Exhibit 99.2

	First Quarter 2023

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
Commercial Property Detail		9
Portfolio Expirations and Vacates Summary		10
Tenant Lease Expirations		11
Largest Tenants and Portfolio Tenant Diversification by Industry		13
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, any 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 changes in the use of office space and remote work; (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 and pandemics, 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 climate-related risks, 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, 2022, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this presentation, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Page 2

	First Quarter 2023

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
Thomas J. DeRosa	Director, Chair of the Compensation and Human Capital Committee
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, Chief Operating Officer and Chief Financial Officer
Thomas P. Durels	Executive Vice President, Real Estate

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	Dylan Burzinski	(949)640-8780	dburzinski@greenstreetadvisors.com
KeyBanc Capital Markets	Todd Thomas	(917)368-2286	tthomas@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443)263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646)582-9251	arosivach@wolferesearch.com

Page 3

	First Quarter 2023
	Highlights
	(unaudited and dollars in thousands, except per share amounts)

	Three Months Ended
Office and Retail Metrics:	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Total rentable square footage		9,637,356			9,661,065			9,882,226			9,885,707			10,150,384
Percent occupied (1)		86.7	%		85.2	%		84.2	%		84.3	%		83.0	%
Percent leased (2)		89.4	%		88.6	%		88.5	%		87.8	%		87.0	%
Same Store Property Cash Net Operating Income (NOI):
Manhattan office portfolio	$	58,227		$	61,913		$	57,257		$	80,367		$	63,799
Greater New York office portfolio		3,121			3,731			4,202			4,933			5,301
Standalone retail portfolio		512			753			1,315			1,932			2,272
Total Same Store Property Cash NOI	$	61,860		$	66,397		$	62,774		$	87,232		$	71,372
Multifamily Metrics:
Multifamily NOI (4)	$	3,499		$	2,848		$	2,579		$	2,863		$	3,286
Number of multifamily properties		3			3			2			2			2
Total number of units		721			721			625			625			625
Percent occupied		97.2	%		96.3	%		98.4	%		98.4	%		97.6	%
Observatory Metrics:
Observatory NOI	$	14,299		$	23,789		$	24,535		$	19,592		$	7,026
Number of visitors (3)		443,000			660,000			687,000			573,000			269,000
Change in visitors year over year		64.7	%		83.3	%		169.4	%		253.7	%		427.5	%
Ratios at ESRT pro-rata share: (4)
Debt to Total Market Capitalization (5)		54.8	%		54.0	%		54.8	%		53.0	%		44.8	%
Net Debt to Total Market Capitalization (5)		51.6	%		50.9	%		50.2	%		48.7	%		39.8	%
Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		56.9	%		56.1	%		57.0	%		55.1	%		46.5	%
Net Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		53.9	%		53.1	%		52.6	%		51.0	%		41.6	%
Debt to Adjusted EBITDA (6)		6.6x			6.5x			6.7x			6.9x			7.7x
Net Debt to Adjusted EBITDA (6)		5.7x			5.7x			5.6x			5.8x			6.3x
Interest Coverage Ratio		2.9x			3.7x			3.7x			5.1x			3.6x
Core FFO Payout Ratio (7)		20	%		16	%		17	%		12	%		20	%
Core FAD Payout Ratio (8)		97	%		23	%		51	%		23	%		161	%
Core FFO per share - diluted	$	0.16		$	0.22		$	0.21		$	0.29		$	0.18
Diluted weighted average shares		265,197,000			265,370,000			267,121,000			270,085,000			273,759,000
Class A common stock price at quarter end	$	6.49		$	6.74		$	6.56		$	7.03		$	9.82
Average closing price	$	7.33		$	7.05		$	7.42		$	8.12		$	9.41
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035
Dividends per share - annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (9)		2.2	%		2.1	%		2.1	%		2.0	%		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		160,339,762			160,140,263			160,576,042			162,689,535			168,731,507
Class B common stock		988,974			989,871			993,332			994,252			994,837
Operating partnership units		110,618,164			109,904,589			110,959,627			111,420,579			111,791,527
Total common stock and operating partnership unitsoutstanding (10)		271,946,900			271,034,723			272,529,001			275,104,366			281,517,871

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) Calculated including ESRT’s pro-rata 90% share of NOI, 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 March 31, 2023 multiplied by the total outstanding number of shares of common stock and operating partnership units as of March 31, 2023; (ii) the number of Series 2014 perpetual preferred units at March 31, 2023 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at March 31, 2023 multiplied by $13.52, and (iv) our outstanding indebtedness as of March 31, 2023.

