Empire State Realty Trust, Inc. (Form: 8-K, Received: 10/29/2025 16:24:01)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

001-36105

37-1645259

(State or other Jurisdiction
of Incorporation)

(Commission

File Number)

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

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-36106

45-4685158

(State or other Jurisdiction
of Incorporation)

(Commission

File Number)

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


111 West 33rd Street,	12th Floor
New York,	New York	10120
(Address of Principal Executive Offices)		(Zip Code)

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

n/a

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

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


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

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

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share

ESRT

The New York Stock Exchange

Empire State Realty OP, L.P.

Series ES Operating Partnership Units

ESBA

NYSE Arca, Inc.

Series 60 Operating Partnership Units

OGCP

NYSE Arca, Inc.

Series 250 Operating Partnership Units

FISK

NYSE Arca, Inc.

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

Emerging growth company ☐

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


Item 2.02.			Results of Operations and Financial Condition.

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

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


Item 7.01.			Regulation FD Disclosure

Third Quarter 2025 Earnings

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

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Press Release announcing financial results for the thir d quarter 2025
99.2			Supplemental report
104			Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

Funds From Operations

measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

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

Core Funds From Operations

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

Core Funds Available for Distribution

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

Net Operating Income and Property Cash NOI

the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2025, Same Store excludes

the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

EBITDA and Adjusted EBITDA

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

Net Debt to Adjusted EBITDA

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

SIGNATURE

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


Date: October 29, 2025			EMPIRE STATE REALTY TRUST, INC. (Registrant) By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer & Chief Accounting Officer

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


Date: October 29, 2025			EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EMPIRE STATE REALTY TRUST ANNOUNCES THIRD QUARTER 2025 RESULTS

– Net Income Per Fully Diluted Share of $0.05 –

– Core FFO Per Fully Diluted Share of $0.23 –

– $0.8B of Liquidity –

– Reaffirms 2025 Guidance –

New York, New York, October 29, 2025 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the third quarter 2025. All per share amounts are on a fully diluted basis, where applicable.

Third Quarter and Recent Highlights

•Net Income of $0.05 per share.

•Core Funds From Operations (“Core FFO”) of $0.23 per share.

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees decreased 1.5% year-over-year. The third quarter change was primarily attributed to increases in real estate taxes and property operating expenses. These higher expenses were partially offset by higher tenant reimbursement income. Adjusted for approximately $1.7 million of non-recurring items, which predominately consisted of revenue items recognized in the third quarter of 2024, Same-Store Property Cash NOI increased by 1.1%.

•Manhattan office occupancy increased by 80 bps sequentially to 90.3%. The total commercial portfolio occupancy increased by 80 bps sequentially to 90.0%.

•Signed 87,880 rentable square feet of commercial leases, inclusive of 71,859 rentable square feet of Manhattan office leases. In our Manhattan office portfolio, blended leasing spreads were +3.9%, the 17th consecutive quarter of positive leasing spreads.

•Subsequent to quarter-end, signed approximately 50,000 square feet of additional leases.

•Empire State Building Observatory generated NOI of $26.5 million.

•In October, announced the issuance of $175 million of 5-year senior unsecured notes in a private placement transaction.

•Achieved the highest possible GRESB 5 Star Rating for the sixth consecutive year with a score of 93.

Property Operations

As of September 30, 2025, the Company’s property portfolio contained 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.


		September 30, 20251	June 30, 20251	September 30, 20241
Percent occupied:
	Total commercial portfolio	90.0%2	89.2%2	89.1%
	Total office	89.7%	88.9%	88.9%
	Manhattan office	90.3%	89.5%	89.6%

	Total retail	92.8%2	91.7%2	91.1%

Percent leased (includes signed leases not commenced):
	Total commercial portfolio	92.6%2	93.1%2	93.4%
	Total office	92.4%	93.1%	93.3%
	Manhattan office	93.1%	93.8%	94.1%

	Total retail	94.7%2	92.4%2	94.0%
	Total multifamily portfolio	98.6%	98.6%	96.8%

1 All occupancy and leased percentages exclude broadcasting and storage space.

2 Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

Leasing

The tables that follow summarize leasing activity for the third quarter of 2025. During this period, the Company signed 16 leases that totaled 87,880 square feet with an average lease duration of 8.1 years.

Total Portfolio


Total Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
Office	14	71,859	69.97	3.9	%
Retail	2	16,021	128.33	(11.8)	%
Total Overall	16	87,880	80.61	(1.2)	%

Manhattan Office Portfolio


Manhattan Office Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
New Office	6	26,430	68.56	1.3	%
Renewal Office	8	45,429	70.80	5.5	%
Total Office	14	71,859	69.97	3.9	%

Notable Leasing Activity Highlights in 3Q25

•19,883 square foot renewal and expansion lease with Jencap Group at 1350 Broadway.

•16,402 square foot renewal lease with Haver Analytics at One Grand Central Place.

•14,430 square foot new retail lease with SORA at One Grand Central Place.

Notable Leasing Activity Highlights Subsequent to Quarter-End

•18,230 square foot expansion lease with Gerson Lehrman Group at One Grand Central Place.

•12,089 square feet of new retail leases in aggregate with Rolex, HOKA, and Tecovas at The North Sixth Street Collection in Williamsburg, Brooklyn.

Balance Sheet

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

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

Share Repurchases

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

Dividend

On September 30, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter of 2025 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership

units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On September 30, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the third quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2025 Earnings Outlook

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


Key Assumptions	2025 Current Guidance (October 2025)	2025 Prior Guidance (July 2025)	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.83 to $0.86	$0.83 to $0.86	•2025 includes ~$0.05 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end	89% to 91%	89% to 91%
SS Property Cash NOI (excluding lease termination fees)	–2.0% to +1.5%	–2.0% to +1.5%	•Assumes positive revenue y/y growth •Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes •2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items
Observatory Drivers
Observatory NOI	$90M to $94M	$90M to $94M	•Reflects average quarterly expenses of ~$9 to 10M


	Low	High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$0.22	$0.25
Add:
Impairment Charge	0.00	0.00
Real Estate Depreciation & Amortization	0.65	0.65
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.05	0.05
FFO Attributable to Common Stockholders and the Operating Partnership	$0.80	$0.83
Add:
Amortization of Below Market Ground Lease	0.03	0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.83	$0.86

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

Investor Presentation Update

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

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, October 30, 2025 at 12:00 pm Eastern time.

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

Starting shortly after the call until November 6, 2025, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13754951.

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

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

About Empire State Realty Trust

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

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).

domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the SEC.

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

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com


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

	Three Months Ended September 30,
	2025		2024
Revenues
Rental revenue	$	158,410	$	153,117
Observatory revenue	36,037		39,382
Lease termination fees	—		4,771
Third-party management and other fees	404		271
Other revenue and fees	2,879		2,058
Total revenues	197,730		199,599
Operating expenses
Property operating expenses	46,957		45,954
Ground rent expenses	2,331		2,331
General and administrative expenses	18,743		18,372
Observatory expenses	9,510		9,715
Real estate taxes	33,241		31,982
Depreciation and amortization	47,615		45,899
Total operating expenses	158,397		154,253
Total operating income	39,333		45,346
Other income (expense):
Interest income	1,146		6,960
Interest expense	(25,189)		(27,408)
Interest expense associated with property in receivership	—		(1,922)

Gain on disposition of property	—		1,262
Income before income taxes	15,290		24,238
Income tax expense	(1,645)		(1,442)
Net income	13,645		22,796
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership	(4,610)		(8,205)

Preferred unit distributions	(1,050)		(1,050)
Net income attributable to common stockholders	$	7,985	$	13,541
Total weighted average shares
Basic	169,250		164,880
Diluted	270,357		269,613
Earnings per share attributable to common stockholders
Basic	$	0.05	$	0.08
Diluted	$	0.05	$	0.08


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

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


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Three Months Ended September 30,
	2025		2024

