Exhibit 99.2

  First Quarter 2019

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, 2018 and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

Page 2

  First Quarter 2019

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	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
Citi	Michael Bilerman	(212) 816-1383	michael.bilerman@citi.com
	Emmanuel Korchman	(212) 816-1382	emmanuel.korchman@citi.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 Nicolaus & Company, Inc.	John Guinee	(443) 224-1307	jwguinee@stifel.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com

Page 3

  First Quarter 2019 Financial Highlights (unaudited and dollars in thousands, except per share amounts)

	Three Months Ended
Selected Items:	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Revenue	$	167,293		$	199,309		$	186,402		$	178,529		$	167,271
Net income	$	9,856		$	39,781		$	29,230		$	30,184		$	18,058
Cash net operating income (1) (2)	$	80,080		$	113,336		$	99,138		$	96,580		$	81,149
Core funds from operations (“Core FFO”) (1)	$	56,672		$	87,276		$	72,957		$	70,957		$	59,250
Core funds available for distribution (“Core FAD”) (1)	$	41,179		$	68,142		$	59,205		$	60,830		$	51,170
Core FFO per share—diluted	$	0.19		$	0.29		$	0.25		$	0.24		$	0.20
Diluted weighted average shares		298,049,000			297,492,000			297,478,000			297,244,000			296,827,000
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		10,130,875			10,128,839			10,126,547			10,140,545			10,143,376
Percent occupied (3)		88.8	%		88.8	%		88.4	%		88.4	%		88.1	%
Percent leased (4)		91.5	%		91.8	%		92.1	%		91.4	%		91.5	%
Observatory Metrics:
Number of visitors (5)		601,000			945,000			1,168,000			1,049,000			644,000
Change in visitors year over year		(6.7	%)		(4.6	%)		(5.6	%)		(4.1	%)		4.1	%
Observatory revenues (6)	$	20,569		$	34,536		$	40,241		$	35,201		$	21,249
Change in revenues year over year		(3.2	%)		4.9	%		2.4	%		3.6	%		1.5	%
Ratios:
Consolidated Debt to Total Market Capitalization (7)		28.5	%		30.8	%		27.6	%		27.0	%		27.4	%
Consolidated Net Debt to Total Market Capitalization (7)		21.6	%		23.4	%		20.4	%		19.7	%		19.5	%
Consolidated Debt and Perpetual Preferred Units to Total Market Capitalization (7)		28.9	%		31.2	%		28.0	%		27.4	%		27.8	%
Consolidated Net Debt and Perpetual Preferred Units to Total Market Capitalization (7)		22.0	%		23.8	%		20.8	%		20.1	%		19.9	%
Consolidated Debt to EBITDA (8)		5.2x			5.2x			5.5x			5.5x			5.5x
Consolidated Net Debt to EBITDA (8)		3.6x			3.6x			3.7x			3.6x			3.5x
Interest Coverage Ratio		4.0x			5.7x			5.0x			4.8x			4.4x
Core FFO Payout Ratio (9)		56	%		35	%		44	%		45	%		53	%
Core FAD Payout Ratio (10)		77	%		45	%		54	%		52	%		62	%
Class A common stock price at quarter end	$	15.80		$	14.23		$	16.61		$	17.10		$	16.79
Average closing price	$	15.36		$	15.65		$	17.07		$	16.89		$	18.10
Dividends per share—annualized	$	0.42		$	0.42		$	0.42		$	0.42		$	0.42
Dividend yield (11)		2.7	%		3.0	%		2.5	%		2.5	%		2.5	%
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		175,557,910			173,872,536			168,176,734			166,658,962			163,321,049
Class B common stock		1,035,327			1,038,090			1,044,169			1,045,670			1,048,161
Operating partnership units		128,232,650			128,415,440			134,112,696			135,628,967			138,627,149
Total common stock and operating partnership units outstanding (12)		304,825,887			303,326,066			303,333,599			303,333,599			302,996,359

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 March 31, 2019 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2019; (ii) the number of perpetual preferred units at March 31, 2019 multiplied by $16.62 and (iii) our outstanding indebtedness or net indebtedness as of March 31, 2019.

(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 March 31, 2019.

(12) As of March 31, 2019, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 48.5 million shares or approximately $766 million at a closing share price of $15.80. This represents a 59% increase in the number of Class A shares since the IPO.

Page 4

  First Quarter 2019 Property Summary—Net Operating Income (“NOI”) by Quarter (unaudited and dollars in thousands)

	Three Months Ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Total Portfolio
Revenues	$	146,404		$	164,484		$	145,849		$	142,952		$	145,559
Operating expenses		(73,518	)		(71,565	)		(73,387	)		(68,493	)		(73,260	)
Net operating income (“NOI”)		72,886			92,919			72,462			74,459			72,299
Straight-line rent		(5,404	)		(5,445	)		(5,000	)		(5,809	)		(5,853	)
Above/below-market rent revenue amortization		(2,354	)		(1,733	)		(1,668	)		(1,551	)		(1,168	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI—excluding Observatory		67,086			87,699			67,751			69,057			67,236
Observatory cash NOI		12,994			25,637			31,387			27,523			13,913
Total cash NOI—including Observatory	$	80,080		$	113,336		$	99,138		$	96,580		$	81,149
Manhattan Office Portfolio (1)
Revenues	$	123,616		$	140,443		$	122,687		$	119,384		$	122,303
Operating expenses		(62,665	)		(60,919	)		(62,464	)		(58,457	)		(63,218	)
NOI		60,951			79,524			60,223			60,927			59,085
Straight-line rent		(5,408	)		(5,037	)		(4,068	)		(4,970	)		(6,089	)
Above/below-market rent revenue amortization		(2,354	)		(1,733	)		(1,668	)		(1,551	)		(1,168	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Cash NOI	$	55,147		$	74,712		$	56,444		$	56,364		$	53,786
Greater New York Office Portfolio
Revenues	$	18,107		$	19,287		$	18,536		$	18,741		$	18,697
Operating expenses		(8,927	)		(8,839	)		(9,069	)		(8,326	)		(8,425	)
NOI		9,180			10,448			9,467			10,415			10,272
Straight-line rent		(124	)		(516	)		(1,014	)		(895	)		(285	)
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Cash NOI	$	9,056		$	9,932		$	8,453		$	9,520		$	9,987
Standalone Retail Portfolio
Revenues	$	4,681		$	4,754		$	4,626		$	4,827		$	4,559
Operating expenses		(1,926	)		(1,807	)		(1,854	)		(1,710	)		(1,617	)
NOI		2,755			2,947			2,772			3,117			2,942
Straight-line rent		128			108			82			56			521
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Cash NOI	$	2,883		$	3,055		$	2,854		$	3,173		$	3,463

