Exhibit 99.2

Second Quarter 2022

Table of Contents	Page
Summary
Company Profile		3
Highlights		4
Selected Property Data
Property Summary Net Operating Income		5
Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI		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; (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

Second 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
	Michael Griffin	(212) 816-5871	michael.a.griffin@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

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

	Three Months Ended
Portfolio Metrics:	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Number of office and retail properties		19			20			20			20			20
Total rentable square footage		9,885,707			10,150,384			10,128,335			10,129,201			10,135,063
Percent occupied (1)		84.3	%		83.0	%		82.4	%		83.5	%		85.2	%
Percent leased (2)		87.8	%		87.0	%		85.7	%		86.5	%		88.2	%
Portfolio Same Store Cash Net Operating Income (NOI):
Manhattan office portfolio	$	80,367		$	63,799		$	62,125		$	71,160		$	68,355
Greater New York office portfolio		6,964			7,141			7,177			7,899			8,516
Standalone retail portfolio		1,932			2,272			2,054			1,866			2,003
Observatory		19,592			7,026			10,736			6,426			3,091
Total Portfolio Same Store NOI	$	108,855		$	80,238		$	82,092		$	87,351		$	81,965
Multifamily Metrics:
Number of multifamily properties		2			2			2			—			—
Total number of units		625			625			625			—			—
Percent occupied		98.4	%		97.6	%		96.4	%		—			—
Observatory Metrics:
Number of visitors (3)		573,000			269,000			360,000			255,000			162,000
Change in visitors year over year		253.7	%		427.5	%		554.5	%		750.0	%		N/A
Ratios at ESRT pro-rata share: (4)
Debt to Total Market Capitalization (5)		53.0	%		44.8	%		47.2	%		42.2	%		37.9	%
Net Debt to Total Market Capitalization (5)		48.7	%		39.8	%		42.2	%		34.7	%		31.4	%
Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		55.1	%		46.5	%		49.0	%		43.9	%		39.5	%
Net Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		51.0	%		41.6	%		44.2	%		36.7	%		33.1	%
Debt to Adjusted EBITDA (6)		6.9x			7.7x			8.2x			7.7x			8.3x
Net Debt to Adjusted EBITDA (6)		5.8x			6.3x			6.5x			5.6x			6.2x
Interest Coverage Ratio		5.1x			3.6x			3.9x			4.0x			3.7x
Core FFO Payout Ratio (7)		12	%		20	%		18	%		18	%		19	%
Core FAD Payout Ratio (8)		23	%		161	%		36	%		26	%		35	%
Core FFO per share - diluted	$	0.29		$	0.18		$	0.18		$	0.20		$	0.18
Diluted weighted average shares		270,085,000			273,759,000			276,207,000			277,716,000			278,436,000
Class A common stock price at quarter end	$	7.03		$	9.82		$	8.90		$	10.03		$	12.00
Average closing price	$	8.12		$	9.41		$	9.87		$	10.79		$	11.76
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.04
Dividends per share - annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (9)		2.0	%		1.4	%		1.6	%		1.4	%		1.2	%
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		162,689,535			168,731,507			169,221,263			172,293,081			172,399,373
Class B common stock		994,252			994,837			995,751			999,220			1,001,179
Operating partnership units		111,420,579			111,791,527			110,996,807			111,812,211			112,322,404
Total common stock and operating partnership units outstanding (10)		275,104,366			281,517,871			281,213,821			285,104,512			285,722,956

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

(5) Market capitalization represents the sum of (i) Company’s common stock per share price as of June 30, 2022 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2022; (ii) the number of Series 2014 perpetual preferred units at June 30, 2022 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2022 multiplied by $13.52, and (iv) our outstanding indebtedness as of June 30, 2022.

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

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

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

(9) Based on the closing price per share of Class A common stock on June 30, 2022.

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

Page 4

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

	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Same Store Total Portfolio (1)
Revenues	$	143,759		$	140,458		$	142,053		$	139,545		$	140,155
Operating expenses		(66,289	)		(67,242	)		(63,697	)		(64,540	)		(61,775	)
Same store property NOI		77,470			73,216			78,356			75,005			78,380
Straight-line rent		(8,470	)		(2,595	)		(8,959	)		(3,114	)		(3,822	)
Above/below-market rent revenue amortization		(554	)		(540	)		(280	)		(4,244	)		(717	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI - excluding lease termination fees	$	70,404		$	72,039		$	71,075		$	69,604		$	75,799
Percent change over prior year		(7.1	)%		0.9	%		(4.5	)%		(6.4	)%		(5.8	)%
Property cash NOI	$	70,404		$	72,039		$	71,075		$	69,604		$	75,799
Observatory cash NOI		19,592			7,026			10,736			6,426			3,091
Lease termination fees		18,859			1,173			281			11,321			3,075
Total portfolio same store cash NOI	$	108,855		$	80,238		$	82,092		$	87,351		$	81,965
Same Store Manhattan Office Portfolio (2)
Revenues	$	125,405		$	122,017		$	124,053		$	120,636		$	121,647
Operating expenses		(57,403	)		(58,471	)		(55,256	)		(56,058	)		(53,324	)
Same store property NOI		68,002			63,546			68,797			64,578			68,323
Straight-line rent		(7,898	)		(2,338	)		(8,401	)		(2,259	)		(4,072	)
Above/below-market rent revenue amortization		(554	)		(540	)		(280	)		(4,244	)		(717	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI - excluding lease termination fees		61,508			62,626			62,074			60,032			65,492
Lease termination fees		18,859			1,173			51			11,128			2,863
Total same store property cash NOI	$	80,367		$	63,799		$	62,125		$	71,160		$	68,355
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	14,743		$	14,508		$	14,375		$	15,619		$	14,669
Operating expenses		(7,283	)		(7,132	)		(6,893	)		(6,862	)		(6,439	)
Same store property NOI		7,460			7,376			7,482			8,757			8,230
Straight-line rent		(496	)		(235	)		(535	)		(1,051	)		74
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		6,964			7,141			6,947			7,706			8,304
Lease termination fees		—			—			230			193			212
Total same store property cash NOI	$	6,964		$	7,141		$	7,177		$	7,899		$	8,516
Same Store Standalone Retail Portfolio
Revenues	$	3,611		$	3,933		$	3,625		$	3,290		$	3,839
Operating expenses		(1,603	)		(1,639	)		(1,548	)		(1,620	)		(2,012	)
Same store property NOI		2,008			2,294			2,077			1,670			1,827
Straight-line rent		(76	)		(22	)		(23	)		196			176
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		1,932			2,272			2,054			1,866			2,003
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	1,932		$	2,272		$	2,054		$	1,866		$	2,003