Net income	$	13,645	$	22,796

Preferred unit distributions	(1,050)		(1,050)
Real estate depreciation and amortization	46,741		44,871
Gain on disposition of property	—		(1,262)
FFO attributable to common stockholders and Operating Partnership units	59,336		65,355

Amortization of below-market ground leases	1,957		1,958
Modified FFO attributable to common stockholders and Operating Partnership units	61,293		67,313

Interest expense associated with property in receivership	—		1,922

Core FFO attributable to common stockholders and Operating Partnership units	$	61,293	$	69,235

Total weighted average shares and Operating Partnership units
Basic	266,963		264,787
Diluted	270,357		269,613

FFO per share
Basic	$	0.22	$	0.25
Diluted	$	0.22	$	0.24

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

Core FFO per share
Basic	$	0.23	$	0.26
Diluted	$	0.23	$	0.26


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Nine Months Ended September 30,
	2025		2024

Net income	$	40,808	$	61,566
Non-controlling interests in other partnerships	—		(4)
Preferred unit distributions	(3,151)		(3,151)
Real estate depreciation and amortization	141,533		136,126
Gain on disposition of property	(13,170)		(12,065)
FFO attributable to common stockholders and Operating Partnership units	166,020		182,472

Amortization of below-market ground leases	5,873		5,874
Modified FFO attributable to common stockholders and Operating Partnership units	171,893		188,346

Interest expense associated with property in receivership	647		2,550
Loss on early extinguishment of debt	—		553
Core FFO attributable to common stockholders and Operating Partnership units	$	172,540	$	191,449

Total weighted average shares and Operating Partnership units
Basic	266,978		264,675
Diluted	269,945		268,608

FFO per share
Basic	$	0.62	$	0.69
Diluted	$	0.62	$	0.68

Modified FFO per share
Basic	$	0.64	$	0.71
Diluted	$	0.64	$	0.70

Core FFO per share
Basic	$	0.65	$	0.72
Diluted	$	0.64	$	0.71


Empire State Realty Trust, Inc.
Condensed Consolidated Balance Sheets
(unaudited and amounts in thousands)

	September 30, 2025		December 31, 2024
Assets
Commercial real estate properties, at cost	$	3,940,755	$	3,786,653
Less: accumulated depreciation	(1,381,726)		(1,274,193)
Commercial real estate properties, net	2,559,029		2,512,460
Contract asset3	—		170,419
Cash and cash equivalents	154,113		385,465
Restricted cash	43,642		43,837
Tenant and other receivables	27,416		31,427
Deferred rent receivables	259,070		247,754
Prepaid expenses and other assets	58,679		101,852
Deferred costs, net	177,307		183,987
Acquired below market ground leases, net	307,537		313,410
Right of use assets	28,007		28,197
Goodwill	491,479		491,479
Total assets	$	4,106,279	$	4,510,287

Liabilities and equity
Mortgage notes payable, net	$	691,046	$	692,176
Senior unsecured notes, net	1,097,498		1,197,061
Unsecured term loan facility, net	268,959		268,731
Unsecured revolving credit facility	—		120,000
Debt associated with property in receivership	—		177,667
Accrued interest associated with property in receivership	—		5,433
Accounts payable and accrued expenses	111,732		132,016
Acquired below market leases, net	15,875		19,497
Ground lease liabilities	28,007		28,197
Deferred revenue and other liabilities	64,191		62,639
Tenants’ security deposits	30,751		24,908
Total liabilities	2,308,059		2,728,325
Total equity	1,798,220		1,781,962
Total liabilities and equity	$	4,106,279	$	4,510,287

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




			Third Quarter 2025


Table of Content			Page
Summary
Supplemental Definitions			3
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
FFO, Modified FFO, Core FFO, FAD and EBITDA			8
Highlights			9
Selected Property Data
Property Summary Net Operating Income			10
Same Store Net Operating Income			11
Leasing Activity			12
Commercial Property Detail			14
Portfolio Expirations and Vacates Summary			15
Tenant Lease Expirations			16
Largest Tenants and Portfolio Tenant Diversification by Industry			18
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program			19
Observatory Summary			20
Financial information
Consolidated Debt Analysis
Debt Summary			21
Debt Detail			22
Debt Maturities			23
Ground Leases			23

Forward-looking Statements

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

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

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

Page 2



			Third Quarter 2025
			Supplemental Definitions

Funds From Operations

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

Modified Funds From Operations

Core Funds From Operations

Core Funds Available for Distribution

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

Page 3



			Third Quarter 2025
			Supplemental Definitions

of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2025, Same Store excludes the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4




			Third Quarter 2025


COMPANY PROFILE

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.


BROAD OF DIRECTORS

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


EXECUTIVE MANAGEMENT

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


COMPANY INFORMATION

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


RESEARCH COVERAGE


BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Seth Bergey	(212) 816-2066	seth.bergey@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949) 640-8780	dburzinski@greenstreetadvisors.com

Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Ally Yaseen	(646) 582-9253	ayaseen@wolferesearch.com

Page 5


			Third Quarter 2025
			Condensed Consolidated Balance Sheet
			(unaudited and dollars in thousands)


Assets	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024




Commercial real estate properties, at cost	$	3,940,755	$	3,903,950	$	3,825,422	$	3,786,653	$	3,667,687
Less: accumulated depreciation	(1,381,726)		(1,341,144)		(1,306,924)		(1,274,193)		(1,241,454)
Commercial real estate properties, net	2,559,029		2,562,806		2,518,498		2,512,460		2,426,233
Contract asset(1)	—		—		—		170,419		168,687
Cash and cash equivalents	154,113		94,643		187,823		385,465		421,896
Restricted cash	43,642		42,084		49,589		43,837		48,023
Tenant and other receivables	27,416		28,124		29,071		31,427		34,068
Deferred rent receivables	259,070		255,272		252,299		247,754		244,448
Prepaid expenses and other assets	58,679		85,083		64,233		101,852		81,758
Deferred costs, net	177,307		181,694		181,802		183,987		176,720
Acquired below-market ground leases, net	307,537		309,495		311,452		313,410		315,368
Right of use assets	28,007		28,070		28,134		28,197		28,257
Goodwill	491,479		491,479		491,479		491,479		491,479
Total assets	$	4,106,279	$	4,078,750	$	4,114,380	$	4,510,287	$	4,436,937


Liabilities and Equity
Mortgage notes payable, net	$	691,046	$	691,440	$	691,816	$	692,176	$	692,989
Senior unsecured notes, net	1,097,498		1,097,355		1,097,212		1,197,061		1,196,911
Unsecured term loan facility, net	268,959		268,883		268,807		268,731		268,655
Unsecured revolving credit facility	—		—		—		120,000		120,000
Debt associated with property in receivership	—		—		—		177,667		177,667
Accrued interest associated with property in receivership	—		—		—		5,433		3,511
Accounts payable and accrued expenses	111,732		104,315		135,298		132,016		81,443
Acquired below-market leases, net	15,875		17,081		18,306		19,497		14,702
Ground lease liabilities	28,007		28,070		28,134		28,197		28,257
Deferred revenue and other liabilities	64,191		55,343		61,888		62,639		70,766
Tenants' security deposits	30,751		27,015		27,044		24,908		24,715
Total liabilities	2,308,059		2,289,502		2,328,505		2,728,325		2,679,616
Total equity	1,798,220		1,789,248		1,785,875		1,781,962		1,757,321
Total liabilities and equity	$	4,106,279	$	4,078,750	$	4,114,380	$	4,510,287	$	4,436,937

Note:

