エンパイアステートリアルティOPの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): April 29, 2025

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-36105	37-1645259
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-36106

45-4685158

(State or other Jurisdiction

of Incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

111 West 33rd Street, 12th Floor

New York, New York

10120

(Address of Principal Executive Offices)

(Zip Code)

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

n/a

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

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

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

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

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share

ESRT

The New York Stock Exchange

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

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

Emerging growth company ☐

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

Item 2.02.

Results of Operations and Financial Condition.

On April 29, 2025, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first quarter 2025. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

Item 7.01.

Regulation FD Disclosure

First Quarter 2025 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the first quarter 2025 and made available on its website certain supplemental information relating thereto.

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

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release announcing financial results for the first quarter 2025
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

We compute Funds From Operations (“FFO”) in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Modified Funds From Operations (“Modified FFO”) adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.

Core Funds From Operations

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

Core Funds Available for Distribution

In addition to Core FFO, we present Core Funds Available for Distribution (“Core FAD”) by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.

Net Operating Income and Property Cash NOI 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.

Net Operating Income (“NOI”) is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

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 March 31, 2025, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024 and October 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

EBITDA and Adjusted EBITDA

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

Net Debt to Adjusted EBITDA

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

SIGNATURE

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

	EMPIRE STATE REALTY TRUST, INC. (Registrant)

Date: April 29, 2025	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

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

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

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

Date: April 29, 2025	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EX-99.1 2 tm2513429d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES FIRST QUARTER 2025 RESULTS

– Net Income Per Fully Diluted Share of $0.05 –

– Core FFO Per Fully Diluted Share of $0.19 –

– Signed 231,000 Rentable Square Feet of Leases –

– $0.8B of Liquidity, No Floating Rate Debt Exposure –

– 2025 Outlook Unchanged –

New York, New York, April 29, 2025 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory 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 a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the first quarter 2025. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

Net Income of $0.05 per share.

Core Funds From Operations (“Core FFO”) of $0.19 per share, compared to $0.21 per share in the first quarter 2024.

Same-Store Property Cash Net Operating Income (“NOI”), which excludes lease termination fees, decreased 1.9% year-over-year. The first quarter change was primarily attributed to increases in operating expenses and real estate taxes and a decrease from the $1.5 million non-recurring revenue items recognized in the first quarter of 2024. These reductions in NOI were partially offset by higher cash rental revenue and tenant reimbursement income. Adjusted for non-recurring items, first quarter Same-Store Property Cash NOI increased +0.4%.

Signed approximately 229 thousand rentable square feet of office leases. In our Manhattan office portfolio, blended leasing spreads were +10.4%, the 15th consecutive quarter of positive leasing spreads.

The Manhattan office portfolio is 93.0% leased and the total commercial portfolio is 92.5% leased as of March 31, 2025. The Manhattan office portfolio is 88.1% occupied and the total commercial portfolio is 87.9% occupied as of March 31, 2025. The Company’s leased percentage and occupancy guidance for the year remains unchanged. Consistent with the Company’s comments in its last earnings call, net absorption contracted sequentially in the first quarter and the Company expects occupancy and leased percentage to increase by year-end.

Empire State Building Observatory generated NOI of $15.0 million.

Property Operations

As of March 31, 2025, the Company’s property portfolio contained 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units, which were occupied and leased as shown below.

	March 31, 20251			December 31, 20241			March 31, 2024
Percent occupied:
Total commercial portfolio		87.9	%		88.6	%		87.9	%
Total office		87.5	%		88.4	%		87.7	%
Manhattan office		88.1	%		89.0	%		89.3	%
Total retail		91.2	%		90.4	%		89.8	%

Percent leased (includes signed leases not commenced):
Total commercial portfolio		92.5	%		93.5	%		91.4	%
Total office		92.3	%		93.5	%		91.5	%
Manhattan office		93.0	%		94.2	%		93.2	%
Total retail		94.1	%		94.1	%		91.0	%
Total multifamily portfolio		99.0	%		98.5	%		97.1	%

1 All occupancy and leased percentages exclude broadcasting and storage space. March 31, 2025 and December 31, 2024 exclude First Stamford Place.

Leasing

The tables that follow summarize leasing activity for the first quarter of 2025. During this period, the Company signed 20 leases that totaled 230,548 square feet with an average lease duration of 8.4 years.

Total Portfolio

Total Portfolio	Leases executed		Square footage executed		Average cash rent psf – leases executed		% of new cash rent over / under previously escalated rents
Office		19		229,367		66.43		9.6	%
Retail		1		1,181		193.00		5.0	%
Total Overall		20		230,548		67.08		9.5	%

Manhattan Office Portfolio

Manhattan Office Portfolio	Leases executed		Square footage executed		Average cash rent psf – leases executed		% of new cash rent over / under previously escalated rents
New Office		7		43,184		69.13		3.5	%
Renewal Office		11		177,328		66.62		12.3	%
Total Office		18		220,512		67.11		10.4	%

Leasing Activity Highlights

An 11-year 77,382 square foot renewal lease with Gerson Lehrman Group, Inc. at One Grand Central Place.

A 10-year 39,069 square foot renewal and expansion lease with Workday, Inc. at the Empire State Building.

An 8-year 33,392 square foot renewal and expansion lease with Carolina Herrera at 501 7th Avenue.

Balance Sheet

The Company had $0.8 billion of total liquidity as of March 31, 2025, which was comprised of $188 million of cash, plus $620 million available under its revolving credit facility. During the quarter, the $100 million 3.93% Series A unsecured notes and the $120 million balance on the revolving credit facility were repaid. At March 31, 2025, the Company had total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.30%. At March 31, 2025, the Company’s ratio of net debt to adjusted EBITDA was 5.2x.

Share Repurchases

Subsequent to the end of the first quarter and through April 28, 2025, the Company repurchased $2.1 million of common stock at a weighted average price of $6.92 per share. The stock repurchase program began in March 2020 and through April 28, 2025, approximately $296 million has been repurchased at a weighted average price of $8.17 per share.

Dividend

On March 31, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first quarter of 2025 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On March 31, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the first quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2025 Earnings Outlook

The Company provides 2025 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.

Key Assumptions	2025 Guidance	2024 Actual Results	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.86 to $0.89	$0.95 ($0.91 ex non- recurring items)	• 2024 FFO included approximately $0.04 of one-time items and lease termination income • 2025 includes ~$0.05 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end	89% to 91%	88.6%
SS Property Cash NOI (excluding lease termination fees)	-2.0% to +1.5%	5.2%	• Assumes positive revenue y/y growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes • 2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items
Observatory Drivers
Observatory NOI	$97M to $102M	$99.5M	• Reflects average quarterly expenses of ~$9 to 10M

	Low		High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$	0.26	$	0.29
Add:
Impairment Charge		0.00		0.00
Real Estate Depreciation & Amortization		0.64		0.64
Less:
Private Perpetual Distributions		0.02		0.02
Gain on Disposal of Real Estate, net		0.05		0.05
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.83	$	0.86
Add:
Amortization of Below Market Ground Lease		0.03		0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.86	$	0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including 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 Wednesday, April 30, 2025 at 12:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of ESRT’s website. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until May 7, 2025, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13750574.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory 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 a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2025, ESRT’s portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 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, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the SEC.