(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 March 31, 2023.

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

Page 4

	First Quarter 2023
	Property Summary - Same Store (1) Net Operating Income (“NOI”) by Quarter
	(unaudited and dollars in thousands)

	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Same Store Portfolio
Revenues	$	131,565		$	138,097		$	138,981		$	138,988		$	135,900
Operating expenses		(70,641	)		(67,132	)		(71,102	)		(63,943	)		(64,854	)
Same store property NOI		60,924			70,965			67,879			75,045			71,046
Straight-line rent		(328	)		(5,896	)		(7,235	)		(8,519	)		(2,629	)
Above/below-market rent revenue amortization		(694	)		(630	)		(333	)		(554	)		(540	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	61,860		$	66,397		$	62,268		$	67,930		$	69,835
Percent change over prior year		(11.4	)%		(3.3	)%		(6.9	)%		(7.2	)%		1.0	%
Property cash NOI	$	61,860		$	66,397		$	62,268		$	67,930		$	69,835
Observatory cash NOI		14,299			23,789			24,535			19,592			7,026
Lease termination fees		—			—			—			18,859			1,173
Total portfolio same store cash NOI	$	76,159		$	90,186		$	86,803		$	106,381		$	78,034
Same Store Manhattan Office Portfolio (2)
Revenues	$	119,435		$	125,014		$	125,136		$	125,405		$	122,017
Operating expenses		(63,708	)		(60,332	)		(64,220	)		(57,403	)		(58,471	)
Same store property NOI		55,727			64,682			60,916			68,002			63,546
Straight-line rent		1,236			(4,097	)		(5,283	)		(7,898	)		(2,338	)
Above/below-market rent revenue amortization		(694	)		(630	)		(333	)		(554	)		(540	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		58,227			61,913			57,257			61,508			62,626
Lease termination fees		—			—			—			18,859			1,173
Total same store property cash NOI	$	58,227		$	61,913		$	57,257		$	80,367		$	63,799
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	10,079		$	10,617		$	10,610		$	10,632		$	10,574
Operating expenses		(5,428	)		(5,196	)		(5,370	)		(5,056	)		(4,876	)
Same store property NOI		4,651			5,421			5,240			5,576			5,698
Straight-line rent		(1,530	)		(1,690	)		(1,038	)		(643	)		(397	)
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		3,121			3,731			4,202			4,933			5,301
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	3,121		$	3,731		$	4,202		$	4,933		$	5,301
Same Store Standalone Retail Portfolio
Revenues	$	2,051		$	2,466		$	3,235		$	2,951		$	3,309
Operating expenses		(1,505	)		(1,604	)		(1,512	)		(1,484	)		(1,507	)
Same store property NOI		546			862			1,723			1,467			1,802
Straight-line rent		(34	)		(109	)		(914	)		22			106
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		512			753			809			1,489			1,908
Lease termination fees		—			—			—			—			—
Total same store property cash NOI	$	512		$	753		$	809		$	1,489		$	1,908

Notes:

(1) Excludes multifamily properties, 383 Main Avenue, Norwalk CT, which was disposed of in April 2022, 10 Bank Street, White Plains, NY which was sold in December 2022, 69-97 and 103-107 Main Street, Westport, CT which were sold in February 2023 and 500 Mamaroneck Ave, Harrison, NY which was sold in April 2023.

