Exhibit 99.2

	Fourth Quarter 2018

Table of Contents	Page
Summary
Company Profile		3
Financial Highlights		4
Selected Property Data
Property Summary Net Operating Income		5
Net Operating Income and Initial Free Rent Burn-Off		6
Leasing Activity		7
Portfolio Expirations and Vacates Summary		9
Property Detail		10
Tenant Lease Expirations		11
Largest Tenants and Portfolio Tenant Diversification by Industry		14
Capital Expenditures and Redevelopment Program		15
Observatory Summary		16
Financial information
Condensed Consolidated Balance Sheets		17
Condensed Consolidated Statements of Income		18
Core FFO, Modified FFO, FFO, FAD and EBITDA		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 legal proceedings involving our company; reduced demand for office or retail space; new office or observatory development in our market; 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; 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 or to execute any planned capital project, 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; inability to comply with applicable rules and regulations and, in particular, public companies and damages resulting from security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our technology (IT) networks related systems. 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, 2017 and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

Page 2

	Fourth Quarter 2018

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 building.

BOARD OF DIRECTORS

Anthony E. Malkin	Chairman and Chief Executive Officer
William H. Berkman	Director, Chair of Finance Committee
Leslie D. Biddle	Director
Thomas J. DeRosa	Director
Steven J. Gilbert	Director, Lead Director
S. Michael Giliberto	Director, Chair of Audit Committee
James D. Robinson IV	Director, Chair of Compensation and Nominating/Corporate Governance Committees

EXECUTIVE MANAGEMENT

Anthony E. Malkin	Chairman and Chief Executive Officer
John B. Kessler	President and Chief Operating Officer
Thomas P. Durels	Executive Vice President, Real Estate
David A. Karp	Executive Vice President and Chief Financial Officer
Thomas N. Keltner, Jr.	Executive Vice President, General Counsel and Secretary

COMPANY INFORMATION

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

RESEARCH COVERAGE

Bank of America Merrill Lynch	Jeffrey Spector	(646) 855-1363	jeff.spector@baml.com
	James Feldman	(646) 855-5808	james.feldman@baml.com
BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
	Jason Green	(212) 446-9449	jason.green@evercoreisi.com
Goldman Sachs & Co. LLC	Andrew Rosivach	(212) 902-4736	rosivach@gs.com
Green Street Advisors	Daniel Ismail	(949) 640-8780	dismail@greenstreetadvisors.com
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	jsadler@key.com
	Craig Mailman	(917) 368-2316	cmailman@key.com
Stifel	John Guinee	(443) 224-1307	jwguinee@stifel.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com

Page 3

	Fourth Quarter 2018
	Financial Highlights
	(unaudited and dollars in thousands, except per share amounts)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Selected Items:
Revenue	$	199,309		$	186,402		$	178,529		$	167,271		$	182,297
Net income	$	39,781		$	29,230		$	30,184		$	18,058		$	32,260
Cash net operating income (1) (2)	$	113,336		$	99,138		$	96,580		$	81,149		$	98,898
Core funds from operations (“Core FFO”) (1)	$	87,276		$	72,957		$	70,957		$	59,250		$	74,914
Core funds available for distribution (“Core FAD”) (1)	$	68,142		$	59,205		$	60,830		$	51,170		$	57,467
Core FFO per share - diluted	$	0.29		$	0.25		$	0.24		$	0.20		$	0.25
Diluted weighted average shares		297,492,000			297,478,000			297,244,000			296,827,000			297,898,000
Dividends declared and paid per share	$	0.105		$	0.105		$	0.105		$	0.105		$	0.105
Portfolio Statistics:
Number of properties		20			20			20			20			20
Total rentable square footage		10,128,839			10,126,547			10,140,545			10,143,376			10,144,638
Percent occupied (3)		88.8	%		88.4	%		88.4	%		88.1	%		89.6	%
Percent leased (4)		91.8	%		92.1	%		91.4	%		91.5	%		92.2	%
Observatory Metrics:
Number of visitors (5)		945,000			1,168,000			1,049,000			644,000			991,000
Change in visitors year over year		(4.6	%)		(5.6	%)		(4.1	%)		4.1	%		(4.7	%)
Observatory revenues (6)	$	34,536		$	40,241		$	35,201		$	21,249		$	32,906
Change in revenues year over year		4.9	%		2.4	%		3.6	%		1.5	%		(2.4	%)
Ratios:
Consolidated Debt to Total Market Capitalization (7)		30.8	%		27.6	%		27.0	%		27.4	%		21.5	%
Consolidated Net Debt to Total Market Capitalization (7)		23.4	%		20.4	%		19.7	%		19.5	%		16.6	%
Consolidated Debt and Perpetual Preferred Units to Total Market Capitalization (7)		31.2	%		28.0	%		27.4	%		27.8	%		21.9	%
Consolidated Net Debt and Perpetual Preferred Units to Total Market Capitalization (7)		23.8	%		20.8	%		20.1	%		19.9	%		17.0	%
Consolidated Debt to EBITDA (8)		5.2	x		5.5	x		5.5	x		5.5	x		4.8	x
Consolidated Net Debt to EBITDA (8)		3.6	x		3.7	x		3.6	x		3.5	x		3.5	x
Interest Coverage Ratio		5.7	x		5.0	x		4.8	x		4.4	x		5.8	x
Core FFO Payout Ratio (9		35	%		44	%		45	%		53	%		42	%
Core FAD Payout Ratio (10)		45	%		54	%		52	%		62	%		55	%
Class A common stock price at quarter end	$	14.23		$	16.61		$	17.10		$	16.79		$	20.53
Average closing price	$	15.65		$	17.07		$	16.89		$	18.10		$	20.46
Dividends per share - annualized	$	0.42		$	0.42		$	0.42		$	0.42		$	0.42
Dividend yield (11)		3.0	%		2.5	%		2.5	%		2.5	%		2.0	%
Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560,360			1,560,360			1,560,360			1,560,360			1,560,360
Class A common stock		173,872,536			168,176,734			166,658,962			163,321,049			160,424,575
Class B common stock		1,038,090			1,044,169			1,045,670			1,048,161			1,052,469
Operating partnership units		128,415,440			134,112,696			135,628,967			138,627,149			138,932,443
Total common stock and operating partnership units outstanding (12)		303,326,066			303,333,599			303,333,599			302,996,359			300,409,487

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 5 and 19.

(2) Interest income has been reclassed from Other Revenues and Fees to Other Income (Expense) and is not included in Revenues.

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

(4) Represents occupancy and includes signed leases not commenced.

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

(6) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. See page 16.

(7) Market capitalization represents the sum of (i) Company’s common stock per share price as of December 31, 2018 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2018; (ii) the number of perpetual preferred units at December 31, 2018 multiplied by $16.62 and (iii) our outstanding indebtedness or net indebtedness as of December 31, 2018.

(8) Calculated based on trailing 12 months EBITDA.

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

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

(11) Based on the closing price per share of Class A common stock on December 31, 2018.

(12) As of December 31, 2018, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 46.8 million shares or approximately $667 million at a closing share price of $14.23. This represents a 57% increase in the number of Class A shares since the IPO.

