8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2020

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-36105	37-1645259
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-36106	45-4685158
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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

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

n/a

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Empire State Realty Trust, Inc.
Class A Common Stock, par value $0.01 per share	ESRT	The New York Stock Exchange
Empire State Realty OP, L.P.
Series ES Operating Partnership Units	ESBA	NYSE Arca, Inc.
Series 60 Operating Partnership Units	OGCP	NYSE Arca, Inc.
Series 250 Operating Partnership Units	FISK	NYSE Arca, Inc.

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

Emerging growth company  ☐

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

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2020, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the second quarter 2020. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In view of the ongoing impact of the COVID-19 pandemic on the Company and Empire State Realty OP, L.P., the limited partnership through which the Company conducts its operations, each of Anthony E. Malkin, Chairman, President and Chief Executive Officer, and Thomas P. Durels, Executive Vice President, Real Estate, has volunteered to reduce his annual base salary for the remainder of 2020, effective August 1, 2020 through December 31, 2020. Mr. Malkin’s salary will be reduced by one-third (1/3rd), so that his new base salary rate is $540,000 (instead of $810,000) per annum, and Mr. Durels’ salary will be reduced by one-fourth (1/4th), so that his new base salary rate is $525,000 (instead of $700,000) per annum. Mr. Malkin’s base salary reduction is in addition to the salary reduction to $1.00 that he voluntarily took for the second quarter of 2020, as announced in the Company’s Current Report on Form 8-K dated May 11, 2020.

Additionally, each of Mr. Malkin and Mr. Durels has voluntarily agreed to reduce his long-term equity incentive compensation target for 2021, so that the value of equity awards to be granted to him in 2021 in the discretion of the Compensation Committee under the Company’s 2019 Equity Incentive Plan will be not greater than 66% of the value of comparable equity awards issued to him under such Plan in 2020; and as a result, the 2021 grants to these two executives would be reduced from 2020 levels by at least $3,912,082, as follows:

Grantee	2020 Time- based LTI equity		New Cap on 2021 Time based LTI equity		2020 Performance- based LTI equity max		New Cap on 2021 Performance- based LTI equity max		Reduction in LTI equity from 2020 to 2021 will be at least
Anthony E. Malkin	$	2,731,714	$	1,823,178	$	5,467,500	$	3,646,357	$	2,731,713
Thomas P, Durels	$	1,181,250	$	787,793	$	2,632,500	$	1,575,586	$	1,180,369
								TOTAL REDUCTION	$	3,912,082

These compensation reductions will not modify other rights under Mr. Malkin’s Amended and Restated Employment Agreement with the Company, dated as of October 7, 2013, as amended by the First Amendment thereto, or Mr. Durels’ Amended and Restated Change In Control Severance Agreement with the Company, dated April 5, 2016, in each case including those rights that are determined by reference to base salary.

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Item 7.01. Regulation FD Disclosure

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the second quarter 2020 and made available on its website certain supplemental information relating thereto.

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release announcing financial results for the second quarter 2020
99.2	Supplemental report
104	Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

Funds From Operations (“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

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

Modified Funds From Operations (“Modified 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: acquisition expenses, loss on early extinguishment of debt and severance 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.

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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 expense and (ii) deducting straight line rent, recurring second generation leasing commissions, tenant improvements, prebuilts, capital expenditures, furniture, fixtures & equipment purchases, amortization of debt premiums and above/below market rent revenue. Core FAD is presented solely as a supplemental disclosure that management believes 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, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful 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

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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. 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 and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity.

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SIGNATURE

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

	EMPIRE STATE REALTY TRUST, INC. (Registrant)
Date: July 29, 2020	By:	/s/ Christina Chiu
	Name:	Christina Chiu
	Title:	Executive Vice President and Chief Financial Officer

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

	EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner
Date: July 29, 2020	By:	/s/ Christina Chiu
	Name:	Christina Chiu
	Title:	Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES SECOND QUARTER 2020 RESULTS

- Net loss of $0.07 Per Fully Diluted Share -

- Core FFO of $0.14 Per Fully Diluted Share -

- $0.9 Billion in Cash On Hand -

- Collections Improved -

- Observatory Reopened -

- Meaningful Cost Reduction Measures -

New York, New York, July 29, 2020—Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today reported its operational and financial results for the second quarter of 2020.

“Our team has been effective in our responses to the challenges of the second quarter. Our balance sheet remains strong and flexible, rent collections have improved, the Observatory is reopened, and we have additionally reduced the Company’s costs,” stated Anthony E. Malkin, Empire State Realty Trust’s Chairman, President and Chief Executive Officer. “ESRT colleagues have successfully navigated new protocols for return to work for themselves and for our tenants. Our focus for more than a decade on Indoor Environmental Quality in our office, retail, and public spaces has given us a competitive advantage in our ability to address concerns about tenant and visitor health.”

Second Quarter and Recent Highlights

• Net loss attributable to the Company was $0.07 per fully diluted share.

• After a $0.03 per share reserve against tenant receivables and non-cash reduction in straight line rent balances, Core Funds From Operations (“Core FFO”) was $0.14 per fully diluted share.

• Same Store Property Cash NOI excluding lease termination fees was up 18.0% from the second quarter 2019 primarily driven by lower property operating expenses, partially offset by a reserve against tenant receivables. When COVID-related rent deferrals are excluded, Same Store Property Cash NOI increased 9.9% from the second quarter 2019.

• Strong liquidity position with $1.4 billion of total liquidity as of June 30, 2020, which consists of $873 million of cash plus an additional $550 million available under its revolving credit facility.

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• The Company repurchased $52 million of its common stock shares at a weighted average price of $7.99 per share in the second quarter, and year-to-date through July 28, 2020, the Company repurchased $119 million of common stock at a weighted average share price of $8.67.

• For the total portfolio in the second quarter, we signed 19 new, renewal, and expansion leases, representing 113,431 rentable square feet at an average starting rental rate of $64.43 per rentable square foot.

• Collected 84% of second quarter 2020 total billings with 86% for office tenants and 75% for retail tenants. Through July 24, 2020, collected 90% of July total billings, with 93% for office tenants and 75% for retail tenants.

• The Empire State Building Observatory remained closed during the entire second quarter and reopened on July 20, 2020.

• Declared a dividend of $0.105 per share.

• Announced the appointment of Christina Chiu to EVP and CFO, Aaron D. Ratner to SVP and CIO, and the departure of John B. Kessler. On July 13, 2020, the Company announced the appointment of R. Paige Hood to its Board of Directors, effective August 1, 2020, and the departure of William H. Berkman, effective July 31, 2020.

• Reduced expected full year G&A by approximately 12% from the previously disclosed 2020 G&A run rate of $68 million to $60 million, excluding one-time severance charges.

• Reduced property operating expenses by $10 million in the second quarter 2020 from the prior year period and expect further to reduce expenses by $12 million in the second half of 2020.

• Reduced required capital expenditures planned for 2020.

• Reduced annual base salary for Anthony E. Malkin, the Company’s Chairman, President and CEO, and Thomas P. Durels, EVP Real Estate, by 33% and 25%, respectively, effective August 1 through the remainder of 2020. This is in addition to Mr. Malkin’s base salary reduction to $1.00 for the second quarter of 2020.

• Reduced 2021 NEO annual equity compensation by $3.9 million, comprised of a $2.7 million reduction for Mr. Malkin and $1.2 million reduction for Mr. Durels.

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Investor Presentation Update

The Company has posted on the “Investors” section of its website (www.empirestaterealtytrust.com) the latest investor presentation which contains information on the current impact of the COVID-19 pandemic on its businesses, financial condition and results of operations.

Portfolio Operations

As of June 30, 2020, the Company’s total portfolio contained 10.1 million rentable square feet which consisted of 9.4 million rentable square feet of office space and 0.7 million rentable square feet of retail space. As of June 30, 2020, the Company’s portfolio was occupied and leased as shown below. The Company’s occupancy levels fluctuate in certain periods due to the timing lag between the date of tenants’ move out and the date of the Company’s completion of redevelopment work for new leases to commence. Leased percentages include signed leases not commenced.

	June 30, 2020			March 31, 2020			June 30, 2019
Percent occupied:
Total portfolio		85.6	%		88.7	%		90.2	%
Total office		85.5	%		88.7	%		90.1	%
Manhattan office		87.0	%		90.0	%		90.7	%
Empire State Building		86.1	%		93.7	%		93.5	%
Retail		87.4	%		88.5	%		90.5	%
Percent leased:
Total portfolio		89.6	%		91.1	%		92.2	%
Total office		89.4	%		90.9	%		92.2	%
Manhattan office		91.5	%		92.6	%		93.0	%
Empire State Building		93.5	%		95.4	%		95.2	%
Retail		93.4	%		94.0	%		92.3	%

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Rent Collections

The Company has experienced steady monthly improvement in the collection of its property billings. The Company has collected the following:

Collections as of 7/23/20201	Overall			Office			Retail
April		86	%		86	%		84	%
May		83	%		85	%		73	%
June		83	%		85	%		69	%
July		90	%		93	%		75	%
Collections with Application of Security Deposits2 (as of 7/23/2020)	Overall			Office			Retail
April		96	%		97	%		92	%
May		94	%		96	%		84	%
June		93	%		96	%		77	%
July		96	%		98	%		84	%

The Company took a $9.1 million total reduction in revenue comprised of a $1.9 million reserve against tenant receivables and $7.2 million non-cash reduction of straight line rent balances. This equates to 1.6% of our annualized rental revenue as of June 30, 2020 or a $0.03 per share impact.

¹  Collections against total billings, not adjusted for deferral agreements or application of security deposits

²  Collections against total billings, not adjusted for deferral agreements and reflects applied and potential application of security deposits

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Leasing

Leasing activity was substantially impacted during the second quarter due to the impact of the COVID-19 pandemic. The below tables summarize leasing activity for the three months ended June 30, 2020:

Total Portfolio

Total Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf - leases executed		Previously escalated cash rents psf		% of new cash rent over previously escalated rents
Office		17		99,229	$	52.82	$	51.40		2.8	%
Retail		2		14,202	$	145.58	$	158.58		(8.2	%)
Total Overall		19		113,431	$	64.43	$	64.82		(0.6	%)

Manhattan Office Portfolio

Manhattan Office Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf - leases executed		Previously escalated cash rents psf		% of new cash rent over previously escalated rents
New Office		4		24,859	$	66.94	$	61.55		8.7	%
Renewal Office		8		27,123	$	58.35	$	58.39		(0.1	%)
Total Office		12		51982	$	62.46	$	59.90		4.3	%

First Half Observatory Results and Reopening

Observatory revenue for January and February 2020 increased 13.2% year-over-year, after adjusting for the 102^nd floor observation deck, which was closed for redevelopment in first quarter 2019 and re-opened in the fourth quarter 2019. In compliance with the requirements of authorities, the Company closed the Empire State Building Observatory on March 16, 2020 due to the COVID-19 pandemic.

