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): February 16, 2022

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 February 16, 2022, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the fourth quarter and full year 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.

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Item 7.01. Regulation FD Disclosure

Fourth Quarter 2021 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the fourth 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 fourth 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

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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 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

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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 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

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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. 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.

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SIGNATURE

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

	EMPIRE STATE REALTY TRUST, INC. (Registrant)
Date: February 16, 2022	By:	/s/ Christina Chiu
		Name: Christina Chiu
		Title: Executive Vice President and Chief Financial Officer

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

	EMPIRE STATE REALTY OP, L.P. (Registrant)
	By: Empire State Realty Trust, Inc., as general partner
Date: February 16, 2022	By:	/s/ Christina Chiu
		Name: Christina Chiu
		Title: Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES FOURTH QUARTER 2021 RESULTS

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

- Core FFO of $0.18 Per Fully Diluted Share –

- Completed Recapitalization of Two Multifamily Assets -

- $1.3 Billion of Liquidity, No Outstanding Debt Maturity Until November 2024 -

New York, New York, February 16, 2022 - Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a real estate investment trust with office, retail and multifamily properties in Manhattan and the greater New York metropolitan area, today reported its operational and financial results for the fourth quarter of 2021.

Fourth Quarter and Recent Highlights

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

• Core Funds From Operations (“Core FFO”) of $0.18 per fully diluted share.

• Same-Store Property Cash Net Operating Income (“NOI”) excluding lease termination fees was off 4.9% from the fourth quarter of 2020 primarily due to a reduction in revenues caused by the termination of the lease with Global Brands Group in third quarter 2021 and decreased occupancy.

• Empire State Building Observatory revenue for the fourth quarter 2021 increased over 38% to $17.7 million, from $12.8 million in the third quarter 2021. Observatory NOI was positive for the third consecutive quarter reaching $10.7 million for the fourth quarter 2021.

• Signed 34 new, renewal, and expansion leases, representing a total of 374,920 rentable square feet. This includes 24 leases totaling 293,477 rentable square feet in the Manhattan office portfolio.

• Completed the recapitalization of 625 units in two Manhattan multifamily assets with a total transaction value of $307 million, inclusive of $186 million of assumed debt. ESRT now owns a 90% interest and a Fetner Properties affiliate retains a 10% interest.

• Repurchased $41.7 million of common stock at a weighted average price of $9.46 per share in the fourth quarter and through February 14, 2022. Since the stock repurchase program began in March 2020 through February 14, 2022, approximately $195.5 million at a weighted average price of $8.61 per share has been repurchased.

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• Selected to receive a $5.0 million grant in the first funding round of the Empire Building Challenge, a $50 million state initiative spearheaded by the New York State Research and Development Authority (NYSERDA).

• Selected for inclusion in the 2022 Bloomberg Gender-Equality Index.

Full Year Highlights

• Earnings of ($0.06) per fully diluted share.

• Core FFO of $0.70 per fully diluted share.

• Signed 129 new, renewal and expansion leases, representing 1,005,630 rentable square feet. This includes 87 leases totaling 801,254 rentable square feet in the Manhattan office portfolio.

Investor Presentation Update

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

Office and Retail Portfolio Operations

As of December 31, 2021, the Company’s office and retail 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 which was occupied and leased as shown below.

	December 31, 2021			September 30, 2021			December 31, 2020
Percent occupied:
Total portfolio		82.4	%		83.5	%		85.9	%
Total office		82.5	%		83.5	%		85.6	%
Manhattan office		83.9	%		84.5	%		87.2	%
GNYMA office		76.6	%		79.8	%		79.0	%
Total retail		81.8	%		83.0	%		89.8	%
Percent leased (includes signed leases not commenced):
Total portfolio		85.7	%		86.5	%		88.7	%
Total office		85.3	%		86.1	%		88.3	%
Manhattan office		87.0	%		87.4	%		89.8	%
GNYMA office		78.1	%		80.7	%		82.4	%
Total retail		91.2	%		91.9	%		93.2	%

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Leasing

The tables below summarize leasing activity for the three months ended December 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 previously escalated rents
Office		30		368,854	$	56.88	$	56.04		1.5	%
Retail		4		6,066	$	256.52	$	239.07		7.3	%
Total Overall		34		374,920	$	60.17	$	59.05		1.9	%

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		16		257,693	$	60.25	$	57.97		3.9	%
Renewal Office		8		35,784	$	61.67	$	63.61		(3.0	%)
Total Office		24		293,477	$	60.43	$	58.66		3.0	%

Leasing Activity Highlights During Fourth Quarter 2021

• At 1400 Broadway, signed an expansion office lease with Signature Bank Inc., for approximately 168,300 square feet. Signature Bank now occupies approximately 280,200 square feet in the building for a term of 17.2 years. Additionally, a new office lease was signed with Clarins USA, Inc. for approximately 15,100 square feet for a term of 11.1 years.

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• At First Stamford Place, the Company signed a new direct office lease with United Rentals, Inc. for approximately 51,200 square feet for a term of 5.8 years.

• Prebuilt leasing activity in the Manhattan office portfolio comprised 17 of the 24 leases.

Observatory Results

The Observatory hosted approximately 360,000 visitors in the fourth quarter 2021, compared to 255,000 visitors in the third quarter 2021 and 55,000 visitors in the fourth quarter 2020. Fourth quarter attendance was approximately 40% of 2019 comparable period attendance, in-line with our hypothetical forecast. The Company has provided a hypothetical Observatory admissions forecast for 2022 updated for Omicron-related disruptions in the new investor presentation posted on its website.

Observatory revenue for the fourth quarter 2021 was $17.7 million and Observatory expenses were $7.0 million in the fourth quarter 2021. Observatory NOI was $10.7 million in the fourth quarter, marking the third consecutive positive quarter since the onset of the COVID-19 pandemic in first quarter 2020.

Balance Sheet

The Company had $1.3 billion of total liquidity as of December 31, 2021, which is comprised of $424 million of cash, plus an additional $850 million available under its revolving credit facility. At December 31, 2021, the Company had total debt outstanding of approximately $2.3 billion, with a weighted average interest rate of 3.9% per annum, and a weighted average term to maturity of 7.5 years. At December 31, 2021, the Company’s pro-rata net debt to total market capitalization was 42.2%. The Company has no outstanding debt maturity until November 2024.

Dividend

On December 31, 2021, the Company paid a dividend of $0.035 per share or unit, as applicable, for the fourth quarter 2021 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

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On December 31, 2021, the Company paid a preferred dividend of $0.15 per unit for the fourth 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 fourth 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, February 17, 2022 at 12:00 pm Eastern time.

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

The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. A dial-in replay will be available starting shortly after the call until February 24, 2022, 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 13726117.

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

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.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.

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About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World’s Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT’s portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following 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) a failure of conditions or performance regarding any event or transaction described above, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vii) 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; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing

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costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) 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; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to our development projects (including our Metro Tower development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; and (xx) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and 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, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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@esrtreit.com

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Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended December 31,
	2021			2020
Revenues
Rental revenue	$	139,104		$	137,050
Observatory revenue		17,716			5,008
Lease termination fees		281			7,841
Third-party management and other fees		302			295
Other revenue and fees		2,931			1,205
Total revenues		160,334			151,399
Operating expenses
Property operating expenses		34,557			31,087
Ground rent expenses		2,332			2,332
General and administrative expenses		13,578			13,627
Observatory expenses		6,980			5,636
Real estate taxes		27,600			31,894
Impairment charge		7,723			—
Depreciation and amortization		46,467			47,397
Total operating expenses		139,237			131,973
Total operating income		21,097			19,426
Other income (expense):
Interest income		207			108
Interest expense		(23,841	)		(23,001	)
Loss before income taxes		(2,537	)		(3,467	)
Income tax (expense) benefit		(1,537	)		4,177
Net income (loss)		(4,074	)		710
Preferred unit distributions		(1,050	)		(1,050	)
Net loss attributable to non-controlling interests		1,936			130
Net loss attributable to common stockholders	$	(3,188	)	$	(210	)
Total weighted average shares
Basic		172,818			171,970
Diluted		276,207			278,471
Net income (loss) per share attributable to common stockholders
Basic	$	(0.02	)	$	(0.00	)
Diluted	$	(0.02	)	$	(0.00	)

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Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

