Exhibit 99.2

  Third Quarter 2022

Table of Contents	Page
Summary
Company Profile		4
Highlights		5
Selected Property Data
Property Summary Net Operating Income		6
Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI		7
Leasing Activity		8
Property Detail		10
Portfolio Expirations and Vacates Summary		11
Tenant Lease Expirations		12
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, Observatory, 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 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 current 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 budget; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to any development project (including our Metro Tower potential 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; (xx) incurrence of taxable capital gain on disposition of an asset due to failure of use or compliance with a 1031 exchange program; and (xxi) 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 3

  Third 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 and 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	Camille Bonnel	(416	) 369-2140	camille.bonnel@bofa.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 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 4

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

	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Portfolio Metrics:
Number of office and retail properties		19			19			20			20			20
Total rentable square footage		9,882,226			9,885,707			10,150,384			10,128,335			10,129,201
Percent occupied (1)		84.2	%		84.3	%		83.0	%		82.4	%		83.5	%
Percent leased (2)		88.5	%		87.8	%		87.0	%		85.7	%		86.5	%
Portfolio Same Store Cash Net Operating Income (NOI):
Manhattan office portfolio	$	57,257		$	80,367		$	63,799		$	62,125		$	71,160
Greater New York office portfolio		5,813			6,964			7,141			7,177			7,899
Standalone retail portfolio		1,315			1,932			2,272			2,054			1,866
Observatory		24,535			19,592			7,026			10,736			6,426
Total Portfolio Same Store NOI	$	88,920		$	108,855		$	80,238		$	82,092		$	87,351
Multifamily Metrics:
Number of multifamily properties		2			2			2			2			—
Total number of units		625			625			625			625			—
Percent occupied		98.4	%		98.4	%		97.6	%		1			—
Observatory Metrics:
Number of visitors (3)		687,000			573,000			269,000			360,000			255,000
Change in visitors year over year		169.4	%		253.7	%		427.5	%		554.5	%		750.0	%
Ratios at ESRT pro-rata share: (4)
Debt to Total Market Capitalization (5)		54.8	%		53.0	%		44.8	%		47.2	%		42.2	%
Net Debt to Total Market Capitalization (5)		50.2	%		48.7	%		39.8	%		42.2	%		34.7	%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)		57.0	%		55.1	%		46.5	%		49.0	%		43.9	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)		52.6	%		51.0	%		41.6	%		44.2	%		36.7	%
Debt to Adjusted EBITDA (6)		6.7x			6.9x			7.7x			8.2x			7.7x
Net Debt to Adjusted EBITDA (6)		5.6x			5.8x			6.3x			6.5x			5.6x
Interest Coverage Ratio		3.7x			5.1x			3.6x			3.9x			4.0x
Core FFO Payout Ratio (7)		17	%		12	%		20	%		18	%		18	%
Core FAD Payout Ratio (8)		51	%		23	%		161	%		36	%		26	%
Core FFO per share - diluted	$	0.21		$	0.29		$	0.18		$	0.18		$	0.20
Diluted weighted average shares		267,121,000			270,085,000			273,759,000			276,207,000			277,716,000
Class A common stock price at quarter end	$	6.56		$	7.03		$	9.82		$	8.90		$	10.03
Average closing price	$	7.42		$	8.12		$	9.41		$	9.87		$	10.79
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)		2.1	%		2.0	%		1.4	%		1.6	%		1.4	%
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		160,576,042			162,689,535			168,731,507			169,221,263			172,293,081
Class B common stock		993,332			994,252			994,837			995,751			999,220
Operating partnership units		110,959,627			111,420,579			111,791,527			110,996,807			111,812,211
Total common stock and operating partnership units outstanding (10)		272,529,001			275,104,366			281,517,871			281,213,821			285,104,512

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 September 30, 2022 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2022; (ii) the number of Series 2014 perpetual preferred units at September 30, 2022 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2022 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 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 September 30, 2022.

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

Page 5

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

	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Same Store Total Portfolio (1)
Revenues	$	143,478		$	143,759		$	140,458		$	142,053		$	139,545
Operating expenses		(73,439	)		(66,289	)		(67,242	)		(63,697	)		(64,540	)
Same store property NOI		70,039			77,470			73,216			78,356			75,005
Straight-line rent		(7,278	)		(8,470	)		(2,595	)		(8,959	)		(3,114	)
Above/below-market rent revenue amortization		(333	)		(554	)		(540	)		(280	)		(4,244	)
Below-market ground lease amortization		1,957			1,958			1,958			1,958			1,957
Total same store property cash NOI - excluding lease termination fees	$	64,385		$	70,404		$	72,039		$	71,075		$	69,604
Percent change over prior year		(7.5)	%		(7.1)	%		0.9	%		(4.5)	%		(6.4)	%
Property cash NOI	$	64,385		$	70,404		$	72,039		$	71,075		$	69,604
Observatory cash NOI		24,535			19,592			7,026			10,736			6,426
Lease termination fees		—			18,859			1,173			281			11,321
Total portfolio same store cash NOI	$	88,920		$	108,855		$	80,238		$	82,092		$	87,351
Same Store Manhattan Office Portfolio (2)
Revenues	$	125,136		$	125,405		$	122,017		$	124,053		$	120,636
Operating expenses		(64,220	)		(57,403	)		(58,471	)		(55,256	)		(56,058	)
Same store property NOI		60,916			68,002			63,546			68,797			64,578
Straight-line rent		(5,283	)		(7,898	)		(2,338	)		(8,401	)		(2,259	)
Above/below-market rent revenue amortization		(333	)		(554	)		(540	)		(280	)		(4,244	)
Below-market ground lease amortization		1,957			1,958			1,958			1,958			1,957
Total same store property cash NOI - excluding lease termination fees		57,257			61,508			62,626			62,074			60,032
Lease termination fees		—			18,859			1,173			51			11,128
Total same store property cash NOI	$	57,257		$	80,367		$	63,799		$	62,125		$	71,160
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	14,443		$	14,743		$	14,508		$	14,375		$	15,619
Operating expenses		(7,588	)		(7,283	)		(7,132	)		(6,893	)		(6,862	)
Same store property NOI		6,855			7,460			7,376			7,482			8,757
Straight-line rent		(1,042	)		(496	)		(235	)		(535	)		(1,051	)
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		5,813			6,964			7,141			6,947			7,706
Lease termination fees		—			—			—			230			193
Total same store property cash NOI	$	5,813		$	6,964		$	7,141		$	7,177		$	7,899
Same Store Standalone Retail Portfolio
Revenues	$	3,899		$	3,611		$	3,933		$	3,625		$	3,290
Operating expenses		(1,631	)		(1,603	)		(1,639	)		(1,548	)		(1,620	)
Same store property NOI		2,268			2,008			2,294			2,077			1,670
Straight-line rent		(953	)		(76	)		(22	)		(23	)		196
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		1,315			1,932			2,272			2,054			1,866
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	1,315		$	1,932		$	2,272		$	2,054		$	1,866