Page 4

	Fourth Quarter 2018
	Property Summary - Net Operating Income (“NOI”) by Quarter
	(unaudited and dollars in thousands)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Total Portfolio
Revenues	$	164,484		$	145,849		$	142,952		$	145,559		$	149,079
Operating expenses		(71,565	)		(73,387	)		(68,493	)		(73,260	)		(70,319	)
Net operating income (“NOI”)		92,919			72,462			74,459			72,299			78,760
Straight-line rent		(5,445	)		(5,000	)		(5,809	)		(5,853	)		(5,963	)
Above/below-market rent revenue amortization		(1,733	)		(1,668	)		(1,551	)		(1,168	)		(1,567	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Total cash NOI - excluding Observatory		87,699			67,751			69,057			67,236			73,188
Observatory cash NOI		25,637			31,387			27,523			13,913			25,710
Total cash NOI - including Observatory	$	113,336		$	99,138		$	96,580		$	81,149		$	98,898
Manhattan Office Portfolio (1)
Revenues	$	140,443		$	122,687		$	119,384		$	122,303		$	124,422
Operating expenses		(60,919	)		(62,464	)		(58,457	)		(63,218	)		(59,760	)
NOI		79,524			60,223			60,927			59,085			64,662
Straight-line rent		(5,037	)		(4,068	)		(4,970	)		(6,089	)		(5,840	)
Above/below-market rent revenue amortization		(1,733	)		(1,668	)		(1,551	)		(1,168	)		(1,567	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Cash NOI	$	74,712		$	56,444		$	56,364		$	53,786		$	59,213
Greater New York Office Portfolio
Revenues	$	19,287		$	18,536		$	18,741		$	18,697		$	19,710
Operating expenses		(8,839	)		(9,069	)		(8,326	)		(8,425	)		(8,800	)
NOI		10,448			9,467			10,415			10,272			10,910
Straight-line rent		(516	)		(1,014	)		(895	)		(285	)		(272	)
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Cash NOI	$	9,932		$	8,453		$	9,520		$	9,987		$	10,638
Standalone Retail Portfolio
Revenues	$	4,754		$	4,626		$	4,827		$	4,559		$	4,947
Operating expenses		(1,807	)		(1,854	)		(1,710	)		(1,617	)		(1,759	)
NOI		2,947			2,772			3,117			2,942			3,188
Straight-line rent		108			82			56			521			149
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Cash NOI	$	3,055		$	2,854		$	3,173		$	3,463		$	3,337

Note:

(1) Includes 513,606 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

	Fourth Quarter 2018
	Net Operating Income (“NOI”), Initial Free Rent Burn-Off and Signed Leases Not Commenced
	(unaudited and dollars in thousands)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Reconciliation of Net Income to NOI and Cash NOI
Net income	$	39,781		$	29,230		$	30,184		$	18,058		$	32,260
Add:
General and administrative expenses		13,673			13,148			13,225			12,628			13,749
Depreciation and amortization		46,682			42,475			39,468			39,883			40,842
Interest expense		20,849			20,658			20,525			17,591			16,364
Income tax expense (benefit)		1,312			2,135			1,455			(260	)		2,340
Less:
Third-party management and other fees		(289	)		(312	)		(376	)		(463	)		(312	)
Interest income		(3,452	)		(3,485	)		(2,499	)		(1,225	)		(773	)
Net operating income		118,556			103,849			101,982			86,212			104,470
Straight-line rent		(5,445	)		(5,000	)		(5,809	)		(5,853	)		(5,963	)
Above/below-market rent revenue amortization		(1,733	)		(1,668	)		(1,551	)		(1,168	)		(1,567	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Total cash NOI - including Observatory		113,336			99,138			96,580			81,149			98,898
Less: Observatory NOI		(25,637	)		(31,387	)		(27,523	)		(13,913	)		(25,710	)
Total cash NOI - excluding Observatory	$	87,699		$	67,751		$	69,057		$	67,236		$	73,188
Cash NOI by Portfolio
Manhattan Office Portfolio	$	74,712		$	56,444		$	56,364		$	53,786		$	59,213
Greater New York Office Portfolio		9,932			8,453			9,520			9,987			10,638
Standalone Retail Portfolio		3,055			2,854			3,173			3,463			3,337
Total cash NOI - excluding Observatory		87,699			67,751			69,057			67,236			73,188
Observatory cash NOI		25,637			31,387			27,523			13,913			25,710
Total cash NOI - including Observatory	$	113,336		$	99,138		$	96,580		$	81,149		$	98,898

Schedule of Initial Free Rent Burn-Off

As of December 31, 2018, the Company had approximately $51 million of annualized cash rents that have yet to contribute to Cash NOI:

			Base Cash Rent Contributing to Cash NOI in the Following Years on  a Cumulative Basis
	Annualized Initial Base Cash Rent
Total Portfolio			2019		2020		2021		2022
Commenced leases in free rent period	$	31,557	$	20,985	$	30,871	$	31,557	$	31,557
Signed leases not commenced		19,740		2,517		17,438		19,740		19,740
Total	$	51,297	$	23,502	$	48,309	$	51,297	$	51,297

Signed leases not commenced (“SLNC”)

Tenant	Square Feet		12/31/18 Escalated Annual Rent		New Annual Rent		Expected Base Rent Commencement		Incremental Annual Revenue
							GAAP	Cash
Diligent Corporation		44,700	$	730	$	2,860	Jan. 2019 - Mar. 2020	Sept. 2019 -Nov. 2020	$	2,130
Hospitals Insurance Co.		41,836		2,420		2,590	May 2019	Nov. 2019		170
Fragomen, Del Rey, Bernsen & Loewy LLP		107,680		1,110		5,920	Jul. 2019	Jan. 2020		4,810
Prime Clerk LLC		15,675		—		850	Apr. 2019	Jan. 2020		850
G&S Business Communications		19,285		—		1,230	Apr. 2019	Jan. 2020		1,230
Institutional Capital Network		17,613		—		1,130	Aug. 2019	Mar. 2020		1,130
Kaplan Hecker & Fink LLP		26,997		920		2,000	Mar. 2020	Apr. 2020		1,080
Signature Bank		71,787		—		4,240	Sept. 2019	May 2020		4,240
Other SLNC		68,839		40		4,140	Jan. 2019 - Sept. 2019	Jan. 2019 -Nov. 2019		4,100
Total		414,412	$	5,220	$	24,960			$	19,740