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

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended March 31,
	2025			2024
Revenues
Rental revenue	$	154,542		$	153,882
Observatory revenue		23,161			24,596
Lease termination fees		—			—
Third-party management and other fees		431			265
Other revenue and fees		1,932			2,436
Total revenues		180,066			181,179
Operating expenses
Property operating expenses		45,060			45,060
Ground rent expenses		2,331			2,331
General and administrative expenses		16,940			15,972
Observatory expenses		8,118			8,431
Real estate taxes		33,050			32,241
Depreciation and amortization		48,779			46,081
Total operating expenses		154,278			150,116
Total operating income		25,778			31,063
Other income (expense):
Interest income		3,786			4,178
Interest expense		(26,938	)		(25,128	)
Interest expense associated with property in receivership		(647	)		—
Loss on early extinguishment of debt		—			(553	)
Gain on disposition of property		13,170			—
Income before income taxes		15,159			9,560
Income tax benefit		619			655
Net income		15,778			10,215
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(5,508	)		(3,500	)
Non-controlling interests in other partnerships		—			(4	)
Preferred unit distributions		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	9,220		$	5,661
Total weighted average shares
Basic		167,181			163,491
Diluted		269,529			267,494
Earnings per share attributable to common stockholders
Basic	$	0.06		$	0.03
Diluted	$	0.05		$	0.03

Empire State Realty Trust, Inc.

Reconciliation of Net Income to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

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

	Three Months Ended March 31,
	2025			2024
Net income	$	15,778		$	10,215
Non-controlling interests in other partnerships		—			(4	)
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		47,871			44,857
Gain on disposition of property		(13,170	)		—
FFO attributable to common stockholders and Operating Partnership units		49,429			54,018

Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and Operating Partnership units		51,387			55,976

Interest expense associated with property in receivership		647			—
Loss on early extinguishment of debt		—			553
Core FFO attributable to common stockholders and Operating Partnership units	$	52,034		$	56,529

Total weighted average shares and Operating Partnership units
Basic		267,073			264,562
Diluted		269,529			267,494

FFO per share
Basic	$	0.19		$	0.20
Diluted	$	0.18		$	0.20

Modified FFO per share
Basic	$	0.19		$	0.21
Diluted	$	0.19		$	0.21

Core FFO per share
Basic	$	0.19		$	0.21
Diluted	$	0.19		$	0.21

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	March 31, 2025			December 31, 2024
Assets
Commercial real estate properties, at cost	$	3,825,422		$	3,786,653
Less: accumulated depreciation		(1,306,924	)		(1,274,193	)
Commercial real estate properties, net		2,518,498			2,512,460
Contract asset2		—			170,419
Cash and cash equivalents		187,823			385,465
Restricted cash		49,589			43,837
Tenant and other receivables		29,071			31,427
Deferred rent receivables		252,299			247,754
Prepaid expenses and other assets		64,233			101,852
Deferred costs, net		181,802			183,987
Acquired below market ground leases, net		311,452			313,410
Right of use assets		28,134			28,197
Goodwill		491,479			491,479
Total assets	$	4,114,380		$	4,510,287

Liabilities and equity
Mortgage notes payable, net	$	691,816		$	692,176
Senior unsecured notes, net		1,097,212			1,197,061
Unsecured term loan facility, net		268,807			268,731
Unsecured revolving credit facility		—			120,000
Debt associated with property in receivership		—			177,667
Accrued interest associated with property in receivership		—			5,433
Accounts payable and accrued expenses		135,298			132,016
Acquired below market leases, net		18,306			19,497
Ground lease liabilities		28,134			28,197
Deferred revenue and other liabilities		61,888			62,639
Tenants’ security deposits		27,044			24,908
Total liabilities		2,328,505			2,728,325
Total equity		1,785,875			1,781,962
Total liabilities and equity	$	4,114,380		$	4,510,287

2 This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place.

EX-99.2 3 tm2513429d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

First Quarter 2025

Table of Contents	Page
Summary
Supplemental Definitions	4
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.

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company’s future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

While forward-looking statements reflect the Company’s good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this 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

First Quarter 2025
Supplemental Definitions

Funds From Operations

Modified Funds From Operations

Core Funds From Operations

Core Funds Available for Distribution

Net Operating Income 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 March 31, 2025, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024 and October 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

Page 3

First Quarter 2025
Supplemental Definitions

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

First Quarter 2025

COMPANY PROFILE

BOARD OF DIRECTORS

Anthony E. Malkin	Chairman and Chief Executive Officer
Thomas J. DeRosa	Director, Chair of the Compensation 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	Seth Bergey	(212) 816-2066	seth.bergey@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949) 640-8780	dburzinski@greenstreetadvisors.com
KeyBanc Capital Markets	Todd Thomas	(917) 368-2286	tthomas@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646) 582-9251	arosivach@wolferesearch.com

Page 5

First Quarter 2025
Condensed Consolidated Balance Sheets 
(unaudited and dollars in thousands)

Assets	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Commercial real estate properties, at cost	$	3,825,422		$	3,786,653		$	3,667,687		$	3,503,302		$	3,702,317
Less: accumulated depreciation		(1,306,924	)		(1,274,193	)		(1,241,454	)		(1,206,039	)		(1,288,519	)
Commercial real estate properties, net		2,518,498			2,512,460			2,426,233			2,297,263			2,413,798
Contract asset(1)		-			170,419			168,687			166,955			-
Cash and cash equivalents		187,823			385,465			421,896			535,533			333,573
Restricted cash		49,589			43,837			48,023			41,015			51,738
Tenant and other receivables		29,071			31,427			34,068			34,665			40,137
Deferred rent receivables		252,299			247,754			244,448			242,940			257,266
Prepaid expenses and other assets		64,233			101,852			81,758			105,438			74,472
Deferred costs, net		181,802			183,987			176,720			172,318			180,462
Acquired below-market ground leases, net		311,452			313,410			315,368			317,326			319,284
Right of use assets		28,134			28,197			28,257			28,318			28,378
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,114,380		$	4,510,287		$	4,436,937		$	4,433,250		$	4,190,587


Liabilities and Equity
Mortgage notes payable, net	$	691,816		$	692,176		$	692,989		$	700,348		$	876,497
Senior unsecured notes, net		1,097,212			1,197,061			1,196,911			1,196,831			973,926
Unsecured term loan facility, net		268,807			268,731			268,655			268,580			268,503
Unsecured revolving credit facility		-			120,000			120,000			120,000			120,000
Debt associated with property in receivership		-			177,667			177,667			177,667			-
Accrued interest associated with property in receivership		-			5,433			3,511			1,589			-
Accounts payable and accrued expenses		135,298			132,016			81,443			90,908			91,005
Acquired below-market leases, net		18,306			19,497			14,702			11,872			12,798
Ground lease liabilities		28,134			28,197			28,257			28,318			28,378
Deferred revenue and other liabilities		61,888			62,639			70,766			61,890			69,289
Tenants’ security deposits		27,044			24,908			24,715			24,031			25,457
Total liabilities		2,328,505			2,728,325			2,679,616			2,682,034			2,465,853
Total equity		1,785,875			1,781,962			1,757,321			1,751,216			1,724,734
Total liabilities and equity	$	4,114,380		$	4,510,287		$	4,436,937		$	4,433,250		$	4,190,587

Note:

(1)	This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place.