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 497,235 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 6

    Third 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	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Net income (loss)	$	10,118		$	48,695		$	(17,221	)	$	(4,074	)	$	(10,183	)
Add:
General and administrative expenses		15,725			15,876			13,686			13,578			14,427
Depreciation and amortization		46,984			58,304			67,106			46,467			65,794
Interest expense		25,516			25,042			25,014			23,841			23,577
Income tax expense (benefit)		1,457			363			(1,596	)		1,537			20
Impairment charge		—			—			—			7,723			—
Less:
Gain on disposition of property		—			(27,170	)		—			—			—
Third-party management and other fees		(389	)		(326	)		(310	)		(302	)		(314	)
Interest income		(1,564	)		(431	)		(149	)		(207	)		(211	)
Net operating income		97,847			120,353			86,530			88,563			93,110
Straight-line rent		(7,341	)		(8,597	)		(2,595	)		(7,881	)		(3,087	)
Above/below-market rent revenue amortization		(677	)		(1,675	)		(1,784	)		(280	)		(4,244	)
Below-market ground lease amortization		1,957			1,958			1,958			1,958			1,957
Total cash NOI—including observatory and lease termination income		91,786			112,039			84,109			82,360			87,736
Less cash NOI from non-Same Store properties		(2,866	)		(3,184	)		(3,871	)		(268	)		(385	)
Total Same Store cash NOI—including observatory and lease termination income		88,920			108,855			80,238			82,092			87,351
Less: observatory NOI		(24,535	)		(19,592	)		(7,026	)		(10,736	)		(6,426	)
Less: Lease termination income		—			(18,859	)		(1,173	)		(281	)		(11,321	)
Total Same Store cash NOI—excluding observatory and lease termination income	$	64,385		$	70,404		$	72,039		$	71,075		$	69,604

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

Expected Cash Commencement	Square Feet		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
					2022		2023		2024		2025		2026
Fourth quarter 2022		182,593	$	12,401	$	1,464	$	12,401	$	12,362	$	12,073	$	11,941
First quarter 2023		107,674		5,243		—		4,739		5,243		5,243		5,243
Second quarter 2023		175,510		9,386		—		6,440		9,386		9,386		9,386
Third quarter 2023		301,848		16,078		—		6,040		16,078		16,078		16,078
Fourth quarter 2023		61,204		5,283		—		918		5,283		5,283		5,283
First quarter 2024		209,622		14,181		—		—		12,936		14,181		14,181
Second Quarter 2024		64,206		4,509		—		—		3,014		4,509		4,509
Third quarter 2024		24,536		1,472		—		—		710		1,472		1,472
Fourth quarter 2024		—		—		—		—		—		—		—
First quarter 2025		50,875		3,510		—		—		—		3,034		3,150
		1,178,068	$	72,063	$	1,464	$	30,538	$	65,012	$	71,259	$	71,243
3Q 2022	Incremental Annual Cash Rent (1)		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
					2022		2023		2024		2025		2026
Commenced leases in free rent period	$	27,155	$	34,250	$	1,374	$	24,070	$	34,211	$	33,922	$	33,790
Signed leases not commenced		29,746		37,813		90		6,468		30,801		37,337		37,453
	$	56,901	$	72,063	$	1,464	$	30,538	$	65,012	$	71,259	$	71,243

Notes:

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

Page 7

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

	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Total Office and Retail Portfolio
Total leases executed		34			37			44			34			34
Weighted average lease term		7.9 years			10 years			8.7 years			11.2 years			6.9 years
Average free rent period		8.7 months			8.2 months			8.4 months			11.4 months			6.3 months
Office
Total square footage executed		294,016			316,949			317,633			368,854			264,132
Average starting cash rent psf—leases executed	$	52.35		$	60.28		$	54.75		$	56.88		$	53.39
Previously escalated cash rents psf	$	49.67		$	58.25		$	53.35		$	56.04		$	53.25
Percentage of new cash rent over previously escalated rents		5.0	%		3.5	%		2.6	%		1.5	%		0.3	%
Retail
Total square footage executed		41,366			3,276			1,013			6,066			3,923
Average starting cash rent psf—leases executed	$	137.72		$	115.08		$	120.81		$	256.52		$	99.97
Previously escalated cash rents psf	$	153.81		$	115.54		$	126.33		$	239.07		$	179.25
Percentage of new cash rent over previously escalated rents		(10.5	%)		(0.4	%)		(4.4	%)		7.3	%		(44.2	%)
Total Office and Retail Portfolio
Total square footage executed		335,382			320,225			318,646			374,920			268,055
Average starting cash rent psf—leases executed	$	63.01		$	60.86		$	54.96		$	60.17		$	54.11
Previously escalated cash rents psf	$	62.84		$	58.86		$	53.59		$	59.05		$	55.18
Percentage of new cash rent over previously escalated rents		0.3	%		3.4	%		2.6	%		1.9	%		(2.0	%)
Leasing commission costs per square foot	$	19.04		$	24.44		$	19.75		$	26.34		$	15.82
Tenant improvement costs per square foot		53.67			57.43			66.05			77.86			61.16
Total LC and TI per square foot (1)	$	72.71		$	81.87		$	85.80		$	104.20		$	76.98
Occupancy		84.2	%		84.3	%		83.0	%		82.4	%		83.5	%
Manhattan Office Portfolio
Total leases executed		21			27			29			24			21
Office—New Leases
Total square footage executed		94,467			159,970			215,560			257,693			139,620
Average starting cash rent psf—leases executed	$	59.97		$	67.84		$	59.80		$	60.25		$	57.86
Previously escalated cash rents psf	$	48.52		$	62.70		$	57.79		$	57.97		$	57.23
Percentage of new cash rent over previously escalated rents		23.6	%		8.2	%		3.5	%		3.9	%		1.1	%
Office—Renewal Leases
Total square footage executed		84,867			99,690			40,616			35,784			72,681
Average starting cash rent psf—leases executed	$	57.97		$	58.43		$	55.99		$	61.67		$	54.73
Previously escalated cash rents psf	$	59.37		$	58.28		$	54.00		$	63.61		$	54.26
Percentage of new cash rent over previously escalated rents		(2.3	%)		0.3	%		3.7	%		(3.0	%)		0.9	%
Total Manhattan Office Portfolio
Total square footage executed		179,334			259,660			256,176			293,477			212,301
Average starting cash rent psf—leases executed	$	59.02		$	64.23		$	59.19		$	60.43		$	56.79
Previously escalated cash rents psf	$	53.65		$	61.00		$	57.19		$	58.66		$	56.21
Percentage of new cash rent over previously escalated rents		10.0	%		5.3	%		3.5	%		3.0	%		1.0	%
Leasing commission costs per square foot	$	12.53		$	27.58		$	22.24		$	28.30		$	17.10
Tenant improvement costs per square foot		47.13			63.26			68.52			89.19			60.50
Total LC and TI per square foot (1)	$	59.66		$	90.84		$	90.76		$	117.50		$	77.60
Occupancy		84.7	%		84.0	%		83.9	%		83.9	%		84.5	%

Page 8

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

	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Greater New York Metropolitan Area Office Portfolio
Total leases executed		6			7			13			6			10
Total square footage executed		114,682			57,289			61,457			75,377			51,831
Average starting cash rent psf—leases executed	$	41.56		$	38.28		$	33.45		$	41.93		$	35.00
Previously escalated cash rents psf	$	43.75		$	42.91		$	34.92		$	44.99		$	37.19
Percentage of new cash rent over previously escalated rents		(5.0	%)		(10.8	%)		(4.2	%)		(6.8	%)		(5.9	%)
Leasing commission costs per square foot	$	12.89		$	10.96		$	9.13		$	13.10		$	9.26
Tenant improvement costs per square foot		61.75			34.32			56.86			29.45			64.91
Total LC and TI per square foot (1)	$	74.64		$	45.28		$	65.99		$	42.55		$	74.17
Occupancy		80.7	%		82.2	%		76.2	%		76.6	%		79.8	%
Retail Portfolio
Total leases executed		7			3			2			4			3
Total square footage executed		41,366			3,276			1,013			6,066			3,923
Average starting cash rent psf—leases executed	$	137.72		$	115.08		$	120.81		$	256.52		$	99.97
Previously escalated cash rents psf	$	153.81		$	115.54		$	126.33		$	2,399.07		$	179.25
Percentage of new cash rent over previously escalated rents		(10.5	%)		(0.4	%)		(4.4	%)		7.3	%		(44.2	%)
Leasing commission costs per square foot	$	64.33		$	10.93		$	35.14		$	96.11		$	32.89
Tenant improvement costs per square foot		59.57			—			—			130.80			47.90
Total LC and TI per square foot (1)	$	123.90		$	10.93		$	35.31		$	226.91		$	80.79
Occupancy		86.4	%		92.0	%		90.9	%		81.8	%		83.0	%
Multifamily Portfolio
Percent occupied		98.4	%		98.4	%		97.6	%		1			—
Total number of units		625			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 9