Page 6

	Fourth Quarter 2018
	Property Summary - Leasing Activity by Quarter
	(unaudited)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Total Portfolio
Total leases executed		35			43			37			41			55
Weighted average lease term		10.5 years			9.8 years			6.1 years			7.1 years			8.1 years
Average free rent period		5.4 months			6.8 months			4.5 months			4.8 months			6.4 months
Office
Total square footage executed		241,978			353,686			142,286			253,626			252,244
Average cash rent psf - leases executed	$	62.44		$	58.47		$	55.45		$	54.51		$	56.14
Previously escalated cash rents psf	$	49.69		$	47.10		$	46.86		$	48.53		$	44.85
Percentage of new cash rent over previously escalated rents		25.7	%		24.1	%		18.3	%		12.3	%		25.2	%
Retail
Total square footage executed		4,782			413			1,131			5,904			22,744
Average cash rent psf - leases executed	$	104.57		$	65.03		$	122.02		$	175.43		$	115.33
Previously escalated cash rents psf	$	128.16		$	63.22		$	122.83		$	175.43		$	86.38
Percentage of new cash rent over previously escalated rents		(18.4	%)		2.9	%		(0.7	%)		0.0	%		33.5	%
Total Portfolio
Total square footage executed		246,760			354,099			143,417			259,530			274,988
Average cash rent psf - leases executed	$	63.57		$	58.48		$	55.99		$	57.29		$	61.42
Previously escalated cash rents psf	$	51.32		$	47.12		$	47.48		$	51.44		$	48.45
Percentage of new cash rent over previously escalated rents		23.9	%		24.1	%		17.9	%		11.4	%		26.8	%
Leasing commission costs per square foot	$	26.07		$	22.33		$	10.66		$	15.35		$	18.06
Tenant improvement costs per square foot		86.99			75.17			66.27			49.54			65.95
Total LC and TI per square foot (2)	$	113.06		$	97.50		$	76.93		$	64.89		$	84.01
Occupancy		88.8	%		88.4	%		88.4	%		88.1	%		89.6	%
Manhattan Office Portfolio (1)
Total leases executed		28			37			30			31			41
Office - New Leases
Total square footage executed		204,999			281,844			83,251			158,932			170,669
Average cash rent psf - leases executed	$	64.82		$	61.84		$	62.88		$	59.51		$	61.31
Previously escalated cash rents psf	$	49.85		$	48.56		$	49.69		$	48.05		$	45.80
Percentage of new cash rent over previously escalated rents		30.0	%		27.3	%		26.5	%		23.8	%		33.9	%
Office - Renewal Leases
Total square footage executed		13,547			33,212			27,738			33,964			43,237
Average cash rent psf - leases executed	$	60.75		$	53.77		$	53.48		$	56.31		$	53.72
Previously escalated cash rents psf	$	56.55		$	46.90		$	49.35		$	56.22		$	47.65
Percentage of new cash rent over previously escalated rents		7.4	%		14.7	%		8.4	%		0.2	%		12.7	%
Retail - New and Renewal Leases
Total square footage executed		862			413			1,131			—			20,366
Average cash rent psf - leases executed	$	78.30		$	65.03		$	122.02		$	—		$	99.98
Previously escalated cash rents psf	$	78.30		$	63.22		$	122.83		$	—		$	70.61
Percentage of new cash rent over previously escalated rents		0.0	%		2.9	%		(0.7	%)		0.0	%		41.6	%
Total Manhattan Office Portfolio
Total square footage executed		219,408			315,469			112,120			192,896			234,272
Average cash rent psf - leases executed	$	64.62		$	61.00		$	61.15		$	58.94		$	63.27
Previously escalated cash rents psf	$	50.38		$	48.40		$	50.35		$	49.49		$	48.30
Percentage of new cash rent over previously escalated rents		28.3	%		26.0	%		21.5	%		19.1	%		31.0	%
Leasing commission costs per square foot	$	27.50		$	24.23		$	11.70		$	18.56		$	19.02
Tenant improvement costs per square foot		90.85			79.42			68.11			63.22			69.16
Total LC and TI per square foot (2)	$	118.35		$	103.65		$	79.81		$	81.78		$	88.18
Occupancy		88.9	%		88.3	%		88.1	%		87.3	%		89.0	%

Page 7

	Fourth Quarter 2018
	Property Summary - Leasing Activity by Quarter - (Continued)
	(unaudited)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Greater New York Office Portfolio
Total leases executed		6			6			7			8			11
Total square footage executed		23,432			38,630			31,297			60,730			38,338
Average cash rent psf - leases executed	$	42.59		$	37.92		$	34.31		$	39.85		$	35.89
Previously escalated cash rents psf	$	44.30		$	36.63		$	35.43		$	45.36		$	37.45
Percentage of new cash rent over previously escalated rents		(3.9	%)		3.5	%		(3.2	%)		(12.1	%)		(4.2	%)
Leasing commission costs per square foot	$	11.32		$	6.81		$	6.95		$	4.21		$	10.35
Tenant improvement costs per square foot		50.30			40.47			59.68			7.89			50.40
Total LC and TI per square foot (2)	$	61.62		$	47.28		$	66.63		$	12.10		$	60.75
Occupancy		87.6	%		88.3	%		88.9	%		90.8	%		91.2	%
Standalone Retail Portfolio
Total leases executed		1			—			—			2			3
Total square footage executed		3,920			—			—			5,904			2,378
Average cash rent psf - leases executed	$	110.34		$	—		$	—		$	175.42		$	246.78
Previously escalated cash rents psf	$	139.12		$	—		$	—		$	175.42		$	221.47
Percentage of new cash rent over previously escalated rents		(20.7	%)		0.0	%		0.0	%		0.0	%		11.4	%
Leasing commission costs per square foot	$	34.10		$	—		$	—		$	25.20		$	48.45
Tenant improvement costs per square foot		90.00			—			—			31.31			—
Total LC and TI per square foot (2)	$	124.10		$	—		$	—		$	56.51		$	48.45
Occupancy		94.4	%		94.4	%		95.4	%		97.3	%		99.4	%

Notes:

(1) Includes 513,606 rentable square feet of retail space in the Company’s nine Manhattan office properties.

(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 were actually paid.

Page 8

	Fourth Quarter 2018
	Total Portfolio Expirations and Vacates Summary
	(unaudited and in square feet)

	Actual			Forecast (1)
	Three Months Ended			Three Months Ended
Total Portfolio (2)	December 31, 2018			March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019		Full Year 2019			Full Year 2020
Total Expirations		191,205			150,816			131,669		163,472		279,801		725,758			841,127
Less: Broadcasting		(27,283	)		(7,852	)		—		—		—		(7,852	)		(1,673	)
Office and Retail Expirations		163,922			142,964			131,669		163,472		279,801		717,906			839,454
Renewal & Relocations (3)		57,171			29,682			56,373		18,912		51,743		156,710			384,661
Short-term renewals (4)		3,479			—			—		—		—		—			—
New Leases (5)		48,070			15,967			—		11,718		29,310		56,995			25,224
Tenant Vacates (6)		26,687			62,389			28,125		73,409		133,756		297,679			111,477
Intentional Vacates (7)		24,272			9,658			30,979		50,051		56,379		147,067			29,852
Holdover (8)		4,243			—			—		—		—		—			—
Unknown (9)		—			25,268			16,192		9,382		8,613		59,455			288,240
Total Portfolio expirations and vacates		163,922			142,964			131,669		163,472		279,801		717,906			839,454
Manhattan Office Portfolio
Total Expirations		179,237			112,369			73,073		150,567		128,783		464,792			588,087
Less: Broadcasting		(27,283	)		(7,852	)		—		—		—		(7,852	)		(1,673	)
Office Expirations		151,954			104,517			73,073		150,567		128,783		456,940			586,414
Renewal & Relocations (3)		51,454			14,712			8,214		13,813		34,549		71,288			180,211
Short-term renewals (4)		—			—			—		—		—		—			—
New Leases (5)		48,070			15,967			—		11,718		29,310		56,995			20,974
Tenant Vacates (6)		23,915			56,285			19,550		73,409		17,815		167,059			77,230
Intentional Vacates (7)		24,272			1,501			30,979		44,292		38,946		115,718			29,852
Holdover (8)		4,243			—			—		—		—		—			—
Unknown (9)		—			16,052			14,330		7,335		8,163		45,880			278,147
Total expirations and vacates		151,954			104,517			73,073		150,567		128,783		456,940			586,414
Greater New York Metropolitan Area Office Portfolio
Office Expirations		11,968			38,205			55,823		7,146		133,585		234,759			224,778
Renewal & Relocations (3)		5,717			14,970			45,386		5,099		17,194		82,649			189,991
Short-term renewals (4)		3,479			—			—		—		—		—			—
New Leases (5)		—			—			—		—		—		—			4,250
Tenant Vacates (6)		2,772			6,104			8,575		—		115,941		130,620			28,010
Intentional Vacates (7)		—			7,915			—		—		—		7,915			—
Holdover (8)		—			—			—		—		—		—			—
Unknown (9)		—			9,216			1,862		2,047		450		13,575			2,527
Total expirations and vacates		11,968			38,205			55,823		7,146		133,585		234,759			224,778
Retail Portfolio
Retail Expirations		—			242			2,773		5,759		17,433		26,207			28,262
Renewal & Relocations (3)		—			—			2,773		—		—		2,773			14,459
Short-term renewals (4)		—			—			—		—		—		—			—
New Leases (5)		—			—			—		—		—		—			—
Tenant Vacates (6)		—			—			—		—		—		—			6,237
Intentional Vacates (7)		—			242			—		5,759		17,433		23,434			—
Holdover (8)		—			—			—		—		—		—			—
Unknown (9)		—			—			—		—		—		—			7,566
Total expirations and vacates		—			242			2,773		5,759		17,433		26,207			28,262

Notes:

(1) These forecasts, which are subject to change, are based on management’s 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” assume tenants renew their existing leases in all or a portion of their current spaces, and “Relocations” assume tenants move within a building or within the Company’s portfolio.

