Form 8-K - Current report

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): February 19, 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 33^rd Street, 12^thFloor

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 February 19, 2025, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the fourth quarter 2024. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

Item 7.01.

Regulation FD Disclosure

Fourth Quarter 2024 Earnings

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

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

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

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

Non-GAAP Supplemental Financial Measures

Funds From Operations

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

Modified Funds From Operations

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

Core Funds From Operations

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

Core Funds Available for Distribution

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

Net Operating Income and Property Cash NOI

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 December 31, 2024, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024 and October 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

EBITDA and Adjusted EBITDA

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

Net Debt to Adjusted EBITDA

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

SIGNATURE

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

	EMPIRE STATE REALTY TRUST, INC. (Registrant)

Date: February 19, 2025	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

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

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

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

Date: February 19, 2025	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS

– Net Income Per Fully Diluted Share of $0.07 in 4Q and $0.28 in 2024 –

– Core FFO Per Fully Diluted Share of $0.24 in 4Q and $0.95 in 2024 –

– Signed 1.325M Rentable Square Feet of Leases in 2024 and 379K in 4Q –

– $0.9B of Liquidity, No Floating Rate Debt Exposure –

– Provides 2025 Outlook –

New York, New York, February 19, 2025 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year– in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the fourth quarter and the full year. All per share amounts are on a fully diluted basis, where applicable.

Fourth Quarter and Full Year 2024 Recent Highlights

Net Income of $0.07 per share for the fourth quarter of 2024 and $0.28 per share for the full year.

Core Funds From Operations (“Core FFO”) of $0.24 per share for the fourth quarter of 2024 and $0.95 per share for the full year, compared to $0.25 per share and $0.93 per share for the same respective periods in 2023.

Same-Store Property Cash Net Operating Income (“NOI”), which excludes lease termination fees, decreased 2.9% for the fourth quarter and increased 5.2% for the full year as compared to the same periods in 2023. The fourth quarter change was primarily attributed to a decrease in positive non-recurring items by approximately $1.9 million relative to the prior period and increases in operating expenses. Adjusted for non-recurring items, fourth quarter Same-Store Property Cash NOI was flat.

Manhattan office leased rate increased by 160bps year-over-year to 94.2%. The total commercial portfolio is 93.5% leased as of December 31, 2024. This is the 12^th consecutive quarter of positive commercial leased rate absorption.

Manhattan office occupancy increased by 130bps year-over-year to 89.0%. The total commercial portfolio is 88.6% occupied as of December 31, 2024.

Signed approximately 379 thousand rentable square feet of office leases in the fourth quarter and 1.325 million rentable square feet of office and retail leases in the full year. In our Manhattan office portfolio, blended leasing spreads were +10.8%, the 14^th consecutive quarter of positive leasing spreads.

Empire State Building Observatory generated year-over-year NOI growth of 6.0% to $28.5 million in the fourth quarter and 5.8% NOI growth to $99.5 million for the full year.

Property Operations

As of December 31, 2024, 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 732 residential units, which were occupied and leased as shown below.

	December 31, 2024¹			September 30, 2024¹			December 31, 2023¹
Percent occupied:
Total commercial portfolio		88.6	%		89.1	%		86.6	%
Total office		88.4	%		88.9	%		86.3	%
Manhattan office		89.0	%		89.6	%		87.7	%
Total retail		90.4	%		91.1	%		90.4	%

Percent leased (includes signed leases not commenced):
Total commercial portfolio		93.5	%		93.4	%		91.0	%
Total office		93.5	%		93.3	%		90.9	%
Manhattan office		94.2	%		94.1	%		92.6	%
Total retail		94.1	%		94.0	%		92.1	%
Total multifamily portfolio		98.5	%		96.8	%		98.1	%

¹ All occupancy and leased percentages exclude broadcasting and storage space. September 30, 2024 and December 31, 2024 exclude First Stamford Place.

Leasing

The tables that follow summarize leasing activity for the fourth quarter of 2024. During this period, the Company signed 20 leases that totaled 378,913 square feet with an average lease duration of 8.0 years. Average lease duration excluding early renewals and extensions was 12.3 years.

Total Portfolio

Total Portfolio	Leases executed		Square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
Office		20		378,913		78.40		71.03		10.4	%
Retail		0		0		0.00		0.00		—	%
Total Overall		20		378,913		78.40		71.03		10.4	%

Manhattan Office Portfolio

Manhattan Office Portfolio	Leases executed		Square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
New Office		11		184,258		71.07		59.54		19.4	%
Renewal Office		7		182,464		86.98		83.14		4.6	%
Total Office		18		366,722		78.99		71.28		10.8	%

Leasing Activity Highlights

A 16-year 78,704 square foot expansion lease and a 141,224 square foot early 2-year lease extension at One Grand Central Place with an investment management tenant.

A 16-year 38,550 square foot expansion lease with NYSERDA at 1333 Broadway.

An 11-year 37,186 square foot expansion lease and a 27,377 square foot early 7-year lease extension with Booking Holdings at the Empire State Building.

Balance Sheet

The Company had $0.9 billion of total liquidity as of December 31, 2024, which was comprised of $385 million of cash, plus $500 million available under its revolving credit facility. At December 31, 2024, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 4.27%. At December 31, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.3x.

Dividend

On December 31, 2024, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the fourth quarter of 2024 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On December 31, 2024, the Company paid quarterly preferred dividends of $0.15 and $0.175 per unit for the fourth quarter to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2025 Earnings Outlook

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

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

	Low		High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$	0.21	$	0.24
Add:
Impairment Charge		0.00		0.00
Real Estate Depreciation & Amortization		0.64		0.64
Less:
Private Perpetual Distributions		0.02		0.02
Gain on Disposal of Real Estate, net		0.00		0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.83	$	0.86
Add:
Amortization of Below Market Ground Lease		0.03		0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.86	$	0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including 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, February 20, 2025 at 12:00 pm Eastern time.

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

Starting shortly after the call until February 27, 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 13741464.

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

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

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of December 31, 2024, 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 732 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

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

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

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, climate-related risks such as natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) a failure of conditions or performance regarding any event or transaction described herein; (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (v) changes in our business strategy; (vi) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (ix) declining real estate valuations and impairment charges; (x) termination of our ground leases; (xi) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xii) decreased rental rates or increased vacancy rates; (xiii) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xiv) difficulties in identifying and completing acquisitions; (xv) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvi) our failure to qualify as a REIT; (xvii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xviii) our disclosure controls and internal control over financial reporting, including any material weakness; and (xix) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023 and any additional factors that may be contained in any filing we make with the SEC.

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

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended December 31,
	2024			2023
Revenues
Rental revenue	$	155,127		$	151,167
Observatory revenue		38,275			36,217
Lease termination fees		—			—
Third-party management and other fees		258			275
Other revenue and fees		3,942			5,223
Total revenues		197,602			192,882
Operating expenses
Property operating expenses		46,645			42,944
Ground rent expenses		2,332			2,332
General and administrative expenses		17,870			16,144
Observatory expenses		9,730			9,282
Real estate taxes		32,720			31,809
Depreciation and amortization		45,365			49,599
Total operating expenses		154,662			152,110
Total operating income		42,940			40,772
Other income (expense):
Interest income		5,068			4,740
Interest expense		(27,380	)		(25,393	)
Interest expense associated with property in receivership		(1,921	)		—
Gain (loss) on disposition of properties		1,237			(2,497	)
Income before income taxes		19,944			17,622
Income tax expense		(1,151	)		(1,792	)
Net income		18,793			15,830
Net (income) loss attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(6,575	)		(5,670	)
Non-controlling interests in other partnerships		—			1
Preferred unit distributions		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	11,168		$	9,111
Total weighted average shares
Basic		166,671			161,974
Diluted		270,251			267,003
Earnings per share attributable to common stockholders
Basic and Diluted	$	0.07		$	0.06