	Year Ended December 31,
	2021			2020
Revenues
Rental revenue	$	559,690		$	563,071
Observatory revenue		41,474			29,057
Lease termination fees		16,230			9,416
Third-party management and other fees		1,219			1,225
Other revenue and fees		5,481			6,459
Total revenues		624,094			609,228
Operating expenses
Property operating expenses		126,986			136,141
Ground rent expenses		9,326			9,326
General and administrative expenses		55,947			62,244
Observatory expenses		23,206			23,723
Real estate taxes		119,967			121,923
Impairment charge		7,723			6,204
Depreciation and amortization		201,806			191,006
Total operating expenses		544,961			550,567
Total operating income		79,133			58,661
Other income (expense):
Interest income		704			2,637
Interest expense		(94,394	)		(89,907	)
Loss on early extinguishment of debt		(214	)		(86	)
IPO litigation expense		—			(1,165	)
Loss before income taxes		(14,771	)		(29,860	)
Income tax benefit		1,734			6,971
Net loss		(13,037	)		(22,889	)
Preferred unit distributions		(4,201	)		(4,197	)
Net loss attributable to non-controlling interests		6,527			10,374
Net loss attributable to common stockholders	$	(10,711	)	$	(16,712	)
Total weighted average shares
Basic		172,445			175,169
Diluted		277,420			283,837
Net income (loss) per share attributable to common stockholders
Basic	$	(0.06	)	$	(0.10	)
Diluted	$	(0.06	)	$	(0.10	)

9

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 December 31,
	2021			2020
Net income (loss)	$	(4,074	)	$	710
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		45,211			45,690
Impairment charge		7,723			—
FFO attributable to common stockholders and non-controlling interests		47,810			45,350
Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and non-controlling interests		49,768			47,308
Core FFO attributable to common stockholders and non-controlling interests	$	49,768		$	47,308
Total weighted average shares
Basic		276,207			278,427
Diluted		276,207			278,471
FFO per share
Basic	$	0.17		$	0.16
Diluted	$	0.17		$	0.16
Modified FFO per share
Basic	$	0.18		$	0.17
Diluted	$	0.18		$	0.17
Core FFO per share
Basic	$	0.18		$	0.17
Diluted	$	0.18		$	0.17

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)

	Year Ended December 31,
	2021			2020
Net loss	$	(13,037	)	$	(22,889	)
Preferred unit distributions		(4,201	)		(4,197	)
Real estate depreciation and amortization		196,360			184,245
Impairment charge		7,723			5,360
FFO attributable to common stockholders and non-controlling interests		186,845			162,519
Amortization of below-market ground leases		7,831			7,831
Modified FFO attributable to common stockholders and non-controlling interests		194,676			170,350
Loss on early extinguishment of debt		214			86
Severance expenses		—			3,813
IPO litigation expense		—			1,165
Core FFO attributable to common stockholders and non-controlling interests	$	194,890		$	175,414
Total weighted average shares
Basic		277,420			283,826
Diluted		277,420			283,837
FFO per share
Basic	$	0.67		$	0.57
Diluted	$	0.67		$	0.57
Modified FFO per share
Basic	$	0.70		$	0.60
Diluted	$	0.70		$	0.60
Core FFO per share
Basic	$	0.70		$	0.62
Diluted	$	0.70		$	0.62

11

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	December 31, 2021			December 31, 2020
Assets
Commercial real estate properties, at cost	$	3,500,917		$	3,133,966
Less: accumulated depreciation		(1,072,938	)		(941,612	)
Commercial real estate properties, net		2,427,979			2,192,354
Cash and cash equivalents		423,695			526,714
Restricted cash		50,943			41,225
Tenant and other receivables		18,647			21,541
Deferred rent receivables		224,922			222,508
Prepaid expenses and other assets		76,549			77,182
Deferred costs, net		202,437			203,853
Acquired below market ground leases, net		336,904			344,735
Right of use assets		28,892			29,104
Goodwill		491,479			491,479
Total assets	$	4,282,447		$	4,150,695
Liabilities and equity
Mortgage notes payable, net	$	948,769		$	775,929
Senior unsecured notes, net		973,373			973,159
Unsecured term loan facility, net		388,223			387,561
Accounts payable and accrued expenses		120,810			103,203
Acquired below market leases, net		24,941			31,705
Ground lease liabilities		28,892			29,104
Deferred revenue and other liabilities		84,358			88,319
Tenants’ security deposits		28,749			30,408
Total liabilities		2,598,115			2,419,388
Total equity		1,684,332			1,731,307
Total liabilities and equity	$	4,282,447		$	4,150,695

12

EX-99.2

Exhibit 99.2

Fourth Quarter 2021

Table of Contents	Page
Summary
Company Profile		3
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) a failure of conditions or performance regarding any event or transaction described herein, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vii) 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; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) 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; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) 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; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to our development projects (including our Metro Tower development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; and (xx) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and 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, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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 presentation, 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

Fourth Quarter 2021

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building and its iconic, newly reimagined Observatory Experience.

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 the 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 the 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

COMPANY INFORMATION

Corporate Headquarters	Investor Relations	New York Stock Exchange
111 West 33rd Street, 12th Floor	IR@esrtreit.com	Trading Symbol: ESRT
New York, NY 10120
www.esrtreit.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
KeyBanc Capital Markets	Craig Mailman	(917) 368-2316	cmailman@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646) 582-9251	arosivach@wolferesearch.com

Page 3

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

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Portfolio Metrics: (1)
Number of office and retail properties		20			20			20			20			20
Total rentable square footage		10,128,335			10,129,201			10,135,063			10,134,980			10,135,330
Percent occupied (2)		82.4	%		83.5	%		85.2	%		85.0	%		85.9	%
Percent leased (3)		85.7	%		86.5	%		88.2	%		88.7	%		88.7	%
Multifamily Metrics:
Number of multifamily properties		2			—			—			—			—
Total number of units		625			—			—			—			—
Percent occupied		96.4	%		—			—			—			—
Observatory Metrics:
Number of visitors (4)		360,000			255,000			162,000			51,000			55,000
Change in visitors year over year		554.5	%		750.0	%		N/A			(87.9	%)		(93.8	%)
Observatory revenues (5)	$	17,716		$	12,796		$	8,359		$	2,603		$	5,008
Change in revenues year over year		253.8	%		189.6	%		N/A			(86.7	%)		(86.7	%)
Ratios at ESRT pro-rata share: (6)
Debt to Total Market Capitalization (7)		47.2	%		42.2	%		37.9	%		39.7	%		43.9	%
Net Debt to Total Market Capitalization (7)		42.2	%		34.7	%		31.4	%		32.6	%		37.2	%
Debt and Perpetual Preferred Units to
Total Market Capitalization (7)		49.0	%		43.9	%		39.5	%		41.3	%		45.7	%
Net Debt and Perpetual Preferred Units to
Total Market Capitalization (7)		44.2	%		36.7	%		33.1	%		34.5	%		39.2	%
Debt to Adjusted EBITDA (8)		8.2x			7.7x			8.3x			8.6x			8.4x
Net Debt to Adjusted EBITDA (8)		6.5x			5.6x			6.2x			6.5x			6.3x
Interest Coverage Ratio		3.9x			4.0x			3.7x			3.5x			3.7x
Core FFO Payout Ratio (9)		18	%		18	%		19	%		0	%		0	%
Core FAD Payout Ratio (10)		36	%		26	%		35	%		0	%		0	%
Core FFO per share—diluted	$	0.18		$	0.20		$	0.18		$	0.15		$	0.17
Diluted weighted average shares		276,207,000			277,716,000			278,436,000			277,881,000			278,471,000
Class A common stock price at quarter end	$	8.90		$	10.03		$	12.00		$	11.13		$	9.32
Average closing price	$	9.87		$	10.79		$	11.76		$	10.42		$	7.89
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	—		$	—
Dividends per share—annualized	$	0.14		$	0.14		$	0.14		$	—		$	—
Dividend yield (11)		1.6	%		1.4	%		1.2	%		0.0	%		0.0	%
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		169,221,263			172,293,081			172,399,373			171,327,270			170,555,274
Class B common stock		995,751			999,220			1,001,179			1,004,601			1,010,130
Operating partnership units		110,996,807			111,812,211			112,322,404			113,290,326			113,713,319
Total common stock and operating partnership units outstanding (12) (13)		281,213,821			285,104,512			285,722,956			285,622,197			285,278,723

Notes:

(1) Excludes 16,175 square feet of retail rentable square feet at two multifamily properties which was 90.9% occupied at 12/31/21.

(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) Ratios are calculated including ESRT’s pro-rata 90% share of debt, interest, EBITDA and FFO at its joint venture properties.

