8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 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) 687-2600

n/a

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 27, 2022, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first quarter 2022. 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

First Quarter 2022 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the first quarter 2022 and made available on its website certain supplemental information relating thereto.

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release announcing financial results for the first quarter 2022
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, we believe 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

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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 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 believe 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 believe it is 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 believes Core FFO is an important supplemental measure of its operating performance because 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.

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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 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 to investors 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.

Same Store Net Operating Income (“SSNOI”)

In addition to NOI, we present Same Store NOI. Our Same Store portfolio includes all of our properties owned and included in our portfolio for all periods presented. It does not include properties held-for-sale or those properties which we otherwise expect to dispose of in the subsequent quarter.

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: April 27, 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: April 27, 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 FIRST QUARTER 2022 RESULTS

AND PROVIDES 2022 GUIDANCE

- Net Income of ($0.07) Per Fully Diluted Share -

- First Quarter Core FFO of $0.18 Per Fully Diluted Share -

- Provides 2022 Core FFO Guidance of $0.73 to $0.78 Per Fully Diluted Share -

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

New York, New York, April 27, 2022 – Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a NYC-focused REIT with office, retail and multifamily properties and the Empire State Building Observatory, today reported its operational and financial results for the first quarter of 2022.

First Quarter 2022 and Recent Highlights

• Net Income of ($0.07) per fully diluted share.

• Core Funds From Operations (“Core FFO”) of $0.18 per fully diluted share in first quarter 2022, compared to $0.15 per fully diluted share in first quarter 2021.

• Same-Store¹ Property Cash Net Operating Income (“NOI”) excluding lease termination fees increased 0.9% over the first quarter of 2021.

• Total portfolio is 87.0% leased, Manhattan office portfolio is 88.6% leased.

• Signed a total of 318,646 rentable square feet of new, renewal, and expansion leases, including long term new office leases with Progyny, Inc. for 70,600 square feet, Signature Bank Inc. that now has a total of 313,100 square feet, and 18 prebuilt leases in the Manhattan office portfolio.

• Empire State Building Observatory revenue was $13.2 million and NOI was $7.0 million for the first quarter 2022. First quarter visitation at 45% of 2019 levels exceeded the Company’s hypothetical forecast of 40%, and this recapture rate increased to over 50% in March and into the 60% range during April.

• Repurchased $23.3 million of common stock at a weighted average price of $9.34 per share in the first quarter and through April 21, 2022. Since the stock repurchase program began in March 2020 through April 21, 2022, approximately $215 million at a weighted average price of $8.67 per share has been repurchased.

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• Published second annual Sustainability Report on April 22^nd, 2022.

• Among the first to achieve recertification of WELL Health-Safety Rating for the entire commercial portfolio.

• Hosted Former President Bill Clinton, Governor Kathy Hochul, and Mayor Eric Adams at the Empire State Building to reveal the “Empire Building Playbook: A Guide to Low Carbon Retrofits.” Co-developed by Empire State Realty Trust and NYSERDA and supported by other NYC-based landlords and the Clinton Global Initiative, a manual of specific, tested steps to reduce energy consumption and carbon emissions at existing buildings through investment with assured economic returns.

¹  Same-Store as described in First Quarter 2022 Supplemental

Property Operations

As of March 31, 2022, the Company’s property portfolio contained 9.4 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 625 units across two multifamily properties, which were occupied and leased as shown below.

	March 31, 2022			December 31, 2021			March 31, 2021
Percent occupied:
Total commercial portfolio		83.0	%		82.4	%		85.0	%
Total office		82.4	%		82.5	%		84.7	%
Manhattan office		83.9	%		83.9	%		86.2	%
GNYMA office		76.2	%		76.6	%		78.4	%
Total retail2		91.1	%		81.8	%		88.6	%
Total multifamily portfolio		97.6	%		96.4	%		N/A
Percent leased (includes signed leases not commenced):
Total commercial portfolio		87.0	%		85.7	%		88.7	%
Total office		86.6	%		85.3	%		88.4	%
Manhattan office		88.6	%		87.0	%		90.0	%
GNYMA office		78.5	%		78.1	%		82.1	%
Total retail		91.5	%		91.2	%		92.0	%

²  “Total Retail” for the period ending March 31, 2022 includes the retail assets acquired as part of the multifamily acquisition completed in late-December 2021. If “Total Retail” for the period ending December 31, 2021 were to include the retail assets acquired as part of the multifamily acquisition, occupancy would be 82.4%.

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Leasing

The tables below summarize leasing activity for the three months ended March 31, 2022:

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		42		317,633	$	54.75	$	53.35		2.6	%
Retail		2		1,013	$	120.81	$	126.33		(4.4	%)
Total Overall		44		318,646	$	54.96	$	53.59		2.6	%

Manhattan Office Portfolio

Manhattan Office Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf -leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
New Office		21		215,560	$	59.80	$	57.79		3.5	%
Renewal Office		8		40,616	$	55.99	$	54.00		3.7	%
Total Office		29		256,176	$	59.19	$	57.19		3.5	%

Observatory Results

The Observatory hosted approximately 269,000 visitors in the first quarter 2022, compared to 51,000 visitors in the first quarter 2021. For the first quarter of 2022, Observatory revenue was $13.2 million, expenses were $6.2 million, and NOI was $7.0 million. The Company’s hypothetical forecast for Observatory admissions (as % of 2019 visitation) for the rest of 2022 is provided in the investor presentation posted on its website, and the current forecast is unchanged from the update provided in February 2022.

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Balance Sheet

The Company had $1.3 billion of total liquidity as of March 31, 2022, which is comprised of $430 million of cash, plus an additional $850 million available under its revolving credit facility. At March 31, 2022, 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 7.2 years. At March 31, 2022, the Company’s pro-rata net debt to total market capitalization was 39.8% and net debt / adjusted EBITDA was 6.3x, or 6.1x if adjusted for full year EBITDA contribution from the multifamily acquisition completed in late-December 2021. The Company has no outstanding debt maturity until November 2024.

Dividend

On March 31, 2022, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first quarter 2022 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”).

On March 31, 2022, the Company paid a quarterly preferred dividend of $0.15 per unit for the first quarter 2022 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the first quarter 2022 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

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2022 Earnings Outlook

Based on current economic conditions and the assumption that the New York City market continues to steadily recover, the Company currently expects 2022 Core FFO to range between $0.73 and $0.78 per fully diluted share. The Company’s current guidance does not include the impact of any potential future acquisitions, dispositions or other capital markets activities beyond April 21, 2022. Key assumptions are included in the table below.

Key Assumptions	2022 Guidance	2021 Actual*		Comments
Earnings
Core FFO Per Fully Diluted Share	$0.73 to $0.78	$	0.70	•   Includes $0.02 from the multifamily acquisition that closed in late-December 2021 •   Includes ~273M fully diluted shares as of April 21, 2022
Same-Store (SS) Commercial Property Drivers
SS Occupancy at year-end	84% to 86%		82.4%
SS Cash NOI (excluding lease termination fees)	-10% to -12% from 2021	$	290M	•   Primarily driven by normalization of operating expenses as building utilization increases; ~10% y/y increase in SS operating expenses •   Also impacted by late-2021 occupancy decline
Observatory Drivers
Observatory NOI	$74M to $77M	$	18M	•   Base case reflects hypothetical Observatory admissions (as % of 2019 visitation) of 60% in 2Q22, 70% in 3Q22 and 80% in 4Q22 •   Reflects first quarter expenses of $6.2M and approximately $8M - $9M per quarter thereafter

* 2021 actual is based on First Quarter 2022 Supplemental

	Low		High		2021 Actual
Net Income (loss) Attributable to Common Stockholders and the Operating Partnership	$	0.08	$	0.13	-$	0.05
Add:
Impairment Charge		—		—		0.03
Real Estate Depreciation & Amortization		0.74		0.74		0.71
Less:
Private Perpetual Distributions		0.02		0.02		0.02
Gain on Disposal of Real Estate, net		0.10		0.10		—
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.70	$	0.75	$	0.67
Add:
Amortization of Below Market Ground Lease		0.03		0.03		0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.73	$	0.78	$	0.70

The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the ongoing COVID-19 global pandemic on our business and our market, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

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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.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, April 28, 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 seven 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 May 5, 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 13728485.