Empire Start Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Year ended December 31,
	2024			2023
Revenues
Rental revenue	$	614,596		$	597,319
Observatory revenue		136,377			129,366
Lease termination fees		4,771			—
Third-party management and other fees		1,170			1,351
Other revenue and fees		11,009			11,536
Total revenues		767,923			739,572
Operating expenses
Property operating expenses		179,175			167,324
Ground rent expenses		9,326			9,326
General and administrative expenses		70,234			63,939
Observatory expenses		36,834			35,265
Real estate taxes		128,826			127,101
Depreciation and amortization		184,818			189,911
Total operating expenses		609,213			592,866
Total operating income		158,710			146,706
Other income (expense):
Interest income		21,298			15,136
Interest expense		(105,239	)		(101,484	)
Interest expense associated with property in receivership		(4,471	)		—
Loss on early extinguishment of debt		(553	)		—
Gain on disposition of properties		13,302			26,764
Income before income taxes		83,047			87,122
Income tax expense		(2,688	)		(2,715	)
Net income		80,359			84,407
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(28,713	)		(31,094	)
Non-controlling interests in other partnerships		(4	)		(68	)
Preferred unit distributions		(4,201	)		(4,201	)
Net income attributable to common stockholders	$	47,441		$	49,044
Total weighted average shares
Basic		164,902			161,122
Diluted		269,019			265,633
Earnings per share attributable to common stockholders
Basic	$	0.29		$	0.30
Diluted	$	0.28		$	0.30

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 December 31,
	2024			2023
Net income	$	18,793		$	15,830
Non-controlling interests in other partnerships		—			1
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		44,386			48,548
(Gain) loss on disposition of properties		(1,237	)		2,497
FFO attributable to common stockholders and Operating Partnership units		60,892			65,826

Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and Operating Partnership units		62,850			67,784

Interest expense associated with property in receivership		1,921			—
Core FFO attributable to common stockholders and Operating Partnership units	$	64,771		$	67,784

Total weighted average shares and Operating Partnership units
Basic		264,798			262,775
Diluted		270,251			267,003

FFO per share
Basic	$	0.23		$	0.25
Diluted	$	0.23		$	0.25

Modified FFO per share
Basic	$	0.24		$	0.26
Diluted	$	0.23		$	0.25

Core FFO per share
Basic	$	0.24		$	0.26
Diluted	$	0.24		$	0.25

Empire State Realty Trust, Inc.

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

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

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

	Year ended December 31,
	2024			2023
Net income	$	80,359		$	84,407
Non-controlling interests in other partnerships		(4	)		(68	)
Preferred unit distributions		(4,201	)		(4,201	)
Real estate depreciation and amortization		180,513			184,633
Gain on disposition of properties		(13,302	)		(26,764	)
FFO attributable to common stockholders and Operating Partnership units		243,365			238,007

Amortization of below-market ground leases		7,831			7,831
Modified FFO attributable to common stockholders and Operating Partnership units		251,196			245,838

Interest expense associated with property in receivership		4,471			—
Loss on early extinguishment of debt		553			—
Core FFO attributable to common stockholders and Operating Partnership units	$	256,220		$	245,838

Total weighted average shares and Operating Partnership units
Basic		264,706			263,226
Diluted		269,019			265,633

FFO per share
Basic	$	0.92		$	0.90
Diluted	$	0.90		$	0.90

Modified FFO per share
Basic	$	0.95		$	0.93
Diluted	$	0.93		$	0.93

Core FFO per share
Basic	$	0.97		$	0.93
Diluted	$	0.95		$	0.93

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	December 31, 2024			December 31, 2023
Assets
Commercial real estate properties, at cost	$	3,786,653		$	3,655,192
Less: accumulated depreciation		(1,274,193	)		(1,250,062	)
Commercial real estate properties, net		2,512,460			2,405,130
Contract asset²		170,419			—
Cash and cash equivalents		385,465			346,620
Restricted cash		43,837			60,336
Tenant and other receivables		31,427			39,836
Deferred rent receivables		247,754			255,628
Prepaid expenses and other assets		101,852			98,167
Deferred costs, net		183,987			172,457
Acquired below market ground leases, net		313,410			321,241
Right of use assets		28,197			28,439
Goodwill		491,479			491,479
Total assets	$	4,510,287		$	4,219,333

Liabilities and equity
Mortgage notes payable, net	$	692,176		$	877,388
Senior unsecured notes, net		1,197,061			973,872
Unsecured term loan facility, net		268,731			389,286
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		132,016			99,756
Acquired below market leases, net		19,497			13,750
Ground lease liabilities		28,197			28,439
Deferred revenue and other liabilities		62,639			70,298
Tenants’ security deposits		24,908			35,499
Total liabilities		2,728,325			2,488,288
Total equity		1,781,962			1,731,045
Total liabilities and equity	$	4,510,287		$	4,219,333

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

Exhibit 99.2

Fourth Quarter 2024

*Table of Contents*		*Page*
*Summary*
Supplemental Definitions		3
Company Profile		5
Condensed Consolidated Balance Sheets		6
Condensed Consolidated Statements of Operations		7
Highlights		8
*Selected Property Data*
Property Summary Net Operating Income		9
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI		10
Leasing Activity		11
Commercial Property Detail		13
Portfolio Expirations and Vacates Summary		14
Tenant Lease Expirations		15
Largest Tenants and Portfolio Tenant Diversification by Industry		17
Capital Expenditures and Redevelopment Program		18
Observatory Summary		19
*Financial information*
FFO, Modified FFO, Core FFO, FAD and EBITDA		20
Consolidated Debt Analysis
Debt Summary		21
Debt Detail		22
Debt Maturities		23
Ground Leases		23

Forward-looking Statements

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

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

Page 2

Fourth Quarter 2024
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 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 December 31, 2024, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024 and October 2024, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

Page 3

Fourth Quarter 2024
Supplemental Definitions

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

Fourth Quarter 2024

COMPANY PROFILE

BOARD OF DIRECTORS

Anthony E. Malkin	Chairman and Chief Executive Officer
Thomas J. DeRosa	Director, Chair of the Compensation Committee
Steven J. Gilbert	Director, Lead Independent Director
S. Michael Giliberto	Director, Chair of the Audit Committee
Patricia S. Han	Director
Grant H. Hill	Director
R. Paige Hood	Director, Chair of the Finance Committee
James D. Robinson IV	Director, Chair of the Nominating and Corporate Governance Committee
Christina Van Tassell	Director
Hannah Yang	Director

EXECUTIVE MANAGEMENT

Anthony E. Malkin	Chairman and Chief Executive Officer
Christina Chiu	President
Thomas P. Durels	Executive Vice President, Real Estate
Steve Horn	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

COMPANY INFORMATION

Corporate Headquarters	Investor Relations	New York Stock Exchange
111 West 33rd Street, 12th Floor	IR@esrtreit.com	Trading Symbol: ESRT
New York, NY 10120
www.esrtreit.com
(212) 687-8700

RESEARCH COVERAGE

Bank of America Merrill Lynch	Jeff Spector	(646) 855-1363	jeff.spector@bofa.com
BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Michael Griffin	(212) 816-5871	michael.a.griffin@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949) 640-8780	dburzinski@greenstreetadvisors.com
KeyBanc Capital Markets	Todd Thomas	(917) 368-2286	tthomas@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646) 582-9251	arosivach@wolferesearch.com

Page 5

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

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets
Commercial real estate properties, at cost	$	3,786,653		$	3,667,687		$	3,503,302		$	3,702,317		$	3,655,192
Less: accumulated depreciation		(1,274,193	)		(1,241,454	)		(1,206,039	)		(1,288,519	)		(1,250,062	)
Commercial real estate properties, net		2,512,460			2,426,233			2,297,263			2,413,798			2,405,130
Contract asset⁽¹⁾		170,419			168,687			166,955			-			-
Cash and cash equivalents		385,465			421,896			535,533			333,573			346,620
Restricted cash		43,837			48,023			41,015			51,738			60,336
Tenant and other receivables		31,427			34,068			34,665			40,137			39,836
Deferred rent receivables		247,754			244,448			242,940			257,266			255,628
Prepaid expenses and other assets		101,852			81,758			105,438			74,472			98,167
Deferred costs, net		183,987			176,720			172,318			180,462			172,457
Acquired below-market ground leases, net		313,410			315,368			317,326			319,284			321,241
Right of use assets		28,197			28,257			28,318			28,378			28,439
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,510,287		$	4,436,937		$	4,433,250		$	4,190,587		$	4,219,333

