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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 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 October 29, 2025, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the third 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
Third Quarter 2025 Earnings
As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the third 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
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, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs.


In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI.


As of September 30, 2025, Same Store excludes the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.


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.





Date: October 29, 2025
EMPIRE STATE REALTY TRUST, INC. (Registrant)


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.







Date: October 29, 2025
EMPIRE STATE REALTY OP, L.P.
(Registrant)

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


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




EX-99.1 2 esrt9-30x25er.htm EX-99.1 Document
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EMPIRE STATE REALTY TRUST ANNOUNCES THIRD QUARTER 2025 RESULTS

– Net Income Per Fully Diluted Share of $0.05 –
– Core FFO Per Fully Diluted Share of $0.23 –
– $0.8B of Liquidity –
– Reaffirms 2025 Guidance –

New York, New York, October 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, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 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 third quarter 2025. All per share amounts are on a fully diluted basis, where applicable.


Third Quarter and Recent Highlights
•Net Income of $0.05 per share.
•Core Funds From Operations (“Core FFO”) of $0.23 per share.
•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees decreased 1.5% year-over-year. The third quarter change was primarily attributed to increases in real estate taxes and property operating expenses. These higher expenses were partially offset by higher tenant reimbursement income. Adjusted for approximately $1.7 million of non-recurring items, which predominately consisted of revenue items recognized in the third quarter of 2024, Same-Store Property Cash NOI increased by 1.1%.
•Manhattan office occupancy increased by 80 bps sequentially to 90.3%. The total commercial portfolio occupancy increased by 80 bps sequentially to 90.0%.
•Signed 87,880 rentable square feet of commercial leases, inclusive of 71,859 rentable square feet of Manhattan office leases. In our Manhattan office portfolio, blended leasing spreads were +3.9%, the 17th consecutive quarter of positive leasing spreads.
•Subsequent to quarter-end, signed approximately 50,000 square feet of additional leases.
•Empire State Building Observatory generated NOI of $26.5 million.
•In October, announced the issuance of $175 million of 5-year senior unsecured notes in a private placement transaction.
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•Achieved the highest possible GRESB 5 Star Rating for the sixth consecutive year with a score of 93.

Property Operations

As of September 30, 2025, the Company’s property portfolio contained 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.
September 30, 20251
June 30, 20251
September 30, 20241
Percent occupied:
Total commercial portfolio
90.0%2
89.2%2
 89.1%
Total office
 89.7% 88.9% 88.9%
Manhattan office
 90.3% 89.5% 89.6%
Total retail
92.8%2
91.7%2
 91.1%
Percent leased (includes signed leases not commenced):
Total commercial portfolio
92.6%2
93.1%2
 93.4%
Total office
 92.4% 93.1% 93.3%
Manhattan office
 93.1% 93.8% 94.1%
Total retail
94.7%2
92.4%2
 94.0%
Total multifamily portfolio
 98.6% 98.6% 96.8%
1 All occupancy and leased percentages exclude broadcasting and storage space.
2 Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.
Leasing

The tables that follow summarize leasing activity for the third quarter of 2025. During this period, the Company signed 16 leases that totaled 87,880 square feet with an average lease duration of 8.1 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
 14 71,859 69.97 3.9  %
Retail
 2 16,021 128.33 (11.8) %
Total Overall
 16 87,880 80.61 (1.2) %


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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
 6 26,430 68.56 1.3  %
Renewal Office
 8 45,429 70.80 5.5  %
Total Office
 14 71,859 69.97 3.9  %

Notable Leasing Activity Highlights in 3Q25
•19,883 square foot renewal and expansion lease with Jencap Group at 1350 Broadway.
•16,402 square foot renewal lease with Haver Analytics at One Grand Central Place.
•14,430 square foot new retail lease with SORA at One Grand Central Place.

Notable Leasing Activity Highlights Subsequent to Quarter-End
•18,230 square foot expansion lease with Gerson Lehrman Group at One Grand Central Place.
•12,089 square feet of new retail leases in aggregate with Rolex, HOKA, and Tecovas at The North Sixth Street Collection in Williamsburg, Brooklyn.

Balance Sheet
The Company had $0.8 billion of total liquidity as of September 30, 2025, which was comprised of $154 million of cash, plus $620 million available under its revolving credit facility. At September 30, 2025, the Company had total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.34%. At September 30, 2025, the Company’s ratio of net debt to adjusted EBITDA was 5.6x.

In October, the Company entered into a note purchase agreement to issue $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031. The private placement is scheduled to fund on December 18, 2025.

Share Repurchases

The stock repurchase program began in March 2020 and through October 28, 2025, approximately $296 million has been repurchased. There were no share repurchases during the third quarter.

Dividend

On September 30, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third 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”).
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On September 30, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the third 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 Current Guidance (October 2025) 2025 Prior Guidance (July 2025)
Comments
Earnings
Core FFO Per Fully Diluted Share
$0.83 to $0.86
$0.83 to $0.86
•2025 includes ~$0.05 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end
89% to 91%
89% to 91%
SS Property Cash NOI
(excluding lease termination fees)
–2.0% to +1.5%
–2.0% to +1.5%
•Assumes positive revenue y/y growth
•Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes
•2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items
Observatory Drivers
Observatory NOI
$90M to $94M
$90M to $94M
•Reflects average quarterly expenses of ~$9 to 10M
Low
High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership $0.22 $0.25
Add:
Impairment Charge
 0.00 0.00
Real Estate Depreciation & Amortization
 0.65 0.65
Less:
Private Perpetual Distributions
 0.02 0.02
Gain on Disposal of Real Estate, net
 0.05 0.05
FFO Attributable to Common Stockholders and the Operating Partnership
 $0.80 $0.83
Add:
Amortization of Below Market Ground Lease
 0.03 0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership
 $0.83 $0.86


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The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, October 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, 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 November 6, 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 13754951.

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, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do.
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The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2025, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.
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Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.

Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

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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










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Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)


Three Months Ended September 30,
2025 2024
Revenues
Rental revenue
 $ 158,410  $ 153,117 
Observatory revenue
 36,037  39,382 
Lease termination fees
 —  4,771 
Third-party management and other fees
 404  271 
Other revenue and fees
 2,879  2,058 
Total revenues
 197,730  199,599 
Operating expenses
Property operating expenses
 46,957  45,954 
Ground rent expenses
 2,331  2,331 
General and administrative expenses
 18,743  18,372 
Observatory expenses
 9,510  9,715 
Real estate taxes
 33,241  31,982 
Depreciation and amortization
 47,615  45,899 
Total operating expenses
 158,397  154,253 
Total operating income
 39,333  45,346 
Other income (expense):
Interest income
 1,146  6,960 
Interest expense
 (25,189) (27,408)
Interest expense associated with property in receivership
 —  (1,922)
Gain on disposition of property
 —  1,262 
Income before income taxes
 15,290  24,238 
Income tax expense
 (1,645) (1,442)
Net income
 13,645  22,796 
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership
 (4,610) (8,205)
Preferred unit distributions
 (1,050) (1,050)
Net income attributable to common stockholders
 $ 7,985  $ 13,541 
Total weighted average shares
Basic
 169,250  164,880 
Diluted
 270,357  269,613 
Earnings per share attributable to common stockholders
Basic
 $ 0.05  $ 0.08 
Diluted
 $ 0.05  $ 0.08 

8
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Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)


Nine Months Ended September 30,
2025 2024
Revenues
Rental revenue
 $ 466,492  $ 459,469 
Observatory revenue
 93,097  98,102 
Lease termination fees
 464  4,771 
Third-party management and other fees
 1,243  912 
Other revenue and fees
 7,750  7,067 
Total revenues
 569,046  570,321 
Operating expenses
Property operating expenses
 136,897  132,530 
Ground rent expenses
 6,994  6,994 
General and administrative expenses
 54,368  52,364 
Observatory expenses
 27,450  27,104 
Real estate taxes
 98,898  96,106 
Depreciation and amortization
 144,196  139,453 
Total operating expenses
 468,803  454,551 
Total operating income
 100,243  115,770 
Other income (expense):
Interest income
 6,799  16,230 
Interest expense
 (77,253) (77,859)
Interest expense associated with property in receivership
 (647) (2,550)
Loss on early extinguishment of debt
 —  (553)
Gain on disposition of property
 13,170  12,065 
Income before income taxes
 42,312  63,103 
Income tax expense
 (1,504) (1,537)
Net income
 40,808  61,566 
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership
 (13,933) (22,138)
Non-controlling interests in other partnerships
 —  (4)
Preferred unit distributions
 (3,151) (3,151)
Net income attributable to common stockholders
 $ 23,724  $ 36,273 
Total weighted average shares
Basic
 168,103  164,453 
Diluted
 269,945  268,608 
Earnings per share attributable to common stockholders
Basic
 $ 0.14  $ 0.22 
Diluted
 $ 0.14  $ 0.22 