(2) Includes 498,196 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

	First Quarter 2023
	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	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Net income (loss)	$	11,694		$	21,620		$	10,118		$	48,695		$	(17,221	)
Add:
General and administrative expenses		15,708			16,478			15,725			15,876			13,686
Depreciation and amortization		47,408			44,500			46,984			58,304			67,106
Interest expense		25,304			25,634			25,516			25,042			25,014
Income tax expense (benefit)		(1,219	)		1,322			1,457			363			(1,596	)
Less:
Gain on disposition of property		(15,696	)		(6,818	)		—			(27,170	)		—
Third-party management and other fees		(427	)		(336	)		(389	)		(326	)		(310	)
Interest income		(2,595	)		(2,804	)		(1,564	)		(431	)		(149	)
Net operating income		80,177			99,596			97,847			120,353			86,530
Straight-line rent		(556	)		(6,029	)		(7,341	)		(8,597	)		(2,595	)
Above/below-market rent revenue amortization		(703	)		(622	)		(677	)		(1,675	)		(1,784	)
Below-market ground lease amortization		1,958			1,958			1,957			1,958			1,958
Total cash NOI - including observatory and lease termination income		80,876			94,903			91,786			112,039			84,109
Less cash NOI from non-Same Store properties		(4,717	)		(4,717	)		(4,983	)		(5,658	)		(6,075	)
Total Same Store cash NOI - including observatory and lease termination income		76,159			90,186			86,803			106,381			78,034
Less: observatory NOI		(14,299	)		(23,789	)		(24,535	)		(19,592	)		(7,026	)
Less: Lease termination income		—			—			—			(18,859	)		(1,173	)
Total Same Store cash NOI - excluding observatory and lease termination income	$	61,860		$	66,397		$	62,268		$	67,930		$	69,835

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

	Square Feet		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement					2023		2024		2025		2026		2027
Second quarter 2023		208,044	$	11,428	$	7,815	$	11,410	$	11,398	$	11,088	$	10,701
Third quarter 2023		345,332		19,945		7,608		19,945		19,945		19,945		19,871
Fourth quarter 2023		134,226		7,410		1,096		7,410		7,410		7,410		7,410
First quarter 2024		229,986		14,578		—		13,199		14,578		14,578		14,578
Second quarter 2024		87,210		5,997		—		3,977		5,997		5,997		5,997
Third quarter 2024		65,187		4,447		—		1,607		4,447		4,447		4,447
Fourth quarter 2024		27,864		62		—		10		62		62		62
First quarter 2025		—		—		—		—		—		—		—
Second quarter 2025		99,520		5,997		—		—		4,157		5,997		5,997
Third quarter 2025		21,262		1,318		—		—		437		1,318		1,318
		1,218,631	$	71,182	$	16,519	$	57,558	$	68,431	$	70,842	$	70,381

	Incremental Annual Cash Rent (1)		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
1Q 2023					2023		2024		2025		2026		2027
Commenced leases in free rent period	$	43,048	$	47,280	$	15,944	$	45,538	$	47,251	$	46,940	$	46,479
Signed leases not commenced		17,620		23,902		575		12,020		21,180		23,902		23,902
	$	60,668	$	71,182	$	16,519	$	57,558	$	68,431	$	70,842	$	70,381

Notes:

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

Page 6

	First Quarter 2023
	Property Summary - Leasing Activity by Quarter
	(unaudited)