The Supplemental Report and Investor Presentation are additional 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

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“Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) 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 March 31, 2022, 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, market, 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

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in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any or all of 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 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, 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 March 31,
	2022			2021
Revenues
Rental revenue	$	147,514		$	140,231
Observatory revenue		13,241			2,603
Lease termination fees		1,173			1,289
Third-party management and other fees		310			276
Other revenue and fees		1,796			905
Total revenues		164,034			145,304
Operating expenses
Property operating expenses		38,644			30,279
Ground rent expenses		2,331			2,331
General and administrative expenses		13,686			13,853
Observatory expenses		6,215			4,588
Real estate taxes		30,004			31,447
Depreciation and amortization		67,106			44,457
Total operating expenses		157,986			126,955
Total operating income		6,048			18,349
Other income (expense):
Interest income		149			122
Interest expense		(25,014	)		(23,554	)
Loss on early extinguishment of debt		—			(214	)
Loss before income taxes		(18,817	)		(5,297	)
Income tax benefit		1,596			2,106
Net loss		(17,221	)		(3,191	)
Net loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership		6,919			1,620
Noncontrolling interests in other partnerships		63			—
Preferred unit distributions		(1,050	)		(1,050	)
Net loss attributable to common stockholders	$	(11,289	)	$	(2,621	)
Total weighted average shares
Basic		169,731			171,735
Diluted		273,759			277,881
Net income (loss) per share attributable to common stockholders
Basic	$	(0.07	)	$	(0.02	)
Diluted	$	(0.07	)	$	(0.02	)

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 March 31,
	2022			2021
Net income (loss)	$	(17,221	)	$	(3,191	)
Noncontrolling interests in other partnerships		63			—
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		65,414			43,104
FFO attributable to common stockholders and the Operating Partnership		47,206			38,863
Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		49,164			40,821
Loss on early extinguishment of debt		—			214
Core FFO attributable to common stockholders and the Operating Partnership	$	49,164		$	41,035
Total weighted average shares
Basic		273,759			277,881
Diluted		273,759			277,881
FFO per share
Basic	$	0.17		$	0.14
Diluted	$	0.17		$	0.14
Modified FFO per share
Basic	$	0.18		$	0.15
Diluted	$	0.18		$	0.15
Core FFO per share
Basic	$	0.18		$	0.15
Diluted	$	0.18		$	0.15

10

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	March 31, 2022			December 31, 2021
Assets
Commercial real estate properties, at cost	$	3,535,367		$	3,500,917
Less: accumulated depreciation		(1,124,090	)		(1,072,938	)
Commercial real estate properties, net		2,411,277			2,427,979
Cash and cash equivalents		429,716			423,695
Restricted cash		52,951			50,943
Tenant and other receivables		17,800			18,647
Deferred rent receivables		226,565			224,922
Prepaid expenses and other assets		52,152			76,549
Deferred costs, net		197,602			202,437
Acquired below market ground leases, net		334,946			336,904
Right of use assets		28,842			28,892
Goodwill		491,479			491,479
Total assets	$	4,243,330		$	4,282,447
Liabilities and equity
Mortgage notes payable, net	$	947,479		$	948,769
Senior unsecured notes, net		973,426			973,373
Unsecured term loan facility, net		388,365			388,223
Accounts payable and accrued expenses		108,077			120,810
Acquired below market leases, net		22,459			24,941
Ground lease liabilities		28,842			28,892
Deferred revenue and other liabilities		84,380			84,358
Tenants’ security deposits		28,270			28,749
Total liabilities		2,581,298			2,598,115
Total equity		1,662,032			1,684,332
Total liabilities and equity	$	4,243,330		$	4,282,447

11

EX-99.2

Exhibit 99.2

First Quarter 2022

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, market, 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, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any of all of 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 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, 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

  First Quarter 2022  

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	Todd Thomas	(917) 368-2286	tthomas@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

  First Quarter 2022 Highlights (unaudited and dollars in thousands, except per share amounts)  

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Portfolio Metrics:
Number of office and retail properties		20			20			20			20			20
Total rentable square footage		10,150,384			10,128,335			10,129,201			10,135,063			10,134,980
Percent occupied (1)		83.0	%		82.4	%		83.5	%		85.2	%		85.0	%
Percent leased (2)		87.0	%		85.7	%		86.5	%		88.2	%		88.7	%
Multifamily Metrics:
Number of multifamily properties		2			2			—			—			—
Total number of units		625			625			—			—			—
Percent occupied		97.6	%		96.4	%		—			—			—
Observatory Metrics:
Number of visitors (3)		269,000			360,000			255,000			162,000			51,000
Change in visitors year over year		427.5	%		554.5	%		750.0	%		N/A			(87.9	%)
Observatory revenues (4)	$	13,241		$	17,716		$	12,796		$	8,359		$	2,603
Change in revenues year over year		408.7	%		253.8	%		189.6	%		N/A			(86.7	%)
Ratios at ESRT pro-rata share: (5)
Debt to Total Market Capitalization (6)		44.8	%		47.2	%		42.2	%		37.9	%		39.7	%
Net Debt to Total Market Capitalization (6)		39.8	%		42.2	%		34.7	%		31.4	%		32.6	%
Debt and Perpetual Preferred Units to Total Market Capitalization (6)		46.5	%		49.0	%		43.9	%		39.5	%		41.3	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (6)		41.6	%		44.2	%		36.7	%		33.1	%		34.5	%
Debt to Adjusted EBITDA (7		7.7x			8.2x			7.7x			8.3x			8.6x
Net Debt to Adjusted EBITDA (7)		6.3x			6.5x			5.6x			6.2x			6.5x
Interest Coverage Ratio		3.6x			3.9x			4.0x			3.7x			3.5x
Core FFO Payout Ratio (8)		20	%		18	%		18	%		19	%		0	%
Core FAD Payout Ratio (9)		161	%		36	%		26	%		35	%		0	%
Core FFO per share - diluted	$	0.18		$	0.18		$	0.20		$	0.18		$	0.15
Diluted weighted average shares		273,759,000			276,207,000			277,716,000			278,436,000			277,881,000
Class A common stock price at quarter end	$	9.82		$	8.90		$	10.03		$	12.00		$	11.13
Average closing price	$	9.41		$	9.87		$	10.79		$	11.76		$	10.42
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	—
Dividends per share - annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	—
Dividend yield (10)		1.4	%		1.6	%		1.4	%		1.2	%		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		168,731,507			169,221,263			172,293,081			172,399,373			171,327,270
Class B common stock		994,837			995,751			999,220			1,001,179			1,004,601
Operating partnership units		111,791,527			110,996,807			111,812,211			112,322,404			113,290,326
Total common stock and operating partnership units outstanding (11) (12)		281,517,871			281,213,821			285,104,512			285,722,956			285,622,197

Notes:

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

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

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

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

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

(6) Market capitalization represents the sum of (i) Company’s common stock per share price as of March 31, 2022 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2022; (ii) the number of Series 2014 perpetual preferred units at March 31, 2022 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at March 31, 2022 multiplied by $13.52, and (iv) our outstanding indebtedness as of March 31, 2022.

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

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

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

(10) Based on the closing price per share of Class A common stock on March 31, 2022.

(11) As of March 31, 2022, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 64.7 million shares or approximately $635 million at a closing share price of $9.82. This represents a 79% increase in the number of Class A shares since the IPO.

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

Page 4

  First Quarter 2022 Property Summary - Same Store Net Operating Income  (“NOI”) by Quarter (unaudited and dollars in thousands)  