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Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)
Three Months Ended September 30,
2025 2024
Net income
 $ 13,645  $ 22,796 
Preferred unit distributions
 (1,050) (1,050)
Real estate depreciation and amortization
 46,741  44,871 
Gain on disposition of property
 —  (1,262)
FFO attributable to common stockholders and Operating Partnership units
 59,336  65,355 
Amortization of below-market ground leases
 1,957  1,958 
Modified FFO attributable to common stockholders and Operating Partnership units
 61,293  67,313 
Interest expense associated with property in receivership
 —  1,922 
Core FFO attributable to common stockholders and Operating Partnership units
 $ 61,293  $ 69,235 
 
Total weighted average shares and Operating Partnership units
Basic
 266,963  264,787 
Diluted
 270,357  269,613 
FFO per share
Basic
 $ 0.22  $ 0.25 
Diluted
 $ 0.22  $ 0.24 
Modified FFO per share
Basic
 $ 0.23  $ 0.25 
Diluted
 $ 0.23  $ 0.25 
Core FFO per share
Basic
 $ 0.23  $ 0.26 
Diluted
 $ 0.23  $ 0.26 
10
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Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)
Nine Months Ended September 30,
2025 2024
Net income
 $ 40,808  $ 61,566 
Non-controlling interests in other partnerships
 —  (4)
Preferred unit distributions
 (3,151) (3,151)
Real estate depreciation and amortization
 141,533  136,126 
Gain on disposition of property
 (13,170) (12,065)
FFO attributable to common stockholders and Operating Partnership units
 166,020  182,472 
Amortization of below-market ground leases
 5,873  5,874 
Modified FFO attributable to common stockholders and Operating Partnership units
 171,893  188,346 
Interest expense associated with property in receivership
 647  2,550 
Loss on early extinguishment of debt —  553 
Core FFO attributable to common stockholders and Operating Partnership units
 $ 172,540  $ 191,449 
   
Total weighted average shares and Operating Partnership units
Basic
 266,978  264,675 
Diluted
 269,945  268,608 
FFO per share
Basic
 $ 0.62  $ 0.69 
Diluted
 $ 0.62  $ 0.68 
Modified FFO per share
Basic
 $ 0.64  $ 0.71 
Diluted
 $ 0.64  $ 0.70 
Core FFO per share
Basic
 $ 0.65  $ 0.72 
Diluted
 $ 0.64  $ 0.71 

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Empire State Realty Trust, Inc.
Condensed Consolidated Balance Sheets
(unaudited and amounts in thousands)
September 30, 2025 December 31, 2024
Assets
Commercial real estate properties, at cost
 $ 3,940,755  $ 3,786,653 
Less: accumulated depreciation
 (1,381,726) (1,274,193)
Commercial real estate properties, net
 2,559,029  2,512,460 
Contract asset3
 —  170,419 
Cash and cash equivalents
 154,113  385,465 
Restricted cash
 43,642  43,837 
Tenant and other receivables
 27,416  31,427 
Deferred rent receivables
 259,070  247,754 
Prepaid expenses and other assets
 58,679  101,852 
Deferred costs, net
 177,307  183,987 
Acquired below market ground leases, net
 307,537  313,410 
Right of use assets
 28,007  28,197 
Goodwill
 491,479  491,479 
Total assets
 $ 4,106,279  $ 4,510,287 
Liabilities and equity
Mortgage notes payable, net
 $ 691,046  $ 692,176 
Senior unsecured notes, net
 1,097,498  1,197,061 
Unsecured term loan facility, net
 268,959  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
 111,732  132,016 
Acquired below market leases, net
 15,875  19,497 
Ground lease liabilities
 28,007  28,197 
Deferred revenue and other liabilities
 64,191  62,639 
Tenants’ security deposits
 30,751  24,908 
Total liabilities
 2,308,059  2,728,325 
Total equity
 1,798,220  1,781,962 
Total liabilities and equity
 $ 4,106,279  $ 4,510,287 

3 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.
12
EX-99.2 3 a3q25supplement.htm EX-99.2 Document

esrt_2025q3xannual-reportx.jpg

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Third Quarter 2025
Table of Content Page
Summary
Supplemental Definitions
Company Profile
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
FFO, Modified FFO, Core FFO, FAD and EBITDA
Highlights
Selected Property Data
Property Summary Net Operating Income
Same Store Net Operating Income
Leasing Activity
Commercial Property Detail
Portfolio Expirations and Vacates Summary
Tenant Lease Expirations
Largest Tenants and Portfolio Tenant Diversification by Industry
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
Observatory Summary
Financial information
Consolidated Debt Analysis
Debt Summary
Debt Detail
Debt Maturities
Ground Leases
Forward-looking Statements
This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.
Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).
Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.
While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).
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Third Quarter 2025
Supplemental Definitions
Funds From Operations
We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
Modified Funds From Operations
Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.
Core Funds From Operations
Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
Core Funds Available for Distribution
In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”.
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Third Quarter 2025
Supplemental Definitions
Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2025, Same Store excludes the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
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Third Quarter 2025
COMPANY PROFILE
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.
BROAD OF DIRECTORS
Anthony E. Malkin Chairman and Chief Executive Officer
Steven J. Gilbert Director, Lead Independent Director, Chair of the Compensation Committee
S. Michael Giliberto Director, Chair of the Audit Committee
Patricia S. Han Director
Grant H. Hill Director
R. Paige Hood Director, Chair of the Finance Committee
George L. W. Malkin Director
James D. Robinson IV Director, Chair of the Nominating and Corporate Governance Committee
Christina Van Tassell Director
Hannah Yang Director
EXECUTIVE MANAGEMENT
Anthony E. Malkin Chairman and Chief Executive Officer
Christina Chiu President
Thomas P. Durels Executive Vice President, Real Estate
Steve Horn Executive Vice President, Chief Financial Officer & Chief Accounting Officer
COMPANY INFORMATION
Corporate Headquarters Investor Relations New York Stock Exchange
111 West 33rd Street, 12th Floor IR@esrtreit.com
Trading Symbol: ESRT
New York, NY 10120
www.esrtreit.com
(212) 687-8700
RESEARCH COVERAGE
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
Wells Fargo Securities, LLC Blaine Heck (443) 263-6529 blaine.heck@wellsfargo.com
Wolfe Research Ally Yaseen (646) 582-9253 ayaseen@wolferesearch.com
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Third Quarter 2025
Condensed Consolidated Balance Sheet
(unaudited and dollars in thousands)