	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Total Office and Retail Portfolio
Total leases executed		19			29			34			37			44
Weighted average lease term		9.1 years			5 years			7.9 years			10 years			8.7 years
Average free rent period		8.6 months			4.6 months			8.7 months			8.2 months			8.4 months
Office
Total square footage executed		201,145			142,828			294,016			316,949			317,633
Average starting cash rent psf - leases executed	$	57.11		$	55.46		$	52.35		$	60.28		$	54.75
Previously escalated cash rents psf	$	54.89		$	55.10		$	49.67		$	58.25		$	53.35
Percentage of new cash rent over previously escalated rents		4.1	%		0.7	%		5.0	%		3.5	%		2.6	%
Retail
Total square footage executed		912			1,498			41,366			3,276			1,013
Average starting cash rent psf - leases executed	$	39.47		$	262.60		$	137.72		$	115.08		$	120.81
Previously escalated cash rents psf	$	65.79		$	416.07		$	153.81		$	115.54		$	126.33
Percentage of new cash rent over previously escalated rents		(40.0	%)		(36.9	%)		(10.5	%)		(0.4	%)		(4.4	%)
Total Office and Retail Portfolio
Total square footage executed		202,057			144,326			335,382			320,225			318,646
Average starting cash rent psf - leases executed	$	57.03		$	57.66		$	63.01		$	60.86		$	54.96
Previously escalated cash rents psf	$	54.94		$	58.93		$	62.84		$	58.86		$	53.59
Percentage of new cash rent over previously escalated rents		3.8	%		(2.2	%)		0.3	%		3.4	%		2.6	%
Leasing commission costs per square foot	$	20.90		$	13.60		$	19.04		$	24.44		$	19.75
Tenant improvement costs per square foot		83.02			41.12			53.67			57.43			66.05
Total LC and TI per square foot (1)	$	103.92		$	54.72		$	72.71		$	81.87		$	85.80
Occupancy		86.7	%		85.2	%		84.2	%		84.3	%		83.0	%
Manhattan Office Portfolio
Total leases executed		15			22			21			27			29
Office - New Leases
Total square footage executed		168,335			75,182			94,467			159,970			215,560
Average starting cash rent psf - leases executed	$	57.42		$	62.95		$	59.97		$	67.84		$	59.80
Previously escalated cash rents psf	$	54.71		$	58.78		$	48.52		$	62.70		$	57.79
Percentage of new cash rent over previously escalated rents		4.9	%		7.1	%		23.6	%		8.2	%		3.5	%
Office - Renewal Leases
Total square footage executed		14,929			17,658			84,867			99,690			40,616
Average starting cash rent psf - leases executed	$	62.44		$	63.87		$	57.97		$	58.43		$	55.99
Previously escalated cash rents psf	$	63.90		$	65.80		$	59.37		$	58.28		$	54.00
Percentage of new cash rent over previously escalated rents		(2.3	%)		(2.9	%)		(2.3	%)		0.3	%		3.7	%
Total Manhattan Office Portfolio
Total square footage executed		183,264			92,840			179,334			259,660			256,176
Average starting cash rent psf - leases executed	$	57.83		$	63.12		$	59.02		$	64.23		$	59.19
Previously escalated cash rents psf	$	55.46		$	60.11		$	53.65		$	61.00		$	57.19
Percentage of new cash rent over previously escalated rents		4.3	%		5.0	%		10.0	%		5.3	%		3.5	%
Leasing commission costs per square foot	$	21.88		$	15.54		$	12.53		$	27.58		$	22.24
Tenant improvement costs per square foot		81.92			48.72			47.13			63.26			68.52
Total LC and TI per square foot (1)	$	103.80		$	64.26		$	59.66		$	90.84		$	90.76
Occupancy		87.8	%		86.0	%		84.7	%		84.0	%		83.9	%

Page 7

	First Quarter 2023
	Property Summary - Leasing Activity by Quarter -(Continued)
	(unaudited)

	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Greater New York Metropolitan Area Office Portfolio
Total leases executed		3			5			6			7			13
Total square footage executed		17,881			49,988			114,682			57,289			61,457
Average starting cash rent psf - leases executed	$	43.98		$	40.26		$	41.56		$	38.28		$	33.45
Previously escalated cash rents psf	$	44.33		$	45.15		$	43.75		$	42.91		$	34.92
Percentage of new cash rent over previously escalated rents		(0.8	%)		(10.8	%)		(5.0	%)		(10.8	%)		(4.2	%)
Leasing commission costs per square foot	$	11.86		$	6.31		$	12.89		$	10.96		$	9.13
Tenant improvement costs per square foot		98.47			25.53			61.75			34.32			56.86
Total LC and TI per square foot (1)	$	110.33		$	31.84		$	74.64		$	45.28		$	65.99
Occupancy		80.6	%		80.2	%		80.7	%		82.2	%		76.2	%
Retail Portfolio
Total leases executed		1			2			7			3			2
Total square footage executed		912			1,498			41,366			3,276			1,013
Average starting cash rent psf - leases executed	$	39.47		$	262.60		$	137.72		$	115.08		$	120.81
Previously escalated cash rents psf	$	65.79		$	416.07		$	153.81		$	115.54		$	126.33
Percentage of new cash rent over previously escalated rents		(40.0	%)		(36.9	%)		(10.5	%)		(0.4	%)		(4.4	%)
Leasing commission costs per square foot	$	—		$	136.80		$	64.33		$	10.93		$	35.14
Tenant improvement costs per square foot		—			90.32			59.57			—			—
Total LC and TI per square foot (1)	$	—		$	227.12		$	123.90		$	10.93		$	35.14
Occupancy		86.7	%		86.5	%		86.4	%		92.0	%		90.9	%
Multifamily Portfolio
Percent occupied		97.2	%		96.3	%		98.4	%		98.4	%		97.6	%
Total number of units		721			721			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

