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): April 28, 2021

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 April 28, 2021, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first quarter 2021. 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.

2

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 first quarter 2021 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 first quarter 2021
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 frequently used by securities analysts, investors and other interested parties in the evaluation

3

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, severance expenses and IPO litigation expense. 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.

4

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

5

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 and Adjusted 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. For Adjusted EBITDA, we add back impairment charges.

6

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: April 28, 2021	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)
Date: April 28, 2021	By:	Empire State Realty Trust, Inc., as general partner
	By:	/s/ Christina Chiu
		Name: Christina Chiu
		Title:   Executive Vice President and Chief Financial Officer

7

EX-99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES FIRST QUARTER 2021 RESULTS

- Earnings Per Share of ($0.02) Per Fully Diluted Share -

- Core FFO of $0.15 Per Fully Diluted Share -

- $1.4 Billion of Liquidity, No Outstanding Debt Maturity Through 2024 -

- Indoor Environmental Quality and Energy Efficiency Differentiate Portfolio -

New York, New York, April 28, 2021 - 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 first quarter of 2021.

“We remain realistic about the current market and confident in New York City’s recovery. The ongoing, successful vaccination rollout, increased leasing and sales of apartments, enthusiastic return to restaurants and entertainment, and increased tours by office brokers and tenants all are bellwethers for our predicted bottom in New York City by the end of the first quarter of 2022. Rent collection levels remain stable, we continue to operate efficiently, and visits to the Empire State Building Observatory continue to grow gradually off a low base consistent with our forecast,” stated Anthony E. Malkin, Empire State Realty Trust’s Chairman, President and Chief Executive Officer. “ESRT published its inaugural sustainability report that provides details on its ESG accomplishments in April, when we were named an ENERGY STAR Partner of the Year and announced our participation in the Empire Building Challenge on the heels of the announcement that as of January 100% of ESRT’s portfolio is powered by renewable wind energy. We have begun to see interesting opportunities on the investment side as the market disruption and uncertainty have their impacts.”

First Quarter and Recent Highlights

• Earnings per share was ($0.02) per fully diluted share.

• Core Funds From Operations (“Core FFO”) was $0.15 per fully diluted share.

• Same-Store Property Cash NOI excluding lease termination fees was up 3.0% from the first quarter of 2020 primarily driven by lower property operating expenses, partially offset by lower revenue compared to the prior year period.

1

• Signed 26 new, renewal, and expansion leases, representing a total of 171,817 rentable square feet.

• Collected 94% of first quarter 2021 total billings with 96% for office tenants and 86% for retail tenants. The Company recorded a non-cash reduction of straight-line balances of $0.6 million and wrote off $0.5 million of tenant receivables assessed as uncollectible during the first quarter of 2021.

• Strong liquidity position of $1.4 billion as of March 31, 2021, which consists of $567 million of cash plus an additional $850 million of undrawn capacity under the Company’s new revolving credit facility entered into during the quarter, which matures in March 2025 and has two six-month extension options subject to certain conditions. In addition, the facility has a sustainability-linked, “green” pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year. Moreover, the Company has no outstanding debt maturity until 2024.

• In the first quarter and through April 27, 2021, the Company repurchased $3.5 million of its common stock at an average price of $9.22 per share. This brings the cumulative total, since the stock repurchase program began on March 5, 2020 through April 27, 2021, to $147.2 million at an average price of $8.34 per share.

• ESG accomplishments:

• As of January 2021, 100% of the Company’s portfolio is powered by renewable wind energy.

• In April 2021, the Company was awarded the 2021 ENERGY STAR Partner of the Year in recognition of its contributions and leadership in the fight against climate change. Currently, 76% of the Company’s portfolio is ENERGY STAR certified.

• In April 2021, the Company published its inaugural sustainability report that details the current state of its ESG, Healthy Buildings, and Indoor Environmental Quality accomplishments and recognition. The report sets forth ESRT’s quantified goals and commitments to lead the real estate industry towards a net-zero future.

• In April 2021, the Company joined the Empire Building Challenge, a New York state initiative to accelerate progress towards the reduction of 85 percent of greenhouse gas emissions by 2050. ESRT has announced a goal to achieve net-zero carbon emissions for the Empire State Building by 2030 and across its portfolio by 2035.

2

Investor Presentation Update

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

Portfolio Operations

As of March 31, 2021, 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 March 31, 2021, 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 lease commencement date of new leases.

	March 31, 2021			December 31, 2020			March 31, 2020
Percent occupied:
Total portfolio		85.0	%		85.9	%		88.7	%
Total office		84.7	%		85.6	%		88.7	%
Manhattan office		86.2	%		87.2	%		90.0	%
GNYMA office		78.4	%		79.0	%		83.0	%
Total retail		88.6	%		89.8	%		88.5	%
Percent leased (includes signed leases not commenced):
Total portfolio		88.7	%		88.7	%		91.1	%
Total office		88.4	%		88.3	%		90.9	%
Manhattan office		90.0	%		89.8	%		92.6	%
GNYMA office		82.1	%		82.4	%		84.0	%
Total retail		92.0	%		93.2	%		94.0	%

3

Leasing

Leasing activity has been reduced due to the impact of the COVID-19 pandemic. The tables below summarize leasing activity for the three months ended March 31, 2021:

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/ (under) previously escalated rents
Office		25		170,757	$	54.42	$	50.96		6.8	%
Retail		1		1,060	$	90.00	$	97.32		(7.5	%)
Total Overall		26		171,817	$	54.64	$	51.24		6.6	%

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 / (under) previously escalated rents
New Office		7		111,397	$	57.66	$	50.25		14.7	%
Renewal Office		10		31,612	$	57.58	$	65.12		(11.6	%)
Total Office		17		143,009	$	57.64	$	53.54		7.7	%

Significant Leases Executed During First Quarter 2021

• At 1400 Broadway, the Company signed an expansion office lease with Burlington Stores for approximately 33,100 square feet for a term of 16.0 years. Burlington Stores now occupies approximately 68,300 square feet in the building.

• At 1359 Broadway, the Company signed a new office lease with Zentalis Pharmaceuticals, Inc. for approximately 31,400 square feet for a term of 11.0 years. Zentalis will occupy space that will be vacated by Li & Fung later this year.

• At One Grand Central Place, the Company signed a new office lease with Belkin Burden Goldman, LLP for approximately 30,600 square feet for a term of 16.5 years.

4

Observatory Results

The Observatory has seen continued increases in visitors as New York State travel restrictions are lifted and vaccinations are rolled out balanced with challenged international pandemic surges and sluggish vaccination rates.

The Observatory hosted approximately 51,000 visitors in the first quarter of 2021, compared to 55,000 visitors in the fourth quarter of 2020 and visitors of 422,000 in the first quarter of 2020. As a reminder, the first quarter is historically the seasonally lightest quarter for the Observatory due to the winter weather conditions. First quarter attendance was approximately 9% of 2019 comparable period attendance, in-line with the Company’s hypothetical recovery scenario for the quarter. The Company remains confident attendance will return to pre COVID-19 levels, though its hypothetical recovery does not show that until the fourth quarter of 2022.

Observatory revenue for the first quarter 2021 was $2.6 million. Observatory revenue included $0.1 million of deferred revenue from unused tickets. Observatory expenses were $4.6 million in the first quarter 2021.

Balance Sheet

During March 2021, the Company closed on an $850 million, four-year unsecured revolving credit agreement with a group of financial institutions. The new unsecured facility, which has an initial maturity of March 31, 2025 that can be extended by two, six-month periods at the Company’s option, will replace the Company’s existing undrawn revolving credit facility that was scheduled to mature on August 29, 2021. In addition, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

The Company had $1.4 billion of total liquidity as of March 31, 2021, which is comprised of $567 million of cash, plus an additional $850 million available under its new revolving credit facility.

At March 31, 2021, the Company had total debt outstanding of approximately $2.2 billion, with a weighted average interest rate of 3.9% per annum, and a weighted average term to maturity of 7.9 years. At March 31, 2021, the Company’s net debt to total market capitalization was 32.6% and net debt to adjusted EBITDA was 6.5x. The Company has no outstanding debt maturity until November 2024.

5

In the first quarter and through April 27, 2021, the Company repurchased $3.5 million of its common stock at an average price of $9.22 per share. This brings the cumulative total, since the stock repurchase program began on March 5, 2020 through April 27, 2021, to $147.2 million at an average price of $8.34 per share, through a combination of open-market purchases and the execution of a 10b5-1 program.

Dividend

On December 14, 2020, the Company announced its decision to continue with the suspension of the dividend for the first and second quarters of 2021 for 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 will review resumption of its dividend with its Board of Directors at its next board meeting.

On March 31, 2021, the Company paid a preferred dividend of $0.15 per unit for the first quarter 2021 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the first quarter 2021 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, April 29, 2021 at 12:00 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.