Page 6

First Quarter 2025
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Revenues
Rental revenue (1)	$	154,542		$	155,127		$	153,117		$	152,470		$	153,882
Observatory revenue		23,161			38,275			39,382			34,124			24,596
Lease termination fees		-			-			4,771			-			-
Third-party management and other fees		431			258			271			376			265
Other revenue and fees		1,932			3,942			2,058			2,573			2,436
Total revenues		180,066			197,602			199,599			189,543			181,179

Operating expenses
Property operating expenses		45,060			46,645			45,954			41,516			45,060
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		16,940			17,870			18,372			18,020			15,972
Observatory expenses		8,118			9,730			9,715			8,958			8,431
Real estate taxes		33,050			32,720			31,982			31,883			32,241
Depreciation and amortization		48,779			45,365			45,899			47,473			46,081
Total operating expenses		154,278			154,662			154,253			150,182			150,116
Total operating income		25,788			42,940			45,346			39,361			31,063

Other income (expense)
Interest income		3,786			5,068			6,960			5,092			4,178
Interest expense		(26,938	)		(27,380	)		(27,408	)		(25,323	)		(25,128	)
Interest expense associated with property in receivership		(647	)		(1,921	)		(1,922	)		(628	)		-
Loss on early extinguishment of debt		-			-			-			-			(553	)
Gain on disposition of property		13,170			1,237			1,262			10,803			-
Income before income taxes		15,159			19,944			24,238			29,305			9,560
Income tax (expense) benefit		619			(1,151	)		(1,442	)		(750	)		655
Net income		15,778			18,793			22,796			28,555			10,215
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(5,508	)		(6,575	)		(8,205	)		(10,433	)		(3,500	)
Non-controlling interests in other partnerships		-			-			-			-			(4	)
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Net income attributable to common stockholders	$	9,220		$	11,168		$	13,541		$	17,071		$	5,661

Weighted average common shares outstanding
Basic		167,181			166,671			164,880			164,277			163,491
Diluted		269,529			270,251			269,613			268,716			267,494

Earnings per share attributable to common stockholders
Basic	$	0.06		$	0.07		$	0.08		$	0.10		$	0.03
Diluted	$	0.05		$	0.07		$	0.08		$	0.10		$	0.03
Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035

Note:

(1)	The following table reflects the components of rental revenue:

	Three Months Ended
Rental Revenue	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Base rent	$	136,096	$	135,629	$	132,492	$	136,328	$	136,557
Billed tenant expense reimbursement		18,446		19,498		20,625		16,142		17,325
Total rental revenue	$	154,542	$	155,127	$	153,117	$	152,470	$	153,882

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.

Page 7

First Quarter 2025
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Office and Retail Metrics:
Total rentable square footage		8,617,292			8,616,284			8,592,481			8,549,496			9,332,569
Percent occupied (1)		87.9	%		88.6	%		89.1	%		88.9	%		87.9	%
Percent leased (2)		92.5	%		93.5	%		93.4	%		93.1	%		91.4	%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio	$	61,548		$	64,110		$	65,069		$	67,165		$	63,911
Greater New York office portfolio		1,584			1,769			1,651			1,825			1,383
Retail portfolio		2,433			2,472			2,431			2,517			1,542
Total Same Store Property Cash NOI	$	65,565		$	68,351		$	69,151		$	71,507		$	66,836

Multifamily Metrics:
Multifamily Cash NOI (3)	$	4,643		$	4,168		$	4,506		$	4,533		$	4,217
Total number of units		732			732			732			727			727
Percent occupied		99.0	%		98.5	%		96.8	%		97.9	%		97.1	%

Observatory Metrics:
Observatory NOI	$	15,043		$	28,545		$	29,667		$	25,166		$	16,165
Number of visitors (4)		428,000			718,000			727,000			648,000			485,000
Change in visitors year-over-year		(11.8	)%		1.0	%		(2.2	)%		(2.7	)%		9.5	%

Ratios:
Debt to Total Market Capitalization (5)		47.8	%		44.0	%		42.3	%		46.4	%		44.1	%
Net Debt to Total Market Capitalization (5)		45.4	%		39.5	%		37.5	%		39.9	%		40.2	%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)		49.8	%		45.7	%		44.0	%		48.2	%		45.8	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)		47.5	%		41.4	%		39.3	%		41.9	%		42.0	%
Debt to Adjusted EBITDA (6)		5.8	x		6.4	x		6.4	x		6.6	x		6.2	x
Net Debt to Adjusted EBITDA (6)		5.2	x		5.3	x		5.2	x		5.1	x		5.3	x
Core FFO Payout Ratio (7)		19	%		15	%		14	%		15	%		17	%
Core FAD Payout Ratio		805	%		324	%		21	%		30	%		109	%
Core FFO per share - diluted	$	0.19		$	0.24		$	0.26		$	0.24		$	0.21
Diluted weighted average shares		269,529			270,251			269,613			268,716			267,494

Class A common stock price at quarter end	$	7.82		$	10.32		$	11.08		$	9.38		$	10.13
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 (8)		1.8	%		1.4	%		1.3	%		1.5	%		1.4	%
Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560			1,560			1,560			1,560			1,560
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664			4,664			4,664			4,664			4,664

Class A common stock		167,094			166,405			165,507			164,483			163,816
Class B common stock (9)		976			978			981			982			982
Operating partnership units		110,662			106,768			107,664			108,713			109,218
Total common stock and operating partnership units outstanding (10)		278,732			274,151			274,152			274,178			274,016

Notes:

(1)	Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space.
(2)	Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods percent leased excludes storage and broadcasting space.
(3)	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.
(4)	Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(5)	Market capitalization represents the sum of (i) Company's common stock per share price as of March 31, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2025, (ii) the number of Series 2014 perpetual preferred units at March 31, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at March 31, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of March 31, 2025.
(6)	Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, $9 million and $12 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025.
(7)	Represents the amount of Core FFO paid out in distributions.
(8)	Based on the closing price per share of Class A common stock on March 31, 2025.
(9)	We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.
(10)	Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 8

First Quarter 2025
Property Summary - Same Store Net Operating Income ("NOI") by Quarter
(unaudited and dollars in thousands)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Same Store Portfolio(1)
Revenues	$	143,916		$	146,969		$	145,501		$	140,763		$	140,147
Operating expenses		(74,891	)		(76,317	)		(75,596	)		(68,762	)		(71,486	)
Same store property NOI		69,025			70,652			69,905			72,001			68,661
Straight-line rent		(4,831	)		(3,782	)		(2,184	)		(1,887	)		(3,218	)
Above/below-market rent revenue amortization		(587	)		(477	)		(528	)		(565	)		(565	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	65,565		$	68,351		$	69,151		$	71,507		$	66,836

Percent change over prior year		(1.9	)%		(2.9	)%		5.2	%		7.4	%		12.3	%

Total same store property cash NOI - excluding lease termination fees	$	65,565		$	68,351		$	69,151		$	71,507		$	66,836
Lease termination fees		-			-			4,771			-			-
Total same store property cash NOI	$	65,565		$	68,351		$	73,922		$	71,507		$	66,836

Same Store Manhattan Office(1),(2)
Revenues	$	136,408		$	139,380		$	138,060		$	133,180		$	133,919
Operating expenses		(71,598	)		(73,062	)		(72,287	)		(65,473	)		(68,173	)
Same store property NOI		64,810			66,318			65,773			67,707			65,746
Straight-line rent		(4,633	)		(3,689	)		(2,134	)		(1,935	)		(3,228	)
Above/below-market rent revenue amortization		(587	)		(477	)		(528	)		(565	)		(565	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		61,548			64,110			65,069			67,165			63,911
Lease termination fees		-			-			4,771			-			-
Total same store property cash NOI	$	61,548		$	64,110		$	69,840		$	67,165		$	63,911

Same Store Greater New York Metropolitan Area Office(1)
Revenues	$	3,154		$	3,213		$	3,060		$	3,319		$	2,844
Operating expenses		(1,606	)		(1,572	)		(1,612	)		(1,656	)		(1,594	)
Same store property NOI		1,548			1,641			1,448			1,663			1,250
Straight-line rent		36			128			203			162			133
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,584			1,769			1,651			1,825			1,383
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,584		$	1,769		$	1,651		$	1,825		$	1,383

Same Store Retail(1)
Revenues	$	4,354		$	4,376		$	4,381		$	4,264		$	3,384
Operating expenses		(1,687	)		(1,683	)		(1,697	)		(1,633	)		(1,719	)
Same store property NOI		2,667			2,693			2,684			2,631			1,665
Straight-line rent		(234	)		(221	)		(253	)		(114	)		(123	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		2,433			2,472			2,431			2,517			1,542
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	2,433		$	2,472		$	2,431		$	2,517		$	1,542

	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

First Quarter 2025
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI
(unaudited and dollars in thousands)