	First Quarter 2023
	Commercial 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		Penn Station -Times Sq. South		2,714,287		83.4	%		86.8	%	$	143,975,578	$	63.59		149
One Grand Central Place		Grand Central		1,245,431		87.9	%		92.5	%		66,701,997		60.93		157
1400 Broadway (7)		Penn Station -Times Sq. South		917,318		98.0	%		100.0	%		50,465,737		56.11		18
111 West 33rd Street (8)		Penn Station -Times Sq. South		639,647		95.1	%		95.1	%		39,415,277		64.80		21
250 West 57th Street		Columbus Circle -West Side		466,642		84.6	%		84.6	%		24,557,272		62.21		33
501 Seventh Avenue		Penn Station -Times Sq. South		461,370		90.9	%		90.9	%		21,011,985		50.08		22
1359 Broadway		Penn Station -Times Sq. South		457,077		82.2	%		91.6	%		22,407,331		59.63		30
1350 Broadway (9)		Penn Station -Times Sq. South		372,923		86.3	%		89.2	%		19,296,244		59.93		52
1333 Broadway		Penn Station -Times Sq. South		296,360		90.0	%		90.0	%		15,638,827		58.62		15
Manhattan Office Properties - Office				7,571,055		87.8	%		90.7	%		403,470,249		60.72		497
Greater New York Metropolitan Area Office Properties
First Stamford Place (10)		Stamford, CT		776,831		77.7	%		79.5	%		25,633,206		42.48		46
Metro Center		Stamford, CT		284,786		81.8	%		81.8	%		13,234,654		56.83		22
500 Mamaroneck Avenue (11)		Harrison, NY		286,278		87.4	%		87.4	%		7,465,353		29.84		32
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties				1,347,895		80.6	%		81.6	%		46,333,212		42.64		100
Retail - Manhattan Office Properties
The Empire State Building		Penn Station -Times Sq. South		91,554		76.6	%		76.6	%		6,932,678		98.80		12
One Grand Central Place		Grand Central		68,733		99.4	%		99.4	%		8,943,657		130.91		13
1400 Broadway (7)		Penn Station -Times Sq. South		17,879		78.2	%		78.2	%		1,471,265		105.24		6
112 West 34th Street (8)		Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		24,825,682		266.78		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		43.4	%		43.4	%		1,227,620		81.75		4
1359 Broadway		Penn Station -Times Sq. South		27,467		88.4	%		88.4	%		1,638,311		67.48		5
1350 Broadway (9)		Penn Station -Times Sq. South		30,710		77.8	%		77.8	%		5,975,808		250.24		5
1333 Broadway		Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		9,899,557		147.75		4
Retail - Manhattan Office Properties				498,196		87.4	%		87.4	%		69,811,001		160.26		60
Retail - Standalone Properties
10 Union Square		Union Square		58,006		91.9	%		91.9	%		8,193,064		153.71		10
1542 Third Avenue		Upper East Side		56,250		100.0	%		100.0	%		2,558,277		45.48		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
Sub-Total/Weighted Average Retail Standalone Properties				177,879		81.5	%		97.4	%		13,115,711		90.50		18
Retail - Multifamily Properties
561 10th Avenue		Hudson Yards		28,266		100.0	%		100.0	%		1,945,370		68.82		3
345 East 94th Street		Upper East Side		3,700		100.0	%		100.0	%		226,870		61.32		1
298 Mulberry Street		NoHo		10,365		100.0	%		100.0	%		1,705,000		164.50		1
Sub-Total/Weighted Average Retail Multifamily Properties				42,331		100.0	%		100.0	%		3,877,240		91.59		5
Portfolio Total				9,637,356		86.7	%		89.4	%	$	536,607,414	$	64.23		680
Total/Weighted Average Office Properties				8,918,950		86.7	%		89.3	%	$	449,803,462	$	58.18		597
Total/Weighted Average Retail Properties				718,406		86.7	%		90.6	%		86,803,953		139.36		83
Portfolio Total				9,637,356		86.7	%		89.4	%	$	536,607,414	$	64.23		680

