Exhibit 99.2

EMPIRE STATE REALTY TRUST

Supplemental Operating and Financial Data

For the Quarter Ended March 31, 2015

First Quarter 2015 Table of Contents	Page
Summary
Company Profile	3
Financial Highlights	4
Selected Property Data
Property Summary	5
Property Same Store Summary	8
Property Detail	9
Tenant Lease Expirations	10
Largest Tenants and Portfolio Tenant Diversification by Industry	13
Capital Expenditures and Redevelopment Program	14
Observatory Summary	15
Financial information
Condensed Consolidated Balance Sheets	16
Condensed Consolidated Statements of Income	17
Core FFO, Modified FFO, FFO, FAD and EBITDA	18
Net Operating Income	19
Consolidated Debt Analysis
Debt Summary	20
Debt Detail	21
Debt Maturities	22
Ground Leases	22
Supplemental Definitions	23

Forward-looking Statements

We make forward-looking statements in this supplemental package within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely on them as predictions of future events. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections.

You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or similar words or phrases in the positive or negative. In particular, forward looking statements include those pertaining to our capital resources, portfolio performance, dividend policy, results of operations, anticipated growth in our portfolio from operations, acquisitions, and market conditions and demographics.

Forward-looking statements involve numerous risks and uncertainties, many of which are difficult to predict and generally beyond our control. They 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).

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: changes in our industry and markets, either nationally or in Manhattan or the greater New York metropolitan area; resolution of the litigations and arbitration involving our company; reduced demand for office or retail space; general volatility of the capital and credit markets and the market price of our Class A common stock and listed operating partnership units; changes in our business strategy; defaults on, early terminations of, or non-renewal of, leases by tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; litigation; fluctuations in interest rates; increased operating costs; declining real estate valuations and impairment charges; availability, terms and deployment of capital; our failure to obtain necessary outside financing; our expected leverage; decreased rental rates or increased vacancy rates; breach of or the expiration of our ground lease; our failure to generate sufficient cash flows to service our outstanding indebtedness; our failure to redevelop, renovate and reposition properties successfully or on the anticipated timeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate acquisitions, dispositions and development (including our Metro Tower development site), including construction delays and cost overruns; our failure to operate acquired properties and operations successfully; our ability to manage our growth effectively; changes in governmental regulations, tax laws and rates and similar matters; estimates relating to our ability to make distributions to our securityholders in the future; our failure to qualify as a REIT; a future terrorist event in the U.S.; environmental uncertainties and risks related to adverse weather conditions and natural disasters; lack or insufficient amounts of insurance; financial market fluctuations; availability of, and our ability to attract and retain, qualified personnel; conflicts of interest affecting our senior management team; competition; changes in real estate and zoning laws and increases in real property tax rates; and our ability to comply with the laws, rules and regulations applicable to companies and, in particular, public companies. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this presentation, except as required by applicable law. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

Page 2

First Quarter 2015

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous office building.

BOARD OF DIRECTORS
Anthony E. Malkin	William H. Berkman	Alice M. Connell
Chairman and Chief Executive	Director, Chair of Compensation	Director
Officer	and Nominating/Corporate
	Governance Committees
Thomas J. DeRosa	Steven J. Gilbert	S. Michael Giliberto
Director, Chair of	Director, Lead Director	Director
Audit Committee
James D. Robinson IV
Director
EXECUTIVE MANAGEMENT
Anthony E. Malkin	John B. Kessler	Thomas P. Durels
Chairman and Chief Executive	President and Chief Operating	Executive Vice President and
Officer	Officer	Director of Leasing and Operations
David A. Karp	Thomas N. Keltner, Jr.
Executive Vice President, Chief	Executive Vice President,
Financial Officer and Treasurer	General Counsel and Secretary
COMPANY INFORMATION
Corporate Headquarters	Investor Relations	New York Stock Exchange
One Grand Central Place	David A. Karp	Trading Symbol: ESRT
60 East 42nd Street	IR@empirestaterealtytrust.com
New York, NY 10165 www.empirestaterealtytrust.com
(212) 687-8700

Page 3

First Quarter 2015

Financial Highlights

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

	Three Months Ended
Selected Items:	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Revenue	$	151,882	$	170,411	$	169,441	$	155,168	$	140,306
EBITDA (1)	$	64,941	$	79,846	$	83,698	$	71,911	$	54,203
Cash net operating income (1)	$	67,656	$	78,161	$	82,379	$	66,994	$	49,029
Net income	$	7,888	$	10,964	$	22,734	$	25,281	$	11,231
Core funds from operations (“Core FFO”) (1)	$	52,670	$	65,212	$	65,094	$	55,408	$	41,709
Core funds available for distribution (“Core FAD”) (1)	$	42,645	$	49,546	$	49,008	$	39,236	$	25,839
Core FFO per share—diluted	$	0.20	$	0.25	$	0.25	$	0.23	$	0.17
Core FAD per share—diluted	$	0.16	$	0.19	$	0.19	$	0.16	$	0.11
Dividends declared and paid per share	$	0.085	$	0.085	$	0.085	$	0.085	$	0.085
Portfolio Statistics:
Number of properties		20		20		20		18		18
Total rentable square footage		10,018,399		10,014,264		10,024,329		8,371,044		8,362,786
Percent occupied (2)		87.6%		88.6%		88.7%		88.6%		87.2%
Observatory Metrics:
Number of visitors		622,000		997,000		1,405,000		1,222,000		664,000
Change in visitors year over year		-6.3%		1.8%		0.9%		3.8%		-6.3%
Observatory revenues	$	18,223	$	28,167	$	35,684	$	30,389	$	17,301
Change in revenues year over year		5.2%		10.9%		10.2%		11.4%		3.6%
Ratios:
Consolidated Debt to Total Market Capitalization (3)		24%		25%		28%		23%		24%
Consolidated Debt and Perpetual Preferred Units to
Total Market Capitalization (4)		24%		26%		29%		23%		24%
Consolidated Debt to EBITDA (5)		5.4x		5.6x		4.8x		4.3x		5.6x
Interest Coverage Ratio		4.4x		5.3x		5.5x		4.9x		3.9x
Core FFO Payout Ratio (6)		43%		35%		35%		38%		51%
Core FAD Payout Ratio (7)		53%		46%		46%		53%		78%
Class A common stock price at quarter end	$	18.81	$	17.58	$	15.02	$	16.50	$	15.11
Average closing price	$	18.15	$	16.28	$	16.20	$	16.07	$	14.88
Dividends per share—annualized	$	0.34	$	0.34	$	0.34	$	0.34	$	0.34
Dividend yield (8)		1.8%		1.9%		2.3%		2.1%		2.3%
Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560,360		1,560,360		1,609,813		—		—
Class A common stock		110,598,327		106,030,449		97,035,359		94,486,204		94,496,534
Class B common stock		1,149,014		1,161,438		1,232,183		1,121,786		1,122,130
Operating partnership units		155,808,466		159,912,447		168,862,138		150,356,053		150,275,657
Total common stock and operating partnership units outstanding		267,555,807		267,104,334		267,129,680		245,964,043		245,894,321

Notes:

(1) Represents non-GAAP financial measures. For a discussion on what these metrics represent and why the Company presents them, see page 23 and for a reconciliation of these metrics to net income, see pages 18 and 19.

