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): October 21, 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 October 21, 2024, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the third 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

Third Quarter 2024 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the third 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 third 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: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

Core Funds Available for Distribution (“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.

Net Operating Income (“NOI”) and Property Cash NOI 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.

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

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, properties placed in receivership and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property’s NOI. As of September 30, 2024, Same Store excludes the North Sixth Street Collection which was acquired in September 2023 and September 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of 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) loss on disposition of property.

Net Debt to Adjusted EBITDA

We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.

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: October 21, 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: October 21, 2024	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EX-99.1 2 tm2426530d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES THIRD QUARTER 2024 RESULTS

– Net Income Per Fully Diluted Share of $0.08 –

– Core FFO Per Fully Diluted Share of $0.26 –

– Signed 304,000 Rentable Square Feet of Leases –

– Closed on $143 Million of Previously Announced $195 Million Retail Acquisition in Williamsburg, Brooklyn –

– Announces Agreement to Acquire Additional Retail Asset on North 6th Street Williamsburg, Brooklyn–

– Over $0.9 Billion of Liquidity, No Floating Rate Debt Exposure –

– 2024 FFO Guidance Raised –

New York, New York, October 21, 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. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year– in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the third quarter 2024. All per share amounts are on a fully diluted basis, where applicable.

Third Quarter and Recent Highlights

Net Income of $0.08 per share.

Core Funds From Operations (“Core FFO”) of $0.26 per share, compared to $0.25 per share in the third quarter 2023. Third quarter 2024 Core FFO included $0.02 per share of lease termination fee income.

Same-Store Property Cash Net Operating Income (“NOI”) increased 5.2% year-over-year, excluding the $0.02 per share of lease termination fees, primarily driven by higher revenues from cash rent commencement inclusive of a net increase of approximately $1.7 million from non-recurring revenue items in the comparable periods, which was partially offset by increases in operating expenses. When adjusted for the non-recurring items, SS Cash NOI increased by approximately 2.6%.

Manhattan office portfolio leased rate increased by 30bps sequentially and 170bps year-over-year to 93.6%. The total commercial portfolio is 93.0% leased as of September 30, 2024. Manhattan office occupancy increased by 40bps sequentially and 140bps year-over-year to 89.2%. The total commercial portfolio is 88.8% occupied as of September 30, 2024.

Signed approximately 304,000 rentable square feet of new, renewal and expansion leases. In our Manhattan office portfolio, blended leasing spreads were +2.6%. This is the 13th consecutive quarter of positive leasing spreads.

Empire State Building Observatory generated $29.7 million of NOI, a 5.6% increase year-over-year.

Closed on $143 million of the previously announced $195 million acquisition of prime retail assets on North 6th Street in Williamsburg, Brooklyn. The balance is expected to close in the 4th quarter of 2024.

Entered into an agreement to acquire an additional retail asset located on North 6th Street in Williamsburg, Brooklyn, for approximately $30 million.

Achieved the highest possible GRESB 5 Star Rating for the fifth consecutive year with a score of 93. ESRT’s overall score ranked first among all listed companies in the Americas for the second year in a row and first in the most competitive peer group within the U.S.

Property Operations

As of September 30, 2024, the Company’s property portfolio contained 7.8 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 732 residential units, which were occupied and leased as shown below.

	September 30, 20241			June 30, 20241			September 30, 2023
Percent occupied:
Total commercial portfolio		88.8	%		88.5	%		87.0	%
Total office		88.6	%		88.2	%		86.7	%
Manhattan office		89.2	%		88.8	%		87.8	%
Total retail		91.1	%		92.3	%		90.4	%

Percent leased (includes signed leases not commenced):
Total commercial portfolio		93.0	%		92.6	%		90.5	%
Total office		92.9	%		92.5	%		90.5	%
Manhattan office		93.6	%		93.3	%		91.9	%
Total retail		94.0	%		93.5	%		91.5	%
Total multifamily portfolio		96.8	%		97.9	%		97.1	%

1 Occupancy and leased percentages for June 30 and September 30, 2024 exclude First Stamford Place.

Leasing

The tables that follow summarize leasing activity for the three months ended September 30, 2024. During this period, the Company signed 31 leases that totaled 304,210 square feet. Within the Manhattan office portfolio, the Company signed 25 office leases that totaled 289,329 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		26		291,418		70.11		68.34		2.6	%
Retail		5		12,792		203.88		332.35		(38.7	)%
Total Overall		31		304,210		75.74		79.44		(4.7	)%

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		130,688		66.07		63.21		4.5	%
Renewal Office		13		158,641		73.11		72.24		1.2	%
Total Office		25		289,329		69.93		68.16		2.6	%

Leasing Activity Highlights

An 11-year 26,782 square foot expansion lease with Hecker Fink LLP at the Empire State Building.

An 11-year 24,503 square foot new lease with Dynadmic Corporation at 1350 Broadway.

An 11-year 24,209 square foot new lease with Bloomsbury Publishing at 1359 Broadway.

Observatory Results

In the third quarter, Observatory revenue was $39.4 million, and expenses were $9.7 million. Observatory NOI was $29.7 million, a 5.6% increase year-over-year. Year-to-date, Observatory NOI was $71.0 million, a 5.7% increase year-over-year.

Balance Sheet

The Company had $0.9 billion of total liquidity as of September 30, 2024, which was comprised of $422 million of cash, plus $500 million available under its revolving credit facility. At September 30, 2024, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 4.27%. At September 30, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.2x.

Portfolio Transaction Activity

In the third quarter, the Company closed on $143 million of the previously announced $195 million all-cash acquisition of prime retail assets on North 6th Street in Williamsburg Brooklyn, with the balance expected to close in the fourth quarter of 2024. In aggregate, the assets comprise approximately 81,000 square feet of retail space that is 90% leased with a weighted average lease term of 7.4 years. Current tenants include Hermes, Nike, Santander Work Café, The North Face, Everlane, Warby Parker, DS Durga, Buck Mason, Chanel, Byredo, and Google. As previously noted, this transaction is consistent with the Company’s strategy to recycle capital and balance sheet capacity from non-core suburban assets into strong NYC assets.

In the third quarter, the Company entered into an agreement to acquire an additional retail asset on North 6th Street in Williamsburg, Brooklyn for approximately $30 million. Due to confidentiality requirements, more details on this transaction will be disclosed upon closing expected to occur in mid-2025.

Share Repurchase

The stock repurchase program began in March 2020, and through October 18, 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 third quarter.

Dividend

On September 30, 2024, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third 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 September 30, 2024, the Company paid a quarterly preferred dividend of $0.15 per unit for the third 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 third quarter of 2024 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

2024 Earnings Outlook

The Company provides 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 Updated Guidance (Oct 2024)	2024 Prior Guidance (July 2024)	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.92 to $0.94	$0.90 to $0.94	• 2024 includes $0.04 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end	88% to 89%	87% to 89%
SS Property Cash NOI (excluding lease termination fees)	3% to 4%	0% to 3%	• Assumes positive revenue growth • Assumes ~8% y/y increase in operating expenses and real estate taxes inclusive of planned additional R&M work, partially offset by higher tenant expense reimbursements
Observatory Drivers
Observatory NOI	$96M to $100M	$94M to $102M	• Reflects average quarterly expenses of ~$9M

	Low		High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$	0.27	$	0.29
Add:
Impairment Charge		0.00		0.00
Real Estate Depreciation & Amortization		0.67		0.67
Less:
Preferred Unit Distributions		0.02		0.02
Gain on Disposal of Real Estate, net		0.04		0.04
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.88	$	0.90
Add:
Amortization of Below Market Ground Lease		0.03		0.03
Interest Expense Associated with Property in Receivership		0.01		0.01
Loss on Early Extinguishment of Debt		0.00		0.00
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.92	$	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 Tuesday, October 22, 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 October 29, 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 13741463.

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. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2024, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 732 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; (xviii) our disclosure controls and internal control over financial reporting, including any material weakness; and (xix) 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 of our quarterly report on Form 10-Q for the quarter ended June 30, 2024 and any additional factors that may be contained in any filing we make with the SEC.