The Observatory was closed for the entirety of the second quarter 2020 and reopened on July 20, 2020. Key highlights, as noted in our July 13^th reopening press release, are as follows:

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• For the first few weeks, hours of operation will be reduced to 8:00 a.m. to 11:00 p.m.

• To avoid crowds that will compromise social distancing, tickets for set times must be purchased at www.esbnyc.com, and initial capacity has been limited to 500 guests in the Observatory’s 70,000 square foot space at a time – well below the capacity limits set forth by authorities.

• Indoor Environmental Quality components of the Observatory’s redevelopment include MERV-13 air filters, AtmosAir air purification and constant ventilation through the introduction of fresh air to, and the exhaust interior air from, the Observatory. MERV-13 filters and ventilation are the standard in all ESRT’s new office and retail installations, and AtmosAir can be added to new spaces or retrofitted into existing spaces at the tenant’s request.

• We have posted our complete Observatory reopening protocols on www.esbnyc.com/safety for the public to view, both to give our guests confidence and to help guide other attractions in best practices.

Balance Sheet

The Company continues to maintain a strong liquidity position with $1.4 billion of total liquidity as of June 30, 2020, which is comprised of $873.0 million of cash, plus an additional $550.0 million available under its revolving credit facility.

At June 30, 2020, the Company had total debt outstanding of approximately $2.5 billion, with a weighted average interest rate of 3.41% per annum, and a weighted average term to maturity of 6.9 years. At June 30, 2020, the Company’s net debt to total market capitalization was 43.7% and net debt to EBITDA was 5.2x.

The Company repurchased $52 million of its common stock at a weighted average price of $7.99 per share in the second quarter and year-to-date through July 28, 2020, the Company repurchased a total of $119 million of its common stock at a weighted average share price of $8.67 per share, through a combination of open-market purchases and the execution of a 10b5-1 program.

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Personnel Changes

The Company made several personnel changes to position itself for ESRT version 2.0. This builds upon earlier hires and appointments in areas such as technology, energy efficiency and sustainability, and ESG with:

• Appointment of Christina Chiu as Executive Vice President and Chief Financial Officer to lead the Company’s finance function and support our growth initiatives;

• Appointment of Aaron D. Ratner as Senior Vice President and Chief Investment Officer to build our external growth team;

• Departure of John B. Kessler and elimination of the Chief Operating Officer position; and

• Refreshment of the Board of Directors with the arrival of R. Paige Hood and departure of William H. Berkman.

Expense Reductions

The Company has undertaken meaningful cost reduction measures to ensure its ongoing strength and position the business optimally through the current environment, which result in expected full year 2020 G&A of $60 million, excluding one-time severance charges. This is approximately 12% less than the previously disclosed G&A run rate of $68 million, broken down as follows:

• Named Executive Officer compensation:

• ($0.4) million from reduction in annual base salary for Anthony E. Malkin and Thomas P. Durels through December 31, 2020;

• ($1.2) million from the change in age requirement from 60 to 65 for the accounting vesting period for time-based equity compensation; and

• ($2.7) million from the departure of our former Chief Operating Officer.

• Other corporate overhead:

• ($1.5) million of net changes from the addition of investment personnel and reductions in executive and corporate staff, and temporary corporate salary reductions through December 31, 2020; and

• Balance from department budget cuts and lower anticipated spending due to COVID-19.

• In addition, the Company announced a $3.9 million reduction in 2021 NEO annual equity compensation, comprised of a $2.7 million reduction for Mr. Malkin and $1.2 million reduction for Mr. Durels. We currently expect 2021 G&A of approximately $58 million and will continue to seek efficiencies and cost reduction opportunities in operating our business.

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• Property operating expenses

• $12 million in one-time operating expense savings for 2H 2020 from additional cost reduction efforts.

• $4 million on an annualized basis of permanent cost reductions due to staffing and other reductions.

• Capital expenditures

• $24 million in lower planned 2020 capital expenditures for buildings improvements compared to 2019 due to focus only on mandatory spending and work previously commenced.

Other Items

The Company recognized the following one-time expenses during the quarter:

• A $4.1 million non-cash write-off of prior capitalized expenditures on a combined heat and power generation project for the Empire State Building that has been rendered economically unfeasible due to New York City’s new Local Law 97; and

• A $3.0 million one-time charge in general and administrative expenses related to the departure of our former Chief Operating Officer, of which $2.7 million is the non-cash accelerated vesting of equity compensation.

Dividend

On June 30, 2020, the Company paid a dividend of $0.105 per share, or unit as applicable, for the second quarter 2020 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”). The Company paid a dividend of $0.15 per unit for the second quarter 2020 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a dividend of $0.175 per unit for the second quarter 2020 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

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Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 30, 2020 at 1:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of the Company’s website at www.empirestaterealtytrust.com. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. A dial-in replay will be available starting shortly after the call until August 6, 2020, which can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13706424.

The Supplemental Report and Investor Presentation are integral components of quarterly earnings announcement and are now available on the “Investors” section of the Company’s website at www.empirestaterealtytrust.com.

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

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), 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.

9

Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of June 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

Forward-Looking Statements

This press release includes “forward looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. 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: (i) economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to businesses that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s tenants, particularly retail, and the Observatory recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments, including such tenants’ ability to pay rent following the termination of temporary governmental assistance and benefits programs, (d) government moratoriums and/or limits (including temporary closure of certain court systems) which directly or indirectly abridge the enforcement of lease obligations and related guarantees, (e) the potential impact on the Company’s human capital management, including restrained productivity associated with work-from-home and risks associated with employees returning to the office, (f) international and national disruption of travel and tourism with a resulting decline in Observatory visitors, and (g) macroeconomic conditions, such as a disruption of, or lack of access to, the capital markets, and general volatility adversely impacting the market price of the Company’s Class A common stock and publicly-traded partnership units of the Operating Partnership; (ii) resolution of legal proceedings involving the Company; (iii) reduced demand for office or retail space, including as a result of the COVID-19 pandemic; (iv) changes in our business strategy; (v) changes in technology and market competition that

10

affect utilization of our office, retail, broadcast or other facilities; (vi) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events and/or currency exchange rates, which may cause a decline in Observatory visitors; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) declining real estate valuations and impairment charges; (x) termination or expiration of our ground leases; (xi) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xii) decreased rental rates or increased vacancy rates; (xiii) our failure to redevelop and reposition properties, or to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xiv) difficulties in identifying properties to acquire and completing acquisitions; (xv) risks related to our development projects (including our Metro Tower development site) and capital projects, including the cost of construction delays and cost overruns; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; and (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

11

Contact:

Investors

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@empirestaterealtytrust.com

Media

Sard Verbinnen & Co.

(212) 687-8080

12

Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)
	Three Months Ended June 30,
	2020		2019
Revenues
Rental revenue	$	137,999	$	141,071
Observatory revenue		86		32,895
Lease termination fees		1,033		363
Third-party management and other fees		301		331
Other revenue and fees		1,611		1,584
Total revenues		141,030		176,244
Operating expenses
Property operating expenses		29,750		40,227
Ground rent expenses		2,332		2,332
General and administrative expenses		18,149		15,998
Observatory expenses		4,002		8,360
Real estate taxes		29,579		28,267
Impairment charge		4,101		—
Depreciation and amortization		52,783		44,821
Total operating expenses		140,696		140,005
Total operating income		334		36,239
Other income (expense):
Interest income		1,526		3,899
Interest expense		(23,928)		(20,597)
Loss on early extinguishment of debt		—		—
Income (loss) before income taxes		(22,068)		19,541
Income tax benefit (expense)		2,450		(611)
Net income (loss)		(19,618)		18,930
Preferred unit distributions		(1,047)		(234)
Net (income) loss attributable to non-controlling interests		7,872		(7,609)
Net income (loss) attributable to common stockholders	$	(12,793)	$	11,087
Total weighted average shares
Basic		175,433		176,796
Diluted		283,384		298,131
Net income (loss) per share attributable to common stockholders
Basic	$	(0.07)	$	0.06
Diluted	$	(0.07)	$	0.06

13

Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)
	Six Months Ended June 30,
	2020		2019
Revenues
Rental revenue	$	286,112	$	284,488
Observatory revenue		19,630		53,464
Lease termination fees		1,244		751
Third-party management and other fees		647		651
Other revenue and fees		3,621		4,183
Total revenues		311,254		343,537
Operating expenses
Property operating expenses		71,218		83,182
Ground rent expenses		4,663		4,663
General and administrative expenses		34,100		30,024
Observatory expenses		12,156		15,935
Real estate taxes		58,833		56,499
Impairment charge		4,101		—
Depreciation and amortization		98,876		90,919
Total operating expenses		283,947		281,222
Total operating income		27,307		62,315
Other income (expense):
Interest income		2,163		7,638
Interest expense		(43,546)		(41,286)
Loss on early extinguishment of debt		(86)		—
Income (loss) before income taxes		(14,162)		28,667
Income tax benefit		2,832		119
Net income (loss)		(11,330)		28,786
Preferred unit distributions		(2,097)		(468)
Net (income) loss attributable to non-controlling interests		5,129		(11,554)
Net income (loss) attributable to common stockholders	$	(8,298)	$	16,764
Total weighted average shares
Basic		178,029		176,495
Diluted		288,015		298,100
Net income (loss) per share attributable to common stockholders
Basic	$	(0.05)	$	0.09
Diluted	$	(0.05)	$	0.09

14

Empire State Realty Trust, Inc.

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

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

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

	Three Months Ended June 30,
	2020			2019
Net income (loss)	$	(19,618	)	$	18,930
Preferred unit distributions		(1,047	)		(234	)
Real estate depreciation and amortization		51,096			43,822
Impairment charge		4,101			—
FFO attributable to common stockholders and non-controlling interests		34.532			62,518
Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and non-controlling interests		36.490			64,476
Loss on early extinguishment of debt		—			—
Severance expenses		3,008			—
Core FFO attributable to common stockholders and non-controlling interests	$	39,498		$	64,476
Total weighted average shares
Basic		283,384			298,131
Diluted		283,384			298,131
FFO per share
Basic	$	0.12		$	0.21
Diluted	$	0.12		$	0.21
Modified FFO per share
Basic	$	0.13		$	0.22
Diluted	$	0.13		$	0.22
Core FFO per share
Basic	$	0.14		$	0.22
Diluted	$	0.14		$	0.22

15

Empire State Realty Trust, Inc.