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 496,311 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

Second Quarter 2022 Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to  Cash NOI (unaudited and dollars in thousands)

	Three Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Net income (loss)	$	48,695		$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411
Add:
General and administrative expenses		15,876			13,686			13,578			14,427			14,089
Depreciation and amortization		58,304			67,106			46,467			65,794			45,088
Interest expense		25,042			25,014			23,841			23,577			23,422
Income tax expense (benefit)		363			(1,596	)		1,537			20			(1,185	)
Impairment charge		—			—			7,723			—			—
Less:
Gain on disposition of property		(27,170	)		—			—			—			—
Third-party management and other fees		(326	)		(310	)		(302	)		(314	)		(327	)
Interest income		(431	)		(149	)		(207	)		(211	)		(164	)
Net operating income		120,353			86,530			88,563			93,110			85,334
Straight-line rent		(8,597	)		(2,595	)		(7,881	)		(3,087	)		(3,763	)
Above/below-market rent revenue amortization		(1,675	)		(1,784	)		(280	)		(4,244	)		(717	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total cash NOI - including observatory and lease termination income		112,039			84,109			82,360			87,736			82,812
Less cash NOI from non-Same Store properties		(3,184	)		(3,871	)		(268	)		(385	)		(847	)
Total Same Store cash NOI - including observatory and lease termination income		108,855			80,238			82,092			87,351			81,965
Less: observatory NOI		(19,592	)		(7,026	)		(10,736	)		(6,426	)		(3,091	)
Less: Lease termination income		(18,859	)		(1,173	)		(281	)		(11,321	)		(3,075	)
Total Same Store cash NOI - excluding observatory and lease termination income	$	70,404		$	72,039		$	71,075		$	69,604		$	75,799

Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced

	Square		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2022		2023		2024		2025		2026
Third quarter 2022		251,620	$	15,052	$	6,314	$	15,052	$	15,052	$	14,913	$	14,664
Fourth quarter 2022		179,366		11,727		1,338		11,727		11,727		11,727		11,727
First quarter 2023		65,845		3,512		—		3,308		3,512		3,512		3,512
Second quarter 2023		157,499		8,191		—		5,666		8,191		8,191		8,191
Third quarter 2023		128,166		7,263		—		2,926		7,263		7,263		7,263
Fourth quarter 2023		97,258		7,914		—		1,343		7,914		7,914		7,914
First quarter 2024		114,279		7,123		—		—		6,424		7,123		7,123
Second Quarter 2024		64,206		4,509		—		—		3,014		4,509		4,509
Third quarter 2024		24,536		1,472		—		—		484		1,472		1,472
Fourth quarter 2024		—		—		—		—		—		—		—
First quarter 2025		50,875		3,510		—		—		—		3,033		3,510
		1,133,650	$	70,273	$	7,652	$	40,022	$	63,581	$	69,657	$	69,885

	Incremental Annual		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
	Cash Rent (1)		Cash Rent		2022			2023		2024		2025		2026
Commenced leases in free rent period	$	30,057	$	37,155	$	5,312	(2)	$	30,762	$	37,155	$	37,015	$	36,768
Signed leases not commenced		23,201		33,118		2,340			9,260		26,426		32,642		33,117
	$	53,258	$	70,273	$	7,652		$	40,022	$	63,581	$	69,657	$	69,885

Notes:

(1) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

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

Page 6

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

	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Total Office and Retail Portfolio
Total leases executed		37			44			34			34			35
Weighted average lease term		10 years			8.7 years			11.2 years			6.9 years			8.3 years
Average free rent period		8.2 months			8.4 months			11.4 months			6.3 months			7.9 months
Office
Total square footage executed		316,949			317,633			368,854			264,132			179,439
Average starting cash rent psf - leases executed	$	60.28		$	54.75		$	56.88		$	53.39		$	51.78
Previously escalated cash rents psf	$	58.25		$	53.35		$	56.04		$	53.25		$	53.69
Percentage of new cash rent over previously escalated rents		3.5	%		2.6	%		1.5	%		0.3	%		(3.6	%)
Retail
Total square footage executed		3,276			1,013			6,066			3,923			11,399
Average starting cash rent psf - leases executed	$	115.08		$	120.81		$	256.52		$	99.97		$	185.15
Previously escalated cash rents psf	$	115.54		$	126.33		$	239.07		$	179.25		$	260.21
Percentage of new cash rent over previously escalated rents		(0.4	%)		(4.4	%)		7.3	%		(44.2	%)		(28.8	%)
Total Office and Retail Portfolio
Total square footage executed		320,225			318,646			374,920			268,055			190,838
Average starting cash rent psf - leases executed	$	60.86		$	54.96		$	60.17		$	54.11		$	59.75
Previously escalated cash rents psf	$	58.86		$	53.59		$	59.05		$	55.18		$	66.03
Percentage of new cash rent over previously escalated rents		3.4	%		2.6	%		1.9	%		(2.0	%)		(9.5	%)
Leasing commission costs per square foot	$	24.44		$	19.75		$	26.34		$	15.82		$	18.16
Tenant improvement costs per square foot		57.43			66.05			77.86			61.16			42.72
Total LC and TI per square foot (1)	$	81.87		$	85.80		$	104.20		$	76.98		$	60.88
Occupancy		84.3	%		83.0	%		82.4	%		83.5	%		85.2	%
Manhattan Office Portfolio
Total leases executed		27			29			24			21			25
Office - New Leases
Total square footage executed		159,970			215,560			257,693			139,620			82,944
Average starting cash rent psf - leases executed	$	67.84		$	59.80		$	60.25		$	57.86		$	54.41
Previously escalated cash rents psf	$	62.70		$	57.79		$	57.97		$	57.23		$	55.34
Percentage of new cash rent over previously escalated rents		8.2	%		3.5	%		3.9	%		1.1	%		(1.7	%)
Office - Renewal Leases
Total square footage executed		99,690			40,616			35,784			72,681			69,523
Average starting cash rent psf - leases executed	$	58.43		$	55.99		$	61.67		$	54.73		$	55.06
Previously escalated cash rents psf	$	58.28		$	54.00		$	63.61		$	54.26		$	57.56
Percentage of new cash rent over previously escalated rents		0.3	%		3.7	%		(3.0	%)		0.9	%		(4.	3%)
Total Manhattan Office Portfolio
Total square footage executed		259,660			256,176			293,477			212,301			152,467
Average starting cash rent psf - leases executed	$	64.23		$	59.19		$	60.43		$	56.79		$	54.71
Previously escalated cash rents psf	$	61.00		$	57.19		$	58.66		$	56.21		$	56.35
Percentage of new cash rent over previously escalated rents		5.3	%		3.5	%		3.0	%		1.0	%		(2.9	%)
Leasing commission costs per square foot	$	27.58		$	22.24		$	28.30		$	17.10		$	18.29
Tenant improvement costs per square foot		63.26			68.52			89.19			60.50			47.42
Total LC and TI per square foot (1)	$	90.84		$	90.76		$	117.50		$	77.60		$	65.71
Occupancy		84.0	%		83.9	%		83.9	%		84.5	%		87.	2%