Assets September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Commercial real estate properties, at cost $ 3,940,755  $ 3,903,950  $ 3,825,422  $ 3,786,653  $ 3,667,687 
Less: accumulated depreciation (1,381,726) (1,341,144) (1,306,924) (1,274,193) (1,241,454)
Commercial real estate properties, net 2,559,029  2,562,806  2,518,498  2,512,460  2,426,233 
Contract asset(1)
 —  —  —  170,419  168,687 
Cash and cash equivalents 154,113  94,643  187,823  385,465  421,896 
Restricted cash 43,642  42,084  49,589  43,837  48,023 
Tenant and other receivables 27,416  28,124  29,071  31,427  34,068 
Deferred rent receivables 259,070  255,272  252,299  247,754  244,448 
Prepaid expenses and other assets 58,679  85,083  64,233  101,852  81,758 
Deferred costs, net 177,307  181,694  181,802  183,987  176,720 
Acquired below-market ground leases, net 307,537  309,495  311,452  313,410  315,368 
Right of use assets 28,007  28,070  28,134  28,197  28,257 
Goodwill 491,479  491,479  491,479  491,479  491,479 
Total assets $ 4,106,279  $ 4,078,750  $ 4,114,380  $ 4,510,287  $ 4,436,937 
Liabilities and Equity
Mortgage notes payable, net $ 691,046  $ 691,440  $ 691,816  $ 692,176  $ 692,989 
Senior unsecured notes, net 1,097,498  1,097,355  1,097,212  1,197,061  1,196,911 
Unsecured term loan facility, net 268,959  268,883  268,807  268,731  268,655 
Unsecured revolving credit facility —  —  —  120,000  120,000 
Debt associated with property in receivership —  —  —  177,667  177,667 
Accrued interest associated with property in receivership —  —  —  5,433  3,511 
Accounts payable and accrued expenses 111,732  104,315  135,298  132,016  81,443 
Acquired below-market leases, net 15,875  17,081  18,306  19,497  14,702 
Ground lease liabilities 28,007  28,070  28,134  28,197  28,257 
Deferred revenue and other liabilities 64,191  55,343  61,888  62,639  70,766 
Tenants' security deposits 30,751  27,015  27,044  24,908  24,715 
Total liabilities 2,308,059  2,289,502  2,328,505  2,728,325  2,679,616 
Total equity 1,798,220  1,789,248  1,785,875  1,781,962  1,757,321 
Total liabilities and equity $ 4,106,279  $ 4,078,750  $ 4,114,380  $ 4,510,287  $ 4,436,937 
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.
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Third Quarter 2025
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)
Three Months Ended
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Revenues
Rental revenue (1)
 $ 158,410  $ 153,540  $ 154,542  $ 155,127  $ 153,117 
Observatory revenue 36,037  33,899  23,161  38,275  39,382 
Lease termination fees —  464  —  —  4,771 
Third-party management and other fees 404  408  431  258  271 
Other revenue and fees 2,879  2,939  1,932  3,942  2,058 
Total revenues 197,730  191,250  180,066  197,602  199,599 
Operating expenses
Property operating expenses 46,957  44,880  45,060  46,645  45,954 
Ground rent expenses 2,331  2,332  2,331  2,332  2,331 
General and administrative expenses 18,743  18,685  16,940  17,870  18,372 
Observatory expenses 9,510  9,822  8,118  9,730  9,715 
Real estate taxes 33,241  32,607  33,050  32,720  31,982 
Depreciation and amortization 47,615  47,802  48,779  45,365  45,899 
Total operating expenses 158,397  156,128  154,278  154,662  154,253 
Total operating income 39,333  35,122  25,788  42,940  45,346 
Other income (expense)
Interest income 1,146  1,867  3,786  5,068  6,960 
Interest expense (25,189) (25,126) (26,938) (27,380) (27,408)
Interest expense associated with property in receivership —  —  (647) (1,921) (1,922)
Gain on disposition of property —  —  13,170  1,237  1,262 
Income before income taxes 15,290  11,863  15,159  19,944  24,238 
Income tax (expense) benefit (1,645) (478) 619  (1,151) (1,442)
Net income 13,645  11,385  15,778  18,793  22,796 
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership (4,610) (3,815) (5,508) (6,575) (8,205)
Private perpetual preferred unit distributions (1,050) (1,051) (1,050) (1,050) (1,050)
Net income attributable to common stockholders $ 7,985  $ 6,519  $ 9,220  $ 11,168  $ 13,541 
Weighted average common shares outstanding
Basic 169,250  168,368  167,181  166,671  164,880 
Diluted 270,357  269,951  269,529  270,251  269,613 
Earnings per share attributable to common stockholders
Basic $ 0.05  $ 0.04  $ 0.06  $ 0.07  $ 0.08 
Diluted $ 0.05  $ 0.04  $ 0.05  $ 0.07  $ 0.08 
Dividends per share $ 0.035  $ 0.035  $ 0.035  $ 0.035  $ 0.035 
Note:
(1) The following table reflects the components of rental revenue:
Three Months Ended
Rental Revenue September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Base rent $ 136,371  $ 133,987  $ 136,096  $ 135,629  $ 132,492 
Billed tenant expense reimbursement 22,039  19,553  18,446  19,498  20,625 
Total rental revenue $ 158,410  $ 153,540  $ 154,542  $ 155,127  $ 153,117 
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.
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Third Quarter 2025
FFO, Modified FFO, Core FFO, Core FAD and EBITDA
(unaudited and in thousands, except per share amounts)
Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Net Income $ 13,645  $ 11,385  $ 15,778  $ 18,793  $ 22,796 
Preferred unit distributions (1,050) (1,051) (1,050) (1,050) (1,050)
Real estate depreciation and amortization 46,741  46,921  47,871  44,386  44,871 
Gain on disposition of property —  —  (13,170) (1,237) (1,262)
FFO attributable to common stockholders and the Operating Partnership 59,336  57,255  49,429  60,892  65,355 
Amortization of below-market ground lease 1,957  1,958  1,958  1,958  1,958 
Modified FFO attributable to common stockholders and the Operating Partnership 61,293  59,213  51,387  62,850  67,313 
Interest expense associated with property in receivership —  —  647  1,921  1,922 
Core FFO attributable to common stockholders and the Operating Partnership $ 61,293  $ 59,213  $ 52,034  $ 64,771  $ 69,235 
Total weighted average shares and Operating Partnership units
Basic 266,963  266,899  267,073  264,798  264,787 
Diluted 270,357  269,951  269,529  270,251  269,613 
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic $ 0.22  $ 0.21  $ 0.19  $ 0.23  $ 0.25 
Diluted $ 0.22  $ 0.21  $ 0.18  $ 0.23  $ 0.24 
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic $ 0.23  $ 0.22  $ 0.19  $ 0.24  $ 0.25 
Diluted $ 0.23  $ 0.22  $ 0.19  $ 0.23  $ 0.25 
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic $ 0.23  $ 0.22  $ 0.19  $ 0.24  $ 0.26 
Diluted $ 0.23  $ 0.22  $ 0.19  $ 0.24  $ 0.26 
Reconciliation of Core FFO to Core FAD
Core FFO $ 61,293  $ 59,213  $ 52,034  $ 64,771  $ 69,235 
Add:
Amortization of deferred financing costs 1,082  1,080  1,094  1,099  1,110 
Non-real estate depreciation and amortization 874  880  908  979  1,029 
Amortization of non-cash compensation expense 6,484  6,900  4,980  6,107  5,752 
Amortization of loss on interest rate derivative 1,385  1,386  1,386  1,386  1,386 
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments (5,832) (4,913) (6,407) (5,044) (3,082)
Corporate capital expenditures (218) (234) (83) (226) (121)
Tenant improvements - second generation (15,979) (36,890) (39,304) (45,969) (17,149)
Building improvements - second generation (5,571) (7,868) (5,770) (9,377) (7,838)
Leasing commissions - second generation (3,144) (7,605) (7,629) (10,769) (3,753)
Core FAD $ 40,374  $ 11,949  $ 1,209  $ 2,957  $ 46,569 
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income $ 13,645  $ 11,385  $ 15,778  $ 18,793  $ 22,796 
Interest expense 25,189  25,126  26,938  27,380  27,408 
Interest expense associated with property in receivership —  —  647  1,921  1,922 
Income tax expense (benefit) 1,645  478  (619) 1,151  1,442 
Depreciation and amortization 47,615  47,802  48,779  45,365  45,899 
  EBITDA 88,094  84,791  91,523  94,610  99,467 
Gain on disposition of property —  —  (13,170) (1,237) (1,262)
  Adjusted EBITDA $ 88,094  $ 84,791  $ 78,353  $ 93,373  $ 98,205 
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Third Quarter 2025
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)
Three Months Ended
Office and Retail Metrics: September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Total rentable square footage(1)
 8,603,750  8,611,559  8,617,292  8,616,284  8,592,481 
Percent occupied (1)(2)
 90.0  % 89.2  % 87.9  % 88.6  % 89.1  %
Percent leased (1)(3)
 92.6  % 93.1  % 92.5  % 93.5  % 93.4  %
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio $ 64,715  $ 63,589  $ 61,548  $ 64,110  $ 65,069 
Greater New York office portfolio 1,244  1,393  1,584  1,769  1,651 
Retail portfolio 2,171  2,298  2,433  2,472  2,431 
Total Same Store Property Cash NOI $ 68,130  $ 67,280  $ 65,565  $ 68,351  $ 69,151 
Multifamily Metrics:
Multifamily Cash NOI $ 5,284  $ 5,173  $ 4,643  $ 4,168  $ 4,506 
Total number of units 743  743  732  732  732 
Percent occupied 98.6  % 98.6  % 99.0  % 98.5  % 96.8  %
Observatory Metrics:
Observatory NOI $ 26,527  $ 24,077  $ 15,043  $ 28,545  $ 29,667 
Number of visitors (4)
 648,000  629,000  428,000  718,000  727,000 
Change in visitors year-over-year (10.9) % (2.9) % (11.8) % 1.0  % (2.2) %
Ratios:
Debt to Total Market Capitalization (5)
 48.2  % 46.9  % 47.8  % 44.0  % 42.3  %
Net Debt to Total Market Capitalization (5)
 46.3  % 45.8  % 45.4  % 39.5  % 37.5  %
Debt and Perpetual Preferred Units to
     Total Market Capitalization (5)
 50.3  % 49.0  % 49.8  % 45.7  % 44.0  %
Net Debt and Perpetual Preferred Units to
     Total Market Capitalization (5)
 48.5  % 47.8  % 47.5  % 41.4  % 39.3  %
Debt to Adjusted EBITDA (6)
 6.0x 5.8x 5.8x 6.4x 6.4x
Net Debt to Adjusted EBITDA (6)
 5.6x 5.6x 5.2x 5.3x 5.2x
Core FFO Payout Ratio (7)
 16  % 16  % 19  % 15  % 14  %
Core FAD Payout Ratio 24  % 82  % 805  % 324  % 21  %
Core FFO per share - diluted $ 0.23  $ 0.22  $ 0.19  $ 0.24  $ 0.26 
Diluted weighted average shares 270,357  269,951  269,529  270,251  269,613 
Class A common stock price at quarter end $ 7.66  $ 8.09  $ 7.82  $ 10.32  $ 11.08 
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  % 1.7  % 1.8  % 1.4  % 1.3  %
Series 2014 Private Perpetual Preferred Units outstanding
    ($16.62 liquidation value)		 1,560  1,560  1,560  1,560  1,560 
Series 2019 Private Perpetual Preferred Units outstanding
    ($13.52 liquidation value)		 4,664  4,664  4,664  4,664  4,664 
Class A common stock 168,970  168,301  167,094  166,405  165,507 
Class B common stock (9)
 972  975  976  978  981 
Operating partnership units 108,674  109,308  110,662  106,768  107,664 
Total common stock and operating partnership units
    outstanding (10)
 278,616  278,584  278,732  274,151  274,152 
Notes:
(1) Rentable square footage, occupied percentage, and leased percentage are updated to exclude approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.
(2) 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.
(3) 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.
(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 September 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2025, (ii) the number of Series 2014 perpetual preferred units at September 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 30, 2025.
(6) Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, and September 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, and $9 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 September 30, 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.
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Third Quarter 2025
Property Summary - Same Store NOI
(unaudited and dollars in thousands)

Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 September 30,
2025		 September 30,
2024
Same Store Portfolio(1)
Revenues $ 148,211  $ 143,776  $ 143,916  $ 146,969  $ 145,501  $ 435,903  $ 426,411 
Operating expenses (77,041) (74,612) (74,891) (76,317) (75,596) (226,544) (215,844)
Same store property NOI 71,170  69,164  69,025  70,652  69,905  209,359  210,567 
Straight-line rent (4,387) (3,213) (4,831) (3,782) (2,184) (12,431) (7,289)
Above/below-market rent revenue amortization (610) (629) (587) (477) (528) (1,826) (1,658)
Below-market ground lease amortization 1,957  1,958  1,958  1,958  1,958  5,873  5,874 
Total same store property cash NOI - excluding lease termination fees $ 68,130  $ 67,280  $ 65,565  $ 68,351  $ 69,151  $ 200,975  $ 207,494 
Percent change over prior year (1.5) % (5.9) % (1.9) % (2.9) % 5.2  % (3.1) % 4.6  %
Total same store property cash NOI - excluding lease termination fees $ 68,130  $ 67,280  $ 65,565  $ 68,351  $ 69,151  $ 200,975  $ 207,494 
Lease termination fees —  464  —  —  4,771  464  4,771 
Total same store property cash NOI $ 68,130  $ 67,744  $ 65,565  $ 68,351  $ 73,922  $ 201,439  $ 212,265 
Same Store Manhattan Office(1),(2)
Revenues $ 140,613  $ 136,543  $ 136,408  $ 139,380  $ 138,060  $ 413,564  $ 405,159 
Operating expenses (73,102) (71,336) (71,598) (73,062) (72,287) (216,036) (205,933)
Same store property NOI 67,511  65,207  64,810  66,318  65,773  197,528  199,226 
Straight-line rent (4,143) (2,947) (4,633) (3,689) (2,134) (11,723) (7,297)
Above/below-market rent revenue amortization (610) (629) (587) (477) (528) (1,826) (1,658)
Below-market ground lease amortization 1,957  1,958  1,958  1,958  1,958  5,873  5,874 
Total same store property cash NOI - excluding lease termination fees 64,715  63,589  61,548  64,110  65,069  189,852  196,145 
Lease termination fees —  464  —  —  4,771  464  4,771 
Total same store property cash NOI $ 64,715  $ 64,053  $ 61,548  $ 64,110  $ 69,840  $ 190,316  $ 200,916 
Same Store Greater New York Metropolitan Area Office(1)
Revenues $ 3,516  $ 2,985  $ 3,154  $ 3,213  $ 3,060  $ 9,655  $ 9,223 
Operating expenses (2,214) (1,551) (1,606) (1,572) (1,612) (5,371) (4,862)
Same store property NOI 1,302  1,434  1,548  1,641  1,448  4,284  4,361 
Straight-line rent (58) (41) 36  128  203  (63) 498 
Above/below-market rent revenue amortization —  —  —  —  —  —  — 
Below-market ground lease amortization —  —  —  —  —  —  — 
Total same store property cash NOI - excluding lease termination fees 1,244  1,393  1,584  1,769  1,651  4,221  4,859 
Lease termination fees —  —  —  —  —  —  — 
Total same store property cash NOI $ 1,244  $ 1,393  $ 1,584  $ 1,769  $ 1,651  $ 4,221  $ 4,859 
Same Store Retail(1)
Revenues $ 4,082  $ 4,248  $ 4,354  $ 4,376  $ 4,381  $ 12,684  $ 12,029 
Operating expenses (1,725) (1,725) (1,687) (1,683) (1,697) (5,137) (5,049)
Same store property NOI 2,357  2,523  2,667  2,693  2,684  7,547  6,980 
Straight-line rent (186) (225) (234) (221) (253) (645) (490)
Above/below-market rent revenue amortization —  —  —  —  —  —  — 
Below-market ground lease amortization —  —  —  —  —  —  — 
Total same store property cash NOI - excluding lease termination fees 2,171  2,298  2,433  2,472  2,431  6,902  6,490 
Lease termination fees —  —  —  —  —  —  — 
Total same store property cash NOI $ 2,171  $ 2,298  $ 2,433  $ 2,472  $ 2,431  $ 6,902  $ 6,490 
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 475,442 rentable square feet of retail space in the Company's nine Manhattan office properties.
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Third Quarter 2025
Same Store NOI
(unaudited and dollars in thousands)
Three Months Ended Nine Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 September 30,
2025		 September 30,
2024
Net income $ 13,645  $ 11,385  $ 15,778  $ 18,793  $ 22,796  $ 40,808  $ 61,566 
Add:
General and administrative expenses 18,743  18,685  16,940  17,870  18,372  54,368  52,364 
Depreciation and amortization 47,615  47,802  48,779  45,365  45,899  144,196  139,453 
Interest expense 25,189  25,126  26,938  27,380  27,408  77,253  77,859 
Interest expense associated with property in receivership —  —  647  1,921  1,922  647  2,550 
Loss on early extinguishment of debt —  —  —  —  —  —  553 
Income tax expense (benefit) 1,645  478  (619) 1,151  1,442  1,504  1,537 
Less:
Gain on disposition of property —  —  (13,170) (1,237) (1,262) (13,170) (12,065)
Third-party management and other fees (404) (408) (431) (258) (271) (1,243) (912)
Interest income (1,146) (1,867) (3,786) (5,068) (6,960) (6,799) (16,230)
Net operating income 105,287  101,201  91,076  105,917  109,346  297,564  306,675 
Straight-line rent (4,688) (3,748) (5,283) (4,045) (2,277) (13,719) (7,238)
Above/below-market rent revenue amortization (821) (840) (798) (674) (476) (2,459) (1,503)
Below-market ground lease amortization 1,957  1,958  1,958  1,958  1,958  5,873  5,874 
Total cash NOI - including Observatory and lease termination fees 101,735  98,571  86,953  103,156  108,551  287,259  303,808 
Less: Observatory NOI (26,527) (24,077) (15,043) (28,545) (29,667) (65,647) (70,998)
Less: cash NOI from non-Same Store properties (7,078) (6,750) (6,345) (6,260) (4,962) (20,173) (20,545)
Total Same Store property cash NOI - including lease termination fees 68,130  67,744  65,565  68,351  73,922  201,439  212,265 
Less: Lease termination fees —  (464) —  —  (4,771) (464) (4,771)
Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 68,130  $ 67,280  $ 65,565  $ 68,351  $ 69,151  $ 200,975  $ 207,494 
Multifamily NOI
Revenues $ 10,080  $ 9,846  $ 9,646  $ 9,322  $ 9,140  $ 29,572  $ 26,773 
Operating expenses (4,786) (4,665) (4,993) (5,145) (4,623) (14,444) (13,410)
NOI 5,294  5,181  4,653  4,177  4,517  15,128  13,363 
Straight-line rent (68) (67) (67) (67) (69) (202) (280)
Above/below-market rent revenue amortization 58  59  57  58  58  174  173 
Cash NOI $ 5,284  $ 5,173  $ 4,643  $ 4,168  $ 4,506  $ 15,100  $ 13,256 
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Third Quarter 2025
Property Summary - Leasing Activity by Quarter
(unaudited)
Three Months Ended
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Total Office and Retail Portfolio(1)
Total leases executed 16 22 20 20 31
Weighted average lease term 8.1 years 9.9 years 8.4 years 8.0 years 7.0 years
Average free rent period 6.0 months 7.6 months 7.8 months 5.7 months 5.2 months
Office
Total square footage executed 71,859  221,776  229,367  378,913  291,418 
Average starting cash rent psf - leases executed $ 69.97  $ 71.21  $ 66.43  $ 78.40  $ 70.11 
Previously escalated cash rents psf $ 67.33  $ 63.50  $ 60.63  $ 71.03  $ 68.34 
Percentage of new cash rent over previously escalated rents 3.9  % 12.1  % 9.6  % 10.4  % 2.6  %
Retail
Total square footage executed 16,021  10,332  1,181  —  12,792 
Average starting cash rent psf - leases executed $ 128.33  $ 268.92  $ 193.00  $ —  $ 203.88 
Previously escalated cash rents psf $ 145.48  $ 316.28  $ 183.74  $ —  $ 332.35 
Percentage of new cash rent over previously escalated rents (11.8) % (15.0) % 5.0  % —  (38.7) %
Total Office and Retail Portfolio
Total square footage executed 87,880  232,108  230,548  378,913  304,210 
Average starting cash rent psf - leases executed $ 80.61  $ 80.01  $ 67.08  $ 78.40  $ 75.74 
Previously escalated cash rents psf $ 81.57  $ 74.75  $ 61.27  $ 71.03  $ 79.44 
Percentage of new cash rent over previously escalated rents (1.2) % 7.0  % 9.5  % 10.4  % (4.7) %
Leasing commission costs per square foot $ 33.24  $ 31.62  $ 22.39  $ 21.73  $ 19.67 
Tenant improvement costs per square foot 59.60  86.85  47.92  49.46  42.90 
Total LC and TI per square foot(2)
 $ 92.84  $ 118.47  $ 70.31  $ 71.19  $ 62.57 
Total LC and TI per square foot per year of weighted average lease term $ 11.48  $ 11.93  $ 8.34  $ 8.89  $ 8.94 
Occupancy(3),(4)
 90.0  % 89.2  % 87.9  % 88.6  % 89.1  %
Manhattan Office Portfolio
Total leases executed 14 18 18 18 25
Office - New Leases
Total square footage executed 26,430  202,499  43,184  184,258  130,688 
Average starting cash rent psf - leases executed $ 68.56  $ 72.28  $ 69.13  $ 71.07  $ 66.07 
Previously escalated cash rents psf $ 67.69  $ 63.11  $ 66.77  $ 59.54  $ 63.21 
Percentage of new cash rent over previously escalated rents 1.3  % 14.5  % 3.5  % 19.4  % 4.5  %
Office - Renewal Leases(1)
Current Renewals 30,907  19,277  177,328  10,178  53,622 
Early Renewals 14,522  —  —  172,286  105,019 
Total square footage executed 45,429  19,277  177,328  182,464  158,641 
Average starting cash rent psf - leases executed $ 70.80  $ 59.97  $ 66.62  $ 86.98  $ 73.11 
Previously escalated cash rents psf $ 67.11  $ 67.51  $ 59.35  $ 83.14  $ 72.24 
Percentage of new cash rent over previously escalated rents 5.5  % (11.2) % 12.3  % 4.6  % 1.2  %
Total Manhattan Office Portfolio
Total square footage executed 71,859  221,776  220,512  366,722  289,329 
Average starting cash rent psf - leases executed $ 69.97  $ 71.21  $ 67.11  $ 78.99  $ 69.93 
Previously escalated cash rents psf $ 67.33  $ 63.50  $ 60.80  $ 71.28  $ 68.16 
Percentage of new cash rent over previously escalated rents 3.9  % 12.1  % 10.4  % 10.8  % 2.6  %
Leasing commission costs per square foot $ 20.16  $ 28.97  $ 22.47  $ 21.85  $ 17.40 
Tenant improvement costs per square foot 47.79  89.60  49.50  47.96  42.82 
Total LC and TI per square foot(2)
 $ 67.95  $ 118.57  $ 71.97  $ 69.81  $ 60.22 
Total LC and TI per square foot per year of weighted average lease term $ 10.76  $ 11.79  $ 8.41  $ 8.66  $ 8.67 
Occupancy(3)
 90.3  % 89.5  % 88.1  % 89.0  % 89.6  %
(Table continued on next page)

