エンパイアステートリアルティOPの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2024

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

001-36105

37-1645259

(State or other Jurisdiction
of Incorporation)

(Commission

File Number)

(I.R.S. Employer
Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-36106

45-4685158

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

111 West 33rd Street, 12th Floor

New York, New York

10120

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 687-8700

n/a

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share

ESRT

The New York Stock Exchange

Empire State Realty OP, L.P.
Series ES Operating Partnership Units	ESBA	NYSE Arca, Inc.
Series 60 Operating Partnership Units	OGCP	NYSE Arca, Inc.
Series 250 Operating Partnership Units	FISK	NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On April 24, 2024, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first quarter 2024. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 7.01.

Regulation FD Disclosure

First Quarter 2024 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the first quarter 2024 and made available on its website certain supplemental information relating thereto.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release announcing financial results for the first quarter 2024
99.2	Supplemental report
104	Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

Funds From Operations ("FFO")

We compute 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 FFO")

Modified FFO adds back an adjustment for any above or 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 FFO")

Core FFO adds back to Modified FFO the following items: acquisition expenses, loss on early extinguishment of debt, severance expenses and IPO litigation expense. 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 (“Core FAD")

In addition to Core FFO, we present 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 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 andfurniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that management believes 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 (“NOI”) and Property Cash NOI

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 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 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.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, 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 our 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 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.

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EMPIRE STATE REALTY TRUST, INC.
	(Registrant)

Date: April 24, 2024	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EMPIRE STATE REALTY OP, L.P.
	(Registrant)

	By: Empire State Realty Trust, Inc., as general partner

Date: April 24, 2024	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EX-99.1 2 tm2410410d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES FIRST QUARTER 2024 RESULTS

– Net Income Per Fully Diluted Share of $0.03 –

– Core FFO Per Fully Diluted Share of $0.21 –

– Signed 248,000 Rentable Square Feet of Leases –

– Closed New Credit Facility, over $800M of Liquidity, No Floating Rate Debt Exposure –

– Reaffirms 2024 Outlook –

New York, New York, April 24, 2024 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets, and the Observatory deck attraction in ESRT’s flagship Empire State Building – the “World’s Most Famous Building”. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the first quarter 2024. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

Net Income of $0.03 per share.

Core Funds From Operations (“Core FFO”) of $0.21 per share.

Same-Store Property Cash Net Operating Income (“NOI”) increased 12.3% year-over-year, excluding lease termination fees, primarily driven by higher revenues from cash rent commencement, which was partially offset by increases in operating expenses. Adjusted for certain nonrecurring items, first quarter Same-Store NOI increased by approximately 8% year-over-year.

Manhattan office portfolio leased rate increased by 60bps sequentially and 200bps year-over-year to 92.7%. The total commercial portfolio is 91.1% leased as March 31, 2024. This is the 9th consecutive quarter of positive commercial leased rate absorption.

Signed approximately 248,000 rentable square feet of new, renewal, and expansion leases. In our Manhattan office portfolio, blended leasing spreads were +5.4% and this is the 11th consecutive quarter of positive leasing spreads.

Empire State Building Observatory generated $16.2 million of NOI, a 13% increase year-over-year.

In March, closed on a new $715 million credit facility comprised of a revolver and term loan that mature in 2029, inclusive of extensions, which replaces the existing facility that was due to mature in 2025.

In April, entered into a note purchase agreement to issue $225 million of green senior unsecured notes in a private placement transaction.

Achieved the Energy Star Partner of the Year Sustained Excellence award for the second year, the WELL Equity Award and WELL Health-Safety Leadership Award. Published ESRT’s fourth annual Sustainability Report on April 23, 2024 (linked here).

Property Operations

As of March 31, 2024, the Company’s property portfolio contained 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units, which were occupied and leased as shown below.

	March 31, 2024			December 31, 2023			March 31, 2023
Percent occupied:
Total commercial portfolio		87.6	%		86.3	%		86.7	%
Total office		87.4	%		86.0	%		86.7	%
Manhattan office		88.9	%		87.3	%		87.8	%
GNYMA office1		76.8	%		76.6	%		80.6	%
Total retail2		89.8	%		90.4	%		86.7	%

Percent leased (includes signed leases not commenced):
Total commercial portfolio		91.1	%		90.6	%		89.4	%
Total office		91.1	%		90.5	%		89.3	%
Manhattan office		92.7	%		92.1	%		90.7	%
GNYMA office1		79.5	%		79.3	%		81.6	%
Total retail2		91.0	%		92.1	%		90.6	%
Total multifamily portfolio		97.1	%		98.1	%		97.2	%

1 “GNYMA office” for the periods ended March 31, 2024 and December 31, 2023 reflects the removal of 500 Mamaroneck.

2 “Total retail” for the periods ended March 31, 2024 and December 31, 2023 includes the Williamsburg Retail, Brooklyn assets which were acquired in September 2023.

Leasing

The tables that follow summarize leasing activity for the three months ended March 31, 2024. During this period, the Company signed 23 leases that totaled 248,108 square feet. Within the Manhattan office portfolio, the Company signed 20 office leases that totaled 235,664 square feet.

Total Portfolio

Total Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over/ under previously escalated rents
Office		22		245,650	$	59.21	$	56.51		4.8	%
Retail		1		2,458	$	400.00	$	378.97		5.5	%
Total Overall		23		248,108	$	62.59	$	59.71		4.8	%

Manhattan Office Portfolio

Manhattan Office Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
New Office		12		201,580	$	59.70	$	55.66		7.3	%
Renewal Office		8		34,084	$	57.92	$	60.62		-4.4	%
Total Office		20		235,664	$	59.44	$	56.38		5.4	%

Leasing Activity Highlights

16-year 67,865 square foot expansion lease with Burlington Merchandising Corporation at 1400 Broadway.

11-year 57,203 square foot new lease with Sol de Janeiro USA, Inc. at One Grand Central Place.

Observatory Results

In the first quarter, Observatory revenue was $24.6 million and expenses were $8.4 million. Observatory NOI was $16.2 million, a 13% increase year-over-year.

Balance Sheet

The Company had $834 million of total liquidity as of March 31, 2024, which was comprised of $334 million of cash, plus $500 million available under its revolving credit facility. At March 31, 2024, the Company had total debt outstanding of approximately $2.2 billion, no floating rate debt exposure, and a weighted average interest rate of 3.97% per annum. The weighted average term to maturity was 5.4 years. At March 31, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.3x.

In March, the Company closed on a new $715 million credit facility, which consists of a $620 million revolving credit facility and a $95 million term loan facility. The new credit facility matures in March 2029, inclusive of extensions, and replaces the existing credit facility that was due to mature in March 2025. The facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

In April, the Company entered into a note purchase agreement to issue $225 million of green senior unsecured notes in a private placement transaction with three tranches including $155 million that matures in 2029, $45 million that matures in 2031, and $25 million that matures in 2034, at a weighted average rate of 7.25%. The private placement is scheduled to fund on June 17, 2024.

Portfolio Transaction Activity

In March, the Company executed a buyout of its partner’s 10% interest in two multifamily assets located at 561 10th Avenue and 345 East 94th Street for approximately $14 million in cash and the assumption of $18 million of the in-place debt. ESRT now owns 100% of all assets in the Company’s portfolio with no JV ownership structures.

In April, the Company worked with the First Stamford Place mortgage lender to structure a cooperative consensual foreclosure, which is anticipated to be completed by the end of the second quarter. Upon completion, this transaction is expected to eliminate a $176 million liability that matures in July 2027 from the balance sheet.

Share Repurchase

The stock repurchase program began in March 2020 and through April 23, 2024, approximately $293.7 million has been repurchased at a weighted average price of $8.18 per share. There were no share repurchases during the first quarter.

Dividend

On March 28, 2024, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first quarter of 2024 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 March 28, 2024, the Company paid a quarterly preferred dividend of $0.15 per unit for the first quarter of 2024 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the first quarter of 2024 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

2024 Earnings Outlook

The Company reaffirms 2024 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	2024 Guidance	2023 Actual Results	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.90 to $0.94	$0.93  ($0.90 ex non-recurring items)	· 2023 FFO included approximately $0.03 of non-recurring items · 2024 includes $0.04 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end	87% to 89%	86.3%
SS Property Cash NOI (excluding lease termination fees)	-1% to +2%	+2.2%	· Assumes positive revenue growth · Assumes a ~6-8% y/y increase in operating expenses and real estate taxes, partially offset by higher tenant expense reimbursements
Observatory Drivers
Observatory NOI	$94M to $102M	$94.1M	· Reflects average quarterly expenses of ~$9M

	Low		High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$	0.24	$	0.28
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		0.00		0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.87	$	0.91
Add:
Amortization of Below Market Ground Lease		0.03		0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.90	$	0.94

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.