Liabilities and Equity
Mortgage notes payable, net	$	692,176		$	692,989		$	700,348		$	876,497		$	877,388
Senior unsecured notes, net		1,197,061			1,196,911			1,196,831			973,926			973,872
Unsecured term loan facility, net		268,731			268,655			268,580			268,503			389,286
Unsecured revolving credit facility		120,000			120,000			120,000			120,000			-
Debt associated with property in receivership		177,667			177,667			177,667			-			-
Accrued interest associated with property in receivership		5,433			3,511			1,589			-			-
Accounts payable and accrued expenses		132,016			81,443			90,908			91,005			99,756
Acquired below-market leases, net		19,497			14,702			11,872			12,798			13,750
Ground lease liabilities		28,197			28,257			28,318			28,378			28,439
Deferred revenue and other liabilities		62,639			70,766			61,890			69,289			70,298
Tenants' security deposits		24,908			24,715			24,031			25,457			35,499
Total liabilities		2,728,325			2,679,616			2,682,034			2,465,853			2,488,288
Total equity		1,781,962			1,757,321			1,751,216			1,724,734			1,731,045
Total liabilities and equity	$	4,510,287		$	4,436,937		$	4,433,250		$	4,190,587		$	4,219,333

Note:

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

Page 6

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

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Revenues
Rental revenue ⁽¹⁾	$	155,127		$	153,117		$	152,470		$	153,882		$	151,167
Observatory revenue		38,275			39,382			34,124			24,596			36,217
Lease termination fees		-			4,771			-			-			-
Third-party management and other fees		258			271			376			265			275
Other revenue and fees		3,942			2,058			2,573			2,436			5,223
Total revenues		197,602			199,599			189,543			181,179			192,882

Operating expenses
Property operating expenses		46,645			45,954			41,516			45,060			42,944
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		17,870			18,372			18,020			15,972			16,144
Observatory expenses		9,730			9,715			8,958			8,431			9,282
Real estate taxes		32,720			31,982			31,883			32,241			31,809
Depreciation and amortization		45,365			45,899			47,473			46,081			49,599
Total operating expenses		154,662			154,253			150,182			150,116			152,110
Total operating income		42,940			45,346			39,361			31,063			40,772

Other income (expense)
Interest income		5,068			6,960			5,092			4,178			4,740
Interest expense		(27,380	)		(27,408	)		(25,323	)		(25,128	)		(25,393	)
Interest expense associated with property in receivership		(1,921	)		(1,922	)		(628)			-			-
Loss on early extinguishment of debt		-			-			-			(553)			-
Gain (loss) on disposition of property		1,237			1,262			10,803			-			(2,497)
Income before income taxes		19,944			24,238			29,305			9,560			17,622
Income tax (expense) benefit		(1,151	)		(1,442	)		(750)			655			(1,792	)
Net income		18,793			22,796			28,555			10,215			15,830
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(6,575	)		(8,205	)		(10,433	)		(3,500	)		(5,670	)
Non-controlling interests in other partnerships		-			-			-			(4)			1
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	11,168		$	13,541		$	17,071		$	5,661		$	9,111

Weighted average common shares outstanding
Basic		166,671			164,880			164,277			163,491			161,974
Diluted		270,251			269,613			268,716			267,494			267,003

Earnings per share attributable to common stockholders

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

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	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Base rent	$	135,629	$	132,492	$	136,328	$	136,557	$	134,467
Billed tenant expense reimbursement		19,498		20,625		16,142		17,325		16,700
Total rental revenue	$	155,127	$	153,117	$	152,470	$	153,882	$	151,167

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

Page 7

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

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Office and Retail Metrics:
Total rentable square footage		8,616,284			8,592,481			8,549,496			9,332,569			9,359,219
Percent occupied ⁽¹⁾		88.6	%		89.1	%		88.9	%		87.9	%		86.6	%
Percent leased ⁽²⁾		93.5	%		93.4	%		93.1	%		91.4	%		91.0	%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio	$	64,110		$	65,069		$	67,165		$	63,911		$	66,897
Greater New York office portfolio		1,769			1,651			1,825			1,383			1,711
Retail portfolio		2,472			2,431			2,517			1,542			1,791
Total Same Store Property Cash NOI	$	68,351		$	69,151		$	71,507		$	66,836		$	70,399

Multifamily Metrics:
Multifamily Cash NOI ⁽³⁾	$	4,168		$	4,506		$	4,533		$	4,217		$	4,032
Total number of units ⁽⁴⁾		732			732			727			727			727
Percent occupied ⁽⁴⁾		98.5	%		96.8	%		97.9	%		97.1	%		98.1	%

Observatory Metrics:
Observatory NOI	$	28,545		$	29,667		$	25,166		$	16,165		$	26,935
Number of visitors ⁽⁵⁾		718,000			727,000			648,000			485,000			711,000
Change in visitors year-over-year		1.0	%		(2.2	)%		(2.7	)%		9.5	%		7.7	%

Ratios at ESRT pro-rata share: ⁽³⁾
Debt to Total Market Capitalization ⁽⁶⁾		44.0	%		42.3	%		46.4	%		44.1	%		45.2	%
Net Debt to Total Market Capitalization ⁽⁶⁾		39.5	%		37.5	%		39.9	%		40.2	%		41.1	%
Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁶⁾		45.7	%		44.0	%		48.2	%		45.8	%		47.0	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁶⁾		41.4	%		39.3	%		41.9	%		42.0	%		43.0	%
Debt to Adjusted EBITDA ⁽⁷⁾		6.4x			6.4	x		6.6	x		6.2	x		6.4	x
Net Debt to Adjusted EBITDA ⁽⁷⁾		5.3x			5.2	x		5.1	x		5.3	x		5.4	x
Core FFO Payout Ratio ⁽⁸⁾		15	%		14	%		15	%		17	%		14	%
Core FAD Payout Ratio		324	%		21	%		30	%		109	%		35	%
Core FFO per share - diluted	$	0.24		$	0.26		$	0.24		$	0.21		$	0.25
Diluted weighted average shares		270,251			269,613			268,716			267,494			267,003

Class A common stock price at quarter end	$	10.32		$	11.08		$	9.38		$	10.13		$	9.69
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035
Dividends per share - annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield ⁽⁹⁾		1.4	%		1.3	%		1.5	%		1.4	%		1.4	%
Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560			1,560			1,560			1,560			1,560
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664			4,664			4,664			4,664			4,664
Class A common stock		166,405			165,507			164,483			163,816			162,062
Class B common stock ⁽¹⁰⁾		978			981			982			982			984
Operating partnership units		106,768			107,664			108,713			109,218			107,900
Total common stock and operating partnership units outstanding ⁽¹¹⁾		274,151			274,152			274,178			274,016			270,946

Notes:
(1)	Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space.
(2)	Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods percent leased excludes storage and broadcasting space.
(3)	On March 28, 2024, ESRT acquired the non-controlling interest in its other partnerships. The Multifamily Cash NOI presented here reflects ESRT's pro-rata 90% for the periods prior to this acquisition. Historical ratios remain unchanged, and December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 debt ratios reflect ESRT's 100% share of debt and Adjusted EBITDA.
(4)	Multifamily percent occupied excludes 21 units held offline in connection with an application for the extension of the New York State Real Property Tax Law 421-a Program at one of our multifamily properties. Total number of units disclosed does not have this exclusion.
(5)	Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(6)	Market capitalization represents the sum of (i) Company's common stock per share price as of December 31, 2024 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2024; (ii) the number of Series 2014 perpetual preferred units at December 31, 2024 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2024 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2024.
(7)	Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended December 31, 2024, September 30, 2024 and June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $5 million, $9 million and $12 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024.
(8)	Represents the amount of Core FFO paid out in distributions.
(9)	Based on the closing price per share of Class A common stock on December 31, 2024.
(10)	We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continnues to hold 49 OP units for every Class B share.
(11)	Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 8

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

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Same Store Portfolio⁽¹⁾
Revenues	$	146,969		$	145,501		$	140,763		$	140,147		$	139,865
Operating expenses		(76,317	)		(75,596	)		(68,762	)		(71,486	)		(68,923	)
Same store property NOI		70,652			69,905			72,001			68,661			70,942
Straight-line rent		(3,782	)		(2,184	)		(1,887	)		(3,218	)		(1,967	)
Above/below-market rent revenue amortization		(477	)		(528	)		(565	)		(565	)		(534	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	68,351		$	69,151		$	71,507		$	66,836		$	70,399

Percent change over prior year		(2.9	)%		5.2	%		7.4	%		12.3	%		11.3	%

Total same store property cash NOI - excluding lease termination fees	$	68,351		$	69,151		$	71,507		$	66,836		$	70,399
Lease termination fees		-			4,771			-			-			-
Total same store property cash NOI	$	68,351		$	73,922		$	71,507		$	66,836		$	70,399