Note:

⁽¹⁾  Includes 512,632 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

  First Quarter 2019 Net Operating Income (“NOI”), Initial Free Rent Burn-Off  and Signed Leases Not Commenced (unaudited and dollars in thousands)

	Three Months Ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Reconciliation of Net Income to NOI and Cash NOI
Net income	$	9,856		$	39,781		$	29,230		$	30,184		$	18,058
Add:
General and administrative expenses		14,026			13,673			13,148			13,225			12,628
Depreciation and amortization		46,098			46,682			42,475			39,468			39,883
Interest expense		20,689			20,849			20,658			20,525			17,591
Income tax expense (benefit)		(730	)		1,312			2,135			1,455			(260	)
Less:
Third-party management and other fees		(320	)		(289	)		(312	)		(376	)		(463	)
Interest income		(3,739	)		(3,452	)		(3,485	)		(2,499	)		(1,225	)
Net operating income		85,880			118,556			103,849			101,982			86,212
Straight-line rent		(5,404	)		(5,445	)		(5,000	)		(5,809	)		(5,853	)
Above/below-market rent revenue amortization		(2,354	)		(1,733	)		(1,668	)		(1,551	)		(1,168	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI—including Observatory		80,080			113,336			99,138			96,580			81,149
Less: Observatory NOI		(12,994	)		(25,637	)		(31,387	)		(27,523	)		(13,913	)
Total cash NOI—excluding Observatory	$	67,086		$	87,699		$	67,751		$	69,057		$	67,236
Cash NOI by Portfolio
Manhattan Office Portfolio	$	55,147		$	74,712		$	56,444		$	56,364		$	53,786
Greater New York Office Portfolio		9,056			9,932			8,453			9,520			9,987
Standalone Retail Portfolio		2,883			3,055			2,854			3,173			3,463
Total cash NOI—excluding Observatory		67,086			87,699			67,751			69,057			67,236
Observatory cash NOI		12,994			25,637			31,387			27,523			13,913
Total cash NOI—including Observatory	$	80,080		$	113,336		$	99,138		$	96,580		$	81,149

Schedule of Initial Free Rent Burn-Off

As of March 31, 2019, the Company had approximately $51 million of annualized cash rents that have yet to contribute to Cash NOI:

	Annualized Initial Base		Base Cash Rent Contributing to Cash NOI in the Following Years on a Cumulative Basis
Total Portfolio	Cash Rent		2019		2020		2021		2022
Commenced leases in free rent period	$	32,253	$	12,694	$	30,571	$	32,253	$	32,253
Signed leases not commenced		18,530		1,533		14,230		18,530		18,530
Total	$	50,783	$	14,227	$	44,801	$	50,783	$	50,783

Signed leases not commenced (“SLNC”)

	Square		3/31/19 Escalated		New		Expected Base Rent Commencement		Incremental Annual
Tenant	Feet		Annual Rent		Annual Rent		GAAP	Cash	Revenue
Hospitals Insurance Co.		41,836	$	—	$	2,590	May 2019	Nov. 2019	$	2,590
Distinguished Concerts International LLC		17,644		—		1,180	Sept. 2019	Dec. 2019		1,180
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		860		2,000	Mar. 2020	Apr. 2020		1,140
Signature Bank		71,787		—		4,240	Sept. 2019	May 2020		4,240
Siesense Inc.		23,175		1,210		1,440	Oct. 2019	Jul. 2020		230
Abrams Artists Agency LLC		25,294		—		1,850	Dec. 2019	Sept. 2020		1,850
Other SLNC		75,927		—		4,940	Apr. 2019 - Mar. 2020	Apr. 2019 - Oct. 2020		4,940
Total		319,558	$	2,070	$	20,600			$	18,530

Page 6

  First Quarter 2019 Property Summary—Leasing Activity by Quarter (unaudited)

	Three Months Ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Total Portfolio
Total leases executed		34			35			43			37			41
Weighted average lease term		8.3 years			10.5 years			9.8 years			6.1 years			7.1 years
Average free rent period		4.7 months			5.4 months			6.8 months			4.5 months			4.8 months
Office
Total square footage executed		300,408			241,978			353,686			142,286			253,626
Average cash rent psf—leases executed	$	61.79		$	62.44		$	58.47		$	55.45		$	54.51
Previously escalated cash rents psf	$	54.36		$	49.69		$	47.10		$	46.86		$	48.53
Percentage of new cash rent over previously escalated rents		13.7	%		25.7	%		24.1	%		18.3	%		12.3	%
Retail
Total square footage executed		7,643			4,782			413			1,131			5,904
Average cash rent psf—leases executed	$	109.54		$	104.57		$	65.03		$	122.02		$	175.43
Previously escalated cash rents psf	$	106.84		$	128.16		$	63.22		$	122.83		$	175.43
Percentage of new cash rent over previously escalated rents		2.5	%		(18.4	%)		2.9	%		(0.7	%)		0.0	%
Total Portfolio
Total square footage executed		308,051			246,760			354,099			143,417			259,530
Average cash rent psf—leases executed	$	63.90		$	63.57		$	58.48		$	55.99		$	57.29
Previously escalated cash rents psf	$	56.35		$	51.32		$	47.12		$	47.48		$	51.44
Percentage of new cash rent over previously escalated rents		13.4	%		23.9	%		24.1	%		17.9	%		11.4	%
Leasing commission costs per square foot	$	15.00		$	26.07		$	22.33		$	10.66		$	15.35
Tenant improvement costs per square foot		55.09			86.99			75.17			66.27			49.54
Total LC and TI per square foot (2)	$	70.09		$	113.06		$	97.50		$	76.93		$	64.89
Occupancy		88.8	%		88.8	%		88.4	%		88.4	%		88.1	%
Manhattan Office Portfolio (1)
Total leases executed		30			28			37			30			31
Office—New Leases
Total square footage executed		153,506			204,999			281,844			83,251			158,932
Average cash rent psf—leases executed	$	63.74		$	64.82		$	61.84		$	62.88		$	59.51
Previously escalated cash rents psf	$	52.65		$	49.85		$	48.56		$	49.69		$	48.05
Percentage of new cash rent over previously escalated rents		21.1	%		30.0	%		27.3	%		26.5	%		23.8	%
Office—Renewal Leases
Total square footage executed		131,304			13,547			33,212			27,738			33,964
Average cash rent psf—leases executed	$	62.51		$	60.75		$	53.77		$	53.48		$	56.31
Previously escalated cash rents psf	$	58.55		$	56.55		$	46.90		$	49.35		$	56.22
Percentage of new cash rent over previously escalated rents		6.8	%		7.4	%		14.7	%		8.4	%		0.2	%
Retail—New and Renewal Leases
Total square footage executed		1,998			862			413			1,131			—
Average cash rent psf—leases executed	$	80.00		$	78.30		$	65.03		$	122.02		$	—
Previously escalated cash rents psf	$	73.73		$	78.30		$	63.22		$	122.83		$	—
Percentage of new cash rent over previously escalated rents		8.5	%		0.0	%		2.9	%		(0.7	%)		0.0	%
Total Manhattan Office Portfolio
Total square footage executed		286,808			219,408			315,469			112,120			192,896
Average cash rent psf—leases executed	$	63.29		$	64.62		$	61.00		$	61.15		$	58.94
Previously escalated cash rents psf	$	55.50		$	50.38		$	48.40		$	50.35		$	49.49
Percentage of new cash rent over previously escalated rents		14.0	%		28.3	%		26.0	%		21.5	%		19.1	%
Leasing commission costs per square foot	$	14.50		$	27.50		$	24.23		$	11.70		$	18.56
Tenant improvement costs per square foot		54.18			90.85			79.42			68.11			63.22
Total LC and TI per square foot (2)	$	68.68		$	118.35		$	103.65		$	79.81		$	81.78
Occupancy		88.9	%		88.9	%		88.3	%		88.1	%		87.3	%