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Third Quarter 2025
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)
Three Months Ended
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Retail Portfolio
Total leases executed 2 4 1 —  5
Total square footage executed 16,021  10,332  1,181  —  12,792 
Average starting cash rent psf - leases executed $ 128.33  $ 268.92  $ 193.00  $ —  $ 203.88 
Previously escalated cash rents psf $ 145.48  $ 316.28  $ 183.74  $ —  $ 332.35 
Percentage of new cash rent over previously escalated rents (11.8) % (15.0) % 5.0  % —  (38.7) %
Leasing commission costs per square foot $ 91.92  $ 88.59  $ 63.04  $ —  $ 74.25 
Tenant improvement costs per square foot 112.59  27.88  —  —  51.72 
Total LC and TI per square foot(2)
 $ 204.51  $ 116.47  $ 63.04  $ —  $ 125.97 
Total LC and TI per square foot per year of weighted average lease term $ 12.74  $ 16.15  $ 6.25  $ —  $ 14.73 
Occupancy(3),(4)
 92.8  % 91.7  % 91.2  % 90.4  % 91.1  %
Multifamily Portfolio
Percent occupied 98.6  % 98.6  % 99.0  % 98.5  % 96.8  %
Total number of units 743 743 732 732 732
Notes:
(1) Early Renewals include leases which were signed over two years prior to the lease expiration.
(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.
(3) All occupancy rates exclude broadcasting and storage space.
(4) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.
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Third Quarter 2025
Commercial Property Detail
(unaudited)
Property Name Location or Sub-Market
Rentable Square Feet (1)
Percent Occupied (2),(3)
Percent Leased (3),(4)
Annualized Rent (5)
Annualized Rent per Occupied Square Foot (6)
Number of Leases (7)
Office - Manhattan
The Empire State Building Penn Station -Times Sq. South 2,711,335  91.3  % 95.9  % $ 169,632,539  $ 69.15  144
One Grand Central Place Grand Central 1,224,687  87.2  % 93.7  % 68,290,259  64.18  124
1400 Broadway (8)
 Penn Station -Times Sq. South 917,281  94.5  % 94.5  % 54,992,292  63.50  18
111 West 33rd Street (9)
Penn Station -Times Sq. South 639,595  94.3  % 94.3  % 42,729,471  70.87  22
250 West 57th Street Columbus Circle - West Side 476,831  82.9  % 82.9  % 28,114,437  71.24  29
1359 Broadway Penn Station -Times Sq. South 456,634  86.0  % 86.0  % 23,469,839  59.79  28
501 Seventh Avenue Penn Station -Times Sq. South 455,432  89.2  % 89.2  % 22,538,410  55.52  15
1350 Broadway (10)
 Penn Station -Times Sq. South 384,128  93.6  % 95.4  % 22,757,995  63.53  48
1333 Broadway Penn Station -Times Sq. South 297,126  89.8  % 89.8  % 15,462,025  57.97  11
Office - Manhattan 7,563,049  90.3  % 93.1  % 447,987,267  65.84  439
Office - Greater New York Metropolitan Area
Metro Center Stamford, CT 282,176  72.3  % 72.3  % 11,903,524  58.36  20
Office - Greater New York Metropolitan Area 282,176  72.3  % 72.3  % 11,903,524  58.36  20
Total/Weighted Average Office Properties 7,845,225  89.7  % 92.4  % 459,890,791  65.62  459
Retail Properties
112 West 34th Street (9)
 Penn Station -Times Sq. South 93,057  100.0  % 100.0  % 25,256,270  271.41  4
The Empire State Building Penn Station -Times Sq. South 88,143  79.0  % 79.0  % 8,064,475  115.80  12
North Sixth Street Collection (11)
 Williamsburg - Brooklyn 87,355  91.2  % 91.2  % 11,300,830  141.82  16
One Grand Central Place Grand Central 70,810  79.6  % 100.0  % 6,916,328  122.67  11
1333 Broadway Penn Station -Times Sq. South 67,001  100.0  % 100.0  % 10,305,521  153.81  4
250 West 57th Street Columbus Circle - West Side 63,443  93.2  % 93.2  % 8,608,308  145.65  6
1542 Third Avenue Upper East Side 58,161  100.0  % 100.0  % 3,093,298  53.19  4
10 Union Square Union Square 58,049  88.2  % 88.2  % 7,962,960  155.51  8
1359 Broadway Penn Station -Times Sq. South 29,247  99.4  % 99.4  % 2,250,533  77.39  5
1010 Third Avenue Upper East Side 28,243  100.0  % 100.0  % 3,077,783  108.98  1
501 Seventh Avenue Penn Station -Times Sq. South 27,213  89.4  % 89.4  % 1,592,710  65.48  8
77 West 55th Street Midtown 25,388  100.0  % 100.0  % 2,112,538  83.21  3
1350 Broadway (10)
 Penn Station -Times Sq. South 19,511  100.0  % 100.0  % 4,140,068  212.19  6
1400 Broadway (8)
Penn Station -Times Sq. South 17,017  100.0  % 100.0  % 2,078,326  122.13  7
561 10th Avenue Hudson Yards 11,822  100.0  % 100.0  % 1,626,620  137.59  2
298 Mulberry Street NoHo 10,365  100.0  % 100.0  % 1,986,316  191.64  1
345 East 94th Street Upper East Side 3,700  100.0  % 100.0  % 261,359  70.64  1
Total/Weighted Average Retail Properties 758,525  92.8  % 94.7  % 100,634,243  143.01  99
Portfolio Total 8,603,750  90.0  % 92.6  % $ 560,525,034  $ 72.68  558
Notes:
(1) Excludes (i) 201,165 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 September 30, 2025.
(3) Percent occupied and percent leased exclude 110,918 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of September 30, 2025.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of September 30, 2025 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 38 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).
(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.
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Third Quarter 2025
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)
Actual
Forecast (1)
Forecast (1)
Three Months Ended
Total Office and Retail Portfolio (2)
 September 30,
2025		 December 31,
2025		 March 31,
2026		 June 30,
2026		 September 30,
2026		 December 31,
2026		 Full Year 2026
Total expirations 59,360  186,516  143,591  32,122  109,224  227,041  511,978 
Less: broadcasting (511) (906) —  —  (511) —  (511)
Office and retail expirations 58,849  185,610  143,591  32,122  108,713  227,041  511,467 
Renewals & relocations (3)
 15,615  13,046  50,806  3,859  42,024  12,539  109,228 
New leases (4)
 —  133,458  11,455  —  —  16,321  27,776 
Vacates (5)