(7) Market capitalization represents the sum of (i) Company’s common stock per share price as of December 31, 2021 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2021; (ii) the number of Series 2014 perpetual preferred units at December 31, 2021 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2021 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2021.

(8) Calculated based on trailing 12 months Adjusted EBITDA .

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

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

(11) Based on the closing price per share of Class A common stock on December 31, 2021.

(12) As of December 31, 2021, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 64.1 million shares or approximately $571 million at a closing share price of $8.90. This represents a 78% increase in the number of Class A shares since the IPO.

(13) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 4

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

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Same Store Total Portfolio (1)
Revenues	$	141,684		$	140,617		$	141,383		$	141,136		$	138,255
Operating expenses		(64,278	)		(65,254	)		(62,479	)		(64,057	)		(65,313	)
Same store property NOI		77,406			75,363			78,904			77,079			72,942
Straight-line rent		(7,881	)		(3,087	)		(3,763	)		(6,347	)		640
Above/below-market rent revenue amortization		(280	)		(4,244	)		(717	)		(654	)		(674	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI—excluding lease termination fees	$	71,203		$	69,989		$	76,382		$	72,036		$	74,866
Percent change over prior year		(4.9	)%		(5.7	)%		(6.0	)%		3.0	%		1.5	%
Property cash NOI	$	71,203		$	69,989		$	76,382		$	72,036		$	74,866
Observatory cash NOI		10,736			6,426			3,091			(1,985	)		(628	)
Lease termination fees		281			11,321			3,339			1,289			7,841
Total portfolio same store cash NOI	$	82,220		$	87,736		$	82,812		$	71,340		$	82,079
Same Store Manhattan Office Portfolio (2)
Revenues	$	124,053		$	120,636		$	121,647		$	121,611		$	119,191
Operating expenses		(55,256	)		(56,058	)		(53,324	)		(54,543	)		(55,618	)
Same store property NOI		68,797			64,578			68,323			67,068			63,573
Straight-line rent		(8,401	)		(2,259	)		(4,072	)		(7,117	)		522
Above/below-market rent revenue amortization		(280	)		(4,244	)		(717	)		(654	)		(674	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI—excluding lease termination fees		62,074			60,032			65,492			61,255			65,379
Lease termination fees		51			11,128			2,863			1,167			7,834
Total same store property cash NOI	$	62,125		$	71,160		$	68,355		$	62,422		$	73,213
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	14,006		$	16,691		$	15,897		$	15,721		$	15,623
Operating expenses		(7,474	)		(7,576	)		(7,143	)		(7,488	)		(7,747	)
Same store property NOI		6,532			9,115			8,754			8,233			7,876
Straight-line rent		543			(1,024	)		133			480			198
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		7,075			8,091			8,887			8,713			8,074
Lease termination fees		230			193			476			122			7
Total same store property cash NOI	$	7,305		$	8,284		$	9,363		$	8,835		$	8,081
Same Store Standalone Retail Portfolio
Revenues	$	3,625		$	3,290		$	3,839		$	3,804		$	3,441
Operating expenses		(1,548	)		(1,620	)		(2,012	)		(2,026	)		(1,948	)
Same store property NOI		2,077			1,670			1,827			1,778			1,493
Straight-line rent		(23	)		196			176			290			(80	)
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		2,054			1,866			2,003			2,068			1,413
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	2,054		$	1,866		$	2,003		$	2,068		$	1,413

Notes:

(1) Excludes two multifamily properties acquired on December 22, 2021.

(2) Includes 507,276 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

Fourth Quarter 2021 Net Operating Income (“NOI”), Initial Free Rent Burn-Off  and Signed Leases Not Commenced (unaudited and dollars in thousands)

Reconciliation of Net Income to NOI and Cash NOI

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Net income (loss)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)	$	710
Add:
General and administrative expenses		13,578			14,427			14,089			13,853			13,627
Depreciation and amortization		46,467			65,794			45,088			44,457			47,397
Interest expense		23,841			23,577			23,422			23,768			23,001
Income tax expense (benefit)		1,537			20			(1,185	)		(2,106	)		(4,177	)
Impairment charge		7,723			—			—			—			—
Less:
Third-party management and other fees		(302	)		(314	)		(327	)		(276	)		(295	)
Interest income		(207	)		(211	)		(164	)		(122	)		(108	)
Net operating income		88,563			93,110			85,334			76,383			80,155
Straight-line rent		(7,881	)		(3,087	)		(3,763	)		(6,347	)		640
Above/below-market rent revenue amortization		(280	)		(4,244	)		(717	)		(654	)		(674	)
Below-market ground lease amortization		1,958			1,957			1,958			1,958			1,958
Total cash NOI—including Observatory and lease termination income		82,360			87,736			82,812			71,340			82,079
Less: Observatory NOI		(10,736	)		(6,426	)		(3,091	)		1,985			628
Less: Lease termination income		(281	)		(11,321	)		(3,339	)		(1,289	)		(7,841	)
Total property cash NOI—excluding Observatory and lease termination income	$	71,343		$	69,989		$	76,382		$	72,036		$	74,866
Burn-off of Free Rent and Signed Leases Not Commenced
Total Office and Retail Portfolio	Incremental Annual Revenue			Base Cash Rent Contributing to Cash NOI in the Following Years
				2022			2023			2024			2025
Commenced leases in free rent period	$	24,405		$	14,319		$	23,591		$	23,698		$	22,354
Signed leases not commenced		23,900			4,100			20,160			23,550			23,795
Total	$	48,305		$	18,419		$	43,751		$	47,248		$	46,149

Commenced leases in free rent period

	Square Feet		Incremental Annual Revenue		Base Cash Rent Contributing to Cash NOI in the Following Years
					2022			2023		2024		2025
First quarter 2022		215,627	$	8,836	$	8,203	(1)	$	8,836	$	8,420	$	7,410
Second quarter 2022		154,013		8,245		4,940			8,245		7,954		7,620
Third quarter 2022		54,163		2,747		1,045			2,747		2,747		2,747
Fourth quarter 2022		25,173		886		131			886		886		886
First quarter 2023		3,695		390					390		390		390
Second quarter 2023		63,173		3,301		—			2,487		3,301		3,301
			$	24,405	$	14,319		$	23,591	$	23,698	$	22,354

Signed leases not commenced (“SLNC”)

	Square		Expected Base Rent Commencement				Incremental Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Tenant	Feet		GAAP		Cash		Revenue (2)		2022		2023		2024		2025
Burlington Stores		33,125		Jan. 2022		Jan. 2023	$	1,890	$	—	$	1,883	$	1,890	$	1,890
Argo Group USA, Inc.		30,002		Mar. 2022		Oct. 2022		1,710		423		1,710		1,710		1,710
Playfly, Inc.		29,566		Mar. 2022		Jan. 2023		1,630		—		1,544		1,630		1,630
Signature Bank		168,310		Apr. 2022- Jan. 2024		Aug. 2023- May 2025		1,160		—		93		857		1,059
Starbucks Corporation		22,916		Aug. 2022		Sept. 2022		1,300		430		1,300		1,300		1,300
Institutional Capital Network, Inc.		46,810		Nov. 2022- Mar. 2023		Oct. 2023- Feb. 2024		1,330		—		212		1,285		1,330
Target		37,173		Sept. 2022		Dec. 2022		4,230		341		4,230		4,230		4,230
LinkedIn Corporation:
LinkedIn Corporation		52,574		Jul. 2022		Jul. 2022		3,840		1,908		3,840		3,840		3,840
LinkedIn Corporation		30,283		Dec. 2022		Oct. 2023		780		—		193		780		780
Other SLNC		94,720		Jan. 2022- Feb. 2023		Feb. 2022- Aug. 2023		6,030		998		5,155		6,028		6,026
Total		545,479					$	23,900	$	4,100	$	20,160	$	23,550	$	23,795

Notes:

(1) As an example, the 2022 amount represents cash revenue contributing from the cash rent commencement date of January 2022 through December 2022. The full annual amount is realized in 2023.