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

Page 6


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


	Three Months Ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Revenues
Rental revenue (1)	$	158,410	$	153,540	$	154,542	$	155,127	$	153,117
Observatory revenue	36,037		33,899		23,161		38,275		39,382
Lease termination fees	—		464		—		—		4,771
Third-party management and other fees	404		408		431		258		271
Other revenue and fees	2,879		2,939		1,932		3,942		2,058
Total revenues	197,730		191,250		180,066		197,602		199,599
Operating expenses
Property operating expenses	46,957		44,880		45,060		46,645		45,954
Ground rent expenses	2,331		2,332		2,331		2,332		2,331
General and administrative expenses	18,743		18,685		16,940		17,870		18,372
Observatory expenses	9,510		9,822		8,118		9,730		9,715
Real estate taxes	33,241		32,607		33,050		32,720		31,982
Depreciation and amortization	47,615		47,802		48,779		45,365		45,899
Total operating expenses	158,397		156,128		154,278		154,662		154,253
Total operating income	39,333		35,122		25,788		42,940		45,346
Other income (expense)
Interest income	1,146		1,867		3,786		5,068		6,960
Interest expense	(25,189)		(25,126)		(26,938)		(27,380)		(27,408)
Interest expense associated with property in receivership	—		—		(647)		(1,921)		(1,922)

Gain on disposition of property	—		—		13,170		1,237		1,262
Income before income taxes	15,290		11,863		15,159		19,944		24,238
Income tax (expense) benefit	(1,645)		(478)		619		(1,151)		(1,442)
Net income	13,645		11,385		15,778		18,793		22,796
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership	(4,610)		(3,815)		(5,508)		(6,575)		(8,205)

Private perpetual preferred unit distributions	(1,050)		(1,051)		(1,050)		(1,050)		(1,050)
Net income attributable to common stockholders	$	7,985	$	6,519	$	9,220	$	11,168	$	13,541

Weighted average common shares outstanding
Basic	169,250		168,368		167,181		166,671		164,880
Diluted	270,357		269,951		269,529		270,251		269,613

Earnings per share attributable to common stockholders
Basic	$	0.05	$	0.04	$	0.06	$	0.07	$	0.08
Diluted	$	0.05	$	0.04	$	0.05	$	0.07	$	0.08

Dividends per share	$	0.035	$	0.035	$	0.035	$	0.035	$	0.035

Note:

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


	Three Months Ended
Rental Revenue	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Base rent	$	136,371	$	133,987	$	136,096	$	135,629	$	132,492
Billed tenant expense reimbursement	22,039		19,553		18,446		19,498		20,625
Total rental revenue	$	158,410	$	153,540	$	154,542	$	155,127	$	153,117

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

Page 7


			Third Quarter 2025
			FFO, Modified FFO, Core FFO, Core FAD and EBITDA
			(unaudited and in thousands, except per share amounts)


	Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Net Income	$	13,645	$	11,385	$	15,778	$	18,793	$	22,796

Preferred unit distributions	(1,050)		(1,051)		(1,050)		(1,050)		(1,050)
Real estate depreciation and amortization	46,741		46,921		47,871		44,386		44,871
Gain on disposition of property	—		—		(13,170)		(1,237)		(1,262)
FFO attributable to common stockholders and the Operating Partnership	59,336		57,255		49,429		60,892		65,355
Amortization of below-market ground lease	1,957		1,958		1,958		1,958		1,958
Modified FFO attributable to common stockholders and the Operating Partnership	61,293		59,213		51,387		62,850		67,313
Interest expense associated with property in receivership	—		—		647		1,921		1,922

Core FFO attributable to common stockholders and the Operating Partnership	$	61,293	$	59,213	$	52,034	$	64,771	$	69,235

Total weighted average shares and Operating Partnership units
Basic	266,963		266,899		267,073		264,798		264,787
Diluted	270,357		269,951		269,529		270,251		269,613

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.22	$	0.21	$	0.19	$	0.23	$	0.25
Diluted	$	0.22	$	0.21	$	0.18	$	0.23	$	0.24

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.23	$	0.22	$	0.19	$	0.24	$	0.25
Diluted	$	0.23	$	0.22	$	0.19	$	0.23	$	0.25

Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.23	$	0.22	$	0.19	$	0.24	$	0.26
Diluted	$	0.23	$	0.22	$	0.19	$	0.24	$	0.26


Reconciliation of Core FFO to Core FAD
Core FFO	$	61,293	$	59,213	$	52,034	$	64,771	$	69,235
Add:
Amortization of deferred financing costs	1,082		1,080		1,094		1,099		1,110
Non-real estate depreciation and amortization	874		880		908		979		1,029
Amortization of non-cash compensation expense	6,484		6,900		4,980		6,107		5,752
Amortization of loss on interest rate derivative	1,385		1,386		1,386		1,386		1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments	(5,832)		(4,913)		(6,407)		(5,044)		(3,082)
Corporate capital expenditures	(218)		(234)		(83)		(226)		(121)
Tenant improvements - second generation	(15,979)		(36,890)		(39,304)		(45,969)		(17,149)
Building improvements - second generation	(5,571)		(7,868)		(5,770)		(9,377)		(7,838)
Leasing commissions - second generation	(3,144)		(7,605)		(7,629)		(10,769)		(3,753)
Core FAD	$	40,374	$	11,949	$	1,209	$	2,957	$	46,569


Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	13,645	$	11,385	$	15,778	$	18,793	$	22,796
Interest expense	25,189		25,126		26,938		27,380		27,408
Interest expense associated with property in receivership	—		—		647		1,921		1,922
Income tax expense (benefit)	1,645		478		(619)		1,151		1,442
Depreciation and amortization	47,615		47,802		48,779		45,365		45,899
EBITDA	88,094		84,791		91,523		94,610		99,467
Gain on disposition of property	—		—		(13,170)		(1,237)		(1,262)
Adjusted EBITDA	$	88,094	$	84,791	$	78,353	$	93,373	$	98,205

Page 8


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


	Three Months Ended
Office and Retail Metrics:	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Total rentable square footage(1)	8,603,750			8,611,559			8,617,292			8,616,284			8,592,481
Percent occupied (1)(2)	90.0		%	89.2		%	87.9		%	88.6		%	89.1		%
Percent leased (1)(3)	92.6		%	93.1		%	92.5		%	93.5		%	93.4		%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio	$	64,715		$	63,589		$	61,548		$	64,110		$	65,069
Greater New York office portfolio	1,244			1,393			1,584			1,769			1,651
Retail portfolio	2,171			2,298			2,433			2,472			2,431
Total Same Store Property Cash NOI	$	68,130		$	67,280		$	65,565		$	68,351		$	69,151

Multifamily Metrics:
Multifamily Cash NOI	$	5,284		$	5,173		$	4,643		$	4,168		$	4,506
Total number of units	743			743			732			732			732
Percent occupied	98.6		%	98.6		%	99.0		%	98.5		%	96.8		%

Observatory Metrics:
Observatory NOI	$	26,527		$	24,077		$	15,043		$	28,545		$	29,667
Number of visitors (4)	648,000			629,000			428,000			718,000			727,000
Change in visitors year-over-year	(10.9)		%	(2.9)		%	(11.8)		%	1.0		%	(2.2)		%

Ratios:
Debt to Total Market Capitalization (5)	48.2		%	46.9		%	47.8		%	44.0		%	42.3		%
Net Debt to Total Market Capitalization (5)	46.3		%	45.8		%	45.4		%	39.5		%	37.5		%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)	50.3		%	49.0		%	49.8		%	45.7		%	44.0		%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)	48.5		%	47.8		%	47.5		%	41.4		%	39.3		%
Debt to Adjusted EBITDA (6)	6.0x			5.8x			5.8x			6.4x			6.4x
Net Debt to Adjusted EBITDA (6)	5.6x			5.6x			5.2x			5.3x			5.2x
Core FFO Payout Ratio (7)	16		%	16		%	19		%	15		%	14		%
Core FAD Payout Ratio	24		%	82		%	805		%	324		%	21		%
Core FFO per share - diluted	$	0.23		$	0.22		$	0.19		$	0.24		$	0.26
Diluted weighted average shares	270,357			269,951			269,529			270,251			269,613

Class A common stock price at quarter end	$	7.66		$	8.09		$	7.82		$	10.32		$	11.08
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035
Dividends per share - annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (8)	1.8		%	1.7		%	1.8		%	1.4		%	1.3		%
Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)	1,560			1,560			1,560			1,560			1,560
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)	4,664			4,664			4,664			4,664			4,664

Class A common stock	168,970			168,301			167,094			166,405			165,507
Class B common stock (9)	972			975			976			978			981
Operating partnership units	108,674			109,308			110,662			106,768			107,664
Total common stock and operating partnership units outstanding (10)	278,616			278,584			278,732			274,151			274,152

Notes:

(1) Rentable square footage, occupied percentage, and leased percentage are updated to exclude approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

(2) Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space.