6

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 May 6, 2021, 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 13718579.

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) 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.” The company’s office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2021, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.

Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability

7

performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit empirestaterealtytrust.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.

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; (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; (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and

8

natural disasters; and (xix) the accuracy of our methodologies and estimates regarding ESG metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 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).

Contact:

Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@empirestaterealtytrust.com

9

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended March 31,
	2021			2020
Revenues
Rental revenue	$	140,231		$	148,113
Observatory revenue		2,603			19,544
Lease termination fees		1,289			211
Third-party management and other fees		276			346
Other revenue and fees		905			2,010
Total revenues		145,304			170,224
Operating expenses
Property operating expenses		30,279			41,468
Ground rent expenses		2,331			2,331
General and administrative expenses		13,853			15,951
Observatory expenses		4,588			8,154
Real estate taxes		31,447			29,254
Depreciation and amortization		44,457			46,093
Total operating expenses		126,955			143,251
Total operating income		18,349			26,973
Other income (expense):
Interest income		122			637
Interest expense		(23,554	)		(19,618	)
Loss on early extinguishment of debt		(214	)		(86	)
Income (loss) before income taxes		(5,297	)		7,906
Income tax benefit		2,106			382
Net income		(3,191	)		8,288
Preferred unit distributions		(1,050	)		(1,050	)
Net (income) loss attributable to non-controlling interests		1,620			(2,743	)
Net income (loss) attributable to common stockholders	$	(2,621	)	$	4,495
Total weighted average shares
Basic		171,735			181,741
Diluted		277,881			292,645
Net income (loss) per share attributable to common stockholders
Basic	$	(0.02	)	$	0.02
Diluted	$	(0.02	)	$	0.02

10

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 March 31,
	2021			2020
Net income (loss)	$	(3,191	)	$	8,288
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		43,104			44,430
FFO attributable to common stockholders and non-controlling interests		38,863			51,668
Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and non-controlling interests		40,821			53,626
Loss on early extinguishment of debt		214			86
Core FFO attributable to common stockholders and non-controlling interests	$	41,035		$	53,712
Total weighted average shares
Basic		277,881			292,645
Diluted		277,881			292,645
FFO per share
Basic	$	0.14		$	0.18
Diluted	$	0.14		$	0.18
Modified FFO per share
Basic	$	0.15		$	0.18
Diluted	$	0.15		$	0.18
Core FFO per share
Basic	$	0.15		$	0.18
Diluted	$	0.15		$	0.18

11

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	March 31, 2021			December 31, 2020
Assets
Commercial real estate properties, at cost	$	3,152,408		$	3,133,966
Less: accumulated depreciation		(973,940	)		(941,612	)
Commercial real estate properties, net		2,178,468			2,192,354
Cash and cash equivalents		567,102			526,714
Restricted cash		40,295			41,225
Tenant and other receivables		16,749			21,541
Deferred rent receivables		228,117			222,508
Prepaid expenses and other assets		50,427			77,182
Deferred costs, net		207,058			203,853
Acquired below market ground leases, net		342,777			344,735
Right of use assets		29,051			29,104
Goodwill		491,479			491,479
Total assets	$	4,151,523		$	4,150,695
Liabilities and equity
Mortgage notes payable, net	$	775,276		$	775,929
Senior unsecured notes, net		973,214			973,159
Unsecured term loan facility, net		387,811			387,561
Accounts payable and accrued expenses		102,381			103,203
Acquired below market leases, net		30,112			31,705
Ground lease liabilities		29,051			29,104
Deferred revenue and other liabilities		94,625			88,319
Tenants’ security deposits		27,858			30,408
Total liabilities		2,420,328			2,419,388
Total equity		1,731,195			1,731,307
Total liabilities and equity	$	4,151,523		$	4,150,695

12

EX-99.2

Exhibit 99.2

  First Quarter 2021  

Table of Contents	Page
Summary
Company Profile		3
Financial Highlights		4
Selected Property Data
Property Summary Net Operating Income		5
Net Operating Income, Initial Free Rent Burn-Off and Signed Leases Not Commenced		6
Leasing Activity		7
Property Detail		9
Portfolio Expirations and Vacates Summary		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
FFO, Modified FFO, Core 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; (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; (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters and (xix) the accuracy of our methodologies and estimates regarding ESG metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts.

For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 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

  First Quarter 2021  

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, President and Chief Executive Officer
Leslie D. Biddle	Director, Chair of the Compensation and Human Capital Committee
Thomas J. DeRosa	Director
Steven J. Gilbert	Director, Lead Independent Director
S. Michael Giliberto	Director, Chair of Audit Committee
Patricia S. Han	Director
Grant H. Hill	Director
R. Paige Hood	Director, Chair of the Finance Committee
James D. Robinson IV	Director, Chair of Nominating and Corporate Governance Committee

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) 850-2600

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	Craig Mailman	(917) 368-2316	cmailman@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com

Page 3

  First Quarter 2021 Financial Highlights (unaudited and dollars in thousands, except per share amounts)  

	Three Months Ended
Selected Items:	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Revenue	$	145,304		$	151,399		$	146,575		$	141,030		$	170,224
Net income (loss)	$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)	$	8,288
Cash net operating income (1)	$	71,340		$	82,079		$	73,037		$	78,368		$	81,528
Core funds from operations (“Core FFO”) (1)	$	41,035		$	47,308		$	34,896		$	39,498		$	53,712
Core funds available for distribution (“Core FAD”) (1)	$	29,693		$	41,267		$	24,083		$	37,786		$	37,738
Core FFO per share - diluted	$	0.15		$	0.17		$	0.12		$	0.14		$	0.18
Diluted weighted average shares		277,881,000			278,471,000			280,940,000			283,384,000			292,645,000
Dividends declared and paid per share	$	—		$	—		$	—		$	0.105		$	0.105
Portfolio Statistics:
Number of properties		20			20			20			20			20
Total rentable square footage		10,134,980			10,135,330			10,136,793			10,132,492			10,135,413
Percent occupied (2)		85.0	%		85.9	%		85.9	%		85.6	%		88.7	%
Percent leased (3)		88.7	%		88.7	%		89.7	%		89.6	%		91.1	%
Observatory Metrics:
Number of visitors (4)		51,000			55,000			30,000			—			422,000
Change in visitors year over year		(87.9	%)		(93.8	%)		(97.1	%)		N/A			(29.8	%)
Observatory revenues (5)	$	2,603		$	5,008		$	4,419		$	86		$	19,544
Change in revenues year over year		(86.7	%)		(86.7	%)		(88.2	%)		N/A			(5.0	%)
Ratios:
Debt to Total Market Capitalization (6)		39.7	%		43.9	%		51.6	%		54.3	%		47.8	%
Net Debt to Total Market Capitalization (6)		32.6	%		37.2	%		46.3	%		43.7	%		35.5	%
Debt and Perpetual Preferred Units to Total Market Capitalization (6)		41.3	%		45.7	%		53.9	%		56.2	%		49.5	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (6)		34.5	%		39.2	%		48.9	%		46.1	%		37.6	%
Debt to Adjusted EBITDA (1) (7)		8.8x			8.4x			6.9x			7.9x			7.3x
Net Debt to Adjusted EBITDA (1) (7)		6.5x			6.3x			5.6x			5.2x			4.4x
Interest Coverage Ratio		3.5x			3.7x			2.9x			2.6x			4.3x
Core FFO Payout Ratio (8)		0	%		0	%		0	%		83	%		61	%
Core FAD Payout Ratio (9)		0	%		0	%		0	%		86	%		87	%
Class A common stock price at quarter end	$	11.13		$	9.32		$	6.12		$	7.00		$	8.96
Average closing price	$	10.42		$	7.89		$	6.49		$	7.72		$	12.24
Dividends per share - annualized	$	—		$	—		$	—		$	0.42		$	0.42
Dividend yield (10)		0.0	%		0.0	%		0.0	%		6.0	%		4.7	%
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			4,664,038			4,664,038			4,664,038
Class A common stock		171,327,270			170,555,274			171,981,257			172,332,358			176,112,860
Class B common stock		1,004,601			1,010,130			1,010,832			1,014,221			1,015,149
Operating partnership units		113,290,326			113,713,319			115,383,860			117,475,995			120,548,216
Total common stock and operating partnership units outstanding (11)		285,622,197			285,278,723			288,375,949			290,822,574			297,676,225

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 March 31, 2021 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2021; (ii) the number of Series 2014 perpetual preferred units at March 31, 2021 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at March 31, 2021 multiplied by $13.52, and (iv) our outstanding indebtedness as of March 31, 2021.

(7) Calculated based on trailing 12 months Adjusted 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 March 31, 2021.

(11) As of March 31, 2021, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 61.7 million shares or approximately $686 million at a closing share price of $11.13. This represents a 75% increase in the number of Class A shares since the IPO.