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

Page 6

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

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Total Office and Retail Portfolio
Total leases executed		34			34			35			26			33
Weighted average lease term		11.2 years			6.9 years			8.3 years			10.0 years			7.7 years
Average free rent period		11.4 months			6.3 months			7.9 months			9.5 months			7.6 months
Office
Total square footage executed		368,854			264,132			179,439			170,757			395,035
Average starting cash rent psf—leases executed	$	56.88		$	53.39		$	51.78		$	54.42		$	52.52
Previously escalated cash rents psf	$	56.04		$	53.25		$	53.69		$	50.96		$	55.53
Percentage of new cash rent over previously escalated rents		1.5	%		0.3	%		(3.6	%)		6.8	%		(5.4	%)
Retail (1)
Total square footage executed		6,066			3,923			11,399			1,060			18,321
Average starting cash rent psf—leases executed	$	256.52		$	99.97		$	185.15		$	90.00		$	132.75
Previously escalated cash rents psf	$	239.07		$	179.25		$	260.21		$	97.32		$	234.27
Percentage of new cash rent over previously escalated rents		7.3	%		(44.2	%)		(28.8	%)		(7.5	%)		(43.3	%)
Total Office and Retail Portfolio
Total square footage executed		374,920			268,055			190,838			171,817			413,356
Average starting cash rent psf—leases executed	$	60.17		$	54.11		$	59.75		$	54.64		$	56.08
Previously escalated cash rents psf	$	59.05		$	55.18		$	66.03		$	51.24		$	63.45
Percentage of new cash rent over previously escalated rents		1.9	%		(2.0	%)		(9.5	%)		6.6	%		(11.6	%)
Leasing commission costs per square foot	$	26.34		$	15.82		$	18.16		$	20.39		$	14.17
Tenant improvement costs per square foot		77.86			61.16			42.72			74.39			30.58
Total LC and TI per square foot (2)	$	104.20		$	76.98		$	60.88		$	94.78		$	44.75
Occupancy		82.4	%		83.5	%		85.2	%		85.0	%		85.9	%
Manhattan Office and Retail Portfolio (3)
Total leases executed		27			23			25			18			25
Office—New Leases
Total square footage executed		257,693			139,620			82,944			111,397			321,848
Average starting cash rent psf—leases executed	$	60.25		$	57.86		$	54.41		$	57.66		$	54.00
Previously escalated cash rents psf	$	57.97		$	57.23		$	55.34		$	50.25		$	57.87
Percentage of new cash rent over previously escalated rents		3.9	%		1.1	%		(1.7	%)		14.7	%		-6.4	%
Office—Renewal Leases
Total square footage executed		35,784			72,681			69,523			31,612			36,571
Average starting cash rent psf—leases executed	$	61.67		$	54.73		$	55.06		$	57.58		$	50.80
Previously escalated cash rents psf	$	63.61		$	54.26		$	57.56		$	65.12		$	48.99
Percentage of new cash rent over previously escalated rents		(3.0	%)		0.9	%		(4.3	%)		(11.6	%)		3.7	%
Retail—New and Renewal Leases (1)
Total square footage executed		2,982			1,044			—			1,060			11,394
Average starting cash rent psf—leases executed	$	144.33		$	168.82		$	—		$	90.00		$	116.92
Previously escalated cash rents psf	$	174.86		$	270.97		$	—		$	97.32		$	201.69
Percentage of new cash rent over previously escalated rents		(17.5	%)		(37.7	%)		0.0	%		(7.5	%)		(42.0	%)
Total Manhattan Office Portfolio
Total square footage executed		296,459			213,345			152,467			144,069			369,813
Average starting cash rent psf—leases executed	$	61.27		$	57.33		$	54.71		$	57.88		$	55.62
Previously escalated cash rents psf	$	59.83		$	57.26		$	56.35		$	53.86		$	61.25
Percentage of new cash rent over previously escalated rents		2.4	%		0.1	%		-2.9	%		7.5	%		-9.2	%
Leasing commission costs per square foot	$	28.31		$	17.26		$	18.29		$	23.57		$	15.20
Tenant improvement costs per square foot		88.53			60.41			47.42			81.11			32.93
Total LC and TI per square foot (2)	$	116.84		$	77.67		$	65.71		$	104.68		$	48.13
Occupancy		83.9	%		84.5	%		87.0	%		86.2	%		87.2	%

Page 7

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

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Greater New York Metropolitan Area Office Portfolio
Total leases executed		6			10			7			8			7
Total square footage executed		75,377			51,831			26,972			27,748			36,616
Average starting cash rent psf - leases executed	$	41.93		$	35.00		$	35.23		$	37.80		$	41.23
Previously escalated cash rents psf	$	44.99		$	37.19		$	38.65		$	37.64		$	43.25
Percentage of new cash rent over previously escalated rents		(6.8	%)		(5.9	%)		(8.8	%)		0.4	%		(4.7	%)
Leasing commission costs per square foot	$	13.10		$	9.26		$	5.01		$	3.88		$	6.35
Tenant improvement costs per square foot		29.45			64.91			19.20			39.53			12.61
Total LC and TI per square foot (2)	$	42.55		$	74.17		$	24.21		$	43.41		$	18.96
Occupancy		76.6	%		79.8	%		76.1	%		78.4	%		79.0	%
Standalone Retail Portfolio
Total leases executed		1			1			3			—			1
Total square footage executed		3,084			2,879			11,399			—			6,927
Average starting cash rent psf - leases executed	$	365.00		$	75.00		$	185.15		$	—		$	158.80
Previously escalated cash rents psf	$	301.15		$	145.99		$	260.21		$	—		$	287.86
Percentage of new cash rent over previously escalated rents		21.2	%		(48.6	%)		(28.8	%)		—			(44.8	%)
Leasing commission costs per square foot	$	161.49		$	26.75		$	47.58		$	—		$	—
Tenant improvement costs per square foot		235.00			50.00			35.51			—			—
Total LC and TI per square foot (2)	$	396.49		$	76.75		$	83.09		$	—		$	—
Occupancy		79.0	%		79.0	%		97.1	%		97.1	%		97.1	%
Multifamily Portfolio
Occupancy		96.4	%		—			—			—			—
Number of units		625			—			—			—			—

Notes:

(1) Excludes 16,175 rentable square feet of retail space at two multifamily properties.

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

(3) Includes 507,276 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 8

Fourth 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		2,715,148		82.0	%	$	138,571,093	$	62.22		153
One Grand Central Place	Grand Central		1,245,679		87.5	%		65,514,506		60.11		162
1400 Broadway (7)	Penn Station -Times Sq. South		917,716		89.9	%		46,174,199		55.98		24
111 West 33rd Street (8)	Penn Station -Times Sq. South		641,036		97.5	%		40,477,718		64.79		23
250 West 57th Street	Columbus Circle - West Side		466,143		81.7	%		23,693,696		62.24		33
501 Seventh Avenue	Penn Station -Times Sq. South		461,367		78.0	%		17,527,866		48.68		23
1359 Broadway	Penn Station -Times Sq. South		456,129		70.8	%		19,041,630		58.98		26
1350 Broadway (9)	Penn Station -Times Sq. South		372,060		79.4	%		17,504,941		59.26		54
1333 Broadway	Penn Station -Times Sq. South		295,635		77.0	%		13,430,295		59.01		12
Manhattan Office Properties - Office			7,570,913		83.9	%		381,935,945		60.12		510
Manhattan Office Properties - Retail
The Empire State Building	Penn Station -Times Sq. South		100,196		46.1	%		5,530,491		119.80		11
One Grand Central Place	Grand Central		68,733		98.9	%		8,615,690		126.80		12
1400 Broadway (7)	Penn Station -Times Sq. South		20,176		77.2	%		1,731,713		111.21		7
112 West 34th Street (8)	Penn Station -Times Sq. South		91,280		100.0	%		23,742,322		260.10		4
250 West 57th Street	Columbus Circle - West Side		67,927		86.3	%		8,732,706		148.90		6
501 Seventh Avenue	Penn Station -Times Sq. South		33,632		81.3	%		1,969,358		72.04		7
1359 Broadway	Penn Station -Times Sq. South		27,624		88.5	%		1,554,701		63.62		5
1350 Broadway (9)	Penn Station -Times Sq. South		30,707		73.3	%		5,697,920		253.30		4
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		9,812,303		146.45		4
Manhattan Office Properties - Retail			507,276		83.0	%		67,387,204		160.11		60
Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail			8,078,189		83.9	%		449,323,149		66.33		570
Greater New York Metropolitan Area Office Properties
First Stamford Place (10)	Stamford, CT		777,174		77.4	%		26,604,239		44.24		40
Metro Center	Stamford, CT		286,384		84.3	%		13,774,751		57.05		19
383 Main Avenue	Norwalk, CT		260,081		46.0	%		3,601,000		30.08		18
500 Mamaroneck Avenue	Harrison, NY		286,161		87.3	%		7,604,809		30.46		30
10 Bank Street	White Plains, NY		234,985		85.3	%		7,420,613		37.01		30
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,844,785		76.6	%		59,005,413		41.77		137
Standalone Retail Properties
10 Union Square	Union Square		57,857		30.4	%		4,160,690		236.40		9
1542 Third Avenue	Upper East Side		56,250		100.0	%		3,343,039		59.43		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		3,658,188		81.91		2
77 West 55th Street	Midtown		25,388		100.0	%		1,968,830		77.55		3
69-97 Main Street	Westport, CT		16,874		82.9	%		1,591,181		113.70		4
103-107 Main Street	Westport, CT		4,330		100.0%			703,176		162.40		1
Sub-Total/Weighted Average Standalone Retail Properties			205,361		79.0	%		15,425,104		95.08		23
Portfolio Total			10,128,335		82.4	%	$	523,753,666	$	62.73		730
Total/Weighted Average Office Properties			9,415,698		82.5	%	$	440,941,358	$	56.78		647
Total/Weighted Average Retail Properties			712,637		81.8	%		82,812,307		142.02		83
Portfolio Total (11)			10,128,335		82.4%			$523,753,666		$ 62.73		730

Notes:

(1) Excludes (i) 204,168 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. Also excludes two multifamily properties.