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, April 25, 2024 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 and 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 May 2, 2024, 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 13741461.

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 modernized, amenitized, and well-located office, retail, and multifamily assets and the Observatory deck attraction in ESRT’s flagship Empire State Building – the “World’s Most Famous Building”. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2024, ESRT's portfolio is comprised of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 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.

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, climate-related risks such as natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) a failure of conditions or performance regarding any event or transaction described herein; (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (v) changes in our business strategy; (vi) 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; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (ix) declining real estate valuations and impairment charges; (x) termination of our ground leases; (xi) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xii) decreased rental rates or increased vacancy rates; (xiii) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xiv) difficulties in identifying and completing acquisitions; (xv) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvi) our failure to qualify as a REIT; (xvii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; and (xviii) 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, 2023 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

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

	Three Months Ended March 31,
	2024			2023
Revenues
Rental revenue	$	153,882		$	140,091
Observatory revenue		24,596			22,154
Lease termination fees		-			-
Third-party management and other fees		265			427
Other revenue and fees		2,436			1,950
Total revenues		181,179			164,622
Operating expenses
Property operating expenses		45,060			42,044
Ground rent expenses		2,331			2,331
General and administrative expenses		15,972			15,708
Observatory expenses		8,431			7,855
Real estate taxes		32,241			31,788
Depreciation and amortization		46,081			47,408
Total operating expenses		150,116			147,134
Total operating income		31,063			17,488
Other income (expense):
Interest income		4,178			2,595
Interest expense		(25,128	)		(25,304	)
Loss on early extinguishment of debt		(553	)		-
Gain (loss) on sale of properties		-			15,696
Income before income taxes		9,560			10,475
Income tax benefit (expense)		655			1,219
Net income		10,215			11,694
Net (income) loss attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(3,500	)		(4,168	)
Non-controlling interests in other partnerships		(4	)		43
Preferred unit distributions		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	5,661		$	6,519
Total weighted average shares
Basic		163,491			161,339
Diluted		267,494			265,197
Earnings per share attributable to common stockholders
Basic	$	0.03		$	0.04
Diluted	$	0.03		$	0.04

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 March 31,
	2024			2023
Net income	$	10,215		$	11,694
Non-controlling interests in other partnerships		(4	)		43
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		44,857			46,024
(Gain) loss on sale of properties		-			(15,696	)
FFO attributable to common stockholders and Operating Partnership units		54,018			41,015

Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and Operating Partnership units		55,976			42,973

Loss on early extinguishment of debt		553			-
Core FFO attributable to common stockholders and Operating Partnership units	$	56,529		$	42,973

Total weighted average shares and Operating Partnership units
Basic		264,562			264,493
Diluted		267,494			265,197

FFO per share
Basic	$	0.20		$	0.16
Diluted	$	0.20		$	0.15

Modified FFO per share
Basic	$	0.21		$	0.16
Diluted	$	0.21		$	0.16

Core FFO per share
Basic	$	0.21		$	0.16
Diluted	$	0.21		$	0.16

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	March 31,  2024			December 31, 2023
Assets
Commercial real estate properties, at cost	$	3,702,317		$	3,655,192
Less: accumulated depreciation		(1,288,519	)		(1,250,062	)
Commercial real estate properties, net		2,413,798			2,405,130

Cash and cash equivalents		333,573			346,620
Restricted cash		51,738			60,336
Tenant and other receivables		40,137			39,836
Deferred rent receivables		257,266			255,628
Prepaid expenses and other assets		74,472			98,167
Deferred costs, net		180,462			172,547
Acquired below market ground leases, net		319,284			321,241
Right of use assets		28,378			28,439
Goodwill		491,479			491,479
Total assets	$	4,190,587		$	4,219,333

Liabilities and equity
Mortgage notes payable, net	$	876,497		$	877,388
Senior unsecured notes, net		973,926			973,872
Unsecured term loan facility, net		268,503			389,286
Unsecured revolving credit facility		120,000			-
Accounts payable and accrued expenses		91,005			99,756
Acquired below market leases, net		12,798			13,750
Ground lease liabilities		28,378			28,439
Deferred revenue and other liabilities		69,289			70,298
Tenants’ security deposits		25,457			35,499
Total liabilities		2,465,853			2,488,288
Total equity		1,724,734			1,731,045
Total liabilities and equity	$	4,190,587		$	4,219,333

EX-99.2 3 tm2410410d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

First Quarter 2024

Table of Contents			Page
Summary
Supplemental Definitions			2
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
Highlights			8
Selected Property Data
Property Summary Net Operating Income			9
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI			10
Leasing Activity			11
Commercial Property Detail			13
Portfolio Expirations and Vacates Summary			14
Tenant Lease Expirations			15
Largest Tenants and Portfolio Tenant Diversification by Industry			17
Capital Expenditures and Redevelopment Program			18
Observatory Summary			19
Financial information
FFO, Modified FFO, Core FFO, FAD and EBITDA			20
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.

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 presentation, 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 1

First Quarter 2024

Supplemental Definitions

Funds From Operations ("FFO")

Modified Funds From Operations ("Modified FFO")

Core Funds From Operations ("Core FFO")

Core FFO adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses and IPO litigation expense. 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 ("Core FAD")

In addition to Core FFO, we present 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 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.

Page 2

First Quarter 2024
Supplemental Definitions

Net Operating Income ("NOI") and Property Cash NOI

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.

Page 3

First Quarter 2024
Supplemental Definitions

Same Store

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

First Quarter 2024

COMPANY PROFILE

BOARD OF DIRECTORS

Anthony E. Malkin		Chairman and Chief Executive Officer
Thomas J. DeRosa		Director, Chair of the Compensation and Human Capital Committee
Steven J. Gilbert		Director, Lead Independent Director
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
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	Camille Bonnel	(416) 369-2140	camille.bonnel@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	Michael Griffin	(212) 816-5871	michael.a.griffin@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	Andrew Rosivach	(646) 582-9251	arosivach@wolferesearch.com

Page 5

First Quarter 2024
Condensed Consolidated Balance Sheets
(unaudited and dollars in thousands)

	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023				March 31, 2023
Assets
Commercial real estate properties, at cost:
Land	$	366,357		$	366,357		$	366,364		$	361,497		$	361,497
Development costs		8,187			8,178			8,178			8,204			8,178
Building and improvements		3,327,773			3,280,657			3,245,555			3,196,181			3,183,615
		3,702,317			3,655,192			3,620,097			3,565,882			3,553,290
Less: accumulated depreciation		(1,288,519	)		(1,250,062	)		(1,217,967	)		(1,180,558	)		(1,162,923)
Commercial real estate properties, net		2,413,798			2,405,130			2,402,130			2,385,324			2,390,367
Assets held for sale		-			-			-			-			35,980
Cash and cash equivalents		333,573			346,620			353,999			315,357			272,648
Restricted cash		51,738			60,336			66,954			80,451			108,183
Tenant and other receivables		40,137			39,836			37,651			32,901			23,879
Deferred rent receivables		257,266			255,628			254,233			249,881			238,842
Prepaid expenses and other assets		74,472			98,167			82,918			98,986			57,891
Deferred costs, net		180,462			172,457			175,488			176,678			182,367
Acquired below-market ground leases, net		319,284			321,241			323,199			325,157			327,115
Right of use assets		28,378			28,439			28,496			28,554			28,612
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,190,587		$	4,219,333		$	4,216,547		$	4,184,768		$	4,157,363