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

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

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

	Six Months Ended June 30,
	2020			2019
Net income (loss)	$	(11,330	)	$	28,786
Preferred unit distributions		(2,097	)		(468	)
Real estate depreciation and amortization		95,526			88,914
Impairment charge		4,101			—
FFO attributable to common stockholders and non-controlling interests		86,200			117,232
Amortization of below-market ground leases		3,916			3,916
Modified FFO attributable to common stockholders and non-controlling interests		90,116			121,148
Loss on early extinguishment of debt		86			—
Severance expenses		3,008			—
Core FFO attributable to common stockholders and non-controlling interests	$	93,210		$	121,148
Total weighted average shares
Basic		288,015			298,100
Diluted		288,015			298,100
FFO per share
Basic	$	0.30		$	0.39
Diluted	$	0.30		$	0.39
Modified FFO per share
Basic	$	0.31		$	0.41
Diluted	$	0.31		$	0.41
Core FFO per share
Basic	$	0.32		$	0.41
Diluted	$	0.32		$	0.41

16

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	June 30, 2020			December 31, 2019
Assets
Commercial real estate properties, at cost	$	3,125,049		$	3,109,433
Less: accumulated depreciation		(911,546	)		(862,534	)
Commercial real estate properties, net		2,213,503			2,246,899
Cash and cash equivalents		872,970			233,946
Restricted cash		58,878			37,651
Tenant and other receivables		29,800			25,423
Deferred rent receivables		226,444			220,960
Prepaid expenses and other assets		68,109			65,453
Deferred costs, net		211,356			228,150
Acquired below market ground leases, net		348,651			352,566
Right of use assets		29,205			29,307
Goodwill		491,479			491,479
Total assets	$	4,550,395		$	3,931,834
Liabilities and equity
Mortgage notes payable, net	$	603,974		$	605,542
Senior unsecured notes, net		973,053			798,392
Unsecured term loan facility, net		387,059			264,640
Unsecured revolving credit facility, net		546,778			—
Accounts payable and accrued expenses		104,992			143,786
Acquired below market leases, net		35,170			39,679
Ground lease liabilities		29,205			29,307
Deferred revenue and other liabilities		62,996			72,015
Tenants’ security deposits		51,130			30,560
Total liabilities		2,794,357			1,983,921
Total equity		1,756,038			1,947,913
Total liabilities and equity	$	4,550,395		$	3,931,834

17

EX-99.2

Exhibit 99.2

  Second Quarter 2020

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 Operations		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

This presentation includes “forward looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases.

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: (i) economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to businesses that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s tenants, particularly retail, and the Observatory recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments, including such tenants’ ability to pay rent following the termination of temporary governmental assistance and benefits programs, (d) government moratoriums and/or limits (including temporary closure of certain court systems) which directly or indirectly abridge the enforcement of lease obligations and related guarantees, (e) the potential impact on the Company’s human capital management, including restrained productivity associated with work-from-home and risks associated with employees returning to the office, (f) international and national disruption of travel and tourism with a resulting decline in Observatory visitors, and (g) macroeconomic conditions, such as a disruption of, or lack of access to, the capital markets, and general volatility adversely impacting the market price of the Company’s Class A common stock and publicly-traded partnership units of the Operating Partnership; (ii) resolution of legal proceedings involving the Company; (iii) reduced demand for office or retail space, including as a result of the COVID-19 pandemic; (iv) changes in our business strategy; (v) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vi) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events and/or currency exchange rates, which may cause a decline in Observatory visitors; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) declining real estate valuations and impairment charges; (x) termination or expiration of our ground leases; (xi) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xii) decreased rental rates or increased vacancy rates; (xiii) our failure to redevelop and reposition properties, or to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xiv) difficulties in identifying properties to acquire and completing acquisitions; (xv) risks related to our development projects (including our Metro Tower development site) and capital projects, including the cost of construction delays and cost overruns; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; and (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Page 2

  Second Quarter 2020

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 (will leave the Board of Directors on July 31, 2020)
Leslie D. Biddle	Director
Thomas J. DeRosa	Director
Steven J. Gilbert	Director, Lead Director
S. Michael Giliberto	Director, Chair of Audit Committee
Patricia S. Han	Director
R. Paige Hood	Director (will join the Board of Directors on August 1, 2020)
James D. Robinson IV	Director, Chair of Compensation and Nominating/Corporate Governance Committees

EXECUTIVE MANAGEMENT

Anthony E. Malkin	Chairman, President and Chief Executive Officer
Christina Chiu	Executive Vice President and Chief Financial Officer
Thomas P. Durels	Executive Vice President, Real Estate
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
Green Street Advisors	Daniel Ismail	(949) 640-8780	dismail@greenstreetadvisors.com
Goldman Sachs	Richard Skidmore	(801) 741-5459	richard.skidmore@gs.com
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	jsadler@key.com
	Craig Mailman	(917) 368-2316	cmailman@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com

Page 3

Second Quarter 2020 Financial Highlights (unaudited and dollars in thousands, except per share amounts)

	Three Months Ended
Selected Items:	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Revenue	$	141,030		$	170,224		$	194,933		$	192,873		$	176,244
Net income (loss)	$	(19,618	)	$	8,288		$	28,720		$	26,784		$	18,930
Cash net operating income (1)	$	78,368		$	81,528		$	103,992		$	98,757		$	93,737
Core funds from operations (“Core FFO”) (1)	$	39,498		$	53,712		$	74,935		$	71,810		$	64,476
Core funds available for distribution (“Core FAD”) (1)	$	37,786		$	37,738		$	41,903		$	54,650		$	48,235
Core FFO per share—diluted	$	0.14		$	0.18		$	0.25		$	0.24		$	0.22
Diluted weighted average shares		283,384,000			292,645,000			296,852,000			298,151,000			298,131,000
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		10,132,492			10,135,413			10,138,057			10,134,495			10,134,435
Percent occupied (2)		85.6	%		88.7	%		88.6	%		89.4	%		90.2	%
Percent leased (3)		89.6	%		91.1	%		91.2	%		91.7	%		92.2	%
Observatory Metrics:
Number of visitors (4)		—			422,000			894,000			1,042,000			968,000
Change in visitors year over year		N/A			(29.8	%)		(5.5	%)		(10.7	%)		(7.7	%)
Observatory revenues (5)	$	86		$	19,544		$	37,730		$	37,575		$	32,895
Change in revenues year over year		N/A			(5.0	%)		9.2	%		(6.6	%)		(6.6	%)
Ratios:
Consolidated Debt to Total Market Capitalization (6)		54.3	%		47.8	%		28.2	%		27.7	%		29.8	%
Consolidated Net Debt to Total Market Capitalization (6)		43.7	%		35.5	%		25.2	%		24.1	%		23.6	%
Consolidated Debt and Perpetual Preferred Units to Total Market Capitalization (6)		56.2	%		49.5	%		29.7	%		28.2	%		30.2	%
Consolidated Net Debt and Perpetual Preferred Units to Total Market Capitalization (6)		46.1	%		37.6	%		26.8	%		24.5	%		24.0	%
Consolidated Debt to EBITDA (7)		8.0x			7.3x			4.8x			4.6x			5.3x
Consolidated Net Debt to EBITDA (7)		5.2x			4.4x			4.1x			3.8x			3.9x
Interest Coverage Ratio		2.6x			4.3x			5.0x			4.8x			4.4x
Core FFO Payout Ratio (8)		83	%		61	%		43	%		45	%		50	%
Core FAD Payout Ratio (9)		86	%		87	%		76	%		59	%		66	%
Class A common stock price at quarter end	$	7.00		$	8.96		$	13.96		$	14.27		$	14.81
Average closing price	$	7.72		$	12.24		$	14.04		$	14.12		$	15.48
Dividends per share—annualized	$	0.42		$	0.42		$	0.42		$	0.42		$	0.42
Dividend yield (10)		6.0	%		4.7	%		3.0	%		2.9	%		2.8	%
Series 2013 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560,360			1,560,360			1,560,360			1,560,360			1,560,360
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664,038			4,664,038			4,610,383			—			—
Class A common stock		172,332,358			176,112,860			180,877,597			179,131,090			176,991,123
Class B common stock		1,014,221			1,015,149			1,016,799			1,018,463			1,029,782
Operating partnership units		117,475,995			120,548,216			117,757,653			124,107,019			126,870,876
Total common stock and operating partnership units outstanding (11)		290,822,574			297,676,225			299,652,049			304,256,572			304,891,781

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

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

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

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

(6) Market capitalization represents the sum of (i) Company’s common stock per share price as of June 30, 2020 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2020; (ii) the number of Series 2014 perpetual preferred units at June 30, 2020 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2020 multiplied by $13.52, and (iv) our outstanding indebetedness as of June 30, 2020.

(7) Calculated based on trailing 12 months EBITDA.

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

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

(10) Based on the closing price per share of Class A common stock on June 30, 2020.

(11) As of June 30, 2020, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 58.2 million shares or approximately $407 million at a closing share price of $7.00. This represents a 71% increase in the number of Class A shares since the IPO.

