Decarbonization and Climate Finance Task Force • Led by NYC Economic Development Corporation (NYC-EDC) and NYU Stern’s Chen Institute • Supported by Mayor’s Office for Climate and Environmental Justice (MOCEJ) and NYSERDA
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Reconciliation of Net Income to Cash NOI and Same Store Cash NOI December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income $ 32,172 $ 13,645 $ 11,385 $ 15,778 $ 18,793 Add: General and administrative expenses 18,474 18,743 18,685 16,940 17,870 Depreciation and amortization 50,566 47,615 47,802 48,779 45,365 Interest expense 25,880 25,189 25,126 26,938 27,380 Interest expense associated with property in receivership — — — 647 1,921 Loss on early extinguishment of debt 97 — — — — Income tax expense (benefit) 1,054 1,645 478 (619) 1,151 Less: Gain on disposition of property (21,848) — — (13,170) (1,237) Third-party management and other fees (240) (404) (408) (431) (258) Interest income (1,949) (1,146) (1,867) (3,786) (5,068) Net operating income 104,206 105,287 101,201 91,076 105,917 Straight-line rent (4,320) (4,688) (3,748) (5,283) (4,045) Above/below-market rent revenue amortization (737) (821) (840) (798) (674) Below-market ground lease amortization 1,958 1,957 1,958 1,958 1,958 Total cash NOI - including Observatory and lease termination fees 101,107 101,735 98,571 86,953 103,156 Less: Observatory NOI (24,445) (26,527) (24,077) (15,043) (28,545) Less: cash NOI from non-Same Store properties (9,502) (8,322) (8,143) (7,929) (8,029) Total Same Store property cash NOI - including lease termination fees 67,160 66,886 66,351 63,981 66,582 Less: Lease termination fees — — (464) — — Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 67,160 $ 66,886 $ 65,887 $ 63,981 $ 66,582 1
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1 1 Three Months Ended Twelve Months to Date December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Rental revenue $ 545,410 $ 138,956 $ 136,371 $ 133,987 $ 136,096 Tenant expense reimbursement 80,803 20,765 22,039 19,553 18,446 Deduct: Straight-line rental revenues (18,039) (4,320) (4,688) (3,748) (5,283) Above/below-market rent revenue amortization (3,196) (737) (821) (840) (798) Total cash revenues $ 604,978 $ 154,664 $ 152,901 $ 148,952 $ 148,461 Three Months Ended Reconciliation of Net Income to EBITDA and Adjusted EBITDA December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income $ 32,172 $ 13,645 $ 11,385 $ 15,778 $ 18,793 Interest expense 25,880 25,189 25,126 26,938 27,380 Interest expense associated with property in receivership — — — 647 1,921 Income tax expense (benefit) 1,054 1,645 478 (619) 1,151 Depreciation and amortization 50,566 47,615 47,802 48,779 45,365 EBITDA 109,672 88,094 84,791 91,523 94,610 Gain on disposition of property (21,848) — — (13,170) (1,237) Adjusted EBITDA $ 87,824 $ 88,094 $ 84,791 $ 78,353 $ 93,373
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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see “Item 1A. Risk Factors” in this report. Any forward-looking statement speaks only as of the date of this report. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.