(3) Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods percent leased excludes storage and broadcasting space.

(4) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(5) Market capitalization represents the sum of (i) Company's common stock per share price as of September 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2025, (ii) the number of Series 2014 perpetual preferred units at September 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 30, 2025.

(6) Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, and September 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, and $9 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025.

(7) Represents the amount of Core FFO paid out in distributions.

(8) Based on the closing price per share of Class A common stock on September 30, 2025.

(9) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.

(10) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 9


			Third Quarter 2025
			Property Summary - Same Store NOI
			(unaudited and dollars in thousands)


	Three Months Ended															Nine Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			September 30, 2025			September 30, 2024
Same Store Portfolio(1)
Revenues	$	148,211		$	143,776		$	143,916		$	146,969		$	145,501		$	435,903		$	426,411
Operating expenses	(77,041)			(74,612)			(74,891)			(76,317)			(75,596)			(226,544)			(215,844)
Same store property NOI	71,170			69,164			69,025			70,652			69,905			209,359			210,567
Straight-line rent	(4,387)			(3,213)			(4,831)			(3,782)			(2,184)			(12,431)			(7,289)
Above/below-market rent revenue amortization	(610)			(629)			(587)			(477)			(528)			(1,826)			(1,658)
Below-market ground lease amortization	1,957			1,958			1,958			1,958			1,958			5,873			5,874
Total same store property cash NOI - excluding lease termination fees	$	68,130		$	67,280		$	65,565		$	68,351		$	69,151		$	200,975		$	207,494

Percent change over prior year	(1.5)		%	(5.9)		%	(1.9)		%	(2.9)		%	5.2		%	(3.1)		%	4.6		%

Total same store property cash NOI - excluding lease termination fees	$	68,130		$	67,280		$	65,565		$	68,351		$	69,151		$	200,975		$	207,494
Lease termination fees	—			464			—			—			4,771			464			4,771
Total same store property cash NOI	$	68,130		$	67,744		$	65,565		$	68,351		$	73,922		$	201,439		$	212,265

Same Store Manhattan Office(1),(2)
Revenues	$	140,613		$	136,543		$	136,408		$	139,380		$	138,060		$	413,564		$	405,159
Operating expenses	(73,102)			(71,336)			(71,598)			(73,062)			(72,287)			(216,036)			(205,933)
Same store property NOI	67,511			65,207			64,810			66,318			65,773			197,528			199,226
Straight-line rent	(4,143)			(2,947)			(4,633)			(3,689)			(2,134)			(11,723)			(7,297)
Above/below-market rent revenue amortization	(610)			(629)			(587)			(477)			(528)			(1,826)			(1,658)
Below-market ground lease amortization	1,957			1,958			1,958			1,958			1,958			5,873			5,874
Total same store property cash NOI - excluding lease termination fees	64,715			63,589			61,548			64,110			65,069			189,852			196,145
Lease termination fees	—			464			—			—			4,771			464			4,771
Total same store property cash NOI	$	64,715		$	64,053		$	61,548		$	64,110		$	69,840		$	190,316		$	200,916

Same Store Greater New York Metropolitan Area Office(1)
Revenues	$	3,516		$	2,985		$	3,154		$	3,213		$	3,060		$	9,655		$	9,223
Operating expenses	(2,214)			(1,551)			(1,606)			(1,572)			(1,612)			(5,371)			(4,862)
Same store property NOI	1,302			1,434			1,548			1,641			1,448			4,284			4,361
Straight-line rent	(58)			(41)			36			128			203			(63)			498
Above/below-market rent revenue amortization	—			—			—			—			—			—			—
Below-market ground lease amortization	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	1,244			1,393			1,584			1,769			1,651			4,221			4,859
Lease termination fees	—			—			—			—			—			—			—
Total same store property cash NOI	$	1,244		$	1,393		$	1,584		$	1,769		$	1,651		$	4,221		$	4,859

Same Store Retail(1)
Revenues	$	4,082		$	4,248		$	4,354		$	4,376		$	4,381		$	12,684		$	12,029
Operating expenses	(1,725)			(1,725)			(1,687)			(1,683)			(1,697)			(5,137)			(5,049)
Same store property NOI	2,357			2,523			2,667			2,693			2,684			7,547			6,980
Straight-line rent	(186)			(225)			(234)			(221)			(253)			(645)			(490)
Above/below-market rent revenue amortization	—			—			—			—			—			—			—
Below-market ground lease amortization	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	2,171			2,298			2,433			2,472			2,431			6,902			6,490
Lease termination fees	—			—			—			—			—			—			—
Total same store property cash NOI	$	2,171		$	2,298		$	2,433		$	2,472		$	2,431		$	6,902		$	6,490

Notes:

(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.

(2) Includes 475,442 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 10


			Third Quarter 2025
			Same Store NOI
			(unaudited and dollars in thousands)


	Three Months Ended										Nine Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		September 30, 2025		September 30, 2024
Net income	$	13,645	$	11,385	$	15,778	$	18,793	$	22,796	$	40,808	$	61,566
Add:
General and administrative expenses	18,743		18,685		16,940		17,870		18,372		54,368		52,364
Depreciation and amortization	47,615		47,802		48,779		45,365		45,899		144,196		139,453
Interest expense	25,189		25,126		26,938		27,380		27,408		77,253		77,859
Interest expense associated with property in receivership	—		—		647		1,921		1,922		647		2,550
Loss on early extinguishment of debt	—		—		—		—		—		—		553
Income tax expense (benefit)	1,645		478		(619)		1,151		1,442		1,504		1,537
Less:
Gain on disposition of property	—		—		(13,170)		(1,237)		(1,262)		(13,170)		(12,065)
Third-party management and other fees	(404)		(408)		(431)		(258)		(271)		(1,243)		(912)
Interest income	(1,146)		(1,867)		(3,786)		(5,068)		(6,960)		(6,799)		(16,230)
Net operating income	105,287		101,201		91,076		105,917		109,346		297,564		306,675
Straight-line rent	(4,688)		(3,748)		(5,283)		(4,045)		(2,277)		(13,719)		(7,238)
Above/below-market rent revenue amortization	(821)		(840)		(798)		(674)		(476)		(2,459)		(1,503)
Below-market ground lease amortization	1,957		1,958		1,958		1,958		1,958		5,873		5,874
Total cash NOI - including Observatory and lease termination fees	101,735		98,571		86,953		103,156		108,551		287,259		303,808
Less: Observatory NOI	(26,527)		(24,077)		(15,043)		(28,545)		(29,667)		(65,647)		(70,998)
Less: cash NOI from non-Same Store properties	(7,078)		(6,750)		(6,345)		(6,260)		(4,962)		(20,173)		(20,545)
Total Same Store property cash NOI - including lease termination fees	68,130		67,744		65,565		68,351		73,922		201,439		212,265
Less: Lease termination fees	—		(464)		—		—		(4,771)		(464)		(4,771)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	68,130	$	67,280	$	65,565	$	68,351	$	69,151	$	200,975	$	207,494

Multifamily NOI
Revenues	$	10,080	$	9,846	$	9,646	$	9,322	$	9,140	$	29,572	$	26,773
Operating expenses	(4,786)		(4,665)		(4,993)		(5,145)		(4,623)		(14,444)		(13,410)
NOI	5,294		5,181		4,653		4,177		4,517		15,128		13,363
Straight-line rent	(68)		(67)		(67)		(67)		(69)		(202)		(280)
Above/below-market rent revenue amortization	58		59		57		58		58		174		173
Cash NOI	$	5,284	$	5,173	$	4,643	$	4,168	$	4,506	$	15,100	$	13,256