(2) Based on leases signed and commenced as of December 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 December 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 37,110 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.

(11) Excludes 16,175 square feet of retail rentable square feet at two multifamily properties.

Page 9

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

	Actual		Forecast (1)
	Three Months Ended					Three Months Ended
Total Office and Retail Portfolio (2)	December 31, 2021		March 31, 2022			June 30, 2022		September 30, 2022		December 31, 2022		Full Year 2022			Full Year 2023
Total expirations		170,709		201,265			131,810		168,875		106,388		608,338			634,713
Less: broadcasting		—		(906	)				—		—		(906	)		(815	)
Office and retail expirations		170,709		200,359			131,810		168,875		106,388		607,432			633,898
Renewals & relocations (3)		51,946		30,323			54,540		50,343		13,338		148,544			36,736
New leases (4)		7,688		39,102			6,653		—		8,307		54,062			8,370
Vacates (5)		111,075		107,338			50,002		102,903		35,751		295,994			176,973
Unknown (6)		—		23,596			20,615		15,629		48,992		108,832			411,819
Total Office and Retail Portfolio expirations and vacates		170,709		200,359			131,810		168,875		106,388		607,432			633,898
Manhattan Office Portfolio
Total expirations		102,689		134,760			109,249		62,716		68,719		375,444			474,339
Less: broadcasting		—		(906	)		—		—		—		(906	)		(815	)
Office expirations		102,689		133,854			109,249		62,716		68,719		374,538			473,524
Renewals & relocations (3)		49,294		18,713			48,414		19,455		11,667		98,249			30,222
New leases (4)		7,688		39,102			6,653		—		8,307		54,062			4,847
Vacates (5)		45,707		56,396			36,665		28,536		10,532		132,129			145,777
Unknown (6)		—		19,643			17,517		14,725		38,213		90,098			292,678
Total expirations and vacates		102,689		133,854			109,249		62,716		68,719		374,538			473,524
Greater New York Metropolitan Area Office Portfolio
Office expirations		66,906		55,113			22,561		64,438		34,884		176,996			152,874
Renewals & relocations (3)		1,538		11,610			6,126		30,888		—		48,624			6,514
New leases (4)		—		—			—		—		—		—			3,523
Vacates (5)		65,368		39,550			13,337		33,550		25,219		111,656			30,000
Unknown (6)		—		3,953			3,098		—		9,665		16,716			112,837
Total expirations and vacates		66,906		55,113			22,561		64,438		34,884		176,996			152,874
Retail Portfolio (7)
Retail expirations		1,114		11,392			—		41,721		2,785		55,898			7,500
Renewals & relocations (3)		1,114		—			—		—		1,671		1,671			—
New leases (4)		—		—			—		—		—		—			—
Vacates (5)		—		11,392			—		40,817		—		52,209			1,196
Unknown (6)		—		—			—		904		1,114		2,018			6,304
Total expirations and vacates		1,114		11,392			—		41,721		2,785		55,898			7,500

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.

(7) Includes standalone and non-standalone retail. Excludes retail space at two multifamily properties.

Page 10

	Fourth Quarter 2021
	Tenant Lease Expirations
	(unaudited)

Total Office and Retail Lease Expirations (1)	Number of Leases Expiring (2)		Rentable Square Feet Expiring (3)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (4)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		1,448,024		14.3	%	$	—		0.0	%	$	—
Signed leases not commenced		30		331,510		3.3	%		—		0.0	%		—
4Q 2021 (5)		16		62,128		0.6	%		3,029,820		0.6	%		48.77
Total 2021		16		62,128		0.6	%		3,029,820		0.6	%		48.77
1Q 2022		22		168,723		1.7	%		8,321,671		1.6	%		49.32
2Q 2022		26		131,810		1.3	%		7,107,515		1.4	%		53.92
3Q 2022		28		168,875		1.7	%		11,237,409		2.1	%		66.54
4Q 2022		29		106,388		1.1	%		6,004,295		1.1	%		56.44
Total 2022		105		575,796		5.7	%		32,670,890		6.2	%		56.74
2023		94		634,713		6.3	%		39,622,216		7.6	%		62.43
2024		94		838,787		8.3	%		48,675,426		9.3	%		58.03
2025		88		548,091		5.4	%		33,535,725		6.4	%		61.19
2026		71		791,371		7.8	%		42,960,506		8.2	%		54.29
2027		73		611,080		6.0	%		38,944,131		7.4	%		63.73
2028		40		918,804		9.1	%		48,951,154		9.3	%		53.28
2029		41		903,943		8.9	%		65,438,879		12.5	%		72.39
2030		36		717,208		7.1	%		47,398,789		9.0	%		66.09
2031		19		159,145		1.6	%		19,493,200		3.7	%		122.49
Thereafter		53		1,587,735		15.6	%		103,032,929		19.8	%		64.89
Total		760		10,128,335		100.0	%	$	523,753,666		100.0	%	$	62.73
Manhattan Office Properties (6)
Available		—		981,727		13.0	%	$	—		0.0	%	$	—
Signed leases not commenced		18		236,152		3.1	%		—		0.0	%		—
4Q 2021 (4)		11		48,900		0.6	%		2,799,183		0.7	%		57.24
Total 2021		11		48,900		0.6	%		2,799,183		0.7	%		57.24
1Q 2022		15		113,908		1.5	%		6,110,556		1.6	%		53.64
2Q 2022		22		109,249		1.4	%		6,284,721		1.6	%		57.53
3Q 2022		14		62,716		0.8	%		3,945,476		1.0	%		62.91
4Q 2022		22		68,719		0.9	%		4,008,817		1.0	%		58.34
Total 2022		73		354,592		4.7	%		20,349,570		5.3	%		57.39
2023		74		474,339		6.3	%		29,082,557		7.6	%		61.31
2024		73		621,040		8.2	%		37,606,241		9.8	%		60.55
2025		54		354,559		4.7	%		22,963,843		6.0	%		64.77
2026		51		571,774		7.6	%		32,924,790		8.6	%		57.58
2027		51		440,876		5.8	%		26,386,783		6.9	%		59.85
2028		26		799,889		10.6	%		43,248,632		11.3	%		54.07
2029		27		647,901		8.6	%		38,825,165		10.2	%		59.92
2030		21		607,354		8.0	%		36,909,918		9.7	%		60.77
2031		10		79,806		1.1	%		5,650,883		1.5	%		70.81
Thereafter		39		1,352,004		17.7	%		85,188,380		22.4	%		63.01
Total Manhattan office properties		528		7,570,913		100.0	%	$	381,935,945		100.0	%	$	60.12

Notes:

(1) Excludes 16,175 square feet of retail rentable square feet at two multifamily properties.

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

(3) Excludes (i) 204,168 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.

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

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

(6) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and observatory operations.