Notes:

(1) Excludes (i) 201,356 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of March 31, 2023.

(3) Based on leases signed but not commenced as of March 31, 2023.

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

(5) Represents annualized rent under leases commenced as of March 31, 2023 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) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 40 years (expiring December 31, 2063).

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 54 years (expiring May 31, 2077).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 27 years (expiring July 31, 2050).

(10) First Stamford Place consists of three buildings.

(11) The property was sold in April 2023.

Page 9

	First Quarter 2023
	Total Portfolio Expirations and Vacates Summary
	(unaudited and in square feet)

	Actual		Forecast (1)								Forecast (1)
Total Office and Retail Portfolio (2)	March 31, 2023		June 30, 2023			September 30, 2023			December 31, 2023		Apr. to Dec. 2023			Full Year 2024
Total expirations		76,906		85,390			150,351			197,736		433,477			649,621
Less: broadcasting		—		(1,215	)		(356	)		—		(1,571	)		(126	)
Office and retail expirations		76,906		84,175			149,995			197,736		431,906			649,495
Renewals & relocations (3)		13,595		25,419			39,947			28,496		93,862			182,280
New leases (4)		21,633		15,237			7,033			50,828		73,098			11,744
Vacates (5)		41,678		40,670			92,630			89,213		222,513			224,756
Unknown (6)		—		2,849			10,385			29,199		42,433			230,715
Total Office and Retail Portfolio expirations and vacates		76,906		84,175			149,995			197,736		431,906			649,495
Manhattan Office Portfolio
Total expirations		66,187		74,450			83,041			176,859		334,350			594,396
Less: broadcasting		—		(1,215	)		(356	)		—		(1,571	)		(126	)
Office expirations		66,187		73,235			82,685			176,859		332,779			594,270
Renewals & relocations (3)		10,448		21,283			15,526			24,691		61,500			182,280
New leases (4)		21,633		15,237			7,033			50,828		73,098			11,744
Vacates (5)		34,106		36,715			49,741			89,213		175,669			211,125
Unknown (6)		—		—			10,385			12,127		22,512			189,121
Total expirations and vacates		66,187		73,235			82,685			176,859		332,779			594,270
Greater New York Metropolitan Area Office Portfolio
Office expirations		10,719		6,985			67,310			628		74,923			39,232
Renewals & relocations (3)		3,147		4,136			24,241			—		28,557			—
New leases (4)		—		—			—			—		—			—
Vacates (5)		7,572		—			42,889			—		42,889			10,884
Unknown (6)		—		2,849			—			628		3,477			28,348
Total expirations and vacates		10,719		6,985			67,130			628		74,923			39,232
Retail Portfolio (7)
Retail expirations		—		3,955			—			20,249		24,204			15,993
Renewals & relocations (3)		—		—			—			3,805		3,805			—
New leases (4)		—		—			—			—		—			—
Vacates (5)		—		3,955			—			—		3,955			2,747
Unknown (6)		—		—			—			16,444		16,444			13,246
Total expirations and vacates		—		3,955			—			20,249		24,204			15,993