Page 4

  First Quarter 2021 Property Summary - Same Store Net Operating Income (“NOI”) by Quarter (unaudited and dollars in thousands)  

	Three Months Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Same Store Total Portfolio
Revenues	$	141,136		$	138,255		$	140,698		$	139,610		$	150,123
Operating expenses		(64,057	)		(65,313	)		(67,363	)		(61,661	)		(73,053	)
Same store property NOI		77,079			72,942			73,335			77,949			77,070
Straight-line rent		(6,347	)		640			(395	)		2,710			(8,193	)
Above/below-market rent revenue amortization		(654	)		(674	)		(679	)		(1,366	)		(908	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	72,036		$	74,866		$	74,218		$	81,251		$	69,927
Percent increase over prior year		3.0	%		1.5	%		9.3	%		18.0	%		4.8	%
Property cash NOI	$	72,036		$	74,866		$	74,218		$	81,251		$	69,927
Observatory cash NOI		(1,985	)		(628	)		(1,512	)		(3,916	)		11,390
Lease termination fees		1,289			7,841			331			1,033			211
Total portfolio same store cash NOI	$	71,340		$	82,079		$	73,037		$	78,368		$	81,528
Same Store Manhattan Office Portfolio (1)
Revenues	$	121,611		$	119,191		$	121,348		$	119,445		$	128,909
Operating expenses		(54,543	)		(55,618	)		(57,642	)		(52,619	)		(62,670	)
Same store property NOI		67,068			63,573			63,706			66,826			66,239
Straight-line rent		(7,117	)		522			(380	)		1,774			(8,338	)
Above/below-market rent revenue amortization		(654	)		(674	)		(679	)		(1,366	)		(908	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		61,255			65,379			64,604			69,192			58,951
Lease termination fees		1,167			7,834			282			863			159
Total same store property cash NOI	$	62,422		$	73,213		$	64,886		$	70,055		$	59,110
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	15,721		$	15,623		$	15,930		$	16,529		$	16,915
Operating expenses		(7,488	)		(7,747	)		(7,870	)		(7,230	)		(8,479	)
Same store property NOI		8,233			7,876			8,060			9,299			8,436
Straight-line rent		480			198			23			331			12
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		8,713			8,074			8,083			9,630			8,448
Lease termination fees		122			7			49			170			52
Total same store property cash NOI	$	8,835		$	8,081		$	8,132		$	9,800		$	8,500
Same Store Standalone Retail Portfolio
Revenues	$	3,804		$	3,441		$	3,420		$	3,636		$	4,299
Operating expenses		(2,026	)		(1,948	)		(1,851	)		(1,812	)		(1,904	)
Same store property NOI		1,778			1,493			1,569			1,824			2,395
Straight-line rent		290			(80	)		(38	)		605			133
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		2,068			1,413			1,531			2,429			2,528
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	2,068		$	1,413		$	1,531		$	2,429		$	2,528

Note:

(1) Includes 504,284 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

  First Quarter 2021 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	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Net income (loss)	$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)	$	8,288
Add:
General and administrative expenses		13,853			13,627			14,517			18,149			15,951
Depreciation and amortization		44,457			47,397			44,733			52,783			46,093
Interest expense		23,768			23,001			23,360			23,928			19,704
Income tax expense (benefit)		(2,106	)		(4,177	)		38			(2,450	)		(382	)
Impairment charges		—			—			1,259			4,101			—
IPO litigation expense		—			—			1,165			—			—
Less:
Third-party management and other fees		(276	)		(295	)		(283	)		(301	)		(346	)
Interest income		(122	)		(108	)		(366	)		(1,526	)		(637	)
Net operating income		76,383			80,155			72,154			75,066			88,671
Straight-line rent		(6,347	)		640			(395	)		2,710			(8,193	)
Above/below-market rent revenue amortization		(654	)		(674	)		(679	)		(1,366	)		(908	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI - including Observatory and lease termination income		71,340			82,079			73,037			78,368			81,528
Less: Observatory NOI		1,985			628			1,512			3,916			(11,390	)
Less: Lease termination income		(1,289	)		(7,841	)		(331	)		(1,033	)		(211	)
Total property cash NOI - excluding Observatory and lease termination income	$	72,036		$	74,866		$	74,218		$	81,251		$	69,927
Burn-off of Free Rent and Signed Leases Not Commenced
	Incremental Annual			Base Cash Rent Contributing to Cash NOI in the Following Years
Total Portfolio	Revenue			2021			2022			2023			2024
Commenced leases in free rent period	$	16,725		$	6,264		$	16,118		$	16,725		$	16,725
Signed leases not commenced		26,260			1,664			10,558			22,626			24,807
Total	$	42,985		$	7,928		$	26,676		$	39,351		$	41,532

Commenced leases in free rent period

				Incremental
	Square		Cash	Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
	Feet		Rent Date	Revenue		2021			2022		2023		2024
Second quarter 2021 - 20 leases		122,672	Apr. 2021 - June 2021	$	6,262	$	3,541	(1)	$	6,262	$	6,262	$	6,262
Third quarter 2021 - 8 leases		301,914	Jul. 2021 - Sept. 2021		5,028		2,015			5,028		5,028		5,028
Fourth quarter 2021 - 6 leases		97,184	Oct. 2021 - Dec. 2021		4,496		708			4,496		4,496		4,496
First quarter 2022 - 1 lease		6,851	Jan. 2022 - Mar. 2022		158		—			119		158		158
Second quarter 2022 - 2 leases		4,980	Apr. 2022 - June 2022		318		—			213		318		318
Fourth quarter 2022 - 1 lease		3,695	Sept. 2022 - Dec. 2022		463		—			—		463		463
				$	16,725	$	6,264		$	16,118	$	16,725	$	16,725

Signed leases not commenced (“SLNC”)

			Expected Base Rent			Incremental
	Square		Commencement			Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Tenant	Feet		GAAP		Cash	Revenue (2)		2021		2022		2023		2024
Berkley Insurance Company		63,173		July 2021	Apr. 2023	$	3,300	$	—	$	—	$	2,466	$	3,300
Clearview Healthcare Partners, LLC		39,067		Jul. 2021	Oct. 2022		2,460		—		485		2,460		2,460
Transit Wireless, LLC		32,499		Sept. 2021	Sept. 2022		1,950		—		645		1,950		1,950
Belkin Burden Goldman LLP		30,598		Sept. 2021	Mar. 2022		1,840		—		—		1,480		1,840
Zentalis Pharmaceuticals		31,362		Dec. 2021	Dec. 2022		360		—		20		360		360
Burlington Stores		33,125		Jan. 2022	Jan. 2023		1,890		—		—		1,883		1,890
LinkedIn Corporation:
LinkedIn Corporation		52,666		Nov. 2021	Nov. 2021		3,840		630		3,840		3,840		3,840
LinkedIn Corporation		52,574		Jul. 2022	Jul. 2022		3,840		—		1,908		3,840		3,840
LinkedIn Corporation		30,283		Dec. 2022	Oct. 2023		670		—		—		167		670
Target		32,579		June 2024	Oct. 2024		1,930		—		—		—		477
Other SLNC		71,127		May 2021- Feb. 2022	May 2021- June 2022		4,180		1,034		3,660		4,180		4,180
Total		469,053				$	26,260	$	1,664	$	10,558	$	22,626	$	24,807

Notes:

(1) As an example, the 2021 amount represents cash revenue contributing from the cash rent commencement date of January 2021 through December 2021. The full annual amount is realized in 2022.