(4) Represents tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2019.

(5) 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. The lease commencement dates are not provided in this section.

(6) For forecasted periods, “Tenant Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option.

(7) For forecasted periods, “Intentional Vacates” assumes the Company decides not to renew tenant at the end of their existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.

(8) Holdover represents a tenant that remains in its space, paying rent after the expiration of its lease, but is not anticipated to continue doing so on a monthly basis. These tenants may reappear in forecast periods in 2019.

(9) For forecasted periods, “Unknown” represents tenants’ existing leases which do not fall into any of the above categories: Renewals & Relocations, New Leases, Tenant Vacates or Intentional Vacates and tenants’ whose intention is unknown.

Page 9

	Fourth Quarter 2018
	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		2,711,148		94.3	%	$	150,529,864	$	58.88		174
One Grand Central Place	Grand Central		1,247,366		87.5	%		62,462,156		57.20		210
1400 Broadway (8)	Penn Station -Times Sq. South		914,162		80.5	%		36,996,042		50.29		29
111 West 33rd Street (9)	Penn Station -Times Sq. South		639,237		78.0	%		28,556,500		57.30		19
250 West 57th Street	Columbus Circle - West Side		468,525		80.3	%		22,355,109		59.41		54
501 Seventh Avenue	Penn Station -Times Sq. South		460,150		95.7	%		19,825,295		45.00		29
1359 Broadway	Penn Station -Times Sq. South		455,824		97.4	%		23,706,788		53.40		35
1350 Broadway (10)	Penn Station -Times Sq. South		373,205		84.1	%		18,005,509		57.36		60
1333 Broadway	Penn Station -Times Sq. South		292,835		89.4	%		13,732,665		52.48		10
Manhattan Office Properties - Office			7,562,452		88.8	%		376,169,928		55.99		620
Manhattan Office Properties - Retail
The Empire State Building (7)	Penn Station -Times Sq. South		104,558		69.8	%		13,364,098		183.13		14
One Grand Central Place	Grand Central		68,732		79.0	%		6,402,538		117.91		13
1400 Broadway (8)	Penn Station -Times Sq. South		20,418		77.4	%		2,020,613		127.78		8
112 West 34th Street (9)	Penn Station -Times Sq. South		90,132		100.0	%		22,596,784		250.71		4
250 West 57th Street	Columbus Circle - West Side		67,927		100.0	%		9,974,747		146.85		8
501 Seventh Avenue	Penn Station -Times Sq. South		35,558		88.3	%		2,016,286		64.20		9
1359 Broadway	Penn Station -Times Sq. South		27,506		100.0	%		2,263,576		82.29		6
1350 Broadway (10)	Penn Station -Times Sq. South		31,774		100.0	%		6,799,221		213.99		6
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		9,006,000		134.42		4
Manhattan Office Properties - Retail			513,606		89.3	%		74,443,863		162.24		72
Sub-Total/Weighted Average
Manhattan Office Properties - Office and Retail			8,076,058		88.9	%		450,613,791		62.78		692
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		783,729		88.6	%		30,139,103		43.41		48
Metro Center	Stamford, CT		281,928		82.5	%		13,576,111		58.36		25
383 Main Avenue	Norwalk, CT		260,657		82.9	%		7,181,693		33.25		21
500 Mamaroneck Avenue	Harrison, NY		288,202		86.5	%		7,217,593		28.96		31
10 Bank Street	White Plains, NY		232,517		96.9	%		7,974,296		35.38		34
Sub-Total/Weighted Average Greater New York
Metropolitan Area Office Properties			1,847,033		87.6	%		66,088,796		40.86		159
Standalone Retail Properties
10 Union Square	Union Square		58,007		100.0	%		7,019,176		121.01		13
1542 Third Avenue	Upper East Side		56,250		100.0	%		3,895,512		69.25		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,745,234		83.86		2
77 West 55th Street	Midtown		25,388		100.0	%		2,694,194		106.12		3
69-97 Main Street	Westport, CT		17,111		32.4	%		708,876		127.93		2
103-107 Main Street	Westport, CT		4,330		100.0	%		722,355		166.83		1
Sub-Total/Weighted Average Standalone
Retail Properties			205,748		94.4	%		18,785,347		96.74		25
Portfolio Total			10,128,839		88.8	%	$	535,487,934	$	59.57		876
Total/Weighted Average Office Properties			9,409,485		88.6	%	$	442,258,724	$	53.05		779
Total/Weighted Average Retail Properties			719,354		90.8	%		93,229,210		142.77		97
Portfolio Total			10,128,839		88.8	%	$	535,487,934	$	59.57		876

Notes:

(1) Excludes (i) 179,350 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 69,789 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of December 31, 2018.

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

(4) Represents annualized rent under leases commenced as of December 31, 2018 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 42,546 rentable square feet of space leased by the Company’s broadcasting tenants.

(7) Includes 5,300 rentable square feet of space leased by WDFG North America, 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 45 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 59 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 32 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