  Third 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		2,715,388		83.1	%		85.4	%	$	139,672,633	$	61.89		147
One Grand Central Place	Grand Central		1,245,902		84.9	%		91.3	%		63,877,921		60.41		158
1400 Broadway (8)	Penn Station -Times Sq. South		916,579		86.1	%		100.0	%		43,482,209		55.07		20
111 West 33rd Street (9)	Penn Station -Times Sq. South		641,036		96.2	%		96.2	%		39,374,955		63.86		22
250 West 57th Street	Columbus Circle—West Side		466,642		82.6	%		86.0	%		23,871,379		61.94		32
501 Seventh Avenue	Penn Station -Times Sq. South		461,367		84.7	%		91.2	%		19,622,582		50.21		23
1359 Broadway	Penn Station -Times Sq. South		457,435		76.4	%		81.7	%		20,899,595		59.77		29
1350 Broadway (10)	Penn Station -Times Sq. South		371,848		80.1	%		86.0	%		17,822,072		59.87		52
1333 Broadway	Penn Station -Times Sq. South		296,360		90.0	%		90.0	%		15,621,885		58.55		14
Manhattan Office Properties—Office			7,572,557		84.7	%		89.4	%		384,245,231		59.94		497
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		776,348		76.7	%		77.2	%		25,427,907		42.69		43
Metro Center	Stamford, CT		284,464		84.3	%		87.1	%		13,708,578		57.15		20
500 Mamaroneck Avenue	Harrison, NY		286,335		90.4	%		92.4	%		7,651,048		29.57		34
10 Bank Street	White Plains, NY		233,585		77.7	%		84.3	%		6,598,982		36.38		28
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,580,732		80.7	%		82.8	%		53,386,515		41.85		125
Manhattan Office Properties—Retail
The Empire State Building	Penn Station -Times Sq. South		91,554		76.6	%		76.6	%		6,873,568		97.96		12
One Grand Central Place	Grand Central		68,733		99.4	%		99.4	%		8,669,740		126.90		13
1400 Broadway (8)	Penn Station -Times Sq. South		18,618		75.1	%		75.1	%		1,471,265		105.24		6
112 West 34th Street (9)	Penn Station -Times Sq. South		91,280		100.0	%		100.0	%		23,784,242		260.56		4
250 West 57th Street	Columbus Circle—West Side		67,231		89.1	%		89.1	%		8,896,423		148.47		7
501 Seventh Avenue	Penn Station -Times Sq. South		34,564		73.2	%		73.2	%		1,609,769		63.64		6
1359 Broadway	Penn Station -Times Sq. South		27,467		68.9	%		88.4	%		1,059,252		55.94		4
1350 Broadway (10)	Penn Station -Times Sq. South		30,787		73.1	%		77.6	%		5,735,810		254.98		4
1333 Broadway	Penn Station -Times Sq. South		67,001		98.7	%		98.7	%		9,444,711		142.89		3
Manhattan Office Properties—Retail			497,235		87.8	%		89.1	%		67,544,779		154.74		59
Standalone Retail Properties
10 Union Square	Union Square		58,006		85.5	%		90.9	%		6,948,984		140.04		8
1542 Third Avenue	Upper East Side		56,250		100.0	%		100.0	%		2,652,308		47.15		4
1010 Third Avenue	Upper East Side		38,235		26.1	%		100.0	%		412,120		41.24		1
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		1,952,250		76.90		3
69-97 Main Street	Westport, CT		16,874		100.0	%		100.0	%		1,866,809		110.63		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			199,083		81.6	%		97.3	%		14,589,176		89.80		22
Multifamily Retail Properties
561 10th Avenue	Hudson Yards		28,919		94.9	%		100.0	%		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	%		100.0	%		2,642,883		84.86		3
Portfolio Total			9,882,226		84.2	%		88.5	%	$	522,408,585	$	62.82		706
Total/Weighted Average Office Properties			9,153,289		84.0	%		88.3	%	$	437,631,747	$	56.94		622
Total/Weighted Average Retail Properties			728,937		86.4	%		91.9	%		84,776,838		134.55		84
Portfolio Total			9,882,226		84.2	%		88.5	%	$	522,408,585	$	62.82		706

Notes:

(1) Excludes (i) 189,583 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 September 30, 2022.

(3) Based on leases signed but not commenced as of September 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 September 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 37,747 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 10

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

	Actual		Forecast (1)			Forecast (1)
	Three Months Ended					Three Months Ended
Total Office and Retail Portfolio (2)	September 30, 2022		December 31, 2022			March 31, 2023		June 30, 2023			September 30, 2023			December 31, 2023		Full Year 2023
Total expirations		138,355		114,496			91,706		112,126			147,241			188,713		539,786
Less: broadcasting		—		(906	)		—		(309	)		(472	)		—		(781	)
Office and retail expirations		138,355		113,590			91,706		111,817			146,769			188,713		539,005
Renewals & relocations (3)		25,318		22,994			16,088		47,277			44,954			5,845		114,164
New leases (4)		6,902		18,662			16,960		2,363			4,847			21,262		45,432
Vacates (5)		106,135		68,438			50,451		27,511			91,335			111,585		280,882
Unknown (6)		—		3,496			8,207		34,666			5,633			50,021		98,527
Total Office and Retail Portfolio expirations and vacates		138,355		113,590			91,706		111,817			146,769			188,713		539,005
Manhattan Office Portfolio
Total expirations		41,937		66,078			77,506		68,151			85,290			165,392		396,339
Less: broadcasting		—		(906	)		—		(309	)		(472	)		—		(781	)
Office expirations		41,937		65,172			77,506		67,842			84,818			165,392		395,558
Renewals & relocations (3)		8,239		19,896			12,607		7,480			15,050			5,845		40,982
New leases (4)		6,902		17,075			16,960		2,363			4,847			21,262		45,432
Vacates (5)		26,796		24,705			42,879		27,511			59,288			111,585		241,263
Unknown (6)		—		3,496			5,060		30,488			5,633			26,700		67,881
Total expirations and vacates		41,937		65,172			77,506		67,842			84,818			165,392		395,558
Greater New York Metropolitan Area Office Portfolio
Office expirations		55,601		35,439			14,200		43,063			61,951			3,072		122,286
Renewals & relocations (3)		17,079		3,098			3,481		39,797			29,904			—		73,182
New leases (4)		—		—			—		—			—			—		—
Vacates (5)		38,522		32,341			7,572		—			32,047			—		39,619
Unknown (6)		—		—			3,147		3,266			—			3,072		9,485
Total expirations and vacates		55,601		35,439			14,200		43,063			61,951			3,072		122,286
Retail Portfolio (7)
Retail expirations		40,817		12,979			—		912			—			20,249		21,161
Renewals & relocations (3)		—		—			—		—			—			—		—
New leases (4)		—		1,587			—		—			—			—		—
Vacates (5)		40,817		11,392			—		—			—			—		—
Unknown (6)		—		—			—		912			—			20,249		21,161
Total expirations and vacates		40,817		12,979			—		912			—			20,249		21,161