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Same Store Total Portfolio (1)
Revenues	$	140,458		$	142,053		$	139,545		$	140,155		$	140,040
Operating expenses		(67,242	)		(63,697	)		(64,540	)		(61,775	)		(63,306	)
Same store property NOI		73,216			78,356			75,005			78,380			76,734
Straight-line rent		(2,595	)		(8,959	)		(3,114	)		(3,822	)		(6,615	)
Above/below-market rent revenue amortization		(540	)		(280	)		(4,244	)		(717	)		(654	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	72,039		$	71,075		$	69,604		$	75,799		$	71,423
Percent change over prior year		0.9	%		(4.5	)%		(6.4	)%		(5.8	)%		2.5	%
Property cash NOI	$	72,039		$	71,075		$	69,604		$	75,799		$	71,423
Observatory cash NOI		7,026			10,736			6,426			3,091			(1,985	)
Lease termination fees		1,173			281			11,321			3,075			1,250
Total portfolio same store cash NOI	$	80,238		$	82,092		$	87,351		$	81,965		$	70,688
Same Store Manhattan Office Portfolio (2)
Revenues	$	122,017		$	124,053		$	120,636		$	121,647		$	121,611
Operating expenses		(58,471	)		(55,256	)		(56,058	)		(53,324	)		(54,543	)
Same store property NOI		63,546			68,797			64,578			68,323			67,068
Straight-line rent		(2,338	)		(8,401	)		(2,259	)		(4,072	)		(7,117	)
Above/below-market rent revenue amortization		(540	)		(280	)		(4,244	)		(717	)		(654	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		62,626			62,074			60,032			65,492			61,255
Lease termination fees		1,173			51			11,128			2,863			1,167
Total same store property cash NOI	$	63,799		$	62,125		$	71,160		$	68,355		$	62,422
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	14,508		$	14,375		$	15,619		$	14,669		$	14,625
Operating expenses		(7,132	)		(6,893	)		(6,862	)		(6,439	)		(6,737	)
Same store property NOI		7,376			7,482			8,757			8,230			7,888
Straight-line rent		(235	)		(535	)		(1,051	)		74			212
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		7,141			6,947			7,706			8,304			8,100
Lease termination fees		—			230			193			212			83
Total same store property cash NOI	$	7,141		$	7,177		$	7,899		$	8,516		$	8,183
Same Store Standalone Retail Portfolio
Revenues	$	3,933		$	3,625		$	3,290		$	3,839		$	3,804
Operating expenses		(1,639	)		(1,548	)		(1,620	)		(2,012	)		(2,026	)
Same store property NOI		2,294			2,077			1,670			1,827			1,778
Straight-line rent		(22	)		(23	)		196			176			290
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		2,272			2,054			1,866			2,003			2,068
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	2,272		$	2,054		$	1,866		$	2,003		$	2,068

Notes:

(1) Excludes multifamily properties acquired in late December 2021 and 383 Main Avenue, Norwalk CT, which was disposed of in April 2022.

(2) Includes 504,953 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

  First Quarter 2022 Same Store Net Operating Income (“NOI”), Initial Free Rent Burn-Off and Signed Leases Not Commenced (unaudited and dollars in thousands)  

Reconciliation of Net Income to Cash NOI and Same Store Cash NOI

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Net income (loss)	$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)
Add:
General and administrative expenses		13,686			13,578			14,427			14,089			13,853
Depreciation and amortization		67,106			46,467			65,794			45,088			44,457
Interest expense		25,014			23,841			23,577			23,422			23,768
Income tax expense (benefit)		(1,596	)		1,537			20			(1,185	)		(2,106	)
Impairment charge		—			7,723			—			—			—
Less:
Third-party management and other fees		(310	)		(302	)		(314	)		(327	)		(276	)
Interest income		(149	)		(207	)		(211	)		(164	)		(122	)
Net operating income		86,530			88,563			93,110			85,334			76,383
Straight-line rent		(2,595	)		(7,881	)		(3,087	)		(3,763	)		(6,347	)
Above/below-market rent revenue amortization		(1,784	)		(280	)		(4,244	)		(717	)		(654	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI - including observatory and lease termination income		84,109			82,360			87,736			82,812			71,340
Less cash NOI from non-Same Store properties		(3,871	)		(268	)		(385	)		(847	)		(652	)
Total Same Store cash NOI - including observatory and lease termination income		80,238			82,092			87,351			81,965			70,688
Less: observatory NOI		(7,026	)		(10,736	)		(6,426	)		(3,091	)		1,985
Less: Lease termination income		(1,173	)		(281	)		(11,321	)		(3,075	)		(1,250	)
Total Same Store cash NOI - excluding observatory and lease termination income	$	72,039		$	71,075		$	69,604		$	75,799		$	71,423

Burn-off of Free Rent and Signed Leases Not Commenced

	Incremental Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Total Office and Retail Portfolio	Revenue		2022		2023		2024		2025
Commenced leases in free rent period	$	26,176	$	9,168	$	24,836	$	25,395	$	24,587
Signed leases not commenced		25,910		3,292		13,953		25,590		25,704
Total	$	52,086	$	12,460	$	38,789	$	50,985	$	50,291

Commenced leases in free rent period

	Square		Incremental Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
	Feet		Revenue		2022			2023		2024		2025
Second quarter 2022		193,531	$	9,629	$	5,920	(1)	$	9,629	$	8,848	$	8,040
Third quarter 2022		149,993		7,185		2,778			7,185		7,185		7,185
Fourth quarter 2022		54,739		2,818		470			2,818		2,818		2,818
First quarter 2023		36,820		2,353		—			2,286		2,353		2,353
Second quarter 2023		68,183		3,601		—			2,689		3,601		3,601
Third quarter 2023		24,151		590		—			229		590		590
			$	26,176	$	9,168		$	24,836	$	25,395	$	24,587

Signed leases not commenced (“SLNC”)

			Expected Base Rent				Incremental
	Square		Commencement				Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Tenant	Feet		GAAP		Cash		Revenue (2)		2022		2023		2024		2025
Argo Group USA, Inc.		30,002		Apr. 2022		Nov. 2022	$	1,710	$	280	$	1,710	$	1,710	$	1,710
Calzedonia USA, Inc.		10,492		May 2022		Sept. 2022		640		212		640		640		640
Clarins USA, Inc.		15,380		Jul. 2022		Aug. 2023		920		5		382		920		920
Signature Bank		168,310		Oct 2022 - May 2023		Sept. 2023 - May 2024		8,620		—		1,390		8,506		8,620
Progyny, Inc.		70,573		Nov. 2022 - Jun. 2029		Dec. 2023 - Jun. 2029		1,560		—		112		1,354		1,354
Institutional Capital Network, Inc.		46,810		Nov. 2022 - Dec. 2022		Oct. 2023 - Nov 2023		2,050		—		421		2,050		2,050
New Cingular Wireless PCS		3,084		Feb. 2023		Feb. 2023		1,120		—		1,029		1,120		1,120
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		115,678		Apr. 2022- Sept. 2022		May 2022 - Jun. 2023		4,670		887		4,236		4,670		4,670
Total		543,186					$	25,910	$	3,292	$	13,953	$	25,590	$	25,704

        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

  First Quarter 2022 Property Summary - Leasing Activity by Quarter (unaudited)  

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Total Office and Retail Portfolio
Total leases executed		44			34			34			35			26
Weighted average lease term		8.7 years			11.2 years			6.9 years			8.3 years			10.0 years
Average free rent period		8.4 months			11.4 months			6.3 months			7.9 months			9.5 months
Office
Total square footage executed		317,633			368,854			264,132			179,439			170,757
Average starting cash rent psf - leases executed	$	54.75		$	56.88		$	53.39		$	51.78		$	54.42
Previously escalated cash rents psf	$	53.35		$	56.04		$	53.25		$	53.69		$	50.96
Percentage of new cash rent over previously escalated rents		2.6	%		1.5	%		0.3	%		(3.6	%)		6.8	%
Retail
Total square footage executed		1,013			6,066			3,923			11,399			1,060
Average starting cash rent psf - leases executed	$	120.81		$	256.52		$	99.97		$	185.15		$	90.00
Previously escalated cash rents psf	$	126.33		$	239.07		$	179.25		$	260.21		$	97.32
Percentage of new cash rent over previously escalated rents		(4.4	%)		7.3	%		(44.2	%)		(28.8	%)		(7.5	%)
Total Office and Retail Portfolio
Total square footage executed		318,646			374,920			268,055			190,838			171,817
Average starting cash rent psf - leases executed	$	54.96		$	60.17		$	54.11		$	59.75		$	54.64
Previously escalated cash rents psf	$	53.59		$	59.05		$	55.18		$	66.03		$	51.24
Percentage of new cash rent over previously escalated rents		2.6	%		1.9	%		(2.0	%)		(9.5	%)		6.6	%
Leasing commission costs per square foot	$	19.75		$	26.34		$	15.82		$	18.16		$	20.39
Tenant improvement costs per square foot		66.05			77.86			61.16			42.72			74.39
Total LC and TI per square foot (1)	$	85.80		$	104.20		$	76.98		$	60.88		$	94.78
Occupancy		83.0	%		82.4	%		83.5	%		85.2	%		85.0	%
Manhattan Office and Retail Portfolio
Total leases executed		30			27			23			25			18
Office - New Leases
Total square footage executed		215,560			257,693			139,620			82,944			111,397
Average starting cash rent psf - leases executed	$	59.80		$	60.25		$	57.86		$	54.41		$	57.66
Previously escalated cash rents psf	$	57.79		$	57.97		$	57.23		$	55.34		$	50.25
Percentage of new cash rent over previously escalated rents		3.5	%		3.9	%		1.1	%		-1.7	%		14.7	%
Office - Renewal Leases
Total square footage executed		40,616			35,784			72,681			69,523			31,612
Average starting cash rent psf - leases executed	$	55.99		$	61.67		$	54.73		$	55.06		$	57.58
Previously escalated cash rents psf	$	54.00		$	63.61		$	54.26		$	57.56		$	65.12
Percentage of new cash rent over previously escalated rents		3.7	%		(3.0	%)		0.9	%		(4.3	%)		(11.6	%)
Retail - New and Renewal Leases
Total square footage executed		413			2,982			1,044			—			1,060
Average starting cash rent psf - leases executed	$	34.82		$	144.33		$	168.82		$	—		$	90.00
Previously escalated cash rents psf	$	34.82		$	174.86		$	270.97		$	—		$	97.32
Percentage of new cash rent over previously escalated rents		0.0	%		(17.5	%)		(37.7	%)		0.0	%		(7.5	%)
Total Manhattan Office and Retail Portfolio
Total square footage executed		256,589			296,459			213,345			152,467			144,069
Average starting cash rent psf - leases executed	$	59.15		$	61.27		$	57.33		$	54.71		$	57.88
Previously escalated cash rents psf	$	57.16		$	59.83		$	57.26		$	56.35		$	53.86
Percentage of new cash rent over previously escalated rents		3.5	%		2.4	%		0.1	%		-2.9	%		7.5	%
Leasing commission costs per square foot	$	22.20		$	28.31		$	17.26		$	18.29		$	23.57
Tenant improvement costs per square foot		68.41			88.53			60.41			47.42			81.11
Total LC and TI per square foot (1)	$	90.61		$	116.84		$	77.67		$	65.71		$	104.68
Occupancy		84.1	%		83.9	%		84.5	%		87.0	%		86.2	%