Page 7

  First Quarter 2019 Property Summary—Leasing Activity by Quarter—(Continued) (unaudited)

	Three Months Ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Greater New York Office Portfolio
Total leases executed		3			6			6			7			8
Total square footage executed		15,598			23,432			38,630			31,297			60,730
Average cash rent psf—leases executed	$	36.60		$	42.59		$	37.92		$	34.31		$	39.85
Previously escalated cash rents psf	$	35.78		$	44.30		$	36.63		$	35.43		$	45.36
Percentage of new cash rent over previously escalated rents		2.3	%		(3.9	%)		3.5	%		(3.2	%)		(12.1	%)
Leasing commission costs per square foot	$	15.32		$	11.32		$	6.81		$	6.95		$	4.21
Tenant improvement costs per square foot		77.21			50.30			40.47			59.68			7.89
Total LC and TI per square foot (2)	$	92.53		$	61.62		$	47.28		$	66.63		$	12.10
Occupancy		87.8	%		87.6	%		88.3	%		88.9	%		90.8	%
Standalone Retail Portfolio
Total leases executed		1			1			—			—			2
Total square footage executed		5,645			3,920			—			—			5,904
Average cash rent psf—leases executed	$	120.00		$	110.34		$	—		$	—		$	175.42
Previously escalated cash rents psf	$	118.56		$	139.12		$	—		$	—		$	175.42
Percentage of new cash rent over previously escalated rents		1.2	%		(20.7	%)		0.0	%		0.0	%		0.0	%
Leasing commission costs per square foot	$	39.08		$	34.10		$	—		$	—		$	25.20
Tenant improvement costs per square foot		40.00			90			—			—			31
Total LC and TI per square foot (2)	$	79.08		$	124.10		$	—		$	—		$	56.51
Occupancy		94.4	%		94.4	%		94.4	%		95.4	%		97.3	%

Notes:

(1) Includes 512,632 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

  First Quarter 2019 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)

	Three Months Ended										Full Year
	Actual			Forecast (1)			Forecast (1)		Forecast (1)		Forecast (1)			Forecast (1)
	March 31, 2019			June 30, 2019			September 30, 2019		December 31, 2019		Apr. to Dec. 2019			2020
Total Portfolio (2)
Total Expirations		150,816			158,709			178,623		278,702		616,034			692,179
Less: Broadcasting		(7,852	)		(2,528	)		—		—		(2,528	)		(1,673	)
Office and Retail Expirations		142,964			156,181			178,623		278,702		613,506			690,506
Renewal & Relocations (3)		31,298			50,993			41,472		73,949		166,414			233,893
Short-term renewals (4)		12,097			—			—		—		—			—
New Leases (5)		20,627			26,552			11,718		15,341		53,611			24,078
Tenant Vacates (6)		68,013			46,044			73,092		133,756		252,892			144,663
Intentional Vacates (7)		1,743			31,003			51,041		55,656		137,700			29,852
Holdover (8)		9,186			—			—		—		—			—
Unknown (9)		—			1,589			1,300		—		2,889			258,020
Total Portfolio expirations and vacates		142,964			156,181			178,623		278,702		613,506			690,506
Manhattan Office Portfolio
Total Expirations		112,369			98,075			142,833		128,125		369,033			459,984
Less: Broadcasting		(7,852	)		(2,528	)		—		—		(2,528	)		(1,673	)
Office Expirations		104,517			95,547			142,833		128,125		366,505			458,311
Renewal & Relocations (3)		10,259			6,457			13,488		56,746		76,691			86,189
Short-term renewals (4)		8,950			—			—		—		—			—
New Leases (5)		12,712			26,552			11,718		15,341		53,611			16,678
Tenant Vacates (6)		61,909			30,188			71,045		17,815		119,048			77,615
Intentional Vacates (7)		1,501			30,761			45,282		38,223		114,266			29,852
Holdover (8)		9,186			—			—		—		—			—
Unknown (9)		—			1,589			1,300		—		2,889			247,977
Total expirations and vacates		104,517			95,547			142,833		128,125		366,505			458,311
Greater New York Metropolitan Area Office Portfolio
Office Expirations		38,205			57,619			30,031		133,144		220,794			203,933
Renewal & Relocations (3)		21,039			41,763			27,984		17,203		86,950			133,245
Short-term renewals (4)		3,147			—			—		—		—			—
New Leases (5)		7,915			—			—		—		—			7,400
Tenant Vacates (6)		6,104			15,856			2,047		115,941		133,844			60,811
Intentional Vacates (7)		—			—			—		—		—			—
Holdover (8)		—			—			—		—		—			—
Unknown (9)		—			—			—		—		—			2,477
Total expirations and vacates		38,205			57,619			30,031		133,144		220,794			203,933
Retail Portfolio
Retail Expirations		242			3,015			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			242			5,759		17,433		23,434			—
Holdover (8)		—			—			—		—		—			—
Unknown (9)		—			—			—		—		—			7,566
Total expirations and vacates		242			3,015			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