Liabilities and Equity
Mortgage notes payable, net	$	876,497		$	877,388		$	878,757		$	880,592		$	882,142
Senior unsecured notes, net		973,926			973,872			973,819			973,768			973,714
Unsecured term loan facility, net		268,503			389,286			389,158			389,028			388,901
Unsecured revolving credit facility		120,000			-			-			-			-
Accounts payable and accrued expenses		91,005			99,756			83,299			71,709			71,605
Acquired below-market leases, net		12,798			13,750			14,703			15,280			16,581
Ground lease liabilities		28,378			28,439			28,496			28,554			28,612
Deferred revenue and other liabilities		69,289			70,298			75,688			73,972			76,769
Tenants' security deposits		25,457			35,499			39,307			40,253			35,111
Liabilities related to assets held for sale		-			-			-			-			6,862
Total liabilities		2,465,853			2,488,288			2,483,227			2,473,156			2,480,297
Total equity		1,724,734			1,731,045			1,733,320			1,711,612			1,677,066
Total liabilities and equity	$	4,190,587		$	4,219,333		$	4,216,547		$	4,184,768		$	4,157,363

Page 6

First Quarter 2024
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Revenues
Rental revenue (1)	$	153,882		$	151,167		$	151,458		$	154,603		$	140,091
Observatory revenue		24,596			36,217			37,562			33,433			22,154
Third-party management and other fees		265			275			268			381			427
Other revenue and fees		2,436			5,223			2,238			2,125			1,950
Total revenues		181,179			192,882			191,526			190,542			164,622

Operating expenses
Property operating expenses		45,060			42,944			42,817			39,519			42,044
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		15,972			16,144			16,012			16,075			15,708
Observatory expenses		8,431			9,282			9,471			8,657			7,855
Real estate taxes		32,241			31,809			32,014			31,490			31,788
Depreciation and amortization		46,081			49,599			46,624			46,280			47,408
Total operating expenses		150,116			152,110			149,269			144,353			147,134
Total operating income		31,063			40,772			42,257			46,189			17,488

Other income (expense)
Interest income		4,178			4,740			4,462			3,339			2,595
Interest expense		(25,128	)		(25,393	)		(25,382	)		(25,405	)		(25,304	)
Loss on early extinguishment of debt		(553	)		-			-			-			-
Gain (loss) on disposition of property		-			(2,497	)		-			13,565			15,696
Income before income taxes		9,560			17,622			21,337			37,688			10,475
Income tax (expense) benefit		655			(1,792	)		(1,409	)		(733	)		1,219
Net income		10,215			15,830			19,928			36,955			11,694
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(3,500	)		(5,670	)		(7,207	)		(14,049	)		(4,168	)
Non-controlling interests in other partnerships		(4	)		1			(111	)		(1	)		43
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Net income attributable to common stockholders	$	5,661		$	9,111		$	11,560		$	21,854		$	6,519
Weighted average common shares outstanding
Basic		163,491			161,974			161,851			160,028			161,339
Diluted		267,494			267,003			266,073			264,196			265,197

Earnings per share attributable to common stockholders

Basic and diluted	$	0.03		$	0.06		$	0.07		$	0.14		$	0.04

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	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Base rent	$	136,557	$	134,467	$	133,228	$	138,808	$	124,782
Billed tenant expense reimbursement		17,325		16,700		18,230		15,795		15,309
Total rental revenue	$	153,882	$	151,167	$	151,458	$	154,603	$	140,091

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.

Page 7

First Quarter 2024
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)

	Three Months Ended
Office and Retail Metrics:	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total rentable square footage		9,332,569			9,359,219			9,361,656			9,356,165			9,637,356
Percent occupied (1)		87.6	%		86.3	%		87.0	%		86.8	%		86.7	%
Percent leased (2)		91.1	%		90.6	%		90.5	%		90.3	%		89.4	%

Same Store Property Cash Net Operating Income (NOI):
Manhattan office portfolio	$	63,911		$	66,897		$	61,985		$	62,800		$	58,227
Greater New York office portfolio		1,383			1,711			1,981			2,167			783
Retail portfolio		1,542			1,791			1,752			1,609			512
Total Same Store Property Cash NOI	$	66,836		$	70,399		$	65,718		$	66,576		$	59,522

Multifamily Metrics:
Multifamily Cash NOI (3)	$	4,217		$	4,032		$	4,837		$	3,756		$	3,499
Total number of units		727			727			727			721			721
Percent occupied		97.1	%		98.1	%		97.1	%		97.4	%		97.2	%

Observatory Metrics:
Observatory NOI	$	16,165		$	26,935		$	28,091		$	24,776		$	14,299
Number of visitors (4)		485,000			711,000			743,000			666,000			443,000
Change in visitors year-over-year		9.5	%		7.7	%		8.2	%		16.2	%		64.7	%

Ratios at ESRT pro-rata share: (3)
Debt to Total Market Capitalization (5)		44.1	%		45.2	%		49.7	%		51.4	%		54.8	%
Net Debt to Total Market Capitalization (5)		40.2	%		41.1	%		45.4	%		47.6	%		51.6	%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)		45.8	%		47.0	%		51.7	%		53.5	%		56.9	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)		42.0	%		43.0	%		47.6	%		49.8	%		53.9	%
Debt to Adjusted EBITDA (6)		6.2	x		6.4	x		6.6	x		6.7	x		6.6	x
Net Debt to Adjusted EBITDA (6)		5.3	x		5.4	x		5.5	x		5.8	x		5.7	x
Core FFO Payout Ratio (7)		17	%		14	%		14	%		14	%		20	%
Core FAD Payout Ratio (8)		109	%		35	%		23	%		29	%		83	%
Core FFO per share - diluted	$	0.21		$	0.25		$	0.25		$	0.26		$	0.16
Diluted weighted average shares		267,494			267,003			266,073			264,196			265,197

Class A common stock price at quarter end	$	10.13		$	9.69		$	8.04		$	7.49		$	6.49
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 (9)		1.4	%		1.4	%		1.7	%		1.9	%		2.2	%
Series 2013 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		163,816			162,062			161,346			159,843			160,340
Class B common stock (10)		982			984			987			988			989
Operating partnership units		109,218			107,900			108,618			110,087			110,618
Total common stock and operating partnership units outstanding (11)		274,016			270,946			270,951			270,918			271,947

Notes:

(1)	Based on leases signed and commenced as of end of period.
(2)	Represents occupancy and includes signed leases not commenced.
(3)	On March 28, 2024, ESRT acquired the non-controlling interest in its other partnerships. The Multifamily Cash NOI presented here reflects ESRT's pro-rata 90% for the periods prior to this acquisition. Historical ratios remain unchanged and March 31, 2024 debt ratios reflect ESRT's 100% share of debt and Adjusted EBITDA.

(4)	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.
(5)	Market capitalization represents the sum of (i) Company's common stock per share price as of March 31, 2024 multiplied by the total outstanding number of shares of
	common stock and operating partnership units as of March 31, 2024; (ii) the number of Series 2014 perpetual preferred units at March 31, 2024 multiplied by
	$16.62, (iii) the number of Series 2019 perpetual preferred units at March 31, 2024 multiplied by $13.52, and (iv) our outstanding indebtedness as of March 31, 2024
(6)	Calculated based on trailing 12 months Adjusted EBITDA.
(7)	Represents the amount of Core FFO paid out in distributions.
(8)	Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD Payout Ratio. We made this modification above to the calculation of Core FAD Payout Ratio for the other periods presented; in our previous supplemental reports prior to this change, the Core FAD Payout Ratios were 27%, 33%, and 97% for the three months ended September 30, 2023, June 30, 2023, and March 31, 2023, respectively.