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 11

  Third 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		—		1,131,681		11.5	%	$	—		0.0	%	$	—
Signed leases not commenced		37		434,236		4.4	%		—		0.0	%		—
3Q 2022 (4)		11		37,568		0.4	%		1,758,299		0.0	%		46.80
4Q 2022		27		101,710		1.0	%		6,651,746		1.3	%		65.40
Total 2022		38		139,278		1.4	%		8,410,045		1.6	%		60.38
1Q 2023		20		91,706		0.9	%		5,321,293		1.0	%		58.03
2Q 2023		26		112,126		1.1	%		6,825,614		1.3	%		60.87
3Q 2023		27		147,241		1.5	%		8,788,725		1.7	%		59.71
4Q 2023		22		188,713		1.9	%		12,381,894		2.4	%		65.61
Total 2023		95		539,786		5.5	%		33,317,526		6.4	%		61.72
2024		95		665,656		6.7	%		38,668,850		7.4	%		58.09
2025		90		531,804		5.4	%		33,643,184		6.4	%		63.26
2026		70		688,171		7.0	%		37,743,525		7.2	%		54.85
2027		95		777,703		7.9	%		46,037,877		8.8	%		59.20
2028		42		971,444		9.8	%		49,946,822		9.6	%		51.42
2029		48		982,031		9.9	%		70,309,423		13.5	%		71.60
2030		36		699,914		7.1	%		45,153,253		8.6	%		64.51
2031		21		163,543		1.7	%		19,685,277		3.8	%		120.37
2032		32		407,329		4.1	%		28,037,171		5.4	%		68.83
Thereafter		45		1,749,650		17.6	%		111,455,632		21.3	%		63.70
Total		744		9,882,226		100.0	%	$	522,408,585		100.0	%	$	62.82
Manhattan Office Properties (5)
Available		—		800,585		10.6	%	$	—		0.0	%	$	—
Signed leases not commenced		28		361,335		4.8	%		—		0.0	%		—
3Q 2022 (4)		7		15,614		0.2	%		955,197		0.2	%		61.18
4Q 2022		20		64,555		0.9	%		3,687,637		1.0	%		57.12
Total 2022		27		80,169		1.1	%		4,642,834		1.2	%		57.91
1Q 2023		16		77,506		1.0	%		4,708,909		1.2	%		60.76
2Q 2023		22		68,151		0.9	%		4,811,168		1.3	%		70.60
3Q 2023		19		85,290		1.1	%		5,141,056		1.3	%		60.28
4Q 2023		19		165,392		2.2	%		10,404,812		2.7	%		62.91
Total 2023		76		396,339		5.2	%		25,065,945		6.5	%		63.24
2024		78		590,255		7.8	%		35,278,992		9.2	%		59.77
2025		60		379,623		5.0	%		23,937,468		6.2	%		63.06
2026		49		459,487		6.1	%		27,209,680		7.1	%		59.22
2027		67		574,454		7.6	%		32,869,459		8.6	%		57.22
2028		27		839,238		11.1	%		43,742,845		11.4	%		52.12
2029		32		720,858		9.5	%		43,105,374		11.2	%		59.80
2030		20		541,339		7.1	%		32,718,623		8.5	%		60.44
2031		11		79,840		1.1	%		5,640,056		1.5	%		70.64
2032		23		355,605		4.7	%		24,238,323		6.3	%		68.16
Thereafter		28		1,393,430		18.3	%		85,795,632		22.3	%		61.57
Total Manhattan office properties		526		7,572,557		100.0	%	$	384,245,231		100.0	%	$	59.94

Page 12

  Third 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		—		271,782		17.2	%	$	—		0.0	%	$	—
Signed leases not commenced		5		33,371		2.1	%		—		0.0	%		—
3Q 2022 (4)		3		14,517		0.9	%		624,087		1.2	%		42.99
4Q 2022		5		31,613		2.0	%		1,371,580		2.6	%		43.39
Total 2022		8		46,130		2.9	%		1,995,667		3.7	%		43.26
1Q 2023		4		14,200		0.9	%		612,384		1.1	%		43.13
2Q 2023		3		43,063		2.7	%		1,954,446		3.7	%		45.39
3Q 2023		7		61,951		3.9	%		3,647,669		6.8	%		58.88
4Q 2023		1		3,072		0.2	%		112,128		0.2	%		36.50
Total 2023		15		122,286		7.7	%		6,326,627		11.9	%		51.74
2024		10		56,567		3.6	%		2,100,564		3.9	%		37.13
2025		25		129,430		8.2	%		5,134,320		9.6	%		39.67
2026		14		157,454		10.0	%		6,204,854		11.6	%		39.41
2027		21		147,210		9.3	%		5,679,308		10.6	%		38.58
2028		11		125,219		7.9	%		4,499,973		8.4	%		35.94
2029		8		154,292		9.8	%		6,789,155		12.7	%		44.00
2030		6		88,131		5.6	%		3,794,801		7.1	%		43.06
2031		—		—		0.0	%		—		0.0	%		—
2032		2		4,718		0.3	%		147,530		0.3	%		31.27
Thereafter		5		244,142		15.4	%		10,713,716		20.2	%		43.88
Total greater New York metropolitan area office properties		130		1,580,732		100.0	%	$	53,386,515		100.0	%	$	41.85
Retail Properties
Available		—		59,314		8.1	%	$	—		0.0	%	$	—
Signed leases not commenced		4		39,530		5.4	%		—		0.0	%		—
3Q 2022 (4)		1		7,437		1.0	%		179,015		0.2	%		24.07
4Q 2022		2		5,542		0.8	%		1,592,529		1.9	%		287.36
Total 2022		3		12,979		1.8	%		1,771,544		2.1	%		136.49
1Q 2023		—		—		0.0	%		—		0.0	%		—
2Q 2023		1		912		0.1	%		60,000		0.1	%		65.79
3Q 2023		1		—		0.0	%		—		0.0	%		—
4Q 2023		2		20,249		2.8	%		1,864,954		2.2	%		92.10
Total 2023		4		21,161		2.9	%		1,924,954		2.3	%		90.97
2024		7		18,834		2.6	%		1,289,294		1.5	%		68.46
2025		5		22,751		3.1	%		4,571,396		5.4	%		200.93
2026		7		71,230		9.8	%		4,328,991		5.1	%		60.77
2027		7		56,039		7.7	%		7,489,110		8.8	%		133.64
2028		4		6,987		1.0	%		1,704,004		2.0	%		243.88
2029		8		106,881		14.7	%		20,414,894		24.1	%		191.01
2030		10		70,444		9.7	%		8,639,829		10.2	%		122.65
2031		10		83,703		11.5	%		14,045,221		16.6	%		167.80
2032		7		47,006		6.4	%		3,651,318		4.3	%		77.68
Thereafter		12		112,078		15.3	%		14,946,283		17.6	%		133.36
Total retail properties		88		728,937		100.0	%	$	84,776,838		100.0	%	$	134.55

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) 189,583 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 September 30, 2022 and expire on September 30, 2022.