While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this press release speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended September 30,
	2024			2023
Revenues
Rental revenue	$	153,117		$	151,458
Observatory revenue		39,382			37,562
Lease termination fees		4,771			—
Third-party management and other fees		271			268
Other revenue and fees		2,058			2,238
Total revenues		199,599			191,526
Operating expenses
Property operating expenses		45,954			42,817
Ground rent expenses		2,331			2,331
General and administrative expenses		18,372			16,012
Observatory expenses		9,715			9,471
Real estate taxes		31,982			32,014
Depreciation and amortization		45,899			46,624
Total operating expenses		154,253			149,269
Total operating income		45,346			42,257
Other income (expense):
Interest income		6,960			4,462
Interest expense		(27,408	)		(25,382	)
Interest expense associated with property in receivership		(1,922	)		—
Gain on disposition of properties		1,262			—
Income before income taxes		24,238			21,337
Income tax expense		(1,442	)		(1,409	)
Net income		22,796			19,928
Net (income) loss attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(8,205	)		(7,207	)
Non-controlling interests in other partnerships		—			(111	)
Preferred unit distributions		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	13,541		$	11,560
Total weighted average shares
Basic		164,880			161,851
Diluted		269,613			266,073
Earnings per share attributable to common stockholders
Basic	$	0.08		$	0.07
Diluted	$	0.08		$	0.07

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Nine Months Ended September 30,
	2024			2023
Revenues
Rental revenue	$	459,469		$	446,152
Observatory revenue		98,102			93,149
Lease termination fees		4,771			—
Third-party management and other fees		912			1,076
Other revenue and fees		7,067			6,313
Total revenues		570,321			546,690
Operating expenses
Property operating expenses		132,530			124,380
Ground rent expenses		6,994			6,994
General and administrative expenses		52,364			47,795
Observatory expenses		27,104			25,983
Real estate taxes		96,106			95,292
Depreciation and amortization		139,453			140,312
Total operating expenses		454,551			440,756
Total operating income		115,770			105,934
Other income (expense):
Interest income		16,230			10,396
Interest expense		(77,859	)		(76,091	)
Interest expense associated with property in receivership		(2,550	)		—
Loss on early extinguishment of debt		(553	)		—
Gain on disposition of properties		12,065			29,261
Income before income taxes		63,103			69,500
Income tax expense		(1,537	)		(923	)
Net income		61,566			68,577
Net (income) loss attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(22,138	)		(25,424	)
Non-controlling interests in other partnerships		(4	)		(69	)
Preferred unit distributions		(3,151	)		(3,151	)
Net income attributable to common stockholders	$	36,273		$	39,933
Total weighted average shares
Basic		164,453			160,799
Diluted		268,608			265,269
Earnings per share attributable to common stockholders
Basic	$	0.22		$	0.25
Diluted	$	0.22		$	0.25

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 September 30,
	2024			2023
Net income	$	22,796		$	19,928
Non-controlling interests in other partnerships		—			(111	)
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		44,871			45,174
Gain on disposition of properties		(1,262	)		—
FFO attributable to common stockholders and Operating Partnership units		65,355			63,941

Amortization of below-market ground leases		1,958			1,957
Modified FFO attributable to common stockholders and Operating Partnership units		67,313			65,898

Interest expense associated with property in receivership		1,922			—
Core FFO attributable to common stockholders and Operating Partnership units	$	69,235		$	65,898

Total weighted average shares and Operating Partnership units
Basic		264,787			262,756
Diluted		269,613			266,073

FFO per share
Basic	$	0.25		$	0.24
Diluted	$	0.24		$	0.24

Modified FFO per share
Basic	$	0.25		$	0.25
Diluted	$	0.25		$	0.25

Core FFO per share
Basic	$	0.26		$	0.25
Diluted	$	0.26		$	0.25

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)

	Nine Months Ended September 30,
	2024			2023
Net income	$	61,566		$	68,577
Non-controlling interests in other partnerships		(4	)		(69	)
Preferred unit distributions		(3,151	)		(3,151	)
Real estate depreciation and amortization		136,126			136,085
Gain on disposition of properties		(12,065	)		(29,261	)
FFO attributable to common stockholders and Operating Partnership units		182,472			172,181

Amortization of below-market ground leases		5,874			5,873
Modified FFO attributable to common stockholders and Operating Partnership units		188,346			178,054

Interest expense associated with property in receivership		2,550			—
Loss on early extinguishment of debt		553			—
Core FFO attributable to common stockholders and Operating Partnership units	$	191,449		$	178,054

Total weighted average shares and Operating Partnership units
Basic		264,675			263,379
Diluted		268,608			265,269

FFO per share
Basic	$	0.69		$	0.65
Diluted	$	0.68		$	0.65

Modified FFO per share
Basic	$	0.71		$	0.68
Diluted	$	0.70		$	0.67

Core FFO per share
Basic	$	0.72		$	0.68
Diluted	$	0.71		$	0.67

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	September 30, 2024			December 31, 2023
Assets
Commercial real estate properties, at cost	$	3,667,687		$	3,655,192
Less: accumulated depreciation		(1,241,454	)		(1,250,062	)
Commercial real estate properties, net		2,426,233			2,405,130
Contract asset2		168,687			—
Cash and cash equivalents		421,896			346,620
Restricted cash		48,023			60,336
Tenant and other receivables		34,068			39,836
Deferred rent receivables		244,448			255,628
Prepaid expenses and other assets		81,758			98,167
Deferred costs, net		176,720			172,457
Acquired below market ground leases, net		315,368			321,241
Right of use assets		28,257			28,439
Goodwill		491,479			491,479
Total assets	$	4,436,937		$	4,219,333

Liabilities and equity
Mortgage notes payable, net	$	692,989		$	877,388
Senior unsecured notes, net		1,196,911			973,872
Unsecured term loan facility, net		268,655			389,286
Unsecured revolving credit facility		120,000			—
Debt associated with property in receivership		177,667			—
Accrued interest associated with property in receivership		3,511			—
Accounts payable and accrued expenses		81,443			99,756
Acquired below market leases, net		14,702			13,750
Ground lease liabilities		28,257			28,439
Deferred revenue and other liabilities		70,766			70,298
Tenants’ security deposits		24,715			35,499
Total liabilities		2,679,616			2,488,288
Total equity		1,757,321			1,731,045
Total liabilities and equity	$	4,436,937		$	4,219,333

2 This contract asset represents the amount of obligation we expect to be released upon the final resolution of the foreclosure process on First Stamford Place.

EX-99.2 3 tm2426530d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

A group of people standing on escalator

Description automatically generated

Third Quarter 2024

Table of Contents		Page
Summary
Supplemental Definitions		3
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 2

Third Quarter 2024
Supplemental Definitions

Funds From Operations ("FFO")

Modified Funds From Operations ("Modified FFO")

Core Funds From Operations ("Core FFO")

Core Funds Available for Distribution ("Core FAD")

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

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, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2024, Same Store excludes the North Sixth Street Collection which was acquired in September 2023 and September 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

Page 3

Third Quarter 2024
Supplemental Definitions

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

Third 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	Jeff Spector	(646) 855-1363	jeff.spector@bofa.com
BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	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

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

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Commercial real estate properties, at cost	$	3,667,687		$	3,503,302		$	3,702,317		$	3,655,192		$	3,620,097
Less: accumulated depreciation		(1,241,454	)		(1,206,039	)		(1,288,519	)		(1,250,062	)		(1,217,967	)
Commercial real estate properties, net		2,426,233			2,297,263			2,413,798			2,405,130			2,402,130
Contract asset(1)		168,687			166,955			-			-			-
Cash and cash equivalents		421,896			535,533			333,573			346,620			353,999
Restricted cash		48,023			41,015			51,738			60,336			66,954
Tenant and other receivables		34,068			34,665			40,137			39,836			37,651
Deferred rent receivables		244,448			242,940			257,266			255,628			254,233
Prepaid expenses and other assets		81,758			105,438			74,472			98,167			82,918
Deferred costs, net		176,720			172,318			180,462			172,457			175,488
Acquired below-market ground leases, net		315,368			317,326			319,284			321,241			323,199
Right of use assets		28,257			28,318			28,378			28,439			28,496
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,436,937		$	4,433,250		$	4,190,587		$	4,219,333		$	4,216,547