Page 4

Second Quarter 2020 Property Summary - Same Store Net Operating Income (“NOI”) by Quarter (unaudited and dollars in thousands)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Same Store Total Portfolio
Revenues	$	139,610		$	150,123		$	155,664		$	152,633		$	142,655
Operating expenses		(61,661	)		(73,053	)		(76,051	)		(79,824	)		(70,826	)
Same store property NOI		77,949			77,070			79,613			72,809			71,829
Straight-line rent		2,710			(8,193	)		(6,276	)		(5,174	)		(3,203	)
Above/below-market rent revenue amortization		(1,366	)		(908	)		(1,530	)		(1,682	)		(1,745	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI—excluding lease termination fees	$	81,251		$	69,927		$	73,765		$	67,910		$	68,839
Percent increase over prior year		18.0	%		4.8	%		6.9	%		2.0	%		0.2	%
Property cash NOI	$	81,251		$	69,927		$	73,765		$	67,910		$	68,839
Observatory cash NOI		(3,916	)		11,390			28,987			28,486			24,535
Lease termination fees		1,033			211			1,240			2,361			363
Total portfolio same store cash NOI	$	78,368		$	81,528		$	103,992		$	98,757		$	93,737
Same Store Manhattan Office Portfolio (1)
Revenues	$	119,445		$	128,909		$	132,672		$	130,214		$	120,249
Operating expenses		(52,619	)		(62,670	)		(65,509	)		(68,516	)		(60,152	)
Same store property NOI		66,826			66,239			67,163			61,698			60,097
Straight-line rent		1,774			(8,338	)		(6,705	)		(5,319	)		(4,163	)
Above/below-market rent revenue amortization		(1,366	)		(908	)		(1,530	)		(1,682	)		(1,745	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI—excluding lease termination fees		69,192			58,951			60,886			56,654			56,147
Lease termination fees		863			159			995			835			301
Total same store property cash NOI	$	70,055		$	59,110		$	61,881		$	57,489		$	56,448
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	16,529		$	16,915		$	18,771		$	18,137		$	17,798
Operating expenses		(7,230	)		(8,479	)		(8,663	)		(9,373	)		(8,784	)
Same store property NOI		9,299			8,436			10,108			8,764			9,014
Straight-line rent		331			12			285			(42	)		655
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		9,630			8,448			10,393			8,722			9,669
Lease termination fees		170			52			245			710			62
Total same store property cash NOI	$	9,800		$	8,500		$	10,638		$	9,432		$	9,731
Same Store Standalone Retail Portfolio
Revenues	$	3,636		$	4,299		$	4,221		$	4,282		$	4,608
Operating expenses		(1,812	)		(1,904	)		(1,879	)		(1,935	)		(1,890	)
Same store property NOI		1,824			2,395			2,342			2,347			2,718
Straight-line rent		605			133			144			187			305
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		2,429			2,528			2,486			2,534			3,023
Lease termination fees		—			—			—			816			—
Total same store property cash NOI	$	2,429		$	2,528		$	2,486		$	3,350		$	3,023

Note:

Includes 506,452 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

Second Quarter 2020 Net Operating Income (“NOI”), Initial Free Rent Burn-Off and Signed Leases Not Commenced (unaudited and dollars in thousands)

	Three Months Ended
Reconciliation of Net Income to NOI and Cash NOI	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Net income (loss)	$	(19,618	)	$	8,288		$	28,720		$	26,784		$	18,930
Add:
General and administrative expenses		18,149			15,951			16,618			14,421			15,998
Depreciation and amortization		52,783			46,093			46,409			44,260			44,821
Interest expense		23,928			19,704			18,534			19,426			20,597
Income tax expense (benefit)		(2,450	)		(382	)		1,210			1,338			611
Impairment charges		4,101			—			—			—			—
Less:
Third-party management and other fees		(301	)		(346	)		(299	)		(304	)		(331	)
Interest income		(1,526	)		(637	)		(1,352	)		(2,269	)		(3,899	)
Net operating income		75,066			88,671			109,840			103,656			96,727
Straight-line rent		2,710			(8,193	)		(6,276	)		(5,174	)		(3,203	)
Above/below-market rent revenue amortization		(1,366	)		(908	)		(1,530	)		(1,682	)		(1,745	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total cash NOI—including Observatory and lease termination income		78,368			81,528			103,992			98,757			93,737
Less: Observatory NOI		3,916			(11,390	)		(28,987	)		(28,486	)		(24,535	)
Less: Lease termination income		(1,033	)		(211	)		(1,240	)		(2,361	)		(363	)
Total property cash NOI—excluding Observatory and lease termination income	$	81,251		$	69,927		$	73,765		$	67,910		$	68,839

Burn-off of Free Rent and Signed Leases Not Commenced

	Incremental Annual Revenue		Base Cash Rent Contributing to Cash NOI in the Following Years
Total Portfolio			2020		2021		2022		2023
Commenced leases in free rent period	$	10,991	$	4,485	$	10,991	$	10,991	$	10,991
Signed leases not commenced		31,450		138		10,027		26,613		28,965
Total	$	42,441	$	4,623	$	21,018	$	37,604	$	39,956

Commenced leases in free rent period

	Square Feet		Cash Rent Date		Incremental Annual Revenue		Base Cash Rent Contributing to Cash NOI in the Following Years
							2020			2021		2022		2023
Third quarter 2020 - 14 leases		156,180		Jul. 2020 - Sept. 2020	$	9,218	$	3,685	(1)	$	9,218	$	9,218	$	9,218
Fourth quarter 2020 - 3 leases		20,841		Oct. 2020 - Dec. 2020		1,030		158			1,030		1,030		1,030
First quarter 2021 - 1 lease		2,652		Jan. 2021 - Mar. 2021		681		611			681		681		681
Second quarter 2021 - 1 lease		2,578		Apr. 2021 - Jun. 2021		62		31			62		62		62
					$	10,991	$	4,485		$	10,991	$	10,991	$	10,991

Signed leases not commenced (“SLNC”)

	Square		Expected Base Rent Commencement		Incremental Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Tenant	Feet		GAAP	Cash	Revenue (2)		2020		2021		2022		2023
Winged Keel Group, Inc.		12,724	Jan. 2021	Mar. 2022	$	920	$	—	$	—	$	761	$	920
Uber Technologies, Inc.		32,927	Jan. 2021	May 2021		2,300		—		1,530		2,300		2,300
Concord Music Group, Inc.		46,329	Jan. 2021	Nov. 2021		2,870		—		396		2,870		2,870
Kaplan Hecker & Fink LLP		26,997	Feb. 2021	Mar. 2021		2,000		—		1,576		2,000		2,000
First Republic Bank		14,430	Jul. 2021	Jul. 2021		2,040		—		1,016		2,040		2,040
Starbucks Corporation		22,916	Feb. 2022	Feb. 2022		900		—		—		820		900
LinkedIn Corporation:
LinkedIn Corporation		52,939	May 2021	Jan. 2022		3,870		—		—		3,854		3,870
LinkedIn Corporation		52,666	Nov. 2021	Nov. 2021		3,840		—		630		3,840		3,840
LinkedIn Corporation		52,574	Jul. 2022	Jul. 2022		3,840		—		—		1,908		3,840
LinkedIn Corporation		30,283	Dec. 2022	Oct. 2023		670		—		—		—		165
Target		32,579	June 2024	Oct. 2024		1,980		—		—		—		—
Other SLNC		98,037	Jul. 2020 - Apr. 2021	Aug. 2020 - Sept. 2021		6,220		138		4,879		6,220		6,220
Total		475,401			$	31,450	$	138	$	10,027	$	26,613	$	28,965

Notes:

(1) As an example, the 2020 amount represents cash revenue contributing from the cash rent commencement date of July 2020 through December 2020. The full annual amount is realized in 2021.

(2) Reflects new annual rent less annual rent from existing tenant in the space.

Page 6

Second Quarter 2020 Property Summary - Leasing Activity by Quarter (unaudited)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Total Portfolio
Total leases executed		19			35			47			25			55
Weighted average lease term		6.1 years			6.8 years			8.6 years			10.7 years			6.4 years
Average free rent period		4.4 months			4.1 months			5.3 months			6.9 months			2.8 months
Office
Total square footage executed		99,229			117,481			313,027			374,256			228,346
Average cash rent psf—leases executed	$	52.82		$	57.29		$	59.74		$	62.83		$	59.13
Previously escalated cash rents psf	$	51.40		$	52.43		$	54.02		$	51.10		$	51.72
Percentage of new cash rent over previously escalated rents		2.8	%		9.3	%		10.6	%		23.0	%		14.3	%
Retail
Total square footage executed		14,202			31,662			32,579			14,430			32,706
Average cash rent psf—leases executed	$	145.58		$	101.03		$	122.78		$	141.68		$	71.52
Previously escalated cash rents psf	$	158.58		$	108.81		$	60.79		$	104.66		$	72.08
Percentage of new cash rent over previously escalated rents		(8.2	%)		(7.1	%)		102.0	%		35.4	%		(0.8	%)
Total Portfolio
Total square footage executed		113,431			149,143			345,606			388,686			261,052
Average cash rent psf—leases executed	$	64.43		$	66.58		$	65.68		$	65.76		$	61.25
Previously escalated cash rents psf	$	64.82		$	64.40		$	54.66		$	53.09		$	54.58
Percentage of new cash rent over previously escalated rents		-0.6	%		3.4	%		20.2	%		23.9	%		12.2	%
Leasing commission costs per square foot	$	13.52		$	20.19		$	19.84		$	23.75		$	15.61
Tenant improvement costs per square foot		21.68			100.79			55.65			65.59			47.06
Total LC and TI per square foot (2)	$	35.20		$	120.98		$	75.49		$	89.34		$	62.67
Occupancy		85.6	%		88.7	%		88.6	%		89.4	%		90.2	%
Manhattan Office Portfolio (1)
Total leases executed		13			26			36			18			40
Office—New Leases
Total square footage executed		24,859			63,153			170,247			266,769			119,235
Average cash rent psf—leases executed	$	66.94		$	62.78		$	64.82		$	71.36		$	65.08
Previously escalated cash rents psf	$	61.55		$	52.56		$	52.12		$	53.83		$	53.26
Percentage of new cash rent over previously escalated rents		8.7	%		19.4	%		24.4	%		32.6	%		22.2	%
Office—Renewal Leases
Total square footage executed		27,123			30,712			54,345			18,826			56,211
Average cash rent psf—leases executed	$	58.35		$	60.20		$	66.62		$	53.83		$	62.37
Previously escalated cash rents psf	$	58.39		$	60.02		$	66.27		$	53.64		$	55.88
Percentage of new cash rent over previously escalated rents		-0.1	%		0.3	%		0.5	%		0.4	%		11.6	%
Retail—New and Renewal Leases
Total square footage executed		10,702			26,432			—			14,430			3,711
Average cash rent psf—leases executed	$	149.50		$	76.73		$	—		$	141.68		$	405.41
Previously escalated cash rents psf	$	150.16		$	103.75		$	—		$	104.66		$	317.25
Percentage of new cash rent over previously escalated rents		(0.4	%)		(0	)		0.0	%		35.4	%		27.8	%
Total Manhattan Office Portfolio
Total square footage executed		62,684			120,297			224,592			300,025			179,157
Average cash rent psf—leases executed	$	77.32		$	65.19		$	65.26		$	73.64		$	71.28
Previously escalated cash rents psf	$	75.31		$	65.71		$	55.54		$	56.26		$	59.55
Percentage of new cash rent over previously escalated rents		2.7	%		-0.8	%		17.5	%		30.9	%		19.7	%
Leasing commission costs per square foot	$	19.84		$	20.57		$	19.81		$	28.93		$	20.53
Tenant improvement costs per square foot		39.23			107.77			70.39			78.31			56.60
Total LC and TI per square foot (2)	$	59.07		$	128.34		$	90.20		$	107.24		$	77.13
Occupancy		86.8	%		89.8	%		89.7	%		89.6	%		90.6	%