Page 11


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


	Three Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Total Office and Retail Portfolio(1)
Total leases executed	16			22			20			20			31
Weighted average lease term	8.1 years			9.9 years			8.4 years			8.0 years			7.0 years
Average free rent period	6.0 months			7.6 months			7.8 months			5.7 months			5.2 months

Office
Total square footage executed	71,859			221,776			229,367			378,913			291,418
Average starting cash rent psf - leases executed	$	69.97		$	71.21		$	66.43		$	78.40		$	70.11
Previously escalated cash rents psf	$	67.33		$	63.50		$	60.63		$	71.03		$	68.34
Percentage of new cash rent over previously escalated rents	3.9		%	12.1		%	9.6		%	10.4		%	2.6		%

Retail
Total square footage executed	16,021			10,332			1,181			—			12,792
Average starting cash rent psf - leases executed	$	128.33		$	268.92		$	193.00		$	—		$	203.88
Previously escalated cash rents psf	$	145.48		$	316.28		$	183.74		$	—		$	332.35
Percentage of new cash rent over previously escalated rents	(11.8)		%	(15.0)		%	5.0		%	—			(38.7)		%

Total Office and Retail Portfolio
Total square footage executed	87,880			232,108			230,548			378,913			304,210
Average starting cash rent psf - leases executed	$	80.61		$	80.01		$	67.08		$	78.40		$	75.74
Previously escalated cash rents psf	$	81.57		$	74.75		$	61.27		$	71.03		$	79.44
Percentage of new cash rent over previously escalated rents	(1.2)		%	7.0		%	9.5		%	10.4		%	(4.7)		%

Leasing commission costs per square foot	$	33.24		$	31.62		$	22.39		$	21.73		$	19.67
Tenant improvement costs per square foot	59.60			86.85			47.92			49.46			42.90
Total LC and TI per square foot(2)	$	92.84		$	118.47		$	70.31		$	71.19		$	62.57
Total LC and TI per square foot per year of weighted average lease term	$	11.48		$	11.93		$	8.34		$	8.89		$	8.94
Occupancy(3),(4)	90.0		%	89.2		%	87.9		%	88.6		%	89.1		%


Manhattan Office Portfolio
Total leases executed	14			18			18			18			25

Office - New Leases
Total square footage executed	26,430			202,499			43,184			184,258			130,688
Average starting cash rent psf - leases executed	$	68.56		$	72.28		$	69.13		$	71.07		$	66.07
Previously escalated cash rents psf	$	67.69		$	63.11		$	66.77		$	59.54		$	63.21
Percentage of new cash rent over previously escalated rents	1.3		%	14.5		%	3.5		%	19.4		%	4.5		%

Office - Renewal Leases(1)
Current Renewals	30,907			19,277			177,328			10,178			53,622
Early Renewals	14,522			—			—			172,286			105,019
Total square footage executed	45,429			19,277			177,328			182,464			158,641
Average starting cash rent psf - leases executed	$	70.80		$	59.97		$	66.62		$	86.98		$	73.11
Previously escalated cash rents psf	$	67.11		$	67.51		$	59.35		$	83.14		$	72.24
Percentage of new cash rent over previously escalated rents	5.5		%	(11.2)		%	12.3		%	4.6		%	1.2		%

Total Manhattan Office Portfolio
Total square footage executed	71,859			221,776			220,512			366,722			289,329
Average starting cash rent psf - leases executed	$	69.97		$	71.21		$	67.11		$	78.99		$	69.93
Previously escalated cash rents psf	$	67.33		$	63.50		$	60.80		$	71.28		$	68.16
Percentage of new cash rent over previously escalated rents	3.9		%	12.1		%	10.4		%	10.8		%	2.6		%

Leasing commission costs per square foot	$	20.16		$	28.97		$	22.47		$	21.85		$	17.40
Tenant improvement costs per square foot	47.79			89.60			49.50			47.96			42.82
Total LC and TI per square foot(2)	$	67.95		$	118.57		$	71.97		$	69.81		$	60.22
Total LC and TI per square foot per year of weighted average lease term	$	10.76		$	11.79		$	8.41		$	8.66		$	8.67
Occupancy(3)	90.3		%	89.5		%	88.1		%	89.0		%	89.6		%

(Table continued on next page)

Page 12


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


	Three Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Retail Portfolio
Total leases executed	2			4			1			—			5
Total square footage executed	16,021			10,332			1,181			—			12,792
Average starting cash rent psf - leases executed	$	128.33		$	268.92		$	193.00		$	—		$	203.88
Previously escalated cash rents psf	$	145.48		$	316.28		$	183.74		$	—		$	332.35
Percentage of new cash rent over previously escalated rents	(11.8)		%	(15.0)		%	5.0		%	—			(38.7)		%

Leasing commission costs per square foot	$	91.92		$	88.59		$	63.04		$	—		$	74.25
Tenant improvement costs per square foot	112.59			27.88			—			—			51.72
Total LC and TI per square foot(2)	$	204.51		$	116.47		$	63.04		$	—		$	125.97
Total LC and TI per square foot per year of weighted average lease term	$	12.74		$	16.15		$	6.25		$	—		$	14.73
Occupancy(3),(4)	92.8		%	91.7		%	91.2		%	90.4		%	91.1		%


Multifamily Portfolio
Percent occupied	98.6	%	98.6	%	99.0	%	98.5	%	96.8	%
Total number of units	743		743		732		732		732

Notes:

(1) Early Renewals include leases which were signed over two years prior to the lease expiration.

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

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

(4) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

Page 13


			Third Quarter 2025
			Commercial Property Detail
			(unaudited)


Property Name	Location or Sub-Market	Rentable Square Feet (1)	Percent Occupied (2),(3)		Percent Leased (3),(4)		Annualized Rent (5)		Annualized Rent per Occupied Square Foot (6)		Number of Leases (7)
Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South	2,711,335	91.3	%	95.9	%	$	169,632,539	$	69.15	144
One Grand Central Place	Grand Central	1,224,687	87.2	%	93.7	%	68,290,259		64.18		124
1400 Broadway (8)	Penn Station -Times Sq. South	917,281	94.5	%	94.5	%	54,992,292		63.50		18
111 West 33rd Street (9)	Penn Station -Times Sq. South	639,595	94.3	%	94.3	%	42,729,471		70.87		22
250 West 57th Street	Columbus Circle - West Side	476,831	82.9	%	82.9	%	28,114,437		71.24		29
1359 Broadway	Penn Station -Times Sq. South	456,634	86.0	%	86.0	%	23,469,839		59.79		28
501 Seventh Avenue	Penn Station -Times Sq. South	455,432	89.2	%	89.2	%	22,538,410		55.52		15
1350 Broadway (10)	Penn Station -Times Sq. South	384,128	93.6	%	95.4	%	22,757,995		63.53		48
1333 Broadway	Penn Station -Times Sq. South	297,126	89.8	%	89.8	%	15,462,025		57.97		11
Office - Manhattan		7,563,049	90.3	%	93.1	%	447,987,267		65.84		439

Office - Greater New York Metropolitan Area
Metro Center	Stamford, CT	282,176	72.3	%	72.3	%	11,903,524		58.36		20
Office - Greater New York Metropolitan Area		282,176	72.3	%	72.3	%	11,903,524		58.36		20

Total/Weighted Average Office Properties		7,845,225	89.7	%	92.4	%	459,890,791		65.62		459