(2) Based on leases signed and commenced as of end of period.

(3) Market capitalization represents the sum of (i) Company’s common stock per share price as of March 31, 2015 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2015 and (ii) our outstanding indebtedness as of March 31, 2015.

(4) Market capitalization represents the sum of (i) Company’s common stock per share price as of March 31, 2015 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2015; (ii) the number of perpetual preferred units at March 31, 2015 multiplied by $16.62 and (iii) our outstanding indebtedness as of March 31, 2015.

(5) Calculated based on trailing 12 months EBITDA for the first quarter 2015 and the fourth quarter 2014. For prior quarters, quarterly EBITDA was annualized.

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

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

(8) Based on the closing price per share of Class A common stock on March 31, 2015.

Page 4

First Quarter 2015

Property Summary

(unaudited and dollars in thousands, except per square foot amounts)

	Three Months Ended March 31, 2015
	Total Portfolio			Manhattan Office Portfolio (1)			Greater New York Office Portfolio			Standalone Retail Portfolio			Observatory
Number of properties		20			9			5			6
Square feet		10,018,399			7,953,643			1,860,581			204,175
Occupancy (2)		87.6	%		86.2	%		92.0	%		100.0	%
Revenue	$	149,829		$	107,733		$	19,118		$	4,755		$	18,223
Operating expenses		(74,738	)		(58,224	)		(8,039	)		(1,498	)		(6,977	)
Net operating income		75,091			49,509			11,079			3,257			11,246
Straight-line rent		(4,102	)		(4,349	)		271			(24	)		—
Above/below-market lease amortization		(5,291	)		(5,291	)		—			—			—
Below-market ground lease amortization		1,958			1,958			—			—			—
Cash net operating income	$	67,656		$	41,827		$	11,350		$	3,233		$	11,246
Leasing activity
Total leases executed		60			51			9			—
Total square footage executed		418,092			372,028			46,064			—
Average rent psf—leases executed	$	88.38		$	93.92		$	40.44		$	—
Previously escalated rents psf	$	35.43		$	35.00		$	39.14		$	—
Percentage of new rent over previously escalated rents		149.5	%		168.3	%		3.3	%		—
Leasing commission costs per square foot	$	37.58		$	41.21		$	8.22		$	—
Tenant improvement costs per square foot		52.41			53.46			43.95			—
Total LC and TI per square foot (3)	$	89.99		$	94.67		$	52.17		$	—
	Office			Retail			Total
Total Portfolio
Total square footage executed		367,761			50,331			418,092
Average rent psf—leases executed	$	52.64		$	347.32		$	88.38
Previously escalated rents psf	$	35.33		$	36.14		$	35.43
Percentage of new rent over previously escalated rents		49.0	%		861.0	%		149.5	%
	Office			Retail			Total
Manhattan Office Portfolio
Total square footage executed		321,697			50,331			372,028
Average rent psf—leases executed	$	54.27		$	347.32		$	93.92
Previously escalated rents psf	$	34.82		$	36.14		$	35.00
Percentage of new rent over previously escalated rents		55.9	%		861.0	%		168.3	%

	Three Months Ended December 31, 2014
	Total Portfolio			Manhattan Office Portfolio (1)			Greater New York Office Portfolio			Standalone Retail Portfolio			Observatory
Number of properties		20			9			5			6
Square feet		10,014,264			7,948,743			1,861,346			204,175
Occupancy (2)		88.6	%		87.7	%		91.1	%		100.0	%
Revenue	$	165,041		$	113,789		$	18,497		$	4,588		$	28,167
Operating expenses		(75,655	)		(58,483	)		(7,591	)		(1,750	)		(7,831	)
Net operating income		89,386			55,306			10,906			2,838			20,336
Straight-line rent		(7,613	)		(7,538	)		(135	)		60			—
Above/below-market lease amortization		(5,613	)		(5,613	)		—			—			—
Below-market ground lease amortization		2,001			2,001			—			—			—
Cash net operating income	$	78,161		$	44,156		$	10,771		$	2,898		$	20,336
Leasing activity
Total leases executed		63			54			9			—
Total square footage executed		200,480			155,482			44,998			—
Average rent psf—leases executed	$	55.67		$	58.60		$	34.93		$	—
Previously escalated rents psf	$	44.12		$	45.23		$	36.30		$	—
Percentage of new rent over previously escalated rents		26.2	%		29.6	%		-3.8	%		—
Leasing commission costs per square foot	$	12.39		$	13.41		$	8.85		$	—
Tenant improvement costs per square foot		36.92			35.28			42.58			—
Total LC and TI per square foot (3)	$	49.31		$	48.69		$	51.43		$	—

Page 5

First Quarter 2015

Property Summary

(unaudited and dollars in thousands, except per square foot amounts)

	Three Months Ended September 30, 2014
	Total Portfolio			Manhattan Office Portfolio (1)			Greater New York Office Portfolio			Standalone Retail Portfolio			Observatory
Number of properties		20			9			5			6
Square feet		10,024,329			7,976,822			1,843,332			204,175
Occupancy (2)		88.7	%		87.7	%		91.8	%		100.0	%
Revenue	$	163,076		$	103,528		$	19,053		$	4,811		$	35,684
Operating expenses		(69,336	)		(52,916	)		(7,773	)		(1,538	)		(7,109	)
Net operating income		93,740			50,612			11,280			3,273			28,575
Straight-line rent		(8,543	)		(8,858	)		433			(118	)		—
Above/below-market lease amortization		(4,568	)		(4,568	)		—			—			—
Below-market ground lease amortization		1,750			1,750			—			—			—
Cash net operating income	$	82,379		$	38,936		$	11,713		$	3,155		$	28,575
Leasing activity
Total leases executed		57			48			9			—
Total square footage executed		181,743			143,290			38,453			—
Average rent psf—leases executed	$	51.11		$	55.80		$	33.65		$	—
Previously escalated rents psf	$	42.67		$	44.99		$	34.02		$	—
Percentage of new rent over previously escalated rents		19.8	%		24.0	%		-1.1	%		—
Leasing commission costs per square foot	$	14.30		$	16.97		$	4.34		$	—
Tenant improvement costs per square foot		43.54			53.14			7.79			—
Total LC and TI per square foot (3)	$	57.84		$	70.11		$	12.13		$	—