(9)	Based on the closing price per share of Class A common stock on March 31, 2024.
(10)	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 continnues to hold 49 OP units for every Class B share.
(11)	Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 8

First Quarter 2024
Property Summary - Same Store (1) Net Operating Income ("NOI") by Quarter
(unaudited and dollars in thousands)

	Three Months Ended
Same Store Portfolio	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Revenues	$	140,147		$	139,865		$	137,854		$	141,077		$	124,806
Operating expenses		(71,486	)		(68,923	)		(69,574	)		(64,846	)		(66,831	)
Same store property NOI		68,661			70,942			68,280			76,231			57,975
Straight-line rent		(3,218	)		(1,967	)		(3,924	)		(10,944	)		283
Above/below-market rent revenue amortization		(565	)		(534	)		(595	)		(669	)		(694	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	66,836		$	70,399		$	65,718		$	66,576		$	59,522

Percent change over prior year		12.3	%		11.3	%		8.8	%		1.1	%		(11.4	)%

Property cash NOI	$	66,836		$	70,399		$	65,718		$	66,576		$	59,522
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	66,836		$	70,399		$	65,718		$	66,576		$	59,522

Same Store Manhattan Office(2)
Revenues	$	133,919		$	133,207		$	130,888		$	133,986		$	119,435
Operating expenses		(68,173	)		(65,750	)		(66,294	)		(61,601	)		(63,708	)
Same store property NOI		65,746			67,457			64,594			72,385			55,727
Straight-line rent		(3,228	)		(1,984	)		(3,971	)		(10,874	)		1,236
Above/below-market rent revenue amortization		(565	)		(534	)		(595	)		(669	)		(694	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		63,911			66,897			61,985			62,800			58,227
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	63,911		$	66,897		$	61,985		$	62,800		$	58,227

Same Store Greater New York Metropolitan Area Office
Revenues	$	2,844		$	3,072		$	3,425		$	3,596		$	3,320
Operating expenses		(1,594	)		(1,504	)		(1,627	)		(1,577	)		(1,618	)
Same store property NOI		1,250			1,568			1,798			2,019			1,702
Straight-line rent		133			143			183			148			(919	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,383			1,711			1,981			2,167			783
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,383		$	1,711		$	1,981		$	2,167		$	783

Same Store Retail
Revenues	$	3,384		$	3,586		$	3,541		$	3,495		$	2,051
Operating expenses		(1,719	)		(1,669	)		(1,653	)		(1,668	)		(1,505	)
Same store property NOI		1,665			1,917			1,888			1,827			546
Straight-line rent		(123	)		(126	)		(136	)		(218	)		(34	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,542			1,791			1,752			1,609			512
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,542		$	1,791		$	1,752		$	1,609		$	512

Notes:

(1)	Excludes 69-97 and 103-107 Main Street, Westport, CT and 500 Mamaroneck Ave, Harrison, NY, which were sold in February 2023, and April 2023, respectively, Williamsburg retail in New York City, NY which was acquired in September 2023, First Stamford Place, Stamford, CT which we expect to dispose of in the subsequent quarter, and multifamily properties.
(2)	Includes 488,569 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 9

First Quarter 2024
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI
(unaudited and dollars in thousands)

	Three Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net income	$	10,215		$	15,830		$	19,928		$	36,955		$	11,694
Add:
General and administrative expenses		15,972			16,144			16,012			16,075			15,708
Depreciation and amortization		46,081			49,599			46,624			46,280			47,408
Interest expense		25,128			25,393			25,382			25,405			25,304
Loss on early extinguishment of debt		553			-			-			-			-
Income tax expense (benefit)		(655	)		1,792			1,409			733			(1,219	)
Less:
(Gain) loss on disposition of property		-			2,497			-			(13,565	)		(15,696	)
Third-party management and other fees		(265	)		(275	)		(268	)		(381	)		(427	)
Interest income		(4,178	)		(4,740	)		(4,462	)		(3,339	)		(2,595	)
Net operating income		92,851			106,240			104,625			108,163			80,177

Straight-line rent		(3,061	)		(2,133	)		(5,015	)		(11,859	)		(556	)
Above/below-market rent revenue amortization		(514	)		(483	)		(554	)		(675	)		(703	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI - including Observatory and lease termination fees		91,234			105,582			101,013			97,587			80,876
Less: Observatory NOI		(16,165	)		(26,935	)		(28,091	)		(24,776	)		(14,299	)
Less: cash NOI from non-Same Store properties		(8,233	)		(8,248	)		(7,204	)		(6,235	)		(7,055	)
Total Same Store property cash NOI - including lease termination fees		66,836			70,399			65,718			66,576			59,522
Less: Lease termination fees		-			-			-			-			-
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	66,836		$	70,399		$	65,718		$	66,576		$	59,522

Multifamily NOI(1)
Revenues	$	8,472		$	8,345		$	8,581		$	8,119		$	7,624
Operating expenses		(4,209	)		(4,268	)		(3,683	)		(4,254	)		(4,013	)
NOI		4,263			4,077			4,898			3,865			3,611
Straight-line rent		(102	)		(102	)		(103	)		(101	)		(102	)
Above/below-market rent revenue amortization		56			57			42			(8	)		(10	)
Cash NOI	$	4,217		$	4,032		$	4,837		$	3,756		$	3,499

Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced (2)

	Square		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2024		2025		2026		2027		2028
Second quarter 2024		217,711	$	16,012	$	10,430	$	16,012	$	15,990	$	15,979	$	15,979
Third quarter 2024		63,376		4,226		1,539		4,226		4,226		4,172		4,095
Fourth quarter 2024		110,234		5,153		806		5,153		5,153		5,153		5,092
First quarter 2025		16,519		744		-		700		744		744		744
Second quarter 2025		76,127		10,127		-		6,767		10,127		10,127		10,127
Third quarter 2025		47,354		3,089		-		1,435		3,089		3,089		3,089
Fourth quarter 2025		30,759		1,955		-		135		1,955		1,955		1,955
First quarter 2026		57,203		3,547		-		-		3,187		3,547		3,547
Second quarter 2026		67,865		4,275		-		-		2,495		4,275		4,275
First quarter 2027		52,116		3,231		-		-		-		3,152		3,231
First quarter 2028		25,132		1,785		-		-		-		-		1,740
		764,396	$	54,144	$	12,775	$	34,428	$	46,966	$	52,193	$	53,875

	Incremental Annual		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
1Q 2024	Cash Rent (3)		Cash Rent		2024		2025		2026		2027		2028
Commenced leases in free rent period	$	25,920	$	26,597	$	11,754	$	24,731	$	26,575	$	26,511	$	26,372
Signed leases not commenced		20,867		27,547		1,021		9,697		20,391		25,682		27,503
	$	46,787	$	54,144	$	12,775	$	34,428	$	46,966	$	52,193	$	53,875

Notes:

(1)	Calculated to include ESRT's pro-rata 90% share at its joint venture properties. On March 28, 2024, we acquired the non-controlling interest.
(2)	Excludes signed leases not commenced at our First Stamford Place property, which we expect to dispose of by June 30, 2024.
(3)	Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

Page 10

First Quarter 2024
Property Summary - Leasing Activity by Quarter
(unaudited)

	Three Months Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total Office and Retail Portfolio
Total leases executed		23			19			21			31			19
Weighted average lease term		9.9 years			11.1 years			8.6 years			7.9 years			9.1 years
Average free rent period		10.2 months			13.5 months			10.5 months			7.2 months			8.6 months

Office
Total square footage executed		245,650			156,444			245,292			326,150			201,145
Average starting cash rent psf - leases executed	$	59.21		$	63.40		$	66.71		$	64.27		$	57.11
Previously escalated cash rents psf	$	56.51		$	59.93		$	60.28		$	56.20		$	54.89
Percentage of new cash rent over previously escalated rents		4.8	%		5.8	%		10.7	%		14.4	%		4.1	%

Retail
Total square footage executed		2,458			7,452			3,187			10,164			912
Average starting cash rent psf - leases executed	$	400.00		$	189.20		$	169.44		$	122.70		$	39.47
Previously escalated cash rents psf	$	378.97		$	288.16		$	169.31		$	178.14		$	65.79
Percentage of new cash rent over previously escalated rents		5.5	%		(34.3	)%		0.1	%		(31.1	)%		(40.0	)%

Total Office and Retail Portfolio
Total square footage executed		248,108			163,896			248,479			336,314			202,057
Average starting cash rent psf - leases executed	$	62.59		$	69.98		$	68.03		$	66.10		$	57.03
Previously escalated cash rents psf	$	59.71		$	71.87		$	61.68		$	60.03		$	54.94
Percentage of new cash rent over previously escalated rents		4.8	%		(2.6	)%		10.3	%		10.1	%		3.8	%

Leasing commission costs per square foot	$	24.65		$	28.52		$	19.53		$	17.34		$	20.90
Tenant improvement costs per square foot		87.60			96.54			91.09			64.40			83.02
Total LC and TI per square foot (1)	$	112.25		$	125.06		$	110.62		$	81.74		$	103.92

Occupancy		87.6	%		86.3	%		87.0	%		86.8	%		86.7	%

Manhattan Office Portfolio
Total leases executed		20			14			18			25			15

Office - New Leases
Total square footage executed		201,580			96,341			78,305			156,949			168,335
Average starting cash rent psf - leases executed	$	59.70		$	62.26		$	65.59		$	66.35		$	57.42
Previously escalated cash rents psf	$	55.66		$	59.54		$	59.89		$	48.93		$	54.71
Percentage of new cash rent over previously escalated rents		7.3	%		4.6	%		9.5	%		35.6	%		4.9	%