 43,234  38,753  73,588  28,263  52,868  133,066  287,785 
Unknown (6)
 —  353  7,742  —  13,821  65,115  86,678 
Total Office and Retail Portfolio expirations and vacates 58,849  185,610  143,591  32,122  108,713  227,041  511,467 
Manhattan Office Portfolio
Total expirations 54,281  185,049  138,153  32,122  74,305  176,993  421,573 
Less: broadcasting (511) (906) —  —  (511) —  (511)
Office and retail expirations 53,770  184,143  138,153  32,122  73,794  176,993  421,062 
Renewals & relocations (3)
 15,615  13,046  50,806  3,859  41,533  10,868  107,066 
New leases (4)
 —  133,458  11,455  —  —  16,321  27,776 
Vacates (5)
 38,155  37,639  68,150  28,263  18,440  133,066  247,919 
Unknown (6)
 —  —  7,742  —  13,821  16,738  38,301 
Total expirations and vacates 53,770  184,143  138,153  32,122  73,794  176,993  421,062 
Greater New York Metropolitan Area Office Portfolio
Office expirations 5,079  —  —  —  23,268  —  23,268 
Renewals & relocations (3)
 —  —  —  —  —  —  — 
New leases (4)
 —  —  —  —  —  —  — 
Vacates (5)
 5,079  —  —  —  23,268  —  23,268 
Unknown (6)
 —  —  —  —  —  —  — 
Total expirations and vacates 5,079  —  —  —  23,268  —  23,268 
Retail Portfolio
Office expirations —  1,467  5,438  —  11,651  50,048  67,137 
Renewals & relocations (3)
 —  —  —  —  491  1,671  2,162 
New leases (4)
 —  —  —  —  —  —  — 
Vacates (5)
 —  1,114  5,438  —  11,160  —  16,598 
Unknown (6)
 —  353  —  —  —  48,377  48,377 
Total expirations and vacates —  1,467  5,438  —  11,651  50,048  67,137 
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 2026; 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.
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Third 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 —  670,147  7.8  % $ —  —  % $ — 
Signed leases not commenced 15  221,593  2.6  % —  —  % — 
3Q 2025(4)
 5  19,423  0.2  % 1,239,070  0.2  % 63.79 
4Q 2025 15  185,590  2.2  % 12,120,435  2.2  % 65.31 
Total 2025 20  205,013  2.4  % 13,359,505  2.4  % 65.16 
1Q 2026 14  143,591  1.7  % 8,918,368  1.6  % 62.11 
2Q 2026 7  32,122  0.4  % 1,993,327  0.4  % 62.05 
3Q 2026 19  109,224  1.3  % 6,805,024  1.2  % 62.30 
4Q 2026 21  227,041  2.6  % 12,175,916  2.2  % 53.63 
Total 2026 61  511,978  6.0  % 29,892,635  5.4  % 58.39 
2027 87  707,766  8.2  % 47,950,004  8.6  % 67.75 
2028 62  868,524  10.1  % 52,901,567  9.4  % 60.91 
2029 67  790,106  9.2  % 68,389,913  12.2  % 86.56 
2030 61  786,711  9.1  % 59,638,049  10.6  % 75.81 
2031 38  250,288  2.9  % 27,699,144  4.9  % 110.67 
2032 31  388,724  4.5  % 29,373,989  5.2  % 75.57 
2033 37  326,415  3.8  % 24,682,056  4.4  % 75.62 
2034 23  370,764  4.3  % 27,764,941  5.0  % 74.89 
2035 25  473,508  5.5  % 32,929,648  5.9  % 69.54 
Thereafter 46  2,032,213  23.6  % 145,943,583  26.0  % 71.82 
Total 573  8,603,750  100.0  % $ 560,525,034  100.0  % $ 72.68 
Manhattan Office Properties(5)
Available —  551,507  7.3  % $ —  —  % $ — 
Signed leases not commenced 14  207,163  2.7  % —  —  % — 
3Q 2025(4)
 5  19,423  0.3  % 1,239,070  0.3  % 63.79 
4Q 2025 13  184,123  2.4  % 12,005,811  2.7  % 65.21 
Total 2025 18  203,546  2.7  % 13,244,881  3.0  % 65.07 
1Q 2026 13  138,153  1.8  % 8,518,368  1.9  % 61.66 
2Q 2026 7  32,122  0.4  % 1,993,327  0.4  % 62.05 
3Q 2026 15  74,305  1.0  % 4,539,380  1.0  % 61.09 
4Q 2026 19  176,993  2.3  % 10,988,835  2.5  % 62.09 
Total 2026 54  421,573  5.5  % 26,039,910  5.8  % 61.77 
2027 77  626,215  8.3  % 38,508,279  8.6  % 61.49 
2028 56  845,634  11.2  % 50,422,065  11.3  % 59.63 
2029 53  653,047  8.6  % 43,151,129  9.6  % 66.08 
2030 44  666,742  8.8  % 45,163,387  10.1  % 67.74 
2031 26  160,544  2.1  % 11,716,975  2.6  % 72.98 
2032 23  344,120  4.6  % 25,219,550  5.6  % 73.29 
2033 22  218,722  2.9  % 14,083,014  3.1  % 64.39 
2034 16  343,694  4.5  % 24,196,728  5.4  % 70.40 
2035 20  458,489  6.1  % 31,420,015  7.0  % 68.53 
Thereafter 30  1,862,053  24.7  % 124,821,334  27.9  % 67.03 
Total Manhattan office properties 453  7,563,049  100.0  % $ 447,987,267  100.0  % $ 65.84 
(Table continued on next page)
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Third 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 —  78,226  27.7  % $ —  —  % $ — 
Signed leases not commenced —  —  —  % —  —  % — 
3Q 2025(4)
 —  —  —  % —  —  % — 
4Q 2025 —  —  —  % —  —  % — 
Total 2025 —  —  —  % —  —  % — 
1Q 2026 —  —  —  % —  —  % — 
2Q 2026 —  —  —  % —  —  % — 
3Q 2026 1  23,268  8.2  % 1,471,503  12.4  % 63.24 
4Q 2026 —  —  —  % —  —  % — 
Total 2026 1  23,268  8.2  % 1,471,503  12.4  % 63.24 
2027 4  21,546  7.6  % 1,264,659  10.6  % 58.70 
2028 2  11,480  4.1  % 662,232  5.6  % 57.69 
2029 3  12,208  4.3  % 731,372  6.1  % 59.91 
2030 5  42,827  15.2  % 2,525,635  21.2  % 58.97 
2031 1  15,030  5.3  % 879,672  7.4  % 58.53 
2032(6)
 2  7,281  2.6  % 381,961  3.2  % 52.46 
2033 1  63,173  22.4  % 3,618,934  30.4  % 57.29 
2034 —  —  —  % —  —  % — 
2035 1  7,137  2.6  % 367,556  3.1  % 51.50 
Thereafter —  —  —  % —  —  % — 
Total greater New York metropolitan area office portfolio 20  282,176  100.0  % $ 11,903,524  100.0  % $ 58.36 
Retail Properties
Available —  40,414  5.3  % $ —  —  % $ — 
Signed leases not commenced 1  14,430  1.9  % —  —  % — 
3Q 2025(4)
 —  —  —  % —  —  % — 
4Q 2025 2  1,467  0.2  % 114,624  0.1  % 78.13 
Total 2025 2  1,467  0.2  % 114,624  0.1  % 78.13 
1Q 2026 1  5,438  0.7  % 400,000  0.4  % 73.56 
2Q 2026 —  —  —  % —  —  % — 
3Q 2026 3  11,651  1.5  % 794,141  0.8  % 68.16 
4Q 2026 2  50,048  6.6  % 1,187,081  1.2  % 23.72 
Total 2026 6  67,137  8.8  % 2,381,222  2.4  % 35.47 
2027 6  60,005  7.9  % 8,177,066  8.1  % 136.27 
2028 4  11,410  1.5  % 1,817,270  1.8  % 159.27 
2029 11  124,851  16.5  % 24,507,412  24.4  % 196.29 
2030 12  77,142  10.2  % 11,949,027  11.9  % 154.90 
2031 11  74,714  9.8  % 15,102,497  15.0  % 202.14 