  First Quarter 2019 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		2,711,163		93.8	%	$	150,023,260	$	58.99		170
One Grand Central Place	Grand Central		1,248,231		87.3	%		63,083,718		57.92		204
1400 Broadway (8)	Penn Station —Times Sq. South		914,453		88.0	%		41,254,971		51.28		30
111 West 33rd Street (9)	Penn Station —Times Sq. South		638,808		75.7	%		28,143,330		58.18		18
250 West 57th Street	Columbus Circle—West Side		470,552		78.4	%		21,943,640		59.47		49
501 Seventh Avenue	Penn Station —Times Sq. South		461,161		95.1	%		19,866,578		45.31		30
1359 Broadway	Penn Station —Times Sq. South		455,824		98.3	%		23,941,223		53.43		36
1350 Broadway (10)	Penn Station —Times Sq. South		372,792		87.0	%		18,923,247		58.35		60
1333 Broadway	Penn Station —Times Sq. South		292,835		75.8	%		11,072,493		49.86		10
Manhattan Office Properties—Office			7,565,819		88.9	%		378,252,460		56.27		607
Manhattan Office Properties—Retail
The Empire State Building (7)	Penn Station —Times Sq. South		104,543		69.4	%		13,462,578		185.65		13
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	%		2,023,371		127.96		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	%		10,130,963		149.14		8
501 Seventh Avenue	Penn Station —Times Sq. South		34,599		87.5	%		1,931,191		63.75		8
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	%		6,818,464		214.59		6
1333 Broadway	Penn Station —Times Sq. South		67,001		100.0	%		9,018,254		134.60		4
Manhattan Office Properties—Retail			512,632		89.2	%		74,647,718		163.25		70
Sub-Total/Weighted Average
Manhattan Office Properties—Office and Retail			8,078,451		88.9	%		452,900,178		63.08		677
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		783,729		88.2	%		30,075,287		43.51		46
Metro Center	Stamford, CT		281,714		85.7	%		14,019,496		58.09		23
383 Main Avenue	Norwalk, CT		260,667		83.4	%		7,246,964		33.33		21
500 Mamaroneck Avenue	Harrison, NY		288,202		85.2	%		7,217,081		29.40		29
10 Bank Street	White Plains, NY		232,517		97.2	%		7,992,806		35.35		34
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,846,829		87.8	%		66,551,634		41.04		153
Standalone Retail Properties
10 Union Square	Union Square		58,007		100.0	%		7,045,059		121.45		13
1542 Third Avenue	Upper East Side		56,250		100.0	%		3,981,685		70.79		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,751,405		84.00		2
77 West 55th Street	Midtown		25,388		100.0	%		2,750,327		108.33		3
69-97 Main Street	Westport, CT		16,958		32.7	%		708,876		127.93		2
103-107 Main Street	Westport, CT		4,330		100.0	%		727,876		168.10		1
Sub-Total/Weighted Average Standalone Retail Properties			205,595		94.4	%		18,965,227		97.67		25
Portfolio Total			10,130,875		88.8	%	$	538,417,039	$	59.85		855
Total/Weighted Average Office Properties			9,412,648		88.6	%	$	444,804,094	$	53.31		760
Total/Weighted Average Retail Properties			718,227		90.7	%		93,612,946		143.70		95
Portfolio Total			10,130,875		88.8	%	$	538,417,039	$	59.85		855

Notes:

(1) Excludes (i) 177,459 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 March 31, 2019.

(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, 2019 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 37,778 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 44 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 58 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 31 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

Page 10

  First Quarter 2019 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		—		863,789		8.5	%	$	—		0.0	%	$	—
Signed leases not commenced		22		271,345		2.7	%		—		0.0	%		—
1Q 2019 (4)		6		18,316		0.2	%		961,550		0.2	%		52.50
2Q 2019		38		158,709		1.6	%		8,704,762		1.6	%		54.85
3Q 2019		34		178,623		1.8	%		9,707,665		1.8	%		54.35
4Q 2019		38		278,702		2.8	%		13,011,833		2.4	%		46.69
Total 2019		116		634,350		6.3	%		32,385,810		6.0	%		51.05
1Q 2020		27		80,533		0.8	%		4,850,893		0.9	%		60.23
2Q 2020		40		206,803		2.0	%		11,159,054		2.1	%		53.96
3Q 2020		33		209,178		2.1	%		11,177,551		2.1	%		53.44
4Q 2020		29		195,665		1.9	%		11,246,983		2.1	%		57.48
Total 2020		129		692,179		6.8	%		38,434,481		7.1	%		55.53
2021		107		698,767		6.9	%		40,177,080		7.5	%		57.50
2022		99		544,371		5.4	%		34,887,759		6.5	%		64.09
2023		85		708,321		7.0	%		42,883,288		8.0	%		60.54
2024		70		753,153		7.4	%		44,008,625		8.2	%		58.43
2025		58		387,408		3.8	%		28,545,159		5.3	%		73.68
2026		45		956,550		9.4	%		54,063,058		10.0	%		56.52
2027		46		562,312		5.6	%		32,639,055		6.1	%		58.04
2028		27		981,049		9.7	%		52,683,082		9.8	%		53.70
Thereafter		73		2,077,281		20.5	%		137,709,642		25.6	%		66.29
Total		877		10,130,875		100.0	%	$	538,417,039		100.0	%	$	59.85
Manhattan Office Properties (5)
Available		—		588,694		7.8	%	$	—		0.0	%	$	—
Signed leases not commenced		17		254,472		3.4	%		—		0.0	%		—
1Q 2019 (4)		5		18,018		0.2	%		956,050		0.3	%		53.06
2Q 2019		25		98,075		1.3	%		5,302,107		1.4	%		54.06
3Q 2019		27		142,833		1.9	%		6,921,886		1.8	%		48.46
4Q 2019		31		128,125		1.7	%		6,963,752		1.8	%		54.35
Total 2019		88		387,051		5.1	%		20,143,795		5.3	%		52.04
1Q 2020		20		68,876		0.9	%		4,010,557		1.1	%		58.23
2Q 2020		28		88,963		1.2	%		5,082,811		1.3	%		57.13
3Q 2020		28		161,051		2.1	%		8,846,795		2.3	%		54.93
4Q 2020		21		141,094		1.9	%		7,449,252		2.0	%		52.80
Total 2020		97		459,984		6.1	%		25,389,415		6.7	%		55.20
2021		68		457,753		6.1	%		25,531,338		6.7	%		55.78
2022		74		367,714		4.9	%		21,397,938		5.7	%		58.19
2023		62		533,430		7.1	%		30,406,896		8.0	%		57.00
2024		50		526,171		7.0	%		29,441,091		7.8	%		55.95
2025		38		248,198		3.3	%		14,716,998		3.9	%		59.30
2026		31		815,739		10.8	%		46,691,184		12.3	%		57.24
2027		31		400,706		5.3	%		22,428,816		5.9	%		55.97
2028		18		912,911		12.1	%		49,364,407		13.1	%		54.07
Thereafter		50		1,612,996		21.0	%		92,740,582		24.6	%		57.50
Total Manhattan office properties		624		7,565,819		100.0	%	$	378,252,460		100.0	%	$	56.27