	Three Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income	$	15,778		$	18,793		$	22,796		$	28,555		$	10,215
Add:
General and administrative expenses		16,940			17,870			18,372			18,020			15,972
Depreciation and amortization		48,779			45,365			45,899			47,473			46,081
Interest expense		26,938			27,380			27,408			25,323			25,128
Interest expense associated with property in receivership		647			1,921			1,922			628			-
Loss on early extinguishment of debt		-			-			-			-			553
Income tax expense (benefit)		(619	)		1,151			1,442			750			(655	)
Less:
Gain on disposition of property		(13,170	)		(1,237	)		(1,262	)		(10,803	)		-
Third-party management and other fees		(431	)		(258	)		(271	)		(376	)		(265	)
Interest income		(3,786	)		(5,068	)		(6,960	)		(5,092	)		(4,178	)
Net operating income		91,076			105,917			109,346			104,478			92,851

Straight-line rent		(5,283	)		(4,045	)		(2,277	)		(1,900	)		(3,061	)
Above/below-market rent revenue amortization		(798	)		(674	)		(476	)		(513	)		(514	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total cash NOI - including Observatory and lease termination fees		86,953			103,156			108,551			104,023			91,234
Less: Observatory NOI		(15,043	)		(28,545	)		(29,667	)		(25,166	)		(16,165	)
Less: cash NOI from non-Same Store properties		(6,345	)		(6,260	)		(4,962	)		(7,350	)		(8,233	)
Total Same Store property cash NOI - including lease termination fees		65,565			68,351			73,922			71,507			66,836
Less: Lease termination fees		-			-			(4,771	)		-			-
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	65,565		$	68,351		$	69,151		$	71,507		$	66,836

Multifamily NOI(1)
Revenues	$	9,646		$	9,322		$	9,140		$	9,161		$	8,472
Operating expenses		(4,993	)		(5,145	)		(4,623	)		(4,578	)		(4,209	)
NOI		4,653			4,177			4,517			4,583			4,263
Straight-line rent		(67	)		(67	)		(69	)		(109	)		(102	)
Above/below-market rent revenue amortization		57			58			58			59			56
Cash NOI	$	4,643		$	4,168		$	4,506		$	4,533		$	4,217

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

			Initial
	Square		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2025		2026		2027		2028		2029
Second quarter 2025		208,791	$	14,211	$	8,973	$	14,211	$	14,086	$	13,916	$	13,799
Third quarter 2025		157,536		10,526		3,788		10,526		10,526		10,526		10,526
Fourth quarter 2025		29,410		2,749		345		2,749		2,749		2,749		2,749
First quarter 2026		44,357		3,638		-		3,324		3,638		3,638		3,638
Second quarter 2026		124,438		9,845		-		6,710		9,845		9,845		9,845
Third quarter 2026		124,507		7,540		-		3,354		7,540		7,540		7,540
Fourth quarter 2026		119,981		7,507		-		1,007		7,507		7,507		7,507
First quarter 2027		51,480		4,043		-		-		3,775		4,043		4,043
Second quarter 2027		39,612		3,060		-		-		2,297		3,060		3,060
First quarter 2028		34,162		2,462		-		-		-		2,350		2,462
Second quarter 2029		25,212		1,576		-		-		-		-		920
		959,486	$	67,157	$	13,106	$	41,881	$	61,963	$	65,174	$	66,089

	Incremental		Initial
	Annual		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
1Q 2025	Cash Rent (2)		Cash Rent		2025		2026		2027		2028		2029
Commenced leases in free rent period	$	28,137	$	34,931	$	12,653	$	30,987	$	34,806	$	34,637	$	34,520
Signed leases not commenced		29,061		32,226		453		10,894		27,157		30,537		31,569
	$	57,198	$	67,157	$	13,106	$	41,881	$	61,963	$	65,174	$	66,089

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)

Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

Page 10

First Quarter 2025
Property Summary - Leasing Activity by Quarter
(unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total Office and Retail Portfolio(1)
Total leases executed		20			20			31			35			25
Weighted average lease term		8.4 years			8.0 years			7.0 years			7.0 years			7.9 years
Average free rent period		7.8 months			5.7 months			5.2 months			7.4 months			7.9 months

Office
Total square footage executed		229,367			378,913			291,418			262,991			367,262
Average starting cash rent psf - leases executed	$	66.43		$	78.40		$	70.11		$	66.60		$	64.03
Previously escalated cash rents psf	$	60.63		$	71.03		$	68.34		$	65.31		$	61.08
Percentage of new cash rent over previously escalated rents		9.6	%		10.4	%		2.6	%		2.0	%		4.8	%

Retail
Total square footage executed		1,181			-			12,792			8,990			2,458
Average starting cash rent psf - leases executed	$	193.00		$	-		$	203.88		$	91.14		$	400.00
Previously escalated cash rents psf	$	183.74		$	-		$	332.35		$	75.03		$	378.97
Percentage of new cash rent over previously escalated rents		5.0	%		-			(38.7	)%		21.5	%		5.5	%

Total Office and Retail Portfolio
Total square footage executed		230,548			378,913			304,210			271,981			369,720
Average starting cash rent psf - leases executed	$	67.08		$	78.40		$	75.74		$	67.41		$	66.27
Previously escalated cash rents psf	$	61.27		$	71.03		$	79.44		$	65.63		$	63.20
Percentage of new cash rent over previously escalated rents		9.5	%		10.4	%		(4.7	)%		2.7	%		4.9	%

Leasing commission costs per square foot	$	22.39		$	21.73		$	19.67		$	18.87		$	21.01
Tenant improvement costs per square foot		47.92			49.46			42.90			65.69			64.98
Total LC and TI per square foot(2)	$	70.31		$	71.19		$	62.57		$	84.56		$	85.99
Total LC and TI per square foot per year of weighted average lease term(3)	$	8.34		$	8.89		$	8.94		$	12.14		$	10.92

Occupancy(4)		87.9	%		88.6	%		89.1	%		88.9	%		87.9	%

Manhattan Office Portfolio
Total leases executed		18			18			25			31			22

Office - New Leases
Total square footage executed		43,184			184,258			130,688			162,655			201,580
Average starting cash rent psf - leases executed	$	69.13		$	71.07		$	66.07		$	67.44		$	59.70
Previously escalated cash rents psf	$	66.77		$	59.54		$	63.21		$	64.36		$	55.66
Percentage of new cash rent over previously escalated rents		3.5	%		19.4	%		4.5	%		4.8	%		7.3	%

Office - Renewal Leases(1)
Current Renewals		177,328			10,178			53,622			43,895			34,084
Early Renewals		-			172,286			105,019			54,761			121,612
Total square footage executed		177,328			182,464			158,641			98,656			155,696
Average starting cash rent psf - leases executed	$	66.62		$	86.98		$	73.11		$	65.50		$	70.30
Previously escalated cash rents psf	$	59.35		$	83.14		$	72.24		$	67.09		$	68.19
Percentage of new cash rent over previously escalated rents		12.3	%		4.6	%		1.2	%		(2.4	)%		3.1	%

Total Manhattan Office Portfolio
Total square footage executed		220,512			366,722			289,329			261,311			357,276
Average starting cash rent psf - leases executed	$	67.11		$	78.99		$	69.93		$	66.71		$	64.32
Previously escalated cash rents psf	$	60.80		$	71.28		$	68.16		$	65.40		$	61.12
Percentage of new cash rent over previously escalated rents		10.4	%		10.8	%		2.6	%		2.0	%		5.2	%

Leasing commission costs per square foot	$	22.47		$	21.85		$	17.40		$	18.13		$	19.87
Tenant improvement costs per square foot		49.50			47.96			42.82			68.02			63.31
Total LC and TI per square foot(2)	$	71.97		$	69.81		$	60.22		$	86.15		$	83.18
Total LC and TI per square foot per year of weighted average lease term(3)	$	8.41		$	8.66		$	8.67		$	12.49		$	10.59

Occupancy(4)		88.1	%		89.0	%		89.6	%		89.3	%		89.3	%

(Table continued on next page)