Page 7

  First Quarter 2022 Property Summary - Leasing Activity by  Quarter - (Continued) (unaudited)  

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Greater New York Metropolitan Area Office Portfolio
Total leases executed		13			6			10			7			8
Total square footage executed		61,457			75,377			51,831			26,972			27,748
Average starting cash rent psf - leases executed	$	33.45		$	41.93		$	35.00		$	35.23		$	37.80
Previously escalated cash rents psf	$	34.92		$	44.99		$	37.19		$	38.65		$	37.64
Percentage of new cash rent over previously escalated rents		(4.2	%)		(6.8	%)		(5.9	%)		(8.8	%)		0.4	%
Leasing commission costs per square foot	$	9.13		$	13.10		$	9.26		$	5.01		$	3.88
Tenant improvement costs per square foot		56.86			29.45			64.91			19.20			39.53
Total LC and TI per square foot (1)	$	65.99		$	42.55		$	74.17		$	24.21		$	43.41
Occupancy		76.2	%		76.6	%		79.8	%		76.1	%		78.4	%
Standalone Retail Portfolio
Total leases executed		1			1			1			3			—
Total square footage executed		600			3,084			2,879			11,399			—
Average starting cash rent psf - leases executed	$	180.00		$	365.00		$	75.00		$	185.15		$	—
Previously escalated cash rents psf	$	189.33		$	301.15		$	145.99		$	260.21		$	—
Percentage of new cash rent over previously escalated rents		(4.9	%)		21.2	%		(48.6	%)		(0	)		0.0	%
Leasing commission costs per square foot	$	59.32		$	161.49		$	26.75		$	47.58		$	—
Tenant improvement costs per square foot		—			235.00			50.00			36			—
Total LC and TI per square foot (1)	$	59.32		$	396.49		$	76.75		$	83.09		$	—
Occupancy		98.5	%		79.0	%		79.0	%		97.1	%		97.1	%
Multifamily Portfolio
Occupancy		97.6	%		96.4	%		—			—			—
Number of units		625			625			—			—			—

Notes:

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

Page 8

  First Quarter 2022 Property Detail (unaudited)  

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Percent Leased (3)			Annualized Rent (4)		Annualized Rent per Occupied Square Foot (5)		Number of Leases (6)
Manhattan Office Properties - Office
The Empire State Building (7)	Penn Station -Times Sq. South		2,712,135		81.8	%		83.9	%	$	138,173,101	$	62.30		154
One Grand Central Place	Grand Central		1,245,556		87.7	%		91.3	%		65,690,632		60.16		165
1400 Broadway (8)	Penn Station -Times Sq. South		916,579		81.9	%		98.6	%		41,190,838		54.90		24
111 West 33rd Street (9)	Penn Station -Times Sq. South		641,036		96.2	%		96.2	%		40,095,259		65.03		22
250 West 57th Street	Columbus Circle - West Side		465,751		81.7	%		83.2	%		23,693,696		62.24		33
501 Seventh Avenue	Penn Station -Times Sq. South		461,370		79.7	%		87.2	%		17,520,471		47.65		25
1359 Broadway	Penn Station -Times Sq. South		457,358		77.6	%		87.1	%		20,904,747		58.88		29
1350 Broadway (10)	Penn Station -Times Sq. South		372,060		83.0	%		84.7	%		18,338,233		59.35		54
1333 Broadway	Penn Station -Times Sq. South		295,635		87.0	%		90.0	%		15,089,587		58.67		13
Manhattan Office Properties - Office			7,567,480		83.9	%		88.6	%		380,696,565		59.99		519
Manhattan Office Properties - Retail
The Empire State Building	Penn Station -Times Sq. South		100,196		68.9	%		68.9	%		6,876,147		99.54		12
One Grand Central Place	Grand Central		68,733		98.9	%		98.9	%		8,650,821		127.31		12
1400 Broadway (8)	Penn Station -Times Sq. South		16,485		94.5	%		94.5	%		1,731,713		111.21		7
112 West 34th Street (9)	Penn Station -Times Sq. South		91,280		100.0	%		100.0	%		23,742,322		260.10		4
250 West 57th Street	Columbus Circle - West Side		68,319		87.7	%		87.7	%		8,878,706		148.18		7
501 Seventh Avenue	Penn Station -Times Sq. South		34,608		73.2	%		73.2	%		1,811,117		71.48		6
1359 Broadway	Penn Station -Times Sq. South		27,624		88.5	%		88.5	%		1,559,765		63.83		5
1350 Broadway (10)	Penn Station -Times Sq. South		30,707		73.3	%		73.3	%		5,701,023		253.44		4
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		9,828,691		146.69		4
Manhattan Office Properties - Retail			504,953		87.7	%		87.7	%		68,780,305		155.24		61
Sub-Total/Weighted Average
Manhattan Office Properties - Office and Retail			8,072,433		84.1	%		88.5	%		449,476,870		66.20		580
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		777,174		76.7	%		77.5	%		26,387,412		44.24		41
Metro Center	Stamford, CT		284,464		84.9	%		89.5	%		14,022,531		58.08		20
383 Main Avenue	Norwalk, CT		260,092		44.9	%		44.9	%		3,484,475		29.87		18
500 Mamaroneck Avenue	Harrison, NY		286,161		86.4	%		93.7	%		7,535,508		30.48		30
10 Bank Street	White Plains, NY		232,080		86.4	%		87.5	%		7,437,368		37.10		30
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,839,971		76.2	%		78.5	%		58,867,293		41.98		139
Standalone Retail Properties
10 Union Square	Union Square		57,857		94.7	%		100.0	%		8,350,775		152.46		10
1542 Third Avenue	Upper East Side		56,250		100.0	%		100.0	%		3,343,039		59.43		4
1010 Third Avenue	Upper East Side		44,662		100.0	%		100.0	%		3,658,188		81.91		2
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		1,968,830		77.55		3
69-97 Main Street	Westport, CT		16,874		100.0	%		100.0	%		1,807,106		107.09		5
103-107 Main Street	Westport, CT		4,330		100.0	%		100.0	%		703,176		162.40		1
Sub-Total/Weighted Average Standalone Retail Properties			205,361		98.5	%		100.0	%		19,831,114		98.04		25
Multifamily Retail Properties
561 10th Avenue	Hudson Yards		28,919		94.9	%		94.9	%		2,395,101		87.27		2
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		247,782		66.97		1
Sub-Total/Weighted Average Multifamily Retail Properties			32,619		95.5	%		95.5	%		2,642,883		84.86		3
Portfolio Total			10,150,384		83.0	%(12)		87.0	%	$	530,818,160	$	63.01		747
Total/Weighted Average Office Properties			9,407,451		82.4	%		86.6	%	$	439,563,858	$	56.73		658
Total/Weighted Average Retail Properties			742,933		91.1	%		91.5	%		91,254,302		134.83		89
Portfolio Total			10,150,384		83.0	%(12)		87.0	%	$	530,818,160	$	63.01		747

Notes:

(1) Excludes (i) 188,599 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of March 31, 2022.