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

Page 6

  First Quarter 2021 Property Summary - Leasing Activity by Quarter (unaudited)  

	Three Months Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Total Portfolio
Total leases executed		26			33			18			19			35
Weighted average lease term		10.0 years			7.7 years			8.1 years			4.7 years			6.8 years
Average free rent period		9.5 months			7.6 months			5.9 months			2.7 months			4.1 months
Office
Total square footage executed		170,757			395,035			242,323			99,229			117,481
Average cash rent psf - leases executed	$	54.42		$	52.52		$	50.98		$	52.82		$	57.29
Previously escalated cash rents psf	$	50.96		$	55.53		$	53.74		$	51.40		$	52.43
Percentage of new cash rent over previously escalated rents		6.8	%		(5.4	%)		-5.1	%		2.8	%		9.3	%
Retail
Total square footage executed		1,060			18,321			5,126			14,202			31,662
Average cash rent psf - leases executed	$	90.00		$	132.75		$	53.68		$	145.58		$	101.03
Previously escalated cash rents psf	$	97.32		$	234.27		$	55.15		$	158.58		$	108.81
Percentage of new cash rent over previously escalated rents		(7.5	%)		(43.3	%)		(2.7	%)		(8.2	%)		(7.1	%)
Total Portfolio
Total square footage executed		171,817			413,356			247,449			113,431			149,143
Average cash rent psf - leases executed	$	54.64		$	56.08		$	51.04		$	64.43		$	66.58
Previously escalated cash rents psf	$	51.24		$	63.45		$	53.77		$	64.82		$	64.40
Percentage of new cash rent over previously escalated rents		6.6	%		(11.6	%)		(5.1	%)		-0.6	%		3.4	%
Leasing commission costs per square foot	$	20.39		$	14.17		$	7.31		$	13.52		$	20.19
Tenant improvement costs per square foot		74.39			30.58			41.78			21.68			100.79
Total LC and TI per square foot (1)	$	94.78		$	44.75		$	49.09		$	35.20		$	120.98
Occupancy		85.0	%		85.9	%		85.9	%		85.6	%		88.7	%
Manhattan Office Portfolio (2)
Total leases executed		18			25			9			13			26
Office - New Leases
Total square footage executed		111,397			321,848			130,783			24,859			63,153
Average cash rent psf - leases executed	$	57.66		$	54.00		$	51.93		$	66.94		$	62.78
Previously escalated cash rents psf	$	50.25		$	57.87		$	48.56		$	61.55		$	52.56
Percentage of new cash rent over previously escalated rents		14.7	%		-6.4	%		6.9	%		8.7	%		19.4	%
Office - Renewal Leases
Total square footage executed		31,612			36,571			6,049			27,123			30,712
Average cash rent psf - leases executed	$	57.58		$	50.80		$	50.48		$	58.35		$	60.20
Previously escalated cash rents psf	$	65.12		$	48.99		$	60.61		$	58.39		$	60.02
Percentage of new cash rent over previously escalated rents		(11.6	%)		3.7	%		(16.7	%)		-0.1	%		0.3	%
Retail - New and Renewal Leases
Total square footage executed		1,060			11,394			5,126			10,702			26,432
Average cash rent psf - leases executed	$	90.00		$	116.92		$	53.68		$	149.50		$	76.73
Previously escalated cash rents psf	$	97.32		$	201.69		$	55.15		$	150.16		$	103.75
Percentage of new cash rent over previously escalated rents		(7.5	%)		(42.0	%)		(2.7	%)		(0.4	%)		(26.0	%)
Total Manhattan Office Portfolio
Total square footage executed		144,069			369,813			141,958			62,684			120,297
Average cash rent psf - leases executed	$	57.88		$	55.62		$	51.93		$	77.32		$	65.19
Previously escalated cash rents psf	$	53.86		$	61.25		$	49.31		$	75.31		$	65.71
Percentage of new cash rent over previously escalated rents		7.5	%		-9.2	%		5.3	%		2.7	%		-0.8	%
Leasing commission costs per square foot	$	23.57		$	15.20		$	3.80		$	19.84		$	20.57
Tenant improvement costs per square foot		81.11			32.93			17.36			39.23			107.77
Total LC and TI per square foot (2)	$	104.68		$	48.13		$	21.16		$	59.07		$	128.34
Occupancy		86.2	%		87.2	%		86.9	%		86.8	%		89.8	%

Page 7

  First Quarter 2021 Property Summary - Leasing Activity by Quarter - (Continued) (unaudited)  

	Three Months Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Greater New York Metropolitan Area Office Portfolio
Total leases executed		8			7			9			5			7
Total square footage executed		27,748			36,616			105,491			47,247			23,616
Average cash rent psf - leases executed	$	37.80		$	41.23		$	49.84		$	42.21		$	38.85
Previously escalated cash rents psf	$	37.64		$	43.25		$	59.77		$	42.04		$	42.23
Percentage of new cash rent over previously escalated rents		0.4	%		(4.7	%)		(16.6	%)		0.4	%		(8.0	%)
Leasing commission costs per square foot	$	3.88		$	6.35		$	12.02		$	5.78		$	7.34
Tenant improvement costs per square foot		39.53			12.61			74.65			—			51.56
Total LC and TI per square foot (2)	$	43.41		$	18.96		$	86.67		$	5.78		$	58.90
Occupancy		78.4	%		79.0	%		80.1	%		79.1	%		83.0	%
Standalone Retail Portfolio
Total leases executed		—			1			—			1			2
Total square footage executed		—			6,927			—			3,500			5,230
Average cash rent psf - leases executed	$	—		$	158.80		$	—		$	133.59		$	223.86
Previously escalated cash rents psf	$	—		$	287.86		$	—		$	184.31		$	134.41
Percentage of new cash rent over previously escalated rents		0.0	%		(44.8	%)		0.0	%		(27.5	%)		66.5	%
Leasing commission costs per square foot	$	—		$	—		$	—		$	4.71		$	69.53
Tenant improvement costs per square foot		—			—			—			—			162.60
Total LC and TI per square foot (2)	$	—		$	—		$	—		$	4.71		$	232.13
Occupancy		97.1	%		97.1	%		95.2	%		95.2	%		95.2	%

Notes:

(1) 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.

(2) Includes 504,284 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 8

  First Quarter 2021 Property Detail (unaudited)  

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Annualized Rent (3)		Annualized Rent per Occupied Square Foot (4)		Number of Leases (5)
Manhattan Office Properties - Office
The Empire State Building (6)	Penn Station -Times Sq. South		2,714,482		88.6	%	$	147,392,716	$	61.32		157
One Grand Central Place	Grand Central		1,246,992		84.1	%		63,206,426		60.26		164
1400 Broadway (7)	Penn Station -Times Sq. South		917,716		86.7	%		44,775,017		56.28		23
111 West 33rd Street (8)	Penn Station -Times Sq. South		641,034		91.4	%		36,403,751		62.16		22
250 West 57th Street	Columbus Circle - West Side		474,120		80.1	%		23,853,970		62.80		34
501 Seventh Avenue	Penn Station -Times Sq. South		461,380		79.5	%		18,444,756		50.31		23
1359 Broadway	Penn Station -Times Sq. South		456,386		94.2	%		24,543,258		57.06		31
1350 Broadway (9)	Penn Station -Times Sq. South		372,251		78.1	%		18,080,505		62.19		52
1333 Broadway	Penn Station -Times Sq. South		295,635		79.9	%		13,390,627		56.67		10
Manhattan Office Properties - Office			7,579,996		86.2	%		390,091,025		59.67		516
Manhattan Office Properties - Retail
The Empire State Building	Penn Station -Times Sq. South		97,322		48.3	%		5,151,092		109.50		10
One Grand Central Place	Grand Central		68,733		100.0	%		8,762,467		127.49		14
1400 Broadway (7)	Penn Station -Times Sq. South		20,176		77.2	%		1,719,243		110.41		7
112 West 34th Street (8)	Penn Station -Times Sq. South		91,280		100.0	%		23,412,972		256.50		4
250 West 57th Street	Columbus Circle - West Side		67,927		87.6	%		9,178,318		154.18		7
501 Seventh Avenue	Penn Station -Times Sq. South		33,632		90.6	%		2,152,510		70.64		9
1359 Broadway	Penn Station -Times Sq. South		27,506		100.0	%		2,070,046		75.26		6
1350 Broadway (9)	Penn Station -Times Sq. South		30,707		73.3	%		5,752,423		255.72		4
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		9,650,652		144.04		4
Manhattan Office Properties - Retail			504,284		85.2	%		67,849,724		157.93		65
Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail			8,084,280		86.2	%		457,940,749		65.73		581
Greater New York Metropolitan Area Office Properties
First Stamford Place (10)	Stamford, CT		776,397		83.2	%		28,980,857		44.85		42
Metro Center	Stamford, CT		286,160		67.9	%		11,493,834		59.13		19
383 Main Avenue	Norwalk, CT		260,401		56.1	%		4,367,697		29.88		22
500 Mamaroneck Avenue	Harrison, NY		287,305		85.1	%		7,417,708		30.33		29
10 Bank Street	White Plains, NY		234,949		91.9	%		7,944,916		36.80		32
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,845,212		78.4	%		60,205,012		41.60		144
Standalone Retail Properties
10 Union Square	Union Square		57,984		94.7	%		6,645,268		121.04		11
1542 Third Avenue	Upper East Side		56,250		100.0	%		4,191,658		74.52		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,634,510		81.38		2
77 West 55th Street	Midtown		25,388		100.0	%		2,861,061		112.69		3
69-97 Main Street	Westport, CT		16,874		82.9	%		1,516,475		108.36		4
103-107 Main Street	Westport, CT		4,330		100.0	%		606,200		140.00		1
Sub-Total/Weighted Average Standalone Retail Properties			205,488		97.1	%		19,455,172		97.51		25
Portfolio Total			10,134,980		85.0	%	$	537,600,933	$	62.41		750
Total/Weighted Average Office Properties			9,425,208		84.7	%	$	450,296,037	$	56.39		660
Total/Weighted Average Retail Properties			709,772		88.6	%		87,304,896		138.77		90
Portfolio Total			10,134,980		85.0	%	$	537,600,933	$	62.41		750

Notes:

(1) Excludes (i) 194,929 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 March 31, 2021.