Liabilities and Equity
Mortgage notes payable, net	$	692,989		$	700,348		$	876,497		$	877,388		$	878,757
Senior unsecured notes, net		1,196,911			1,196,831			973,926			973,872			973,819
Unsecured term loan facility, net		268,655			268,580			268,503			389,286			389,158
Unsecured revolving credit facility		120,000			120,000			120,000			-			-
Debt associated with property in receivership		177,667			177,667			-			-			-
Accrued interest associated with property in receivership		3,511			1,589			-			-			-
Accounts payable and accrued expenses		81,443			90,908			91,005			99,756			83,299
Acquired below-market leases, net		14,702			11,872			12,798			13,750			14,703
Ground lease liabilities		28,257			28,318			28,378			28,439			28,496
Deferred revenue and other liabilities		70,766			61,890			69,289			70,298			75,688
Tenants' security deposits		24,715			24,031			25,457			35,499			39,307
Total liabilities		2,679,616			2,682,034			2,465,853			2,488,288			2,483,227
Total equity		1,757,321			1,751,216			1,724,734			1,731,045			1,733,320
Total liabilities and equity	$	4,436,937		$	4,433,250		$	4,190,587		$	4,219,333		$	4,216,547

(1) This contract asset represents the amount of obligation we expect to be released upon the final resolution of the foreclosure process on First Stamford Place.

Page 6

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

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Revenues
Rental revenue (1)	$	153,117		$	152,470		$	153,882		$	151,167		$	151,458
Observatory revenue		39,382			34,124			24,596			36,217			37,562
Lease termination fees		4,771			-			-			-			-
Third-party management and other fees		271			376			265			275			268
Other revenue and fees		2,058			2,573			2,436			5,223			2,238
Total revenues		199,599			189,543			181,179			192,882			191,526

Operating expenses
Property operating expenses		45,954			41,516			45,060			42,944			42,817
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		18,372			18,020			15,972			16,144			16,012
Observatory expenses		9,715			8,958			8,431			9,282			9,471
Real estate taxes		31,982			31,883			32,241			31,809			32,014
Depreciation and amortization		45,899			47,473			46,081			49,599			46,624
Total operating expenses		154,253			150,182			150,116			152,110			149,269
Total operating income		45,346			39,361			31,063			40,772			42,257

Other income (expense)
Interest income		6,960			5,092			4,178			4,740			4,462
Interest expense		(27,408	)		(25,323	)		(25,128	)		(25,393	)		(25,382	)
Interest expense associated with property in receivership		(1,922	)		(628	)		-			-			-
Loss on early extinguishment of debt		-			-			(553	)		-			-
Gain (loss) on disposition of property		1,262			10,803			-			(2,497	)		-
Income before income taxes		24,238			29,305			9,560			17,622			21,337
Income tax (expense) benefit		(1,442	)		(750	)		655			(1,792	)		(1,409	)
Net income		22,796			28,555			10,215			15,830			19,928
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(8,205	)		(10,433	)		(3,500	)		(5,670	)		(7,207	)
Non-controlling interests in other partnerships		-			-			(4	)		1			(111	)
Private perpetual preferred unit distributions		(1,050	)		(1,051	)		(1,050	)		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	13,541		$	17,071		$	5,661		$	9,111		$	11,560

Weighted average common shares outstanding
Basic		164,880			164,277			163,491			161,974			161,851
Diluted		269,613			268,716			267,494			267,003			266,073

Earnings per share attributable to common stockholders

Basic and diluted	$	0.08		$	0.10		$	0.03		$	0.06		$	0.07

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	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Base rent	$	132,492	$	136,328	$	136,557	$	134,467	$	133,228
Billed tenant expense reimbursement		20,625		16,142		17,325		16,700		18,230
Total rental revenue	$	153,117	$	152,470	$	153,882	$	151,167	$	151,458

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

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

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Office and Retail Metrics:
Total rentable square footage		8,592,481			8,549,496			9,332,569			9,359,219			9,361,656
Percent occupied (1)		88.8	%		88.5	%		87.6	%		86.3	%		87.0	%
Percent leased (2)		93.0	%		92.6	%		91.1	%		90.6	%		90.5	%

Same Store Property Cash Net Operating Income (NOI):
Manhattan office portfolio	$	69,840		$	67,165		$	63,911		$	66,897		$	61,985
Greater New York office portfolio		1,651			1,825			1,383			1,711			1,981
Retail portfolio		2,431			2,517			1,542			1,791			1,752
Total Same Store Property Cash NOI	$	73,922		$	71,507		$	66,836		$	70,399		$	65,718

Multifamily Metrics:
Multifamily Cash NOI (3)	$	4,506		$	4,533		$	4,217		$	4,032		$	4,837
Total number of units (4)		732			727			727			727			727
Percent occupied (4)		96.8	%		97.9	%		97.1	%		98.1	%		97.1	%

Observatory Metrics:
Observatory NOI	$	29,667		$	25,166		$	16,165		$	26,935		$	28,091
Number of visitors (5)		727,000			648,000			485,000			711,000			743,000
Change in visitors year-over-year		(2.2	)%		(2.7	)%		9.5	%		7.7	%		8.2	%

Ratios at ESRT pro-rata share: (3)
Debt to Total Market Capitalization (6)		42.3	%		46.4	%		44.1	%		45.2	%		49.7	%
Net Debt to Total Market Capitalization (6)		37.5	%		39.9	%		40.2	%		41.1	%		45.4	%
Debt and Perpetual Preferred Units to Total Market Capitalization (6)		44.0	%		48.2	%		45.8	%		47.0	%		51.7	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (6)		39.3	%		41.9	%		42.0	%		43.0	%		47.6	%
Debt to Adjusted EBITDA (7)		6.4	x		6.6	x		6.2	x		6.4	x		6.6	x
Net Debt to Adjusted EBITDA (7)		5.2	x		5.1	x		5.3	x		5.4	x		5.5	x
Core FFO Payout Ratio (8)		14	%		15	%		17	%		14	%		14	%
Core FAD Payout Ratio (9)		21	%		30	%		109	%		35	%		23	%
Core FFO per share - diluted	$	0.26		$	0.24		$	0.21		$	0.25		$	0.25
Diluted weighted average shares		269,613			268,716			267,494			267,003			266,073

Class A common stock price at quarter end	$	11.08		$	9.38		$	10.13		$	9.69		$	8.04
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 (10)		1.3	%		1.5	%		1.4	%		1.4	%		1.7	%
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		165,507			164,483			163,816			162,062			161,346
Class B common stock (11)		981			982			982			984			987
Operating partnership units		107,664			108,713			109,218			107,900			108,618
Total common stock and operating partnership units outstanding (12)		274,152			274,178			274,016			270,946			270,951

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 September 30, 2024, June 30, 2024 and March 31, 2024 debt ratios reflect ESRT’s 100% share of debt and Adjusted EBITDA.
	(4)	Multifamily percent occupied excludes 20 units held offline in connection with an application for the extension of the New York State Real Property Tax Law 421-a Program at one of our multifamily properties. Total number of units disclosed does not have this exclusion.
	(5)	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.
	(6)	Market capitalization represents the sum of (i) Company’s common stock per share price as of September 30, 2024 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2024; (ii) the number of Series 2014 perpetual preferred units at September 30, 2024 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2024 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 30, 2024.
	(7)	Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended September 30, 2024 and June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $9 million and $12 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024.
	(8)	Represents the amount of Core FFO paid out in distributions.
	(9)	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 was 27% for the three months ended September 30, 2023.
	(10)	Based on the closing price per share of Class A common stock on September 30, 2024.
	(11)	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.
	(12)	Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 8

Third Quarter 2024
Property Summary - Same Store Net Operating Income (“NOI”) by Quarter
(unaudited and dollars in thousands)