(3) Based on leases signed but not commenced as of March 31, 2022.

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

(5) Represents annualized rent under leases commenced as of March 31, 2022 divided by occupied square feet.

(6) 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.

(7) Includes 37,110 rentable square feet of space leased by the Company’s broadcasting tenants.

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 41 years (expiring December 31, 2063).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 55 years (expiring May 31, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 28 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

(12) Percent occupied would be 84% excluding 383 Main Avenue, Norwalk CT whereby we completed the transfer of ownership to the lender in April 2022.

Page 9

  First Quarter 2022 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)  

	Three Months Ended
	Actual		Forecast (1)							Forecast (1)
Total Office and Retail Portfolio (2)	March 31, 2022		June 30, 2022			September 30, 2022		December 31, 2022		Apr. to Dec. 2022			Full Year 2023
Total expirations		168,723		144,106			152,569		115,611		412,286			682,748
Less: broadcasting		—		(906	)		—		—		(906	)		(815	)
Office and retail expirations		168,723		143,200			152,569		115,611		411,380			681,933
Renewals & relocations (3)		32,848		51,940			44,323		24,045		120,308			137,783
New leases (4)		43,859		32,286			4,752		18,345		55,383			31,959
Vacates (5)		92,016		58,974			94,571		46,575		200,120			226,354
Unknown (6)		—		—			8,923		26,646		35,569			285,837
Total Office and Retail Portfolio expirations and vacates		168,723		143,200			152,569		115,611		411,380			681,933
Manhattan Office Portfolio
Total expirations		113,908		116,472			55,660		72,449		244,581			502,536
Less: broadcasting		—		(906	)		—		—		(906	)		(815	)
Office expirations		113,908		115,566			55,660		72,449		243,675			501,721
Renewals & relocations (3)		17,583		45,982			12,253		21,260		79,495			77,693
New leases (4)		43,859		32,286			4,752		18,345		55,383			31,959
Vacates (5)		52,466		37,298			32,581		17,401		87,280			184,050
Unknown (6)		—		—			6,074		15,443		21,517			208,019
Total expirations and vacates		113,908		115,566			55,660		72,449		243,675			501,721
Greater New York Metropolitan Area Office Portfolio
Office expirations		54,815		19,295			55,601		36,422		111,318			156,868
Renewals & relocations (3)		15,265		5,958			31,579		—		37,537			60,090
New leases (4)		—		—			—		—		—			—
Vacates (5)		39,550		13,337			21,173		25,219		59,729			41,708
Unknown (6)		—		—			2,849		11,203		14,052			55,070
Total expirations and vacates		54,815		19,295			55,601		36,422		111,318			156,868
Retail Portfolio (7)
Retail expirations		—		8,339			41,308		6,740		56,387			23,344
Renewals & relocations (3)		—		—			491		2,785		3,276			—
New leases (4)		—		—			—		—		—			—
Vacates (5)		—		8,339			40,817		3,955		53,111			596
Unknown (6)		—		—			—		—		—			22,748
Total expirations and vacates		—		8,339			41,308		6,740		56,387			23,344

Notes:

(1) These forecasts, which are subject to change, are based on management’s current 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 2023; 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 at the end of tenants’ 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.

Page 10

  First Quarter 2022 Tenant Lease Expirations (unaudited)  

Total Office and Retail Lease Expirations	Number of Leases Expiring (1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		1,320,802		13.0	%	$	—		0.0	%	$	—
Signed leases not commenced		32		403,142		4.0	%		—		0.0	%		—
1Q 2022 (4)		17		102,210		1.0	%		5,250,242		0.0	%		51.37
2Q 2022		27		119,747		1.2	%		7,275,008		0.0	%		60.75
3Q 2022		27		152,569		1.5	%		10,656,251		0.0	%		69.85
4Q 2022		32		115,611		1.1	%		6,402,230		1.2	%		55.38
Total 2022		103		490,137		4.8	%		29,583,731		5.6	%		60.36
1Q 2023		21		95,877		0.9	%		5,019,201		0.9	%		52.35
2Q 2023		26		118,334		1.2	%		6,585,300		1.2	%		55.65
3Q 2023		29		164,621		1.6	%		11,290,514		2.1	%		68.58
4Q 2023		22		287,472		2.8	%		18,393,894		3.5	%		63.98
Total 2023		98		666,304		6.6	%		41,288,909		7.8	%		61.97
2024		97		829,420		8.2	%		47,553,850		9.0	%		57.33
2025		93		567,939		5.6	%		34,784,167		6.6	%		61.25
2026		68		677,779		6.7	%		36,413,358		6.9	%		53.72
2027		83		651,916		6.4	%		40,609,267		7.7	%		62.29
2028		41		930,639		9.2	%		49,401,218		9.3	%		53.08
2029		44		946,699		9.3	%		67,349,970		12.7	%		71.14
2030		36		685,987		6.8	%		45,106,928		8.5	%		65.75
2031		21		163,543		1.6	%		19,649,967		3.7	%		120.15
2032		29		395,546		3.9	%		26,492,721		5.0	%		66.99
Thereafter		34		1,420,531		13.9	%		92,584,074		17.2	%		65.18
Total		779		10,150,384		100.0	%	$	530,818,160		100.0	%	$	63.01
Manhattan Office Properties (5)
Available		—		863,787		11.4	%	$	—		0.0	%	$	—
Signed leases not commenced		22		357,465		4.7	%		—		0.0	%		—
1Q 2022 (4)		13		84,829		1.1	%		4,344,840		1.1	%		51.22
2Q 2022		23		99,550		1.3	%		6,116,287		1.6	%		61.44
3Q 2022		15		55,660		0.7	%		3,623,587		1.0	%		65.10
4Q 2022		23		72,449		1.0	%		4,280,775		1.1	%		59.09
Total 2022		74		312,488		4.1	%		18,365,489		4.8	%		58.77
1Q 2023		18		68,230		0.9	%		4,055,200		1.1	%		59.43
2Q 2023		20		60,345		0.8	%		3,957,552		1.0	%		65.58
3Q 2023		19		94,871		1.3	%		5,884,874		1.5	%		62.03
4Q 2023		20		279,090		3.7	%		16,783,489		4.4	%		60.14
Total 2023		77		502,536		6.6	%		30,681,115		8.1	%		61.05
2024		74		594,816		7.9	%		36,045,474		9.5	%		60.60
2025		58		373,234		4.9	%		24,002,949		6.3	%		64.31
2026		48		455,384		6.0	%		26,423,751		6.9	%		58.03
2027		56		455,613		6.0	%		27,140,517		7.1	%		59.57
2028		27		802,847		10.6	%		43,476,666		11.4	%		54.15
2029		30		689,132		9.1	%		40,706,056		10.7	%		59.07
2030		21		574,427		7.6	%		34,615,043		9.1	%		60.26
2031		11		79,840		1.1	%		5,655,574		1.5	%		70.84
2032		22		348,540		4.6	%		22,984,872		6.0	%		65.95
Thereafter		21		1,157,371		15.4	%		70,599,059		18.6	%		61.00
Total Manhattan office properties		541		7,567,480		100.0	%	$	380,696,565		100.0	%	$	59.99

Notes:

(1) 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.

(2) Excludes (i) 188,599 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

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

(4) Represents leases that are included in occupancy as of March 31, 2022 and expire on March 31, 2022.