Same Store Manhattan Office^{(1), (2)}
Revenues	$	139,380		$	138,060		$	133,180		$	133,919		$	133,207
Operating expenses		(73,062	)		(72,287	)		(65,473	)		(68,173	)		(65,750	)
Same store property NOI		66,318			65,773			67,707			65,746			67,457
Straight-line rent		(3,689	)		(2,134	)		(1,935	)		(3,228	)		(1,984	)
Above/below-market rent revenue amortization		(477	)		(528	)		(565	)		(565	)		(534	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		64,110			65,069			67,165			63,911			66,897
Lease termination fees		-			4,771			-			-			-
Total same store property cash NOI	$	64,110		$	69,840		$	67,165		$	63,911		$	66,897

Same Store Greater New York Metropolitan Area Office⁽¹⁾
Revenues	$	3,213		$	3,060		$	3,319		$	2,844		$	3,072
Operating expenses		(1,572	)		(1,612	)		(1,656	)		(1,594	)		(1,504	)
Same store property NOI		1,641			1,448			1,663			1,250			1,568
Straight-line rent		128			203			162			133			143
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,769			1,651			1,825			1,383			1,711
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,769		$	1,651		$	1,825		$	1,383		$	1,711

Same Store Retail⁽¹⁾
Revenues	$	4,376		$	4,381		$	4,264		$	3,384		$	3,586
Operating expenses		(1,683	)		(1,697	)		(1,633	)		(1,719	)		(1,669	)
Same store property NOI		2,693			2,684			2,631			1,665			1,917
Straight-line rent		(221	)		(253	)		(114	)		(123	)		(126	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		2,472			2,431			2,517			1,542			1,791
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	2,472		$	2,431		$	2,517		$	1,542		$	1,791

Notes:

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

Page 9

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

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Net income	$	18,793		$	22,796		$	28,555		$	10,215		$	15,830
Add:
General and administrative expenses		17,870			18,372			18,020			15,972			16,144
Depreciation and amortization		45,365			45,899			47,473			46,081			49,599
Interest expense		27,380			27,408			25,323			25,128			25,393
Interest expense associated with property in receivership		1,921			1,922			628			-			-
Loss on early extinguishment of debt		-			-			-			553			-
Income tax expense (benefit)		1,151			1,442			750			(655	)		1,792
Less:
(Gain) loss on disposition of property		(1,237	)		(1,262	)		(10,803	)		-			2,497
Third-party management and other fees		(258	)		(271	)		(376	)		(265	)		(275	)
Interest income		(5,068	)		(6,960	)		(5,092	)		(4,178	)		(4,740	)
Net operating income		105,917			109,346			104,478			92,851			106,240

Straight-line rent		(4,045	)		(2,277	)		(1,900	)		(3,061	)		(2,133	)
Above/below-market rent revenue amortization		(674	)		(476	)		(513	)		(514	)		(483	)
Below-market ground lease amortization		1,958			1,958			1,958			1,958			1,958
Total cash NOI - including Observatory and lease termination fees		103,156			108,551			104,023			91,234			105,582
Less: Observatory NOI		(28,545	)		(29,667	)		(25,166	)		(16,165	)		(26,935	)
Less: cash NOI from non-Same Store properties		(6,260	)		(4,962	)		(7,350	)		(8,233	)		(8,248	)
Total Same Store property cash NOI - including lease termination fees		68,351			73,922			71,507			66,836			70,399
Less: Lease termination fees		-			(4,771	)		-			-			-
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	68,351		$	69,151		$	71,507		$	66,836		$	70,399

Multifamily NOI⁽¹⁾
Revenues	$	9,322		$	9,140		$	9,161		$	8,472		$	8,345
Operating expenses		(5,145	)		(4,623	)		(4,578	)		(4,209	)		(4,268	)
NOI		4,177			4,517			4,583			4,263			4,077
Straight-line rent		(67	)		(69	)		(109	)		(102	)		(102	)
Above/below-market rent revenue amortization		58			58			59			56			57
Cash NOI	$	4,168		$	4,506		$	4,533		$	4,217		$	4,032

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

			Initial
	Square		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2025		2026		2027		2028		2029
First quarter 2025		180,267	$	11,196	$	9,766	$	11,196	$	11,196	$	10,669	$	10,360
Second quarter 2025		190,167		13,142		8,418		13,142		13,142		13,003		12,941
Third quarter 2025		141,312		7,441		2,464		7,441		7,441		7,441		7,441
Fourth quarter 2025		16,890		1,937		340		1,937		1,937		1,937		1,937
First quarter 2026		53,663		3,662		-		3,349		3,662		3,662		3,662
Second quarter 2026		156,084		12,486		-		8,408		12,486		12,486		12,486
Third quarter 2026		106,396		7,008		-		2,585		7,008		7,008		7,008
Fourth quarter 2026		119,981		7,507		-		1,358		7,507		7,507		7,507
Second quarter 2027		39,612		3,060		-		-		2,297		3,060		3,060
First quarter 2028		25,132		1,784		-		-		-		1,784		1,784
Second quarter 2028		9,030		677		-		-		-		453		677
Second quarter 2029		25,212		1,576		-		-		-		-		920
		1,063,746	$	71,476	$	20,988	$	49,416	$	66,676	$	69,010	$	69,783

	Incremental		Initial
	Annual		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
4Q 2024	Cash Rent ⁽³⁾		Cash Rent		2025		2026		2027		2028		2029
Commenced leases in free rent period	$	30,839	$	33,511	$	19,476	$	30,936	$	33,511	$	32,846	$	32,475
Signed leases not commenced		30,911		37,965		1,512		18,480		33,165		36,164		37,308
	$	61,750	$	71,476	$	20,988	$	49,416	$	66,676	$	69,010	$	69,783

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

Page 10

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

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Total Office and Retail Portfolio⁽¹⁾
Total leases executed		20			31			35			25			20
Weighted average lease term		8.0 years			7.0 years			7.0 years			7.9 years			10.4 years
Average free rent period		5.7 months			5.2 months			7.4 months			7.9 months			11.9 months

Office
Total square footage executed		378,913			291,418			262,991			367,262			177,406
Average starting cash rent psf - leases executed	$	78.40		$	70.11		$	66.60		$	64.03		$	64.54
Previously escalated cash rents psf	$	71.03		$	68.34		$	65.31		$	61.08		$	61.17
Percentage of new cash rent over previously escalated rents		10.4	%		2.6	%		2.0	%		4.8	%		5.5	%

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

Total Office and Retail Portfolio
Total square footage executed		378,913			304,210			271,981			369,720			184,858
Average starting cash rent psf - leases executed	$	78.40		$	75.74		$	67.41		$	66.27		$	70.32
Previously escalated cash rents psf	$	71.03		$	79.44		$	65.63		$	63.20		$	71.71
Percentage of new cash rent over previously escalated rents		10.4	%		(4.7	)%		2.7	%		4.9	%		(1.9	)%

Leasing commission costs per square foot	$	21.73		$	19.67		$	18.87		$	21.01		$	26.88
Tenant improvement costs per square foot		49.46			42.90			65.69			64.98			85.60
Total LC and TI per square foot⁽²⁾	$	71.19		$	62.57		$	84.56		$	85.99		$	112.48
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	8.89		$	8.94		$	12.14		$	10.92		$	10.80

Occupancy⁽⁴⁾		88.6	%		89.1	%		88.9	%		87.9	%		86.6	%

Manhattan Office Portfolio
Total leases executed		18			25			31			22			15

Office - New Leases
Total square footage executed		184,258			130,688			162,655			201,580			96,341
Average starting cash rent psf - leases executed	$	71.07		$	66.07		$	67.44		$	59.70		$	62.26
Previously escalated cash rents psf	$	59.54		$	63.21		$	64.36		$	55.66		$	59.54
Percentage of new cash rent over previously escalated rents		19.4	%		4.5	%		4.8	%		7.3	%		4.6	%

Office - Renewal Leases⁽¹⁾
Current Renewals		10,178			53,622			43,895			34,084			38,676
Early Renewals		172,286			105,019			54,761			121,612			20,962
Total square footage executed		182,464			158,641			98,656			155,696			59,638
Average starting cash rent psf - leases executed	$	86.98		$	73.11		$	65.50		$	70.30		$	68.61
Previously escalated cash rents psf	$	83.14		$	72.24		$	67.09		$	68.19		$	64.26
Percentage of new cash rent over previously escalated rents		4.6	%		1.2	%		(2.4	)%		3.1	%		6.8	%