	Three Months Ended June 30, 2014
	Total Portfolio			Manhattan Office Portfolio (1)			Greater New York Office Portfolio			Standalone Retail Portfolio			Observatory
Number of properties		18			7			5			6
Square feet		8,371,044			6,323,271			1,843,598			204,175
Occupancy (2)		88.6	%		87.8	%		90.2	%		100.0	%
Revenue	$	140,477		$	86,693		$	18,991		$	4,404		$	30,389
Operating expenses		(60,902	)		(44,527	)		(7,902	)		(1,353	)		(7,120	)
Net operating income		79,575			42,166			11,089			3,051			23,269
Straight-line rent		(10,979	)		(10,540	)		(192	)		(247	)		—
Above/below-market lease amortization		(2,028	)		(2,028	)		—			—			—
Below-market ground lease amortization		426			426			—			—			—
Cash net operating income	$	66,994		$	30,024		$	10,897		$	2,804		$	23,269
Leasing activity
Total leases executed		69			58			11			—
Total square footage executed		211,259			172,212			39,047			—
Average rent psf—leases executed	$	49.05		$	51.54		$	37.53		$	—
Previously escalated rents psf	$	41.15		$	41.03		$	41.30		$	—
Percentage of new rent over previously escalated rents		19.2	%		25.6	%		-9.1	%		—
Leasing commission costs per square foot	$	15.20		$	16.52		$	9.41		$	—
Tenant improvement costs per square foot		45.65			51.29			20.78			—
Total LC and TI per square foot (3)	$	60.85		$	67.81		$	30.19		$	—

Page 6

First Quarter 2015

Property Summary

(unaudited and dollars in thousands, except per square foot amounts)

	Three Months Ended March 31, 2014
	Total Portfolio			Manhattan Office Portfolio (1)			Greater New York Office Portfolio			Standalone Retail Portfolio			Observatory
Number of properties		18			7			5			6
Square feet		8,362,786			6,318,516			1,840,095			204,175
Occupancy (2)		87.2	%		86.2	%		89.5	%		98.9	%
Revenue	$	124,732		$	84,946		$	17,985		$	4,500		$	17,301
Operating expenses		(61,665	)		(44,438	)		(8,854	)		(1,392	)		(6,981	)
Net operating income		63,067			40,508			9,131			3,108			10,320
Straight-line rent		(12,580	)		(12,748	)		250			(82	)		—
Above/below-market lease amortization		(1,884	)		(1,884	)		—			—			—
Below-market ground lease amortization		426			426			—			—			—
Cash net operating income	$	49,029		$	26,302		$	9,381		$	3,026		$	10,320
Leasing activity
Total leases executed		50			46			4			—
Total square footage executed		191,319			172,716			18,603			—
Average rent psf—leases executed	$	48.03		$	49.42		$	35.11		$	—
Previously escalated rents psf	$	41.47		$	40.43		$	51.14		$	—
Percentage of new rent over previously escalated rents		15.8	%		22.3	%		-31.3	%		—
Leasing commission costs per square foot	$	14.75		$	15.07		$	11.71		$	—
Tenant improvement costs per square foot		53.36			54.25			46.11			—
Total LC and TI per square foot (3)	$	68.11		$	69.32		$	57.82		$	—

Notes:

⁽¹⁾  Includes 522,601 rentable square feet of retail space in the Company’s nine Manhattan office properties.

⁽²⁾  Based on leases signed and commenced as of period end.

⁽³⁾  Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.

Page 7

First Quarter 2015

Same Store Summary

(unaudited and dollars in thousands, except per square foot amounts)

	Total Portfolio (Excluding Observatory)—Same Store (1)
	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Number of properties		18			18			18			18			18
Square feet		8,365,056			8,362,744			8,372,784			8,371,044			8,362,786
Occupancy (2)		88.1	%		89.2	%		89.2	%		88.6	%		87.2	%
Revenue	$	111,387		$	116,347		$	110,414		$	110,088		$	107,431
Operating expenses		(58,879	)		(58,815	)		(55,393	)		(53,782	)		(54,684	)
Net operating income		52,508			57,532			55,021			56,306			52,747
Straight-line rent		(3,272	)		(5,237	)		(7,132	)		(10,979	)		(12,580	)
Above/below-market lease amortization		(1,731	)		(2,449	)		(1,892	)		(2,028	)		(1,884	)
Below-market ground lease amortization		426			426			426			426			426
Cash net operating income	$	47,931		$	50,272		$	46,423		$	43,725		$	38,709
Leasing activity
Total leases executed		50			56			55			69			50
Total square footage executed		281,110			172,168			179,366			212,259			191,319
Average rent psf—leases executed	$	53.27		$	60.03		$	51.20		$	49.05		$	48.03
Previously escalated rents psf	$	34.61		$	46.43		$	42.64		$	41.15		$	41.47
Percentage of new rent over previously escalated rents		53.9	%		29.3	%		20.1	%		19.2	%		15.8	%
Leasing commission costs per square foot	$	16.54		$	14.18		$	14.45		$	15.20		$	14.75
Tenant improvement costs per square foot		52.57			42.72			44.08			45.65			53.36
Total LC and TI per square foot (3)	$	69.11		$	56.90		$	58.53		$	60.85		$	68.11
	Manhattan Office Portfolio—Same Store (1)
	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Number of properties		7			7			7			7			7
Square feet		6,300,300			6,297,223			6,325,276			6,323,271			6,318,516
Occupancy (2)		86.6	%		88.3	%		88.1	%		87.8	%		86.2	%
Revenue	$	87,514		$	93,262		$	86,550		$	86,693		$	84,946
Operating expenses		(49,342	)		(49,474	)		(46,082	)		(44,527	)		(44,438	)
Net operating income		38,172			43,788			40,468			42,166			40,508
Straight-line rent		(3,519	)		(5,162	)		(7,447	)		(10,540	)		(12,748	)
Above/below-market lease amortization		(1,731	)		(2,449	)		(1,892	)		(2,028	)		(1,884	)
Below-market ground lease amortization		426			426			426			426			426
Cash net operating income	$	33,348		$	36,603		$	31,555		$	30,024		$	26,302
Leasing activity
Total leases executed		41			47			46			58			46
Total square footage executed		235,046			127,170			140,913			172,212			172,716
Average rent psf—leases executed	$	55.61		$	64.36		$	56.00		$	51.54		$	49.42
Previously escalated rents psf	$	33.79		$	48.17		$	44.99		$	41.03		$	40.43
Percentage of new rent over previously escalated rents		64.6	%		33.6	%		24.5	%		25.6	%		22.3	%
Leasing commission costs per square foot	$	18.17		$	16.11		$	17.21		$	16.52		$	15.07
Tenant improvement costs per square foot		54.26			42.76			53.98			51.29			54.25
Total LC and TI per square foot (3)	$	72.43		$	58.87		$	71.19		$	67.81		$	69.32

Notes:

⁽¹⁾  Defined as the total portfolio excluding 112 West 34th Street and 1400 Broadway which the Company acquired on July 15, 2014 and the observatory.

⁽²⁾  Based on leases signed and commenced as of period end.

⁽³⁾  Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.