Page 7

Second Quarter 2020 Property Summary - Leasing Activity by Quarter - (Continued) (unaudited

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Greater New York Metropolitan Area Office Portfolio
Total leases executed		5			7			10			7			12
Total square footage executed		47,247			23,616			88,435			88,661			52,900
Average cash rent psf—leases executed	$	42.21		$	38.85		$	45.73		$	39.08		$	42.30
Previously escalated cash rents psf	$	42.04		$	42.23		$	50.15		$	42.36		$	43.82
Percentage of new cash rent over previously escalated rents		0.4	%		(8.0	%)		(8.8	%)		(7.7	%)		(3.5	%)
Leasing commission costs per square foot	$	5.78		$	7.34		$	8.00		$	6.22		$	6.05
Tenant improvement costs per square foot		—			51.56			26.02			22.53			37.37
Total LC and TI per square foot (2)	$	5.78		$	58.90		$	34.02		$	28.75		$	43.42
Occupancy		79.1	%		83.0	%		83.0	%		88.0	%		87.8	%
Standalone Retail Portfolio
Total leases executed		1			2			1			—			3
Total square footage executed		3,500			5,230			32,579			—			28,995
Average cash rent psf—leases executed	$	133.59		$	223.86		$	122.78		$	—		$	28.78
Previously escalated cash rents psf	$	184.31		$	134.41		$	60.79		$	—		$	40.70
Percentage of new cash rent over previously escalated rents		(27.5	%)		66.5	%		102.0	%		0.0	%		(29.3	%)
Leasing commission costs per square foot	$	4.71		$	69.53		$	52.21		$	—		$	2.68
Tenant improvement costs per square foot		—			162.60			34.47			—			5.79
Total LC and TI per square foot (2)	$	4.71		$	232.13		$	86.68		$	—		$	8.47
Occupancy		95.2	%		95.2	%		93.7	%		93.7	%		93.7	%

Notes:

(1) Includes 506,452 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

Second Quarter 2020 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)

	Three Months Ended
	Actual			Actual			Forecast (1)			Forecast (1)			Forecast (1)			Full Year
	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			Jul. to Dec. 2020			2021
Total Portfolio (2)
Total expirations		92,373			393,584			151,647			157,192			308,839			664,552
Less: broadcasting		(906	)		(906	)		(906	)		(753	)		(1,659	)		(1,049	)
Office and retail expirations		91,467			392,678			150,741			156,439			307,180			663,503
Renewal & relocations (3)		35,005			76,411			30,059			75,012			105,071			210,354
Short-term renewals (4)		—			3,024			—			—			—			—
New leases (5)		2,286			171,834			9,367			12,850			22,217			23,247
Tenant vacates (6)		30,445			97,727			101,043			39,228			140,271			289,929
Intentional vacates (7)		23,731			43,682			3,024			3,625			6,649			9,265
Holdover (8)		—			—			—			—			—			—
Unknown (9)		—			—			7,248			25,724			32,972			130,708
Total Portfolio expirations and vacates		91,467			392,678			150,741			156,439			307,180			663,503
Manhattan Office Portfolio
Total expirations		53,312			256,551			136,248			115,390			251,638			406,943
Less: broadcasting		(906	)		(906	)		(906	)		(753	)		(1,659	)		(1,049	)
Office expirations		52,406			255,645			135,342			114,637			249,979			405,894
Renewal & relocations (3)		16,958			15,141			19,802			55,816			75,618			88,596
Short-term renewals (4)		—			3,024			—			—			—			—
New leases (5)		2,286			164,520			9,367			12,850			22,217			23,247
Tenant vacates (6)		27,106			36,715			95,901			31,334			127,235			222,006
Intentional vacates (7)		6,056			36,245			3,024			3,625			6,649			9,265
Holdover (8)		—			—			—			—			—			—
Unknown (9)		—			—			7,248			11,012			18,260			62,780
Total expirations and vacates		52,406			255,645			135,342			114,637			249,979			405,894
Greater New York Metropolitan Area Office Portfolio
Office expirations		17,148			126,162			15,399			32,237			47,636			234,433
Renewal & relocations (3)		13,809			57,836			10,257			17,525			27,782			110,215
Short-term renewals (4)		—			—			—			—			—			—
New leases (5)		—			7,314			—			—			—			—
Tenant vacates (6)		3,339			61,012			5,142			—			5,142			56,455
Intentional vacates (7)		—			—			—			—			—			—
Holdover (8)		—			—			—			—			—			—
Unknown (9)		—			—			—			14,712			14,712			67,763
Total expirations and vacates		17,148			126,162			15,399			32,237			47,636			234,433
Retail Portfolio
Retail expirations		21,913			10,871			—			9,565			9,565			23,176
Renewal & relocations (3)		4,238			3,434			—			1,671			1,671			11,543
Short-term renewals (4)		—			—			—			—			—			—
New leases (5)		—			—			—			—			—			—
Tenant vacates (6)		—			—			—			7,894			7,894			11,468
Intentional vacates (7)		17,675			7,437			—			—			—			—
Holdover (8)		—			—			—			—			—			—
Unknown (9)		—			—			—			—			—			165
Total expirations and vacates		21,913			10,871			—			9,565			9,565			23,176

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 2020.

(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 provided on page 6. There may be downtime between the lease expiration and the new lease commencement.

(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 2020.

(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

Second Quarter 2020 Property Detail (unaudited)

									Annualized Rent
Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Annualized Rent (3)		per Occupied Square Foot (4)		Number of Leases (5)
Manhattan Office Properties—Office
The Empire State Building (6)	Penn Station -Times Sq. South		2,710,823		87.6	%	$	144,394,079	$	60.84		162
One Grand Central Place	Grand Central		1,247,764		86.6	%		64,361,553		59.55		180
1400 Broadway (8)	Penn Station -Times Sq. South		916,834		89.7	%		44,415,793		54.04		25
111 West 33rd Street (9)	Penn Station -Times Sq. South		641,133		97.5	%		38,209,981		61.15		23
250 West 57th Street	Columbus Circle -West Side		474,119		71.2	%		20,956,696		62.08		37
501 Seventh Avenue	Penn Station -Times Sq. South		461,652		82.8	%		18,897,823		49.46		29
1359 Broadway	Penn Station -Times Sq. South		455,873		95.1	%		23,884,943		55.07		32
1350 Broadway (10)	Penn Station -Times Sq. South		372,955		83.2	%		18,442,460		59.46		54
1333 Broadway	Penn Station -Times Sq. South		292,835		77.1	%		12,261,924		54.28		8
Manhattan Office Properties—Office			7,573,988		87.0	%		385,825,252		58.54		550
Manhattan Office Properties—Retail
The Empire State Building (7)	Penn Station -Times Sq. South		99,572		46.7	%		11,214,102		240.94		11
One Grand Central Place	Grand Central		68,732		79.0	%		6,594,878		121.45		13
1400 Broadway (8)	Penn Station -Times Sq. South		20,176		77.2	%		2,050,919		131.71		7
112 West 34th Street (9)	Penn Station -Times Sq. South		90,132		100.0	%		23,273,069		258.21		4
250 West 57th Street	Columbus Circle -West Side		67,927		100.0	%		10,316,195		151.87		8
501 Seventh Avenue	Penn Station -Times Sq. South		33,632		87.3	%		2,028,797		69.11		8
1359 Broadway	Penn Station -Times Sq. South		27,506		92.9	%		1,912,176		74.79		5
1350 Broadway (10)	Penn Station -Times Sq. South		31,774		95.6	%		7,238,797		238.20		5
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		9,330,744		139.26		4
Manhattan Office Properties—Retail			506,452		84.3	%		73,959,677		173.29		65
Sub-Total/Weighted Average Manhattan Office Properties—Office and Retail			8,080,440		86.8	%		459,784,929		65.52		615
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		778,848		84.9	%		28,785,770		43.54		45
Metro Center	Stamford, CT		287,929		71.6	%		11,856,164		57.52		23
383 Main Avenue	Norwalk, CT		260,546		54.1	%		4,173,619		29.59		21
500 Mamaroneck Avenue	Harrison, NY		287,157		81.1	%		7,031,746		30.19		29
10 Bank Street	White Plains, NY		232,084		94.5	%		8,011,993		36.53		35
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,846,564		79.1	%		59,859,292		40.98		153
Standalone Retail Properties
10 Union Square	Union Square		57,984		94.7	%		6,696,820		121.98		11
1542 Third Avenue	Upper East Side		56,250		100.0	%		4,160,189		73.96		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,612,691		80.89		2
77 West 55th Street	Midtown		25,388		100.0	%		2,824,593		111.26		3
69-97 Main Street	Westport, CT		16,874		59.7	%		1,143,384		113.49		3
103-107 Main Street	Westport, CT		4,330		100.0	%		776,442		179.32		1
Sub-Total/Weighted Average Standalone Retail Properties			205,488		95.2	%		19,214,118		98.23		24
Portfolio Total			10,132,492		85.6	%	$	538,858,339	$	62.13		792
Total/Weighted Average Office Properties			9,420,552		85.5	%	$	445,684,544	$	55.36		703
Total/Weighted Average Retail Properties			711,940		87.4	%		93,173,795		149.70		89
Portfolio Total			10,132,492		85.6	%	$	538,858,339	$	62.13		792

Notes:

(1) Excludes (i) 193,895 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 79,613 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of June 30, 2020.