Page 11

First Quarter 2025
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Greater New York Metropolitan Area Office Portfolio
Total leases executed		1			2			1			1			2

Total square footage executed		8,855			12,191			2,089			1,680			9,986
Average starting cash rent psf - leases executed	$	49.57		$	49.00		$	95.09		$	50.00		$	53.75
Previously escalated cash rents psf	$	56.52		$	58.27		$	92.64		$	52.25		$	59.64
Percentage of new cash rent over previously escalated rents		(12.3	)%		(15.9	)%		2.6	%		(4.3	)%		(9.9	)%

Leasing commission costs per square foot	$	14.91		$	17.98		$	-		$	9.95		$	19.29
Tenant improvement costs per square foot		15.00			94.37			-			3.50			128.47
Total LC and TI per square foot(2)	$	29.91		$	112.35		$	-		$	13.45		$	147.76
Total LC and TI per square foot per year of weighted average lease term(3)	$	5.98		$	17.57		$	-		$	4.04		$	18.59

Occupancy(4)		72.3	%		73.2	%		70.7	%		70.7	%		76.8	%

Retail Portfolio
Total leases executed		1			-			5			3			1

Total square footage executed		1,181			-			12,792			8,990			2,458
Average starting cash rent psf - leases executed	$	193.00		$	-		$	203.88		$	91.14		$	400.00
Previously escalated cash rents psf	$	183.74		$	-		$	332.35		$	75.03		$	378.97
Percentage of new cash rent over previously escalated rents		5.0	%		-			(38.7	)%		21.5	%		5.5	%

Leasing commission costs per square foot	$	63.04		$	-		$	74.25		$	41.87		$	193.06
Tenant improvement costs per square foot		-			-			51.72			9.45			50.00
Total LC and TI per square foot(2)	$	63.04		$	-		$	125.97		$	51.32		$	243.06
Total LC and TI per square foot per year of weighted average lease term(3)	$	6.25		$	-		$	14.73		$	5.33		$	23.15

Occupancy(4)		91.2	%		90.4	%		91.1	%		92.3	%		89.8	%

Multifamily Portfolio
Percent occupied		99.0	%		98.5	%		96.8	%		97.9	%		97.1	%
Total number of units		732			732			732			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 quarter ended March 31, 2024 have been adjusted to include the impact of the early renewals.

(2)	Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.

(3)	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)	All occupancy rates exclude broadcasting and storage space.

Page 12

First Quarter 2025
Commercial Property Detail
(unaudited)

												Annualized
Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2),(3)			Percent Leased (3),(4)			Annualized Rent (5)		Rent per Occupied Square Foot (6)		Number of Leases (7)

Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South		2,712,752		91.2	%		94.8	%	$	166,001,082	$	67.81		147
One Grand Central Place	Grand Central		1,231,214		84.1	%		94.2	%		66,897,864		64.73		132
1400 Broadway (8)	Penn Station -Times Sq. South		917,281		87.0	%		94.5	%		49,908,820		62.53		18
111 West 33rd Street (9)	Penn Station -Times Sq. South		639,595		92.1	%		92.1	%		41,293,117		70.10		21
250 West 57th Street	Columbus Circle - West Side		474,790		82.0	%		83.2	%		27,667,315		71.18		29
1359 Broadway	Penn Station -Times Sq. South		456,634		84.9	%		90.3	%		23,183,846		59.85		28
501 Seventh Avenue	Penn Station -Times Sq. South		455,432		90.5	%		90.5	%		22,811,112		55.37		18
1350 Broadway (10)	Penn Station -Times Sq. South		384,225		87.8	%		95.6	%		21,390,430		63.61		48
1333 Broadway	Penn Station -Times Sq. South		296,349		83.4	%		90.0	%		14,509,012		58.69		12
Office - Manhattan			7,568,272		88.1	%		93.0	%		433,662,598		65.31		453

Office - Greater New York Metropolitan Area
Metro Center	Stamford, CT		282,151		72.3	%		74.1	%		11,931,818		58.46		19
Office - Greater New York Metropolitan Area			282,151		72.3	%		74.1	%		11,931,818		58.46		19

Total/Weighted Average Office Properties			7,850,423		87.5	%		92.3	%		445,594,416		65.10		472

Retail Properties
112 West 34th Street (9)	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		25,108,425		269.82		4
The Empire State Building	Penn Station -Times Sq. South		88,445		78.7	%		78.7	%		7,900,149		113.44		12
North Sixth Street Collection	Williamsburg - Brooklyn		87,355		78.0	%		91.2	%		9,219,458		135.35		15
One Grand Central Place	Grand Central		70,810		100.0	%		100.0	%		7,855,943		110.94		12
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,391,382		155.09		4
250 West 57th Street	Columbus Circle - West Side		63,443		93.2	%		93.2	%		8,580,119		145.18		6
10 Union Square	Union Square		58,049		90.2	%		90.2	%		8,277,886		158.01		9
1542 Third Avenue	Upper East Side		56,211		95.0	%		95.0	%		2,517,661		47.16		3
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,421,053		89.47		2
1359 Broadway	Penn Station -Times Sq. South		29,247		99.4	%		99.4	%		2,223,109		76.44		5
501 Seventh Avenue	Penn Station -Times Sq. South		27,213		73.1	%		89.4	%		1,377,549		69.28		6
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		2,093,509		82.46		3
1350 Broadway (10)	Penn Station -Times Sq. South		19,511		69.1	%		100.0	%		3,216,482		238.70		5
1400 Broadway (8)	Penn Station -Times Sq. South		17,017		82.2	%		82.2	%		1,751,083		125.26		6
561 10th Avenue	Hudson Yards		11,822		100.0	%		100.0	%		1,618,381		136.90		2
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,981,662		191.19		1
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		261,661		70.72		1
Total/Weighted Average Retail Properties			766,869		91.2	%		94.1	%		97,795,512		139.82		96

Portfolio Total			8,617,292		87.9	%		92.5	%	$	543,389,928	$	72.03		568

	Notes:
(1)	Excludes (i) 195,200 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(2)	Based on leases signed and commenced as of March 31, 2025.
(3)	Percent occupied and percent leased exclude 109,938 rentable square feet of broadcasting and storage space.
(4)	Includes occupied space plus leases signed but not commenced as of March 31, 2025.
(5)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6)	Represents annualized rent under leases commenced as of March 31, 2025 divided by occupied square feet.
(7)	Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years (expiring December 31, 2063).
(9)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077).
(10)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050).

Page 13

First Quarter 2025
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)

	Actual		Forecast (1)								Forecast (1)
	Three Months Ended
	March 31, 2025		June 30, 2025			September 30, 2025			December 31, 2025		Apr. to Dec. 2025			Full Year 2026
Total Office and Retail Portfolio (2)
Total expirations		164,025		119,016			51,463			203,978		374,457			559,745
Less: broadcasting		-		(906	)		(511	)		-		(1,417	)		(4,902	)
Office and retail expirations		164,025		118,110			50,952			203,978		373,040			554,843

Renewals & relocations (3)		31,205		32,894			3,557			16,975		53,426			128,606
New leases (4)		50,486		10,583			-			126,391		136,974			11,370
Vacates (5)		82,334		71,693			45,079			43,673		160,445			222,701
Unknown (6)		-		2,940			2,316			16,939		22,195			192,166
Total Office and Retail Portfolio expirations and vacates		164,025		118,110			50,952			203,978		373,040			554,843

Manhattan Office Portfolio
Total expirations		147,055		102,646			46,384			202,511		351,541			459,318
Less: broadcasting		-		(906	)		(511	)		-		(1,417	)		(4,902	)
Office expirations		147,055		101,740			45,873			202,511		350,124			454,416

Renewals & relocations (3)		16,775		32,894			3,557			16,975		53,426			120,613
New leases (4)		50,486		10,583			-			126,391		136,974			11,370
Vacates (5)		79,794		55,323			40,000			42,559		137,882			206,103
Unknown (6)		-		2,940			2,316			16,586		21,842			116,330
Total expirations and vacates		147,055		101,740			45,873			202,511		350,124			454,416

Greater New York Metropolitan Area Office Portfolio
Office expirations		2,540		-			5,079			-		5,079			23,268

Renewals & relocations (3)		-		-			-			-		-			-
New leases (4)		-		-			-			-		-			-
Vacates (5)		2,540		-			5,079			-		5,079			-
Unknown (6)		-		-			-			-		-			23,268
Total expirations and vacates		2,540		-			5,079			-		5,079			23,268

Retail Portfolio
Retail expirations		14,430		16,370			-			1,467		17,837			77,159
Renewals & relocations (3)		14,430		-			-			-		-			7,993
New leases (4)		-		-			-			-		-			-
Vacates (5)		-		16,370			-			1,114		17,484			16,598
Unknown (6)		-		-			-			353		353			52,568
Total expirations and vacates		14,430		16,370			-			1,467		17,837			77,159

	Notes:
(1)	These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.