Office - Renewal Leases
Total square footage executed		34,084			38,676			157,133			151,361			14,929
Average starting cash rent psf - leases executed	$	57.92		$	66.23		$	68.79		$	62.55		$	62.44
Previously escalated cash rents psf	$	60.62		$	60.91		$	61.68		$	63.79		$	63.90
Percentage of new cash rent over previously escalated rents		(4.4	)%		8.7	%		11.5	%		(1.9	)%		(2.3	)%

Total Manhattan Office Portfolio
Total square footage executed		235,664			135,017			235,438			308,310			183,264
Average starting cash rent psf - leases executed	$	59.44		$	63.40		$	67.73		$	64.48		$	57.83
Previously escalated cash rents psf	$	56.38		$	59.93		$	61.08		$	56.23		$	55.46
Percentage of new cash rent over previously escalated rents		5.4	%		5.8	%		10.9	%		14.7	%		4.3	%

Leasing commission costs per square foot	$	23.12		$	28.27		$	18.54		$	17.02		$	21.88
Tenant improvement costs per square foot		86.26			103.30			93.00			64.58			81.92
Total LC and TI per square foot (1)	$	109.38		$	131.57		$	111.54		$	81.60		$	103.80

Occupancy		88.9	%		87.3	%		87.8	%		87.6	%		87.8	%

Page 11

First Quarter 2024
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)

	Three Months Ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Greater New York Metropolitan Area Office Portfolio
Total leases executed		2			2			2			3			3

Total square footage executed		9,986			21,427			9,854			17,840			17,881
Average starting cash rent psf - leases executed		53.75			N/A(2)		$	42.53		$	50.55		$	43.98
Previously escalated cash rents psf		59.64			N/A(2)		$	41.00		$	54.38		$	44.33
Percentage of new cash rent over previously escalated rents		(9.9	)%		N/A(2)			3.7	%		(7.1	)%		(0.8)	%

Leasing commission costs per square foot	$	19.29		$	16.38		$	9.35		$	16.48		$	11.86
Tenant improvement costs per square foot		128.47			80.55			34.49			81.70			98.47
Total LC and TI per square foot (1)	$	147.76		$	96.93		$	43.84		$	98.18		$	110.33

Occupancy		76.8	%		76.6	%		79.3	%		79.2	%		80.6	%

Retail Portfolio
Total leases executed		1			3			1			3			1

Total square footage executed		2,458			7,452			3,187			10,164			912
Average starting cash rent psf - leases executed	$	400.00		$	189.20		$	169.44		$	122.70		$	39.47
Previously escalated cash rents psf	$	378.97		$	288.16		$	169.31		$	178.14		$	65.79
Percentage of new cash rent over previously escalated rents		5.5	%		(34.3	)%		0.1	%		(31.1)	%		(40.0	)%

Leasing commission costs per square foot	$	193.06		$	67.66		$	123.73		$	28.28		$	-
Tenant improvement costs per square foot		50.00			20.18			125.00			28.40			-
Total LC and TI per square foot (1)	$	243.06		$	87.84		$	248.73		$	56.68		$	-

Occupancy		89.8	%		90.4	%		90.4	%		90.7	%		86.7	%

Multifamily Portfolio
Percent occupied		97.1	%		98.1	%		97.1	%		97.4	%		97.2	%
Total number of units		727			727			727			721			721

Notes:

(1)	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 were actually paid.
(2)	Leases on spaces that have been vacant for more than two years are not included in the calculation of leasing spreads. The average starting cash rent psf for these two leases was $42.06.

Page 12

First Quarter 2024
Commercial Property Detail
(unaudited)

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Percent Leased (3)			Annualized Rent (4)		Annualized Rent per Occupied Square Foot (5)		Number of Leases (6)
Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South		2,714,122		87.0	%		93.0	%	$	154,973,707	$	65.60		143
One Grand Central Place	Grand Central		1,241,600		85.9	%		91.2	%		65,529,936		61.44		146
1400 Broadway (7)	Penn Station -Times Sq. South		917,281		100.0	%		100.0	%		51,918,843		56.60		20
111 West 33rd Street (8)	Penn Station -Times Sq. South		639,595		96.4	%		99.1	%		42,025,079		68.17		21
250 West 57th Street	Columbus Circle - West Side		472,707		83.2	%		85.0	%		25,092,463		63.76		29
501 Seventh Avenue	Penn Station -Times Sq. South		459,820		89.3	%		89.3	%		20,587,208		50.12		18
1359 Broadway	Penn Station -Times Sq. South		456,040		89.6	%		90.1	%		23,811,240		58.28		31
1350 Broadway (9)	Penn Station -Times Sq. South		372,581		81.7	%		82.6	%		17,941,105		58.95		49
1333 Broadway	Penn Station -Times Sq. South		296,349		84.4	%		94.4	%		14,193,310		56.71		12
Office - Manhattan			7,570,095		88.9	%		92.7	%		416,072,891		61.82		469

Office - Greater New York Metropolitan Area
First Stamford Place (10)	Stamford, CT		781,731		79.0	%		81.8	%		26,943,320		43.61		48
Metro Center	Stamford, CT		281,985		70.7	%		73.3	%		10,968,504		54.98		20
Office - Greater New York Metropolitan Area			1,063,716		76.8	%		79.5	%		37,911,824		46.38		68

Total/Weighted Average Office Properties			8,633,811		87.4	%		91.1	%		453,984,715		60.15		537

Retail Properties
112 West 34th Street (8)	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		24,909,721		267.68		4
The Empire State Building	Penn Station -Times Sq. South		88,073		77.3	%		77.3	%		7,754,240		113.85		11
One Grand Central Place	Grand Central		68,321		78.9	%		78.9	%		6,932,468		128.64		11
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,127,019		151.15		4
250 West 57th Street	Columbus Circle - West Side		65,526		91.4	%		91.4	%		8,769,879		146.36		7
10 Union Square	Union Square		58,006		91.9	%		91.9	%		8,199,622		153.84		10
1542 Third Avenue	Upper East Side		56,135		100.0	%		100.0	%		2,551,471		45.45		4
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,445,744		90.12		2
501 Seventh Avenue	Penn Station -Times Sq. South		29,669		61.4	%		72.0	%		1,317,478		72.33		5
1350 Broadway (9)	Penn Station -Times Sq. South		30,710		77.8	%		77.8	%		5,962,833		249.70		5
1359 Broadway	Penn Station -Times Sq. South		29,247		83.0	%		100.0	%		1,668,047		68.70		5
561 10th Avenue	Hudson Yards		11,822		100.0	%		100.0	%		1,593,153		134.76		2
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		2,054,538		80.93		3
1400 Broadway (7)	Penn Station -Times Sq. South		16,965		82.4	%		82.4	%		1,541,363		110.25		6
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,807,793		174.41		1
Williamsburg Retail	Brooklyn		6,538		100.0	%		100.0	%		1,182,658		180.89		3
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		270,872		73.21		1
Total/Weighted Average Retail Properties			698,758		89.8	%		91.0	%		90,088,899		143.50		84

Portfolio Total			9,332,569		87.6	%		91.1	%	$	544,073,614	$	66.55		621

	Notes:
(1)	Excludes (i) 198,207 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 March 31, 2024.
(3)	Includes occupied space plus leases signed but not commenced as of March 31, 2024.
(4)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5)	Represents annualized rent under leases commenced as of March 31, 2024 divided by occupied square feet.
(6)	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.
(7)	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).
(8)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately
	53 years (expiring June 10, 2077).
(9)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately
	26 years (expiring July 31, 2050).
(10)	First Stamford Place consists of three buildings. In April 2024, we reached an agreement with the mortgage lender to transfer the property to satisfy
	the outstanding loan associated with the property.