Page 8

First Quarter 2015

Property Detail

(unaudited)

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Annualized Rent (3)		Annualized Rent per Occupied Square Foot (4)		Number of Leases (5)
Manhattan Office Properties—Office
The Empire State Building (6)	Penn Station -Times Sq. South		2,657,256		84.1	%	$	105,304,459	$	47.12		186
One Grand Central Place	Grand Central		1,184,298		87.3	%		51,788,376		50.09		270
1400 Broadway (8)	Penn Station -Times Sq. South		890,299		88.1	%		31,943,232		40.73		56
112 West 34th Street (9)	Penn Station -Times Sq. South		652,900		78.6	%		23,421,421		45.64		29
250 West 57th Street	Columbus Circle—West Side		481,171		77.0	%		18,431,154		49.75		143
501 Seventh Avenue	Penn Station -Times Sq. South		456,569		93.1	%		17,788,943		41.85		34
1359 Broadway	Penn Station -Times Sq. South		448,146		91.1	%		18,348,706		44.94		33
1350 Broadway (10)	Penn Station -Times Sq. South		368,107		92.5	%		16,648,063		48.89		70
1333 Broadway	Penn Station -Times Sq. South		292,296		98.7	%		13,012,526		45.10		9
Manhattan Office Properties—Office			7,431,042		86.1	%		296,686,880		46.37		830
Manhattan Office Properties—Retail
The Empire State Building (7)	Penn Station -Times Sq. South		142,563		87.3	%		14,546,989		116.88		16
One Grand Central Place	Grand Central		66,721		92.3	%		6,592,006		107.04		16
1400 Broadway (8)	Penn Station -Times Sq. South		17,689		71.2	%		1,354,424		107.54		8
112 West 34th Street (9)	Penn Station -Times Sq. South		92,455		97.5	%		3,592,267		39.85		2
250 West 57th Street	Columbus Circle—West Side		47,985		85.5	%		5,270,143		128.45		6
501 Seventh Avenue	Penn Station -Times Sq. South		35,495		84.7	%		1,721,011		57.24		8
1359 Broadway	Penn Station -Times Sq. South		25,286		31.4	%		1,184,211		149.15		4
1350 Broadway (10)	Penn Station -Times Sq. South		31,741		98.3	%		6,509,056		208.61		6
1333 Broadway	Penn Station -Times Sq. South		62,666		95.6	%		6,688,097		111.64		4
Manhattan Office Properties—Retail			522,601		87.8	%		47,458,204		103.43		70
Sub-Total/Weighted Average
Manhattan Office Properties—Office and Retail			7,953,643		86.2	%		344,145,084		50.18		900
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		794,340		91.3	%		30,146,939		41.57		52
Metro Center	Stamford, CT		282,608		96.8	%		15,212,943		55.61		32
383 Main Street	Norwalk, CT		259,905		92.5	%		7,763,149		32.29		22
500 Mamaroneck Avenue	Harrison, NY		294,192		91.9	%		7,932,570		29.34		35
10 Bank Street	White Plains, NY		229,536		87.8	%		7,325,641		36.35		31
Sub-Total/Weighted Average Greater New York
Metropolitan Area Office Properties			1,860,581		92.0	%		68,381,242		39.96		172
Standalone Retail Properties
10 Union Square	Union Square		58,005		100.0	%		6,060,797		104.49		14
1542 Third Avenue	Upper East Side		56,250		100.0	%		3,522,558		62.62		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,274,947		73.33		2
77 West 55th Street	Midtown		24,102		100.0	%		2,495,049		103.52		3
69-97 Main Street	Westport, CT		16,826		100.0	%		2,074,215		123.27		5
103-107 Main Street	Westport, CT		4,330		100.0	%		606,446		140.06		1
Sub-Total/Weighted Average Standalone
Retail Properties			204,175		100.0	%		18,034,012		88.33		29
Portfolio Total			10,018,399		87.6	%	$	430,560,338	$	49.08		1,101
Total/Weighted Average Office Properties			9,291,623		87.3	%	$	365,068,122	$	45.01		1,002
Total/Weighted Average Retail Properties			726,776		91.2	%		65,492,216		98.78		99
Portfolio Total			10,018,399		87.6	%	$	430,560,338	$	49.08		1,101

Notes:

(1) Excludes (i) 151,172 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 69,757 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of March 31, 2015.

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

(4) Represents annualized rent under leases commenced as of March 31, 2015 divided by occupied square feet.

(5) 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.

(6) Includes 86,902 rentable square feet of space leased by the Company’s broadcasting tenants.

(7) Includes 5,300 rentable square feet of space leased by Host Services of New York, a licensee of the Company’s observatory.

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 48 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 62 years (expiring May 31, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 35 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

Page 9

First Quarter 2015

Tenant Lease Expirations

(unaudited)

Total Lease Expirations	Number of Leases Expiring (1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Portfolio Annualized Rent (4)			Annualized Rent Per Rentable Square Foot
Available		—		1,005,516		10.0	%	$	—		0.0	%	$	—
Signed leases not commenced		19		240,568		2.4	%		—		0.0	%		—
2015		230		766,089		7.6	%		34,943,475		8.1	%		45.61
2016		148		699,571		7.0	%		29,996,681		7.0	%		42.88
2017		167		761,642		7.6	%		37,488,066		8.7	%		49.22
2018		152		827,022		8.3	%		39,115,832		9.1	%		47.30
2019		102		678,834		6.8	%		31,097,681		7.2	%		45.81
2020		93		812,587		8.1	%		43,926,207		10.2	%		54.06
2021		53		598,820		6.0	%		30,733,446		7.1	%		51.32
2022		41		429,115		4.3	%		23,750,612		5.5	%		55.35
2023		33		461,569		4.6	%		24,335,709		5.7	%		52.72
2024		29		528,957		5.3	%		27,798,629		6.5	%		52.55
2025		22		189,605		1.9	%		11,127,046		2.6	%		58.69
Thereafter		31		2,018,504		20.1	%		96,246,954		22.4	%		47.68
Total		1,120		10,018,399		100.0	%	$	430,560,338		100.0	%	$	49.08

Notes:

(1) If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(2) Excludes (i) 151,172 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 69,757 square feet of space attributable to the Company’s observatory.

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

(4) Represents the percentage of annualized rent of the Company’s office and retail portfolio in the aggregate.

Page 10

First Quarter 2015

Tenant Lease Expirations

(unaudited)