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Same Store Portfolio(1)
Revenues	$	145,501		$	140,763		$	140,147		$	139,865		$	137,854
Operating expenses		(75,596	)		(68,762	)		(71,486	)		(68,923	)		(69,574	)
Same store property NOI		69,905			72,001			68,661			70,942			68,280
Straight-line rent		(2,184	)		(1,887	)		(3,218	)		(1,967	)		(3,924	)
Above/below-market rent revenue amortization		(528	)		(565	)		(565	)		(534	)		(595	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,957
Total same store property cash NOI - excluding lease termination fees	$	69,151		$	71,507		$	66,836		$	70,399		$	65,718

Percent change over prior year		5.2	%		7.4	%		12.3	%		11.3	%		8.8	%

Total same store property cash NOI - excluding lease termination fees	$	69,151		$	71,507		$	66,836		$	70,399		$	65,718
Lease termination fees		4,771			-			-			-			-
Total same store property cash NOI	$	73,922		$	71,507		$	66,836		$	70,399		$	65,718

Same Store Manhattan Office(1), (2)
Revenues	$	138,060		$	133,180		$	133,919		$	133,207		$	130,888
Operating expenses		(72,287	)		(65,473	)		(68,173	)		(65,750	)		(66,294	)
Same store property NOI		65,773			67,707			65,746			67,457			64,594
Straight-line rent		(2,134	)		(1,935	)		(3,228	)		(1,984	)		(3,971	)
Above/below-market rent revenue amortization		(528	)		(565	)		(565	)		(534	)		(595	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,957
Total same store property cash NOI - excluding lease termination fees		65,069			67,165			63,911			66,897			61,985
Lease termination fees		4,771			-			-			-			-
Total same store property cash NOI	$	69,840		$	67,165		$	63,911		$	66,897		$	61,985

Same Store Greater New York Metropolitan Area Office(1)
Revenues	$	3,060		$	3,319		$	2,844		$	3,072		$	3,425
Operating expenses		(1,612	)		(1,656	)		(1,594	)		(1,504	)		(1,627	)
Same store property NOI		1,448			1,663			1,250			1,568			1,798
Straight-line rent		203			162			133			143			183
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,651			1,825			1,383			1,711			1,981
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,651		$	1,825		$	1,383		$	1,711		$	1,981

Same Store Retail(1)
Revenues	$	4,381		$	4,264		$	3,384		$	3,586		$	3,541
Operating expenses		(1,697	)		(1,633	)		(1,719	)		(1,669	)		(1,653	)
Same store property NOI		2,684			2,631			1,665			1,917			1,888
Straight-line rent		(253	)		(114	)		(123	)		(126	)		(136	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		2,431			2,517			1,542			1,791			1,752
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	2,431		$	2,517		$	1,542		$	1,791		$	1,752

Notes:

	(1)	Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.
	(2)	Includes 475,744 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 9

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

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Net income	$	22,796		$	28,555		$	10,215		$	15,830		$	19,928
Add:
General and administrative expenses		18,372			18,020			15,972			16,144			16,012
Depreciation and amortization		45,899			47,473			46,081			49,599			46,624
Interest expense		27,408			25,323			25,128			25,393			25,382
Interest expense associated with property in receivership		1,922			628			-			-			-
Loss on early extinguishment of debt		-			-			553			-			-
Income tax expense (benefit)		1,442			750			(655	)		1,792			1,409
Less:
(Gain) loss on disposition of property		(1,262	)		(10,803	)		-			2,497			-
Third-party management and other fees		(271	)		(376	)		(265	)		(275	)		(268	)
Interest income		(6,960	)		(5,092	)		(4,178	)		(4,740	)		(4,462	)
Net operating income		109,346			104,478			92,851			106,240			104,625

Straight-line rent		(2,277	)		(1,900	)		(3,061	)		(2,133	)		(5,015	)
Above/below-market rent revenue amortization		(476	)		(513	)		(514	)		(483	)		(554	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,957
Total cash NOI - including Observatory and lease termination fees		108,551			104,023			91,234			105,582			101,013
Less: Observatory NOI		(29,667	)		(25,166	)		(16,165	)		(26,935	)		(28,091	)
Less: cash NOI from non-Same Store properties		(4,962	)		(7,350	)		(8,233	)		(8,248	)		(7,204	)
Total Same Store property cash NOI - including lease termination fees		73,922			71,507			66,836			70,399			65,718
Less: Lease termination fees		(4,771	)		-			-			-			-
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	69,151		$	71,507		$	66,836		$	70,399		$	65,718

Multifamily NOI(1)
Revenues	$	9,140		$	9,161		$	8,472		$	8,345		$	8,581
Operating expenses		(4,623	)		(4,578	)		(4,209	)		(4,268	)		(3,683	)
NOI		4,517			4,583			4,263			4,077			4,898
Straight-line rent		(69	)		(109	)		(102	)		(102	)		(103	)
Above/below-market rent revenue amortization		58			59			56			57			42
Cash NOI	$	4,506		$	4,533		$	4,217		$	4,032		$	4,837

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

			Initial
	Square		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2024		2025		2026		2027		2028
Fourth quarter 2024		90,065	$	4,661	$	362	$	4,661	$	4,661	$	4,541	$	3,866
First quarter 2025		97,780		6,113		-		4,491		5,295		5,295		5,295
Second quarter 2025		128,014		8,275		-		5,188		8,275		8,275		8,275
Third quarter 2025		69,029		3,918		-		1,180		3,918		3,918		3,918
Fourth quarter 2025		51,526		4,722		-		389		4,722		4,722		4,722
First quarter 2026		35,862		2,199		-		-		2,061		2,199		2,199
Second quarter 2026		141,240		9,779		-		-		6,514		9,779		9,779
Third quarter 2026		32,028		5,739		-		-		1,258		2,508		2,508
Fourth quarter 2026		119,981		4,275		-		-		1,535		7,507		7,507
Second quarter 2027		9,030		677		-		-		-		453		677
First quarter 2028		25,132		1,784		-		-		-		-		1,784
		799,687	$	52,142	$	362	$	15,909	$	38,239	$	49,197	$	50,530

	Incremental		Initial
	Annual		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
3Q 2024	Cash Rent (3)		Cash Rent		2024		2025		2026		2027		2028
Commenced leases in free rent period	$	20,470	$	21,517	$	362	$	12,581	$	18,300	$	20,578	$	19,903
Signed leases not commenced		24,080		30,625		-		3,328		19,939		28,619		30,627
	$	44,550	$	52,142	$	362	$	15,909	$	38,239	$	49,197	$	50,530

Notes:

	(1)	On March 28, 2024 we acquired the non-controlling interest in ESRT’s joint venture properties. Beginning in the three months ended June 30, 2024, Multifamily NOI figures are presented at 100% ownership. Prior periods disclose ESRT’s pro-rata 90% share.
	(2)	Excludes signed leases not commenced and commenced leases in free rent period at our First Stamford Place property.
	(3)	Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

Page 10

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

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total Office and Retail Portfolio(1)
Total leases executed		31			35			25			20			22
Weighted average lease term		7.0 years			7.0 years			7.9 years			10.4 years			8.4 years
Average free rent period		5.2 months			7.4 months			7.9 months			11.9 months			10.2 months

Office
Total square footage executed		291,418			262,991			367,262			177,406			252,562
Average starting cash rent psf - leases executed	$	70.11		$	66.60		$	64.03		$	64.54		$	66.53
Previously escalated cash rents psf	$	68.34		$	65.31		$	61.08		$	61.17		$	60.28
Percentage of new cash rent over previously escalated rents		2.6	%		2.0	%		4.8	%		5.5	%		10.4	%

Retail
Total square footage executed		12,792			8,990			2,458			7,452			3,187
Average starting cash rent psf - leases executed	$	203.88		$	91.14		$	400.00		$	189.20		$	169.44
Previously escalated cash rents psf	$	332.35		$	75.03		$	378.97		$	288.16		$	169.31
Percentage of new cash rent over previously escalated rents		(38.7	)%		21.5	%		5.5	%		(34.3	)%		0.1	%