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) 177,459 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 March 31, 2019 and expire on March 31, 2019.

(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

  First Quarter 2019 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		—		219,869		11.9	%	$	—		0.0	%	$	—
Signed leases not commenced		2		5,310		0.3	%		—		0.0	%		—
1Q 2019 (4)		1		298		0.0	%		5,500		0.0	%		18.46
2Q 2019		11		57,619		3.1	%		2,050,644		3.1	%		35.59
3Q 2019		4		30,031		1.6	%		1,465,534		2.2	%		48.80
4Q 2019		6		133,144		7.2	%		4,762,653		7.2	%		35.77
Total 2019		22		221,092		12.0	%		8,284,331		12.4	%		37.47
1Q 2020		6		10,263		0.6	%		467,877		0.7	%		45.59
2Q 2020		8		104,037		5.6	%		5,329,853		8.0	%		51.23
3Q 2020		4		44,627		2.4	%		1,691,840		2.5	%		37.91
4Q 2020		6		45,006		2.4	%		1,971,223		3.0	%		43.80
Total 2020		24		203,933		11.0	%		9,460,793		14.2	%		46.39
2021		31		210,934		11.4	%		9,611,892		14.4	%		45.57
2022		15		116,525		6.3	%		4,447,394		6.7	%		38.17
2023		13		120,187		6.5	%		5,502,518		8.3	%		45.78
2024		9		199,026		10.8	%		8,796,929		13.2	%		44.20
2025		13		106,215		5.8	%		3,451,027		5.2	%		32.49
2026		5		66,130		3.6	%		2,132,842		3.2	%		32.25
2027		7		73,833		4.0	%		2,754,722		4.1	%		37.31
2028		6		64,515		3.5	%		2,277,599		3.4	%		35.30
Thereafter		8		239,260		13.0	%		9,831,587		14.9	%		41.09
Total greater New York metropolitan area office properties		155		1,846,829		100.0	%	$	66,551,634		100.0	%	$	41.04
Retail Properties
Available		—		55,226		7.7	%	$	—		0.0	%	$	—
Signed leases not commenced		3		11,563		1.6	%		—		0.0	%		—
1Q 2019 (4)		—		—		0.0	%		—		0.0	%		—
2Q 2019		2		3,015		0.4	%		1,352,011		1.4	%		448.43
3Q 2019		3		5,759		0.8	%		1,320,245		1.4	%		229.25
4Q 2019		1		17,433		2.4	%		1,285,428		1.4	%		73.74
Total 2019		6		26,207		3.6	%		3,957,684		4.2	%		151.02
1Q 2020		1		1,394		0.2	%		372,459		0.4	%		267.19
2Q 2020		4		13,803		1.9	%		746,390		0.8	%		54.07
3Q 2020		1		3,500		0.5	%		638,916		0.7	%		182.55
4Q 2020		2		9,565		1.3	%		1,826,508		2.0	%		190.96
Total 2020		8		28,262		3.9	%		3,584,273		3.8	%		126.82
2021		8		30,080		4.2	%		5,033,850		5.4	%		167.35
2022		10		60,132		8.4	%		9,042,427		9.7	%		150.38
2023		10		54,704		7.6	%		6,973,874		7.4	%		127.48
2024		11		27,956		3.9	%		5,770,605		6.2	%		206.42
2025		7		32,995		4.6	%		10,377,134		11.1	%		314.51
2026		9		74,681		10.4	%		5,239,032		5.6	%		70.15
2027		8		87,773		12.2	%		7,455,517		8.0	%		84.94
2028		3		3,623		0.5	%		1,041,076		1.1	%		287.35
Thereafter		15		225,025		31.4	%		35,137,474		37.5	%		156.15
Total retail properties		98		718,227		100.0	%	$	93,612,946		100.0	%	$	143.70

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) 177,459 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 March 31, 2019 and expire on March 31, 2019.

(5) Represents two license agreements.

Page 12

  First Quarter 2019 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		—		134,492		5.0	%	$	—		0.0	%	$	—
Signed leases not commenced		2		33,372		1.2	%		—		0.0	%		—
1Q 2019 (6)		2		3,736		0.1	%		189,375		0.1	%		50.69
2Q 2019		4		4,266		0.2	%		280,746		0.2	%		65.81
3Q 2019		—		—		0.0	%		—		0.0	%		—
4Q 2019		5		36,896		1.4	%		1,827,001		1.2	%		49.52
Total 2019		11		44,898		1.7	%		2,297,122		1.5	%		51.16
1Q 2020		6		20,662		0.8	%		1,284,532		0.9	%		62.17
2Q 2020		8		40,723		1.5	%		2,167,395		1.4	%		53.22
3Q 2020		8		38,636		1.4	%		2,300,312		1.5	%		59.54
4Q 2020		7		58,837		2.2	%		3,545,373		2.4	%		60.26
Total 2020		29		158,858		5.9	%		9,297,612		6.2	%		58.53
2021		21		131,894		4.9	%		7,727,575		5.2	%		58.59
2022		21		95,188		3.5	%		6,062,994		4.0	%		63.69
2023		19		100,390		3.7	%		6,535,664		4.4	%		65.10
2024		17		220,446		8.1	%		13,615,409		9.1	%		61.76
2025		9		76,231		2.8	%		4,411,029		2.9	%		57.86
2026		11		435,589		16.1	%		25,996,347		17.3	%		59.68
2027		6		22,615		0.8	%		1,407,339		0.9	%		62.23
2028		4		545,713		20.1	%		30,748,482		20.5	%		56.35
Thereafter		22		711,477		26.2	%		41,923,687		28.0	%		58.92
Total Empire State Building office		172		2,711,163		100.0	%	$	150,023,260		100.0	%	$	58.99