Total Manhattan Office Portfolio
Total square footage executed		366,722			289,329			261,311			357,276			155,979
Average starting cash rent psf - leases executed	$	78.99		$	69.93		$	66.71		$	64.32		$	64.69
Previously escalated cash rents psf	$	71.28		$	68.16		$	65.40		$	61.12		$	61.34
Percentage of new cash rent over previously escalated rents		10.8	%		2.6	%		2.0	%		5.2	%		5.5	%

Leasing commission costs per square foot	$	21.85		$	17.40		$	18.13		$	19.87		$	26.37
Tenant improvement costs per square foot		47.96			42.82			68.02			63.31			89.42
Total LC and TI per square foot⁽²⁾	$	69.81		$	60.22		$	86.15		$	83.18		$	115.79
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	8.66		$	8.67		$	12.49		$	10.59		$	10.56

Occupancy⁽⁴⁾		89.0	%		89.6	%		89.3	%		89.3	%		87.7	%

(Table continued on next page)

Page 11

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

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

Total square footage executed		12,191			2,089			1,680			9,986			21,427
Average starting cash rent psf - leases executed	$	49.00		$	95.09		$	50.00		$	53.75			N/A	⁽⁵⁾
Previously escalated cash rents psf	$	58.27		$	92.64		$	52.25		$	59.64			N/A	⁽⁵⁾
Percentage of new cash rent over previously escalated rents		(15.9	)%		2.6	%		(4.3	)%		(9.9	)%		N/A	⁽⁵⁾

Leasing commission costs per square foot	$	17.98		$	-		$	9.95		$	19.29		$	16.38
Tenant improvement costs per square foot		94.37			-			3.50			128.47			80.55
Total LC and TI per square foot⁽²⁾	$	112.35		$	-		$	13.45		$	147.76		$	96.93
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	17.57		$	-		$	4.04		$	18.59		$	13.35

Occupancy⁽⁴⁾		73.2	%		70.7	%		70.7	%		76.8	%		76.6	%

Retail Portfolio
Total leases executed		-			5			3			1			3

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

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

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

Multifamily Portfolio
Percent occupied⁽⁶⁾	98.5	%	96.8	%	97.9	%	97.1	%	98.1	%
Total number of units⁽⁶⁾	732		732		727		727		727

Notes:

(1)	Added in the quarter ended June 30, 2024, for all comparative periods we include "Early Renewals", defined as leases which were signed over two years prior to the lease expiration. Amounts listed as "Total Renewals" in prior periods have been renamed to "Current Renewals" above. Amounts for total leases executed, weighted average lease term, average free rent period, total square footage executed, average starting cash rent psf - leases executed, previously escalated cash rents psf, percentage of new cash rent over previously escalated rents, leasing commission costs per square foot, tenant improvement costs per square foot and total LC and TI per square foot for the quarters ended March 31, 2024 and December 31, 2023 have been adjusted to include the impact of the early renewals for those same prior quarters.
(2)	Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.
(3)	Added in the quarter ended June 30, 2024, for all comparative periods and is calculated by dividing the total LC and TI per square foot by the weighted average lease term.
(4)	Added in the quarter ended December 31, 2024, all occupancy rates exclude broadcasting and storage space.
(5)	Leases on spaces that have been vacant for more than two years are not included in the calculation of leasing spreads. The average starting cash rent psf for these two leases was $42.06.
(6)	Multifamily percent occupied excludes 21 units held offline in connection with an application for the extension of the New York State Real Property Tax Law 421-a Program at one of our multifamily properties. Total number of units disclosed does not have this exclusion.

Page 12

Fourth Quarter 2024
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		2,712,743		92.5	%		95.5	%	$	167,921,372	$	67.66		150
One Grand Central Place	Grand Central		1,231,231		84.9	%		95.2	%		69,263,888		66.39		137
1400 Broadway ⁽⁸⁾	Penn Station -Times Sq. South		917,281		87.0	%		94.5	%		48,759,260		61.09		18
111 West 33rd Street ⁽⁹⁾	Penn Station -Times Sq. South		639,595		97.6	%		100.0	%		43,427,737		69.53		22
250 West 57th Street	Columbus Circle - West Side		474,790		83.5	%		84.8	%		26,300,689		66.45		30
1359 Broadway	Penn Station -Times Sq. South		456,567		80.7	%		90.8	%		23,022,570		62.51		29
501 Seventh Avenue	Penn Station -Times Sq. South		454,788		90.7	%		90.7	%		22,376,790		54.39		19
1350 Broadway ⁽¹⁰⁾	Penn Station -Times Sq. South		384,225		87.4	%		93.9	%		20,143,028		60.15		49
1333 Broadway	Penn Station -Times Sq. South		296,349		83.4	%		90.0	%		14,653,535		59.27		12
*Office - Manhattan*			7,567,569		89.0	%		94.2	%		435,868,869		65.00		466

Office - Greater New York Metropolitan Area
Metro Center	Stamford, CT		282,276		73.2	%		74.9	%		11,727,761		56.76		20
*Office - Greater New York Metropolitan Area*			282,276		73.2	%		74.9	%		11,727,761		56.76		20

*Total/Weighted Average Office Properties*			7,849,845		88.4	%		93.5	%		447,596,630		64.76		486

Retail Properties
112 West 34th Street ⁽⁹⁾	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		25,078,377		269.49		4
The Empire State Building	Penn Station -Times Sq. South		88,445		77.4	%		78.7	%		7,856,065		114.72		11
North Sixth Street Collection	Williamsburg - Brooklyn		87,880		77.3	%		90.4	%		8,964,050		131.99		15
One Grand Central Place	Grand Central		70,810		100.0	%		100.0	%		7,866,157		111.09		12
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,381,904		154.95		4
250 West 57th Street	Columbus Circle - West Side		63,443		93.2	%		93.2	%		8,571,735		145.04		6
10 Union Square	Union Square		57,094		91.8	%		91.8	%		8,290,772		158.25		9
1542 Third Avenue	Upper East Side		56,211		95.0	%		95.0	%		2,511,068		47.03		3
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,421,053		89.47		2
1359 Broadway	Penn Station -Times Sq. South		29,247		99.4	%		99.4	%		2,221,959		76.40		5
501 Seventh Avenue	Penn Station -Times Sq. South		27,213		73.1	%		89.4	%		1,433,160		72.08		6
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		2,083,627		82.07		3
1350 Broadway ⁽¹⁰⁾	Penn Station -Times Sq. South		19,511		44.0	%		100.0	%		2,161,613		251.94		4
1400 Broadway ⁽⁸⁾	Penn Station -Times Sq. South		17,017		82.2	%		82.2	%		1,670,565		119.50		6
561 10th Avenue	Hudson Yards		11,822		100.0	%		100.0	%		1,618,301		136.89		2
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,981,708		191.19		1
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		254,444		68.77		1
Total/Weighted Average Retail Properties			766,439		90.4	%		94.1	%		96,366,558		139.02		94

Portfolio Total			8,616,284		88.6	%		93.5	%	$	543,963,188	$	71.52		580

	Notes:
(1)	Excludes (i) 195,410 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(2)	Based on leases signed and commenced as of December 31, 2024.
(3)	Percent occupied and percent leased exclude 110,035 rentable square feet of broadcasting and storage space.
(4)	Includes occupied space plus leases signed but not commenced as of December 31, 2024.
(5)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6)	Represents annualized rent under leases commenced as of December 31, 2024 divided by occupied square feet.
(7)	Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years (expiring December 31, 2063).
(9)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077).
(10)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 26 years (expiring July 31, 2050).