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

(4) Represents annualized rent under leases commenced as of June 30, 2020 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 38,912 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 43 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 57 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 30 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

Page 10

Second Quarter 2020 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		—		1,049,673		10.4	%	$	—		0.0	%	$	—
Signed leases not commenced		20		409,505		4.0	%		—		0.0	%		—
2Q 2020 (4)		18		44,240		0.4	%		2,333,535		0.4	%		52.75
3Q 2020		25		138,777		1.4	%		7,746,282		1.4	%		55.82
4Q 2020		26		157,192		1.6	%		8,860,222		1.6	%		56.37
Total 2020		69		340,209		3.4	%		18,940,039		3.5	%		55.67
1Q 2021		29		101,390		1.0	%		7,360,756		1.4	%		72.60
2Q 2021		26		190,934		1.9	%		10,407,336		1.9	%		54.51
3Q 2021		29		175,016		1.7	%		10,513,171		2.0	%		60.07
4Q 2021		23		197,212		1.9	%		9,719,605		1.8	%		49.29
Total 2021		107		664,552		6.6	%		38,000,868		7.1	%		57.18
2022		113		585,348		5.8	%		37,573,202		7.0	%		64.19
2023		98		745,946		7.4	%		45,377,311		8.4	%		60.83
2024		83		802,770		7.9	%		49,111,946		9.1	%		61.18
2025		79		495,458		4.9	%		36,608,261		6.8	%		73.89
2026		56		711,228		7.0	%		38,367,583		7.1	%		53.95
2027		51		561,392		5.5	%		33,552,189		6.2	%		59.77
2028		29		1,027,220		10.1	%		56,308,691		10.4	%		54.82
2029		35		872,679		8.6	%		61,482,785		11.4	%		70.45
2030		30		684,251		6.8	%		42,839,350		8.0	%		62.61
Thereafter		42		1,182,261		11.6	%		80,696,114		15.0	%		68.26
Total		812		10,132,492		100.0	%	$	538,858,339		100.0	%	$	62.13
Manhattan Office Properties (5)
Available		—		642,118		8.5	%	$	—		0.0	%	$	—
Signed leases not commenced		12		341,554		4.5	%		—		0.0	%		—
2Q 2020 (4)		11		19,047		0.3	%		1,042,311		0.3	%		54.72
3Q 2020		21		130,386		1.7	%		7,346,551		1.9	%		56.34
4Q 2020		19		115,390		1.5	%		5,678,215		1.5	%		49.21
Total 2020		51		264,823		3.5	%		14,067,077		3.6	%		53.12
1Q 2021		15		45,272		0.6	%		2,631,836		0.7	%		58.13
2Q 2021		20		132,908		1.8	%		7,174,891		1.9	%		53.98
3Q 2021		16		105,093		1.4	%		6,647,359		1.7	%		63.25
4Q 2021		16		123,670		1.6	%		6,819,779		1.8	%		55.14
Total 2021		67		406,943		5.4	%		23,273,865		6.0	%		57.19
2022		82		392,965		5.2	%		23,410,732		6.1	%		59.57
2023		74		542,101		7.2	%		32,107,846		8.3	%		59.23
2024		61		572,265		7.6	%		34,054,763		8.8	%		59.51
2025		48		315,198		4.2	%		19,963,407		5.2	%		63.34
2026		38		529,346		7.0	%		30,335,692		7.9	%		57.31
2027		38		431,669		5.7	%		24,619,080		6.4	%		57.03
2028		19		944,700		12.5	%		52,381,828		13.6	%		55.45
2029		23		629,599		8.3	%		36,800,046		9.5	%		58.45
2030		19		583,922		7.7	%		33,866,762		8.8	%		58.00
Thereafter		30		976,785		12.7	%		60,944,154		15.8	%		62.39
Total Manhattan office properties		562		7,573,988		100.0	%	$	385,825,252		100.0	%	$	58.54

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) 193,895 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 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 June 30, 2020 and expire on June 30, 2020.

(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

Second Quarter 2020 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		—		360,539		19.5	%	$	—		0.0	%	$	—
Signed leases not commenced		4		25,420		1.4	%		—		0.0	%		—
2Q 2020 (4)		4		14,322		0.8	%		703,269		1.2	%		49.10
3Q 2020		4		8,391		0.5	%		399,731		0.7	%		47.64
4Q 2020		5		32,237		1.7	%		1,331,790		2.2	%		41.31
Total 2020		13		54,950		3.0	%		2,434,790		4.1	%		41.31
1Q 2021		10		42,800		2.3	%		2,129,575		3.6	%		49.76
2Q 2021		4		55,035		3.0	%		2,896,037		4.8	%		52.62
3Q 2021		11		63,354		3.4	%		2,676,591		4.5	%		42.25
4Q 2021		7		73,542		4.0	%		2,899,826		4.8	%		39.43
Total 2021		32		234,731		12.7	%		10,602,029		17.7	%		45.17
2022		22		133,636		7.2	%		5,003,416		8.4	%		37.44
2023		15		157,542		8.5	%		7,190,914		12.0	%		45.64
2024		12		205,193		11.1	%		9,244,116		15.4	%		45.05
2025		23		142,935		7.7	%		4,964,266		8.3	%		34.73
2026		11		113,471		6.1	%		3,876,004		6.5	%		34.16
2027		8		73,457		4.0	%		2,507,401		4.2	%		34.13
2028		6		74,533		4.0	%		2,696,619		4.5	%		36.18
2029		6		144,998		7.9	%		5,796,456		9.7	%		39.98
2030		4		36,578		2.0	%		1,795,169		3.0	%		49.08
Thereafter		1		88,581		4.9	%		3,748,112		6.2	%		42.31
Total greater New York metropolitan area office properties		157		1,846,564		100.0	%	$	59,859,292		100.0	%	$	40.98
Retail Properties
Available		—		47,016		6.6	%	$	—		0.0	%	$	—
Signed leases not commenced		4		42,531		6.0	%		—		0.0	%		—
2Q 2020 (4)		3		10,871		1.5	%		587,955		0.6	%		54.08
3Q 2020		—		—		0.0	%		—		0.0	%		—
4Q 2020		2		9,565		1.3	%		1,850,217		2.0	%		193.44
Total 2020		5		20,436		2.9	%		2,438,172		2.6	%		119.43
1Q 2021		4		13,318		1.9	%		2,599,345		2.8	%		195.18
2Q 2021		2		2,991		0.4	%		336,408		0.4	%		112.47
3Q 2021		2		6,569		0.9	%		1,189,221		1.3	%		181.04
4Q 2021		—		—		0.0	%		—		0.0	%		—
Total 2021		8		22,878		3.2	%		4,124,974		4.4	%		180.30
2022		9		58,747		8.3	%		9,159,054		9.8	%		155.91
2023		9		46,303		6.5	%		6,078,551		6.5	%		131.28
2024		10		25,312		3.6	%		5,813,067		6.2	%		229.66
2025		8		37,325		5.2	%		11,680,588		12.5	%		312.94
2026		7		68,411		9.6	%		4,155,887		4.5	%		60.75
2027		5		56,266		7.9	%		6,425,708		6.9	%		114.20
2028		4		7,987		1.1	%		1,230,244		1.3	%		154.03
2029		6		98,082		13.8	%		18,886,283		20.3	%		192.56
2030		7		63,751		9.0	%		7,177,419		7.7	%		112.59
Thereafter		11		116,895		16.3	%		16,003,848		17.3	%		136.91
Total retail properties		93		711,940		100.0	%	$	93,173,795		100.0	%	$	149.70

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) 193,895 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 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 June 30, 2020 and expire on June 30, 2020.

Page 12

Second Quarter 2020 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		—		153,048		5.6	%	$	—		0.0	%	$	—
Signed leases not commenced		2		184,393		6.8	%		—		0.0	%		—
2Q 2020 (6)		2		1,853		0.1	%		41,203		0.0	%		22.24
3Q 2020		5		24,519		0.9	%		1,553,026		1.1	%		63.66
4Q 2020		6		37,592		1.4	%		1,994,228		1.4	%		53.05
Total 2020		13		63,964		2.4	%		3,588,457		2.5	%		56.10
1Q 2021		1		2,488		0.1	%		210,704		0.1	%		84.69
2Q 2021		13		81,328		3.0	%		4,247,655		2.9	%		52.23
3Q 2021		3		16,066		0.6	%		1,167,452		0.8	%		72.67
4Q 2021		2		7,903		0.3	%		502,354		0.3	%		63.56
Total 2021		19		107,785		4.0	%		6,128,165		4.2	%		56.86
2022		21		114,522		4.2	%		7,259,805		5.0	%		63.39
2023		25		112,852		4.2	%		7,600,136		5.3	%		67.35
2024		18		227,351		8.4	%		14,867,651		10.3	%		65.40
2025		14		106,823		3.9	%		7,113,073		4.9	%		66.59
2026		9		122,685		4.5	%		7,604,968		5.3	%		61.99
2027		9		35,511		1.3	%		2,082,393		1.4	%		58.64
2028		5		545,722		20.1	%		30,642,139		21.2	%		56.15
2029		7		282,020		10.4	%		17,247,180		11.9	%		61.16
2030		5		206,489		7.6	%		11,085,358		7.7	%		53.68
Thereafter		17		447,658		16.6	%		29,174,754		20.3	%		65.17
Total Empire State Building office		164		2,710,823		100.0	%	$	144,394,079		100.0	%	$	60.84

Empire State Building Broadcasting Licenses and Leases	Annualized Base Rent (7)		Annualized Expense Reimbursements		Annualized Rent (4)		Percent of Annualized Rent
2Q 2020 (6)	$	31,710	$	12,618	$	44,328		0.3	%
3Q 2020		—		—		—		0.0	%
4Q 2020		99,320		31,621		130,941		0.9	%
Total 2020		131,030		44,239		175,269		1.2	%
1Q 2021		—		—		—		0.0	%
2Q 2021		—		44,482		44,482		0.3	%
3Q 2021		—		—		—		0.0	%
4Q 2021		—		—		—		0.0	%
Total 2021		—		44,482		44,482		0.3	%
2022		1,719,156		429,802		2,148,958		15.0	%
2023		283,668		42,987		326,655		2.3	%
2024		65,000		21,360		86,360		0.6	%
2025		1,571,830		186,453		1,758,283		12.3	%
2026		807,668		74,589		882,257		6.2	%
2027		787,969		75,972		863,941		6.0	%
2028		248,614		17,946		266,560		1.9	%
2029		—		—		—		0.0	%
2030		463,507		96,589		560,096		3.9	%
Thereafter		6,394,911		786,033		7,180,944		50.3	%
Total Empire State Building broadcasting licenses and leases	$	12,473,353	$	1,820,452	$	14,293,805		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 52,508 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 $6.1 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 June 30, 2020 and expire on June 30, 2020.