Page 7

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

	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Greater New York Metropolitan Area Office Portfolio
Total leases executed		7			13			6			10			7
Total square footage executed		57,289			61,457			75,377			51,831			26,972
Average starting cash rent psf - leases executed	$	38.28		$	33.45		$	41.93		$	35.00		$	35.23
Previously escalated cash rents psf	$	42.91		$	34.92		$	44.99		$	37.19		$	38.65
Percentage of new cash rent over previously escalated rents		(10.8	%)		(4.2	%)		(6.8	%)		(5.9	%)		(8.8	%)
Leasing commission costs per square foot	$	10.96		$	9.13		$	13.10		$	9.26		$	5.01
Tenant improvement costs per square foot		34.32			56.86			29.45			64.91			19.20
Total LC and TI per square foot (1)	$	45.28		$	65.99		$	42.55		$	74.17		$	24.21
Occupancy		82.2	%		76.2	%		76.6	%		79.8	%		76.1	%
Retail Portfolio
Total leases executed		3			2			4			3			3
Total square footage executed		3,276			1,013			6,066			3,923			11,399
Average starting cash rent psf - leases executed	$	115.08		$	120.81		$	256.52		$	99.97		$	185.15
Previously escalated cash rents psf	$	115.54		$	126.33		$	2,399.07		$	179.25		$	260.21
Percentage of new cash rent over previously escalated rents		(0.4	%)		(4.4	%)		7.3	%		(44.2	%)		(28.8	%)
Leasing commission costs per square foot	$	10.93		$	35.14		$	96.11		$	32.89		$	47.58
Tenant improvement costs per square foot		—			—			130.80			47.90			35.51
Total LC and TI per square foot (1)	$	10.93		$	35.31		$	226.91		$	80.79		$	83.09
Occupancy		92.0	%		90.9	%		81.8	%		83.0	%		88.5	%
Multifamily Portfolio
Percent occupied		98.4	%		97.6	%		96.4	%		—			—
Total number of units		625			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

Second Quarter 2022 Property Detail (unaudited)

												Annualized
												Rent
Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Percent Leased (3)			Annualized Rent (4)		per Occupied Square Foot (5)		Number of Leases (6)
Manhattan Office Properties - Office
The Empire State Building (7)	Penn Station - Times Sq. South		2,715,239		80.1	%		83.9	%	$	136,223,297	$	62.61		148
One Grand Central Place	Grand Central		1,245,518		85.8	%		90.6	%		64,584,455		60.45		161
1400 Broadway (8)	Penn Station - Times Sq. South		916,579		89.7	%		100.0	%		45,520,548		55.36		24
111 West 33rd Street (9)	Penn Station - Times Sq. South		641,036		96.2	%		96.2	%		39,950,329		64.79		22
250 West 57th Street	Columbus Circle - West Side		465,751		82.5	%		85.3	%		23,945,741		62.28		32
501 Seventh Avenue	Penn Station - Times Sq. South		461,367		83.4	%		84.4	%		18,647,703		48.46		21
1359 Broadway	Penn Station - Times Sq. South		457,358		78.0	%		83.3	%		21,013,992		58.89		30
1350 Broadway (10)	Penn Station - Times Sq. South		371,848		79.7	%		83.6	%		17,544,030		59.18		51
1333 Broadway	Penn Station - Times Sq. South		296,360		87.0	%		90.0	%		15,404,293		59.73		13
Manhattan Office Properties - Office			7,571,056		84.0	%		88.3	%		382,834,389		60.16		502
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		777,481		78.0	%		78.0	%		26,871,220		44.30		42
Metro Center	Stamford, CT		284,464		84.3	%		87.1	%		13,671,762		57.00		20
500 Mamaroneck Avenue	Harrison, NY		286,335		89.0	%		92.1	%		7,741,863		30.38		32
10 Bank Street	White Plains, NY		232,080		85.4	%		86.5	%		7,386,148		37.28		28
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,580,360		82.2	%		83.5	%		55,670,993		42.84		122
Manhattan Office Properties - Retail
The Empire State Building	Penn Station - Times Sq. South		91,554		75.5	%		75.5	%		6,871,148		99.47		12
One Grand Central Place	Grand Central		68,733		98.9	%		98.9	%		8,678,833		127.73		12
1400 Broadway (8)	Penn Station - Times Sq. South		16,485		94.5	%		94.5	%		1,734,227		111.38		7
112 West 34th Street (9)	Penn Station - Times Sq. South		91,280		100.0	%		100.0	%		23,681,926		259.44		4
250 West 57th Street	Columbus Circle - West Side		68,319		87.7	%		87.7	%		8,883,580		148.26		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	%		939,998		38.47		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		98.7	%		98.7	%		9,428,763		142.65		3
Manhattan Office Properties - Retail			496,311		89.1	%		89.1	%		67,730,614		153.18		60
Standalone Retail Properties
10 Union Square	Union Square		57,857		94.7	%		100.0	%		8,333,786		152.15		10
1542 Third Avenue	Upper East Side		56,250		100.0	%		100.0	%		2,627,896		46.72		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	%		1,967,644		77.50		3
69-97 Main Street	Westport, CT		16,874		100.0	%		100.0	%		1,829,981		108.45		5
103-107 Main Street	Westport, CT		4,330		100.0	%		100.0	%		756,705		174.76		1
Sub-Total/Weighted Average Standalone
Retail Properties			205,361		98.5	%		100.0	%		19,174,199		94.79		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			9,885,707		84.3	%		87.8	%	$	528,053,078	$	63.33		712
Total/Weighted Average Office Properties			9,151,416		83.7	%		87.4	%	$	438,505,382	$	57.22		624
Total/Weighted Average Retail Properties			734,291		92.0	%		92.4	%		89,547,696		132.55		88
Portfolio Total			9,885,707		84.3	%		87.8	%	$	528,053,078	$	63.33		712