Page 13

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

	Actual		Forecast ⁽¹⁾										Forecast ⁽¹⁾			Forecast ⁽¹⁾
	Three Months Ended
Total Office and Retail Portfolio ⁽²⁾	December 31, 2024		March 31, 2025			June 30, 2025		September 30, 2025			December 31, 2025		Full Year 2025			Full Year 2026
Total expirations		164,276		189,322			97,566		59,562			240,226		586,676			703,062
Less: broadcasting		-		(906	)		-		(511	)		-		(1,417	)		(4,902	)
Office and retail expirations		164,276		188,416			97,566		59,051			240,226		585,259			698,160

Renewals & relocations ⁽³⁾		15,188		41,166			24,392		14,337			61,460		141,355			177,553
New leases ⁽⁴⁾		73,181		31,051			10,583		-			126,391		168,025			-
Vacates ⁽⁵⁾		75,907		106,569			50,589		17,930			31,194		206,282			226,108
Unknown ⁽⁶⁾		-		9,630			12,002		26,784			21,181		69,597			294,499
Total Office and Retail Portfolio expirations and vacates		164,276		188,416			97,566		59,051			240,226		585,259			698,160

Manhattan Office Portfolio
Total expirations	161,736	172,352		95,626	54,483		229,904	552,365		602,635
Less: broadcasting	-	(906	)	-	(511	)	-	(1,417	)	(4,902	)
Office expirations	161,736	171,446		95,626	53,972		229,904	550,948		597,733

Renewals & relocations ⁽³⁾	12,648	41,166		24,392	14,337		52,605	132,500		169,560
New leases ⁽⁴⁾	73,181	31,051		10,583	-		126,391	168,025		-
Vacates ⁽⁵⁾	75,907	89,599		48,649	17,930		30,080	186,258		209,510
Unknown ⁽⁶⁾	-	9,630		12,002	21,705		20,828	64,165		218,663
Total expirations and vacates	161,736	171,446		95,626	53,972		229,904	550,948		597,733

Greater New York Metropolitan Area Office Portfolio
Office expirations	2,540	2,540	-	5,079	8,855	16,474	23,268

Renewals & relocations ⁽³⁾	2,540	-	-	-	8,855	8,855	-
New leases ⁽⁴⁾	-	-	-	-	-	-	-
Vacates ⁽⁵⁾	-	2,540	-	-	-	2,540	-
Unknown ⁽⁶⁾	-	-	-	5,079	-	5,079	23,268
Total expirations and vacates	2,540	2,540	-	5,079	8,855	16,474	23,268

Retail Portfolio
Retail expirations	-	14,430	1,940	-	1,467	17,837	77,159
						-
Renewals & relocations ⁽³⁾	-	-	-	-	-	-	7,993
New leases ⁽⁴⁾	-	-	-	-	-	-	-
Vacates ⁽⁵⁾	-	14,430	1,940	-	1,114	17,484	16,598
Unknown ⁽⁶⁾	-	-	-	-	353	353	52,568
Total expirations and vacates	-	14,430	1,940	-	1,467	17,837	77,159

	Notes:
(1)	These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.
(2)	Any lease on month to month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.
(3)	For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2025; and tenants who move within a building or within the Company's portfolio.
(4)	For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.
(5)	For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
(6)	For forecasted periods, "Unknown" represents tenants whose intentions are unknown.

Page 14

Fourth Quarter 2024
Tenant Lease Expirations
(unaudited)

*Total Office and Retail Lease Expirations*	Number of Leases Expiring⁽¹⁾	Rentable Square Feet Expiring ⁽²⁾	Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent⁽³⁾		Percent of Annualized Rent		Annualized Rent Per Rentable Square Foot
Available	-	592,749		6.9	%	$	-	0.0	%	$	-
Signed leases not commenced	30	418,308		4.9	%		-	0.0	%		-
4Q 2024⁽⁴⁾	12	62,705		0.7	%		3,815,250	0.7	%		60.84
Total 2024	12	62,705		0.7	%		3,815,250	0.7	%		60.84
1Q 2025	23	164,025		1.9	%		11,698,570	2.2	%		71.32
2Q 2025	12	97,566		1.1	%		6,726,690	1.2	%		68.95
3Q 2025	15	59,562		0.7	%		3,757,364	0.7	%		63.08
4Q 2025	21	240,226		2.8	%		15,876,978	2.9	%		66.09
Total 2025	71	561,379		6.5	%		38,059,602	7.0	%		67.80
2026	74	703,062		8.2	%		43,294,762	8.0	%		61.58
2027	88	698,520		8.1	%		47,545,063	8.7	%		68.07
2028	61	860,478		10.0	%		51,645,522	9.5	%		60.02
2029	63	790,481		9.2	%		67,843,206	12.5	%		85.83
2030	54	768,868		8.9	%		56,995,847	10.5	%		74.13
2031	27	205,241		2.4	%		22,456,781	4.1	%		109.42
2032	29	365,291		4.2	%		27,356,096	5.0	%		74.89
2033	33	302,642		3.5	%		22,596,775	4.2	%		74.67
2034	22	331,909		3.9	%		24,662,688	4.5	%		74.31
Thereafter	46	1,954,651		22.6	%		137,691,596	25.3	%		70.44
Total	610	8,616,284		100.0	%	$	543,963,188	100.0	%	$	71.52

*Manhattan Office Properties ⁽⁵⁾*
Available	-	476,851	6.3	%	$	-	0.0	%	$	-
Signed leases not commenced	23	385,303	5.1	%		-	0.0	%		-
4Q 2024⁽⁴⁾	12	62,705	0.8	%		3,815,250	0.9	%		60.84
Total 2024	12	62,705	0.8	%		3,815,250	0.9	%		60.84
1Q 2025	21	147,055	1.9	%		10,740,410	2.4	%		73.04
2Q 2025	11	95,626	1.3	%		6,479,216	1.5	%		67.76
3Q 2025	14	54,483	0.7	%		3,472,015	0.8	%		63.73
4Q 2025	18	229,904	3.1	%		15,266,883	3.5	%		66.41
Total 2025	64	527,068	7.0	%		35,958,524	8.2	%		68.22
2026	64	602,635	8.0	%		37,033,613	8.5	%		61.45
2027	77	615,168	8.1	%		37,904,393	8.7	%		61.62
2028	55	840,106	11.1	%		49,175,905	11.3	%		58.54
2029	49	643,455	8.5	%		42,161,109	9.7	%		65.52
2030	39	662,664	8.8	%		43,478,449	10.0	%		65.61
2031	17	122,021	1.6	%		8,840,245	2.0	%		72.45
2032	22	326,723	4.3	%		24,101,729	5.5	%		73.77
2033	18	194,949	2.6	%		12,324,950	2.8	%		63.22
2034	16	307,701	4.1	%		21,263,418	4.9	%		69.10
Thereafter	33	1,800,220	23.7	%		119,811,284	27.5	%		66.55
Total Manhattan office properties	489	7,567,569	100.0	%	$	435,868,869	100.0	%	$	65.00

(Table continued on next page)

Page 15

Fourth Quarter 2024
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	-	70,732		25.1	%	$	-	0.0	%	$	-
Signed leases not commenced	1	4,910		1.6	%		-	0.0	%		-
4Q 2024 ⁽⁴⁾	-	-		0.0	%		-	0.0	%		-
Total 2024	-	-		0.0	%		-	0.0	%		-
1Q 2025	1	2,540		0.9	%		63,500	0.5	%		25.00
2Q 2025	-	-		0.0	%		-	0.0	%		-
3Q 2025	1	5,079		1.8	%		285,349	2.4	%		56.18
4Q 2025	1	8,855		3.1	%		507,146	4.4	%		57.27
Total 2025	3	16,474		5.8	%		855,995	7.3	%		51.96
2026	1	23,268		8.2	%		1,418,307	12.1	%		60.96
2027	4	21,546		7.6	%		1,214,965	10.4	%		56.39
2028	2	11,480		4.1	%		647,970	5.5	%		56.44
2029	2	12,183		4.3	%		703,884	6.0	%		57.78
2030	3	29,062		10.3	%		1,787,898	15.2	%		61.52
2031	1	15,030		5.4	%		820,187	7.0	%		54.57
2032⁽⁶⁾	2	7,281		2.6	%		430,652	3.7	%		59.15
2033	1	63,173		22.4	%		3,480,347	29.7	%		55.09
2034	-	-		0.0	%		-	0.0	%		-
Thereafter	1	7,137		2.6	%		367,556	3.1	%		51.50
Total greater New York metropolitan area office portfolio	21	282,276		100.0	%	$	11,727,761	100.0	%	$	56.76

*Retail Properties*
Available	-	45,166	5.9	%	$	-	0.0	%	$	-
Signed leases not commenced	6	28,095	3.7	%		-	0.0	%		-
4Q 2024 ⁽⁴⁾	-	-	0.0	%		-	0.0	%		-
Total 2024	-	-	0.0	%		-	0.0	%		-
1Q 2025	1	14,430	1.9	%		894,660	0.9	%		62.00
2Q 2025	1	1,940	0.2	%		247,474	0.3	%		127.56
3Q 2025	-	-	0.0	%		-	0.0	%		-
4Q 2025	2	1,467	0.2	%		102,949	0.1	%		70.18
Total 2025	4	17,837	2.3	%		1,245,083	1.3	%		69.80
2026	9	77,159	10.1	%		4,842,842	5.0	%		62.76
2027	7	61,806	8.1	%		8,425,705	8.7	%		136.33
2028	4	8,892	1.2	%		1,821,647	1.9	%		204.86
2029	12	134,843	17.6	%		24,978,213	25.9	%		185.24
2030	12	77,142	10.0	%		11,729,500	12.2	%		152.05
2031	9	68,190	8.9	%		12,796,349	13.3	%		187.66
2032	5	31,287	4.1	%		2,823,715	2.9	%		90.25
2033	14	44,520	5.8	%		6,791,478	7.1	%		152.55
2034	6	24,208	3.1	%		3,399,270	3.5	%		140.42
Thereafter	12	147,294	19.2	%		17,512,756	18.2	%		118.90
Total retail properties	100	766,439	100.0	%	$	96,366,558	100.0	%	$	139.02

	Notes:
(1)	If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(2)	Excludes (i) 195,410 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(3)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(4)	Represents leases that are included in occupancy as of December 31, 2024 and expire on December 31, 2024.
(5)	Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(6)	Includes a telecom lease with no square footage.