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

Page 13

  Third 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		13.9 years		471,126		4.8	%	$	30,562,073		5.9	%
2. Signature Bank		1333 & 1400 Broadway		Jul. 2030 - Apr. 2035		12.3 years		236,420		2.4	%		13,867,908		2.7	%
3. PVH Corp.		501 Seventh Avenue		Oct. 2028		6.1 years		237,281		2.4	%		11,524,123		2.2	%
4. Centric Brands Inc.		Empire State Building		Oct. 2028		6.1 years		253,019		2.6	%		11,289,615		2.2	%
5. Sephora		112 West 34th Street		Jan. 2029		6.3 years		11,334		0.1	%		10,533,628		2.0	%
6. Li & Fung		1359 Broadway, ESB		Oct. 2023 - Oct. 2028		5.1 years		173,273		1.8	%		9,260,886		1.8	%
7. Target		112 West 34th St., 10 Union Sq.		Mar 2037 - Jan 2038		14.9 years		81,340		0.8	%		8,825,395		1.7	%
8. Macy’s		111 West 33rd Street		May 2030		7.7 years		131,117		1.3	%		8,382,100		1.6	%
9. Coty		Empire State Bilding		Jan. 2030		7.3 years		156,187		1.6	%		7,950,113		1.5	%
10. Urban Outfitters		1333 Broadway		Sept. 2029		7.0 years		56,730		0.6	%		7,771,138		1.5	%
11. Federal Deposit Insurance Corp.		Empire State Building		Dec. 2024		2.3 years		119,226		1.2	%		7,567,274		1.4	%
12. Footlocker		112 West 34th Street		Sept. 2031		9.0 years		34,192		0.3	%		7,062,390		1.4	%
13. HNTB Corporation		Empire State Building		Feb. 2029		6.4 years		105,143		1.1	%		6,982,050		1.3	%
14. Shutterstock		Empire State Building		Apr. 2029		6.6 years		104,386		1.1	%		6,087,598		1.2	%
15. Fragomen		1400 Broadway		Feb. 2035		12.4 years		107,680		1.1	%		5,922,400		1.1	%
16. The Michael J. Fox Foundation		111 West 33rd Street		Nov. 2029		7.2 years		86,492		0.9	%		5,786,707		1.1	%
17. ASCAP		250 West 57th Street		Aug. 2034		11.9 years		87,943		0.9	%		5,344,751		1.0	%
18. Duane Reade		ESB, 1350 Broadway		May 2025 - Sept. 2027		3.8 years		39,142		0.4	%		4,859,980		0.9	%
19. The Interpublic Group of Co’s, Inc.		111 West 33rd St & 1400 B’Way		Jul. 2024 - Feb. 2025		2.1 years		77,364		0.8	%		4,744,134		0.9	%
20. The TJX Companies		250 West 57th Street		Nov. 2030		8.2 years		46,644		0.5	%		4,563,898		0.9	%
Total								2,616,039		26.7	%	$	178,888,161		34.3	%

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 September 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

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

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
Capital expenditures (1)	2022		2022		2022		2021		2021
Tenant improvements—first generation	$	1,493	$	3,502	$	4,096	$	3,007	$	3,149
Tenant improvements—second generation		20,329		23,163		24,457		13,000		10,364
Leasing commissions—second generation		10,182		5,043		15,051		3,950		4,110
Building improvements—first generation		868		1,992		1,966		612		775
Building improvements—second generation		7,986		7,248		7,640		7,874		4,767
Total	$	40,858	$	40,948	$	53,210	$	28,443	$	23,165
Leasing Opportunity—Inventory of Current Vacant Space as of September 30, 2022 (in square feet)(2) (3)
Total Portfolio vacant space										1,566,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC										361,000
Greater New York Office Properties SLNC										33,000
Retail Properties SLNC										40,000
Redeveloped Manhattan Office space										654,000
Greater New York Office Properties space										272,000
Retail Properties space										59,000
Undeveloped Manhattan Office space										44,000
Space held off market										57,000
Other										46,000
Total										1,566,000

Notes:

(1) Excludes multifamily properties.

(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

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

			Three Months Ended
Observatory NOI	Twelve Months to Date		September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Observatory revenue (1)	$	91,376	$	33,051		$	27,368		$	13,241		$	17,716		$	12,796
Observatory expenses		29,487		8,516			7,776			6,215			6,980			6,370
NOI		61,889		24,535			19,592			7,026			10,736			6,426
Intercompany rent expense (2)		53,943		19,072			17,109			10,620			7,142			5,310
NOI after intercompany rent	$	7,946	$	5,463		$	2,483		$	(3,594	)	$	3,594		$	1,116
Observatory Metrics
Number of visitors (3)				687,000			573,000			269,000			360,000			255,000
Change in visitors year over year				169.4	%		253.7	%		427.5	%		554.5	%		750.0	%
Number of bad weather days (“BWD”) (4)				7			19			17			7			18

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the observatory gift shop operator. For the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, the fixed license fee was $1,200, $1,200, $1,200, $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 9-30-2022 YTD

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 COVID-19 pandemic.