Total Office and Retail Portfolio
Total square footage executed		304,210			271,981			369,720			184,858			255,749
Average starting cash rent psf - leases executed	$	75.74		$	67.41		$	66.27		$	70.32		$	67.81
Previously escalated cash rents psf	$	79.44		$	65.63		$	63.20		$	71.71		$	61.64
Percentage of new cash rent over previously escalated rents		(4.7	)%		2.7	%		4.9	%		(1.9	)%		10.0	%

Leasing commission costs per square foot	$	19.67		$	18.87		$	21.01		$	26.88		$	18.99
Tenant improvement costs per square foot		42.90			65.69			64.98			85.60			88.50
Total LC and TI per square foot(2)	$	62.57		$	84.56		$	85.99		$	112.48		$	107.49
Total LC and TI per square foot per year of weighted average lease term(3)	$	8.94		$	12.14		$	10.92		$	10.80		$	12.84

Occupancy		88.8	%		88.5	%		87.6	%		86.3	%		87.0	%

Manhattan Office Portfolio
Total leases executed		25			31			22			15			19

Office - New Leases
Total square footage executed		130,688			162,655			201,580			96,341			78,305
Average starting cash rent psf - leases executed	$	66.07		$	67.44		$	59.70		$	62.26		$	65.59
Previously escalated cash rents psf	$	63.21		$	64.36		$	55.66		$	59.54		$	59.89
Percentage of new cash rent over previously escalated rents		4.5	%		4.8	%		7.3	%		4.6	%		9.5	%

Office - Renewal Leases(1)
Current Renewals		53,622			43,895			34,084			38,676			157,133
Early Renewals		105,019			54,761			121,612			20,962			7,270
Total square footage executed		158,641			98,656			155,696			59,638			164,403
Average starting cash rent psf - leases executed	$	73.11		$	65.50		$	70.30		$	68.61		$	68.42
Previously escalated cash rents psf	$	72.24		$	67.09		$	68.19		$	64.26		$	61.62
Percentage of new cash rent over previously escalated rents		1.2	%		(2.4	)%		3.1	%		6.8	%		11.0	%

Total Manhattan Office Portfolio
Total square footage executed		289,329			261,311			357,276			155,979			242,708
Average starting cash rent psf - leases executed	$	69.93		$	66.71		$	64.32		$	64.69		$	67.50
Previously escalated cash rents psf	$	68.16		$	65.40		$	61.12		$	61.34		$	61.06
Percentage of new cash rent over previously escalated rents		2.6	%		2.0	%		5.2	%		5.5	%		10.6	%

Leasing commission costs per square foot	$	17.40		$	18.13		$	19.87		$	26.37		$	18.01
Tenant improvement costs per square foot		42.82			68.02			63.31			89.42			90.21
Total LC and TI per square foot(2)	$	60.22		$	86.15		$	83.18		$	115.79		$	108.22
Total LC and TI per square foot per year of weighted average lease term(3)	$	8.67		$	12.49		$	10.59		$	10.56		$	12.90

Occupancy		89.2	%		88.8	%		88.9	%		87.3	%		87.8	%

(Table continued on next page)

Page 11

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

	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Greater New York Metropolitan Area Office Portfolio
Total leases executed		1			1			2			2			2

Total square footage executed		2,089			1,680			9,986			21,427			9,854
Average starting cash rent psf - leases executed	$	95.09		$	50.00		$	53.75			N/A	(4)	$	42.53
Previously escalated cash rents psf	$	92.64		$	52.25		$	59.64			N/A	(4)	$	41.00
Percentage of new cash rent over previously escalated rents		2.6	%		(4.3	)%		(9.9	)%		N/A	(4)		3.7	%

Leasing commission costs per square foot	$	-		$	9.95		$	19.29		$	16.38		$	9.35
Tenant improvement costs per square foot		-			3.50			128.47			80.55			34.49
Total LC and TI per square foot(2)	$	-		$	13.45		$	147.76		$	96.93		$	43.84
Total LC and TI per square foot per year of weighted average lease term(3)	$	-		$	4.04		$	18.59		$	13.35		$	7.92

Occupancy		70.7	%		70.7	%		76.8	%		76.6	%		79.3	%

Retail Portfolio
Total leases executed		5			3			1			3			1

Total square footage executed		12,792			8,990			2,458			7,452			3,187
Average starting cash rent psf - leases executed	$	203.88		$	91.14		$	400.00		$	189.20		$	169.44
Previously escalated cash rents psf	$	332.35		$	75.03		$	378.97		$	288.16		$	169.31
Percentage of new cash rent over previously escalated rents		(38.7	)%		21.5	%		5.5	%		(34.3	)%		0.1	%

Leasing commission costs per square foot	$	74.25		$	41.87		$	193.06		$	67.66		$	123.73
Tenant improvement costs per square foot		51.72			9.45			50.00			20.18			125.00
Total LC and TI per square foot(2)	$	125.97		$	51.32		$	243.06		$	87.84		$	248.73
Total LC and TI per square foot per year of weighted average lease term(3)	$	14.73		$	5.33		$	23.15		$	10.88		$	15.55

Occupancy		91.1	%		92.3	%		89.8	%		90.4	%		90.4	%

Multifamily Portfolio
Percent occupied(5)		96.8	%		97.9	%		97.1	%		98.1	%		97.1	%
Total number of units(5)		732			727			727			727			727

Notes:
(1)	Added in the quarter ended June 30, 2024, for all comparative periods we include "Early Renewals", defined as leases which were signed over two years prior to the lease expiration. Amounts listed as "Total Renewals" in prior periods have been renamed to "Current Renewals" above. Amounts for total leases executed, weighted average lease term, average free rent period, total square footage executed, average starting cash rent psf - leases executed, previously escalated cash rents psf, percentage of new cash rent over previously escalated rents, leasing commission costs per square foot, tenant improvement costs per square foot and total LC and TI per square foot for the quarters ended March 31, 2024, December 31, 2023 and September 30, 2023 have been adjusted to include the impact of the early renewals for those same prior quarters.
(2)	Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.
(3)	Added in the quarter ended June 30, 2024, for all comparative periods and is calculated by dividing the total LC and TI per square foot by the weighted average lease term.
(4)	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.
(5)	Multifamily percent occupied excludes 20 units held offline in connection with an application for the extension of the New York State Real Property Tax Law 421-a Program at one of our multifamily properties. Total number of units disclosed does not have this exclusion.

Page 12

Third 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		2,710,937		91.2	%		94.2	%	$	165,471,743	$	66.96		148
One Grand Central Place	Grand Central		1,231,342		86.3	%		92.0	%		70,122,062		65.97		144
1400 Broadway (7)	Penn Station -Times Sq. South		917,281		88.7	%		96.1	%		49,810,950		61.25		19
111 West 33rd Street (8)	Penn Station -Times Sq. South		639,595		97.7	%		100.0	%		43,217,450		69.19		22
250 West 57th Street	Columbus Circle - West Side		474,790		83.4	%		84.6	%		26,235,190		66.29		30
1359 Broadway	Penn Station -Times Sq. South		456,508		81.6	%		90.7	%		23,264,340		62.49		30
501 Seventh Avenue	Penn Station -Times Sq. South		454,788		90.5	%		90.5	%		22,376,790		54.39		18
1350 Broadway (9)	Penn Station -Times Sq. South		384,225		82.9	%		96.5	%		19,431,860		60.98		50
1333 Broadway	Penn Station -Times Sq. South		296,349		94.4	%		94.4	%		16,337,012		58.38		13
Office - Manhattan			7,565,815		89.2	%		93.6	%		436,267,397		64.63		474

Office - Greater New York Metropolitan Area
Metro Center	Stamford, CT		281,985		70.7	%		73.3	%		11,330,301		56.79		19
Office - Greater New York Metropolitan Area			281,985		70.7	%		73.3	%		11,330,301		56.79		19

Total/Weighted Average Office Properties			7,847,800		88.6	%		92.9	%		447,597,698		64.41		493