Manhattan Office Properties (1)	Number of Leases Expiring (2)		Rentable Square Feet Expiring (3)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (4)		Percent of Portfolio Annualized Rent (5)			Annualized Rent Per Rentable Square Foot
Available		—		831,270		11.2	%	$	—		0.0	%	$	—
Signed leases not commenced		8		201,616		2.7	%		—		0.0	%		—
2015		204		670,257		9.0	%		29,532,811		10.0	%		44.06
2016		117		455,315		6.1	%		20,426,407		6.9	%		44.86
2017		135		548,700		7.4	%		26,481,469		8.9	%		48.26
2018		110		528,346		7.1	%		26,577,478		9.0	%		50.30
2019		74		398,423		5.4	%		18,315,946		6.2	%		45.97
2020		59		535,622		7.2	%		25,083,615		8.5	%		46.83
2021		36		439,903		5.9	%		20,522,201		6.9	%		46.65
2022		26		197,531		2.7	%		10,161,887		3.4	%		51.44
2023		21		295,602		4.0	%		13,884,549		4.7	%		46.97
2024		13		323,938		4.4	%		14,895,157		5.0	%		45.98
2025		11		99,453		1.3	%		5,709,795		1.9	%		57.41
Thereafter		24		1,905,066		25.6	%		85,095,565		28.7	%		44.67
Total Manhattan office properties		838		7,431,042		100.0	%		296,686,880		100.0	%		46.37
Greater New York Metropolitan Area Office Properties
Available		—		121,227		6.5	%		—		0.0	%		—
Signed leases not commenced		5		28,218		1.5	%		—		0.0	%		—
2015		16		75,668		4.1	%		3,412,912		5.0	%		45.10
2016		16		68,574		3.7	%		2,736,257		4.0	%		39.90
2017		25		166,122		8.9	%		6,641,874		9.7	%		39.98
2018		36		272,773		14.7	%		10,163,129		14.9	%		37.26
2019		22		253,464		13.6	%		9,760,418		14.3	%		38.51
2020		23		213,299		11.5	%		8,577,924		12.5	%		40.22
2021		11		129,980		7.0	%		5,581,956		8.2	%		42.94
2022		6		168,044		9.0	%		6,597,611		9.6	%		39.26
2023		6		118,242		6.4	%		5,245,943		7.7	%		44.37
2024		2		174,448		9.4	%		7,134,991		10.4	%		40.90
2025		9		70,522		3.8	%		2,528,227		3.7	%		35.85
Thereafter		—		—		0.0	%		—		0.0	%		—
Total greater New York metropolitan area office properties		177		1,860,581		100.0	%		68,381,242		100.0	%		39.96
Retail Properties
Available		—		53,019		7.3	%		—		0.0	%		—
Signed leases not commenced		6		10,734		1.5	%		—		0.0	%		—
2015		10		20,164		2.8	%		1,997,752		3.1	%		99.08
2016		15		175,682		24.2	%		6,834,017		10.4	%		38.90
2017		7		46,820		6.4	%		4,364,723		6.7	%		93.22
2018		6		25,903		3.6	%		2,375,225		3.6	%		91.70
2019		6		26,947		3.7	%		3,021,317		4.6	%		112.12
2020		11		63,666		8.8	%		10,264,668		15.7	%		161.23
2021		6		28,937		4.0	%		4,629,289		7.1	%		159.98
2022		9		63,540		8.7	%		6,991,114		10.7	%		110.03
2023		6		47,725		6.6	%		5,205,217		7.9	%		109.07
2024		14		30,571		4.2	%		5,768,481		8.8	%		188.69
2025		2		19,630		2.7	%		2,889,024		4.4	%		147.17
Thereafter		7		113,438		15.6	%		11,151,389		17.0	%		98.30
Total retail properties		105		726,776		100.0	%		65,492,216		100.0	%		98.78
Total portfolio lease expirations		1,120		10,018,399		100.0	%	$	430,560,338		100.0	%	$	49.08

Notes:

(1) Excludes (i) retail space in the Company’s Manhattan office properties and (ii) the Empire State Building broadcasting licenses and observatory operations.

(2) If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(3) Excludes (i) 151,172 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 69,757 square feet of space attributable to the Company’s observatory.

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

(5) Represents the percentage of annualized rent of the Company’s office and retail portfolio in the aggregate.

Page 11

First Quarter 2015

Tenant Lease Expirations

(unaudited)

Empire State Building Office (1)	Number of Leases Expiring (2)		Rentable Square Feet Expiring (3)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (4)		Percent of Portfolio Annualized Rent (5)			Annualized Rent Per Rentable Square Foot
Available		—		270,001		10.1	%	$	—		0.0	%	$	—
Signed leases not commenced		4		152,830		5.8	%		—		0.0	%		—
2015		36		194,364		7.3	%		8,548,566		8.1	%		43.98
2016		13		53,592		2.0	%		2,365,491		2.2	%		44.14
2017		26		94,470		3.6	%		5,236,229		5.0	%		55.43
2018		24		97,794		3.7	%		4,732,855		4.5	%		48.40
2019		14		62,989		2.4	%		2,709,461		2.6	%		43.01
2020		26		264,032		9.9	%		13,022,461		12.4	%		49.32
2021		11		83,520		3.1	%		3,986,295		3.8	%		47.73
2022		12		48,565		1.8	%		2,529,495		2.4	%		52.08
2023		6		34,549		1.3	%		1,792,300		1.7	%		51.88
2024		7		140,386		5.3	%		6,849,630		6.5	%		48.79
2025		3		17,852		0.7	%		1,279,049		1.2	%		71.65
Thereafter		8		1,142,312		43.1	%		52,252,627		49.6	%		45.74
Total Empire State Building office		190		2,657,256		100.0	%	$	105,304,459		100.0	%	$	47.12

Notes:

(1) Excludes retail space, broadcasting licenses and observatory operations

(2) If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(3) Excludes 31,271 rentable square feet of space attributable to building management use.

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

(5) Represents the percentage of annualized rent of the Company’s office and retail portfolio in the aggregate.

Page 12

First Quarter 2015

20 Largest Tenants and Portfolio Tenant Diversification by Industry

(unaudited)

20 Largest Tenants		Number of Leases		Number of Properties		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.	Global Brands Group		3		2	Oct. 2021-Oct. 2028		13.5 years		698,488		7.0	%	$	29,035,922		6.7	%
2.	Coty		1		1	Jan. 2030		14.8 years		311,242		3.1	%		15,267,575		3.5	%
3.	PVH Corp.		1		1	Oct. 2028		13.6 years		211,311		2.1	%		9,021,270		2.1	%
4.	Thomson Reuters		4		2	Apr. 2018-Apr. 2020		5.1 years		147,208		1.5	%		7,615,166		1.9	%
5.	LinkedIn		1		1	Feb. 2026		10.9 years		152,411		1.5	%		7,332,856		1.7	%
6.	Federal Deposit Insurance Corporation		1		1	Feb. 2020		4.9 years		121,879		1.1	%		6,565,297		1.6	%
7.	Li & Fung		3		1	Oct. 2021-Oct. 2021		6.6 years		149,436		1.5	%		6,478,121		1.5	%
8.	Urban Outfitters		1		1	Sept. 2029		14.5 years		56,730		0.6	%		6,200,000		1.4	%
9.	Legg Mason		1		1	Sept. 2024		9.5 years		138,868		1.4	%		6,129,370		1.4	%
10.	Duane Reade		3		3	Feb. 2021-Sept. 2027		12.5 years		46,976		0.4	%		6,079,465		1.4	%
11.	Footlocker		2		1	Apr. 2016		1.0 years		170,187		1.7	%		5,377,020		1.2	%
12.	Host Services of New York		1		1	May 2020		5.1 years		5,300		0.1	%		4,950,433		1.1	%
13.	Kohl’s		1		1	May 2029		14.1 years		111,834		1.1	%		4,461,637		1.0	%
14.	Aeropostale		2		1	Nov. 2015-Nov. 2016		1.6 years		88,760		0.9	%		4,118,948		1.0	%
15.	Odyssey Reinsurance		1		1	Sept. 2022		7.5 years		101,619		1.0	%		3,843,803		1.0	%
16.	The Interpublic Group of Companies		1		1	Aug. 2024		9.4 years		86,561		0.9	%		3,829,133		0.9	%
17.	Shutterstock		1		1	Sept. 2024		9.5 years		82,331		0.8	%		3,658,715		0.8	%
18.	Bank of America		3		3	Apr. 2015-Feb. 2018		2.9 years		29,671		0.3	%		3,349,473		0.8	%
19.	Reed Elsevier		1		1	Nov. 2019		4.6 years		96,727		1.0	%		3,252,694		0.8	%
20.	Human Rights Watch		1		1	Oct. 2026		11.5 years		65,660		0.7	%		3,224,342		0.7	%
	Total		33							2,873,199		28.7	%	$	139,791,240		32.5	%

Notes:

(1) Expiration dates are per lease and do not assume exercise of renewal or extension options. None of these leases contain early termination options. For tenants with more than two leases, the lease expiration is shown as a range.