Page 13

First Quarter 2024
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)

	Actual		Forecast (1)								Forecast (1)
	Three Months Ended
Total Office and Retail Portfolio (2)	March 31, 2024		June 30, 2024			September 30, 2024			December 31, 2024		Apr. to Dec. 2024			Full Year 2025
Total expirations		119,175		236,649			125,194			177,773		539,616			603,574
Less: broadcasting		-		(906	)		(511	)		-		(1,417	)		-
Office and retail expirations		119,175		235,743			124,683			177,773		538,199			603,574

Renewals & relocations (3)		60,288		74,473			12,436			50,611		137,520			118,669
New leases (4)		4,389		129,326			2,998			13,339		145,663			124,610
Vacates (5)		54,498		31,944			103,852			78,869		214,665			154,727
Unknown (6)		-		-			5,397			34,954		40,351			205,568
Total Office and Retail Portfolio expirations and vacates		119,175		235,743			124,683			177,773		538,199			603,574

Manhattan Office Portfolio
Total expirations	82,998	231,912		100,752		154,671	487,335		504,421
Less: broadcasting	-	(906	)	(511	)	-	(1,417	)	-
Office expirations	82,998	231,006		100,241		154,671	485,918		504,421

Renewals & relocations (3)	41,288	69,736		2,140		50,611	122,487		86,934
New leases (4)	4,389	129,326		2,998		13,339	145,663		124,610
Vacates (5)	37,321	31,944		92,555		68,340	192,839		122,690
Unknown (6)	-	-		2,548		22,381	24,929		170,187
Total expirations and vacates	82,998	231,006		100,241		154,671	485,918		504,421

Greater New York Metropolitan Area Office Portfolio
Office expirations	11,477	4,737	23,538	23,102	51,377	76,903

Renewals & relocations (3)	11,477	4,737	9,805	-	14,542	25,457
New leases (4)	-	-	-	-	-	-
Vacates (5)	-	-	10,884	10,529	21,413	16,737
Unknown (6)	-	-	2,849	12,573	15,422	34,709
Total expirations and vacates	11,477	4,737	23,538	23,102	51,377	76,903

Retail Portfolio
Retail expirations	24,700	-	904	-	904	22,250

Renewals & relocations (3)	7,523	-	491	-	491	6,278
New leases (4)	-	-	-	-	-	-
Vacates (5)	17,177	-	413	-	413	15,300
Unknown (6)	-	-	-	-	-	672
Total expirations and vacates	24,700	-	904	-	904	22,250

	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 2024; 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.

Page 14

First Quarter 2024
Tenant Lease Expirations
(unaudited)

Total Office and Retail Lease Expirations	Number of Leases Expiring(1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		-		832,713		8.9	%	$	-		0.0	%	$	-
Signed leases not commenced		28		324,747		3.5	%		-		0.0	%		-
1Q 2024 (4)		15		148,430		1.6	%		8,409,977		1.5	%		56.66
2Q 2024		12		126,115		1.4	%		6,881,800		1.3	%		54.57
3Q 2024		17		125,194		1.3	%		7,264,062		1.4	%		58.02
4Q 2024		38		177,773		1.9	%		9,860,306		1.8	%		55.47
Total 2024		82		577,512		6.2	%		32,416,145		6.0	%		56.13
1Q 2025		27		160,342		1.7	%		10,031,786		1.8	%		62.56
2Q 2025		15		127,962		1.4	%		10,078,415		1.9	%		78.76
3Q 2025		16		69,907		0.7	%		4,393,245		0.8	%		62.84
4Q 2025		26		245,363		2.7	%		16,508,671		3.0	%		67.28
Total 2025		84		603,574		6.5	%		41,012,117		7.5	%		67.95
2026		74		632,526		6.8	%		37,895,365		7.0	%		59.91
2027		91		727,208		7.8	%		48,302,403		8.9	%		66.42
2028		65		959,462		10.3	%		53,436,993		9.8	%		55.69
2029		51		986,010		10.6	%		73,999,601		13.6	%		75.05
2030		40		757,575		8.1	%		51,187,645		9.4	%		67.57
2031		24		182,257		2.0	%		20,898,592		3.8	%		114.67
2032		29		353,177		3.8	%		25,182,410		4.6	%		71.30
2033		29		329,711		3.5	%		21,394,736		3.9	%		64.89
2034		21		249,733		2.6	%		18,845,459		3.5	%		75.46
Thereafter		31		1,816,364		19.4	%		119,502,148		22.0	%		65.79
Total		649		9,332,569		100.0	%	$	544,073,614		100.0	%	$	66.55

Manhattan Office Properties (5)
Available		-		552,080		7.3	%	$	-		0.0	%	$	-
Signed leases not commenced		22		288,055		3.8	%		-		0.0	%		-
1Q 2024 (4)		12		138,832		1.8	%		7,899,509		1.9	%		56.90
2Q 2024		11		121,378		1.6	%		6,671,003		1.6	%		54.96
3Q 2024		12		100,752		1.3	%		6,307,134		1.5	%		62.60
4Q 2024		35		154,671		2.0	%		8,832,491		2.1	%		57.11
Total 2024		70		515,633		6.8	%		29,710,137		7.1	%		57.62
1Q 2025		22		118,604		1.6	%		7,942,334		1.9	%		66.97
2Q 2025		14		112,662		1.5	%		7,478,819		1.8	%		66.38
3Q 2025		14		57,547		0.8	%		3,703,962		0.9	%		64.36
4Q 2025		16		215,608		2.8	%		13,909,124		3.3	%		64.51
Total 2025		66		504,421		6.7	%		33,034,239		7.9	%		65.49
2026		59		489,512		6.5	%		29,988,815		7.2	%		61.26
2027		75		614,089		8.1	%		37,850,242		9.1	%		61.64
2028		49		869,328		11.5	%		48,361,246		11.6	%		55.63
2029		36		742,348		9.8	%		45,641,371		11.0	%		61.48
2030		29		611,179		8.1	%		38,308,573		9.2	%		62.68
2031		13		94,307		1.2	%		6,663,995		1.6	%		70.66
2032		20		312,806		4.1	%		21,758,276		5.2	%		69.56
2033		15		141,599		1.9	%		8,620,704		2.1	%		60.88
2034		16		236,610		3.1	%		15,232,161		3.7	%		64.38
Thereafter		21		1,598,128		21.1	%		100,903,131		24.3	%		63.14
Total Manhattan office properties		491		7,570,095		100.0	%	$	416,072,890		100.0	%	$	61.82

Page 15

First Quarter 2024
Tenant Lease Expirations
(unaudited)

Greater New York Metropolitan  Area Office Properties	Number of Leases Expiring(1)		Rentable Square Feet Expiring(2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		-		217,822		20.5	%	$	-		0.0	%	$	-
Signed leases not commenced		3		28,564		2.6	%		-		0.0	%		-
1Q 2024 (4)(6)		1		-		0.0	%		1,827		0.0	%		-
2Q 2024		1		4,737		0.4	%		210,797		0.6	%		44.50
3Q 2024		3		23,538		2.2	%		890,245		2.3	%		37.82
4Q 2024		3		23,102		2.2	%		1,027,815		2.7	%		44.49
Total 2024		8		51,377		4.8	%		2,130,684		5.6	%		41.47
1Q 2025		4		39,438		3.7	%		1,618,441		4.3	%		41.04
2Q 2025		-		-		0.0	%		-		0.0	%		-
3Q 2025		2		12,360		1.2	%		689,283		1.8	%		55.77
4Q 2025		7		25,105		2.3	%		1,303,025		3.4	%		51.90
Total 2025		13		76,903		7.2	%		3,610,749		9.5	%		46.95
2026		8		71,784		6.7	%		3,513,319		9.3	%		48.94
2027		10		58,730		5.5	%		2,825,313		7.5	%		48.11
2028		11		84,915		8.0	%		3,738,440		9.9	%		44.03
2029		5		128,271		12.1	%		5,966,883		15.7	%		46.52
2030		4		78,033		7.3	%		3,617,141		9.5	%		46.35
2031		2		16,560		1.6	%		859,967		2.3	%		51.93
2032		2		6,375		0.6	%		293,240		0.8	%		46.00
2033		3		151,754		14.3	%		7,494,005		19.8	%		49.38
2034		-		-		0.0	%		-		0.0	%		-
Thereafter		2		92,628		8.8	%		3,862,083		10.1	%		41.69
Total greater New York metropolitan area office properties		71		1,063,716		100.0	%	$	37,911,824		100.0	%	$	46.38