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

Page 11

  First Quarter 2022 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		—		395,133		21.5	%	$	—		0.0	%	$	—
Signed leases not commenced		8		42,593		2.3	%		—		0.0	%		—
1Q 2022 (4)		3		9,944		0.5	%		726,387		1.2	%		73.05
2Q 2022		3		19,295		1.0	%		694,567		1.2	%		36.00
3Q 2022		7		55,601		3.0	%		2,217,419		3.8	%		39.88
4Q 2022		6		36,422		2.0	%		1,787,812		3.0	%		49.09
Total 2022		19		121,262		6.6	%		5,426,185		9.2	%		44.75
1Q 2023		3		27,647		1.5	%		964,001		1.6	%		34.87
2Q 2023		4		56,481		3.1	%		2,407,206		4.1	%		42.62
3Q 2023		9		68,163		3.7	%		3,814,101		6.5	%		55.96
4Q 2023		1		4,577		0.2	%		145,320		0.2	%		31.75
Total 2023		17		156,868		8.5	%		7,330,628		12.5	%		46.73
2024		13		191,633		10.4	%		8,512,815		14.5	%		44.42
2025		31		173,068		9.4	%		6,315,868		10.7	%		36.49
2026		14		152,836		8.3	%		5,954,381		10.1	%		38.96
2027		20		140,264		7.6	%		5,304,229		9.0	%		37.82
2028		10		120,805		6.6	%		4,245,828		7.2	%		35.15
2029		7		152,639		8.3	%		6,704,682		11.4	%		43.93
2030		5		41,116		2.2	%		1,971,853		3.3	%		47.96
2031		—		—		0.0	%		—		0.0	%		—
2032		—		—		0.0	%		—		0.0	%		—
Thereafter		3		151,754		8.3	%		7,100,824		12.1	%		46.75
Total greater New York metropolitan area office properties		147		1,839,971		100.0	%	$	58,867,293		100.0	%	$	41.98
Retail Properties
Available		—		61,882		8.7	%	$	—		0.0	%	$	—
Signed leases not commenced		2		3,084		0.4	%		—		0.0	%		—
1Q 2022 (4)		1		7,437		1.0	%		179,015		0.2	%		24.07
2Q 2022		1		902		0.1	%		464,154		0.5	%		514.58
3Q 2022		5		41,308		5.8	%		4,815,245		5.4	%		116.57
4Q 2022		3		6,740		0.9	%		333,643		0.4	%		49.50
Total 2022		10		56,387		7.9	%		5,792,057		6.5	%		102.72
1Q 2023		—		—		0.0	%		—		0.0	%		—
2Q 2023		2		1,508		0.2	%		220,542		0.2	%		146.25
3Q 2023		1		1,587		0.2	%		1,591,539		1.8	%		1,002.86
4Q 2023		1		3,805		0.5	%		1,465,085		1.7	%		385.04
Total 2023		4		6,900		1.0	%		3,277,166		3.7	%		474.95
2024		9		26,527		3.7	%		2,596,960		2.9	%		97.90
2025		4		21,637		3.0	%		4,465,350		5.0	%		206.38
2026		5		65,859		9.3	%		3,787,444		4.3	%		57.51
2027		7		56,039		7.9	%		8,164,521		9.2	%		145.69
2028		4		6,987		1.0	%		1,678,724		1.9	%		240.26
2029		7		104,928		14.8	%		19,939,232		22.5	%		190.03
2030		10		70,444		9.9	%		8,520,032		9.6	%		120.95
2031		10		83,703		11.8	%		13,994,393		15.8	%		167.19
2032		7		47,006		6.6	%		3,507,849		4.0	%		74.63
Thereafter		9		98,931		14.0	%		12,887,691		14.6	%		130.27
Total retail properties		88		710,314		100.0	%	$	88,611,419		100.0	%	$	137.31
Muiltifamily Retail Properties
2024		1		16,444		50.4	%	$	398,601		15.1	%	$	24.24
2026		1		3,700		11.3	%		247,782		9.4	%		66.97
Thereafter		1		12,475		38.3	%		1,996,500		75.5	%		181.50
		3		32,619		100.0	%	$	2,642,883		100.0	%	$	84.86

Notes:

(1) 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.

(2) Excludes (i) 188,599 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

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

(4) Represents leases that are included in occupancy as of March 31, 2022 and expire on March 31, 2022.

Page 12

  First Quarter 2022 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		—		436,256		16.1	%	$	—		0.0	%	$	—
Signed leases not commenced		1		58,120		2.1	%		—		0.0	%		—
1Q 2022 (6)		5		41,532		1.5	%		1,976,188		1.4	%		47.58
2Q 2022		3		9,443		0.3	%		458,372		0.3	%		48.54
3Q 2022		7		33,391		1.2	%		2,258,704		1.6	%		67.64
4Q 2022		4		11,920		0.4	%		748,602		0.5	%		62.80
Total 2022		19		96,286		3.6	%		5,441,866		3.9	%		56.52
1Q 2023		7		20,027		0.7	%		1,301,445		0.9	%		64.98
2Q 2023		11		35,038		1.3	%		2,402,399		1.7	%		68.57
3Q 2023		2		12,203		0.4	%		933,720		0.7	%		76.52
4Q 2023		6		35,961		1.3	%		2,363,933		1.7	%		65.74
Total 2023		26		103,229		3.8	%		7,001,497		5.1	%		67.82
2024		23		271,661		10.0	%		18,088,076		13.1	%		66.58
2025		14		110,331		4.1	%		7,443,262		5.4	%		67.46
2026		11		129,026		4.8	%		7,969,279		5.8	%		61.76
2027		21		79,141		2.9	%		5,160,750		3.7	%		65.21
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	%		11,478,426		8.3	%		54.45
2031		6		23,072		0.9	%		1,923,262		1.4	%		83.36
2032		10		95,843		3.5	%		7,632,691		5.5	%		79.64
Thereafter		4		445,112		16.3	%		28,651,608		20.8	%		64.37
Total Empire State Building Office		155		2,712,135		100.0	%	$	138,173,101		100.0	%	$	62.30

Empire State Building Broadcasting Licenses and Leases	Annualized Base Rent (7)		Annualized Expense Reimbursements		Annualized Rent (4)		Percent of Annualized Rent
1Q 2022 (6)	$	31,710	$	15,324	$	47,034		0.3	%
2Q 2022		—		—				0.0	%
3Q 2022		—		—				0.0	%
4Q 2022		—		—		—		0.0	%
Total 2022		31,710		15,324		47,034		0.3	%
1Q 2023		67,898		—		67,898		0.4	%
2Q 2023		137,188		39,818		177,006		1.2	%
3Q 2023		82,480		31,196		113,676		0.8	%
4Q 2023		—		—		—		0.0	%
Total 2023		287,566		71,014		358,580		2.4	%
2024		68,958		38,639		107,597		0.7	%
2025		—		—		—		0.0	%
2026		848,556		102,466		951,022		6.3	%
2027		2,887,583		329,231		3,216,814		21.3	%
2028		261,200		9,388		270,588		1.8	%
2029		—		—		—		0.0	%
2030		2,130,337		344,009		2,474,346		16.4	%
2031		2,074,684		257,171		2,331,855		15.4	%
2032		4,360,523		513,831		4,874,354		32.3	%
Thereafter		359,379		114,037		473,416		3.1	%
Total Empire State Building Broadcasting Licenses and Leases	$	13,310,496	$	1,795,110	$	15,105,606		100.0	%

Notes:

(1) Excludes retail space, broadcasting licenses and observatory operations.

(2) 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.

(3) Excludes 30,878 rentable square feet of space attributable to building management use.

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

(5) Includes approximately $4.6 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.

(6) Represents leases that are included in occupancy as of March 31, 2022 and expire on March 31, 2022.

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

Page 13

  First Quarter 2022 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	14.4 years		418,552		4.1	%	$	26,656,726		5.0	%
2.	PVH Corp.	501 Seventh Avenue	Oct. 2028	6.6 years		237,281		2.3	%		11,343,800		2.1	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	6.6 years		215,819		2.1	%		11,006,769		2.1	%
4.	Sephora	112 West 34th Street	Jan. 2029	6.8 years		11,334		0.1	%		10,528,487		2.0	%
5.	Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035	12.7 years		164,433		1.6	%		9,516,079		1.8	%
6.	Li & Fung	1359 Broadway, ESB	Oct. 2023 - Oct. 2028	5.6 years		173,273		1.7	%		9,285,809		1.8	%
7.	Target	112 West 34th St., 10 Union Sq.	Mar 2037 - Jan 2038	15.4 years		81,340		0.8	%		8,805,116		1.7	%
8.	Macy’s	111 West 33rd Street	May 2030	8.2 years		131,117		1.3	%		8,185,511		1.5	%
9.	Coty	Empire State Bilding	Jan. 2030	7.8 years		156,187		1.5	%		7,943,754		1.5	%
10.	Urban Outfitters	1333 Broadway	Sept. 2029	7.5 years		56,730		0.6	%		7,794,127		1.5	%
11.	Federal Deposit Insurance Corp.	Empire State Building	Dec. 2024	2.8 years		119,226		1.2	%		7,584,532		1.4	%
12.	Footlocker	112 West 34th Street	Sept. 2031	9.5 years		34,192		0.3	%		7,046,880		1.3	%
13.	HNTB Corporation	Empire State Building	Feb. 2029	6.9 years		105,143		1.0	%		6,982,283		1.3	%
14.	Franklin Templeton	First Stamford Place	Sept. 2024	2.5 years		137,583		1.4	%		6,426,634		1.2	%
15.	Shutterstock	Empire State Building	Apr. 2029	7.1 years		104,386		1.0	%		5,974,821		1.1	%
16.	Fragomen	1400 Broadway	Feb. 2035	12.9 years		107,680		1.1	%		5,922,400		1.1	%
17.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	7.7 years		86,492		0.9	%		5,649,928		1.1	%
18.	ASCAP	250 West 57th Street	Aug. 2034	12.4 years		87,943		0.9	%		5,465,025		1.0	%
19.	Duane Reade	ESB, 1350 Broadway	May 2025 - Sept. 2027	4.3 years		39,142		0.4	%		4,831,331		0.9	%
20.	The Interpublic Group of Co’s, Inc.	111 West 33rd St & 1400 B’Way	Feb. 2025	2.6 years		77,364		0.8	%		4,662,573		0.9	%
	Total					2,545,217		25.1	%	$	171,612,585		32.3	%