Page 16

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

	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Assets
Commercial real estate properties, at cost:
Land	$	334,598		$	334,598		$	336,278		$	336,278		$	201,196
Development costs		8,162			8,162			8,162			8,131			8,007
Building and improvements		3,194,787			3,193,137			3,190,927			3,156,508			2,978,531
		3,537,547			3,535,897			3,535,367			3,500,917			3,187,734
Less: accumulated depreciation		(1,159,364	)		(1,137,231	)		(1,124,090	)		(1,072,938	)		(1,055,731	)
Commercial real estate properties, net		2,378,183			2,398,666			2,411,277			2,427,979			2,132,003
Cash and cash equivalents		387,248			359,424			429,716			423,695			582,188
Restricted cash		52,567			53,335			52,951			50,943			38,779
Tenant and other receivables		30,547			43,672			17,800			18,647			21,664
Deferred rent receivables		239,750			233,194			226,565			224,922			228,394
Prepaid expenses and other assets		72,905			82,256			52,152			76,549			60,522
Deferred costs, net		188,706			193,436			197,602			202,437			189,327
Acquired below-market ground leases, net		331,030			332,988			334,946			336,904			338,862
Right of use assets		28,725			28,781			28,842			28,892			28,945
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,201,140		$	4,217,231		$	4,243,330		$	4,282,447		$	4,112,163
Liabilities and Equity
Mortgage notes payable, net	$	915,202		$	916,657		$	947,479		$	948,769		$	773,925
Senior unsecured notes, net		973,607			973,555			973,426			973,373			973,320
Unsecured term loan facility, net		388,645			388,507			388,365			388,223			388,095
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		94,436			113,837			108,077			120,810			94,216
Acquired below-market leases, net		18,897			20,178			22,459			24,941			23,512
Ground lease liabilities		28,725			28,781			28,842			28,892			28,945
Deferred revenue and other liabilities		80,249			80,008			84,380			84,358			90,427
Tenants’ security deposits		27,550			29,615			28,270			28,749			26,042
Total liabilities		2,527,311			2,551,138			2,581,298			2,598,115			2,398,482
Total equity		1,673,829			1,666,093			1,662,032			1,684,332			1,713,681
Total liabilities and equity	$	4,201,140		$	4,217,231		$	4,243,330		$	4,282,447		$	4,112,163

Page 17

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

	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Revenues
Rental revenue (1)	$	148,290		$	149,339		$	147,514		$	139,104		$	139,558
Observatory revenue		33,051			27,368			13,241			17,716			12,796
Lease termination fees		—			18,859			1,173			281			11,321
Third party management and other fees		389			326			310			302			314
Other revenue and fees		1,982			2,130			1,796			2,931			1,059
Total revenues		183,712			198,022			164,034			160,334			165,048
Operating expenses
Property operating expenses		42,798			37,433			38,644			34,557			33,357
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		15,725			15,876			13,686			13,578			14,427
Observatory expenses		8,516			7,776			6,215			6,980			6,370
Real estate taxes		31,831			29,802			30,004			27,600			29,566
Impairment charge		—			—			—			7,723			—
Depreciation and amortization		46,984			58,304			67,106			46,467			65,794
Total operating expenses		148,185			151,523			157,986			139,237			151,845
Total operating income		35,527			46,499			6,048			21,097			13,203
Other income (expense)
Interest income		1,564			431			149			207			211
Interest expense		(25,516	)		(25,042	)		(25,014	)		(23,841	)		(23,577	)
Gain on disposition of property		—			27,170			—			—			—
Income (loss) before income taxes		11,575			49,058			(18,817	)		(2,537	)		(10,163	)
Income tax (expense) benefit		(1,457	)		(363	)		1,596			(1,537	)		(20	)
Net income (loss)		10,118			48,695			(17,221	)		(4,074	)		(10,183	)
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(3,560	)		(18,224	)		6,919			1,936			4,256
Non-controlling interests in other partnerships		49			159			63			—			—
Private perpetual preferred unit distributions		(1,050	)		(1,051	)		(1,050	)		(1,050	)		(1,050	)
Net income (loss) attributable to common stockholders	$	5,557		$	29,579		$	(11,289	)	$	(3,188	)	$	(6,977)
Weighted average common shares outstanding
Basic		162,165			167,118			169,731			172,818			172,494
Diluted		267,121			270,085			273,759			276,207			277,716
Earnings per share attributable to common stockholders
Basic and diluted	$	0.03		$	0.18		$	(0.07	)	$	(0.02	)	$	(0.04	)
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
Rental Revenue	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Base rent	$	131,981	$	135,191	$	133,689	$	126,393	$	125,455
Billed tenant expense reimbursement		16,309		14,148		13,825		12,711		14,103
Total rental revenue	$	148,290	$	149,339	$	147,514	$	139,104	$	139,558