Retail Properties
Available		-		62,811		9.0	%	$	-		0.0	%	$	-
Signed leases not commenced		3		8,128		1.2	%		-		0.0	%		-
1Q 2024 (4)		2		9,598		1.4	%		508,641		0.6	%		52.99
2Q 2024		-		-		0.0	%		-		0.0	%		-
3Q 2024		2		904		0.1	%		66,683		0.1	%		73.76
4Q 2024		-		-		0.0	%		-		0.0	%		-
Total 2024		4		10,502		1.5	%		575,324		0.7	%		54.78
1Q 2025		1		2,300		0.3	%		471,011		0.5	%		204.79
2Q 2025		1		15,300		2.2	%		2,599,596		2.9	%		169.91
3Q 2025		-		-		0.0	%		-		0.0	%		-
4Q 2025		3		4,650		0.7	%		1,296,522		1.4	%		278.82
Total 2025		5		22,250		3.2	%		4,367,129		4.8	%		196.28
2026		7		71,230		10.2	%		4,393,230		4.9	%		61.68
2027		6		54,389		7.8	%		7,626,848		8.5	%		140.23
2028		5		5,219		0.7	%		1,337,307		1.5	%		256.24
2029		10		115,391		16.5	%		22,391,347		24.9	%		194.05
2030		7		68,363		9.8	%		9,261,930		10.3	%		135.48
2031		9		71,390		10.2	%		13,374,630		14.8	%		187.35
2032		7		33,996		4.9	%		3,130,894		3.5	%		92.10
2033		11		36,358		5.2	%		5,280,027		5.8	%		145.22
2034		5		13,123		1.8	%		3,613,298		4.0	%		275.34
Thereafter		8		125,608		18.0	%		14,736,936		16.3	%		117.32
Total retail properties		87		698,758		100.0	%	$	90,088,900		100.0	%	$	143.50

	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) 198,207 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 March 31, 2024 and expire on March 31, 2024.
(5)	Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(6)	Represents a telecom lease with no square footage.

Page 16

First Quarter 2024
20 Largest Tenants and Portfolio Tenant Diversification by Industry
(unaudited)

				Weighted Average		Total		Percent of Portfolio					Percent of
				Remaining		Occupied		Rentable					Portfolio
			Lease	Lease		Square		Square			Annualized		Annualized
20 Largest Tenants		Property	Expiration (1)	Term(2)		Feet (3)		Feet (4)			Rent (5)		Rent (6)
1.	LinkedIn	Empire State Building	Aug. 2036		12.4 years		501,409		5.4	%	$	33,819,410	6.2%
2.	Flagstar Bank	1400 Broadway	Aug. 2039		15.4 years		313,109		3.4	%		18,373,813	3.4%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028		4.6 years		221,365		2.4	%		12,034,927	2.2%
4.	PVH Corp.	501 Seventh Avenue	Oct. 2028		4.6 years		237,281		2.5	%		11,631,530	2.1%
5.	Sephora	112 West 34th Street	Jan. 2029		4.8 years		11,334		0.1	%		10,543,956	1.9%
6.	Target	112 West 34th St., 10 Union Sq.	Jan. 2038		13.8 years		81,340		0.9	%		9,382,132	1.7%
7.	Coty Inc.	Empire State Building	Jan. 2030		5.8 years		156,187		1.7	%		8,643,531	1.6%
8.	Macy's	111 West 33rd Street	May 2030		6.2 years		131,117		1.4	%		8,509,172	1.6%
9.	Urban Outfitters	1333 Broadway	Sept. 2029		5.5 years		56,730		0.6	%		8,157,133	1.5%
10.	Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028		4.3 years		149,061		1.6	%		7,965,954	1.5%
11.	Footlocker	112 West 34th Street	Sept. 2031		7.5 years		34,192		0.4	%		7,777,115	1.4%
12.	Institutional Capital Network, Inc.	One Grand Central Place	Oct. 2035		11.6 years		111,611		1.2	%		7,679,739	1.4%
13.	Federal Deposit Insurance Corp.	Empire State Building	Dec. 2025		1.8 years		119,226		1.3	%		7,638,979	1.4%
14.	HNTB Corporation	Empire State Building	Feb. 2029		4.9 years		105,143		1.1	%		7,086,022	1.3%
15.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029		5.7 years		86,492		0.9	%		6,307,577	1.2%
16.	Shutterstock	Empire State Building	Apr. 2029		5.1 years		104,386		1.1	%		6,144,389	1.1%
17.	Fragomen	1400 Broadway	Feb. 2035		10.9 years		107,680		1.2	%		5,986,570	1.1%
18.	Burlington Merchandising Corp.	1400 Broadway	Jan. 2038		13.8 years		102,898		1.1	%		5,963,136	1.1%
19.	ASCAP	250 West 57th Street	Aug. 2034		10.4 years		87,943		0.9	%		5,419,384	1.0%
20.	Duane Reade	ESB, 1350 Broadway	May 2025 - Sept. 2027		2.3 years		39,142		0.4	%		4,958,320	0.9%
	Total						2,757,646		29.6	%	$	194,022,789	35.6%

	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 March 31, 2024.
(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)

Page 17

First Quarter 2024
Capital Expenditures and Redevelopment Program and Leasing Opportunity
(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	March 31 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Tenant improvements - first generation	$	-	$	-	$	-	$	-	$	-
Tenant improvements - second generation		27,404		28,817		18,047		19,823		23,919
Leasing commissions - first generation		35		125		203		98		-
Leasing commissions - second generation		9,730		5,706		2,319		4,370		4,114
Building improvements - first generation		-		-		-		-		-
Building improvements - second generation		13,509		12,102		7,425		8,879		11,050
Non-recurring capital improvements		6,464		4,420		5,226		3,935		1,561
Total	$	57,142	$	51,170	$	33,220	$	37,105	$	40,644

Leasing Opportunity - Inventory of Current Vacant Space as of March 31, 2024 (in square feet) (1)
Total Portfolio vacant space			1,157,000

Signed leases not commenced ("SLNC"):
Manhattan Office Properties SLNC			288,000
Greater New York Office Properties SLNC			28,000
Retail Properties SLNC			8,000
Greater New York Office Properties			218,000
Retail Properties			63,000
Manhattan Office Properties			465,000
Manhattan Office Properties off market			44,000
Manhattan Office Properties other			43,000
Total			1,157,000

	Notes:
(1)	These estimates are based on the Company's current budgets and are subject to change.

Page 18

First Quarter 2024
Observatory Summary
(unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Observatory revenue (1)	$	131,808	$	24,596		$	36,217		$	37,562		$	33,433		$	22,154
Observatory expenses		35,841		8,431			9,282			9,471			8,657			7,855
NOI		95,967		16,165			26,935			28,091			24,776			14,299
Intercompany rent expense (2)		80,667		16,067			21,545			22,113			20,942			15,914
NOI after intercompany rent	$	15,300	$	98		$	5,390		$	5,978		$	3,834		$	(1,615	)

Observatory Metrics
Number of visitors (3)				485,000			711,000			743,000			666,000			443,000
Change in visitors year over year				9.5	%		7.7	%		8.2	%		16.2	%		64.7	%
Number of bad weather days ("BWD") (4)				17			11			10			12			15

	Notes:
(1)	Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended
	March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, the fixed license fee was $1,855, $1,807, $1,807,
	$1,807 and $1,807 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 2023

	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.
(3)	The Observatory continued to experience a gradual recovery in visitors due to the COVID-19 pandemic.