Page 11

Fourth 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		—		403,698		21.9	%	$	—		0.0	%	$	—
Signed leases not commenced		7		28,427		1.5	%		—		0.0	%		—
4Q 2021 (4)		3		1,836		0.1	%		51,622		0.1	%		28.12
Total 2021		3		1,836		0.1	%		51,622		0.1	%		28.12
1Q 2022		7		54,815		3.0	%		2,211,115		3.7	%		40.34
2Q 2022		4		22,561		1.2	%		822,794		1.4	%		36.47
3Q 2022		8		64,438		3.5	%		2,462,308		4.2	%		38.21
4Q 2022		5		34,884		1.9	%		1,695,255		2.9	%		48.60
Total 2022		24		176,698		9.6	%		7,191,472		12.2	%		40.70
2023		15		152,874		8.3	%		7,159,068		12.1	%		46.83
2024		13		191,633		10.4	%		8,502,782		14.4	%		44.37
2025		31		173,068		9.4	%		6,329,977		10.7	%		36.58
2026		14		152,836		8.3	%		5,943,591		10.1	%		38.89
2027		15		114,165		6.2	%		4,394,893		7.4	%		38.50
2028		9		107,564		5.8	%		3,867,238		6.6	%		35.95
2029		6		149,116		8.1	%		6,507,235		11.0	%		43.64
2030		5		41,116		2.2	%		1,962,709		3.3	%		47.74
2031		—		—		0.0	%		—		0.0	%		—
Thereafter		2		151,754		8.2	%		7,094,826		12.1	%		46.75
Total greater New York metropolitan area office properties		144		1,844,785		100.0	%	$	59,005,413		100.0	%	$	41.77
Retail Properties (5)
Available		—		62,599		8.8	%	$	—		0.0	%	$	—
Signed leases not commenced		5		66,931		9.4	%		—		0.0	%		—
4Q 2021 (4)		2		11,392		1.6	%		179,015		0.2	%		15.71
Total 2021		2		11,392		1.6	%		179,015		0.2	%		15.71
1Q 2022		—		—		0.0	%		—		0.0	%		—
2Q 2022		—		—		0.0	%		—		0.0	%		—
3Q 2022		6		41,721		5.9	%		4,829,625		5.8	%		115.76
4Q 2022		2		2,785		0.4	%		300,223		0.4	%		107.80
Total 2022		8		44,506		6.2	%		5,129,848		6.2	%		115.26
2023		5		7,500		1.1	%		3,380,591		4.1	%		450.75
2024		8		26,114		3.7	%		2,566,403		3.1	%		98.28
2025		3		20,464		2.9	%		4,241,905		5.1	%		207.29
2026		6		66,761		9.4	%		4,092,125		4.9	%		61.30
2027		7		56,039		7.9	%		8,162,455		9.9	%		145.66
2028		5		11,351		1.6	%		1,835,284		2.2	%		161.68
2029		8		106,926		15.0	%		20,106,479		24.3	%		188.04
2030		10		68,738		9.6	%		8,526,162		10.3	%		124.04
2031		9		79,339		11.1	%		13,842,317		16.7	%		174.47
Thereafter		12		83,977		11.7	%		10,749,723		13.0	%		128.01
Total retail properties		88		712,637		100.0	%	$	82,812,307		100.0	%	$	142.02

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) 204,168 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 December 31, 2021 and expire on December 31, 2021.

(5) Excludes 16,175 square feet of retail rentable square feet at two multifamily properties.

Page 12

Fourth 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		—		430,014		15.8	%	$	—		0.0	%	$	—
Signed leases not commenced		2		58,120		2.1	%		—		0.0	%		—
4Q 2021 (6)		2		6,971		0.3	%		333,750		0.2	%		47.88
Total 2021		2		6,971		0.3	%		333,750		0.2	%		47.88
1Q 2022		5		53,037		2.0	%		2,652,939		1.9	%		50.02
2Q 2022		6		26,461		1.0	%		1,502,790		1.1	%		56.79
3Q 2022		6		28,706		1.1	%		1,977,604		1.4	%		68.89
4Q 2022		4		11,920		0.4	%		748,602		0.5	%		62.80
Total 2022		21		120,124		4.4	%		6,881,935		5.0	%		57.29
2023		24		99,464		3.7	%		6,783,696		4.9	%		68.20
2024		23		271,661		10.0	%		18,074,834		13.0	%		66.53
2025		14		110,331		4.1	%		7,400,687		5.3	%		67.08
2026		12		132,831		4.9	%		8,224,278		5.9	%		61.92
2027		18		57,581		2.1	%		3,818,249		2.8	%		66.31
2028		7		371,238		13.7	%		19,810,835		14.3	%		53.36
2029		7		282,020		10.4	%		17,571,549		12.7	%		62.31
2030		6		210,800		7.8	%		11,468,411		8.3	%		54.40
2031		5		23,038		0.8	%		1,918,571		1.4	%		83.28
Thereafter		14		540,955		19.9	%		36,284,298		26.2	%		67.07
Total Empire State Building Office		155		2,715,148		100.0	%	$	138,571,093		100.0	%	$	62.22
Empire State Building Broadcasting Licenses and Leases					Annualized Base Rent (7)			Annualized Expense Reimbursements		Annualized Rent (4)			Percent of Annualized Rent
4Q 2021 (6)					$	31,710		$	14,903	$	46,613			0.3	%
Total 2021						31,710			14,903		46,613			0.3	%
1Q 2022						—			—		—			0.0	%
2Q 2022						—			—		—			0.0	%
3Q 2022						—			—		—			0.0	%
4Q 2022						—			—		—			0.0	%
Total 2022						—			—		—			0.0	%
2023						285,588			69,728		355,316			2.4	%
2024						68,958			39,416		108,374			0.7	%
2025						—			—		—			0.0	%
2026						848,556			103,900		952,456			6.4	%
2027						2,613,626			600,207		3,213,833			21.7	%
2028						261,200			9,633		270,833			1.8	%
2029						—			—		—			0.0	%
2030						2,082,250			326,484		2,408,734			16.3	%
2031						1,855,250			272,818		2,128,068			14.4	%
Thereafter						4,703,059			635,565		5,338,624			36.0	%
Total Empire State Building Broadcasting Licenses and Leases					$	12,750,197		$	2,072,654	$	14,822,851			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 $4.3 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.

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

	Fourth 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	Empire State Building	Aug. 2036	14.7 years		418,552		4.1	%	$	26,656,726		5.1	%
2. PVH Corp.	501 Seventh Avenue	Oct. 2028	6.8 years		237,281		2.3	%		11,343,800		2.2	%
3. Centric Brands Inc.	Empire State Building	Oct. 2028	6.8 years		215,819		2.1	%		11,006,769		2.1	%
4. Sephora	112 West 34th Street	Jan. 2029	7.1 years		11,334		0.1	%		10,528,487		2.0	%
5. Li & Fung	1359 Broadway, ESB	Oct. 2023 - Oct. 2028	5.8 years		173,273		1.7	%		9,283,476		1.8	%
6. Macy’s	111 West 33rd Street	May 2030	8.4 years		131,117		1.3	%		8,185,511		1.6	%
7. Coty	Empire State Bilding	Jan. 2030	8.1 years		156,187		1.5	%		7,943,754		1.5	%
8. Urban Outfitters	1333 Broadway	Sept. 2029	7.8 years		56,730		0.6	%		7,791,801		1.5	%
9. Federal Deposit Insurance Corp.	Empire State Building	Dec. 2024	3.0 years		119,226		1.2	%		7,584,532		1.4	%
10. Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035	12.8 years		124,884		1.2	%		7,540,459		1.4	%
11. The Interpublic Group of Co’s, Inc.	111 West 33rd St & 1400 B’Way	Feb. 2025	2.4 years		128,296		1.3	%		7,221,237		1.4	%
12. Footlocker	112 West 34th Street	Sept. 2031	9.8 years		34,192		0.3	%		7,046,880		1.3	%
13. HNTB Corporation	Empire State Building	Feb. 2029	7.2 years		105,143		1.0	%		6,982,283		1.3	%
14. Franklin Templeton	First Stamford Place	Sept. 2024	2.8 years		137,583		1.4	%		6,426,634		1.2	%
15. Shutterstock	Empire State Building	Apr. 2029	7.3 years		104,386		1.0	%		5,974,821		1.1	%
16. Fragomen	1400 Broadway	Feb. 2035	13.2 years		107,680		1.1	%		5,922,400		1.1	%
17. The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	7.9 years		86,492		0.9	%		5,649,928		1.1	%
18. ASCAP	250 West 57th Street	Aug. 2034	12.7 years		87,943		0.9	%		5,465,025		1.0	%
19. On Deck Capital, Inc.	1400 Broadway	Dec. 2026	5.0 years		83,266		0.8	%		5,004,365		1.0	%
20. Duane Reade	ESB, 1350 Broadway	May 2025 - Sept. 2027	4.5 years		39,142		0.4	%		4,830,412		0.9	%
Total					2,558,526		25.2	%	$	168,389,300		32.0	%

Notes:

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

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

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

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

	Three Months Ended
Capital expenditures (1)	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Tenant improvements - first generation	$	3,007	$	3,149	$	—	$	13,244	$	10,098
Tenant improvements - second generation		13,000		10,364		15,903		6,435		6,466
Leasing commissions - first generation		—		—		—		—		—
Leasing commissions - second generation		3,950		4,110		5,215		3,156		6,292
Building improvements - first generation		612		775		1,423		78		4,436
Building improvements - second generation		7,874		4,767		5,541		3,462		2,531
Development (2)		—		—		—		98		28
Total	$	28,443	$	23,165	$	28,082	$	26,473	$	29,851

Note:

(1) Excludes multifamily properties.