2032 6  37,323  4.9  % 3,772,478  3.7  % 101.08 
2033 14  44,520  5.9  % 6,980,108  6.9  % 156.79 
2034 7  27,070  3.6  % 3,568,213  3.5  % 131.81 
2035 4  7,882  1.0  % 1,142,077  1.1  % 144.90 
Thereafter 16  170,160  22.5  % 21,122,249  21.1  % 124.13 
Total retail properties 100  758,525  100.0  % $ 100,634,243  100.0  % $ 143.01 
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) 201,165 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, (iii) square footage related to the Company's residential units, and (iv) approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.
(3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(4) Represents leases that are included in occupancy as of September 30, 2025 and expire on September 30, 2025.
(5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(6) Includes a telecom lease with no square footage.
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Third Quarter 2025
20 Largest Tenants and Portfolio Tenant Diversification by Industry
(unaudited)
20 Largest Tenants Property
Lease Expiration(1)
Weighted Average Remaining Lease Term(2)
Total Occupied Square Feet(3)
Percent of Portfolio Rentable Square Feet(4)
Annualized Rent(5)
Percent of Portfolio Annualized Rent(6)
1.
LinkedIn(7)
 Empire State Building Feb. 2026 - Aug. 2036 10.1 years 423,544  5.00  % $ 31,179,290  5.56  %
2. Flagstar Bank 1400 Broadway Aug. 2039 13.9 years 313,109  3.70  % 19,636,148  3.50  %
3. Centric Brands Inc. Empire State Building Oct. 2028 3.1 years 252,929  3.00  % 14,255,159  2.54  %
4.
PVH Corp.(8)
 501 Seventh Avenue Jan. 2026 - Oct. 2028 2.4 years 237,281  2.80  % 13,455,701  2.40  %
5.
Institutional Capital Network, Inc.(9)
 One Grand Central Place Nov. 2027 - Dec. 2041 15.3 years 154,050  1.80  % 11,004,747  1.96  %
6. Burlington Merchandising Corporation 1400 Broadway Dec. 2041 16.3 years 170,763  2.00  % 10,754,111  1.92  %
7. Sephora USA, Inc. 112 West 34th Street Jan. 2029 3.3 years 11,334  0.10  % 10,575,900  1.89  %
8. Target Corporation 112 West 34th St., 10 Union Sq. Jan. 2038 12.3 years 81,340  1.00  % 9,578,241  1.71  %
9. Macy's 111 West 33rd Street May 2030 4.7 years 131,117  1.50  % 9,520,794  1.70  %
10. Coty Inc. Empire State Building Jan. 2030 4.3 years 157,892  1.90  % 9,422,377  1.68  %
11. URBAN OUTFITTERS 1333 Broadway Sep. 2029 4.0 years 56,730  0.70  % 8,287,997  1.48  %
12.
Li & Fung(10)
 1359 Broadway, ESB Oct. 2027 - Oct. 2028 2.8 years 149,061  1.80  % 8,230,130  1.47  %
13. Foot Locker, Inc. 112 West 34th Street Sep. 2031 6.0 years 34,192  0.40  % 7,873,484  1.40  %
14.
FDIC(11)
 Empire State Building Dec. 2025 0.3 years 119,226  1.40  % 7,823,959  1.40  %
15. Shutterstock, Inc. Empire State Building Apr. 2029 3.6 years 108,937  1.30  % 7,617,570  1.36  %
16. Fragomen 1400 Broadway Feb. 2035 9.4 years 107,680  1.30  % 7,118,080  1.27  %
17. The Michael J. Fox Foundation 111 West 33rd Street Nov. 2029 4.2 years 86,492  1.00  % 6,549,061  1.17  %
18. ASCAP 250 West 57th Street Aug. 2034 8.9 years 87,943  1.00  % 6,476,281  1.16  %
19. HNTB Corporation Empire State Building Sep. 2034 9.0 years 78,361  0.90  % 5,683,260  1.01  %
20. Kohl's Department Stores, Inc. 1400 Broadway May 2029 3.7 years 91,775  1.10  % 5,181,788  0.92  %
Total 2,853,756  33.70  % $ 210,224,078  37.50  %
Notes:
(1) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
(2) Represents the weighted average lease term based on annualized rent.
(3) Based on leases signed and commenced as of September 30, 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.
(7) Includes 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.
(8) Includes 50,560 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.
(9) Includes 12,826 square feet of expiries by December 31, 2027, which is temporary space that will be replaced with a 39,610 square feet full floor expansion that is anticipated to commence on June 1, 2028.
(10) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been pre-leased to a different tenant and is anticipated to commence on November 1, 2027.
(11) Tenant’s 119,226 square feet has been pre-leased with an estimated move-in date of November 1, 2026.
Portfolio Tenant Diversification by Industry (based on annualized rent)
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Third Quarter 2025
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
(unaudited and dollars in thousands)
Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced
Square Initial Annual Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement Feet Cash Rent 2025 2026 2027 2028 2029
Fourth quarter 2025 107,879  $ 8,232  $ 933  $ 8,232  $ 8,232  $ 8,129  $ 7,986 
First quarter 2026 54,441  4,769  —  4,217  4,769  4,769  4,769 
Second quarter 2026 145,893  10,571  —  6,619  10,571  10,571  10,571 
Third quarter 2026 111,333  7,289  —  3,231  7,289  7,289  7,289 
Fourth quarter 2026 132,369  8,535  —  857  8,535  8,535  8,535 
First quarter 2027 94,358  7,535  —  —  6,867  7,535  7,535 
Second quarter 2027 51,726  3,799  —  —  2,791  3,799  3,799 
Third quarter 2027 14,430  1,750  —  —  580  1,750  1,750 
Fourth quarter 2027 13,943  1,115  —  —  277  1,115  1,115 
First quarter 2028 34,162  2,462  —  —  —  2,404  2,462 
Third quarter 2028 24,212  1,453  —  —  —  481  1,453 
First quarter 2029 39,610  3,093  —  —  —  —  2,585 
Second quarter 2029 25,212  1,575  —  —  —  —  918 
849,568  $ 62,178  $ 933  $ 23,156  $ 49,911  $ 56,377  $ 60,767 
Incremental Annual Initial Annual Initial Cash Rent Contributing to Cash NOI in the Following Years
3Q 2025
Cash Rent (1)
 Cash Rent 2025 2026 2027 2028 2029
Commenced leases in free rent period $ 26,611  $ 36,138  $ 904  $ 21,496  $ 36,138  $ 36,035  $ 35,892 
Signed leases not commenced 18,941  26,040  29  1,660  13,773  20,342  24,875 
$ 45,552  $ 62,178  $ 933  $ 23,156  $ 49,911  $ 56,377  $ 60,767 