(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

Second Quarter 2020 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited)

			Weighted			Percent of
			Average	Total		Portfolio					Percent of
			Remaining	Occupied		Rentable					Portfolio
		Lease	Lease	Square		Square			Annualized		Annualized
20 Largest Tenants	Property	Expiration (1)	Term(2)	Feet (3)		Feet (4)			Rent (5)		Rent (6)
1. Global Brands Group	ESB, 1333 B’Way	Oct. 2023 - Oct. 2028	7.6 years		668,942		6.4	%	$	36,558,903		6.8	%
2. LinkedIn	ESB	Aug. 2036	16.2 years		312,947		3.0	%		18,330,896		3.4	%
3. PVH Corp.	501 Seventh Avenue	Oct. 2028	8.4 years		237,281		2.3	%		11,716,228		2.2	%
4. Sephora	112 West 34th Street	Jan. 2029	8.6 years		11,334		0.1	%		10,468,996		1.9	%
5. Coty	ESB	Jan. 2030	9.6 years		156,970		1.5	%		8,022,839		1.5	%
6. Macy’s	111 West 33rd Street	May 2030	9.9 years		131,117		1.3	%		7,813,096		1.4	%
7. Li & Fung	1359 Broadway	Oct. 2021 - Oct. 2027	3.8 years		149,436		1.4	%		7,701,934		1.4	%
8. Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035	14.3 years		124,884		1.2	%		7,540,459		1.4	%
9. Federal Deposit Insurance Corp.	ESB	Dec. 2024	4.5 years		119,226		1.1	%		7,511,238		1.4	%
10. Urban Outfitters	1333 Broadway	Sept. 2029	9.3 years		56,730		0.5	%		7,367,374		1.4	%
11. The Interpublic Group of Co’s, Inc.	111 West 33rd St & 1400 B’way	Jul. 2024 - Feb. 2025	4.3 years		128,296		1.2	%		7,232,743		1.3	%
12. Footlocker	112 West 34th Street	Sept. 2031	11.3 years		34,192		0.3	%		6,898,262		1.3	%
13. Duane Reade/Walgreen’s	ESB, 1350 B’Way, 250 West 57th	Feb. 2021 - Sept. 2027	4.4 years		47,541		0.5	%		6,704,508		1.2	%
14. HNTB Corporation	ESB	Feb. 2029	8.7 years		105,143		1.0	%		6,629,258		1.2	%
15. Legg Mason	First Stamford Place	Sept. 2024	4.3 years		137,583		1.3	%		6,409,614		1.1	%
16. WDFG North America	ESB	Dec. 2025	5.5 years		5,300		0.1	%		6,037,484		1.1	%
17. Shutterstock	ESB	Apr. 2029	8.8 years		104,386		1.0	%		5,938,370		1.1	%
18. Fragomen	1400 Broadway	Feb. 2035	14.7 years		107,680		1.0	%		5,922,400		1.1	%
19. The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	9.4 years		86,492		0.8	%		5,390,818		1.0	%
20. ASCAP	250 West 57th Street	Aug. 2034	14.2 years		87,943		0.8	%		5,345,814		1.0	%
Total					2,813,423		26.8	%	$	185,541,234		34.2	%

Notes:

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

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

(3) Based on leases signed and commenced as of June 30, 2020.

(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

Second Quarter 2020 Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Tenant improvements—first generation	$	4,562	$	4,913	$	22,479	$	17,639	$	17,255
Tenant improvements—second generation		5,243		8,151		12,581		8,734		10,513
Leasing commissions—first generation		1,272		4,001		578		574		4,742
Leasing commissions—second generation		2,048		3,347		13,244		2,651		3,016
Building improvements—first generation		358		8,379		14,457		10,988		12,910
Building improvements—second generation		8,075		3,846		6,556		4,931		6,296
Observatory capital project (1)		829		1,175		17,574		18,185		14,539
Development (2)		525		811		—		—		—
Total	$	22,912	$	34,623	$	87,469	$	63,702	$	69,271

Note:

(1) Total Observatory capital project spent-to-date was $157.4 million as of June 30, 2020.

(2) Primarily represents design and engineering costs.

Tenant space redevelopment by square feet ^{(3) (4)}

- Future redevelopment (Empire State Building) – 140,000 square feet

- Future redevelopment (other Manhattan properties) – 330,000 square feet

- Redevelopment completed – 7,500,000 square feet

Inventory of vacant space ⁽³⁾

- Developed – 560,000 square feet, 90%

- Undeveloped – 60,000 square feet, 10%

Inventory of undeveloped space ⁽³⁾

- Vacant – 60,000 square feet, 13%

- Expires in 2020 – 80,000 square feet, 17%

- Expires in 2021 and thereafter – 330,000 square feet, 70%

Developed no square feet in the second quarter 2020 and 80,000 square feet as of June 30, 2020 YTD.

Leasing Opportunity – Inventory of Current Vacant Space as of June 30, 2020 (in square feet)
Total Portfolio vacant space	1,460,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	342,000
Greater New York Office Properties SLNC	25,000
Retail Properties SLNC	43,000
Redeveloped Manhattan Office space	513,000
Greater New York Office Properties space	361,000
Retail Properties space	47,000
Undeveloped Manhattan Office space	42,000
Space held off market	41,000
Other	46,000
Total	1,460,000

Notes:

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

(4) 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

Second Quarter 2020 Observatory Summary (unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		June 30, 2020		March 31, 2020 (1)		December 31, 2019		September 30, 2019		June 30, 2019
Observatory revenue (2)	$	94,935	$	86	$	19,544	$	37,730	$	37,575	$	32,895
Observatory expenses		29,988		4,002		8,154		8,743		9,089		8,360
NOI		64,947		(3,916)		11,390		28,987		28,486		24,535
Intercompany rent expense (3)		62,546		4,053		11,536		23,715		23,242		21,491
NOI after intercompany rent	$	2,401	$	(7,969)	$	(146)	$	5,272	$	5,244	$	3,044
Observatory Metrics
Number of visitors (4)				—		422,000		894,000		1,042,000		968,000
Change in visitors year over year				N/A		(29.8%)		(5.5%)		(10.7%)		(7.7%)
Number of bad weather days during open days (“BWD”) (5)				N/A		15		22		12		24
Days closed due to COVID-19				91		15		—		—		—
102nd floor revenue (6)			$	—	$	1,808	$	3,375	$	—	$	—

Notes:

(1) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The Observatory reopened on July 20, 2020.

(2) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, the fixed license fee was $0, $1,314, $1,453, $1,453, and $1,453, respectively.

(3) 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.

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

(5) 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.

(6) Reflects revenues derived from the 102nd floor observatory which are included in total observatory revenues above.

Annual Observatory Revenues 2015 to 2019

Note:

(1) The 102nd floor observatory was closed for approximately nine months in 2019 for renovations.

Page 16

Second Quarter 2020 Condensed Consolidated Balance Sheets (unaudited and dollars in thousands)

	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Assets
Commercial real estate properties, at cost:
Land	$	201,196		$	201,196		$	201,196		$	201,196		$	201,196
Development costs		9,325			8,800			7,989			7,989			7,987
Building and improvements		2,914,528			2,913,312			2,900,248			2,830,353			2,784,472
		3,125,049			3,123,308			3,109,433			3,039,538			2,993,655
Less: accumulated depreciation		(911,546	)		(886,822	)		(862,534	)		(829,495	)		(809,197	)
Commercial real estate properties, net		2,213,503			2,236,486			2,246,899			2,210,043			2,184,458
Cash and cash equivalents		872,970			1,008,983			233,946			293,710			375,335
Restricted cash		58,878			36,881			37,651			36,609			38,043
Short term investments		—			—			—			—			150,000
Tenant and other receivables, net		29,800			22,549			25,423			29,287			31,264
Deferred rent receivables, net		226,444			229,154			220,960			214,685			209,510
Prepaid expenses and other assets		68,109			40,583			65,453			41,927			60,818
Deferred costs, net		211,356			218,578			228,150			223,698			228,782
Acquired below-market ground leases, net		348,651			350,609			352,566			354,524			356,482
Right of use assets		29,205			29,256			29,307			29,355			29,404
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,550,395		$	4,664,558		$	3,931,834		$	3,925,317		$	4,155,575
Liabilities and Equity
Mortgage notes payable, net	$	603,974		$	604,763		$	605,542		$	606,313		$	607,072
Senior unsecured notes, net		973,053			973,002			798,392			798,347			1,047,939
Unsecured term loan facility, net		387,059			386,568			264,640			264,517			264,394
Unsecured revolving credit facility, net		546,778			546,436			—			—			—
Accounts payable and accrued expenses		104,992			142,315			143,786			143,201			131,842
Acquired below-market leases, net		35,170			37,623			39,679			42,655			45,651
Ground lease liabilties		29,205			29,256			29,307			29,355			29,404
Deferred revenue and other liabilities		62,996			64,176			72,015			68,742			48,858
Tenants’ security deposits		51,130			30,543			30,560			31,841			32,383
Total liabilities		2,794,357			2,814,682			1,983,921			1,984,971			2,207,543
Total equity		1,756,038			1,849,876			1,947,913			1,940,346			1,948,032
Total liabilities and equity	$	4,550,395		$	4,664,558		$	3,931,834		$	3,925,317		$	4,155,575

Page 17

Second Quarter 2020 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Revenues
Rental revenue (1)	$	137,999		$	148,113		$	151,701		$	150,225		$	141,071
Observatory revenue		86			19,544			37,730			37,575			32,895
Lease termination fees		1,033			211			1,240			2,361			363
Third party management and other fees		301			346			299			304			331
Other revenue and fees		1,611			2,010			3,963			2,408			1,584
Total revenues		141,030			170,224			194,933			192,873			176,244
Operating expenses
Property operating expenses		29,750			41,468			43,901			47,894			40,227
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		18,149			15,951			16,618			14,421			15,998
Observatory expenses		4,002			8,154			8,743			9,089			8,360
Real estate taxes		29,579			29,254			29,818			29,599			28,267
Impairment charge		4,101	(2)		—			—			—			—
Depreciation and amortization		52,783			46,093			46,409			44,260			44,821
Total operating expenses		140,696			143,251			147,821			147,594			140,005
Total operating income		334			26,973			47,112			45,279			36,239
Other income (expense)
Interest income		1,526			637			1,352			2,269			3,899
Interest expense		(23,928	)		(19,618	)		(18,534	)		(19,426	)		(20,597	)
Loss on early extinguishment of debt		—			(86	)		—			—			—
Income (loss) before income taxes		(22,068	)		7,906			29,930			28,122			19,541
Income tax (expense) benefit		2,450			382			(1,210	)		(1,338	)		(611	)
Net income (loss)		(19,618	)		8,288			28,720			26,784			18,930
Perpetual preferred unit distributions		(1,047	)		(1,050	)		(1,041	)		(234	)		(234	)
Net (income) loss attributable to non-controlling interests		7,872			(2,743	)		(10,880	)		(10,668	)		(7,609	)
Net income (loss) attributable to common stockholders	$	(12,793	)	$	4,495		$	16,799		$	15,882		$	11,087
Weighted average common shares outstanding
Basic		175,433			181,741			180,166			178,352			176,796
Diluted		283,384			292,645			296,852			298,151			298,131
Net income (loss) per share attributable to common stockholders
Basic and diluted	$	(0.07	)	$	0.02		$	0.09		$	0.09		$	0.06
Dividends per share	$	0.105		$	0.105		$	0.105		$	0.105		$	0.105

Notes:

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

	Three Months Ended
Rental Revenue	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Base rent	$	122,374	$	130,577	$	130,234	$	129,098	$	125,170
Billed tenant expense reimbursement		15,625		17,536		21,467		21,127		15,901
Total rental revenue	$	137,999	$	148,113	$	151,701	$	150,225	$	141,071

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) Reflects a $4.1 million non-cash write-off of prior capitalized expenditures on a combined heat and power generation project for the Empire State Building that has been rendered economically unfeasible due to New York City’s new Local Law 97.