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

(4) Represents annualized rent under leases commenced as of March 31, 2021 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) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 42 years (expiring December 31, 2063).

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 56 years (expiring May 31, 2077).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 29 years (expiring July 31, 2050).

(10) First Stamford Place consists of three buildings.

Page 9

  First Quarter 2021 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)  

	Three Months Ended
	Actual		Forecast (1)							Forecast (1)
Total Portfolio (2)	March 31, 2021		June 30, 2021			September 30, 2021		December 31, 2021		Apr. to Dec. 2021			Full Year 2022
Total expirations		111,546		273,379			146,848		177,119		597,346			558,069
Less: broadcasting		—		(2,708	)		—		—		(2,708	)		(4,281	)
Office and retail expirations		111,546		270,671			146,848		177,119		594,638			553,788
Renewals & relocations (3)		9,494		67,389			82,174		69,419		218,982			72,406
New leases (4)		43,901		14,532			3,932		—		18,464			44,619
Vacates (5)		58,151		179,167			56,812		63,616		299,595			186,541
Unknown (6)		—		9,583			3,930		44,084		57,597			250,222
Total Portfolio expirations and vacates		111,546		270,671			146,848		177,119		594,638			553,788
Manhattan Office Portfolio
Total expirations		75,574		219,886			117,036		101,263		438,185			361,117
Less: broadcasting		—		(2,708	)		—		—		(2,708	)		(4,281	)
Office expirations		75,574		217,178			117,036		101,263		435,477			356,836
Renewals & relocations (3)		2,837		63,271			61,049		46,618		170,938			62,501
New leases (4)		43,901		14,532			3,932		—		18,464			44,619
Vacates (5)		28,836		132,688			48,125		20,028		200,841			89,615
Unknown (6)		—		6,687			3,930		34,617		45,234			160,101
Total expirations and vacates		75,574		217,178			117,036		101,263		435,477			356,836
Greater New York Metropolitan Area Office Portfolio
Office expirations		26,348		42,209			23,243		74,742		140,194			148,586
Renewals & relocations (3)		5,597		400			17,625		22,801		40,826			3,260
New leases (4)		—		—			—		—		—			—
Vacates (5)		20,751		38,913			5,618		43,588		88,119			56,109
Unknown (6)		—		2,896			—		8,353		11,249			89,217
Total expirations and vacates		26,348		42,209			23,243		74,742		140,194			148,586
Retail Portfolio
Retail expirations		9,624		11,284			6,569		1,114		18,967			48,366
Renewals & relocations (3)		1,060		3,718			3,500		—		7,218			6,645
New leases (4)		—		—			—		—		—			—
Vacates (5)		8,564		7,566			3,069		—		10,635			40,817
Unknown (6)		—		—			—		1,114		1,114			904
Total expirations and vacates		9,624		11,284			6,569		1,114		18,967			48,366

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 & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2021; and tenants who move within a building or within the Company’s portfolio.

(4) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. The lease commencement dates are provided on page 6. There may be downtime between the lease expiration and the new lease commencement.

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

This also may include early lease terminations.

(6) For forecasted periods, “Unknown” represents tenants’ whose intention is unknown.

Page 10

  First Quarter 2021 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		—		1,148,510		11.3	%	$	—		0.0	%	$	—
Signed leases not commenced		11		372,578		3.7	%		—		0.0	%		—
1Q 2021 (4)		21		94,851		0.9	%		4,404,983		0.8	%		46.44
2Q 2021		25		181,840		1.8	%		9,628,414		1.8	%		52.95
3Q 2021		22		146,848		1.4	%		8,720,132		1.6	%		59.38
4Q 2021		26		177,119		1.7	%		9,367,483		1.7	%		52.89
Total 2021		94		600,658		5.9	%		32,121,012		6.0	%		53.48
1Q 2022		25		152,667		1.5	%		8,301,766		1.5	%		54.38
2Q 2022		28		119,497		1.2	%		8,303,025		1.5	%		69.48
3Q 2022		28		167,098		1.6	%		11,021,469		2.1	%		65.96
4Q 2022		27		118,807		1.2	%		7,089,055		1.3	%		59.67
Total 2022		108		558,069		5.5	%		34,715,315		6.5	%		62.21
2023		97		722,015		7.1	%		45,233,941		8.4	%		62.65
2024		90		848,624		8.4	%		52,308,681		9.7	%		61.64
2025		79		495,319		4.9	%		29,998,891		5.6	%		60.56
2026		66		754,136		7.4	%		42,003,661		7.8	%		55.70
2027		54		584,957		5.8	%		35,483,184		6.6	%		60.66
2028		37		1,074,013		10.6	%		58,022,380		10.8	%		54.02
2029		35		879,459		8.7	%		63,401,404		11.8	%		72.09
2030		34		711,497		7.0	%		46,503,713		8.7	%		65.36
2031		19		163,202		1.6	%		20,320,821		3.8	%		124.51
Thereafter		37		1,221,943		12.1	%		77,487,930		14.3	%		63.41
Total		761		10,134,980		100.0	%	$	537,600,933		100.0	%	$	62.41
Manhattan Office Properties (5)
Available		—		761,679		10.0	%	$	—		0.0	%	$	—
Signed leases not commenced		7		280,795		3.7	%		—		0.0	%		—
1Q 2021 (4)		12		77,508		1.0	%		3,474,052		0.9	%		44.82
2Q 2021		20		142,378		1.9	%		7,851,925		2.0	%		55.15
3Q 2021		14		117,036		1.5	%		6,688,742		1.7	%		57.15
4Q 2021		17		101,263		1.3	%		6,076,959		1.6	%		60.01
Total 2021		63		438,185		5.8	%		24,091,678		6.2	%		54.98
1Q 2022		19		118,951		1.6	%		6,818,985		1.7	%		57.33
2Q 2022		20		82,529		1.1	%		5,037,650		1.3	%		61.04
3Q 2022		16		67,720		0.9	%		4,259,618		1.1	%		62.90
4Q 2022		23		91,917		1.2	%		5,547,958		1.4	%		60.36
Total 2022		78		361,117		4.8	%		21,664,211		5.6	%		59.99
2023		75		526,342		6.9	%		32,175,870		8.2	%		61.13
2024		66		606,040		8.0	%		36,725,248		9.4	%		60.60
2025		47		308,477		4.1	%		19,636,827		5.0	%		63.66
2026		44		523,497		6.9	%		30,746,485		7.9	%		58.73
2027		39		443,408		5.8	%		26,082,998		6.7	%		58.82
2028		23		954,132		12.6	%		52,322,942		13.4	%		54.84
2029		23		629,621		8.3	%		37,799,410		9.7	%		60.04
2030		21		607,354		8.0	%		36,284,699		9.3	%		59.74
2031		10		79,905		1.1	%		5,567,022		1.4	%		69.67
Thereafter		27		1,059,444		14.0	%		66,993,635		17.2	%		63.23
Total Manhattan office properties		523		7,579,996		100.0	%	$	390,091,025		100.0	%	$	59.67

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) 194,929 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 March 31, 2021 and expire on March 31, 2021.