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

    Third 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
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	10,118		$	48,695		$	(17,221	)	$	(4,074	)	$	(10,183	)
Non-controlling interests in other partnerships		49			159			63			—			—
Preferred unit distributions		(1,050	)		(1,051	)		(1,050	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		45,461			56,571			65,414			45,211			64,565
Gain on disposition of property		—			(27,170	)		—			—			—
FFO attributable to common stockholders and the Operating Partnership		54,578			77,204			47,206			47,810			53,332
Amortization of below-market ground lease		1,957			1,958			1,958			1,958			1,957
Modified FFO attributable to common stockholders and the Operating Partnership		56,535			79,162			49,164			49,768			55,289
Core FFO attributable to common stockholders and the Operating Partnership	$	56,535		$	79,162		$	49,164		$	49,768		$	55,289
Total weighted average shares and Operating Partnership units
Basic		266,035			270,078			273,759			276,207			277,716
Diluted		267,121			270,085			273,759			276,207			277,716
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21		$	0.29		$	0.17		$	0.17		$	0.19
Diluted	$	0.20		$	0.29		$	0.17		$	0.17		$	0.19
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21		$	0.29		$	0.18		$	0.18		$	0.20
Diluted	$	0.21		$	0.29		$	0.18		$	0.18		$	0.20
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21		$	0.29		$	0.18		$	0.18		$	0.20
Diluted	$	0.21		$	0.29		$	0.18		$	0.18		$	0.20
Reconciliation of Core FFO to Core FAD
Core FFO	$	56,535		$	79,162		$	49,164		$	49,768		$	55,289
Add:
Amortization of deferred financing costs		1,156			1,270			1,421			1,136			1,051
Non-real estate depreciation and amortization		1,303			1,285			1,264			1,257			1,229
Amortization of non-cash compensation expense		5,374			5,765			4,460			4,843			5,378
Amortization of loss on interest rate derivative		1,524			1,528			1,529			1,529			1,529
Deduct:
Straight-line rental revenues		(7,341	)		(8,597	)		(2,595	)		(7,881	)		(3,087	)
Above/below-market rent revenue amortization		(677	)		(1,675	)		(1,784	)		(280	)		(4,244	)
Corporate capital expenditures		(242	)		(302	)		(241	)		(183	)		(228	)
Tenant improvements - second generation		(20,329	)		(23,163	)		(24,457	)		(13,000	)		(10,364	)
Building improvements - second generation		(7,986	)		(7,248	)		(7,640	)		(7,874	)		(4,767	)
Leasing commissions - second generation		(10,182	)		(5,043	)		(15,051	)		(3,950	)		(4,110	)
Core FAD	$	19,135		$	42,982		$	6,070		$	25,365		$	37,676
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	10,118		$	48,695		$	(17,221	)	$	(4,074)		$	(10,183)
Interest expense		25,516			25,042			25,014			23,841			23,577
Income tax expense (benefit)		1,457			363			(1,596	)		1,537			20
Depreciation and amortization		46,984			58,304			67,106			46,467			65,794
EBITDA		84,075			132,404			73,303			67,771			79,208
Impairment charge		—			—			—			7,723			—
Gain on disposal of property		—			(27,170	)
Adjusted EBITDA	$	84,075		$	105,234		$	73,303		$	75,494		$	79,208

Page 19

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

	September 30, 2022									June 30, 2022
Debt Summary	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	$	933,088	$	914,696		3.78	%		7.3	$	935,131	$	916,687		3.78%		7.6
Senior unsecured notes		975,000		975,000		4.05	%		7.4		975,000		975,000		4.10%		7.7
Unsecured term loan facilities (1)		390,000		390,000		3.93	%		3.3		265,000		265,000		3.40%		3.1
Total fixed rate debt		2,298,088		2,279,696		3.94	%		6.7		2,175,131		2,156,687		3.89%		7.1
Unsecured term loan facilities (2)		—		—		—			—		125,000		125,000		1.95%		4.5
Unsecured revolving credit facilities		—		—		—			2.6		—		—		—		2.8
Total variable rate debt		—		—		0.00	%		2.6		125,000		125,000		1.95%		4.0
Total debt		2,298,088		2,279,696		3.94	%		6.7		2,300,131		2,281,687		3.89%		6.9
Deferred financing costs, net		(12,694)									(13,277)
Debt discount		(7,940)									(8,135)
Total	$	2,277,454								$	2,278,719
Available Capacity										Facility		Outstanding at September 30, 2022		Letters of Credit		Available Capacity
Unsecured revolving credit facility (3)										$	850,000	$	—	$	—	$	850,000
Covenant Summary												Required		Current Quarter		In Compliance
Maximum Total Leverage(4)													< 60%		39.0%		Yes
Maximum Secured Leverage (4)													< 40%		15.6%		Yes
Minimum Fixed Charge Coverage													> 1.50x		2.6x		Yes
Minimum Unencumbered Interest Coverage													> 1.75x		4.7x		Yes
Maximum Unsecured Leverage (4)													< 60%		28.5%		Yes

Notes:

(1) SOFR is fixed at 2.562% for $175 million and 2.626% for $215 million under variable to fixed interest rate swap agreements, through debt maturity

(2) As of September 30, 2022, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements

(3) 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.

(4) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement

Page 20

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

	Stated			Effective
	Interest			Interest			Principal			ESRT Pro-rata Share					Maturity
	Rate (%)			Rate (%) (1)			Balance			Percent			Amount		Date		Amortization
Fixed rate mortgage debt:
Metro Center		3.59	%		3.67	%	$	83,213			100	%	$	83,213		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	%		179,549			100	%		179,549		7/1/2027		5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.		4.01	%		4.21	%		36,044			100	%		36,044		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	%		30,364			100	%		30,364		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	%		8,021			90	%		7,219		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	%		17,797			90	%		16,017		11/1/2033		30 years
Total fixed rate mortgage debt								933,088						914,696
Unsecured term loan facility (3)		SOFR plus 1.20	%		4.22	%		215,000			100	%		215,000		3/19/2025		Interest only
Unsecured revolving credit facility (3)		SOFR plus 1.30	%		—			—			100	%		—		3/31/2025		Interest only
Unsecured term loan facility (3)		SOFR plus 1.50	%		4.51	%		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		3.94	%		4.20	%		2,298,088					$	2,279,696
Deferred financing costs, net								(12,694	)
Debt discount								(7,940	)
Total							$	2,277,454

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 $15.5 million mortgage loan bearing interest at 6.25%.

(3) As of August 29, 2022, the benchmark index interest rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 10.0 basis points.

Page 21

    Third 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	$	—	$	2,160	$	2,160		$	2,124		0.1	%		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		14.2	%		3.86	%
2026		225,000		8,491		233,491			233,196		10.2	%		3.98	%
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		6,118		514,718			509,882		22.4	%		3.67	%
2031		—		4,707		4,707			4,379		0.2	%		n/a
Thereafter		632,590		7,450		640,040			628,956		27.6	%		4.06	%
Total debt	$	2,223,957	$	74,131		2,298,088		$	2,279,696		100.0	%		3.94	%
Deferred financing costs, net						(12,694	)
Debt discount						(7,940	)
Total					$	2,277,454

Debt Maturity Profile

Ground Lease Commitments ⁽²⁾

Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2022	$	27	$	169	$	184	$	380
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
	$ 2,172		$ 27,844		$40,180		$70,196

Notes:

(1) Assumes no extension options are exercised.

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

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 28 years.

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

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

Page 22

  Third 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 22