Empire State Building Broadcasting Licenses and Leases	Annualized Base Rent (7)		Annualized Expense Reimbursements		Annualized Rent (4)		Percent of Annualized Rent
1Q 2019 (6)		699,390		174,851		874,241		6.1	%
2Q 2019		—		—		—		0.0	%
3Q 2019		—		—		—		0.0	%
4Q 2019		—		—		—		0.0	%
Total 2019		699,390		174,851		874,241		6.1	%
1Q 2020		629,656		66,434		696,090		4.8	%
2Q 2020		137,188		22,550		159,738		1.1	%
3Q 2020		—		—		—		0.0	%
4Q 2020		99,320		29,150		128,470		0.9	%
Total 2020		866,164		118,134		984,298		6.8	%
2021		55,685		87,255		142,940		1.0	%
2022		1,162,467		257,506		1,419,973		9.8	%
2023		82,480		20,202		102,682		0.7	%
2024		47,271		38,022		85,293		0.6	%
2025		1,533,492		165,855		1,699,347		11.8	%
2026		799,969		69,575		869,544		6.0	%
2027		768,750		56,163		824,913		5.7	%
2028		242,550		23,880		266,430		1.8	%
Thereafter		6,372,362		787,883		7,160,245		49.6	%
Total Empire State Building broadcasting licenses and leases	$	12,630,580	$	1,799,326	$	14,429,906		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 $5.4 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 March 31, 2019 and expire on March 31, 2019.

(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

  First Quarter 2019 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	8.9 years		668,942		6.4	%	$	36,039,749		6.7	%
2. LinkedIn	ESB	Feb. 2026	6.9 years		312,947		3.0	%		18,373,071		3.4	%
3. Coty	ESB	Jan. 2030	10.8 years		312,954		3.0	%		16,860,402		3.1	%
4. PVH Corp.	501 Seventh Avenue	Oct. 2028	9.6 years		237,281		2.3	%		10,752,424		2.0	%
5. Sephora	112 West 34th Street	Jan. 2029	9.8 years		11,334		0.1	%		10,457,709		1.9	%
6. Li & Fung	1359 Broadway	Oct. 2021 - Oct. 2027	5.0 years		149,436		1.4	%		7,471,631		1.4	%
7. Urban Outfitters	1333 Broadway	Sept. 2029	10.5 years		56,730		0.5	%		7,103,124		1.3	%
8. Macy’s	111 West 33rd Street	May 2030	11.2 years		131,117		1.3	%		7,060,184		1.3	%
9. Federal Deposit Insurance Corp.	ESB	Dec. 2024	5.8 years		119,226		1.1	%		6,828,231		1.3	%
10. HNTB Corporation	ESB	Feb. 2029	9.9 years		105,143		1.0	%		6,661,282		1.2	%
11. Duane Reade	ESB, 1350 B’Way, 250 West 57th	Feb. 2021 -Sept. 2027	5.7 years		47,541		0.5	%		6,343,147		1.2	%
12. Footlocker	112 West 34th Street	Sept. 2031	12.5 years		34,192		0.3	%		6,258,212		1.2	%
13. Legg Mason	First Stamford Place	Sept. 2024	5.5 years		137,583		1.3	%		6,246,888		1.2	%
14. Fragomen	1400 Broadway	Feb. 2035	15.9 years		107,680		1.0	%		5,922,400		1.1	%
15. WDFG North America	ESB	Dec. 2025	6.8 years		5,300		0.1	%		5,862,331		1.1	%
16. Shutterstock	ESB	Apr. 2029	10.1 years		104,386		1.0	%		5,549,202		1.0	%
17. The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	10.7 years		86,492		0.8	%		5,366,959		1.0	%
18. ASCAP	250 West 57th Street	Aug. 2034	15.4 years		87,943		0.8	%		5,250,464		1.0	%
19. Kohl’s	1400 Broadway	Apr. 2019 - Oct. 2029	7.8 years		118,380		1.1	%		5,248,625		1.0	%
20. On Deck Capital, Inc.	1400 Broadway	June 2019 -Dec. 2026	7.8 years		81,290		0.8	%		4,593,205		0.9	%
Total					2,915,897		27.8	%	$	184,249,240		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 March 31, 2019.

(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 14

  First Quarter 2019 Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Tenant improvements—first generation	$	19,142	$	26,079	$	21,229	$	31,921	$	17,298
Tenant improvements—second generation		9,028		7,963		10,069		4,874		2,039
Leasing commissions—first generation		1,276		4,533		4,813		1,698		3,699
Leasing commissions—second generation		1,869		2,845		2,576		866		3,024
Building improvements—first generation		11,022		10,085		18,418		19,862		13,664
Building improvements—second generation		4,840		8,624		2,279		4,329		1,719
Observatory capital project (1)		13,789		12,750		14,507		15,871		11,533
Total	$	60,966	$	72,879	$	73,891	$	79,421	$	52,976

Note:

(1) Total Observatory capital project spent-to-date was $105.1 million as of March 31, 2019.

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

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

- Future redevelopment (other Manhattan properties) - 430,000 square feet

- Redevelopment completed - 7,370,000 square feet

Inventory of vacant space ⁽²⁾

- Developed - 530,000 square feet, 93%

- Undeveloped - 40,000 square feet, 7%

Inventory of undeveloped space ⁽²⁾

- Vacant - 40,000 square feet, 6%

- Expires in 2019 - 90,000 square feet, 15%

- Expires in 2020 and thereafter - 480,000 square feet, 79%

Developed 60,000 square feet in the first quarter 2019.