Page 10

	Fourth Quarter 2018
	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 Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		831,830		8.2	%	$	—		0.0	%	$	—
Signed leases not commenced		22		307,407		3.0	%		—		0.0	%		—
4Q 2018 (4)		17		114,473		1.1	%		6,041,172		1.1	%		52.77
Total 2018		17		114,473		1.1	%		6,041,172		1.1	%		52.77
1Q 2019		39		150,816		1.5	%		8,549,763		1.6	%		56.69
2Q 2019		28		131,669		1.3	%		7,798,536		1.5	%		59.23
3Q 2019		34		163,472		1.6	%		8,579,104		1.6	%		52.48
4Q 2019		39		279,801		2.8	%		13,264,689		2.5	%		47.41
Total 2019		140		725,758		7.2	%		38,192,092		7.1	%		52.62
2020		136		841,127		8.3	%		46,705,137		8.7	%		55.53
2021		106		698,038		6.9	%		40,003,243		7.5	%		57.31
2022		96		540,111		5.3	%		34,473,377		6.4	%		63.83
2023		86		688,230		6.8	%		41,363,802		7.7	%		60.10
2024		62		608,298		6.0	%		34,863,683		6.5	%		57.31
2025		56		380,877		3.8	%		28,328,373		5.3	%		74.38
2026		42		951,180		9.4	%		52,892,285		9.9	%		55.61
2027		45		579,433		5.7	%		33,227,941		6.2	%		57.35
2028		28		977,740		9.7	%		52,696,279		9.8	%		53.90
Thereafter		62		1,884,337		18.6	%		126,700,550		23.7	%		67.24
Total		898		10,128,839		100.0	%	$	535,487,934		100.0	%	$	59.57
Manhattan Office Properties (5)
Available		—		549,316		7.3	%	$	—		0.0	%	$	—
Signed leases not commenced		17		294,114		3.9	%		—		0.0	%		—
4Q 2018 (4)		15		111,238		1.5	%		5,826,063		1.5	%		52.37
Total 2018		15		111,238		1.5	%		5,826,063		1.5	%		52.37
1Q 2019		24		112,369		1.5	%		7,205,533		1.9	%		64.12
2Q 2019		21		73,073		1.0	%		3,876,824		1.0	%		53.05
3Q 2019		28		150,567		2.0	%		6,993,849		1.9	%		46.45
4Q 2019		32		128,783		1.7	%		7,173,754		1.9	%		55.70
Total 2019		105		464,792		6.1	%		25,249,960		6.7	%		54.33
2020		104		588,087		7.8	%		32,944,552		8.8	%		56.02
2021		67		457,024		6.0	%		25,385,479		6.7	%		55.55
2022		71		363,454		4.8	%		21,091,665		5.6	%		58.03
2023		62		507,038		6.7	%		28,776,689		7.6	%		56.75
2024		41		377,044		5.0	%		20,320,919		5.4	%		53.90
2025		36		241,506		3.2	%		14,120,004		3.8	%		58.47
2026		29		815,416		10.8	%		46,344,237		12.3	%		56.84
2027		31		427,431		5.7	%		23,440,994		6.2	%		54.84
2028		18		908,488		12.0	%		49,295,900		13.1	%		54.26
Thereafter		41		1,457,504		19.2	%		83,373,466		22.3	%		57.20
Total Manhattan office properties		637		7,562,452		100.0	%	$	376,169,928		100.0	%	$	55.99

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) 179,350 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 69,789 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 leases that are included in occupancy as of December 31, 2018 and expire on December 31, 2018.

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

Page 11

	Fourth Quarter 2018
	Tenant Lease Expirations
	(unaudited)

Greater New York Metropolitan Area Office Properties	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		—		220,095		11.9	%	$	—		0.0	%	$	—
Signed leases not commenced		4		9,373		0.5	%		—		0.0	%		—
4Q 2018 (4)		1		2,772		0.2	%		133,135		0.2	%		48.03
Total 2018		1		2,772		0.2	%		133,135		0.2	%		48.03
1Q 2019		14		38,205		2.1	%		1,340,230		2.0	%		35.08
2Q 2019		6		55,823		3.0	%		2,573,701		3.9	%		46.10
3Q 2019		3		7,146		0.4	%		270,887		0.4	%		37.91
4Q 2019		6		133,585		7.2	%		4,805,507		7.3	%		35.97
Total 2019		29		234,759		12.7	%		8,990,325		13.6	%		38.30
2020		24		224,778		12.2	%		10,172,305		15.4	%		45.25
2021		31		210,934		11.4	%		9,586,651		14.5	%		45.45
2022		15		116,525		6.3	%		4,398,892		6.7	%		37.75
2023		14		126,488		6.8	%		5,752,523		8.7	%		45.48
2024		10		203,298		11.0	%		8,901,687		13.5	%		43.79
2025		12		102,046		5.5	%		3,275,709		5.0	%		32.10
2026		5		65,413		3.5	%		2,058,298		3.1	%		31.47
2027		6		64,229		3.5	%		2,340,864		3.5	%		36.45
2028		6		64,515		3.5	%		2,277,599		3.4	%		35.30
Thereafter		6		201,808		11.0	%		8,200,808		12.4	%		40.64
Total greater New York metropolitan area office properties		163		1,847,033		100.0	%	$	66,088,796		100.0	%	$	40.86
Retail Properties
Available		—		62,419		8.7	%	$	—		0.0	%	$	—
Signed leases not commenced		1		3,920		0.5	%		—		0.0	%		—
4Q 2018 (4)		1		463		0.1	%		81,974		0.1	%		177.05
Total 2018		1		463		0.1	%		81,974		0.1	%		177.05
1Q 2019		1		242		0.0	%		4,000		0.0	%		16.53
2Q 2019		1		2,773		0.4	%		1,348,011		1.4	%		486.12
3Q 2019		3		5,759		0.8	%		1,314,368		1.4	%		228.23
4Q 2019		1		17,433		2.4	%		1,285,428		1.4	%		73.74
Total 2019		6		26,207		3.6	%		3,951,807		4.2	%		150.79
2020		8		28,262		3.9	%		3,588,280		3.8	%		126.96
2021		8		30,080		4.2	%		5,031,113		5.4	%		167.26
2022		10		60,132		8.4	%		8,982,820		9.6	%		149.39
2023		10		54,704		7.6	%		6,834,590		7.3	%		124.94
2024		11		27,956		3.9	%		5,641,077		6.1	%		201.78
2025		8		37,325		5.2	%		10,932,660		11.7	%		292.90
2026		8		70,351		9.8	%		4,489,750		4.8	%		63.82
2027		8		87,773		12.2	%		7,446,083		8.0	%		84.83
2028		4		4,737		0.7	%		1,122,780		1.2	%		237.02
Thereafter		15		225,025		31.2	%		35,126,276		37.8	%		156.10
Total retail properties		98		719,354		100.0	%	$	93,229,210		100.0	%	$	142.77

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) 179,350 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 69,789 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 leases that are included in occupancy as of December 31, 2018 and expire on December 31, 2018.

(5) Represents two license agreements.

Page 12

	Fourth Quarter 2018
	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) (5)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		135,233		5.0	%	$	—		0.0	%	$	—
Signed leases not commenced		4		19,313		0.7	%		—		0.0	%		—
4Q 2018 (6)		1		5,190		0.2	%		152,250		0.1	%		29.34
Total 2018		1		5,190		0.2	%		152,250		0.1	%		29.34
1Q 2019		8		13,514		0.5	%		738,101		0.5	%		54.62
2Q 2019		1		1,738		0.1	%		91,789		0.1	%		52.81
3Q 2019		1		5,588		0.2	%		317,862		0.2	%		56.88
4Q 2019		5		36,831		1.4	%		2,018,442		1.3	%		54.80
Total 2019		15		57,671		2.1	%		3,166,194		2.1	%		54.90
2020		34		294,217		10.9	%		17,466,435		11.6	%		59.37
2021		21		131,888		4.9	%		7,736,154		5.1	%		58.66
2022		21		95,218		3.5	%		6,066,615		4.0	%		63.71
2023		19		103,564		3.8	%		6,505,861		4.3	%		62.82
2024		13		88,151		3.3	%		5,715,884		3.8	%		64.84
2025		8		68,349		2.5	%		3,838,791		2.6	%		56.16
2026		10		432,549		16.0	%		25,754,154		17.1	%		59.54
2027		6		22,615		0.8	%		1,398,330		0.9	%		61.83
2028		4		545,713		20.1	%		30,784,175		20.5	%		56.41
Thereafter		22		711,477		26.2	%		41,945,021		27.9	%		58.95
Total Empire State Building office		178		2,711,148		100.0	%	$	150,529,864		100.0	%	$	58.88
Empire State Building Broadcasting Licenses and Leases					Annualized Base Rent (7)			Annualized Expense Reimbursements		Annualized Rent (4)			Percent of Annualized Rent
4Q 2018 (6)					$	487,150		$	121,034	$	608,184			4.2	%
Total 2018						487,150			121,034		608,184			4.2	%
1Q 2019						212,240			44,297		256,537			1.8	%
2Q 2019						—			—		—			0.0	%
3Q 2019						—			—		—			0.0	%
4Q 2019						—			—		—			0.0	%
Total 2019						212,240			44,297		256,537			1.8	%
2020						828,209			146,340		974,549			6.7	%
2021						55,685			105,905		161,590			1.1	%
2022						1,124,545			297,964		1,422,509			9.7	%
2023						82,480			25,301		107,781			0.7	%
2024						47,271			57,223		104,494			0.7	%
2025						1,496,090			208,282		1,704,372			11.7	%
2026						799,969			91,984		891,953			6.1	%
2027						768,750			67,825		836,575			5.7	%
2028						253,050			27,637		280,687			1.9	%
Thereafter						6,313,154			938,246		7,251,400			49.7	%
Total Empire State Building broadcasting licenses and leases					$	12,468,593		$	2,132,038	$	14,600,631			100.0	%

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 25,937 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) Includes approximately $6.4 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.