Notes:

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

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

(3) Based on leases signed and commenced as of March 31, 2022.

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

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

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

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 14

  First Quarter 2022 Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)  

	Three Months Ended
Capital expenditures (1)	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
Tenant improvements - first generation	$	4,096	$	3,007	$	3,149	$	—	$	13,244
Tenant improvements - second generation		24,457		13,000		10,364		15,903		6,435
Leasing commissions - first generation		—		—		—		—		—
Leasing commissions - second generation		15,051		3,950		4,110		5,215		3,156
Building improvements - first generation		1,966		612		775		1,423		78
Building improvements - second generation		7,640		7,874		4,767		5,541		3,462
Development (2)		—		—		—		—		98
Total	$	53,210	$	28,443	$	23,165	$	28,082	$	26,473

Note:

(1) Excludes multifamily properties.

(2) Primarily represents design and engineering costs.

Leasing Opportunity - Inventory of Current Vacant Space as of March 31, 2022 (in square feet)

Total Portfolio vacant space	1,724,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	357,000
Greater New York Office Properties SLNC	43,000
Retail Properties SLNC	3,000
Redeveloped Manhattan Office space	726,000
Greater New York Office Properties space	395,000
Retail Properties space	62,000
Undeveloped Manhattan Office space	49,000
Space held off market	41,000
Other	48,000
Total	1,724,000

Notes:

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

(4) Redevelopment program is for the Manhattan office assets only. Square footage based on market measurement. Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Permanent building use spaces, amenity spaces and broadcasting spaces are excluded.

Page 15

  First Quarter 2022 Observatory Summary (unaudited and dollars in thousands)  

				Three Months Ended
	Twelve Months to Date			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Observatory NOI
Observatory revenue (1)	$	52,112		$	13,241		$	17,716		$	12,796		$	8,359		$	2,603
Observatory expenses		24,833			6,215			6,980			6,370			5,268			4,588
NOI		27,279			7,026			10,736			6,426			3,091			(1,985	)
Intercompany rent expense (2)		29,101			10,620			7,142			5,310			6,029			4,932
NOI after intercompany rent	$	(1,822	)	$	(3,594	)	$	3,594		$	1,116		$	(2,938	)	$	(6,917	)
Observatory Metrics
Number of visitors (3)					269,000			360,000			255,000			162,000			51,000
Change in visitors year over year					427.5	%		554.5	%		750.0	%		N/A			(87.9	%)
Number of bad weather days (“BWD”) (4)					17			7			18			9			17
102nd floor revenue (5)				$	1,734		$	2,269		$	1,699		$	1,094		$	392

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the observatory gift shop operator. For the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, the fixed license fee was $1,200, $750, $750, $750 and $4, respectively.

(2) The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.

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

(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

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

Annual Observatory Revenues 2017 to 2021

Notes:

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

(2) 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.

(3) The observatory continued to experience a gradual recovery in visitors due to the ongoing COVID-19 pandemic.

Page 16

  First Quarter 2022 Condensed Consolidated Balance Sheets (unaudited and dollars in thousands)  

	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Assets
Commercial real estate properties, at cost:
Land	$	336,278		$	336,278		$	201,196		$	201,196		$	201,196
Development costs		8,162			8,131			8,007			8,064			8,064
Building and improvements		3,190,927			3,156,508			2,978,531			2,959,259			2,943,148
		3,535,367			3,500,917			3,187,734			3,168,519			3,152,408
Less: accumulated depreciation		(1,124,090	)		(1,072,938	)		(1,055,731	)		(1,007,429	)		(973,940	)
Commercial real estate properties, net		2,411,277			2,427,979			2,132,003			2,161,090			2,178,468
Cash and cash equivalents		429,716			423,695			582,188			540,604			567,102
Restricted cash		52,951			50,943			38,779			37,966			40,295
Tenant and other receivables		17,800			18,647			21,664			19,238			16,749
Deferred rent receivables		226,565			224,922			228,394			231,143			228,117
Prepaid expenses and other assets		52,152			76,549			60,522			71,399			50,427
Deferred costs, net		197,602			202,437			189,327			200,735			207,058
Acquired below-market ground leases, net		334,946			336,904			338,862			340,820			342,777
Right of use assets		28,842			28,892			28,945			28,998			29,051
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,243,330		$	4,282,447		$	4,112,163		$	4,123,472		$	4,151,523
Liabilities and Equity
Mortgage notes payable, net	$	947,479		$	948,769		$	773,925		$	774,612		$	775,276
Senior unsecured notes, net		973,426			973,373			973,320			973,267			973,214
Unsecured term loan facility, net		388,365			388,223			388,095			387,954			387,811
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		108,077			120,810			94,216			89,254			102,381
Acquired below-market leases, net		22,459			24,941			23,512			28,532			30,112
Ground lease liabilities		28,842			28,892			28,945			28,998			29,051
Deferred revenue and other liabilities		84,380			84,358			90,427			81,762			94,625
Tenants’ security deposits		28,270			28,749			26,042			25,885			27,858
Total liabilities		2,581,298			2,598,115			2,398,482			2,390,264			2,420,328
Total equity		1,662,032			1,684,332			1,713,681			1,733,208			1,731,195
Total liabilities and equity	$	4,243,330		$	4,282,447		$	4,112,163		$	4,123,472		$	4,151,523

Page 17

  First Quarter 2022 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts)  

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Revenues
Rental revenue (1)	$	147,514		$	139,104		$	139,558		$	140,797		$	140,231
Observatory revenue		13,241			17,716			12,796			8,359			2,603
Lease termination fees		1,173			281			11,321			3,339			1,289
Third party management and other fees		310			302			314			327			276
Other revenue and fees		1,796			2,931			1,059			586			905
Total revenues		164,034			160,334			165,048			153,408			145,304
Operating expenses
Property operating expenses		38,644			34,557			33,357			28,793			30,279
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		13,686			13,578			14,427			14,089			13,853
Observatory expenses		6,215			6,980			6,370			5,268			4,588
Real estate taxes		30,004			27,600			29,566			31,354			31,447
Impairment charge		—			7,723			—			—			—
Depreciation and amortization		67,106			46,467			65,794			45,088			44,457
Total operating expenses		157,986			139,237			151,845			126,924			126,955
Total operating income		6,048			21,097			13,203			26,484			18,349
Other income (expense)
Interest income		149			207			211			164			122
Interest expense		(25,014	)		(23,841	)		(23,577	)		(23,422	)		(23,554	)
Loss on early extinguishment of debt		—			—			—			—			(214	)
Income (loss) before income taxes		(18,817	)		(2,537	)		(10,163	)		3,226			(5,297	)
Income tax (expense) benefit		1,596			(1,537	)		(20	)		1,185			2,106
Net income (loss)		(17,221	)		(4,074	)		(10,183	)		4,411			(3,191	)
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		6,919			1,936			4,256			(1,285	)		1,620
Non-controlling interests in other partnerships		63			—			—			—			—
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Net income (loss) attributable to common stockholders	$	(11,289	)	$	(3,188	)	$	(6,977	)	$	2,075		$	(2,621	)
Weighted average common shares outstanding
Basic		169,731			172,818			172,494			171,615			171,735
Diluted		273,759			276,207			277,716			278,436			277,881
Net income (loss) per share attributable to common stockholders
Basic and diluted	$	(0.07	)	$	(0.02	)	$	(0.04	)	$	0.01		$	(0.02	)
Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	—
(1)   The following table reflects the components of rental revenue.
	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Rental Revenue
Base rent	$	133,689		$	126,393		$	125,455		$	125,091		$	126,231
Billed tenant expense reimbursement		13,825			12,711			14,103			15,706			14,000
Total rental revenue	$	147,514		$	139,104		$	139,558		$	140,797		$	140,231