Leasing Opportunity—Inventory of Current Vacant Space as of March 31, 2019 (in square feet)
Total Portfolio vacant space	1,135,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	256,000
Greater New York Office Properties SLNC	5,000
Retail Properties SLNC	10,000
Redeveloped Manhattan Office space	466,000
Greater New York Office Properties space	220,000
Retail Properties space	55,000
Undeveloped Manhattan Office space	18,000
Space held off market	57,000
Other	48,000
Total	1,135,000

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

	Expected Vacates		2019		2020		2021		Thereafter
Tenant Vacates
Developed		115,636
Undeveloped space to be developed		3,412		—		—		—		3,412
		119,048
Intentional Vacates
Developed		67,689
Undeveloped space to be developed		70,011		2,921		52,981		14,109		—
		137,700

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

  First Quarter 2019
Observatory Summary (unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Observatory revenue (1)	$	130,547	$	20,569		$	34,536		$	40,241		$	35,201		$	21,249
Observatory expenses		33,006		7,575			8,899			8,854			7,678			7,336
NOI		97,541		12,994			25,637			31,387			27,523			13,913
Intercompany rent expense (2)		80,414		14,021			20,598			23,805			21,990			13,561
NOI after intercompany rent	$	17,127	$	(1,027	)	$	5,039		$	7,582		$	5,533		$	352
Observatory Metrics
Number of visitors (3)				601,000			945,000			1,168,000			1,049,000			644,000
Change in visitors year over year				(6.7	%)		(4.6	%)		(5.6	%)		(4.1	%)		4.1	%
Number of bad weather days (“BWD”) (4)				15			19			11			11			15
Estimated effect of BWD’s on number of visitors (5)				(10,000	)		(43,000	)		(24,000	)		19,000			(14,000	)
102nd floor revenue (6)			$	180		$	2,388		$	3,066		$	3,041		$	83

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, the fixed license fee was $1,453, $1,411, $1,411, $1,410 and $1,410, 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

  First Quarter 2019 Condensed Consolidated Balance Sheets (unaudited and dollars in thousands)

	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
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			7,987			7,986
Building and improvements		2,727,497			2,675,303			2,616,772			2,562,662			2,495,901
		2,936,680			2,884,486			2,825,955			2,771,845			2,705,083
Less: accumulated depreciation		(777,794	)		(747,304	)		(718,959	)		(698,725	)		(678,250	)
Commercial real estate properties, net		2,158,886			2,137,182			2,106,996			2,073,120			2,026,833
Cash and cash equivalents		242,910			204,981			229,745			251,797			690,471
Restricted cash		61,766			65,832			54,356			58,719			61,699
Short term investments		350,000			400,000			400,000			400,000			—
Tenant and other receivables, net		22,052			29,437			31,342			21,600			25,156
Deferred rent receivables, net		206,307			200,903			195,455			190,419			184,667
Prepaid expenses and other assets		37,766			64,345			50,663			64,695			39,393
Deferred costs, net		233,382			241,223			244,441			246,763			255,844
Acquired below-market ground leases, net		358,440			360,398			362,355			364,313			366,271
Right of use assets		29,452			—			—			—			—
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,192,440		$	4,195,780		$	4,166,832		$	4,162,905		$	4,141,813
Liabilities and Equity
Mortgage notes payable, net	$	607,823		$	608,567		$	609,299		$	610,026		$	610,826
Senior unsecured notes, net		1,047,078			1,046,219			1,045,362			1,044,573			1,043,677
Unsecured term loan facility, net		264,271			264,147			264,023			263,900			263,777
Unsecured revolving credit facility		—			—			—			—			—
Accounts payable and accrued expenses		127,986			130,676			128,340			129,944			106,830
Acquired below-market leases, net		48,731			52,450			55,662			58,960			62,418
Ground lease liabilties		29,452			—			—			—			—
Deferred revenue and other liabilities		43,339			44,810			32,175			29,553			37,499
Tenants’ security deposits		56,559			57,802			42,520			42,808			43,448
Total liabilities		2,225,239			2,204,671			2,177,381			2,179,764			2,168,475
Total equity		1,967,201			1,991,109			1,989,451			1,983,141			1,973,338
Total liabilities and equity	$	4,192,440		$	4,195,780		$	4,166,832		$	4,162,905		$	4,141,813

Page 17

  First Quarter 2019 Condensed Consolidated Statements of Income (unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Revenues
Rental revenue (1)	$	143,417		$	123,261		$	123,621		$	124,038		$	122,311
Tenant expense reimbursement		—			19,746			18,627			16,205			17,794
Observatory revenue		20,569			34,536			40,241			35,201			21,249
Lease termination fees		388			18,683			1,185			357			622
Third party management and other fees		320			289			312			376			463
Other revenue and fees		2,599			2,794			2,416			2,352			4,832	(2)
Total revenues		167,293			199,309			186,402			178,529			167,271
Operating expenses
Property operating expenses		42,955			41,004			42,772			39,418			44,185
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		14,026			13,673			13,148			13,225			12,628
Observatory expenses		7,575			8,899			8,854			7,678			7,336
Real estate taxes		28,232			28,229			28,284			26,743			26,744
Depreciation and amortization		46,098			46,682			42,475			39,468			39,883
Total operating expenses		141,217			140,819			137,864			128,864			133,107
Total operating income		26,076			58,490			48,538			49,665			34,164
Other income (expense)
Interest income		3,739			3,452			3,485			2,499			1,225
Interest expense		(20,689	)		(20,849	)		(20,658	)		(20,525	)		(17,591	)
Income before income taxes		9,126			41,093			31,365			31,639			17,798
Income tax (expense) benefit		730			(1,312	)		(2,135	)		(1,455	)		260
Net income		9,856			39,781			29,230			30,184			18,058
Perpetual preferred unit distributions		(234	)		(234	)		(234	)		(234	)		(234	)
Net income attributable to non-controlling interests		(3,945	)		(16,705	)		(12,654	)		(13,299	)		(8,056	)
Net income attributable to common stockholders	$	5,677		$	22,842		$	16,342		$	16,651		$	9,768
Weighted average common shares outstanding
Basic		175,850			171,829			167,657			165,256			162,667
Diluted		298,049			297,492			297,478			297,244			296,827
Net income per share attributable to common stockholders
Basic and diluted	$	0.03		$	0.13		$	0.10		$	0.10		$	0.06
Dividends per share	$	0.105		$	0.105		$	0.105		$	0.105		$	0.105

Notes:

(1) The Company adopted Financial Accounting Standards Board Topic 842, Lease Accounting, using the modified retrospective approach on January 1, 2019 and elected to apply the transition provisions of the standard at adoption. As such, the prior period amounts presented under ASC 840 were not restated to conform with the 2019 presentation. The Company adopted the practical expedient in Topic 842, which allows the Company to avoid separating lease and non-lease rental income. Consequently, all rental income earned pursuant to tenant leases in 2019 is reflected as one category, “Rental Revenue,” in the 2019 consolidated statements of income.