Notes:

(1) Excludes (i) 184,434 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 June 30, 2022.

(3) Based on leases signed but not commenced as of June 30, 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 June 30, 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.

Page 9

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

	Three Months Ended
	Actual		Actual		Forecast (1)			Forecast (1)		Forecast (1)
Total Office and Retail Portfolio (2)	March 31, 2022		June 30, 2022		September 30, 2022			December 31, 2022		Jul. to Dec. 2022			Full Year 2023
Total expirations		168,723		119,747		158,368			100,916		259,284			608,726
Less: broadcasting		—		—		(906	)		—		(906	)		(781	)
Office and retail expirations		168,723		119,747		157,462			100,916		258,378			607,945
Renewals & relocations (3)		32,848		45,577		30,439			26,151		56,590			165,587
New leases (4)		43,859		22,284		10,911			13,517		24,428			51,282
Vacates (5)		92,016		51,886		113,263			42,949		156,212			240,092
Unknown (6)		—		—		2,849			18,299		21,148			150,984
Total Office and Retail Portfolio expirations and vacates		168,723		119,747		157,462			100,916		258,378			607,945
Manhattan Office Portfolio
Total expirations		113,908		99,550		54,513			67,660		122,173			455,599
Less: broadcasting		—		—		(906	)		—		(906	)		(781	)
Office expirations		113,908		99,550		53,607			67,660		121,267			454,818
Renewals & relocations (3)		17,583		39,619		3,832			23,079		26,911			120,035
New leases (4)		43,859		22,284		10,911			13,517		24,428			51,282
Vacates (5)		52,466		37,647		38,864			17,401		56,265			200,337
Unknown (6)		—		—		—			13,663		13,663			83,164
Total expirations and vacates		113,908		99,550		53,607			67,660		121,267			454,818
Greater New York Metropolitan Area Office Portfolio
Office expirations		54,815		19,295		55,601			29,301		84,902			129,783
Renewals & relocations (3)		15,265		5,958		26,607			3,072		29,679			45,552
New leases (4)		—		—		—			—		—			—
Vacates (5)		39,550		13,337		26,145			21,593		47,738			37,572
Unknown (6)		—		—		2,849			4,636		7,485			46,659
Total expirations and vacates		54,815		19,295		55,601			29,301		84,902			129,783
Retail Portfolio (7)
Retail expirations		—		902		48,254			3,955		52,209			23,344
Renewals & relocations (3)		—		—		—			—		—			—
New leases (4)		—		—		—			—		—			—
Vacates (5)		—		902		48,254			3,955		52,209			2,183
Unknown (6)		—		—		—			—		—			21,161
Total expirations and vacates		—		902		48,254			3,955		52,209			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. 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

Second Quarter 2022 Tenant Lease Expirations (unaudited)

					Percent of
			Rentable		Portfolio								Annualized
	Number		Square		Rentable					Percent of			Rent Per
	of Leases		Feet		Square Feet			Annualized		Annualized			Rentable
Total Office and Retail Lease Expirations	Expiring (1)		Expiring (2)		Expiring			Rent (3)		Rent			Square Foot
Available		—		1,204,566		12.2	%	$	—		0.0	%	$	—
Signed leases not commenced		25		342,694		3.5	%		—		0.0	%		—
2Q 2022 (4)		15		100,784		1.0	%		5,695,993		0.0	%		56.52
3Q 2022		22		138,355		1.4	%		9,730,950		0.0	%		70.33
4Q 2022		27		100,916		1.0	%		5,470,868		1.0	%		54.21
Total 2022		64		340,055		3.4	%		20,897,811		4.0	%		61.45
1Q 2023		20		88,857		0.9	%		5,083,555		1.0	%		57.21
2Q 2023		26		118,764		1.2	%		6,641,537		1.3	%		55.92
3Q 2023		27		158,409		1.6	%		11,091,764		2.1	%		70.02
4Q 2023		21		242,696		2.5	%		15,401,622		2.9	%		63.46
Total 2023		94		608,726		6.2	%		38,218,478		7.2	%		62.76
2024		97		810,780		8.2	%		46,675,275		8.8	%		57.57
2025		87		522,011		5.3	%		33,468,876		6.3	%		64.12
2026		70		687,586		7.0	%		37,153,824		7.0	%		54.04
2027		90		707,306		7.2	%		43,482,573		8.2	%		61.48
2028		37		899,363		9.1	%		48,156,260		9.1	%		53.54
2029		47		980,902		9.9	%		69,610,064		13.2	%		70.97
2030		32		651,291		6.6	%		42,738,991		8.1	%		65.62
2031		21		163,543		1.7	%		19,630,117		3.7	%		120.03
2032		35		407,329		4.1	%		26,937,077		5.1	%		66.13
Thereafter		38		1,559,555		15.6	%		101,083,732		19.3	%		64.82
Total		737		9,885,707		100.0	%	$	528,053,078		100.0	%	$	63.33
Manhattan Office Properties (5)
Available		—		887,702		11.7	%	$	—		0.0	%	$	—
Signed leases not commenced		20		319,951		4.2	%		—		0.0	%		—
2Q 2022 (4)		12		81,073		1.1	%		5,062,669		1.3	%		62.45
3Q 2022		11		41,937		0.6	%		2,748,653		0.7	%		65.54
4Q 2022		21		67,660		0.9	%		3,928,656		1.0	%		58.06
Total 2022		44		190,670		2.5	%		11,739,978		3.1	%		61.57
1Q 2023		17		77,506		1.0	%		4,640,831		1.2	%		59.88
2Q 2023		20		60,775		0.8	%		3,986,568		1.0	%		65.60
3Q 2023		19		94,871		1.3	%		5,898,743		1.5	%		62.18
4Q 2023		19		222,447		2.9	%		13,537,666		3.5	%		60.86
Total 2023		75		455,599		6.0	%		28,063,808		7.3	%		61.60
2024		77		600,496		7.9	%		36,442,676		9.5	%		60.69
2025		58		369,855		4.9	%		23,794,958		6.2	%		64.34
2026		49		458,902		6.1	%		26,725,905		7.0	%		58.24
2027		62		504,057		6.7	%		30,235,743		7.9	%		59.98
2028		25		789,920		10.4	%		42,680,209		11.1	%		54.03
2029		32		720,858		9.5	%		42,897,667		11.2	%		59.51
2030		20		539,731		7.1	%		32,213,796		8.4	%		59.68
2031		11		79,840		1.1	%		5,655,574		1.5	%		70.84
2032		23		355,605		4.7	%		23,266,207		6.1	%		65.43
Thereafter		26		1,297,870		17.2	%		79,117,868		20.7	%		60.96
Total Manhattan office properties		522		7,571,056		100.0	%	$	382,834,389		100.0	%	$	60.16