Page 16

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

				Weighted		Percent of
				Average	Total	Portfolio					Percent of
				Remaining	Occupied	Rentable					Portfolio
			Lease	Lease	Square	Square			Annualized		Annualized
20 Largest Tenants		Property	Expiration ⁽¹⁾	Term⁽²⁾	Feet ⁽³⁾	Feet ⁽⁴⁾			Rent ⁽⁵⁾		Rent ⁽⁶⁾
1.	LinkedIn	Empire State Building	Mar. 2025 - Aug. 2036	9.9 years	464,223		5.39	%	$	33,271,096		6.10	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	14.7 years	313,109		3.63	%		19,132,313		3.50	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	3.8 years	252,929		2.94	%		14,006,589		2.60	%
4.	PVH Corp.	501 Seventh Avenue	Jan. 2026 - Oct. 2028	3.2 years	237,281		2.75	%		13,325,962		2.40	%
5.	Sephora USA, Inc.	112 West 34th Street	Jan. 2029	4.1 years	11,334		0.13	%		10,559,438		1.90	%
6.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2041	17.0 years	141,224		1.64	%		10,299,156		1.90	%
7.	Target Corporation	112 West 34th St., 10 Union Sq.	Jan. 2038	13.1 years	81,340		0.94	%		9,444,745		1.70	%
8.	Coty Inc.	Empire State Building	Jan. 2030	5.1 years	157,892		1.83	%		9,174,254		1.70	%
9.	Macy's	111 West 33rd Street	May 2030	5.4 years	131,117		1.52	%		8,803,204		1.60	%
10.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	4.8 years	56,730		0.66	%		8,374,193		1.50	%
11.	Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	3.5 years	149,061		1.73	%		8,318,759		1.50	%
12.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	6.8 years	34,192		0.40	%		7,823,823		1.40	%
13.	FDIC	Empire State Building	Dec. 2025	1.0 years	119,226		1.38	%		7,639,498		1.40	%
14.	Shutterstock, Inc.	Empire State Building	Apr. 2029	4.3 years	108,937		1.26	%		7,464,741		1.40	%
15.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	4.9 years	86,492		1.00	%		6,519,359		1.20	%
16.	Fragomen	1400 Broadway	Feb. 2035	10.2 years	107,680		1.25	%		6,383,091		1.20	%
17.	Burlington Merchandising Corporation	1400 Broadway	Jan. 2038	13.1 years	102,898		1.19	%		6,319,067		1.20	%
18.	ASCAP	250 West 57th Street	Aug. 2034	9.7 years	87,943		1.02	%		5,997,648		1.10	%
19.	HNTB Corporation	Empire State Building	Sep. 2034	9.8 years	78,361		0.91	%		5,465,199		1.00	%
20.	Kohl's Department Stores, Inc.	1400 Broadway	May 2029	4.4 years	91,775		1.07	%		5,001,145		0.90	%
	Total				2,813,744		32.6	%	$	203,323,280		37.2	%

	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 December 31, 2024.
(4)	Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
(5)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6)	Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 17

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

	Three Months Ended
Capital expenditures	December 31 2024		September 30 2024		June 30 2024		March 31 2024		December 31, 2023
Tenant improvements - first generation	$	2,744	$	-	$	-	$	-	$	-
Tenant improvements - second generation		45,969		17,149		25,087		27,404		28,817
Leasing commissions - first generation		98		138		129		35		125
Leasing commissions - second generation		10,769		3,753		3,807		9,730		5,706
Building improvements - first generation		180		128		-		-		-
Building improvements - second generation		9,377		7,838		11,362		13,509		12,102
Non-recurring capital improvements		14,420		2,825		5,979		6,464		4,420
Total	$	83,557	$	31,831	$	46,364	$	57,142	$	51,170

Leasing Opportunity - Inventory of Current Vacant Space as of December 31, 2024 (in square feet) ⁽¹⁾

Total Portfolio vacant space										1,011,000

Signed leases not commenced ("SLNC"):
Manhattan Office Properties SLNC										385,000
Greater New York Office Properties SLNC										5,000
Retail Properties SLNC										28,000
Greater New York Office Properties										71,000
Retail Properties										45,000
Manhattan Office Properties										404,000
Manhattan Office Properties off market										31,000
Manhattan Office Properties broadcasting and storage										42,000
Total										1,011,000

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

Page 18

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

			Three Months Ended
Observatory NOI	Twelve Months to Date		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Observatory revenue ⁽¹⁾	$	136,377	$	38,275	$	39,382	$	34,124	$	24,596	$	36,217
Observatory expenses		36,834		9,730		9,715		8,958		8,431		9,282
NOI		99,543		28,545		29,667		25,166		16,165		26,935
Intercompany rent expense ⁽²⁾		83,477		22,969		23,461		20,980		16,067		21,545
NOI after intercompany rent	$	16,066	$	5,576	$	6,206	$	4,186	$	98	$	5,390

Observatory Metrics
Number of visitors ⁽³⁾	718,000		727,000		648,000		485,000		711,000
Change in visitors year over year	1.0	%	(2.2	)%	(2.7	)%	9.5	%	7.7	%
Number of bad weather days ("BWD")⁽⁴⁾	8		8		8		17		11

	Notes:
(1)	Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, the fixed license fee was $1,855, $1,855, $1,855, $1,855 and $1,807, respectively.
(2)	The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.
(3)	Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(4)	The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Annual Observatory NOI 2018 to 2024

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

Page 19

Fourth Quarter 2024
Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds
from Operations ("Core FFO"), Core Funds Available for Distribution ("Core FAD") and EBITDA
(unaudited and in thousands, except per share amounts)

	Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO and Core FFO	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Net Income	$	18,793		$	22,796		$	28,555		$	10,215		$	15,830
Non-controlling interests in other partnerships		-			-			-			(4	)		1
Preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		44,386			44,871			46,398			44,857			48,548
(Gain) loss on dispostion of properties		(1,237	)		(1,262	)		(10,803	)		-			2,497
FFO attributable to common stockholders and the Operating Partnership		60,892			65,355			63,099			54,018			65,826
Amortization of below-market ground lease		1,958			1,958			1,958			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		62,850			67,313			65,057			55,976			67,784
Interest expense associated with property in receivership		1,921			1,922			628			-			-
Loss on early extinguishment of debt		-			-			-			553			-
Core FFO attributable to common stockholders and the Operating Partnership	$	64,771		$	69,235		$	65,685		$	56,529		$	67,784

Total weighted average shares and Operating Partnership units
Basic		264,798			264,787			264,676			264,562			262,775
Diluted		270,251			269,613			268,716			267,494			267,003

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

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.24		$	0.25		$	0.25		$	0.21		$	0.26
Diluted	$	0.23		$	0.25		$	0.24		$	0.21		$	0.25

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

Reconciliation of Core FFO to Core FAD
Core FFO	$	64,771		$	69,235		$	65,685		$	56,529		$	67,784
Add:
Amortization of deferred financing costs		1,099			1,110			1,050			1,019			1,075
Non-real estate depreciation and amortization		979			1,029			1,074			1,107			1,077
Amortization of non-cash compensation expense		6,107			5,752			6,388			3,449			5,294
Amortization of loss on interest rate derivative		1,386			1,386			1,480			1,527			1,527
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(5,044	)		(3,082	)		(2,744	)		(3,904	)		(3,013	)
Corporate capital expenditures		(226	)		(121	)		(157	)		(238	)		(71	)
Tenant improvements - second generation		(45,969	)		(17,149	)		(25,087	)		(27,404	)		(28,817	)
Building improvements - second generation		(9,377	)		(7,838	)		(11,362	)		(13,509	)		(12,102	)
Leasing commissions - second generation		(10,769	)		(3,753	)		(3,807	)		(9,730	)		(5,706	)
Core FAD	$	2,957		$	46,569		$	32,521		$	8,846		$	27,047