The following table reflects the components of 2019 rental revenue.

	March 31,
Rental Revenue	2019
Base rent	$	126,634
Billed tenant expense reimbursement		16,783
Total rental revenue	$	143,417

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

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

Page 18

  First Quarter 2019 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, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income	$	9,856		$	39,781		$	29,230		$	30,184		$	18,058
Preferred unit distributions		(234	)		(234	)		(234	)		(234	)		(234	)
Real estate depreciation and amortization		45,092			45,771			42,004			39,049			39,468
FFO attributable to common stockholders and non-controlled interests		54,714			85,318			71,000			68,999			57,292
Amortization of below-market ground lease		1,958			1,958			1,957			1,958			1,958
Modified FFO attributable to common stockholders and non-controlled interests		56,672			87,276			72,957			70,957			59,250
Core FFO attributable to common stockholders and non-controlled interests	$	56,672		$	87,276		$	72,957		$	70,957		$	59,250
Total weighted average shares and Operating Partnership Units
Basic		298,049			297,492			297,478			297,244			296,824
Diluted		298,049			297,492			297,478			297,244			296,827
FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.18		$	0.29		$	0.24		$	0.23		$	0.19
Diluted	$	0.18		$	0.29		$	0.24		$	0.23		$	0.19
Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.19		$	0.29		$	0.25		$	0.24		$	0.20
Diluted	$	0.19		$	0.29		$	0.25		$	0.24		$	0.20
Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.19		$	0.29		$	0.25		$	0.24		$	0.20
Diluted	$	0.19		$	0.29		$	0.25		$	0.24		$	0.20
Reconciliation of Core FFO to Core FAD
Core FFO	$	56,672		$	87,276		$	72,957		$	70,957		$	59,250
Add:
Amortization of deferred financing costs		1,021			1,021			1,020			1,023			1,034
Non-real estate depreciation and amortization		1,007			912			826			419			415
Amortization of non-cash compensation expense		5,419			4,722			4,852			4,656			4,555
Amortization of debt discount		668			667			668			668			668
Amortization of loss on interest rate derivative		385			385			474			536			—
Deduct:
Straight-line rental revenues		(5,404	)		(5,445	)		(5,000	)		(5,809	)		(5,853	)
Amortization of debt premiums		—			—			—			—			(949	)
Above/below-market rent revenue amortization		(2,354	)		(1,733	)		(1,668	)		(1,551	)		(1,168	)
Corporate capital expenditures		(498	)		(231	)		—			—			—
Tenant improvements—second generation		(9,028	)		(7,963	)		(10,069	)		(4,874	)		(2,039	)
Building improvements—second generation		(4,840	)		(8,624	)		(2,279	)		(4,329	)		(1,719	)
Leasing commissions—second generation		(1,869	)		(2,845	)		(2,576	)		(866	)		(3,024	)
Core FAD	$	41,179		$	68,142		$	59,205		$	60,830		$	51,170
Reconciliation of Net Income to EBITDA
Net income	$	9,856		$	39,781		$	29,230		$	30,184		$	18,058
Interest expense		20,689			20,849			20,658			20,525			17,591
Income tax expense (benefit)		(730	)		1,312			2,135			1,455			(260	)
Depreciation and amortization		46,098			46,682			42,475			39,468			39,883
EBITDA	$	75,913		$	108,624		$	94,498		$	91,632		$	75,272

Page 19

  First Quarter 2019 Debt Summary (unaudited and dollars in thousands)

	March 31, 2019								December 31, 2018
				Weighted Average								Weighted Average
Debt Summary	Balance			Interest Rate			Maturity (Years)		Balance			Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	613,678			4.10	%		9.8	$	614,612			4.10	%		10.0
Senior unsecured notes		1,050,000			3.82	%		7.9		1,050,000			3.82	%		8.2
Unsecured term loan facility (1)		265,000			3.35	%		3.4		265,000			3.35	%		3.7
Total fixed rate debt		1,928,678			3.84	%		7.8		1,929,612			3.84	%		8.1
Unsecured revolving credit facility		—			—			2.4		—			—			2.7
Total variable rate debt		—			—			2.4		—			—			2.7
Total debt		1,928,678			3.84	%		7.8		1,929,612			3.84	%		8.1
Discount		(980	)							(1,647	)
Deferred financing costs, net		(8,526	)							(9,032	)
Total	$	1,919,172							$	1,918,933

Note:

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

Available Capacity	Facility		Outstanding at March 31, 2019		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	%		29.6	%		Yes
Maximum Secured Debt		< 40	%		9.3	%		Yes
Minimum Fixed Charge Coverage		> 1.50	x		3.9	x		Yes
Minimum Unencumbered Interest Coverage		> 1.75	x		5.6	x		Yes
Maximum Unsecured Leverage		< 60	%		23.5	%		Yes
Minimum Tangible Net Worth	$	1,252,954		$	1,810,557			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

  First Quarter 2019 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	%	$	91,298			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	%		38,812			1/5/2028	30 years
10 Bank Street		4.23	%		4.23	%		33,568			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								613,678
Exchangeable senior unsecured notes		2.63	%		2.63	%		250,000			8/15/2019	Interest only
Unsecured revolving credit facility		LIBOR plus 1.10	%		3.59	%		—			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	%		1,928,678
Discount								(980	)
Deferred financing costs, net								(8,526	)
Total (3)							$	1,919,172

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 March 31, 2019.

Page 21

  First Quarter 2019 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	$	2,856	$	250,000	$	252,856			13.1	%		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	$	58,256	$	1,870,422		1,928,678			100.0	%		3.84	%
Discount						(980	)
Deferred financing costs, net						(8,526	)
Total					$	1,919,172

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	$	81	$	506	$	551	$	1,138
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
	$	2,550	$	30,206	$	42,752	$	75,508

Page 22

  First Quarter 2019 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 tomakecashdistributions. 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