(6) Represents leases that are included in occupancy as of December 31, 2018 and expire on December 31, 2018.

(7) Represents license fees for the use of the Empire State Building mast and base rent for physical space occupied by broadcasting tenants.

Page 13

	Fourth Quarter 2018
	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.	Global Brands Group	ESB, 1333 B’Way	Oct. 2023 - Oct. 2028		9.3 years		668,942		6.4	%	$	36,047,748		6.7	%
	2.	LinkedIn	ESB	Feb. 2026		7.2 years		312,947		3.0	%		18,349,123		3.4	%
	3.	Coty	ESB	Jan. 2030		11.1 years		312,954		3.0	%		16,954,249		3.2	%
	4.	PVH Corp.	501 Seventh Avenue	Dec. 2018 - Oct. 2028		9.3 years		237,281		2.3	%		11,275,477		2.1	%
	5.	Sephora	112 West 34th Street	Jan. 2029		10.1 years		11,334		0.1	%		10,457,709		2.0	%
	6.	Li & Fung	1359 Broadway	Oct. 2021-Oct. 2027		5.3 years		149,436		1.4	%		7,471,631		1.4	%
	7.	Urban Outfitters	1333 Broadway	Sept. 2029		10.8 years		56,730		0.5	%		7,103,124		1.3	%
	8.	Federal Deposit Insurance Corp.	ESB	Jan. 2020		1.1 years		121,879		1.2	%		7,042,014		1.3	%
	9.	Macy’s	111 West 33rd Street	May 2030		11.4 years		131,117		1.3	%		6,947,109		1.3	%
	10.	HNTB Corporation	ESB	Feb. 2029		10.2 years		105,143		1.0	%		6,661,814		1.2	%
	11.	Duane Reade	ESB, 1350 B’Way, 250 West 57th	Feb. 2021-Sept. 2027		5.9 years		47,541		0.5	%		6,343,147		1.2	%
	12.	Footlocker	112 West 34th Street	Sept. 2031		12.8 years		34,192		0.3	%		6,258,212		1.2	%
	13.	Legg Mason	First Stamford Place	Sept. 2024		5.8 years		137,583		1.3	%		6,246,888		1.2	%
	14.	WDFG North America	ESB	Dec. 2025		7.0 years		5,300		0.1	%		5,693,074		1.1	%
	15.	Shutterstock	ESB	Apr. 2029		10.3 years		104,386		1.0	%		5,527,630		1.0	%
	16.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029		10.9 years		86,492		0.8	%		5,330,672		1.0	%
	17.	ASCAP	250 West 57th Street	Aug. 2034		15.8 years		87,943		0.8	%		5,250,464		1.0	%
	18.	Kohl’s	1400 Broadway	May 2029		10.4 years		118,516		1.1	%		5,216,894		1.0	%
	19.	The Gap, Inc.	111 West 33rd Street, OGCP	Dec 2018-Jan. 2030		5.3 years		83,408		0.8	%		4,770,844		0.9	%
	20.	On Deck Capital, Inc.	1400 Broadway	Dec 2018-Dec. 2026		8.0 years		81,290		0.8	%		4,503,015		0.8	%
		Total						2,894,414		27.7	%	$	183,450,838		34.3	%

Notes:

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

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

(3) Based on leases signed and commenced as of December 31, 2018.

(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)

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 14

	Fourth Quarter 2018
	Capital Expenditures and Redevelopment Program and Leasing Opportunity
	(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017
Tenant improvements - first generation	$	26,079	$	21,229	$	31,921	$	17,298	$	17,680
Tenant improvements - second generation		7,963		10,069		4,874		2,039		6,966
Leasing commissions - first generation		4,533		4,813		1,698		3,699		6,207
Leasing commissions - second generation		2,845		2,576		866		3,024		2,996
Building improvements - first generation		10,085		18,418		19,862		13,664		19,591
Building improvements - second generation		8,624		2,279		4,329		1,719		3,566
Observatory capital project (1)		12,750		14,507		15,871		11,533		16,360
Total	$	72,879	$	73,891	$	79,421	$	52,976	$	73,366

Note:

(1) Total Observatory capital project spent-to-date was $91,282 as of December 31, 2018.

Tenant space redevelopment by square feet ^{(2) (3)}

- Future redevelopment (Empire State Building) - 180,000 square feet

- Future redevelopment (other Manhattan properties) - 490,000 square feet

- Redevelopment completed - 7,310,000 square feet

Inventory of vacant space ⁽²⁾

- Developed - 520,000 square feet, 93%

- Undeveloped - 40,000 square feet, 7%

Inventory of undeveloped space ⁽²⁾

- Vacant - 40,000 square feet, 6%

- Expires in 2019 - 170,000 square feet, 25%

- Expires in 2020 and thereafter - 460,000 square feet, 69%

Developed 70,000 square feet in the fourth quarter 2018 and 300,000 square feet year-to-date December 31, 2018.

Leasing Opportunity—Inventory of Current Vacant Space as of December 31, 2018 (in square feet)

Total Portfolio vacant space	1,139,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	294,000
Greater New York Office Properties SLNC	9,000
Retail Properties SLNC	4,000
Redeveloped Manhattan Office space	438,000
Greater New York Office Properties space	220,000
Retail Properties space	63,000
Undeveloped Manhattan Office space	20,000
Space held off market	47,000
Other	44,000
Total	1,139,000

Development of Space Expected to Vacate from January 1, 2019 through December 31, 2019 (in square feet)

	Expected Vacates		2019		2020		2021		Thereafter
Tenant Vacates
Developed		153,442
Undeveloped space to be developed		13,617		—		—		—		13,617
		167,059
Intentional Vacates
Developed		67,689
Undeveloped space to be developed		71,463		—		1,441		—		70,022
		139,152

Notes:

(2) These estimates are based on the Company’s current budgets and are subject to change.

(3) 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 15

	Fourth Quarter 2018
	Observatory Summary
	(unaudited and in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Observatory revenue (1)	$	131,227	$	34,536		$	40,241		$	35,201		$	21,249		$	32,906
Observatory expenses		32,767		8,899			8,854			7,678			7,336			7,196
NOI		98,460		25,637			31,387			27,523			13,913			25,710
Intercompany rent expense (2)		79,954		20,598			23,805			21,990			13,561			20,292
NOI after intercompany rent	$	18,506	$	5,039		$	7,582		$	5,533		$	352		$	5,418
Observatory Metrics
Number of visitors (3)				945,000			1,168,000			1,049,000			644,000			991,000
Change in visitors year over year				(4.6	%)		(5.6	%)		(4.1	%)		4.1	%		(4.7	%)
Number of bad weather days (“BWD”) (4)				19			11			11			15			10
Estimated effect of BWD’s on number of visitors (5)				(43,000	)		(24,000	)		19,000			(14,000	)		(2,000	)
102nd floor revenue (6)			$	2,388		$	3,066		$	3,041		$	83		$	2,767

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, the fixed license fee was $1,411, $1,411, $1,410, $1,410 and $1,369, 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.