Retail Properties
112 West 34th Street (8)	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		25,078,377		269.49		4
The Empire State Building	Penn Station -Times Sq. South		88,445		77.4	%		78.7	%		7,800,847		113.91		11
One Grand Central Place	Grand Central		70,810		100.0	%		100.0	%		7,864,545		111.07		12
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,188,331		152.06		4
North Sixth Street Collection	Williamsburg - Brooklyn		65,210		87.1	%		87.1	%		7,829,266		137.81		14
250 West 57th Street	Columbus Circle - West Side		63,443		93.8	%		93.8	%		8,782,849		147.59		6
10 Union Square	Union Square		58,006		91.9	%		91.9	%		8,326,772		156.22		10
1542 Third Avenue	Upper East Side		56,211		95.0	%		95.0	%		2,511,068		47.03		3
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,424,150		89.56		2
1359 Broadway	Penn Station -Times Sq. South		29,247		82.5	%		99.4	%		1,660,466		68.86		4
501 Seventh Avenue	Penn Station -Times Sq. South		27,213		73.1	%		89.4	%		1,433,160		72.08		6
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		2,083,627		82.07		3
1350 Broadway (9)	Penn Station -Times Sq. South		19,511		44.0	%		100.0	%		2,161,613		251.94		4
1400 Broadway (7)	Penn Station -Times Sq. South		17,017		82.2	%		82.2	%		1,670,565		119.50		6
561 10th Avenue	Hudson Yards		11,822		100.0	%		100.0	%		1,618,301		136.89		2
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,981,708		191.19		1
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		254,444		68.77		1
Total/Weighted Average Retail Properties			744,681		91.1	%		94.0	%		94,670,089		139.54		93

Portfolio Total			8,592,481		88.8	%		93.0	%	$	542,267,787	$	71.09		586

Notes:
(1)	Excludes (i) 195,410 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, (iii) square footage related to the Company's residential units.
(2)	Based on leases signed and commenced as of September 30, 2024.
(3)	Includes occupied space plus leases signed but not commenced as of September 30, 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 September 30, 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).

Page 13

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

	Actual			Forecast (1)			Forecast (1)		Forecast (1)		Forecast (1)			Forecast (1)		Forecast (1)
	Three Months Ended
Total Office and Retail Portfolio (2)	September 30, 2024			December 31, 2024			March 31, 2025		June 30, 2025		September 30, 2025			December 31, 2025		Full Year 2025
Total expirations		118,518			190,672			135,073		105,753		65,034			228,413		534,273
Less: broadcasting		(511	)		(906	)		-		-		(511	)		-		(511	)
Office and retail expirations		118,007			189,766			135,073		105,753		64,523			228,413		533,762

Renewals & relocations (3)		13,202			40,468			24,714		33,376		20,533			34,966		113,589
New leases (4)		29,200			33,520			-		8,187		-			119,226		127,413
Vacates (5)		75,605			107,159			100,674		17,162		12,158			30,080		160,074
Unknown (6)					8,619			9,685		47,028		31,832			44,141		132,686
Total Office and Retail Portfolio expirations and vacates		118,007			189,766			135,073		105,753		64,523			228,413		533,762

Manhattan Office Portfolio
Total expirations		118,105			188,132			120,643		103,813		52,674			215,227		492,357
Less: broadcasting		(511	)		(906	)		-		-		(511	)		-		(511	)
Office expirations		117,594			187,226			120,643		103,813		52,163			215,227		491,846

Renewals & relocations (3)		13,202			40,468			24,714		33,376		13,252			30,988		102,330
New leases (4)		29,200			33,520			-		8,187		-			119,226		127,413
Vacates (5)		75,192			107,159			86,244		15,222		12,158			30,080		143,704
Unknown (6)					6,079			9,685		47,028		26,753			34,933		118,399
Total expirations and vacates		117,594			187,226			120,643		103,813		52,163			215,227		491,846

Greater New York Metropolitan Area Office Portfolio
Office expirations		-			2,540			-		-		12,360			8,855		21,215

Renewals & relocations (3)		-			-			-		-		7,281			-		7,281
New leases (4)		-			-			-		-		-			-		-
Vacates (5)		-			-			-		-		-			-		-
Unknown (6)		-			2,540			-		-		5,079			8,855		13,934
Total expirations and vacates		-			2,540			-		-		12,360			8,855		21,215

Retail Portfolio
Retail expirations		413			-			14,430		1,940		-			4,331		20,701

Renewals & relocations (3)		-			-			-		-		-			3,978		3,978
New leases (4)		-			-			-		-		-			-		-
Vacates (5)		413			-			14,430		1,940		-			-		16,370
Unknown (6)		-			-			-		-		-			353		353
Total expirations and vacates		413			-			14,430		1,940		-			4,331		20,701

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

Third Quarter 2024
Tenant Lease Expirations
(unaudited)

	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
Total Office and Retail Lease Expirations
Available		-		602,434		7.0	%	$	-		0.0	%	$	-
Signed leases not commenced		29		362,299		4.2	%		-		0.0	%		-
3Q 2024 (4)		7		56,456		0.7	%		2,966,717		0.5	%		52.55
4Q 2024		33		164,276		1.9	%		9,874,704		1.8	%		60.11
Total 2024		40		220,732		2.6	%		12,841,421		2.3	%		58.18
1Q 2025		24		135,073		1.6	%		9,554,090		1.8	%		70.73
2Q 2025		14		105,753		1.2	%		7,267,400		1.3	%		68.72
3Q 2025		16		65,034		0.8	%		4,161,934		0.8	%		64.00
4Q 2025		20		228,413		2.7	%		16,009,304		3.0	%		70.09
Total 2025		74		534,273		6.3	%		36,992,728		6.9	%		69.24
2026		71		593,188		6.9	%		37,046,082		6.8	%		62.45
2027		91		717,483		8.4	%		48,746,313		9.0	%		67.94
2028		61		942,831		11.0	%		56,632,374		10.4	%		60.07
2029		56		802,764		9.3	%		67,510,943		12.4	%		84.10
2030		48		740,558		8.6	%		55,029,055		10.1	%		74.31
2031		26		200,060		2.3	%		22,066,222		4.1	%		110.30
2032		28		360,963		4.2	%		27,165,486		5.0	%		75.26
2033		31		263,973		3.1	%		20,095,522		3.7	%		76.13
2034		22		331,909		3.9	%		24,813,958		4.6	%		74.76
Thereafter		38		1,919,014		22.2	%		133,327,684		24.7	%		69.48
Total		615		8,592,481		100.0	%	$	542,267,787		100.0	%	$	71.09

Manhattan Office Properties (5)
Available		-		482,323		6.4	%	$	-		0.0	%	$	-
Signed leases not commenced		22		333,670		4.4	%		-		0.0	%
3Q 2024 (4)		7		56,456		0.7	%		2,966,717		0.7	%		52.55
4Q 2024		32		161,736		2.1	%		9,811,204		2.2	%		60.66
Total 2024		39		218,192		2.8	%		12,777,921		2.9	%		58.56
1Q 2025		23		120,643		1.6	%		8,659,430		2.0	%		71.78
2Q 2025		13		103,813		1.4	%		7,019,926		1.6	%		67.62
3Q 2025		14		52,674		0.7	%		3,452,299		0.8	%		65.54
4Q 2025		16		215,227		2.8	%		14,211,537		3.3	%		66.03
Total 2025		66		492,357		6.5	%		33,343,192		7.7	%		67.72
2026		61		492,761		6.5	%		30,786,647		7.1	%		62.48
2027		80		634,131		8.4	%		39,157,155		9.0	%		61.75
2028		54		921,547		12.2	%		54,151,823		12.4	%		58.76
2029		42		655,738		8.7	%		42,022,420		9.6	%		64.08
2030		33		634,354		8.4	%		41,539,685		9.5	%		65.48
2031		16		116,840		1.5	%		8,453,113		1.9	%		72.35
2032		22		329,676		4.4	%		24,335,406		5.6	%		73.82
2033		16		156,280		2.1	%		9,850,320		2.3	%		63.03
2034		16		307,701		4.1	%		21,414,688		4.9	%		69.60
Thereafter		29		1,790,245		23.6	%		118,435,027		27.1	%		66.16
Total Manhattan office properties		496		7,565,815		100.0	%	$	436,267,397		100.0	%	$	64.63