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

First Quarter 2022 Funds from Operations (“FFO”), Modified Funds From Operations (“Modified FFO”), Core Funds
from Operations (“Core FFO”), Core Funds Available for Distribution (“Core FAD”) and EBITDA (unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)
Non-controlling interests in other partnerships		63			—			—			—			—
Preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Real estate depreciation and amortization		65,414			45,211			64,565			43,480			43,104
Impairment charge		—			7,723			—			—			—
FFO attributable to common stockholders and the Operating Partnership		47,206			47,810			53,332			46,840			38,863
Amortization of below-market ground lease		1,958			1,958			1,957			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		49,164			49,768			55,289			48,798			40,821
Loss on early extinguishment of debt		—			—			—			—			214
Core FFO attributable to common stockholders and the Operating Partnership	$	49,164		$	49,768		$	55,289		$	48,798		$	41,035
Total weighted average shares and Operating Partnership units
Basic		273,759			276,207			277,716			277,893			277,881
Diluted		273,759			276,207			277,716			278,436			277,881
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.17		$	0.17		$	0.19		$	0.17		$	0.14
Diluted	$	0.17		$	0.17		$	0.19		$	0.17		$	0.14
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.18		$	0.18		$	0.20		$	0.18		$	0.15
Diluted	$	0.18		$	0.18		$	0.20		$	0.18		$	0.15
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.18		$	0.18		$	0.20		$	0.18		$	0.15
Diluted	$	0.18		$	0.18		$	0.20		$	0.18		$	0.15
Reconciliation of Core FFO to Core FAD
Core FFO	$	49,164		$	49,768		$	55,289		$	48,798		$	41,035
Add:
Amortization of deferred financing costs		1,421			1,136			1,051			1,136			1,204
Non-real estate depreciation and amortization		1,264			1,257			1,229			1,608			1,353
Amortization of non-cash compensation expense		4,460			4,843			5,378			5,303			4,735
Amortization of loss on interest rate derivative		1,529			1,529			1,529			1,529			1,529
Deduct:
Straight-line rental revenues		(2,595	)		(7,881	)		(3,087	)		(3,763	)		(6,347	)
Above/below-market rent revenue amortization		(1,784	)		(280	)		(4,244	)		(717	)		(654	)
Corporate capital expenditures		(241	)		(183	)		(228	)		(30	)		(109	)
Tenant improvements - second generation		(24,457	)		(13,000	)		(10,364	)		(15,903	)		(6,435	)
Building improvements - second generation		(7,640	)		(7,874	)		(4,767	)		(5,541	)		(3,462	)
Leasing commissions - second generation		(15,051	)		(3,950	)		(4,110	)		(5,215	)		(3,156	)
Core FAD	$	6,070		$	25,365		$	37,676		$	27,205		$	29,693
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411		$	(3,191	)
Interest expense		25,014			23,841			23,577			23,422			23,554
Income tax expense (benefit)		(1,596	)		1,537			20			(1,185	)		(2,106	)
Depreciation and amortization		67,106			46,467			65,794			45,088			44,457
EBITDA		73,303			67,771			79,208			71,736			62,714
Impairment charges, net of reimbursement		—			7,723			—			—			—
Adjusted EBITDA	$	73,303		$	75,494		$	79,208		$	71,736		$	62,714

Page 19

First Quarter 2022 Debt Summary (unaudited and dollars in thousands)

Debt Summary	March 31, 2022										December 31, 2021
	Balance			ESRT Pro-rata Share		Weighted Average					Balance			ESRT Pro-rata Share		Weighted Average
						Interest Rate			Maturity (Years)							Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	966,702		$	948,206		3.80	%		7.9	$	968,793		$	950,193		3.80	%		8.1
Senior unsecured notes		975,000			975,000		4.10	%		7.9		975,000			975,000		4.10	%		8.2
Unsecured term loan facilities (1)		265,000			265,000		3.40	%		3.3		265,000			265,000		3.40	%		3.6
Total fixed rate debt		2,206,702			2,188,206		3.90	%		7.3		2,208,793			2,190,193		3.90	%		7.6
Unsecured term loan facilities		125,000			125,000		1.95	%		4.8		125,000			125,000		1.58	%		5.0
Unsecured revolving credit facilities		—			—		—			3.0		—			—		—			3.3
Total variable rate debt		125,000			125,000		1.95	%		4.3		125,000			125,000		1.58	%		4.5
Total debt		2,331,702			2,313,206		3.89	%		7.2		2,333,793			2,315,193		3.89	%		7.5
Deferred financing costs, net		(14,045	)									(14,881	)
Debt discount		(8,387	)									(8,547	)
Total	$	2,309,270									$	2,310,365

Note:

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

Available Capacity	Facility		Outstanding at March 31, 2022		Letters of Credit		Available Capacity
Unsecured revolving credit facility (1)	$	850,000	$	—	$	—	$	850,000

Covenant Summary	Required		Current Quarter		In Compliance
Maximum Total Leverage (2)		< 60%		40.8%		Yes
Maximum Secured Debt		< 40%		16.7%		Yes
Minimum Fixed Charge Coverage		> 1.50x		2.7x		Yes
Minimum Unencumbered Interest Coverage		> 1.75x		5.2x		Yes
Maximum Unsecured Leverage		< 60%		30.3%		Yes

Notes:

(1) The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in maximum aggregate principal balance to $1.5 billion under certain circumstances. This unsecured revolving credit facility matures in March 2025 with two additional six-month extension options.

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

Page 20

First Quarter 2022 Debt Detail (unaudited and dollars in thousands)  

Fixed rate mortgage debt:	Stated Interest Rate (%)	Effective Interest Rate (%) (1)			Principal Balance			ESRT Pro-rata Share					Maturity Date		Amortization
								Percent			Amount
Metro Center	3.59%		3.69	%	$	84,432			100	%	$	84,432		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%		4.71	%		180,000			100	%		180,000		7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.	4.01%		4.24	%		36,463			100	%		36,463		1/5/2028	30 years
250 West 57th Street	2.83%		3.19	%		180,000			100	%		180,000		12/1/2030	Interest only
10 Bank Street	4.23%		4.37	%		30,851			100	%		30,851		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	%		8,321			90	%		7,489		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	%		18,535			90	%		16,682		11/1/2033	30 years
Total fixed rate mortgage debt						966,702						948,206
Unsecured term loan facility	LIBOR plus 1.20%		3.54	%		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%		3.80	%		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	%		2,331,702					$	2,313,206
Deferred financing costs, net						(14,045	)
Debt discount						(8,387	)
Total					$	2,309,270

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 mortgage loan bearing interest at 6.25%.

Page 21

First Quarter 2022 Debt Maturities and Ground Lease Commitments (unaudited and dollars in thousands)

Year	Maturities (1)		Amortization		Total			ESRT Pro-rata Share		Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2022	$	—	$	5,965	$	5,965		$	5,827		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		7,758		664,420			653,334		28.2	%		4.07	%
Total debt	$	2,248,029	$	83,673		2,331,702		$	2,313,206		100.0	%		3.89	%
Deferred financing costs, net						(14,045	)
Debt discount						(8,387	)
Total					$	2,309,270

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	$	81	$	506	$	551	$	1,139
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
	$	2,226	$	28,181	$	40,547	$	70,955

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 28 years.

(3) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 41 years.

(4) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 55 years.

Page 22

First Quarter 2022 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, we believe 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 believe 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 believe it is 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 believes Core FFO is an important supplemental measure of its operating performance because 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 to investors 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.

Same Store Net Operating Income (“SSNOI”)

In addition to NOI, we present Same Store NOI. Our Same Store portfolio includes all of our properties owned and included in our portfolio for all periods presented. It does not include properties held-for-sale or those properties which we otherwise expect to dispose of in the subsequent quarter.

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	Apr. 27, 2022
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001541401
Document Type	8-K
Document Period End Date	Apr. 27, 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	687-2600
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