Retail Properties
112 West 34th Street (9)	Penn Station -Times Sq. South	93,057	100.0	%	100.0	%	25,256,270		271.41		4
The Empire State Building	Penn Station -Times Sq. South	88,143	79.0	%	79.0	%	8,064,475		115.80		12
North Sixth Street Collection (11)	Williamsburg - Brooklyn	87,355	91.2	%	91.2	%	11,300,830		141.82		16
One Grand Central Place	Grand Central	70,810	79.6	%	100.0	%	6,916,328		122.67		11
1333 Broadway	Penn Station -Times Sq. South	67,001	100.0	%	100.0	%	10,305,521		153.81		4
250 West 57th Street	Columbus Circle - West Side	63,443	93.2	%	93.2	%	8,608,308		145.65		6
1542 Third Avenue	Upper East Side	58,161	100.0	%	100.0	%	3,093,298		53.19		4
10 Union Square	Union Square	58,049	88.2	%	88.2	%	7,962,960		155.51		8
1359 Broadway	Penn Station -Times Sq. South	29,247	99.4	%	99.4	%	2,250,533		77.39		5
1010 Third Avenue	Upper East Side	28,243	100.0	%	100.0	%	3,077,783		108.98		1
501 Seventh Avenue	Penn Station -Times Sq. South	27,213	89.4	%	89.4	%	1,592,710		65.48		8
77 West 55th Street	Midtown	25,388	100.0	%	100.0	%	2,112,538		83.21		3
1350 Broadway (10)	Penn Station -Times Sq. South	19,511	100.0	%	100.0	%	4,140,068		212.19		6
1400 Broadway (8)	Penn Station -Times Sq. South	17,017	100.0	%	100.0	%	2,078,326		122.13		7
561 10th Avenue	Hudson Yards	11,822	100.0	%	100.0	%	1,626,620		137.59		2
298 Mulberry Street	NoHo	10,365	100.0	%	100.0	%	1,986,316		191.64		1
345 East 94th Street	Upper East Side	3,700	100.0	%	100.0	%	261,359		70.64		1
Total/Weighted Average Retail Properties		758,525	92.8	%	94.7	%	100,634,243		143.01		99

Portfolio Total		8,603,750	90.0	%	92.6	%	$	560,525,034	$	72.68	558

Notes:

(1) Excludes (i) 201,165 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of September 30, 2025.

(3) Percent occupied and percent leased exclude 110,918 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of September 30, 2025.

(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6) Represents annualized rent under leases commenced as of September 30, 2025 divided by occupied square feet.

(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years (expiring December 31, 2063).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050).

(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

Page 14


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


	Actual	Forecast (1)					Forecast (1)
	Three Months Ended
Total Office and Retail Portfolio (2)	September 30, 2025	December 31, 2025	March 31, 2026	June 30, 2026	September 30, 2026	December 31, 2026	Full Year 2026
Total expirations	59,360	186,516	143,591	32,122	109,224	227,041	511,978
Less: broadcasting	(511)	(906)	—	—	(511)	—	(511)
Office and retail expirations	58,849	185,610	143,591	32,122	108,713	227,041	511,467

Renewals & relocations (3)	15,615	13,046	50,806	3,859	42,024	12,539	109,228
New leases (4)	—	133,458	11,455	—	—	16,321	27,776
Vacates (5)	43,234	38,753	73,588	28,263	52,868	133,066	287,785
Unknown (6)	—	353	7,742	—	13,821	65,115	86,678
Total Office and Retail Portfolio expirations and vacates	58,849	185,610	143,591	32,122	108,713	227,041	511,467

Manhattan Office Portfolio
Total expirations	54,281	185,049	138,153	32,122	74,305	176,993	421,573
Less: broadcasting	(511)	(906)	—	—	(511)	—	(511)
Office and retail expirations	53,770	184,143	138,153	32,122	73,794	176,993	421,062

Renewals & relocations (3)	15,615	13,046	50,806	3,859	41,533	10,868	107,066
New leases (4)	—	133,458	11,455	—	—	16,321	27,776
Vacates (5)	38,155	37,639	68,150	28,263	18,440	133,066	247,919
Unknown (6)	—	—	7,742	—	13,821	16,738	38,301
Total expirations and vacates	53,770	184,143	138,153	32,122	73,794	176,993	421,062

Greater New York Metropolitan Area Office Portfolio
Office expirations	5,079	—	—	—	23,268	—	23,268

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

Retail Portfolio
Office expirations	—	1,467	5,438	—	11,651	50,048	67,137

Renewals & relocations (3)	—	—	—	—	491	1,671	2,162
New leases (4)	—	—	—	—	—	—	—
Vacates (5)	—	1,114	5,438	—	11,160	—	16,598
Unknown (6)	—	353	—	—	—	48,377	48,377
Total expirations and vacates	—	1,467	5,438	—	11,651	50,048	67,137

Notes:

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

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

(3) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2025 and 2026; and tenants who move within a building or within the Company's portfolio.

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

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

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

Page 15


			Third Quarter 2025
			Tenant Lease Expirations
			(unaudited)


Total Office and Retail Lease Expirations	Number of Leases Expiring(1)	Rentable Square Feet Expiring(2)	Percent of Portfolio Rentable Square Feet Expiring		Annualized Rent(3)		Percent of Annualized Rent		Annualized Rent Per Rentable Square Foot
Available	—	670,147	7.8	%	$	—	—	%	$	—
Signed leases not commenced	15	221,593	2.6	%	—		—	%	—


3Q 2025(4)	5	19,423	0.2	%	1,239,070		0.2	%	63.79
4Q 2025	15	185,590	2.2	%	12,120,435		2.2	%	65.31
Total 2025	20	205,013	2.4	%	13,359,505		2.4	%	65.16
1Q 2026	14	143,591	1.7	%	8,918,368		1.6	%	62.11
2Q 2026	7	32,122	0.4	%	1,993,327		0.4	%	62.05
3Q 2026	19	109,224	1.3	%	6,805,024		1.2	%	62.30
4Q 2026	21	227,041	2.6	%	12,175,916		2.2	%	53.63
Total 2026	61	511,978	6.0	%	29,892,635		5.4	%	58.39
2027	87	707,766	8.2	%	47,950,004		8.6	%	67.75
2028	62	868,524	10.1	%	52,901,567		9.4	%	60.91
2029	67	790,106	9.2	%	68,389,913		12.2	%	86.56
2030	61	786,711	9.1	%	59,638,049		10.6	%	75.81
2031	38	250,288	2.9	%	27,699,144		4.9	%	110.67
2032	31	388,724	4.5	%	29,373,989		5.2	%	75.57
2033	37	326,415	3.8	%	24,682,056		4.4	%	75.62
2034	23	370,764	4.3	%	27,764,941		5.0	%	74.89
2035	25	473,508	5.5	%	32,929,648		5.9	%	69.54
Thereafter	46	2,032,213	23.6	%	145,943,583		26.0	%	71.82
Total	573	8,603,750	100.0	%	$	560,525,034	100.0	%	$	72.68


Manhattan Office Properties(5)
Available	—	551,507	7.3	%	$	—	—	%	$	—
Signed leases not commenced	14	207,163	2.7	%	—		—	%	—


3Q 2025(4)	5	19,423	0.3	%	1,239,070		0.3	%	63.79
4Q 2025	13	184,123	2.4	%	12,005,811		2.7	%	65.21
Total 2025	18	203,546	2.7	%	13,244,881		3.0	%	65.07
1Q 2026	13	138,153	1.8	%	8,518,368		1.9	%	61.66
2Q 2026	7	32,122	0.4	%	1,993,327		0.4	%	62.05
3Q 2026	15	74,305	1.0	%	4,539,380		1.0	%	61.09
4Q 2026	19	176,993	2.3	%	10,988,835		2.5	%	62.09
Total 2026	54	421,573	5.5	%	26,039,910		5.8	%	61.77
2027	77	626,215	8.3	%	38,508,279		8.6	%	61.49
2028	56	845,634	11.2	%	50,422,065		11.3	%	59.63
2029	53	653,047	8.6	%	43,151,129		9.6	%	66.08
2030	44	666,742	8.8	%	45,163,387		10.1	%	67.74
2031	26	160,544	2.1	%	11,716,975		2.6	%	72.98
2032	23	344,120	4.6	%	25,219,550		5.6	%	73.29
2033	22	218,722	2.9	%	14,083,014		3.1	%	64.39
2034	16	343,694	4.5	%	24,196,728		5.4	%	70.40
2035	20	458,489	6.1	%	31,420,015		7.0	%	68.53
Thereafter	30	1,862,053	24.7	%	124,821,334		27.9	%	67.03
Total Manhattan office properties	453	7,563,049	100.0	%	$	447,987,267	100.0	%	$	65.84