(Table continued on next page)

Page 15

Third Quarter 2024
Tenant Lease Expirations
(unaudited)

	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
Greater New York Metropolitan Area Office Portfolio
Available		-		75,351		26.7	%	$	-		0.0	%	$	-
Signed leases not commenced		1		7,137		2.5	%		-		0.0	%		-
3Q 2024 (4)		-		-		0.0	%		-		0.0	%		-
4Q 2024		1		2,540		0.9	%		63,500		0.6	%		25.00
Total 2024		1		2,540		0.9	%		63,500		0.6	%		25.00
1Q 2025		-		-		0.0	%		-		0.0	%		-
2Q 2025		-		-		0.0	%		-		0.0	%		-
3Q 2025		2		12,360		4.4	%		709,635		6.3	%		57.41
4Q 2025		1		8,855		3.1	%		500,505		4.4	%		56.52
Total 2025		3		21,215		7.5	%		1,210,140		10.7	%		57.04
2026		1		23,268		8.3	%		1,418,307		12.5	%		60.96
2027		4		21,546		7.6	%		1,214,780		10.7	%		56.38
2028		2		11,480		4.1	%		639,158		5.6	%		55.68
2029		2		12,183		4.3	%		703,884		6.2	%		57.78
2030		3		29,062		10.3	%		1,773,632		15.7	%		61.03
2031		1		15,030		5.3	%		820,187		7.2	%		54.57
2032(6)		1		-		0.0	%		6,365		0.1	%		-
2033		1		63,173		22.5	%		3,480,348		30.7	%		55.09
2034		-		-		0.0	%		-		0.0	%		-
Thereafter		-		-		0.0	%		-		0.0	%		-
Total greater New York metropolitan area office portfolio		20		281,985		100.0	%	$	11,330,301		100.0	%	$	56.79

Retail Properties
Available		-		44,760		6.0	%	$	-		0.0	%	$	-
Signed leases not commenced		6		21,492		2.9	%		-		0.0	%		-
3Q 2024 (4)		-		-		0.0	%		-		0.0	%		-
4Q 2024		-		-		0.0	%		-		0.0	%		-
Total 2024		-		-		0.0	%		-		0.0	%		-
1Q 2025		1		14,430		1.9	%		894,660		0.9	%		62.00
2Q 2025		1		1,940		0.3	%		247,474		0.3	%		127.56
3Q 2025		-		-		0.0	%		-		0.0	%		-
4Q 2025		3		4,331		0.6	%		1,297,262		1.4	%		299.53
Total 2025		5		20,701		2.8	%		2,439,396		2.6	%		117.84
2026		9		77,159		10.4	%		4,841,128		5.1	%		62.74
2027		7		61,806		8.3	%		8,374,378		8.8	%		135.49
2028		5		9,804		1.3	%		1,841,393		1.9	%		187.82
2029		12		134,843		18.1	%		24,784,639		26.2	%		183.80
2030		12		77,142		10.4	%		11,715,738		12.4	%		151.87
2031		9		68,190		9.2	%		12,792,922		13.5	%		187.61
2032		5		31,287		4.2	%		2,823,715		3.0	%		90.25
2033		14		44,520		6.0	%		6,764,855		7.1	%		151.95
2034		6		24,208		3.3	%		3,399,270		3.6	%		140.42
Thereafter		9		128,769		17.1	%		14,892,655		15.8	%		115.65
Total retail properties		99		744,681		100.0	%	$	94,670,089		100.0	%	$	139.54

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) 195,410 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 September 30, 2024 and expire on September 30, 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

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

				Weighted			Percent of
				Average	Total		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	11.9 years		501,409		5.84	%	$	35,423,019		6.50	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	14.9 years		313,109		3.64	%		19,132,313		3.50	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	4.1 years		252,929		2.94	%		14,006,589		2.60	%
4.	PVH Corp.	501 Seventh Avenue	Oct. 2028	4.1 years		237,281		2.76	%		13,325,962		2.50	%
5.	Sephora USA, Inc.	112 West 34th Street	Jan. 2029	4.3 years		11,334		0.13	%		10,559,438		1.90	%
6.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2039	15.3 years		141,224		1.64	%		10,299,156		1.90	%
7.	Target Corporation	112 West 34th St., 10 Union Sq.	Jan. 2038	13.3 years		81,340		0.95	%		9,444,745		1.70	%
8.	Coty Inc.	Empire State Building	Jan. 2030	5.3 years		157,892		1.84	%		9,174,254		1.70	%
9.	Macy's	111 West 33rd Street	May 2030	5.7 years		131,117		1.53	%		8,803,204		1.60	%
10.	Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	3.8 years		149,061		1.73	%		8,245,864		1.50	%
11.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	5.0 years		56,730		0.66	%		8,180,619		1.50	%
12.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	7.0 years		34,192		0.40	%		7,823,823		1.40	%
13.	FDIC	Empire State Building	Dec. 2025	1.3 years		119,226		1.39	%		7,638,979		1.40	%
14.	HNTB Corporation	Empire State Building	Nov. 2024 - Sep. 2034	7.5 years		105,143		1.22	%		7,541,913		1.40	%
15.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	5.2 years		86,492		1.01	%		6,519,359		1.20	%
16.	Fragomen	1400 Broadway	Feb. 2035	10.4 years		107,680		1.25	%		6,383,091		1.20	%
17.	Burlington Merchandising Corporation	1400 Broadway	Jan. 2038	13.3 years		102,898		1.20	%		6,319,067		1.20	%
18.	Shutterstock, Inc.	Empire State Building	Apr. 2029	4.6 years		104,386		1.22	%		6,223,370		1.10	%
19.	ASCAP	250 West 57th Street	Aug. 2034	9.9 years		87,943		1.02	%		5,997,648		1.10	%
20.	Kohl's Department Stores, Inc.	1400 Broadway	May 2029	4.7 years		91,775		1.07	%		4,875,289		0.90	%
	Total					2,873,161		33.4	%	$	205,917,702		37.8	%

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 September 30, 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

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

	Three Months Ended
Capital expenditures	September 30 2024		June 30 2024		March 31 2024		December 31, 2023		September 30, 2023
Tenant improvements - first generation	$	-	$	-	$	-	$	-	$	-
Tenant improvements - second generation		17,149		25,087		27,404		28,817		18,047
Leasing commissions - first generation		138		129		35		125		203
Leasing commissions - second generation		3,753		3,807		9,730		5,706		2,319
Building improvements - first generation		128		-		-		-		-
Building improvements - second generation		7,838		11,362		13,509		12,102		7,425
Non-recurring capital improvements		2,825		5,979		6,464		4,420		5,226
Total	$	31,831	$	46,364	$	57,142	$	51,170	$	33,220

Leasing Opportunity - Inventory of Current Vacant Space as of September 30, 2024 (in square feet) (1)

Total Portfolio vacant space										965,000

Signed leases not commenced ("SLNC"):
Manhattan Office Properties SLNC										334,000
Greater New York Office Properties SLNC										7,000
Retail Properties SLNC										22,000
Greater New York Office Properties										75,000
Retail Properties										45,000
Manhattan Office Properties										401,000
Manhattan Office Properties off market										42,000
Manhattan Office Properties other										39,000
Total										965,000

Notes:

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

Page 18

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

			Three Months Ended
	Twelve Months to Date		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Observatory NOI
Observatory revenue (1)	$	134,319	$	39,382		$	34,124		$	24,596		$	36,217		$	37,562
Observatory expenses		36,386		9,715			8,958			8,431			9,282			9,471
NOI		97,933		29,667			25,166			16,165			26,935			28,091
Intercompany rent expense (2)		82,053		23,461			20,980			16,067			21,545			22,113
NOI after intercompany rent	$	15,880	$	6,206		$	4,186		$	98		$	5,390		$	5,978

Observatory Metrics
Number of visitors (3)				727,000			648,000			485,000			711,000			743,000
Change in visitors year over year				(2.2	)%		(2.7	)%		9.5	%		7.7	%		8.2	%
Number of bad weather days ("BWD") (4)				8			8			17			11			10