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	18,793		$	22,796		$	28,555		$	10,215		$	15,830
Interest expense		27,380			27,408			25,323			25,128			25,393
Interest expense associated with property in receivership		1,921			1,922			628			-			-
Income tax expense (benefit)		1,151			1,442			750			(655	)		1,792
Depreciation and amortization		45,365			45,899			47,473			46,081			49,599
EBITDA		94,610			99,467			102,729			80,769			92,614
(Gain) loss on disposition of properties		(1,237	)		(1,262	)		(10,803	)		-			2,497
Adjusted EBITDA	$	93,373		$	98,205		$	91,926		$	80,769		$	95,111

Page 20

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

	December 31, 2024								September 30, 2024
				Weighted Average								Weighted Average
Debt Summary	Balance			Interest Rate ⁽¹⁾			Maturity (Years)		Balance			Interest Rate ⁽¹⁾			Maturity (Years)
Mortgage debt	$	704,274			3.64	%		6.1	$	705,624			3.64	%		6.1
Senior unsecured notes		1,200,000			4.69	%		5.3		1,200,000			4.69	%		5.5
Unsecured term loan facilities ⁽²⁾		270,000			4.19	%		2.8		270,000			4.19	%		3.0
Unsecured revolving credit facility ⁽³⁾		120,000			4.04	%		4.2		120,000			4.04	%		4.4
Total fixed rate debt		2,294,274			4.27	%		5.2		2,295,624			4.27	%		5.3

Unsecured term loan facilities ⁽⁴⁾		-			-			-		-			-			-
Unsecured revolving credit facility ⁽⁴⁾		-			-			4.2		-			-			4.4
Total variable rate debt		-			-			4.2		-			-			4.4

Total debt		2,294,274			4.27	%		5.2		2,295,624			4.27	%		5.3
Deferred financing costs, net		(10,123	)							(10,691	)
Debt discount		(6,183	)							(6,378	)
Total	$	2,277,968							$	2,278,555

Available Capacity		Facility				Outstanding at December 31, 2024				Letters of Credit				Available Capacity
Unsecured revolving credit facility ⁽⁵⁾		$	620,000			$	120,000			$	-			$	500,000

Covenant Summary	Required		Current Quarter			In Compliance
Maximum Total Leverage⁽⁶⁾		<60%		33.2	%	Yes
Maximum Secured Leverage ⁽⁷⁾		<40%		11.7	%	Yes
Minimum Fixed Charge Coverage		>1.50x		2.8	x	Yes
Minimum Unencumbered Interest Coverage		>1.75x		4.6	x	Yes
Maximum Unsecured Leverage ⁽⁸⁾		<60%		25.4	%	Yes

	Notes:
(1)	These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.
(2)	SOFR is fixed at 2.56% for $175 million through maturity and 2.63% for $95 million through March 19, 2025. Subsequent to March 19, 2025, SOFR is fixed at 3.31% for $95 million through maturity.
(3)	SOFR is fixed at 2.63% for $120 million through maturity.
(4)	As of December 31, 2024, each of our unsecured term loan facilities and the balance drawn on our revolving credit facility are fixed under variable to fixed interest rate swap agreements.
(5)	This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.
(6)	Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.
(7)	Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.
(8)	Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

Page 21

Fourth Quarter 2024
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	%		34,048	1/5/2028	30 years
Metro Center		3.59	%		71,600	11/5/2029	Interest only
250 West 57th Street		2.83	%		180,000	12/1/2030	Interest only
1333 Broadway		4.21	%		160,000	2/5/2033	Interest only
345 East 94th Street - Series A		70% of SOFR plus 0.95	%		43,600	11/1/2030	Interest only
345 East 94th Street - Series B		SOFR plus 2.24	%		6,490	11/1/2030	30 years
561 10th Avenue - Series A		70% of SOFR plus 1.07	%		114,500	11/1/2033	Interest only
561 10th Avenue - Series B		SOFR plus 2.45	%		14,036	11/1/2033	30 years
Total fixed rate mortgage debt					704,274

Unsecured term loan facility	SOFR plus 1.50	%		175,000		12/31/2026	Interest only
Unsecured term loan facility	SOFR plus 1.50	%		95,000		3/8/2029	Interest only
Unsecured revolving credit facility	SOFR plus 1.30	%		120,000		3/8/2029	Interest only
Senior unsecured notes:
Series A	3.93	%		100,000		3/27/2025	Interest only
Series B	4.09	%		125,000		3/27/2027	Interest only
Series C	4.18	%		125,000		3/27/2030	Interest only
Series D	4.08	%		115,000		1/22/2028	Interest only
Series E	4.26	%		160,000		3/22/2030	Interest only
Series F	4.44	%		175,000		3/22/2033	Interest only
Series G	3.61	%		100,000		3/17/2032	Interest only
Series H	3.73	%		75,000		3/17/2035	Interest only
Series I	7.20	%		155,000		6/17/2029	Interest only
Series J	7.32	%		45,000		6/17/2031	Interest only
Series K	7.41	%		25,000		6/17/2034	Interest only
Total / weighted average debt	4.27	%		2,294,274
Deferred financing costs, net				(10,123	)
Debt discount				(6,183	)
Total			$	2,277,968

Page 22

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

								Percentage of			Weighted Average Interest Rate of
Year	Maturities ⁽¹⁾		Amortization		Total			Total Debt			Maturing Debt
2025	$	100,000	$	3,664	$	103,664			4.5	%		3.93	%
2026		225,000		3,957		228,957			10.0	%		4.06	%
2027		155,000		4,276		159,276			6.9	%		4.13	%
2028		146,091		3,555		149,646			6.5	%		4.06	%
2029		441,600		3,890		445,490			19.4	%		5.12	%
2030		508,600		4,511		513,111			22.4	%		3.67	%
2031		45,000		3,283		48,283			2.1	%		7.32	%
2032		100,000		3,591		103,591			4.5	%		3.61	%
2033		439,007		3,249		442,256			19.3	%		4.20	%
2034		25,000		-		25,000			1.1	%		7.41	%
2035		75,000		-		75,000			3.3	%		3.73	%
Total debt	$	2,260,298	$	33,976		2,294,274			100.0	%		4.27	%
Deferred financing costs, net						(10,123	)
Debt discount						(6,183	)
Total					$	2,277,968

Debt Maturity Profile

Ground Lease Commitments ⁽²⁾

Year	1350 Broadway ⁽³⁾		1400 Broadway ⁽⁴⁾		111 West 33rd Street ⁽⁵⁾		Total
2025	$	108	$	675	$	735	$	1,518
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
	$	1,899	$	26,325	$	38,526	$	66,750

	Notes:
(1)	Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(2)	There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.
(3)	Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 26 years.
(4)	Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years.
(5)	Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.

Page 23

Cover	Feb. 19, 2025
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 19, 2025
Entity File Number	001-36105
Entity Registrant Name	EMPIRE STATE REALTY TRUST, INC.
Entity Central Index Key	0001541401
Entity Tax Identification Number	37-1645259
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	687-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	ESRT
Security Exchange Name	NYSE
Empire State Realty Op Lp [Member]
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 19, 2025
Entity File Number	001-36106
Entity Registrant Name	EMPIRE STATE REALTY OP, L.P.
Entity Central Index Key	0001553079
Entity Tax Identification Number	45-4685158
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	687-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Empire State Realty Op Lp [Member] \| Series E S Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series ES Operating Partnership Units
Trading Symbol	ESBA
Security Exchange Name	NYSEArca
Empire State Realty Op Lp [Member] \| Series 60 Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series 60 Operating Partnership Units
Trading Symbol	OGCP
Security Exchange Name	NYSEArca
Empire State Realty Op Lp [Member] \| Series 250 Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series 250 Operating Partnership Units
Trading Symbol	FISK
Security Exchange Name	NYSEArca

Empire State Realty (NYSE:ESRT)
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Co-Registrant CIK	0001553079
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant Document Period EndDate	2025-02-19
Co-Registrant Address Line One	111 West 33rd Street
Co-Registrant Address Line Two	12th Floor
Co-Registrant City or Town	New York
Co-Registrant State or Province	New York
Co-Registrant City Area Code	212
Co-Registrant Local Phone Number	687-8700
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging growth company	false

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