(2)	Any lease on month to month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.

(3)	For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2025; and  tenants who move within a building or within the Company's portfolio.

(4)	For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who  expanded. There may be downtime between the lease expiration and the new lease commencement.

(5)	For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.

(6)	For forecasted periods, "Unknown" represents tenants whose intentions are unknown.

Page 14

First Quarter 2025
Tenant Lease Expirations
(unaudited)

Total Office and Retail Lease Expirations	Number of Leases Expiring(1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		-		679,390		7.9	%	$	-		0.0	%	$	-
Signed leases not commenced		23		393,933		4.6	%		-		0.0	%		-
1Q 2025(4)		6		74,238		0.9	%		5,048,147		0.9	%		68.00
2Q 2025		11		79,269		0.9	%		5,317,695		1.0	%		67.08
3Q 2025		12		51,463		0.6	%		3,209,761		0.6	%		62.37
4Q 2025		23		203,978		2.3	%		13,410,157		2.5	%		65.74
Total 2025		52		408,948		4.7	%		26,985,760		5.0	%		65.99
1Q 2026		19		173,586		2.0	%		10,546,867		1.9	%		60.76
2Q 2026		9		29,409		0.3	%		2,431,508		0.4	%		82.68
3Q 2026		21		125,181		1.5	%		8,253,878		1.5	%		65.94
4Q 2026		23		231,569		2.7	%		13,758,061		2.6	%		59.41
Total 2026		72		559,745		6.5	%		34,990,314		6.4	%		62.51
2027		89		716,814		8.3	%		48,499,288		8.9	%		67.66
2028		64		869,591		10.1	%		52,865,156		9.7	%		60.79
2029		64		792,652		9.2	%		67,857,449		12.5	%		85.61
2030		56		748,468		8.7	%		56,187,186		10.3	%		75.07
2031		30		228,906		2.7	%		24,127,507		4.4	%		105.40
2032		29		370,957		4.3	%		27,266,682		5.1	%		73.50
2033		34		306,026		3.6	%		23,257,226		4.3	%		76.00
2034		23		366,684		4.3	%		27,284,064		5.0	%		74.41
2035		20		431,502		5.0	%		29,924,986		5.5	%		69.35
Thereafter		35		1,743,676		20.1	%		124,144,310		22.9	%		71.20
Total		591		8,617,292		100.0	%	$	543,389,928		100.0	%	$	72.03

Manhattan Office Properties (5)

Available	-	560,849	7.4	%	$	-	0.0	%	$	-
Signed leases not commenced	18	366,979	4.8	%		-	0.0	%
1Q 2025(4)	6	59,808	0.8	%		4,153,487	1.0	%		69.45
2Q 2025	10	77,329	1.0	%		5,069,999	1.2	%		65.56
3Q 2025	11	46,384	0.6	%		2,917,863	0.7	%		62.91
4Q 2025	20	202,511	2.7	%		13,307,130	3.0	%		65.71
Total 2025	47	386,032	5.1	%		25,448,479	5.9	%		65.92
1Q 2026	17	164,448	2.2	%		9,885,206	2.3	%		60.11
2Q 2026	8	27,519	0.4	%		1,821,130	0.4	%		66.18
3Q 2026	17	90,262	1.2	%		6,030,534	1.4	%		66.81
4Q 2026	20	177,089	2.3	%		10,948,466	2.5	%		61.82
Total 2026	62	459,318	6.1	%		28,685,336	6.6	%		62.45
2027	79	635,263	8.4	%		39,040,119	9.0	%		61.46
2028	58	849,219	11.2	%		50,302,505	11.6	%		59.23
2029	50	645,626	8.5	%		42,180,397	9.7	%		65.33
2030	40	633,409	8.4	%		42,056,800	9.7	%		66.40
2031	20	145,484	1.9	%		10,440,965	2.4	%		71.77
2032	22	332,389	4.4	%		24,055,474	5.5	%		72.37
2033	19	198,333	2.6	%		12,878,630	3.0	%		64.93
2034	17	342,476	4.5	%		23,855,572	5.5	%		69.66
2035	16	418,059	5.5	%		28,479,966	6.6	%		68.12
Thereafter	23	1,594,836	21.2	%		106,238,355	24.5	%		66.61
Total Manhattan office properties	471	7,568,272	100.0	%	$	433,662,598	100.0	%	$	65.31

(Table continued on next page)

Page 15

First Quarter 2025
Tenant Lease Expirations
(unaudited)

Greater New York Metropolitan Area Office Portfolio	Number of Leases Expiring(1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		-		73,147		25.9	%	$	-		0.0	%	$	-
Signed leases not commenced		1		4,910		1.6	%		-		0.0	%		-
1Q 2025(4)		-		-		0.0	%		-		0.0	%		-
2Q 2025		-		-		0.0	%		-		0.0	%		-
3Q 2025		1		5,079		1.8	%		291,898		2.4	%		57.47
4Q 2025		-		-		0.0	%		-		0.0	%		-
Total 2025		1		5,079		1.8	%		291,898		2.4	%		57.47
1Q 2026		-		-		0.0	%		-		0.0	%		-
2Q 2026		-		-		0.0	%		-		0.0	%		-
3Q 2026		1		23,268		8.2	%		1,448,235		12.1	%		62.24
4Q 2026		-		-		0.0	%		-		0.0	%		-
Total 2026		1		23,268		8.2	%		1,448,235		12.1	%		62.24
2027		4		21,546		7.6	%		1,264,659		10.6	%		58.70
2028		2		11,480		4.1	%		658,539		5.5	%		57.36
2029		2		12,183		4.3	%		719,609		6.1	%		59.07
2030		4		37,917		13.4	%		2,353,138		19.7	%		62.06
2031		1		15,030		5.4	%		879,672		7.4	%		58.53
2032(6)		2		7,281		2.6	%		381,961		3.2	%		52.46
2033		1		63,173		22.5	%		3,566,551		29.9	%		56.46
2034		-		-		0.0	%		-		0.0	%		-
2035		1		7,137		2.6	%		367,556		3.1	%		51.50
Thereafter		-		-		0.0	%		-		0.0	%		-
Total greater New York metropolitan area office portfolio		20		282,151		100.0	%	$	11,931,818		100.0	%	$	58.46