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

Page 11

  First Quarter 2021 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		—		330,391		17.9	%	$	—		0.0	%	$	—
Signed leases not commenced		2		67,602		3.7	%		—		0.0	%		—
1Q 2021 (4)		5		6,307		0.3	%		332,976		0.6	%		52.79
2Q 2021		4		39,049		2.1	%		1,747,745		2.9	%		44.76
3Q 2021		5		23,243		1.3	%		1,019,972		1.7	%		43.88
4Q 2021		8		74,742		4.1	%		3,212,544		5.3	%		42.98
Total 2021		22		143,341		7.8	%		6,313,237		10.5	%		44.04
1Q 2022		5		31,915		1.7	%		1,243,716		2.1	%		38.97
2Q 2022		7		33,795		1.8	%		1,342,595		2.2	%		39.73
3Q 2022		7		57,657		3.1	%		1,901,823		3.2	%		32.99
4Q 2022		3		25,219		1.4	%		1,318,854		2.2	%		52.30
Total 2022		22		148,586		8.1	%		5,806,988		9.6	%		39.08
2023		14		150,370		8.1	%		7,016,220		11.7	%		46.66
2024		13		210,421		11.4	%		9,347,792		15.5	%		44.42
2025		27		158,477		8.6	%		5,540,431		9.2	%		34.96
2026		16		163,878		8.9	%		7,140,869		11.9	%		43.57
2027		10		90,484		4.9	%		3,420,224		5.7	%		37.80
2028		9		107,564		5.8	%		3,816,467		6.3	%		35.48
2029		6		148,939		8.1	%		6,206,153		10.3	%		41.67
2030		4		36,578		2.0	%		1,813,876		3.0	%		49.59
2031		—		—		0.0	%		—		0.0	%		—
Thereafter		1		88,581		4.7	%		3,782,755		6.3	%		42.70
Total greater New York metropolitan area office properties		146		1,845,212		100.0	%	$	60,205,012		100.0	%	$	41.60
Retail Properties
Available		—		56,440		8.0	%	$	—		0.0	%	$	—
Signed leases not commenced		2		24,181		3.4	%		—		0.0	%		—
1Q 2021 (4)		4		11,036		1.6	%		597,955		0.7	%		54.18
2Q 2021		1		413		0.1	%		28,744		0.0	%		69.60
3Q 2021		3		6,569		0.9	%		1,011,418		1.2	%		153.97
4Q 2021		1		1,114		0.2	%		77,980		0.1	%		70.00
Total 2021		9		19,132		2.7	%		1,716,097		2.0	%		89.70
1Q 2022		1		1,801		0.3	%		239,065		0.3	%		132.74
2Q 2022		1		3,173		0.4	%		1,922,780		2.2	%		605.98
3Q 2022		5		41,721		5.9	%		4,860,028		5.6	%		116.49
4Q 2022		1		1,671		0.2	%		222,243		0.3	%		133.00
Total 2022		8		48,366		6.8	%		7,244,116		8.4	%		149.78
2023		8		45,303		6.4	%		6,041,851		6.9	%		133.37
2024		11		32,163		4.5	%		6,235,641		7.1	%		193.88
2025		5		28,365		4.0	%		4,821,633		5.5	%		169.99
2026		6		66,761		9.4	%		4,116,307		4.7	%		61.66
2027		5		51,065		7.2	%		5,979,962		6.8	%		117.10
2028		5		12,317		1.7	%		1,882,971		2.2	%		152.88
2029		6		100,899		14.2	%		19,395,841		22.2	%		192.23
2030		9		67,565		9.5	%		8,405,138		9.6	%		124.40
2031		9		83,297		11.7	%		14,753,799		16.9	%		177.12
Thereafter		9		73,918		10.5	%		6,711,540		7.7	%		90.80
Total retail properties		92		709,772		100.0	%	$	87,304,896		100.0	%	$	138.77

Notes:

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

(2) Excludes (i) 194,929 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 March 31, 2021 and expire on March 31, 2021.

Page 12

  First Quarter 2021 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		—		205,420		7.6	%	$	—		0.0	%	$	—
Signed leases not commenced		1		105,240		3.9	%		—		0.0	%		—
1Q 2021		3		2,606		0.1	%		79,083		0.1	%		30.35
2Q 2021		13		82,947		3.1	%		4,454,643		3.0	%		53.70
3Q 2021		1		5,121		0.2	%		406,659		0.3	%		79.41
4Q 2021		4		13,699		0.5	%		832,116		0.6	%		60.74
Total 2021		21		104,373		3.8	%		5,772,501		3.9	%		55.31
1Q 2022		8		53,811		2.0	%		3,093,836		2.1	%		57.49
2Q 2022		4		19,012		0.7	%		1,216,008		0.8	%		63.96
3Q 2022		6		28,706		1.1	%		1,980,508		1.3	%		68.99
4Q 2022		3		7,524		0.3	%		574,158		0.4	%		76.31
Total 2022		21		109,053		4.0	%		6,864,510		4.7	%		62.86
2023		25		112,852		4.2	%		7,729,002		5.2	%		68.49
2024		21		269,561		9.9	%		17,657,346		12.0	%		65.50
2025		11		94,502		3.5	%		6,227,555		4.2	%		65.90
2026		10		126,946		4.7	%		8,051,938		5.5	%		63.43
2027		10		38,704		1.4	%		2,343,670		1.6	%		60.55
2028		7		545,722		20.1	%		29,611,586		20.1	%		54.26
2029		7		282,020		10.4	%		17,756,666		12.0	%		62.96
2030		6		210,800		7.8	%		11,563,319		7.8	%		54.85
2031		5		23,038		0.8	%		1,892,049		1.3	%		82.13
Thereafter		13		486,251		17.9	%		31,922,574		21.7	%		65.65
Total Empire State Building office		158		2,714,482		100.0	%	$	147,392,716		100.0	%	$	61.32

Empire State Building Broadcasting Licenses and Leases	Annualized Base Rent (7)		Annualized Expense Reimbursements		Annualized Rent (4)		Percent of Annualized Rent
1Q 2021 (6)	$	131,030	$	43,358	$	174,388		1.2	%
2Q 2021		—		34,362		34,362		0.2	%
3Q 2021		—		—		—		0.0	%
4Q 2021		—		—		—		0.0	%
Total 2021		131,030		77,720		208,750		1.4	%
1Q 2022		1,236,623		337,326		1,573,949		10.6	%
2Q 2022		—		—		—		0.0	%
3Q 2022		—		—		—		0.0	%
4Q 2022		525,143		144,976		670,119		4.5	%
Total 2022		1,761,766		482,302		2,244,068		15.2	%
2023		283,668		57,131		340,799		2.3	%
2024		66,950		36,088		103,038		0.7	%
2025		—		119,580		119,580		0.8	%
2026		827,860		80,568		908,428		6.1	%
2027		807,668		93,827		901,495		6.1	%
2028		254,829		16,086		270,915		1.8	%
2029		—		—		—		0.0	%
2030		2,365,500		147,410		2,512,910		17.0	%
2031		1,855,250		215,198		2,070,448		14.0	%
Thereafter		4,602,847		500,814		5,103,661		34.5	%
Total Empire State Building broadcasting licenses and leases	$	12,957,368	$	1,826,724	$	14,784,092		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 $4.6 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.

(6) Represents leases that are included in occupancy as of March 31, 2021 and expire on March 31, 2021.

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

Page 13

  First Quarter 2021 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited)  

20 Largest Tenants		Property	Lease Expiration (1)	Weighted Average Remaining Lease Term(2)		Total Occupied Square Feet (3)		Percent of Portfolio Rentable Square Feet  (4)			Annualized Rent (5)		Percent of Portfolio Annualized Rent (6)
1.	LinkedIn	ESB	Aug. 2036		15.4 years		365,886		3.6	%	$	22,380,058		4.2	%
2.	Global Brands Group	ESB, 1333 Broadway	Oct. 2023 - Oct. 2028		6.2 years		353,325		3.5	%		19,677,393		3.7	%
3.	Li & Fung	1359 Broadway, ESB	Jun. 2021 - Oct. 2028		4.8 years		252,899		2.5	%		13,381,783		2.5	%
4.	PVH Corp.	501 Seventh Avenue	Oct. 2028		7.6 years		237,281		2.3	%		11,890,257		2.2	%
5.	Centric Brands Inc.	ESB	Oct. 2028		7.6 years		212,154		2.1	%		10,819,854		2.0	%
6.	Sephora	112 West 34th Street	Jan. 2029		7.8 years		11,334		0.1	%		10,483,711		2.0	%
7.	Coty	ESB	Jan. 2030		8.8 years		156,187		1.5	%		8,050,269		1.5	%
8.	Macy’s	111 West 33rd Street	May 2030		9.2 years		131,117		1.3	%		7,902,959		1.5	%
9.	Urban Outfitters	1333 Broadway	Sept. 2029		8.5 years		56,730		0.6	%		7,634,773		1.4	%
10.	Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035		13.6 years		124,884		1.2	%		7,629,754		1.4	%
11.	Federal Deposit Insurance Corp.	ESB	Dec. 2024		3.8 years		119,226		1.2	%		7,548,953		1.4	%
12.	The Interpublic Group of Co’s, Inc.	111 West 33rd St & 1400 B’Way	Jul. 2024 - Feb. 2025		3.5 years		128,296		1.3	%		7,335,059		1.4	%
13.	HNTB Corporation	ESB	Feb. 2029		7.9 years		105,143		1.0	%		7,078,027		1.3	%
14.	Footlocker	112 West 34th Street	Sept. 2031		10.5 years		34,192		0.3	%		6,927,262		1.3	%
15.	Franklin Templeton	First Stamford Place	Sept. 2024		3.5 years		137,583		1.4	%		6,409,614		1.2	%
16.	Fragomen	1400 Broadway	Feb. 2035		13.9 years		107,680		1.1	%		5,990,238		1.1	%
17.	Shutterstock	ESB	Apr. 2029		8.1 years		104,386		1.0	%		5,970,510		1.1	%
18.	ASCAP	250 West 57th Street	Aug. 2034		13.4 years		87,943		0.9	%		5,542,143		1.0	%
19.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029		8.7 years		86,492		0.9	%		5,453,341		1.0	%
20.	On Deck Capital, Inc.	1400 Broadway	Dec. 2026		5.8 years		83,266		0.8	%		4,851,000		0.9	%
	Total						2,896,004		28.6	%	$	182,956,958		34.1	%

Notes:

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

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

(3) Based on leases signed and commenced as of March 31, 2021.