Page 18

Second Quarter 2020 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
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	(19,618	)	$	8,288		$	28,720		$	26,784		$	18,930
Preferred unit distributions		(1,047	)		(1,050	)		(1,041	)		(234	)		(234	)
Real estate depreciation and amortization		51,096			44,430			45,298			43,303			43,822
Impairment charge		4,101			—			—			—			—
FFO attributable to common stockholders and non-controlled interests		34,532			51,668			72,977			69,853			62,518
Amortization of below-market ground lease		1,958			1,958			1,958			1,957			1,958
Modified FFO attributable to common stockholders and non-controlled interests		36,490			53,626			74,935			71,810			64,476
Loss on early extinguishment of debt		—			86			—			—			—
Severance expenses		3,008			—			—			—			—
Core FFO attributable to common stockholders and non-controlled interests	$	39,498		$	53,712		$	74,935		$	71,810		$	64,476
Total weighted average shares and Operating Partnership Units
Basic		283,384			292,645			296,852			298,151			298,131
Diluted		283,384			292,645			296,852			298,151			298,131
FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.12		$	0.18		$	0.25		$	0.23		$	0.21
Diluted	$	0.12		$	0.18		$	0.25		$	0.23		$	0.21
Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.13		$	0.18		$	0.25		$	0.24		$	0.22
Diluted	$	0.13		$	0.18		$	0.25		$	0.24		$	0.22
Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.14		$	0.18		$	0.25		$	0.24		$	0.22
Diluted	$	0.14		$	0.18		$	0.25		$	0.24		$	0.22
Reconciliation of Core FFO to Core FAD
Core FFO	$	39,498		$	53,712		$	74,935		$	71,810		$	64,476
Add:
Amortization of deferred financing costs		1,049			894			873			923			1,020
Non-real estate depreciation and amortization		1,686			1,664			1,110			958			998
Amortization of non-cash compensation expense		8,778			5,892			5,465			4,049			5,924
Amortization of debt discount		—			—			—			311			668
Amortization of loss on interest rate derivative		938			447			385			385			385
Deduct:
Straight-line rental revenues		2,710			(8,193	)		(6,276	)		(5,174	)		(3,203	)
Above/below-market rent revenue amortization		(1,366	)		(908	)		(1,530	)		(1,682	)		(1,745	)
Corporate capital expenditures		(141	)		(426	)		(678	)		(614	)		(463	)
Tenant improvements—second generation		(5,243	)		(8,151	)		(12,581	)		(8,734	)		(10,513	)
Building improvements—second generation		(8,075	)		(3,846	)		(6,556	)		(4,931	)		(6,296	)
Leasing commissions—second generation		(2,048	)		(3,347	)		(13,244	)		(2,651	)		(3,016	)
Core FAD	$	37,786		$	37,738		$	41,903		$	54,650		$	48,235
Reconciliation of Net Income to EBITDA
Net income (loss)	$	(19,618	)	$	8,288		$	28,720		$	26,784		$	18,930
Interest expense		23,928			19,618			18,534			19,426			20,597
Income tax expense (benefit)		(2,450	)		(382	)		1,210			1,338			611
Depreciation and amortization		52,783			46,093			46,409			44,260			44,821
EBITDA		54,643			73,617			94,873			91,808			84,959
Impairment charges		4,101			—			—			—			—
Adjusted EBITDA	$	58,744		$	73,617		$	94,873		$	91,808		$	84,959

Page 19

Second Quarter 2020 Debt Summary (unaudited and dollars in thousands)

	June 30, 2020								March 31, 2020
				Weighted Average								Weighted Average
Debt Summary	Balance			Interest Rate			Maturity (Years)		Balance			Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	608,871			4.10	%		8.5	$	609,851			4.10	%		8.8
Senior unsecured notes		975,000			4.10	%		9.7		975,000			4.10	%		9.9
Unsecured term loan facilities (1)		265,000			3.40	%		5.1		390,000			3.70	%		5.8
Total fixed rate debt		1,848,871			4.02	%		8.6		1,974,851			4.02	%		8.8
Unsecured term loan facilities		125,000			1.66	%		6.5		—			—			—
Unsecured revolving credit facilities		550,000			1.26	%		1.2		550,000			2.09	%		1.4
Total variable rate debt (2)		675,000			1.34	%		2.2		550,000			2.09	%		1.4
Total debt		2,523,871			3.41	%		6.9		2,524,851			3.60	%		7.2
Deferred financing costs, net		(13,007	)							(14,082	)
Total	$	2,510,864							$	2,510,769

Note:

(1) LIBOR is fixed at 2.1485% for $265 million under variable to fixed interest rate swap agreements.

Available Capacity	Facility		Outstanding at June 30, 2020		Letters of Credit		Available Capacity
Unsecured revolving credit facility (1)	$	1,100,000	$	550,000	$	—	$	550,000

Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage(2)		< 60	%		34.2	%		Yes
Maximum Secured Debt		< 40	%		8.2	%		Yes
Minimum Fixed Charge Coverage		> 1.50x			3.3x			Yes
Minimum Unencumbered Interest Coverage		> 1.75x			5.7x			Yes
Maximum Unsecured Leverage		< 60	%		30.6	%		Yes

Notes:

(1) The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in maximum aggregate principal balance to $2.0 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

Second Quarter 2020 Debt Detail (unaudited and dollars in thousands)

	Stated Interest Rate (%)			Effective Interest Rate (%) (1)			Principal Balance			Maturity Date		Amortization
Fixed rate mortgage debt:
Metro Center		3.59	%		3.66	%	$	88,526			11/5/2024		30 years
10 Union Square		3.70	%		3.97	%		50,000			4/1/2026		Interest only
1542 Third Avenue		4.29	%		4.53	%		30,000			5/1/2027		Interest only
First Stamford Place (2)		4.28	%		4.75	%		180,000			7/1/2027		5 years interest only; 30 years thereafter
1010 Third Avenue and 77 West 55th Street		4.01	%		4.20	%		37,868			1/5/2028		30 years
10 Bank Street		4.23	%		4.36	%		32,477			6/1/2032		25 years
383 Main Avenue		4.44	%		4.55	%		30,000			6/30/2032		5 years interest only; 30 years thereafter
1333 Broadway		4.21	%		4.29	%		160,000			2/5/2033		Interest only
Total mortgage debt								608,871
Unsecured revolving credit facility		LIBOR plus 1.10	%		2.17	%		550,000			8/29/2021		Interest only
Unsecured term loan facility		LIBOR plus 1.20	%		3.61	%		215,000			3/19/2025		Interest only
Unsecured term loan facility		LIBOR plus 1.50	%		2.98	%		175,000			12/31/2026		Interest only
Senior unsecured notes:
Series A		3.93	%		3.96	%		100,000			3/27/2025		Interest only
Series B		4.09	%		4.12	%		125,000			3/27/2027		Interest only
Series C		4.18	%		4.21	%		125,000			3/27/2030		Interest only
Series D		4.08	%		4.11	%		115,000			1/22/2028		Interest only
Series E		4.26	%		4.27	%		160,000			3/22/2030		Interest only
Series F		4.44	%		4.45	%		175,000			3/22/2033		Interest only
Series G		3.61	%		4.89	%		100,000			3/17/2032		Interest only
Series H		3.73	%		5.00	%		75,000			3/17/2035		Interest only
Total / weighted average debt		3.41	%		3.71	%		2,523,871
Deferred financing costs, net								(13,007	)
Total							$	2,510,864

Notes:

(1) The effective interest rate is composed of the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

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

Page 21

Second Quarter 2020 Debt Maturities and Ground Lease Commitments (unaudited and dollars in thousands)

Year	Maturities (1)		Amortization		Total			Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2020	$	—	$	1,987	$	1,987			0.1	%		n/a
2021		550,000		4,090		554,090			22.0	%		1.26	%
2022		—		5,628		5,628			0.2	%		n/a
2023		—		7,876		7,876			0.3	%		n/a
2024		77,675		7,958		85,633			3.4	%		3.59	%
2025		315,000		5,826		320,826			12.7	%		3.57	%
2026		225,000		6,080		231,080			9.2	%		3.83	%
2027		319,000		5,008		324,008			12.8	%		4.21	%
2028		146,092		1,877		147,969			5.9	%		4.06	%
2029		—		1,959		1,959			0.1	%		n/a
Thereafter		837,656		5,159		842,815			33.4	%		4.16	%
Total debt	$	2,470,423	$	53,448		2,523,871			100.0	%		3.41	%
Deferred financing costs, net						(13,007	)
Total					$	2,510,864

Note:

(1) Assumes no extension options are exercised.

Debt Maturity and Amortization Profile

Ground Lease Commitments ⁽¹⁾

Year	1350 Broadway (2)		1400 Broadway (3)		111 West 33rd Street (4)		Total
2020	$	54	$	338	$	368	$	759
2021		108		675		735		1,518
2022		108		675		735		1,518
2023		108		675		735		1,518
2024		108		675		735		1,518
Thereafter		1,929		26,325		38,526		66,780
	$	2,415	$	29,363	$	41,834	$	73,611

Notes:

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

(2) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 30 years.

(3) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 43 years.

(4) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 57 years.

Page 22

  Second Quarter 2020 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: loss on early extinguishment of debt, acquisition expenses and severance 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, impairment charges, 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

XML

Cover Page	Jul. 27, 2020
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001541401
Document Type	8-K
Document Period End Date	Jul. 27, 2020
Entity Registrant Name	EMPIRE STATE REALTY TRUST, INC.
Entity Incorporation State Country Code	MD
Entity File Number	001-36105
Entity Tax Identification Number	37-1645259
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	687-8700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
EMPIRE STATE REALTY OP, L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	EMPIRE STATE REALTY OP, L.P.
Entity Incorporation State Country Code	DE
Entity File Number	001-36106
Entity Tax Identification Number	45-4685158
Entity Emerging Growth Company	false
Common Class A [Member]
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