Retail Properties
Available	-	45,394	5.9	%	$	-	0.0	%	$	-
Signed leases not commenced	4	22,044	2.9	%		-	0.0	%		-
1Q 2025(4)	-	14,430	1.9	%		894,660	0.9	%		62.00
2Q 2025	1	1,940	0.3	%		247,696	0.3	%		127.68
3Q 2025	-	-	0.0	%		-	0.0	%		-
4Q 2025	3	1,467	0.2	%		103,027	0.1	%		70.23
Total 2025	4	17,837	2.4	%		1,245,383	1.3	%		69.82
1Q 2026	2	9,138	1.2	%		661,661	0.7	%		72.41
2Q 2026	1	1,890	0.2	%		610,378	0.6	%		322.95
3Q 2026	3	11,651	1.5	%		775,109	0.8	%		66.53
4Q 2026	3	54,480	7.1	%		2,809,595	2.9	%		51.57
Total 2026	9	77,159	10.0	%		4,856,743	5.0	%		62.94
2027	6	60,005	7.8	%		8,194,510	8.4	%		136.56
2028	4	8,892	1.2	%		1,904,112	1.9	%		214.14
2029	12	134,843	17.6	%		24,957,443	25.5	%		185.09
2030	12	77,142	10.1	%		11,777,248	12.0	%		152.67
2031	9	68,392	8.9	%		12,806,870	13.1	%		187.26
2032	5	31,287	4.1	%		2,829,247	2.9	%		90.43
2033	14	44,520	5.8	%		6,812,045	7.0	%		153.01
2034	6	24,208	3.2	%		3,428,492	3.5	%		141.63
2035	3	6,306	0.8	%		1,077,464	1.1	%		170.86
Thereafter	12	148,840	19.3	%		17,905,955	18.3	%		120.30
Total retail properties	100	766,869	100.0	%	$	97,795,512	100.0	%	$	139.82

	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) 195,200 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(3)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(4)	Represents leases that are included in occupancy as of March 31, 2025 and expire on March 31, 2025.
(5)	Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(6)	Includes a telecom lease with no square footage.

Page 16

First Quarter 2025
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	Feb. 2026 - Aug. 2036	10.6 years	423,544	4.98	%	$	30,281,325	5.57	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	14.4 years	313,109	3.68	%		19,397,992	3.57	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	3.6 years	252,929	2.97	%		14,006,589	2.58	%
4.	PVH Corp.	501 Seventh Avenue	Jan. 2026 - Oct. 2028	3.0 years	237,281	2.79	%		13,507,462	2.49	%
5.	Institutional Capital Network, Inc.	One Grand Central Place	Nov. 2027 - Dec. 2041	15.8 years	154,050	1.81	%		10,830,007	1.99	%
6.	Sephora USA, Inc.	112 West 34th Street	Jan. 2029	3.8 years	11,334	0.13	%		10,563,141	1.94	%
7.	Target Corporation	112 West 34th St., 10 Union Sq.	Jan. 2038	12.8 years	81,340	0.96	%		9,473,657	1.74	%
8.	Macy's	111 West 33rd Street	May 2030	5.2 years	131,117	1.54	%		9,343,351	1.72	%
9.	Coty Inc.	Empire State Building	Jan. 2030	4.8 years	157,892	1.86	%		9,174,254	1.69	%
10.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	4.5 years	56,730	0.67	%		8,381,490	1.54	%
11.	Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	3.3 years	149,061	1.75	%		8,098,825	1.49	%
12.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	6.5 years	34,192	0.40	%		7,834,994	1.44	%
13.	FDIC	Empire State Building	Dec. 2025	0.8 years	119,226	1.40	%		7,751,788	1.43	%
14.	Shutterstock, Inc.	Empire State Building	Apr. 2029	4.1 years	108,937	1.28	%		7,464,741	1.37	%
15.	Fragomen	1400 Broadway	Feb. 2035	9.9 years	107,680	1.27	%		7,009,247	1.29	%
16.	ASCAP	250 West 57th Street	Aug. 2034	9.4 years	87,943	1.03	%		6,466,473	1.19	%
17.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	4.7 years	86,492	1.02	%		6,425,604	1.18	%
18.	Burlington Merchandising Corporation	1400 Broadway	Jan. 2038	12.8 years	102,898	1.21	%		6,382,930	1.17	%
19.	HNTB Corporation	Empire State Building	Sep. 2034	9.5 years	78,361	0.92	%		5,465,199	1.01	%
20.	Kohl's Department Stores, Inc.	1400 Broadway	May 2029	4.2 years	91,775	1.08	%		5,070,612	0.93	%
	Total				2,785,891	32.75	%	$	202,929,681	37.33	%

Notes:

(1)	Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
(2)	Represents the weighted average lease term based on annualized rent.
(3)	Based on leases signed and commenced as of March 31, 2025.
(4)	Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
(5)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6)	Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 17

First Quarter 2025
Capital Expenditures and Redevelopment Program and Leasing Opportunity
(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Tenant improvements - first generation	$	174	$	2,744	$	-	$	-	$	-
Tenant improvements - second generation (1)		39,304		45,969		17,149		25,087		27,404
Leasing commissions - first generation		-		98		138		129		35
Leasing commissions - second generation		7,629		10,769		3,753		3,807		9,730
Building improvements - first generation		-		180		128		-		-
Building improvements - second generation		5,770		9,377		7,838		11,362		13,509
Non-recurring capital improvements		2,910		14,420		2,825		5,979		6,464
Total	$	55,787	$	83,557	$	31,831	$	46,364	$	57,142

Leasing Opportunity - Inventory of Current Vacant Space as of March 31, 2025 (in square feet) (2)

Total Portfolio vacant space										1,073,000

Signed leases not commenced ("SLNC"):
Manhattan Office Properties SLNC										367,000
Greater New York Office Property SLNC										5,000
Retail Properties SLNC										22,000
Greater New York Office Property										73,000
Retail Properties										45,000
Manhattan Office Properties										470,000
Manhattan Office Properties off market										52,000
Manhattan Office Properties broadcasting and storage										39,000
Total										1,073,000

Notes:

	(1)	The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.
	(2)	These estimates are based on the Company's current budgets and are subject to change.

Page 18

First Quarter 2025
Observatory Summary
(unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Observatory revenue (1)	$	134,942		23,161		$	38,275		$	39,382		$	34,124		$	24,596
Observatory expenses		36,521		8,118			9,730			9,715			8,958			8,431
NOI		98,421		15,043			28,545			29,667			25,166			16,165
Intercompany rent expense (2)		82,570		15,160			22,969			23,461			20,980			16,067
NOI after intercompany rent	$	15,851	$	(117	)	$	5,576		$	6,206		$	4,186		$	98

Observatory Metrics
Number of visitors (3)				428,000			718,000			727,000			648,000			485,000
Change in visitors year over year				(11.8	)%		1.0	%		(2.2	)%		(2.7	)%		9.5	%
Number of bad weather days ("BWD") (4)				13			8			8			8			17

Notes:

	(1)	Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, the fixed license fee was $1,904, $1,855, $1,855, $1,855 and $1,855, respectively.
	(2)	The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.
	(3)	Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
	(4)	The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Annual Observatory NOI 2018 to 2024

Notes:

	(1)	The 102nd floor Observatory was closed for approximately nine months in 2019 for renovations.
	(2)	Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020.

Page 19

First Quarter 2025
Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds
from Operations ("Core FFO"), Core Funds Available for Distribution ("Core FAD") and EBITDA
(unaudited and in thousands, except per share amounts)

	Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO and Core FFO	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net Income	$	15,778		$	18,793		$	22,796		$	28,555		$	10,215
Non-controlling interests in other partnerships		-			-			-			-			(4	)
Preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Real estate depreciation and amortization		47,871			44,386			44,871			46,398			44,857
Gain on dispostion of property		(13,170	)		(1,237	)		(1,262	)		(10,803	)		-
FFO attributable to common stockholders and the Operating Partnership		49,429			60,892			65,355			63,099			54,018
Amortization of below-market ground lease		1,958			1,958			1,958			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		51,387			62,850			67,313			65,057			55,976
Interest expense associated with property in receivership		647			1,921			1,922			628			-
Loss on early extinguishment of debt		-			-			-			-			553
Core FFO attributable to common stockholders and the Operating Partnership	$	52,034		$	64,771		$	69,235		$	65,685		$	56,529

Total weighted average shares and Operating Partnership units
Basic		267,073			264,798			264,787			264,676			264,562
Diluted		269,529			270,251			269,613			268,716			267,494