(2) Primarily represents design and engineering costs.

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

Total Portfolio vacant space	1,780,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	236,000
Greater New York Office Properties SLNC	29,000
Retail Properties SLNC	67,000
Redeveloped Manhattan Office space	820,000
Greater New York Office Properties space	404,000
Retail Properties space	62,000
Undeveloped Manhattan Office space	83,000
Space held off market	29,000
Other	50,000
Total	1,780,000

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

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

				Three Months Ended
Observatory NOI (1)	Twelve Months to Date			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Observatory revenue (2)	$	41,474		$	17,716		$	12,796		$	8,359		$	2,603	(7)		$    5,008	(8)
Observatory expenses		23,206			6,980			6,370			5,268			4,588			5,636
NOI		18,268			10,736			6,426			3,091			(1,985	)		(628	)
Intercompany rent expense (3)		23,413			7,142			5,310			6,029			4,932			4,471
NOI after intercompany rent	$	(5,145	)	$	3,594		$	1,116		$	(2,938	)	$	(6,917	)	$	(5,099	)
Observatory Metrics
Number of visitors (4)					360,000			255,000			162,000			51,000			55,000
Change in visitors year over year					554.5	%		750.0	%		N/A			(87.9	%)		(93.8	%)
Number of bad weather days during open days (“BWD”) (5)					7			18			9			17			22
Days closed due to COVID-19					—			—			—			—			—
102nd floor revenue (6)				$	2,269		$	1,699		$	1,094		$	392		$	349

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 December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020,the fixed license fee was $750, $750, $750, $4, and $1,496, 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.

Annual Observatory Revenues 2017 to 2021

Notes:

(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.

(3) The observatory continued to experience a significant decline in visitors due to the COVID-19 pandemic.

Page 16

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

Assets	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Commercial real estate properties, at cost:
Land	$	336,278		$	201,196		$	201,196		$	201,196		$	201,196
Development costs		8,131			8,007			8,064			8,064			7,966
Building and improvements		3,156,508			2,978,531			2,959,259			2,943,148			2,924,804
	3,500,917			3,187,734			3,168,519			3,152,408			3,133,966
Less: accumulated depreciation		(1,072,938	)		(1,055,731	)		(1,007,429	)		(973,940	)		(941,612	)
Commercial real estate properties, net		2,427,979			2,132,003			2,161,090			2,178,468			2,192,354
Cash and cash equivalents		423,695			582,188			540,604			567,102			526,714
Restricted cash		50,943			38,779			37,966			40,295			41,225
Tenant and other receivables		18,647			21,664			19,238			16,749			21,541
Deferred rent receivables		224,922			228,394			231,143			228,117			222,508
Prepaid expenses and other assets		76,549			60,522			71,399			50,427			77,182
Deferred costs, net		202,437			189,327			200,735			207,058			203,853
Acquired below-market ground leases, net		336,904			338,862			340,820			342,777			344,735
Right of use assets		28,892			28,945			28,998			29,051			29,104
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,282,447		$	4,112,163		$	4,123,472		$	4,151,523		$	4,150,695
Liabilities and Equity
Mortgage notes payable, net	$	948,769		$	773,925		$	774,612		$	775,276		$	775,929
Senior unsecured notes, net		973,373			973,320			973,267			973,214			973,159
Unsecured term loan facility, net		388,223			388,095			387,954			387,811			387,561
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		120,810			94,216			89,254			102,381			103,203
Acquired below-market leases, net		24,941			23,512			28,532			30,112			31,705
Ground lease liabilities		28,892			28,945			28,998			29,051			29,104
Deferred revenue and other liabilities		84,358			90,427			81,762			94,625			88,319
Tenants’ security deposits		28,749			26,042			25,885			27,858			30,408
Total liabilities		2,598,115			2,398,482			2,390,264			2,420,328			2,419,388
Total equity		1,684,332			1,713,681			1,733,208			1,731,195			1,731,307
Total liabilities and equity	$	4,282,447		$	4,112,163		$	4,123,472		$	4,151,523		$	4,150,695

Page 17

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

	Three Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Revenues
Rental revenue (1)	$	139,104		$	139,558		$	140,797		$	140,231		$	137,050
Observatory revenue		17,716			12,796			8,359			2,603			5,008
Lease termination fees		281			11,321			3,339			1,289			7,841
Third party management and other fees		302			314			327			276			295
Other revenue and fees		2,931			1,059			586			905			1,205
Total revenues		160,334			165,048			153,408			145,304			151,399
Operating expenses
Property operating expenses		34,557			33,357			28,793			30,279			31,087
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		13,578			14,427			14,089			13,853			13,627
Observatory expenses		6,980			6,370			5,268			4,588			5,636
Real estate taxes		27,600			29,566			31,354			31,447			31,894
Impairment charge		7,723			—			—			—			—
Depreciation and amortization		46,467			65,794			45,088			44,457			47,397
Total operating expenses		139,237			151,845			126,924			126,955			131,973
Total operating income		21,097			13,203			26,484			18,349			19,426
Other income (expense)
Interest income		207			211			164			122			108
Interest expense		(23,841	)		(23,577	)		(23,422	)		(23,554	)		(23,001	)
Loss on early extinguishment of debt		—			—			—			(214	)		—
Income (loss) before income taxes		(2,537	)		(10,163	)		3,226			(5,297	)		(3,467	)
Income tax (expense) benefit		(1,537	)		(20	)		1,185			2,106			4,177
Net income (loss)		(4,074	)		(10,183	)		4,411			(3,191	)		710
Perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Net (income) loss attributable to non-controlling interests		1,936			4,256			(1,285	)		1,620			130
Net income (loss) attributable to common stockholders	$	(3,188	)	$	(6,977	)	$	2,075		$	(2,621	)	$	(210	)
Weighted average common shares outstanding
Basic		172,818			172,494			171,615			171,735			171,970
Diluted		276,207			277,716			278,436			277,881			278,471
Net income (loss) per share attributable to common stockholders
Basic and diluted	$	(0.02	)	$	(0.04	)	$	0.01		$	(0.02	)	$	—
Dividends per share	$	0.035		$	0.035		$	0.035		$	—		$	—

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

	Three Months Ended
Rental Revenue	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Base rent	$	126,393	$	125,455	$	125,091	$	126,231	$	121,486
Billed tenant expense reimbursement		12,711		14,103		15,706		14,000		15,564
Total rental revenue	$	139,104	$	139,558	$	140,797	$	140,231	$	137,050

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.

Page 18

Fourth 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
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)	$	710
Preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		45,211			64,565			43,480			43,104			45,690
Impairment charge		7,723			—			—			—			—
FFO attributable to common stockholders and non-controlled interests		47,810			53,332			46,840			38,863			45,350
Amortization of below-market ground lease		1,958			1,957			1,958			1,958			1,958
Modified FFO attributable to common stockholders and non-controlled interests		49,768			55,289			48,798			40,821			47,308
Loss on early extinguishment of debt		—			—			—			214			—
Core FFO attributable to common stockholders and non-controlled interests	$	49,768		$	55,289		$	48,798		$	41,035		$	47,308
Total weighted average shares and Operating Partnership Units
Basic		276,207			277,716			277,893			277,881			278,427
Diluted		276,207			277,716			278,436			277,881			278,471
FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.17		$	0.19		$	0.17		$	0.14		$	0.16
Diluted	$	0.17		$	0.19		$	0.17		$	0.14		$	0.16
Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.18		$	0.20		$	0.18		$	0.15		$	0.17
Diluted	$	0.18		$	0.20		$	0.18		$	0.15		$	0.17
Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.18		$	0.20		$	0.18		$	0.15		$	0.17
Diluted	$	0.18		$	0.20		$	0.18		$	0.15		$	0.17
Reconciliation of Core FFO to Core FAD
Core FFO	$	49,768		$	55,289		$	48,798		$	41,035		$	47,308
Add:
Amortization of deferred financing costs		1,136			1,051			1,136			1,204			1,150
Non-real estate depreciation and amortization		1,257			1,229			1,608			1,353			1,707
Amortization of non-cash compensation expense		4,843			5,378			5,303			4,735			5,321
Amortization of loss on interest rate derivative		1,529			1,529			1,529			1,529			1,529
Deduct:
Straight-line rental revenues		(7,881	)		(3,087	)		(3,763	)		(6,347	)		640
Above/below-market rent revenue amortization		(280	)		(4,244	)		(717	)		(654	)		(674	)
Corporate capital expenditures		(183	)		(228	)		(30	)		(109	)		(425	)
Tenant improvements - second generation		(13,000	)		(10,364	)		(15,903	)		(6,435	)		(6,466	)
Building improvements - second generation		(7,874	)		(4,767	)		(5,541	)		(3,462	)		(2,531	)
Leasing commissions - second generation		(3,950	)		(4,110	)		(5,215	)		(3,156	)		(6,292	)
Core FAD	$	25,365		$	37,676		$	27,205		$	29,693		$	41,267
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)	$	710
Interest expense		23,841			23,577			23,422			23,554			23,001
Income tax expense (benefit)		1,537			20			(1,185	)		(2,106	)		(4,177	)
Depreciation and amortization		46,467			65,794			45,088			44,457			47,397
EBITDA		67,771			79,208			71,736			62,714			66,931
Impairment charges, net of reimbursement		7,723			—			—			—			—
Adjusted EBITDA	$	75,494		$	79,208		$	71,736		$	62,714		$	66,931