Notes:

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

Third 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
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income	$	22,796		$	28,555		$	10,215		$	15,830		$	19,928
Non-controlling interests in other partnerships		-			-			(4	)		1			(111	)
Preferred unit distributions		(1,050	)		(1,051	)		(1,050	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		44,871			46,398			44,857			48,548			45,174
(Gain) loss on dispostion of properties		(1,262	)		(10,803	)		-			2,497			-
FFO attributable to common stockholders and the Operating Partnership		65,355			63,099			54,018			65,826			63,941
Amortization of below-market ground lease		1,958			1,958			1,958			1,958			1,957
Modified FFO attributable to common stockholders and the Operating Partnership		67,313			65,057			55,976			67,784			65,898
Interest expense associated with property in receivership		1,922			628			-			-			-
Loss on early extinguishment of debt		-			-			553			-			-
Core FFO attributable to common stockholders and the Operating Partnership	$	69,235		$	65,685		$	56,529		$	67,784		$	65,898

Total weighted average shares and Operating Partnership units
Basic		264,787			264,676			264,562			262,775			262,756
Diluted		269,613			268,716			267,494			267,003			266,073

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.25		$	0.24		$	0.20		$	0.25		$	0.24
Diluted	$	0.24		$	0.23		$	0.20		$	0.25		$	0.24

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.25		$	0.25		$	0.21		$	0.26		$	0.25
Diluted	$	0.25		$	0.24		$	0.21		$	0.25		$	0.25

Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.26		$	0.25		$	0.21		$	0.26		$	0.25
Diluted	$	0.26		$	0.24		$	0.21		$	0.25		$	0.25

Reconciliation of Core FFO to Core FAD
Core FFO	$	69,235		$	65,685		$	56,529		$	67,784		$	65,898
Add:
Amortization of deferred financing costs		1,110			1,050			1,019			1,075			1,089
Non-real estate depreciation and amortization		1,029			1,074			1,107			1,077			1,298
Amortization of non-cash compensation expense		5,752			6,388			3,449			5,294			4,989
Amortization of loss on interest rate derivative		1,386			1,480			1,527			1,527			1,527
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(3,082	)		(2,744	)		(3,904	)		(3,013	)		(5,569	)
Corporate capital expenditures		(121	)		(157	)		(238	)		(71	)		(90	)
Tenant improvements - second generation		(17,149	)		(25,087	)		(27,404	)		(28,817	)		(18,047	)
Building improvements - second generation		(7,838	)		(11,362	)		(13,509	)		(12,102	)		(7,425	)
Leasing commissions - second generation		(3,753	)		(3,807	)		(9,730	)		(5,706	)		(2,319	)
Core FAD (1)	$	46,569		$	32,521		$	8,846		$	27,047		$	41,351

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	22,796		$	28,555		$	10,215		$	15,830		$	19,928
Interest expense		27,408			25,323			25,128			25,393			25,382
Interest expense associated with property in receivership		1,922			628			-			-			-
Income tax expense (benefit)		1,442			750			(655	)		1,792			1,409
Depreciation and amortization		45,899			47,473			46,081			49,599			46,624
EBITDA		99,467			102,729			80,769			92,614			93,343
(Gain) loss on disposition of properties		(1,262	)		(10,803	)		-			2,497			-
Adjusted EBITDA	$	98,205		$	91,926		$	80,769		$	95,111		$	93,343

(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 for the three months ended September 30, 2023.

Page 20

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

	September 30, 2024								June 30, 2024
				Weighted Average								Weighted Average
				Interest			Maturity					Interest			Maturity
Debt Summary	Balance			Rate (1)			(Years)		Balance			Rate (1)			(Years)
Mortgage debt	$	705,624			3.64	%		6.1	$	713,177			3.64	%		5.8
Senior unsecured notes		1,200,000			4.69	%		5.5		1,200,000			4.69	%		5.8
Unsecured term loan facilities (2)		270,000			4.19	%		3.0		270,000			4.19	%		3.3
Unsecured revolving credit facility (3)		120,000			4.04	%		4.4		120,000			4.04	%		4.7
Total fixed rate debt		2,295,624			4.27	%		5.3		2,303,177			4.27	%		5.4

Unsecured term loan facilities (4)		-			-			-		-			-			-
Unsecured revolving credit facility (4)		-			-			4.4		-			-			4.7
Total variable rate debt		-			-			4.4		-			-			4.7

Total debt		2,295,624			4.27	%		5.3		2,303,177			4.27	%		5.4
Deferred financing costs, net		(10,691	)							(10,844	)
Debt discount		(6,378	)							(6,574	)
Total	$	2,278,555							$	2,285,759

										Outstanding at
										September 30,			Letters			Available
Available Capacity								Facility		2024			of Credit			Capacity
Unsecured revolving credit facility (5)							$	620,000	$	120,000		$	-		$	500,000

													Current			In
Covenant Summary										Required			Quarter			Compliance
Maximum Total Leverage(6)										<60	%		33.2	%		Yes
Maximum Secured Leverage (6)										<40	%		10.7	%		Yes
Minimum Fixed Charge Coverage										>1.50	x		2.9	x		Yes
Minimum Unencumbered Interest Coverage										>1.75	x		4.7	x		Yes
Maximum Unsecured Leverage (6)										<60	%		26.4	%		Yes

Notes:

(1)	These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.
(2)	SOFR is fixed at 2.56% for $175 million through maturity and 2.63% for $95 million through March 19, 2025. Subsequent to March 19, 2025, SOFR is fixed at 3.31% for $95 million through maturity.
(3)	SOFR is fixed at 2.63% for $120 million through maturity.
(4)	As of September 30, 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.
(5)	This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.
(6)	Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.

Page 21

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

	Stated
	Interest			Principal			Maturity
	Rate (%)			Balance			Date	Amortization
10 Union Square		3.70	%	$	50,000		4/1/2026	Interest only
1542 Third Avenue		4.29	%		30,000		5/1/2027	Interest only
1010 Third Avenue & 77 West 55th St.		4.01	%		34,278		1/5/2028	30 years
Metro Center(1)		3.59	%		72,078		11/5/2029	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	%		6,676		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	%		14,492		11/1/2033	30 years
Total fixed rate mortgage debt					705,624

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
Series I		7.20	%		155,000		6/17/2029	Interest only
Series J		7.32	%		45,000		6/17/2031	Interest only
Series K		7.41	%		25,000		6/17/2034	Interest only
Total / weighted average debt		4.27	%		2,295,624
Deferred financing costs, net					(10,691	)
Debt discount					(6,378	)
Total				$	2,278,555

Note:

(1)	On July 1, 2024, this loan was refinanced to mature November 2029, inclusive of a one-year extension option. Effective November 2024, the new principal balance of $72 million is interest only at the same interest rate of 3.59%.

Page 22

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

Year	Maturities (1)		Amortization		Total			Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2024	$	-	$	1,350	$	1,350			0.1	%		0.00	%
2025		100,000		3,664		103,664			4.5	%		3.93	%
2026		225,000		3,957		228,957			10.0	%		4.06	%
2027		155,000		4,276		159,276			6.9	%		4.13	%
2028		146,091		3,555		149,646			6.5	%		4.06	%
2029		441,600		3,988		445,588			19.4	%		5.12	%
2030		508,600		4,413		513,013			22.3	%		3.67	%
2031		45,000		3,283		48,283			2.1	%		7.32	%
2032		100,000		3,591		103,591			4.5	%		3.61	%
2033		439,007		3,249		442,256			19.3	%		4.20	%
Thereafter		100,000		-		100,000			4.4	%		4.65	%
Total debt	$	2,260,298	$	35,326		2,295,624			100.0	%		4.27	%
Deferred financing costs, net						(10,691	)
Debt discount						(6,378	)
Total					$	2,278,555

Debt Maturity Profile

Ground Lease Commitments (2)

Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2024	$	27	$	169	$	184	$	380
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
	$	1,956	$	26,494	$	38,710	$	67,160

Notes:

(1)	Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(2)	There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.
(3)	Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 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	2024-10-21
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