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19		$	0.23		$	0.25		$	0.24		$	0.20
Diluted	$	0.18		$	0.23		$	0.24		$	0.23		$	0.20

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19		$	0.24		$	0.25		$	0.25		$	0.21
Diluted	$	0.19		$	0.23		$	0.25		$	0.24		$	0.21

Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19		$	0.24		$	0.26		$	0.25		$	0.21
Diluted	$	0.19		$	0.24		$	0.26		$	0.24		$	0.21

Reconciliation of Core FFO to Core FAD
Core FFO	$	52,034		$	64,771		$	69,235		$	65,685		$	56,529
Add:
Amortization of deferred financing costs		1,094			1,099			1,110			1,050			1,019
Non-real estate depreciation and amortization		908			979			1,029			1,074			1,107
Amortization of non-cash compensation expense		4,980			6,107			5,752			6,388			3,449
Amortization of loss on interest rate derivative		1,386			1,386			1,386			1,480			1,527
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(6,407	)		(5,044	)		(3,082	)		(2,744	)		(3,904	)
Corporate capital expenditures		(83	)		(226	)		(121	)		(157	)		(238	)
Tenant improvements - second generation		(39,304	)		(45,969	)		(17,149	)		(25,087	)		(27,404	)
Building improvements - second generation		(5,770	)		(9,377	)		(7,838	)		(11,362	)		(13,509	)
Leasing commissions - second generation		(7,629	)		(10,769	)		(3,753	)		(3,807	)		(9,730	)
Core FAD	$	1,209		$	2,957		$	46,569		$	32,521		$	8,846

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	15,778		$	18,793		$	22,796		$	28,555		$	10,215
Interest expense		26,938			27,380			27,408			25,323			25,128
Interest expense associated with property in receivership		647			1,921			1,922			628			-
Income tax expense (benefit)		(619	)		1,151			1,442			750			(655	)
Depreciation and amortization		48,779			45,365			45,899			47,473			46,081
EBITDA		91,523			94,610			99,467			102,729			80,769
Gain on disposition of property		(13,170	)		(1,237	)		(1,262	)		(10,803	)		-
Adjusted EBITDA	$	78,353		$	93,373		$	98,205		$	91,926		$	80,769

Page 20

First Quarter 2025
Debt Summary
(unaudited and dollars in thousands)

	March 31, 2025								December 31, 2024
				Weighted Average								Weighted Average
				Interest			Maturity					Interest			Maturity
Debt Summary	Balance			Rate (1)			(Years)		Balance			Rate (1)			(Years)
Mortgage debt	$	703,384			3.64	%		6.0	$	704,274			3.64	%		6.1
Senior unsecured notes		1,100,000			4.76	%		5.4		1,200,000			4.69	%		5.3
Unsecured term loan facilities (2)		270,000			4.19	%		2.5		270,000			4.19	%		2.8
Unsecured revolving credit facility (3)		-			-			-		120,000			4.04	%		4.2
Total fixed rate debt		2,073,384			4.30	%		5.3		2,294,274			4.27	%		5.2

Unsecured term loan facilities (4)		-			-			-		-			-			-
Unsecured revolving credit facility (4)		-			-			-		-			-			4.2
Total variable rate debt		-			-			-		-			-			4.2

Total debt		2,073,384			4.30	%		5.3		2,294,274			4.27	%		5.2
Deferred financing costs, net		(9,561	)							(10,123	)
Debt discount		(5,988	)							(6,183	)
Total	$	2,057,835							$	2,277,968

Outstanding at

March 31,

Letters

Available

Available Capacity

Facility

2025

of Credit

Capacity

Unsecured revolving credit facility (5)

620,000

Current

Covenant Summary

Required

Quarter

Compliance

Maximum Total Leverage(6)

<60

32.4

Yes

Maximum Secured Leverage (7)

<40

12.1

Yes

Minimum Fixed Charge Coverage

>1.50

2.9

Yes

Minimum Unencumbered Interest Coverage

>1.75

4.4

Yes

Maximum Unsecured Leverage (8)

<60

24.2

Yes

Notes:

	(1)	These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.
	(2)	SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity.
	(3)	SOFR was fixed at 2.63% for $120 million through maturity. Unsecured revolving credit facility was paid down in March 2025.
	(4)	As of March 31, 2025, each of our unsecured term loan facilities 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.
	(7)	Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.
	(8)	Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

Page 21

First Quarter 2025
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	%		33,815		1/5/2028	30 years
Metro Center		3.59	%		71,600		11/5/2029	Interest only
250 West 57th Street		2.83	%		180,000		12/1/2030	Interest only
1333 Broadway		4.21	%		160,000		2/5/2033	Interest only
345 East 94th Street - Series A		70% of SOFR plus 0.95	%		43,600		11/1/2030	Interest only
345 East 94th Street - Series B		SOFR plus 2.24	%		6,300		11/1/2030	30 years
561 10th Avenue - Series A		70% of SOFR plus 1.07	%		114,500		11/1/2033	Interest only
561 10th Avenue - Series B		SOFR plus 2.45	%		13,569		11/1/2033	30 years
Total fixed rate mortgage debt					703,384

Unsecured term loan facility		SOFR plus 1.50	%		175,000		12/31/2026	Interest only
Unsecured term loan facility		SOFR plus 1.50	%		95,000		3/8/2029	Interest only
Unsecured revolving credit facility		SOFR plus 1.30	%		-		3/8/2029	Interest only
Senior unsecured notes:
Series B		4.09	%		125,000		3/27/2027	Interest only
Series C		4.18	%		125,000		3/27/2030	Interest only
Series D		4.08	%		115,000		1/22/2028	Interest only
Series E		4.26	%		160,000		3/22/2030	Interest only
Series F		4.44	%		175,000		3/22/2033	Interest only
Series G		3.61	%		100,000		3/17/2032	Interest only
Series H		3.73	%		75,000		3/17/2035	Interest only
Series I		7.20	%		155,000		6/17/2029	Interest only
Series J		7.32	%		45,000		6/17/2031	Interest only
Series K		7.41	%		25,000		6/17/2034	Interest only
Total / weighted average debt		4.30	%		2,073,384
Deferred financing costs, net					(9,561	)
Debt discount					(5,988	)
Total				$	2,057,835

Page 22

First Quarter 2025
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)

											Weighted
											Average
											Interest
								Percentage of			Rate of
Year	Maturities (1)		Amortization		Total			Total Debt			Maturing Debt
2025	$	-	$	2,774	$	2,774			0.1	%		N/A
2026		225,000		3,957		228,957			11.1	%		4.06	%
2027		155,000		4,276		159,276			7.7	%		4.13	%
2028		146,091		3,555		149,646			7.2	%		4.06	%
2029		321,600		3,890		325,490			15.7	%		5.52	%
2030		508,600		4,511		513,111			24.8	%		3.67	%
2031		45,000		3,283		48,283			2.3	%		7.32	%
2032		100,000		3,591		103,591			5.0	%		3.61	%
2033		439,007		3,249		442,256			21.3	%		4.20	%
2034		25,000		-		25,000			1.2	%		7.41	%
2035		75,000		-		75,000			3.6	%		3.73	%
Total debt	$	2,040,298	$	33,086		2,073,384			100.0	%		4.30	%
Deferred financing costs, net						(9,561	)
Debt discount						(5,988	)
Total					$	2,057,835

Debt Maturity Profile

Ground Lease Commitments (2)

Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2025	$	81	$	506	$	551	$	1,138
2026		93		675		735		1,503
2027		72		675		735		1,482
2028		72		675		735		1,482
2029		72		675		735		1,482
Thereafter		1,482		22,950		34,851		59,283
	$	1,872	$	26,156	$	38,342	$	66,370

Notes:

(1)	Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(2)	There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.
(3)	Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years.
(4)	Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years.
(5)	Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.

Page 23

Co-Registrant CIK	0001553079
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant Document Period EndDate	2025-04-29
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