Three Months Ended
Capital expenditures September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Tenant improvements - first generation $ 29  $ 39  $ 174  $ 2,744  $ — 
Tenant improvements - second generation (2)
 15,979  36,890  39,304  45,969  17,149 
Leasing commissions - first generation —  —  —  98  138 
Leasing commissions - second generation 3,144  7,605  7,629  10,769  3,753 
Building improvements - first generation 1,094  236  —  180  128 
Building improvements - second generation 5,571  7,868  5,770  9,377  7,838 
Non-recurring capital improvements 14,495  8,934  2,910  14,420  2,825 
Total $ 40,312  $ 61,572  $ 55,787  $ 83,557  $ 31,831 
Notes:
(1) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.
(2) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.



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Third Quarter 2025
Observatory Summary
(unaudited and dollars in thousands)
Twelve Months to Date Three Months Ended
Observatory NOI September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Observatory revenue (1)
 $ 131,372  $ 36,037  $ 33,899  $ 23,161  $ 38,275  $ 39,382 
Observatory expenses 37,180  9,510  9,822  8,118  9,730  9,715 
NOI 94,192  26,527  24,077  15,043  28,545  29,667 
Intercompany rent expense (2)
 78,980  20,185  20,666  15,160  22,969  23,461 
NOI after intercompany rent $ 15,212  $ 6,342  $ 3,411  $ (117) $ 5,576  $ 6,206 
Observatory Metrics
Number of visitors (3)
 648,000  629,000  428,000  718,000  727,000 
Change in visitors year over year (10.9) % (2.9) % (11.8) % 1.0  % (2.2) %
Number of bad weather days ("BWD") (4)
 6 21 13 8 8
Notes:
(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, the fixed license fee was $1,904, $1,904, $1,904, $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
chart-d5a3b84aef314c1aa70.jpg
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.
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Third Quarter 2025
Debt Summary
(unaudited and dollars in thousands)
September 30, 2025
Weighted Average
Debt Summary Balance
Interest Rate (1)
 Maturity (Years)
Mortgage debt $ 701,554  3.64  % 5.5
Senior unsecured notes (2)
 1,100,000  4.76  % 4.9
Unsecured term loan facilities (3)
 270,000  4.43  % 2.0
Total fixed rate debt 2,071,554  4.34  % 4.8
Unsecured term loan facilities (4)
 —  —  — 
Unsecured revolving credit facility —  —  — 
Total variable rate debt —  —  — 
Total debt 2,071,554  4.34  % 4.8
Deferred financing costs, net (8,453)
Debt discount (5,598)
Total $ 2,057,503 
Available Capacity Facility
Outstanding at September 30, 2025
 Letters of Credit Available Capacity
Unsecured revolving credit facility (5)
 $ 620,000  $ —  $ —  $ 620,000 
Covenant Summary Required Current Quarter In Compliance
Maximum Total Leverage (6)
 < 60% 32.1  % Yes
Maximum Secured Leverage (7)
 < 40% 11.7  % Yes
Minimum Fixed Charge Coverage > 1.50x 3.1x Yes
Minimum Unencumbered Interest Coverage > 1.75x 4.9x Yes
Maximum Unsecured Leverage (8)
 < 60% 25.2  % 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) In October, the Company entered into a note purchase agreement to issue $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031. The private placement is scheduled to fund on December 18, 2025.
(3) SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity.
(4) As of September 30, 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.
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Third Quarter 2025
Debt Detail
(unaudited and dollars in thousands)
Stated
Interest Rate (%)		 Principal Balance Maturity
Date		 Amortization
10 Union Square 3.70  % $ 50,000  4/1/2026 Interest only
1542 Third Avenue 4.29  % 30,000  5/1/2027 Interest only
1010 Third Avenue & 77 West 55th St. 4.01  % 33,343  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% 5,907  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% 12,604  11/1/2033 30 years
  Total fixed rate mortgage debt 701,554 
Unsecured term loan facility SOFR plus 1.50% 175,000  12/31/2026 Interest only
Unsecured term loan facility SOFR plus 1.50% 95,000  3/8/2029 Interest only
Unsecured revolving credit facility SOFR plus 1.30% —  3/8/2029 Interest only
Senior unsecured notes:
Series B 4.09  % 125,000  3/27/2027 Interest only
Series C 4.18  % 125,000  3/27/2030 Interest only
Series D 4.08  % 115,000  1/22/2028 Interest only
Series E 4.26  % 160,000  3/22/2030 Interest only
Series F 4.44  % 175,000  3/22/2033 Interest only
Series G 3.61  % 100,000  3/17/2032 Interest only
Series H 3.73  % 75,000  3/17/2035 Interest only
Series I 7.20  % 155,000  6/17/2029 Interest only
Series J 7.32  % 45,000  6/17/2031 Interest only
Series K 7.41  % 25,000  6/17/2034 Interest only
Total / weighted average debt 4.34  % 2,071,554 
Deferred financing costs, net (8,453)
Debt discount (5,598)
Total $ 2,057,503 
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Third Quarter 2025
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)
Year
Maturities (1)
 Amortization Total Percentage of Total Debt Weighted Average Interest Rate of Maturing Debt
2025 $ —  $ 944  $ 944  0.1  % N/A
2026 225,000  3,957  228,957  11.1  % 4.06  %
2027 155,000  4,276  159,276  7.7  % 4.13  %
2028 146,091  3,555  149,646  7.2  % 4.06  %
2029 321,600  3,890  325,490  15.7  % 5.72  %
2030 508,600  4,511  513,111  24.8  % 3.67  %
2031 45,000  3,283  48,283  2.3  % 7.32  %
2032 100,000  3,591  103,591  5.0  % 3.61  %
2033 439,007  3,249  442,256  21.3  % 4.20  %
2034 25,000  —  25,000  1.2  % 7.41  %
2035 75,000  —  75,000  3.6  % 3.73  %
Total debt $ 2,040,298  $ 31,256  2,071,554  100.0  % 4.34  %
Deferred financing costs, net (8,453)
Debt discount (5,598)
Total $ 2,057,503 
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Ground Lease Commitments (2)
Year
1350 Broadway (3)
1400 Broadway (4)
111 West 33rd Street (5)
 Total
2025 $ 27  $ 169  $ 184  $ 380 
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 
$ 1,818  $ 25,819  $ 37,975  $ 65,612 
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 38 years.
(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.
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