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

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

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

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 14

	First Quarter 2021
	Capital Expenditures and Redevelopment Program and Leasing Opportunity
	(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Tenant improvements - first generation	$	13,244	$	10,098	$	8,599	$	4,562	$	4,913
Tenant improvements - second generation		6,435		6,466		12,961		5,243		8,151
Leasing commissions - first generation		—		—		—		1,272		4,001
Leasing commissions - second generation		3,156		6,292		730		2,048		3,347
Building improvements - first generation		78		4,436		5,672		358		8,379
Building improvements - second generation		3,462		2,531		5,494		8,075		3,846
Observatory capital project (1)		—		—		498		829		1,175
Development (2)		98		28		767		525		811
Total	$	26,473	$	29,851	$	34,721	$	22,912	$	34,623

Note:

(1) Total Observatory capital project spent-to-date was $157.9 million as of March 31, 2021.

(2) Primarily represents design and engineering costs.

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

• Future redevelopment (Empire State Building) - 110,000 square feet

• Future redevelopment (other Manhattan properties) - 280,000 square feet

• Redevelopment completed - 7,570,000 square feet

Leasing Opportunity - Inventory of Current Vacant Space as of March 31, 2021 (in square feet)

Total Portfolio vacant space	1,521,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	281,000
Greater New York Office Properties SLNC	68,000
Retail Properties SLNC	24,000
Redeveloped Manhattan Office space	636,000
Greater New York Office Properties space	330,000
Retail Properties space	56,000
Undeveloped Manhattan Office space	47,000
Space held off market	28,000
Other	51,000
Total	1,521,000

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

	First Quarter 2021
	Observatory Summary
	(unaudited and dollars in thousands)

				Three Months Ended
Observatory NOI	Twelve Months to Date			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020 (1)
Observatory revenue (2)	$	12,116		$	2,603	(7)	$	5,008	(8)	$	4,419	(9)	$	86		$	19,544
Observatory expenses		20,157			4,588			5,636			5,931			4,002			8,154
NOI		(8,041	)		(1,985	)		(628	)		(1,512	)		(3,916	)		11,390
Intercompany rent expense (3)		11,223			4,932			4,471			(2,233	)		4,053			11,536
NOI after intercompany rent	$	(19,264	)	$	(6,917	)	$	(5,099	)	$	721		$	(7,969	)	$	(146	)
Observatory Metrics
Number of visitors (4)					51,000			55,000			30,000			—			422,000
Change in visitors year over year					(87.9	%)		(93.8	%)		(97.1	%)		N/A			(29.8	%)
Number of bad weather days during open days (“BWD”) (5)					17			22			N/A			N/A			15
Days closed due to COVID-19					—			—			19			91			15
102nd floor revenue (6)				$	392		$	349		$	129		$	—		$	1,808

Notes:

(1) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020.

(2) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, the fixed license fee was $4, $1,496, $1,180, $0, and $1,314, 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.

(7) Observatory revenue for the first quarter 2021 includes $0.1 million of deferred revenue recognized this quarter related to unused tickets.

(8) Observatory revenue for the fourth quarter 2020 includes $1.3 million of deferred revenue recognized this quarter related to unused tickets.

(9) Observatory revenue for the third quarter 2020 includes $2.0 million of deferred revenue recognized this quarter related to unused tickets and earned income from our tour and travel partners.

Annual Observatory Revenues 2016 to 2020

Note:

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

(2) The observatory experienced a significant decline in visitors from the second week of March and was closed on March 16, 2020 through July 20, 2020.

Page 16

	First Quarter 2021
	Condensed Consolidated Balance Sheets
	(unaudited and dollars in thousands)

	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Assets
Commercial real estate properties, at cost:
Land	$	201,196		$	201,196		$	201,196		$	201,196		$	201,196
Development costs		8,064			7,966			7,938			9,325			8,800
Building and improvements		2,943,148			2,924,804			2,925,532			2,914,528			2,913,312
		3,152,408			3,133,966			3,134,666			3,125,049			3,123,308
Less: accumulated depreciation		(973,940	)		(941,612	)		(927,517	)		(911,546	)		(886,822	)
Commercial real estate properties, net		2,178,468			2,192,354			2,207,149			2,213,503			2,236,486
Cash and cash equivalents		567,102			526,714			373,088			872,970			1,008,983
Restricted cash		40,295			41,225			54,865			58,878			36,881
Tenant and other receivables		16,749			21,541			25,853			29,800			22,549
Deferred rent receivables		228,117			222,508			223,886			226,444			229,154
Prepaid expenses and other assets		50,427			77,182			50,773			68,109			40,583
Deferred costs, net		207,058			203,853			207,774			211,356			218,578
Acquired below-market ground leases, net		342,777			344,735			346,693			348,651			350,609
Right of use assets		29,051			29,104			29,154			29,205			29,256
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,151,523		$	4,150,695		$	4,010,714		$	4,550,395		$	4,664,558
Liabilities and Equity
Mortgage notes payable, net	$	775,276		$	775,929		$	603,178		$	603,974		$	604,763
Senior unsecured notes, net		973,214			973,159			973,106			973,053			973,002
Unsecured term loan facility, net		387,811			387,561			387,309			387,059			386,568
Unsecured revolving credit facility, net		—			—			—			546,778			546,436
Accounts payable and accrued expenses		102,381			103,203			111,918			104,992			142,315
Acquired below-market leases, net		30,112			31,705			33,405			35,170			37,623
Ground lease liabilities		29,051			29,104			29,154			29,205			29,256
Deferred revenue and other liabilities		94,625			88,319			77,572			62,996			64,176
Tenants’ security deposits		27,858			30,408			51,257			51,130			30,543
Total liabilities		2,420,328			2,419,388			2,266,899			2,794,357			2,814,682
Total equity		1,731,195			1,731,307			1,743,815			1,756,038			1,849,876
Total liabilities and equity	$	4,151,523		$	4,150,695		$	4,010,714		$	4,550,395		$	4,664,558

Page 17

	First Quarter 2021
	Condensed Consolidated Statements of Operations
	(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Revenues
Rental revenue (1)	$	140,231		$	137,050		$	139,909		$	137,999		$	148,113
Observatory revenue		2,603			5,008			4,419			86			19,544
Lease termination fees		1,289			7,841			331			1,033			211
Third party management and other fees		276			295			283			301			346
Other revenue and fees		905			1,205			1,633			1,611			2,010
Total revenues		145,304			151,399			146,575			141,030			170,224
Operating expenses
Property operating expenses		30,279			31,087			33,836			29,750			41,468
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		13,853			13,627			14,517			18,149			15,951
Observatory expenses		4,588			5,636			5,931			4,002			8,154
Real estate taxes		31,447			31,894			31,196			29,579			29,254
Impairment charges		—			—			2,103	(3)		4,101	(2)		—
Depreciation and amortization		44,457			47,397			44,733			52,783			46,093
Total operating expenses		126,955			131,973			134,647			140,696			143,251
Total operating income		18,349			19,426			11,928			334			26,973
Other income (expense)
Interest income		122			108			366			1,526			637
Interest expense		(23,554	)		(23,001	)		(23,360	)		(23,928	)		(19,618	)
Loss on early extinguishment of debt		(214	)		—			—			—			(86	)
Initial public offering litigation expense		—			—			(1,165	)(4)		—			—
Income (loss) before income taxes		(5,297	)		(3,467	)		(12,231	)		(22,068	)		7,906
Income tax (expense) benefit		2,106			4,177			(38	)		2,450			382
Net income (loss)		(3,191	)		710			(12,269	)		(19,618	)		8,288
Perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,047	)		(1,050	)
Net (income) loss attributable to non-controlling interests		1,620			130			5,115			7,872			(2,743	)
Net income (loss) attributable to common stockholders	$	(2,621	)	$	(210	)	$	(8,204	)	$	(12,793	)	$	4,495
Weighted average common shares outstanding
Basic		171,735			171,970			173,048			175,433			181,741
Diluted		277,881			278,471			280,940			283,384			292,645
Net income (loss) per share attributable to common stockholders
Basic and diluted	$	(0.02	)	$	—		$	(0.05	)	$	(0.07	)	$	0.02
Dividends per share	$	—		$	—		$	—		$	0.105		$	0.105

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

	Three Months Ended
Rental Revenue	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Base rent	$	126,231	$	121,486	$	123,821	$	122,374	$	130,577
Billed tenant expense reimbursement		14,000		15,564		16,088		15,625		17,536
Total rental revenue	$	140,231	$	137,050	$	139,909	$	137,999	$	148,113

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 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.