(Table continued on next page)

Page 16


			Third Quarter 2025
			Tenant Lease Expirations
			(unaudited)


Greater New York Metropolitan Area Office Portfolio	Number of Leases Expiring(1)	Rentable Square Feet Expiring(2)	Percent of Portfolio Rentable Square Feet Expiring		Annualized Rent(3)		Percent of Annualized Rent		Annualized Rent Per Rentable Square Foot
Available	—	78,226	27.7	%	$	—	—	%	$	—
Signed leases not commenced	—	—	—	%	—		—	%	—


3Q 2025(4)	—	—	—	%	—		—	%	—
4Q 2025	—	—	—	%	—		—	%	—
Total 2025	—	—	—	%	—		—	%	—
1Q 2026	—	—	—	%	—		—	%	—
2Q 2026	—	—	—	%	—		—	%	—
3Q 2026	1	23,268	8.2	%	1,471,503		12.4	%	63.24
4Q 2026	—	—	—	%	—		—	%	—
Total 2026	1	23,268	8.2	%	1,471,503		12.4	%	63.24
2027	4	21,546	7.6	%	1,264,659		10.6	%	58.70
2028	2	11,480	4.1	%	662,232		5.6	%	57.69
2029	3	12,208	4.3	%	731,372		6.1	%	59.91
2030	5	42,827	15.2	%	2,525,635		21.2	%	58.97
2031	1	15,030	5.3	%	879,672		7.4	%	58.53
2032(6)	2	7,281	2.6	%	381,961		3.2	%	52.46
2033	1	63,173	22.4	%	3,618,934		30.4	%	57.29
2034	—	—	—	%	—		—	%	—
2035	1	7,137	2.6	%	367,556		3.1	%	51.50
Thereafter	—	—	—	%	—		—	%	—
Total greater New York metropolitan area office portfolio	20	282,176	100.0	%	$	11,903,524	100.0	%	$	58.36


Retail Properties
Available	—	40,414	5.3	%	$	—	—	%	$	—
Signed leases not commenced	1	14,430	1.9	%	—		—	%	—


3Q 2025(4)	—	—	—	%	—		—	%	—
4Q 2025	2	1,467	0.2	%	114,624		0.1	%	78.13
Total 2025	2	1,467	0.2	%	114,624		0.1	%	78.13
1Q 2026	1	5,438	0.7	%	400,000		0.4	%	73.56
2Q 2026	—	—	—	%	—		—	%	—
3Q 2026	3	11,651	1.5	%	794,141		0.8	%	68.16
4Q 2026	2	50,048	6.6	%	1,187,081		1.2	%	23.72
Total 2026	6	67,137	8.8	%	2,381,222		2.4	%	35.47
2027	6	60,005	7.9	%	8,177,066		8.1	%	136.27
2028	4	11,410	1.5	%	1,817,270		1.8	%	159.27
2029	11	124,851	16.5	%	24,507,412		24.4	%	196.29
2030	12	77,142	10.2	%	11,949,027		11.9	%	154.90
2031	11	74,714	9.8	%	15,102,497		15.0	%	202.14
2032	6	37,323	4.9	%	3,772,478		3.7	%	101.08
2033	14	44,520	5.9	%	6,980,108		6.9	%	156.79
2034	7	27,070	3.6	%	3,568,213		3.5	%	131.81
2035	4	7,882	1.0	%	1,142,077		1.1	%	144.90
Thereafter	16	170,160	22.5	%	21,122,249		21.1	%	124.13
Total retail properties	100	758,525	100.0	%	$	100,634,243	100.0	%	$	143.01

Notes:

(1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(2) Excludes (i) 201,165 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, (iii) square footage related to the Company's residential units, and (iv) approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

(3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(4) Represents leases that are included in occupancy as of September 30, 2025 and expire on September 30, 2025.

(5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.

(6) Includes a telecom lease with no square footage.

Page 17


			Third Quarter 2025
			20 Largest Tenants and Portfolio Tenant Diversification by Industry
			(unaudited)


20 Largest Tenants		Property	Lease Expiration(1)	Weighted Average Remaining Lease Term(2)	Total Occupied Square Feet(3)	Percent of Portfolio Rentable Square Feet(4)		Annualized Rent(5)		Percent of Portfolio Annualized Rent(6)
1.	LinkedIn(7)	Empire State Building	Feb. 2026 - Aug. 2036	10.1 years	423,544	5.00	%	$	31,179,290	5.56	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	13.9 years	313,109	3.70	%	19,636,148		3.50	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	3.1 years	252,929	3.00	%	14,255,159		2.54	%
4.	PVH Corp.(8)	501 Seventh Avenue	Jan. 2026 - Oct. 2028	2.4 years	237,281	2.80	%	13,455,701		2.40	%
5.	Institutional Capital Network, Inc.(9)	One Grand Central Place	Nov. 2027 - Dec. 2041	15.3 years	154,050	1.80	%	11,004,747		1.96	%
6.	Burlington Merchandising Corporation	1400 Broadway	Dec. 2041	16.3 years	170,763	2.00	%	10,754,111		1.92	%
7.	Sephora USA, Inc.	112 West 34th Street	Jan. 2029	3.3 years	11,334	0.10	%	10,575,900		1.89	%
8.	Target Corporation	112 West 34th St., 10 Union Sq.	Jan. 2038	12.3 years	81,340	1.00	%	9,578,241		1.71	%
9.	Macy's	111 West 33rd Street	May 2030	4.7 years	131,117	1.50	%	9,520,794		1.70	%
10.	Coty Inc.	Empire State Building	Jan. 2030	4.3 years	157,892	1.90	%	9,422,377		1.68	%
11.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	4.0 years	56,730	0.70	%	8,287,997		1.48	%
12.	Li & Fung(10)	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	2.8 years	149,061	1.80	%	8,230,130		1.47	%
13.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	6.0 years	34,192	0.40	%	7,873,484		1.40	%
14.	FDIC(11)	Empire State Building	Dec. 2025	0.3 years	119,226	1.40	%	7,823,959		1.40	%
15.	Shutterstock, Inc.	Empire State Building	Apr. 2029	3.6 years	108,937	1.30	%	7,617,570		1.36	%
16.	Fragomen	1400 Broadway	Feb. 2035	9.4 years	107,680	1.30	%	7,118,080		1.27	%
17.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	4.2 years	86,492	1.00	%	6,549,061		1.17	%
18.	ASCAP	250 West 57th Street	Aug. 2034	8.9 years	87,943	1.00	%	6,476,281		1.16	%
19.	HNTB Corporation	Empire State Building	Sep. 2034	9.0 years	78,361	0.90	%	5,683,260		1.01	%
20.	Kohl's Department Stores, Inc.	1400 Broadway	May 2029	3.7 years	91,775	1.10	%	5,181,788		0.92	%
	Total				2,853,756	33.70	%	$	210,224,078	37.50	%

Notes:

(1) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.

(2) Represents the weighted average lease term based on annualized rent.

(3) Based on leases signed and commenced as of September 30, 2025.

(4) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.

(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

(7) Includes 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.

(8) Includes 50,560 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.

(9) Includes 12,826 square feet of expiries by December 31, 2027, which is temporary space that will be replaced with a 39,610 square feet full floor expansion that is anticipated to commence on June 1, 2028.

(10) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been pre-leased to a different tenant and is anticipated to commence on November 1, 2027.