(5) Represents an estimated reduction in the number of visitors due to bad weather days compared to the same quarter in the prior year.

(6) Reflects revenues derived from the 102nd floor observatory. This revenue is included in total observatory revenues above and will be disclosed separately throughout the duration of the observatory capital improvement program.

Annual Observatory Revenues 2014 to 2018

Page 16

	Fourth Quarter 2018
	Condensed Consolidated Balance Sheets
	(unaudited and dollars in thousands)

	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Assets
Commercial real estate properties, at cost:
Land	$	201,196		$	201,196		$	201,196		$	201,196		$	201,196
Development costs		7,987			7,987			7,987			7,986			7,986
Building and improvements		2,675,303			2,616,772			2,562,662			2,495,901			2,458,473
		2,884,486			2,825,955			2,771,845			2,705,083			2,667,655
Less: accumulated depreciation		(747,304	)		(718,959	)		(698,725	)		(678,250	)		(656,900	)
Commercial real estate properties, net		2,137,182			2,106,996			2,073,120			2,026,833			2,010,755
Cash and cash equivalents		204,981			229,745			251,797			690,471			464,344
Restricted cash		65,832			54,356			58,719			61,699			65,853
Short term investments		400,000			400,000			400,000			—			—
Tenant and other receivables, net		29,437			31,342			21,600			25,156			28,329
Deferred rent receivables, net		200,903			195,455			190,419			184,667			178,629
Prepaid expenses and other assets		64,345			50,663			64,695			39,393			61,028
Deferred costs, net		241,223			244,441			246,763			255,844			262,701
Acquired below-market ground leases, net		360,398			362,355			364,313			366,271			368,229
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,195,780		$	4,166,832		$	4,162,905		$	4,141,813		$	3,931,347
Liabilities and Equity
Mortgage notes payable, net	$	608,567		$	609,299		$	610,026		$	610,826		$	717,164
Senior unsecured notes, net		1,046,219			1,045,362			1,044,573			1,043,677			707,895
Unsecured term loan facility, net		264,147			264,023			263,900			263,777			263,662
Unsecured revolving credit facility		—			—			—			—			—
Accounts payable and accrued expenses		130,676			128,340			129,944			106,830			110,849
Acquired below-market leases, net		52,450			55,662			58,960			62,418			66,047
Deferred revenue and other liabilities		44,810			32,175			29,553			37,499			40,907
Tenants’ security deposits		57,802			42,520			42,808			43,448			47,086
Total liabilities		2,204,671			2,177,381			2,179,764			2,168,475			1,953,610
Total equity		1,991,109			1,989,451			1,983,141			1,973,338			1,977,737
Total liabilities and equity	$	4,195,780		$	4,166,832		$	4,162,905		$	4,141,813		$	3,931,347

Page 17

	Fourth Quarter 2018
	Condensed Consolidated Statements of Income
	(unaudited and in thousands, except per share amounts)

	Three Months Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Revenues
Rental revenue	$	123,261		$	123,621		$	124,038		$	122,311		$	123,596
Tenant expense reimbursement		19,746			18,627			16,205			17,794			19,790
Observatory revenue		34,536			40,241			35,201			21,249			32,906
Lease termination fees(1)		18,683			1,185			357			622			3,197
Third party management and other fees		289			312			376			463			312
Other revenue and fees		2,794			2,416			2,352			4,832	(2)		2,496
Total revenues		199,309			186,402			178,529			167,271			182,297
Operating expenses
Property operating expenses		41,004			42,772			39,418			44,185			41,522
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		13,673			13,148			13,225			12,628			13,749
Observatory expenses		8,899			8,854			7,678			7,336			7,196
Real estate taxes		28,229			28,284			26,743			26,744			26,465
Depreciation and amortization		46,682			42,475			39,468			39,883			40,842
Total operating expenses		140,819			137,864			128,864			133,107			132,106
Total operating income		58,490			48,538			49,665			34,164			50,191
Other income (expense)
Interest income		3,452			3,485			2,499			1,225			773
Interest expense		(20,849	)		(20,658	)		(20,525	)		(17,591	)		(16,364	)
Income before income taxes		41,093			31,365			31,639			17,798			34,600
Income tax (expense) benefit		(1,312	)		(2,135	)		(1,455	)		260			(2,340	)
Net income		39,781			29,230			30,184			18,058			32,260
Perpetual preferred unit distributions		(234	)		(234	)		(234	)		(234	)		(234	)
Net income attributable to non-controlling interests		(16,705	)		(12,654	)		(13,299	)		(8,056	)		(14,754	)
Net income attributable to common stockholders	$	22,842		$	16,342		$	16,651		$	9,768		$	17,272
Weighted average common shares outstanding
Basic		171,829			167,657			165,256			162,667			159,989
Diluted		297,492			297,478			297,244			296,827			297,898
Net income per share attributable to common stockholders
Basic and diluted	$	0.13		$	0.10		$	0.10		$	0.06		$	0.11
Dividends per share	$	0.105		$	0.105		$	0.105		$	0.105		$	0.105

Notes:

(1) Annual lease termination fees and end of lease income for the years ended December 31, 2014 through 2017 totaled $6.1 million, $2.0 million, $7.7 million and $13.6 million, respectively, for an average of $7.4 million per year. For the year ended December 31, 2018, lease termination fees and end of lease income totaled $20.8 million.

(2) Includes a $2.8 million settlement reached with a former broadcast tenant.