(3) Reflects a non-cash write-off of prior capitalized expenditures on a development project that is unlikely to continue.

(4) Represents an accrued expense which reflects an estimated liability associated with the IPO-related litigation.

Page 18

	First Quarter 2021
	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
Reconciliation of Net Income to FFO, Modified FFO and Core FFO	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Net Income (loss)	$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)	$	8,288
Preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,047	)		(1,050	)
Real estate depreciation and amortization		43,104			45,690			43,029			51,096			44,430
Impairment charges, net of reimbursement		—			—			1,259			4,101			—
FFO attributable to common stockholders and non-controlled interests		38,863			45,350			30,969			34,532			51,668
Amortization of below-market ground lease		1,958			1,958			1,957			1,958			1,958
Modified FFO attributable to common stockholders and non-controlled interests		40,821			47,308			32,926			36,490			53,626
Loss on early extinguishment of debt		214			—			—			—			86
Severance expenses		—			—			805			3,008			—
IPO litigation expense		—			—			1,165			—			—
Core FFO attributable to common stockholders and non-controlled interests	$	41,035		$	47,308		$	34,896		$	39,498		$	53,712
Total weighted average shares and Operating Partnership Units
Basic		277,881			278,427			280,940			283,384			292,645
Diluted		277,881			278,471			280,940			283,384			292,645
FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.14		$	0.16		$	0.11		$	0.12		$	0.18
Diluted	$	0.14		$	0.16		$	0.11		$	0.12		$	0.18
Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.15		$	0.17		$	0.12		$	0.13		$	0.18
Diluted	$	0.15		$	0.17		$	0.12		$	0.13		$	0.18
Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.15		$	0.17		$	0.12		$	0.14		$	0.18
Diluted	$	0.15		$	0.17		$	0.12		$	0.14		$	0.18
Reconciliation of Core FFO to Core FAD
Core FFO	$	41,035		$	47,308		$	34,896		$	39,498		$	53,712
Add:
Amortization of deferred financing costs		1,204			1,150			1,041			1,049			894
Non-real estate depreciation and amortization		1,353			1,707			1,704			1,686			1,664
Amortization of non-cash compensation expense		4,735			5,321			5,504			8,778			5,892
Amortization of loss on interest rate derivative		1,529			1,529			1,529			938			447
Deduct:
Straight-line rental revenues		(6,347	)		640			(395	)		2,710			(8,193	)
Above/below-market rent revenue amortization		(654	)		(674	)		(679	)		(1,366	)		(908	)
Corporate capital expenditures		(109	)		(425	)		(332	)		(141	)		(426	)
Tenant improvements - second generation		(6,435	)		(6,466	)		(12,961	)		(5,243	)		(8,151	)
Building improvements - second generation		(3,462	)		(2,531	)		(5,494	)		(8,075	)		(3,846	)
Leasing commissions - second generation		(3,156	)		(6,292	)		(730	)		(2,048	)		(3,347	)
Core FAD	$	29,693		$	41,267		$	24,083		$	37,786		$	37,738
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)	$	8,288
Interest expense		23,554			23,001			23,360			23,928			19,618
Income tax expense (benefit)		(2,106	)		(4,177	)		38			(2,450	)		(382	)
Depreciation and amortization		44,457			47,397			44,733			52,783			46,093
EBITDA		62,714			66,931			55,862			54,643			73,617
Impairment charges, net of reimbursement		—			—			1,259			4,101			—
Adjusted EBITDA	$	62,714		$	66,931		$	57,121		$	58,744		$	73,617

Page 19

	First Quarter 2021
	Debt Summary
	(unaudited and dollars in thousands)

	March 31, 2021								December 31, 2020
				Weighted Average								Weighted Average
				Interest			Maturity					Interest			Maturity
Debt Summary	Balance			Rate			(Years)		Balance			Rate			(Years)
Fixed rate mortgage debt	$	785,876			3.81	%		8.2	$	786,884			3.81	%		8.4
Senior unsecured notes		975,000			4.10	%		8.9		975,000			4.10	%		9.2
Unsecured term loan facilities (1)		265,000			3.40	%		4.3		265,000			3.40	%		4.6
Total fixed rate debt		2,025,876			3.91	%		8.1		2,026,884			3.91	%		8.3
Unsecured term loan facilities		125,000			1.61	%		5.8		125,000			1.64	%		6.0
Unsecured revolving credit facilities		—			—			4.0		—			0.00	%		0.7
Total variable rate debt		125,000			1.61	%		5.3		125,000			1.64	%		4.5
Total debt		2,150,876			3.91	%		7.9		2,151,884			3.91	%		8.2
Deferred financing costs, net		(14,575	)							(15,235	)
Total	$	2,136,301							$	2,136,649

Note:

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

Available Capacity	Facility		Outstanding at March 31, 2021		Letters of Credit		Available Capacity
Unsecured revolving credit facility (1)	$	850,000	$	—	$	—	$	850,000

Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage(2)		< 60	%		40.7	%		Yes
Maximum Secured Debt		< 40	%		14.8	%		Yes
Minimum Fixed Charge Coverage		> 1.50	x		2.2	x		Yes
Minimum Unencumbered Interest Coverage		> 1.75	x		4.5	x		Yes
Maximum Unsecured Leverage		< 60	%		33.6	%		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 $1.5 billion under certain circumstances. This unsecured revolving credit facility matures in March 2025 with two additional six-month extension options.

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

Page 20

  First Quarter 2021 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	%		3.68	%	$	86,803			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	%		4.71	%		180,000			7/1/2027		5 years interest only; 30 years thereafter
1010 Third Avenue and 77 West 55th Street		4.01	%		4.23	%		37,278			1/5/2028		30 years
250 West 57th Street		2.83	%		3.19	%		180,000			12/1/2030		Interest only
10 Bank Street		4.23	%		4.36	%		31,795			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								785,876
Unsecured term loan facility		LIBOR plus 1.20	%		3.56	%		215,000			3/19/2025		Interest only
Unsecured revolving credit facility		LIBOR plus 1.30	%		—			—			3/31/2025		Interest only
Unsecured term loan facility		LIBOR plus 1.50	%		3.60	%		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		3.91	%		4.10	%		2,150,876
Deferred financing costs, net								(14,575	)
Total							$	2,136,301

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

  First Quarter 2021 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
2021	$	—	$	3,082	$	3,082			0.1	%		n/a
2022		—		5,628		5,628			0.3	%		n/a
2023		—		7,876		7,876			0.4	%		n/a
2024		77,675		7,958		85,633			4.0	%		3.59	%
2025		315,000		5,826		320,826			14.9	%		3.57	%
2026		225,000		6,080		231,080			10.7	%		3.83	%
2027		319,000		5,008		324,008			15.1	%		4.21	%
2028		146,092		1,877		147,969			6.9	%		4.06	%
2029		—		1,959		1,959			0.1	%		n/a
2030		465,000		2,045		467,045			21.7	%		3.68	%
Thereafter		552,655		3,115		555,770			25.8	%		4.13	%
Total debt	$	2,100,422	$	50,454		2,150,876			100.0	%		3.91	%
Deferred financing costs, net						(14,575	)
Total					$	2,136,301

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
2021	$	81	$	506	$	551	$	1,139
2022		108		675		735		1,518
2023		108		675		735		1,518
2024		108		675		735		1,518
2025		108		675		735		1,518
Thereafter		1,821		25,650		37,791		65,262
	$	2,334	$	28,856	$	41,282	$	72,473

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 29 years.

(3) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 42 years.

(4) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 56 years.

Page 22

First Quarter 2021 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, severance expenses and IPO litigation expense. 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 and Adjusted 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. For adjusted EBITDA, we add back impairment charges.

Page 23

XML

Cover Page	Apr. 28, 2021
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001541401
Document Type	8-K
Document Period End Date	Apr. 28, 2021
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 Central Index Key	0001553079
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
Common Class A [Member]
Document Information [Line Items]
Security 12b Title	Class A Common Stock, par value $0.01 per share
Trading Symbol	ESRT
Security Exchange Name	NYSE
Series ES Operating Partnership Units [Member] | EMPIRE STATE REALTY OP, L.P. [Member]
Document Information [Line Items]
Security 12b Title	Series ES Operating Partnership Units
Trading Symbol	ESBA
Security Exchange Name	NYSEArca
Series 60 Operating Partnership Units [Member] | EMPIRE STATE REALTY OP, L.P. [Member]
Document Information [Line Items]
Security 12b Title	Series 60 Operating Partnership Units
Trading Symbol	OGCP
Security Exchange Name	NYSEArca
Series 250 Operating Partnership Units [Member] | EMPIRE STATE REALTY OP, L.P. [Member]
Document Information [Line Items]
Security 12b Title	Series 250 Operating Partnership Units
Trading Symbol	FISK
Security Exchange Name	NYSEArca