Page 19

First Quarter 2024
Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds
from Operations ("Core FFO"), Core Funds Available for Distribution ("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	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Net Income	$	10,215		$	15,830		$	19,928		$	36,955		$	11,694
Non-controlling interests in other partnerships		(4	)		1			(111	)		(1	)		43
Preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Real estate depreciation and amortization		44,857			48,548			45,174			44,887			46,024
(Gain) loss on sale of properties		-			2,497			-			(13,565	)		(15,696	)
FFO attributable to common stockholders and the Operating Partnership		54,018			65,826			63,941			67,225			41,015
Amortization of below-market ground lease		1,958			1,958			1,957			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		55,976			67,784			65,898			69,183			42,973
Loss on early extinguishment of debt		553			-			-			-			-
Core FFO attributable to common stockholders and the Operating Partnership	$	56,529		$	67,784		$	65,898		$	69,183		$	42,973

Total weighted average shares and Operating Partnership units
Basic		264,562			262,775			262,756			262,903			264,493
Diluted		267,494			267,003			266,073			264,196			265,197

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.20		$	0.25		$	0.24		$	0.26		$	0.16
Diluted	$	0.20		$	0.25		$	0.24		$	0.25		$	0.15

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21		$	0.26		$	0.25		$	0.26		$	0.16
Diluted	$	0.21		$	0.25		$	0.25		$	0.26		$	0.16

Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21		$	0.26		$	0.25		$	0.26		$	0.16
Diluted	$	0.21		$	0.25		$	0.25		$	0.26		$	0.16

Reconciliation of Core FFO to Core FAD
Core FFO	$	56,529		$	67,784		$	65,898		$	69,183		$	42,973
Add:
Amortization of deferred financing costs		1,019			1,075			1,089			1,088			1,089
Non-real estate depreciation and amortization		1,107			1,077			1,298			1,248			1,237
Amortization of non-cash compensation expense		3,449			5,294			4,989			5,369			4,375
Amortization of loss on interest rate derivative		1,527			1,527			1,527			1,527			1,527
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(3,904	)		(3,013	)		(5,569	)		(12,534	)		(1,259	)

Corporate capital expenditures		(238	)		(71	)		(90	)		(225	)		(270	)
Tenant improvements - second generation		(27,404	)		(28,817	)		(18,047	)		(19,823	)		(23,919	)
Building improvements - second generation		(13,509	)		(12,102	)		(7,425	)		(8,879	)		(11,050	)
Leasing commissions - second generation		(9,730	)		(5,706	)		(2,319	)		(4,370	)		(4,114	)
Core FAD (1)	$	8,846		$	27,047		$	41,351		$	32,584		$	10,589

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	10,215		$	15,830	$	19,928	$	36,955		$	11,694
Interest expense		25,128			25,393		25,382		25,405			25,304
Income tax expense (benefit)		(655	)		1,792		1,409		733			(1,219	)
Depreciation and amortization		46,081			49,599		46,624		46,280			47,408
EBITDA		80,769			92,614		93,343		109,373			83,187
(Gain) loss on sale of properties		-			2,497		-		(13,565	)		(15,696	)
Adjusted EBITDA	$	80,769		$	95,111	$	93,343	$	95,808		$	67,491

(1)

Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD payout ratio. We made this modification to the calculation of Core FAD for the other periods presented; in our previous supplemental reports prior to this change, Core FAD was $35,922, $28,551, and $9,028 for the three months ended September 30, 2023, June 30, 2023, and March 31, 2023, respectively.

Page 20

First Quarter 2024
Debt Summary
(unaudited and dollars in thousands)

	March 31, 2024										December 31, 2023
				ESRT		Weighted Average								ESRT		Weighted Average
				Pro-rata		Interest			Maturity					Pro-rata		Interest			Maturity
Debt Summary	Balance			Share		Rate			(Years)		Balance			Share		Rate			(Years)
Mortgage debt	$	890,529		$	890,529		3.77	%		5.5	$	891,998		$	873,887		3.77	%		6.0
Senior unsecured notes		975,000			975,000		4.05	%		5.9		975,000			975,000		4.05	%		6.2
Unsecured term loan facilities (1)		270,000			270,000		4.12	%		3.5		390,000			390,000		3.93	%		2.0
Unsecured revolving credit facility (2)		120,000			120,000		4.03	%		4.9		-			-		-			-
Total fixed rate debt		2,255,529			2,255,529		3.97	%		5.4		2,256,998			2,238,887		3.94	%		5.4

Unsecured term loan facilities (3)		-			-		-			-		-			-		-			-
Unsecured revolving credit facility (3)		-			-		-			4.9		-			-		-			1.3
Total variable rate debt		-			-		-			4.9		-			-		-			1.5

Total debt		2,255,529			2,255,529		3.97	%		5.4		2,256,998			2,238,887		3.94	%		5.4
Deferred financing costs, net		(9,834	)									(9,488	)
Debt discount		(6,769	)									(6,964	)
Total	$	2,238,926									$	2,240,546

			Outstanding at
			March 31,		Letters		Available
Available Capacity	Facility		2024		of Credit		Capacity
Unsecured revolving credit facility (4)	$	620,000	$	120,000	$	-	$	500,000

Current

Covenant Summary

Required

Quarter

Compliance

Maximum Total Leverage(5)

<60%

34.7

Yes

Maximum Secured Leverage (5)

<40%

14.6

Yes

Minimum Fixed Charge Coverage

>1.50x

3.2

Yes

Minimum Unencumbered Interest Coverage

>1.75x

5.7

Yes

Maximum Unsecured Leverage (5)

<60%

24.3

Yes

	Notes:
(1)	SOFR is fixed at 2.56% for $175 million and 2.63% for $95 million under variable to fixed interest rate swap agreements.
(2)	SOFR is fixed at 2.63% for $120 million under a variable to fixed interest rate swap agreement.
(3)	As of March 31, 2024, each of our unsecured term loan facilities and the balance drawn on our revolving credit facility 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.

Page 21

First Quarter 2024
Debt Detail
(unaudited and dollars in thousands)

Stated

Interest

Principal

Maturity

Rate (%)

Balance

Date

Amortization

Metro Center

3.59

79,425

11/5/2024

30 years

10 Union Square

3.70

50,000

4/1/2026

Interest only

1542 Third Avenue

4.29

30,000

5/1/2027

Interest only

First Stamford Place (1)

4.28

175,860

7/1/2027

5 years interest only; 30 years thereafter

1010 Third Avenue & 77 West 55th St.

4.01

34,734

1/5/2028

30 years

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%

7,035

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%

15,375

11/1/2033

30 years

Total fixed rate mortgage debt

890,529

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%			120,000		3/8/2029	Interest only
Senior unsecured notes:
Series A	3.93	%		100,000		3/27/2025	Interest only
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
Total / weighted average debt	3.97	%		2,255,529
Deferred financing costs, net				(9,834	)
Debt discount				(6,769	)
Total			$	2,238,926

Notes:

(1)

Represents a $164 million mortgage loan bearing interest at 4.09% and a $11.9 million mortgage loan bearing interest at 6.25%. In April, the Company worked with the First Stamford Place mortgage lender to structure a cooperative consensual foreclosure, which is anticipated to be completed by June 30, 2024. Upon completion, this transaction is expected to eliminate a $176 million liability that matures in July 2027 from the balance sheet.

Page 22

First Quarter 2024
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)

											Weighted
											Average
											Interest
								Percentage			Rate of
Year	Maturities (1)		Amortization		Total			Total Debt			Maturing Debt
2024	$	77,675	$	7,392	$	85,067			3.8	%		3.59	%
2025		100,000		6,893		106,893			4.7	%		3.93	%
2026		225,000		7,330		232,330			10.3	%		3.98	%
2027		319,000		6,461		325,461			14.4	%		4.21	%
2028		146,092		3,556		149,648			6.6	%		4.06	%
2029		215,000		3,988		218,988			9.7	%		4.12	%
2030		508,600		4,413		513,013			22.7	%		3.67	%
2031		-		3,283		3,283			0.2	%		n/a
2032		100,000		3,591		103,591			4.6	%		3.61	%
2033		439,007		3,248		442,255			19.6	%		4.20	%
Thereafter		75,000		-		75,000			3.4	%		3.73	%
Total debt	$	2,205,374	$	50,155		2,255,529			100.0	%		3.97	%
Deferred financing costs, net						(9,834	)
Debt discount						(6,769	)
Total					$	2,238,926

Debt Maturity Profile

Ground Lease Commitments (2)
Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2024	$	81	$	506	$	551	$	1,138
2025		108		675		735		1,518
2026		93		675		735		1,503
2027		72		675		735		1,482
2028		72		675		735		1,482
Thereafter		1,584		23,625		35,586		60,795
	$	2,010	$	26,831	$	39,077	$	67,918

	Notes:
(1)	Assumes extension options are exercised for the 2029 maturities.
(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 26 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 53 years.

Page 23

Co-Registrant CIK	0001553079
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant Document Period EndDate	2024-04-24
Co-Registrant Address Line One	111 West 33rd Street
Co-Registrant Address Line Two	12th Floor
Co-Registrant City or Town	New York
Co-Registrant State or Province	New York
Co-Registrant City Area Code	212
Co-Registrant Local Phone Number	687-8700
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging growth company	false