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) 184,434 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 June 30, 2022 and expire on June 30, 2022.

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

Page 11

Second Quarter 2022 Tenant Lease Expirations (unaudited)

					Percent of
			Rentable		Portfolio								Annualized
	Number		Square		Rentable					Percent of			Rent Per
Greater New York Metropolitan	of Leases		Feet		Square Feet			Annualized		Annualized			Rentable
Area Office Properties	Expiring (1)		Expiring (2)		Expiring			Rent (3)		Rent			Square Foot
Available		—		261,247		16.5	%	$	—		0.0	%	$	—
Signed leases not commenced		3		19,659		1.2	%		—		0.0	%		—
2Q 2022 (4)		2		12,274		0.8	%		454,309		0.8	%		37.01
3Q 2022		7		55,601		3.5	%		2,218,585		4.0	%		39.90
4Q 2022		5		29,301		1.9	%		1,542,212		2.8	%		52.63
Total 2022		14		97,176		6.1	%		4,215,106		7.6	%		43.38
1Q 2023		3		11,351		0.7	%		442,724		0.8	%		39.00
2Q 2023		4		56,481		3.6	%		2,435,805		4.4	%		43.13
3Q 2023		7		61,951		3.9	%		3,602,909		6.5	%		58.16
4Q 2023		—		—		0.0	%		—		0.0	%		—
Total 2023		14		129,783		8.2	%		6,481,438		11.6	%		49.94
2024		10		183,266		11.6	%		8,233,169		14.8	%		44.92
2025		24		129,405		8.2	%		5,133,788		9.2	%		36.67
2026		14		157,454		10.0	%		6,136,704		11.0	%		38.97
2027		21		147,210		9.3	%		5,731,951		10.3	%		38.94
2028		8		102,456		6.5	%		3,744,106		6.7	%		36.54
2029		8		155,116		9.8	%		6,780,572		12.2	%		43.71
2030		5		41,116		2.6	%		1,971,806		3.5	%		47.96
2031		—		—		0.0	%		—		0.0	%		—
2032		2		4,718		0.3	%		147,530		0.3	%		31.27
Thereafter		2		151,754		9.7	%		7,094,823		12.8	%		46.75
Total greater New York metropolitan area office properties		125		1,580,360		100.0	%	$	55,670,993		100.0	%	$	42.84
Retail Properties
Available		—		55,617		7.6	%	$	—		0.0	%	$	—
Signed leases not commenced		2		3,084		0.4	%		—		0.0	%		—
2Q 2022 (4)		1		7,437		1.0	%		179,015		0.2	%		24.07
3Q 2022		4		40,817		5.6	%		4,763,712		5.3	%		116.71
4Q 2022		1		3,955		0.5	%		—		0.0	%		—
Total 2022		6		52,209		7.1	%		4,942,727		5.5	%		94.67
1Q 2023		—		—		0.0	%		—		0.0	%		—
2Q 2023		2		1,508		0.2	%		219,164		0.2	%		145.33
3Q 2023		1		1,587		0.2	%		1,590,112		1.8	%		1,001.96
4Q 2023		2		20,249		2.8	%		1,863,956		2.1	%		92.05
Total 2023		5		23,344		3.2	%		3,673,232		4.1	%		157.35
2024		10		27,018		3.7	%		1,999,430		2.2	%		74.00
2025		5		22,751		3.1	%		4,540,130		5.1	%		199.58
2026		7		71,230		9.7	%		4,291,215		4.8	%		60.24
2027		7		56,039		7.6	%		7,514,879		8.4	%		134.10
2028		4		6,987		1.0	%		1,731,945		1.9	%		247.88
2029		7		104,928		14.3	%		19,931,825		22.3	%		189.96
2030		7		70,444		9.6	%		8,553,389		9.6	%		121.42
2031		10		83,703		11.4	%		13,974,543		15.6	%		166.95
2032		10		47,006		6.4	%		3,523,340		3.9	%		74.96
Thereafter		10		109,931		14.9	%		14,871,041		16.6	%		135.28
Total retail properties		90		734,291		100.0	%	$	89,547,696		100.0	%	$	132.55

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) 184,434 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 June 30, 2022 and expire on June 30, 2022.