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

(3) Based on leases signed and commenced as of March 31, 2015.

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

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

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

Portfolio Tenant Diversification by Industry (based on annualized rent)

]

Page 13

First Quarter 2015

Capital Expenditures and Redevelopment Program

(unaudited)

	Three Months Ended
Capital expenditures	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Tenant improvements—first generation	$	27,662	$	29,620	$	28,462	$	16,827	$	5,095
Tenant improvements—second generation		1,681		1,020		3,090		3,250		1,038
Leasing commissions—first generation		15,813		2,481		2,945		1,207		1,045
Leasing commissions—second generation		372		386		1,401		1,229		880
Building improvements—first generation		8,420		13,678		24,328		11,721		11,241
Building improvements—second generation		333		2,391		893		344		1,106
Total	$	54,281	$	49,576	$	61,119	$	34,578	$	20,405

Redevelopment program components

• Upgrading common areas: lobbies, elevators, corridors and bathrooms

• Installing energy efficient building systems

• Improving roofs, windows and facades

• Optimizing base floors for retail

Current redevelopment program ^(1) (2)

• Spent to date: $602 million

• To be invested: $65 to $105 million between 2015 and 2016

Redevelopment program by square feet ^{(1) (2)}

• Future redevelopment (Empire State Building)—570,000 square feet

• Future redevelopment (other Manhattan properties)—1,560,000 square feet

• Redevelopment completed—5,850,000 square feet

Inventory of vacant space ⁽²⁾

• Developed—580,000 square feet, 66%

• Undeveloped—300,000 square feet, 34%

Inventory of undeveloped space ⁽²⁾

• Vacant—300,000 square feet, 14%

• Expires in 2015 through 2016—850,000 square feet, 40%

• Expires in 2017 and thereafter—980,000 square feet, 46%

Notes:

⁽¹⁾  These estimates are based on the Company’s current budgets (which do not include tenant improvements and leasing commission costs) and are subject to change.

⁽²⁾  Redevelopment program is for the Manhattan office assets only. Square footage based on market measurement. Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Permanent building use spaces, amenity spaces and broadcasting spaces are excluded.

Page 14

First Quarter 2015

Observatory Summary

(unaudited and in thousands)

	Three Months Ended
Observatory NOI	March 31, 2015			December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Observatory revenue	$	18,223		$	28,167	$	35,684	$	30,389	$	17,301
Observatory expenses		6,977			7,831		7,109		7,120		6,981
NOI		11,246			20,336		28,575		23,269		10,320
Intercompany rent expense (1)		11,664			17,874		19,936		16,283		15,200
NOI after intercompany rent	$	(418	)	$	2,462	$	8,639	$	6,986	$	(4,880	)

Note:

⁽¹⁾  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.

Annual Observatory Revenues 2010 to 2014

Page 15

First Quarter 2015

Condensed Consolidated Balance Sheets

(unaudited and dollars in thousands)

	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Assets
Commercial real estate properties, at cost:
Land	$	201,196		$	201,196		$	201,172		$	187,566		$	187,566
Development costs		7,332			6,986			6,971			6,861			6,459
Building and improvements		1,967,260			1,931,681			1,899,467			1,508,309			1,473,665
		2,175,788			2,139,863			2,107,610			1,702,736			1,667,690
Less: accumulated depreciation		(399,851	)		(377,552	)		(354,730	)		(332,766	)		(315,256	)
Commercial real estate properties, net		1,775,937			1,762,311			1,752,880			1,369,970			1,352,434
Cash and cash equivalents		36,463			45,732			52,918			41,791			44,703
Restricted cash		61,007			60,273			63,821			55,482			54,832
Tenant and other receivables, net		12,759			23,745			29,837			26,185			29,644
Deferred rent receivables, net		106,226			102,104			94,837			85,948			74,971
Prepaid expenses and other assets		30,715			48,504			31,091			39,658			23,535
Deferred costs, net		95,551			80,212			80,396			77,035			79,032
Acquired below-market ground leases, net		389,765			391,887			392,756			61,460			61,886
Acquired lease intangibles, net		273,086			290,248			312,001			227,617			237,900
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	3,272,988		$	3,296,495		$	3,302,016		$	2,476,625		$	2,450,416
Liabilities and Equity
Mortgage notes payable	$	855,032		$	903,985		$	1,005,569		$	873,863		$	878,545
Senior unsecured notes		588,335			237,667			236,999			—			—
Unsecured revolving credit facility		165,000			—			—			—			—
Term loan and credit facility		—			470,000			355,600			355,000			325,000
Accounts payable and accrued expenses		101,797			96,563			97,413			74,807			71,712
Acquired below-market leases, net		129,736			138,859			148,493			120,219			125,106
Deferred revenue and other liabilities		20,994			27,876			24,728			18,722			22,574
Tenants’ security deposits		44,388			40,448			40,111			34,170			32,939
Total liabilities		1,905,282			1,915,398			1,908,913			1,476,781			1,455,876
Total equity		1,367,706			1,381,097			1,393,103			999,844			994,540
Total liabilities and equity	$	3,272,988		$	3,296,495		$	3,302,016		$	2,476,625		$	2,450,416