Page 19

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

	December 31, 2021										September 30, 2021
				ESRT		Weighted Average								Weighted Average
				Pro-rata		Interest			Maturity					Interest			Maturity
Debt Summary	Balance			Share		Rate			(Years)		Balance			Rate			(Years)
Fixed rate mortgage debt	$	968,793		$	950,193		3.80	%		8.1	$	783,831			3.81	%		7.8
Senior unsecured notes		975,000			975,000		4.10	%		8.2		975,000			4.10	%		8.4
Unsecured term loan facilities (1)		265,000			265,000		3.40	%		3.6		265,000			3.40	%		3.8
Total fixed rate debt		2,208,793			2,190,193		3.90	%		7.6		2,023,831			3.91	%		7.6
Unsecured term loan facilities		125,000			125,000		1.58	%		5.0		125,000			1.58	%		5.3
Unsecured revolving credit facilities		—			—		—			3.3		—			0.00	%		3.5
Total variable rate debt		125,000			125,000		1.58	%		4.5		125,000			1.58	%		4.8
Total debt		2,333,793			2,315,193		3.89	%		7.5		2,148,831			3.91	%		7.4
Deferred financing costs, net		(14,881	)									(13,491	)
Debt discount		(8,547	)									—
Total	$	2,310,365									$	2,135,340

Note:

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

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

				Current			In
Covenant Summary	Required			Quarter			Compliance
Maximum Total Leverage(2)		< 60	%		43.5	%		Yes
Maximum Secured Debt		< 40	%		17.9	%		Yes
Minimum Fixed Charge Coverage		> 1.50x			2.4x			Yes
Minimum Unencumbered Interest Coverage		> 1.75x			4.4x			Yes
Maximum Unsecured Leverage		< 60	%		34.7	%		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

	Fourth Quarter 2021
	Debt Detail
	(unaudited and dollars in thousands)

	Stated			Effective
	Interest			Interest			Principal			ESRT Pro-rata Share					Maturity
	Rate (%)			Rate (%) (1)			Balance			Percent			Amount		Date		Amortization
Fixed rate mortgage debt:
Metro Center		3.59	%		3.68	%	$	85,032			100	%	$	85,032		11/5/2024	30 years
10 Union Square		3.70	%		3.97	%		50,000			100	%		50,000		4/1/2026	Interest only
1542 Third Avenue		4.29	%		4.53	%		30,000			100	%		30,000		5/1/2027	Interest only
First Stamford Place (2)		4.28	%		4.77	%		180,000			100	%		180,000		7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.		4.01	%		4.23	%		36,670			100	%		36,670		1/5/2028	30 years
250 West 57th Street		2.83	%		3.23	%		180,000			100	%		180,000		12/1/2030	Interest only
10 Bank Street		4.23	%		4.37	%		31,091			100	%		31,091		6/1/2032	25 years
383 Main Avenue		4.44	%		4.56	%		30,000			100	%		30,000		6/30/2032	5 years interest only; 30 years thereafter
1333 Broadway		4.21	%		4.29	%		160,000			100	%		160,000		2/5/2033	Interest only
345 East 94th Street - Series A		70% of LIBOR plus 0.95	%		3.56	%		43,600			90	%		39,240		11/1/2030	Interest only
345 East 94th Street - Series B		LIBOR plus 2.24	%		3.56	%		8,650			90	%		7,785		11/1/2030	30 years
561 10th Avenue - Series A		70% of LIBOR plus 1.07	%		3.85	%		114,500			90	%		103,050		11/1/2033	Interest only
561 10th Avenue - Series B		LIBOR plus 2.45	%		3.85	%		19,250			90	%		17,325		11/1/2033	30 years
Total fixed rate mortgage debt								968,793						950,193
Unsecured term loan facility		LIBOR plus 1.20	%		3.57	%		215,000			100	%		215,000		3/19/2025	Interest only
Unsecured revolving credit facility		LIBOR plus 1.30	%		—			—			100	%		—		3/31/2025	Interest only
Unsecured term loan facility		LIBOR plus 1.50	%		3.68	%		175,000			100	%		175,000		12/31/2026	Interest only
Senior unsecured notes:											100	%		—
Series A		3.93	%		3.96	%		100,000			100	%		100,000		3/27/2025	Interest only
Series B		4.09	%		4.12	%		125,000			100	%		125,000		3/27/2027	Interest only
Series C		4.18	%		4.21	%		125,000			100	%		125,000		3/27/2030	Interest only
Series D		4.08	%		4.11	%		115,000			100	%		115,000		1/22/2028	Interest only
Series E		4.26	%		4.27	%		160,000			100	%		160,000		3/22/2030	Interest only
Series F		4.44	%		4.45	%		175,000			100	%		175,000		3/22/2033	Interest only
Series G		3.61	%		4.89	%		100,000			100	%		100,000		3/17/2032	Interest only
Series H		3.73	%		5.00	%		75,000			100	%		75,000		3/17/2035	Interest only
Total / weighted average debt		3.89	%		4.09	%		2,333,793					$	2,315,193
Deferred financing costs, net								(14,881	)
Debt discount								(8,547	)
Total							$	2,310,365

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

	Fourth Quarter 2021
	Debt Maturities and Ground Lease Commitments
	(unaudited and dollars in thousands)

Year	Maturities (1)		Amortization		Total			ESRT Pro-rata Share		Percentage of Total Debt Total Debt			Weighted Average Interest Rate of Maturing Debt
2022	$	—	$	7,689	$	7,689		$	7,483		0.3	%		n/a
2023		—		10,130		10,130			9,905		0.4	%		n/a
2024		77,675		10,424		88,099			87,852		3.8	%		3.59	%
2025		315,000		8,523		323,523			323,253		14.0	%		3.57	%
2026		225,000		9,030		234,030			233,735		10.1	%		3.83	%
2027		319,000		8,235		327,235			326,912		14.1	%		4.21	%
2028		146,092		5,406		151,498			151,145		6.5	%		4.06	%
2029		—		5,918		5,918			5,522		0.2	%		n/a
2030		508,600		6,806		515,406			510,570		22.1	%		3.67	%
2031		—		5,478		5,478			5,150		0.2	%		n/a
Thereafter		656,662		8,125		664,787			653,665		28.2	%		4.07	%
Total debt	$	2,248,029	$	85,764		2,333,793		$	2,315,193		100.0	%		3.89	%
Deferred financing costs, net						(14,881	)
Debt discount						(8,547	)
Total					$	2,310,365

Note:

(1) Assumes no extension options are exercised.

Debt Maturity Profile

Ground Lease Commitments ⁽¹⁾

Year	1350 Broadway (2)		1400 Broadway (3)		111 West 33rd Street (4)		Total
2022	$	108	$	675	$	735	$	1,518
2023		108		675		735		1,518
2024		108		675		735		1,518
2025		108		675		735		1,518
2026		108		675		735		1,518
Thereafter		1,713		24,975		37,056		63,744
	$	2,253	$	28,350	$	40,731	$	71,334

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

	Fourth 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.

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Cover Page	Feb. 16, 2022
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001541401
Document Type	8-K
Document Period End Date	Feb. 16, 2022
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