Page 12

Second Quarter 2022 Tenant Lease Expirations (unaudited)

Empire State Building Broadcasting Licenses and Leases	Annualized Base Rent (1)		Annualized Expense Reimbursements		Annualized Rent (2)		Percent of Annualized Rent
2Q 2022 (3)	$	31,710	$	15,324	$	47,034		0.3	%
3Q 2022		—		—				0.0	%
4Q 2022		—		—		—		0.0	%
Total 2022		31,710		15,324		47,034		0.3	%
1Q 2023		—		—		—		0.0	%
2Q 2023		137,188		39,843		177,031		1.2	%
3Q 2023		82,480		30,438		112,918		0.7	%
4Q 2023		—		—		—		0.0	%
Total 2023		219,668		70,281		289,949		1.9	%
2024		68,958		39,849		108,807		0.7	%
2025		—		—		—		0.0	%
2026		848,556		103,785		952,341		6.3	%
2027		2,887,583		321,128		3,208,711		21.2	%
2028		261,200		26,514		287,714		1.9	%
2029		—		—		—		0.0	%
2030		2,130,337		352,732		2,483,069		16.4	%
2031		2,074,684		278,823		2,353,507		15.5	%
2032		4,427,191		502,903		4,930,094		32.6	%
Thereafter		359,380		121,566		480,946		3.2	%
Total Empire State Building Broadcasting Licenses and Leases	$	13,309,267	$	1,832,905	$	15,142,172		100.0	%

Notes:

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

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

(3) Represents leases that are included in occupancy as of June 30, 2022 and expire on June 30, 2022.

Page 13

Second 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		14.1 years		418,552		4.2	%	$	26,656,726		5.0	%
2. Signature Bank		1333 & 1400 Broadway		Jul. 2030 - Apr. 2035		12.6 years		236,420		2.4	%		13,835,299		2.6	%
3. PVH Corp.		501 Seventh Avenue		Oct. 2028		6.3 years		237,281		2.4	%		11,343,800		2.1	%
4. Centric Brands Inc.		Empire State Building		Oct. 2028		6.3 years		215,819		2.2	%		11,006,769		2.1	%
5. Sephora		112 West 34th Street		Jan. 2029		6.6 years		11,334		0.1	%		10,521,080		2.0	%
6. Li & Fung		1359 Broadway, ESB		Oct. 2023 - Oct. 2028		5.3 years		173,273		1.8	%		9,285,809		1.8	%
7. Target		112 West 34th St., 10 Union Sq.		Mar 2037 - Jan 2038		15.2 years		81,340		0.8	%		8,775,899		1.7	%
8. Macy’s		111 West 33rd Street		May 2030		7.9 years		131,117		1.3	%		8,144,366		1.5	%
9. Coty		Empire State Bilding		Jan. 2030		7.6 years		156,187		1.6	%		7,943,754		1.5	%
10. Urban Outfitters		1333 Broadway		Sept. 2029		7.3 years		56,730		0.6	%		7,794,127		1.5	%
11. Federal Deposit Insurance Corp.		Empire State Building		Dec. 2024		2.5 years		119,226		1.2	%		7,584,532		1.4	%
12. Footlocker		112 West 34th Street		Sept. 2031		9.3 years		34,192		0.3	%		7,024,535		1.3	%
13. HNTB Corporation		Empire State Building		Feb. 2029		6.7 years		105,143		1.1	%		6,982,283		1.3	%
14. Franklin Templeton		First Stamford Place		Sept. 2024		2.3 years		137,583		1.4	%		6,426,634		1.2	%
15. Shutterstock		Empire State Building		Apr. 2029		6.8 years		104,386		1.1	%		6,101,266		1.2	%
16. Fragomen		1400 Broadway		Feb. 2035		12.7 years		107,680		1.1	%		5,922,400		1.1	%
17. The Michael J. Fox Foundation		111 West 33rd Street		Nov. 2029		7.4 years		86,492		0.9	%		5,621,302		1.1	%
18. ASCAP		250 West 57th Street		Aug. 2034		12.2 years		87,943		0.9	%		5,468,189		1.0	%
19. Duane Reade		ESB, 1350 Broadway		May 2025 - Sept. 2027		4.0 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		2.3 years		77,364		0.8	%		4,647,666		0.9	%
Total								2,617,204		26.6	%	$	175,917,767		33.2	%

Notes:

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

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

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

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

	Three Months Ended
Capital expenditures (1)	June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
Tenant improvements - first generation	$	3,502	$	4,096	$	3,007	$	3,149	$	—
Tenant improvements - second generation		23,163		24,457		13,000		10,364		15,903
Leasing commissions - first generation		—		—		—		—		—
Leasing commissions - second generation		5,043		15,051		3,950		4,110		5,215
Building improvements - first generation		1,992		1,966		612		775		1,423
Building improvements - second generation		7,248		7,640		7,874		4,767		5,541
Total	$	40,948	$	53,210	$	28,443	$	23,165	$	28,082
Note:
(1)   Excludes multifamily properties.
Leasing Opportunity - Inventory of Current Vacant Space as of June 30, 2022 (in square feet) (2) (3)
Total Portfolio vacant space										1,547,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC										320,000
Greater New York Office Properties SLNC										20,000
Retail Properties SLNC										3,000
Redeveloped Manhattan Office space										743,000
Greater New York Office Properties space										261,000
Retail Properties space										55,000
Undeveloped Manhattan Office space										47,000
Space held off market										50,000
Other										48,000
Total										1,547,000

Notes:

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

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

Page 15

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

			Three Months Ended
	Twelve Months to Date		June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Observatory NOI
Observatory revenue (1)	$	71,121	$	27,368		$	13,241		$	17,716		$	12,796		$	8,359
Observatory expenses		27,341		7,776			6,215			6,980			6,370			5,268
NOI		43,780		19,592			7,026			10,736			6,426			3,091
Intercompany rent expense (2)		40,181		17,109			10,620			7,142			5,310			6,029
NOI after intercompany rent	$	3,599	$	2,483		$	(3,594	)	$	3,594		$	1,116		$	(2,938	)
Observatory Metrics
Number of visitors (3)				573,000			269,000			360,000			255,000			162,000
Change in visitors year over year				253.7	%		427.5	%		554.5	%		750.0	%		N/A
Number of bad weather days (“BWD”) (4)				19			17			7			18			9

Notes:

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

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

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

	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Assets
Commercial real estate properties, at cost:
Land	$	334,598		$	336,278		$	336,278		$	201,196		$	201,196
Development costs		8,162			8,162			8,131			8,007			8,064
Building and improvements		3,193,137			3,190,927			3,156,508			2,978,531			2,959,259
		3,535,897			3,535,367			3,500,917			3,187,734			3,168,519
Less: accumulated depreciation		(1,137,231	)		(1,124,090	)		(1,072,938	)		(1,055,731	)		(1,007,429	)
Commercial real estate properties, net		2,398,666			2,411,277			2,427,979			2,132,003			2,161,090
Cash and cash equivalents		359,424			429,716			423,695			582,188			540,604
Restricted cash		53,335			52,951			50,943			38,779			37,966
Tenant and other receivables		43,672			17,800			18,647			21,664			19,238
Deferred rent receivables		233,194			226,565			224,922			228,394			231,143
Prepaid expenses and other assets		82,256			52,152			76,549			60,522			71,399
Deferred costs, net		193,436			197,602			202,437			189,327			200,735
Acquired below-market ground leases, net		332,988			334,946			336,904			338,862			340,820
Right of use assets		28,781			28,842			28,892			28,945			28,998
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,217,231		$	4,243,330		$	4,282,447		$	4,112,163		$	4,123,472
Liabilities and Equity
Mortgage notes payable, net	$	916,657		$	947,479		$	948,769		$	773,925		$	774,612
Senior unsecured notes, net		973,555			973,426			973,373			973,320			973,267
Unsecured term loan facility, net		388,507			388,365			388,223			388,095			387,954
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		113,837			108,077			120,810			94,216			89,254
Acquired below-market leases, net		20,178			22,459			24,941			23,512			28,532
Ground lease liabilities		28,781			28,842			28,892			28,945			28,998
Deferred revenue and other liabilities		80,008			84,380			84,358			90,427			81,762
Tenants’ security deposits		29,615			28,270			28,749			26,042			25,885
Total liabilities		2,551,138			2,581,298			2,598,115			2,398,482			2,390,264
Total equity		1,666,093			1,662,032			1,684,332			1,713,681			1,733,208
Total liabilities and equity	$	4,217,231		$	4,243,330		$	4,282,447		$	4,112,163		$	4,123,472

Page 17

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

	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Revenues
Rental revenue (1)	$	149,339		$	147,514		$	139,104		$	139,558		$	140,797
Observatory revenue		27,368			13,241			17,716			12,796			8,359
Lease termination fees		18,859			1,173			281			11,321			3,339
Third party management and other fees		326			310			302			314			327
Other revenue and fees		2,130			1,796			2,931			1,059			586
Total revenues		198,022			164,034			160,334			165,048			153,408
Operating expenses
Property operating expenses		37,433			38,644			34,557			33,357			28,793
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		15,876			13,686			13,578			14,427			14,089
Observatory expenses		7,776			6,215			6,980			6,370			5,268
Real estate taxes		29,802			30,004			27,600			29,566			31,354
Impairment charge		—			—			7,723			—			—
Depreciation and amortization		58,304			67,106			46,467			65,794			45,088
Total operating expenses		151,523			157,986			139,237			151,845			126,924
Total operating income		46,499			6,048			21,097			13,203			26,484
Other income (expense)
Interest income		431			149			207			211			164
Interest expense		(25,042	)		(25,014	)		(23,841	)		(23,577	)		(23,422	)
Gain on disposition of property		27,170			—			—			—			—
Income (loss) before income taxes		49,058			(18,817	)		(2,537	)		(10,163	)		3,226
Income tax (expense) benefit		(363	)		1,596			(1,537	)		(20	)		1,185
Net income (loss)		48,695			(17,221	)		(4,074	)		(10,183	)		4,411
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(18,224	)		6,919			1,936			4,256			(1,285	)
Non-controlling interests in other partnerships		159			63			—			—			—
Private perpetual preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,051	)
Net income (loss) attributable to common stockholders	$	29,579		$	(11,289	)	$	(3,188	)	$	(6,977	)	$	2,075
Weighted average common shares outstanding
Basic		167,118			169,731			172,818			172,494			171,615
Diluted		270,085			273,759			276,207			277,716			278,436
Earnings per share attributable to common stockholders
Basic and diluted	$	0.18		$	(0.07	)	$	(0.02	)	$	(0.04	)	$	0.01
Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035

Note:

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

	Three Months Ended
	June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
Rental Revenue
Base rent	$	135,191	$	133,689	$	126,393	$	125,455	$	125,091
Billed tenant expense reimbursement		14,148		13,825		12,711		14,103		15,706
Total rental revenue	$	149,339	$	147,514	$	139,104	$	139,558	$	140,797