Page 16

First Quarter 2015

Condensed Consolidated Statements of Income

(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues
Rental revenue	$	110,058		$	112,259		$	106,152		$	92,210		$	90,204
Tenant expense reimbursement		18,200			18,160			20,034			14,304			15,153
Observatory revenue		18,223			28,167			35,684			30,389			17,301
Construction revenue		1,607			4,918			5,804			12,963			14,963
Third party management and other fees		446			451			561			753			611
Other revenue and fees		3,348			6,456			1,206			4,549			2,074
Total revenues		151,882			170,411			169,441			155,168			140,306
Operating expenses
Property operating expenses		42,452			41,748			38,291			35,149			35,860
Ground rent expenses		2,331			2,375			2,066			447			451
Marketing, general, and administrative expenses		9,100			9,251			10,071			9,560			10,155
Observatory expenses		6,977			7,831			7,109			7,120			6,981
Construction expenses		2,869			5,423			6,095			12,795			14,283
Real estate taxes		22,978			23,702			21,870			18,186			18,373
Acquisition expenses		—			—			2,647			735			—
Depreciation and amortization		41,418			48,799			37,880			28,637			30,115
Total operating expenses		128,125			139,129			126,029			112,629			116,218
Total operating income		23,757			31,282			43,412			42,539			24,088
Other income (expense)
Interest expense		(16,047	)		(19,816	)		(17,674	)		(14,629	)		(14,337	)
Income before income taxes		7,710			11,466			25,738			27,910			9,751
Income tax (expense) benefit		178			(502	)		(3,004	)		(2,629	)		1,480
Net income		7,888			10,964			22,734			25,281			11,231
Perpetual preferred unit distributions		(234	)		(235	)		(241	)		—			—
Net income attributable to non-controlling interests		(4,516	)		(6,587	)		(14,171	)		(15,447	)		(6,862	)
Net income attributable to Empire State Realty Trust, Inc.	$	3,138		$	4,142		$	8,322		$	9,834		$	4,369
Weighted average common shares outstanding
Basic		109,400			103,022			97,729			95,573			95,466
Diluted		265,810			265,779			263,041			245,941			244,425
Net income per share attributable to Empire State Realty Trust, Inc.
Basic and Diluted	$	0.03		$	0.04		$	0.09		$	0.10		$	0.05
Dividends per share	$	0.085		$	0.085		$	0.085		$	0.085		$	0.085

Page 17

First Quarter 2015

Funds from Operations (“FFO”), Modified Funds From Operations (“Modified FFO”), Core Funds from

Operations (“Core FFO”), Core Funds Available for Distribution (“Core FAD”) and EBITDA

(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income	$	7,888		$	10,964		$	22,734		$	25,281		$	11,231
Preferred unit distributions		(234	)		(235	)		(241	)		—			—
Real estate depreciation and amortization		41,233			48,711			37,797			28,556			30,052
FFO		48,887			59,440			60,290			53,837			41,283
Amortization of below-market ground lease		1,958			2,001			1,750			426			426
Modified FFO		50,845			61,441			62,040			54,263			41,709
Deferred financing costs write-off and prepayment penalty		1,345			3,771			—			—			—
Construction severance expenses, net of taxes		480			—			—			—			—
Gain on settlement of lawsuit related to the Observatory,
net of income taxes		—			—			—			(540	)		—
Private perpetual preferred exchange offering expenses		—			—			407			950			—
Acquisition expenses		—			—			2,647			735			—
Core FFO	$	52,670		$	65,212		$	65,094		$	55,408		$	41,709
Total weighted average shares and Operating Partnership Units
Basic and Diluted		265,810			265,779			263,041			245,941			244,425
FFO per share
Basic and Diluted	$	0.18		$	0.22		$	0.23		$	0.22		$	0.17
Modified FFO per share
Basic and Diluted	$	0.19		$	0.23		$	0.24		$	0.22		$	0.17
Core FFO per share
Basic and Diluted	$	0.20		$	0.25		$	0.25		$	0.23		$	0.17
Reconciliation of Core FFO to Core FAD
Core FFO	$	52,670		$	65,212		$	65,094		$	55,408		$	41,709
Add:
Amortization of deferred financing costs		1,076			1,541			2,653			1,375			1,090
Non-real estate depreciation and amortization		185			88			83			80			65
Amortization of non-cash compensation expense		1,694			813			939			944			1,025
Amortization of debt discount		668			668			356			—			—
Deduct:
Straight-line rental revenues		(4,102	)		(7,613	)		(8,543	)		(10,979	)		(12,580	)
Amortization of debt premiums		(1,869	)		(1,753	)		(1,622	)		(738	)		(556	)
Above/below-market rent revenue		(5,291	)		(5,613	)		(4,568	)		(2,028	)		(1,884	)
FF&E purchases		—			—			—			(3	)		(6	)
Tenant improvements—second generation		(1,681	)		(1,020	)		(3,090	)		(3,250	)		(1,038	)
Building improvements—second generation		(333	)		(2,391	)		(893	)		(344	)		(1,106	)
Leasing commissions—second generation		(372	)		(386	)		(1,401	)		(1,229	)		(880	)
Core FAD	$	42,645		$	49,546		$	49,008		$	39,236		$	25,839
Core FAD per share
Basic and Diluted	$	0.16		$	0.19		$	0.19		$	0.16		$	0.11
Reconciliation of Net Income to EBITDA
Net income	$	7,888		$	10,964		$	22,734		$	25,281		$	11,231
Perpetual preferred unit distributions		(234	)		(235	)		(241	)		—			—
Interest expense		16,047			19,816			17,674			14,629			14,337
Income tax expense (benefit)		(178	)		502			3,004			2,629			(1,480	)
Depreciation and amortization		41,418			48,799			37,880			28,637			30,115
Acquisition expenses		—			—			2,647			735			—
EBITDA	$	64,941		$	79,846		$	83,698		$	71,911		$	54,203

Page 18

First Quarter 2015

Net Operating Income (“NOI”)

(unaudited and dollars in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Reconciliation of Net Income to NOI, Cash NOI and Same Store Cash NOI
Net income	$	7,888		$	10,964		$	22,734		$	25,281		$	11,231
Add:
Marketing, general and administrative expenses		9,100			9,251			10,071			9,560			10,155
Depreciation and amortization		41,418			48,799			37,880			28,637			30,115
Interest expense		16,047			19,816			17,674			14,629			14,337
Construction expenses		2,869			5,423			6,095			12,795			14,283
Acquisition expenses		—			—			2,647			735			—
Income tax expense (benefit)		(178	)		502			3,004			2,629			(1,480	)
Less:
Construction revenue		(1,607	)		(4,918	)		(5,804	)		(12,963	)		(14,963	)
Third-party management and other fees		(446	)		(451	)		(561	)		(753	)		(611	)
Gain on settlement of lawsuit related to the Observatory		—			—			—			(975	)		—
Net operating income		75,091			89,386			93,740			79,575			63,067
Straight-line rent		(4,102	)		(7,613	)		(8,543	)		(10,979	)		(12,580	)
Above/below-market lease amortization		(5,291	)		(5,613	)		(4,568	)		(2,028	)		(1,884	)
Below-market ground lease amortization		1,958			2,001			1,750			426			426
Cash net operating income		67,656			78,161			82,379			66,994			49,029
Less: 112 West 34th St. and 1400 Broadway cash NOI		(8,479	)		(7,553	)		(7,381	)		—			—
Less: Observatory NOI		(11,246	)		(20,336	)		(28,575	)		(23,269	)		(10,320	)
Total portfolio (excluding observatory) same-store cash net operating income	$	47,931		$	50,272		$	46,423		$	43,725		$	38,709

Page 19

First Quarter 2015

Debt Summary

(unaudited and dollars in thousands)