(11) Tenant’s 119,226 square feet has been pre-leased with an estimated move-in date of November 1, 2026.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 18


			Third Quarter 2025
			Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
			(unaudited and dollars in thousands)

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


	Square	Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet	Cash Rent		2025		2026		2027		2028		2029
Fourth quarter 2025	107,879	$	8,232	$	933	$	8,232	$	8,232	$	8,129	$	7,986
First quarter 2026	54,441	4,769		—		4,217		4,769		4,769		4,769
Second quarter 2026	145,893	10,571		—		6,619		10,571		10,571		10,571
Third quarter 2026	111,333	7,289		—		3,231		7,289		7,289		7,289
Fourth quarter 2026	132,369	8,535		—		857		8,535		8,535		8,535
First quarter 2027	94,358	7,535		—		—		6,867		7,535		7,535
Second quarter 2027	51,726	3,799		—		—		2,791		3,799		3,799
Third quarter 2027	14,430	1,750		—		—		580		1,750		1,750
Fourth quarter 2027	13,943	1,115		—		—		277		1,115		1,115
First quarter 2028	34,162	2,462		—		—		—		2,404		2,462
Third quarter 2028	24,212	1,453		—		—		—		481		1,453
First quarter 2029	39,610	3,093		—		—		—		—		2,585
Second quarter 2029	25,212	1,575		—		—		—		—		918
	849,568	$	62,178	$	933	$	23,156	$	49,911	$	56,377	$	60,767


	Incremental Annual		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
3Q 2025	Cash Rent (1)		Cash Rent		2025		2026		2027		2028		2029
Commenced leases in free rent period	$	26,611	$	36,138	$	904	$	21,496	$	36,138	$	36,035	$	35,892
Signed leases not commenced	18,941		26,040		29		1,660		13,773		20,342		24,875
	$	45,552	$	62,178	$	933	$	23,156	$	49,911	$	56,377	$	60,767


	Three Months Ended
Capital expenditures	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Tenant improvements - first generation	$	29	$	39	$	174	$	2,744	$	—
Tenant improvements - second generation (2)	15,979		36,890		39,304		45,969		17,149
Leasing commissions - first generation	—		—		—		98		138
Leasing commissions - second generation	3,144		7,605		7,629		10,769		3,753
Building improvements - first generation	1,094		236		—		180		128
Building improvements - second generation	5,571		7,868		5,770		9,377		7,838
Non-recurring capital improvements	14,495		8,934		2,910		14,420		2,825
Total	$	40,312	$	61,572	$	55,787	$	83,557	$	31,831

Notes:

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

(2) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.

Page 19


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


	Twelve Months to Date		Three Months Ended
Observatory NOI			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Observatory revenue (1)	$	131,372	$	36,037		$	33,899		$	23,161		$	38,275		$	39,382
Observatory expenses	37,180		9,510			9,822			8,118			9,730			9,715
NOI	94,192		26,527			24,077			15,043			28,545			29,667
Intercompany rent expense (2)	78,980		20,185			20,666			15,160			22,969			23,461
NOI after intercompany rent	$	15,212	$	6,342		$	3,411		$	(117)		$	5,576		$	6,206

Observatory Metrics
Number of visitors (3)			648,000			629,000			428,000			718,000			727,000
Change in visitors year over year			(10.9)		%	(2.9)		%	(11.8)		%	1.0		%	(2.2)		%
Number of bad weather days ("BWD") (4)			6			21			13			8			8

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, the fixed license fee was $1,904, $1,904, $1,904, $1,855 and $1,855, respectively.

(2) The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.

(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Annual Observatory NOI 2018 to 2024

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 20


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


	September 30, 2025
			Weighted Average
Debt Summary	Balance		Interest Rate (1)		Maturity (Years)
Mortgage debt	$	701,554	3.64	%	5.5
Senior unsecured notes (2)	1,100,000		4.76	%	4.9
Unsecured term loan facilities (3)	270,000		4.43	%	2.0

Total fixed rate debt	2,071,554		4.34	%	4.8

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

Total debt	2,071,554		4.34	%	4.8
Deferred financing costs, net	(8,453)
Debt discount	(5,598)
Total	$	2,057,503


Available Capacity	Facility		Outstanding at September 30, 2025		Letters of Credit		Available Capacity
Unsecured revolving credit facility (5)	$	620,000	$	—	$	—	$	620,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (6)

< 60%

32.1

Yes

Maximum Secured Leverage (7)

< 40%

11.7

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.1x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

4.9x

Yes

Maximum Unsecured Leverage (8)

< 60%

25.2

Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.

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

(3) SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity.

(4) As of September 30, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

(5) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.

(6) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.

(7) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.

(8) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

Page 21


			Third Quarter 2025
			Debt Detail
			(unaudited and dollars in thousands)


	Stated Interest Rate (%)		Principal Balance		Maturity Date	Amortization
10 Union Square	3.70	%	$	50,000	4/1/2026	Interest only
1542 Third Avenue	4.29	%	30,000		5/1/2027	Interest only
1010 Third Avenue & 77 West 55th St.	4.01	%	33,343		1/5/2028	30 years
Metro Center	3.59	%	71,600		11/5/2029	Interest only
250 West 57th Street	2.83	%	180,000		12/1/2030	Interest only
1333 Broadway	4.21	%	160,000		2/5/2033	Interest only
345 East 94th Street - Series A	70% of SOFR plus 0.95%		43,600		11/1/2030	Interest only
345 East 94th Street - Series B	SOFR plus 2.24%		5,907		11/1/2030	30 years
561 10th Avenue - Series A	70% of SOFR plus 1.07%		114,500		11/1/2033	Interest only
561 10th Avenue - Series B	SOFR plus 2.45%		12,604		11/1/2033	30 years
Total fixed rate mortgage debt			701,554

Unsecured term loan facility	SOFR plus 1.50%		175,000		12/31/2026	Interest only
Unsecured term loan facility	SOFR plus 1.50%		95,000		3/8/2029	Interest only
Unsecured revolving credit facility	SOFR plus 1.30%		—		3/8/2029	Interest only
Senior unsecured notes:
Series B	4.09	%	125,000		3/27/2027	Interest only
Series C	4.18	%	125,000		3/27/2030	Interest only
Series D	4.08	%	115,000		1/22/2028	Interest only
Series E	4.26	%	160,000		3/22/2030	Interest only
Series F	4.44	%	175,000		3/22/2033	Interest only
Series G	3.61	%	100,000		3/17/2032	Interest only
Series H	3.73	%	75,000		3/17/2035	Interest only
Series I	7.20	%	155,000		6/17/2029	Interest only
Series J	7.32	%	45,000		6/17/2031	Interest only
Series K	7.41	%	25,000		6/17/2034	Interest only
Total / weighted average debt	4.34	%	2,071,554
Deferred financing costs, net			(8,453)
Debt discount			(5,598)
Total			$	2,057,503

Page 22


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


Year	Maturities (1)		Amortization		Total		Percentage of Total Debt		Weighted Average Interest Rate of Maturing Debt
2025	$	—	$	944	$	944	0.1	%	N/A
2026	225,000		3,957		228,957		11.1	%	4.06	%
2027	155,000		4,276		159,276		7.7	%	4.13	%
2028	146,091		3,555		149,646		7.2	%	4.06	%
2029	321,600		3,890		325,490		15.7	%	5.72	%
2030	508,600		4,511		513,111		24.8	%	3.67	%
2031	45,000		3,283		48,283		2.3	%	7.32	%
2032	100,000		3,591		103,591		5.0	%	3.61	%
2033	439,007		3,249		442,256		21.3	%	4.20	%
2034	25,000		—		25,000		1.2	%	7.41	%
2035	75,000		—		75,000		3.6	%	3.73	%
Total debt	$	2,040,298	$	31,256	2,071,554		100.0	%	4.34	%
Deferred financing costs, net					(8,453)
Debt discount					(5,598)
Total					$	2,057,503


Ground Lease Commitments (2)
Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2025	$	27	$	169	$	184	$	380
2026	93		675		735		1,503
2027	72		675		735		1,482
2028	72		675		735		1,482
2029	72		675		735		1,482
Thereafter	1,482		22,950		34,851		59,283
	$	1,818	$	25,819	$	37,975	$	65,612

Notes:

(1) Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.

(2) There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years.

(4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years.

(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.

Page 23