Page 18

	Fourth Quarter 2018
	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
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income	$	39,781		$	29,230		$	30,184		$	18,058		$	32,260
Preferred unit distributions		(234	)		(234	)		(234	)		(234	)		(234	)
Real estate depreciation and amortization		45,771			42,004			39,049			39,468			40,484
FFO attributable to common stockholders and non-controlled interests		85,318			71,000			68,999			57,292			72,510
Amortization of below-market ground lease		1,958			1,957			1,958			1,958			1,958
Modified FFO attributable to common stockholders and non-controlled interests		87,276			72,957			70,957			59,250			74,468
Deferred tax asset write-off		—			—			—			—			446
Core FFO attributable to common stockholders and non-controlled interests	$	87,276		$	72,957		$	70,957		$	59,250		$	74,914
Total weighted average shares and Operating Partnership Units
Basic		297,492			297,478			297,244			296,824			296,654
Diluted		297,492			297,478			297,244			296,827			297,898
FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.29		$	0.24		$	0.23		$	0.19		$	0.24
Diluted	$	0.29		$	0.24		$	0.23		$	0.19		$	0.24
Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.29		$	0.25		$	0.24		$	0.20		$	0.25
Diluted	$	0.29		$	0.25		$	0.24		$	0.20		$	0.25
Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.29		$	0.25		$	0.24		$	0.20		$	0.25
Diluted	$	0.29		$	0.25		$	0.24		$	0.20		$	0.25
Reconciliation of Core FFO to Core FAD
Core FFO	$	87,276		$	72,957		$	70,957		$	59,250		$	74,914
Add:
Amortization of deferred financing costs		1,021			1,020			1,023			1,034			1,036
Non-real estate depreciation and amortization		912			826			419			415			358
Amortization of non-cash compensation expense		4,722			4,852			4,656			4,555			3,292
Amortization of debt discount		667			668			668			668			667
Amortization of loss on interest rate derivative		385			474			536			—			—
Deduct:
Straight-line rental revenues		(5,445	)		(5,000	)		(5,809	)		(5,853	)		(5,963	)
Amortization of debt premiums		—			—			—			(949	)		(1,737	)
Above/below-market rent revenue amortization		(1,733	)		(1,668	)		(1,551	)		(1,168	)		(1,567	)
Corporate capital expenditures		(231	)		—			—			—			(5	)
Tenant improvements - second generation		(7,963	)		(10,069	)		(4,874	)		(2,039	)		(6,966	)
Building improvements - second generation		(8,624	)		(2,279	)		(4,329	)		(1,719	)		(3,566	)
Leasing commissions - second generation		(2,845	)		(2,576	)		(866	)		(3,024	)		(2,996	)
Core FAD	$	68,142		$	59,205		$	60,830		$	51,170		$	57,467
Reconciliation of Net Income to EBITDA
Net income	$	39,781		$	29,230		$	30,184		$	18,058		$	32,260
Interest expense		20,849			20,658			20,525			17,591			16,364
Income tax expense (benefit)		1,312			2,135			1,455			(260	)		2,340
Depreciation and amortization		46,682			42,475			39,468			39,883			40,842
EBITDA	$	108,624		$	94,498		$	91,632		$	75,272		$	91,806

Page 19

	Fourth Quarter 2018
	Debt Summary
	(unaudited and dollars in thousands)

	December 31, 2018								September 30, 2018
				Weighted Average								Weighted Average
Debt Summary	Balance			Interest Rate			Maturity (Years)		Balance			Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	614,612			4.10	%		10.0	$	615,537			4.10	%		10.3
Senior unsecured notes		1,050,000			3.82	%		8.2		1,050,000			3.82	%		8.4
Unsecured term loan facility (1)		265,000			3.35	%		3.7		265,000			3.35	%		3.9
Total fixed rate debt		1,929,612			3.84	%		8.1		1,930,537			3.84	%		8.3
Unsecured revolving credit facility		—			—			2.7		—			—			2.9
Total variable rate debt		—			—			2.7		—			—			2.9
Total debt		1,929,612			3.84	%		8.1		1,930,537			3.84	%		8.3
Discount		(1,647	)							(2,315	)
Deferred financing costs, net		(9,032	)							(9,538	)
Total	$	1,918,933							$	1,918,684

Note:

(1) LIBOR is fixed at 2.1485% under a variable to fixed interest rate swap agreement.

Available Capacity	Facility		Outstanding at December 31, 2018		Letters of Credit		Available Capacity
Unsecured revolving credit facility (1)	$	1,100,000	$	—	$	—	$	1,100,000

Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage(2)		< 60	%		24.4	%		Yes
Maximum Secured Debt		< 40	%		7.7	%		Yes
Minimum Fixed Charge Coverage		> 1.50	x		4.8	x		Yes
Minimum Unencumbered Interest Coverage		> 1.75	x		7.1	x		Yes
Maximum Unsecured Leverage		< 60	%		19.1	%		Yes
Minimum Tangible Net Worth	$	1,252,954		$	1,803,312			Yes

Notes:

(1) The unsecured revolving credit and term loan facility has an accordion feature allowing for an increase in maximum aggregate principal balance to $1.75 billion under certain circumstances. This unsecured revolving credit facility matures in August 2021 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

	Fourth Quarter 2018
	Debt Detail
	(unaudited and dollars in thousands)

	Stated Interest Rate (%)			Current Interest Rate (%)			Principal Balance			Maturity Date		Amortization
Fixed rate mortgage debt:
Metro Center		3.59	%		3.59	%	$	91,838			11/5/2024	30 years
10 Union Square		3.70	%		3.70	%		50,000			4/1/2026	Interest only
1542 Third Avenue		4.29	%		4.29	%		30,000			5/1/2027	Interest only
First Stamford Place (1)		4.28	%		4.28	%		180,000			7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue and 77 West 55th Street		4.01	%		4.01	%		38,995			1/5/2028	30 years
10 Bank Street		4.23	%		4.23	%		33,779			6/1/2032	25 years
383 Main Avenue		4.44	%		4.44	%		30,000			6/30/2032	5 years interest only; 30 years thereafter
1333 Broadway		4.21	%		4.21	%		160,000			2/5/2033	Interest only
Total mortgage debt								614,612
Exchangeable senior unsecured notes		2.63	%		2.63	%		250,000			8/15/2019	Interest only
Unsecured revolving credit facility		LIBOR plus 1.10	%		3.60	%		—			8/29/2021	Interest only
Unsecured term loan facility (2)		LIBOR plus 1.20	%		3.35	%		265,000			8/29/2022	Interest only
Senior unsecured notes:
Series A		3.93	%		3.93	%		100,000			3/27/2025	Interest only
Series B		4.09	%		4.09	%		125,000			3/27/2027	Interest only
Series C		4.18	%		4.18	%		125,000			3/27/2030	Interest only
Series D		4.08	%		4.08	%		115,000			1/22/2028	Interest only
Series E		4.26	%		4.26	%		160,000			3/22/2030	Interest only
Series F		4.44	%		4.44	%		175,000			3/22/2033	Interest only
Total / weighted average debt					3.84	%		1,929,612
Discount								(1,647	)
Deferred financing costs, net								(9,032	)
Total (3)							$	1,918,933

Notes:

(1) Represents a $164 million mortgage loan bearing interest at 4.09% and a $16 million loan bearing interest at 6.25%.

(2) LIBOR is fixed at 2.1485% under a variable to fixed interest rate swap agreement.

(3) Capitalized interest was $0.3 million for the three months ended December 31, 2018.

Page 21

	Fourth Quarter 2018
	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
2019	$	3,790	$	250,000	$	253,790			13.2	%		2.63	%
2020		3,938		—		3,938			0.2	%		n/a
2021		4,090		—		4,090			0.2	%		n/a
2022		5,628		265,000		270,628			14.0	%		3.35	%
2023		7,876		—		7,876			0.4	%		n/a
Thereafter		33,868		1,355,422		1,389,290			72.0	%		4.15	%
Total debt	$	59,190	$	1,870,422		1,929,612			100.0	%		3.84	%
Discount						(1,647	)
Deferred financing costs, net						(9,032	)
Total					$	1,918,933

Note:

(1) Assumes no extension options are exercised.

Debt Maturity Profile

Ground Lease Commitments

Year	1350 Broadway		1400 Broadway		111 West 33rd Street		Total
2019	$	108	$	675	$	735	$	1,518
2020		108		675		735		1,518
2021		108		675		735		1,518
2022		108		675		735		1,518
2023		108		675		735		1,518
Thereafter		2,037		27,000		39,261		68,298
	$	2,577	$	30,375	$	42,936	$	75,888

Page 22

	Fourth Quarter 2018
	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 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 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: deferred tax asset write-off, loss on early extinguishment of debt and acquisition expenses. The Company presents Core FFO because it considers it an important supplemental measure of its operating performance in that 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 (“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 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 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 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 titled measures and, accordingly, our NOI may not-be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

EBITDA

We compute EBITDA as net income plus interest expense, income taxes and depreciation. 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 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.

Page 23