	March 31, 2015							December 31, 2014
			Weighted Average							Weighted Average
			Interest			Maturity				Interest			Maturity
Debt Summary	Balance		Rate			(Years)		Balance		Rate			(Years)
Fixed rate mortgage debt	$	743,979		5.53	%		3.5	$	746,916		5.53	%		3.7
Senior unsecured notes		600,000		3.47	%		9.1		250,000		2.63	%		4.6
Total fixed rate debt		1,343,979		4.61	%		6.0		996,916		4.80	%		3.9
Variable rate mortgage debt		91,000		1.53	%		2.6		135,146		1.65	%		1.9
Unsecured revolving credit facility		165,000		1.33	%		3.8		—		—			—
Term loan and credit facility		—		—			—		470,000		1.46	%		3.4
Total variable rate debt		256,000		1.40	%		3.4		605,146		1.50	%		3.1
Total debt		1,599,979		4.10	%		5.6		1,602,062		3.55	%		3.6
Premium/discount		8,388							9,590
Total	$	1,608,367						$	1,611,652

Available Capacity	Facility		Outstanding at March 31, 2015		Letters of Credit		Available Capacity at March 31, 2015
Unsecured revolving credit facility (1)	$	800,000	$	165,000	$	—	$	635,000

			Current		In
Covenant Summary	Required		Quarter		Compliance
Maximum Total Leverage (2)		< 60%		30.8%		Yes
Maximum Secured Debt		< 40%		16.4%		Yes
Minimum Fixed Charge Coverage		> 1.50x		4.1x		Yes
Minimum Unencumbered Interest Coverage		> 1.75x		8.7x		Yes
Maximum Unsecured Leverage		< 60%		28.0%		Yes
Maximum Secured Recourse Indebtedness		< 10%		0%		Yes
Minimum Tangible Net Worth	$	745,356	$	920,498		Yes

Notes:

⁽¹⁾  The unsecured revolving credit facility has an accordion feature allowing for an increase in maximum aggregate principal balance to $1.25 billion under certain circumstances. This facility matures in January 2019 with two additional six-month extension options.

⁽²⁾  Represents the ratio of total indebtedness to total asset value as defined and determined in accordance with the credit facility agreement.

Page 20

First Quarter 2015

Debt Detail

(unaudited and dollars in thousands)

	Stated Interest Rate (%)			Current Interest Rate (%)			Principal Balance		Maturity Date		Amortization
Fixed rate mortgage debt:
10 Union Square		6.00	%		6.00	%	$	20,551		5/1/2017		30 years
10 Bank Street		5.72	%		5.72	%		32,692		6/1/2017		30 years
1542 Third Avenue		5.90	%		5.90	%		18,525		6/1/2017		30 years
First Stamford Place		5.65	%		5.65	%		241,384		7/5/2017		30 years
383 Main Avenue, Norwalk, CT		5.59	%		5.59	%		29,709		7/5/2017		30 years
1010 Third Avenue and 77 West 55th Street		5.69	%		5.69	%		27,465		7/5/2017		30 years
1333 Broadway		6.32	%		6.32	%		69,348		1/5/2018		30 years
1400 Broadway (first lien mortgage loan)		6.12	%		6.12	%		69,455		2/5/2018		30 years
1400 Broadway (second lien mortgage loan)		3.35	%		3.35	%		9,753		2/5/2018		30 years
112 West 34th Street (first lien mortgage loan)		6.01	%		6.01	%		77,221		4/5/2018		30 years
112 West 34th Street (second lien mortgage loan)		6.56	%		6.56	%		9,733		4/5/2018		30 years
1350 Broadway		5.87	%		5.87	%		38,765		4/5/2018		Interest only
Metro Center		3.59	%		3.59	%		99,378		11/5/2024		30 years
Total fixed rate mortgage debt								743,979
Variable rate mortgage debt:
One Grand Central Place		LIBOR plus 1.35	%		1.53	%		91,000		11/5/2017		Interest only
Total variable rate mortgage debt								91,000
Total mortgage debt								834,979
Unsecured Revolving Credit Facility		LIBOR plus 1.15	%		1.33	%		165,000		1/23/2019		Interest only
Exchangeable senior unsecured notes		2.63	%		2.63	%		250,000		8/15/2019		Interest only
Senior unsecured notes (Series A)		3.93	%		3.93	%		100,000		3/27/2025		Interest only
Senior unsecured notes (Series B)		4.09	%		4.09	%		125,000		3/27/2027		Interest only
Senior unsecured notes (Series C)		4.18	%		4.18	%		125,000		3/27/2030		Interest only
Total / weighted average debt					4.10	%		1,599,979
Premium/discounts								8,388
Total							$	1,608,367

Page 21

First Quarter 2015

Debt Maturities and Ground Lease Commitments

(unaudited and dollars in thousands)

Year	Amortization		Maturities (1)		Total		Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2015	$	8,833	$	—	$	8,833		0.6	%		n/a
2016		12,387		—		12,387		0.8	%		n/a
2017		10,070		446,761		456,831		28.6	%		4.87	%
2018		2,880		262,210		265,090		16.6	%		6.02	%
2019		2,188		415,000		417,188		26.1	%		2.11	%
Thereafter		11,975		427,675		439,650		27.5	%		3.97	%
Total debt	$	48,333	$	1,551,646		1,599,979		100.0	%		4.10	%
Premium/discount						8,388
Total					$	1,608,367

Note:

(1) Assumes no extension options are exercised.

Debt Maturity Profile

Ground Lease Commitments

Year	1350 Broadway		1400 Broadway		112 West 34th Street		Total
2015	$	81	$	506	$	551	$	1,138
2016		108		675		735		1,518
2017		108		675		735		1,518
2018		108		675		735		1,518
2019		108		675		735		1,518
Thereafter		2,547		13,500		42,201		58,248
	$	3,060	$	16,706	$	45,692	$	65,458

Page 22

First Quarter 2015

Supplemental Definitions

Funds From Operations (“FFO”)

We compute FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment writedowns 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, 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 its performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations (“Modified FFO”)

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

Core Funds From Operations (“Core FFO”)

Core FFO adds back to Modified FFO the following items associated with the Company’s initial public offering, or IPO, and formation transactions: gain on consolidation of non-controlling entities, acquisition expenses, severance expenses and retirement equity compensation expenses. It also adds back private perpetual preferred exchange offering expenses, acquisition expenses, and gain on settlement of lawsuit related to the Observatory, net of income taxes, deferred financing cost write-off, prepayment penalties and construction severance expenses. The Company presents Core FFO because it considers it an important supplemental measure of its operating performance in that it excludes items associated with its IPO and formation transactions and other non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

Core Funds Available for Distribution (“Core FAD”)

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

Net Operating Income (NOI)

NOI is a non-GAAP financial measure of performance. NOI is used by investors and 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, (i) 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, 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 net operating income because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is also 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 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. However, the usefulness of NOI 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 may fail to capture significant trends in these components of net income which further limits its usefulness. NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, our NOI may not-be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as we do.

EBITDA

We compute EBITDA as net income plus perpetual preferred unit distributions, interest expense, income taxes, depreciation and amortization and acquisition expenses. We presents EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity.

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