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

Second 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
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	48,695		$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411
Non-controlling interests in other partnerships		159			63			—			—			—
Preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,051	)
Real estate depreciation and amortization		56,571			65,414			45,211			64,565			43,480
Gain on disposition of property		(27,170	)		—			—			—			—
FFO attributable to common stockholders and the Operating Partnership		77,204			47,206			47,810			53,332			46,840
Amortization of below-market ground lease		1,958			1,958			1,958			1,957			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		79,162			49,164			49,768			55,289			48,798
Core FFO attributable to common stockholders and the Operating Partnership	$	79,162		$	49,164		$	49,768		$	55,289		$	48,798
Total weighted average shares and Operating Partnership units
Basic		270,078			273,759			276,207			277,716			277,893
Diluted		270,085			273,759			276,207			277,716			278,436
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.29		$	0.17		$	0.17		$	0.19		$	0.17
Diluted	$	0.29		$	0.17		$	0.17		$	0.19		$	0.17
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.29		$	0.18		$	0.18		$	0.20		$	0.18
Diluted	$	0.29		$	0.18		$	0.18		$	0.20		$	0.18
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.29		$	0.18		$	0.18		$	0.20		$	0.18
Diluted	$	0.29		$	0.18		$	0.18		$	0.20		$	0.18
Reconciliation of Core FFO to Core FAD
Core FFO	$	79,162		$	49,164		$	49,768		$	55,289		$	48,798
Add:
Amortization of deferred financing costs		1,270			1,421			1,136			1,051			1,136
Non-real estate depreciation and amortization		1,285			1,264			1,257			1,229			1,608
Amortization of non-cash compensation expense		5,765			4,460			4,843			5,378			5,303
Amortization of loss on interest rate derivative		1,528			1,529			1,529			1,529			1,529
Deduct:
Straight-line rental revenues		(8,597	)		(2,595	)		(7,881	)		(3,087	)		(3,763	)
Above/below-market rent revenue amortization		(1,675	)		(1,784	)		(280	)		(4,244	)		(717	)
Corporate capital expenditures		(302	)		(241	)		(183	)		(228	)		(30	)
Tenant improvements - second generation		(23,163	)		(24,457	)		(13,000	)		(10,364	)		(15,903	)
Building improvements - second generation		(7,248	)		(7,640	)		(7,874	)		(4,767	)		(5,541	)
Leasing commissions - second generation		(5,043	)		(15,051	)		(3,950	)		(4,110	)		(5,215	)
Core FAD	$	42,982		$	6,070		$	25,365		$	37,676		$	27,205
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	48,695		$	(17,221	)	$	(4,074	)	$	(10,183	)	$	4,411
Interest expense		25,042			25,014			23,841			23,577			23,422
Income tax expense (benefit)		363			(1,596	)		1,537			20			(1,185	)
Depreciation and amortization		58,304			67,106			46,467			65,794			45,088
EBITDA		132,404			73,303			67,771			79,208			71,736
Impairment charge		—			—			7,723			—			—
Gain on disposal of property		(27,170	)
Adjusted EBITDA	$	105,234		$	73,303		$	75,494		$	79,208		$	71,736

Page 19

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

	June 30, 2022										March 31, 2022
				ESRT		Weighted Average								ESRT		Weighted Average
				Pro-rata		Interest			Maturity					Pro-rata		Interest			Maturity
Debt Summary	Balance			Share		Rate			(Years)		Balance			Share		Rate			(Years)
Fixed rate mortgage debt	$	935,131		$	916,687		3.78	%		7.6	$	966,702		$	948,206		3.80	%		7.9
Senior unsecured notes		975,000			975,000		4.10	%		7.7		975,000			975,000		4.10	%		7.9
Unsecured term loan facilities (1)		265,000			265,000		3.40	%		3.1		265,000			265,000		3.40	%		3.3
Total fixed rate debt		2,175,131			2,156,687		3.89	%		7.1		2,206,702			2,188,206		3.90	%		7.3
Unsecured term loan facilities		125,000			125,000		1.95	%		4.5		125,000			125,000		1.95	%		4.8
Unsecured revolving credit facilities		—			—		—			2.8		—			—		—			3.0
Total variable rate debt		125,000			125,000		1.95	%		4.0		125,000			125,000		1.95	%		4.3
Total debt		2,300,131			2,281,687		3.89	%		6.9		2,331,702			2,313,206		3.89	%		7.2
Deferred financing costs, net		(13,277	)									(14,045	)
Debt discount		(8,135	)									(8,387	)
Total	$	2,278,719									$	2,309,270

Note:

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

			Outstanding at
			June 30,		Letters		Available
Available Capacity	Facility		2022		of Credit		Capacity
Unsecured revolving credit facility (1)	$	850,000	$	—	$	—	$	850,000

		Current	In
Covenant Summary	Required	Quarter	Compliance
Maximum Total Leverage(2)	< 60%	31.6%	Yes
Maximum Secured Leverage (2)	< 40%	12.7%	Yes
Minimum Fixed Charge Coverage	> 1.50x	5.5x	Yes
Minimum Unencumbered Interest Coverage	> 1.75x	6.6x	Yes
Maximum Unsecured Leverage (2)	< 60%	23.2%	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 determined in accordance with the credit facility agreement.

Page 20

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

	Stated Interest	Effective Interest			Principal			ESRT Pro-rata Share					Maturity
	Rate (%)	Rate (%) (1)			Balance			Percent			Amount		Date		Amortization
Fixed rate mortgage debt:
Metro Center	3.59%		3.67	%	$	83,824			100	%	$	83,824		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%		4.73	%		180,000			100	%		180,000		7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.	4.01%		4.21	%		36,255			100	%		36,255		1/5/2028	30 years
250 West 57th Street	2.83%		3.21	%		180,000			100	%		180,000		12/1/2030	Interest only
10 Bank Street	4.23%		4.37	%		30,609			100	%		30,609		6/1/2032	25 years
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	%		8,173			90	%		7,356		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	%		18,170			90	%		16,353		11/1/2033	30 years
Total fixed rate mortgage debt						935,131						916,687
Unsecured term loan facility	LIBOR plus 1.20%		3.58	%		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%		4.02	%		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%		4.11	%		2,300,131					$	2,281,687
Deferred financing costs, net						(13,277	)
Debt discount						(8,135	)
Total					$	2,278,719

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

Second 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	$	—	$	4,194	$	4,194		$	4,107		0.2	%		n/a
2023		—		9,632		9,632			9,407		0.4	%		n/a
2024		77,675		9,903		87,578			87,331		3.8	%		3.59	%
2025		315,000		7,979		322,979			322,709		14.1	%		3.57	%
2026		225,000		8,491		233,491			233,196		10.2	%		3.83	%
2027		319,000		7,640		326,640			326,317		14.3	%		4.21	%
2028		146,092		4,784		150,876			150,523		6.6	%		4.06	%
2029		—		5,267		5,267			4,871		0.2	%		n/a
2030		508,600		6,127		514,727			509,891		22.3	%		3.67	%
2031		—		4,707		4,707			4,379		0.2	%		n/a
Thereafter		632,590		7,450		640,040			628,955		27.6	%		4.06	%
Total debt	$	2,223,957	$	76,174		2,300,131		$	2,281,687		100.0	%		3.89	%
Deferred financing costs, net						(13,277	)
Debt discount						(8,135	)
Total					$	2,278,719

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	$	54	$	338	$	368	$	759
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
	$	2,199	$	28,013	$	40,364	$	70,575

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

Second 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 and gain on disposition of property.

Page 23