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

	First Quarter 2023
	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		—		1,019,872		10.6	%	$	—		0.0	%	$	—
Signed leases not commenced		22		262,786		2.7	%		—		0.0	%		—
1Q 2023 (4)		15		52,510		0.5	%		2,989,016		0.6	%		56.92
2Q 2023		18		46,934		0.5	%		2,796,251		0.5	%		59.58
3Q 2023		25		150,351		1.6	%		8,669,721		1.6	%		57.66
4Q 2023		24		197,736		2.1	%		12,994,191		2.4	%		65.71
Total 2023		82		447,531		4.6	%		27,449,179		5.1	%		61.33
1Q 2024		22		108,990		1.1	%		6,879,683		1.3	%		63.12
2Q 2024		16		131,349		1.4	%		6,954,672		1.3	%		52.95
3Q 2024		20		144,757		1.5	%		8,157,482		1.5	%		56.35
4Q 2024		37		264,525		2.7	%		16,606,703		3.1	%		62.78
Total 2024		95		649,621		6.7	%		38,598,540		7.2	%		59.42
2025		85		537,659		5.6	%		35,017,639		6.5	%		65.13
2026		74		698,048		7.2	%		38,574,894		7.2	%		55.26
2027		90		711,138		7.4	%		44,438,132		8.3	%		62.49
2028		58		959,553		10.0	%		50,747,078		9.5	%		52.89
2029		48		969,154		10.1	%		70,611,264		13.2	%		72.86
2030		35		717,325		7.4	%		46,888,446		8.7	%		65.37
2031		22		169,209		1.8	%		20,481,178		3.8	%		121.04
2032		30		382,931		4.0	%		26,757,441		5.0	%		69.88
2033		28		342,399		3.6	%		21,018,355		3.9	%		61.39
Thereafter		34		1,770,130		18.3	%		116,025,268		21.6	%		65.55
Total		703		9,637,356		100.0	%	$	536,607,414		100.0	%	$	64.23
Manhattan Office Properties (5)
Available		—		705,048		9.3	%	$	—		0.0	%	$	—
Signed leases not commenced		18		220,707		2.9	%		—		0.0	%		—
1Q 2023 (4)		11		48,555		0.6	%		2,978,189		0.7	%		61.34
2Q 2023		16		39,949		0.5	%		2,430,315		0.6	%		60.84
3Q 2023		19		83,041		1.1	%		4,837,014		1.2	%		58.25
4Q 2023		20		176,859		2.3	%		11,115,107		2.8	%		62.85
Total 2023		66		348,404		4.6	%		21,360,625		5.3	%		61.31
1Q 2024		18		94,490		1.2	%		6,295,845		1.6	%		66.63
2Q 2024		16		131,349		1.7	%		6,954,672		1.7	%		52.95
3Q 2024		14		118,884		1.6	%		7,263,708		1.8	%		61.10
4Q 2024		35		249,673		3.3	%		15,544,447		3.9	%		62.26
Total 2024		83		594,396		7.9	%		36,058,672		8.9	%		60.66
2025		62		386,680		5.1	%		25,248,584		6.3	%		65.30
2026		53		472,149		6.2	%		28,221,224		7.0	%		59.77
2027		66		566,524		7.5	%		32,922,736		8.2	%		58.11
2028		41		828,312		10.9	%		44,888,618		11.1	%		54.19
2029		34		731,525		9.7	%		44,118,591		10.9	%		60.31
2030		21		559,188		7.4	%		33,952,204		8.4	%		60.72
2031		11		82,182		1.1	%		5,787,738		1.4	%		70.43
2032		22		345,276		4.6	%		23,649,713		5.9	%		68.50
2033		14		141,583		1.9	%		8,516,243		2.1	%		60.15
Thereafter		24		1,589,081		20.9	%		98,745,301		24.5	%		62.14
Total Manhattan office properties		515		7,571,055		100.0	%	$	403,470,249		100.0	%	$	60.72

Page 11

	First Quarter 2023
	Tenant Lease Expirations
	(unaudited)

Greater New York Metropolitan Area Office Properties (6)	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		—		247,546		18.4	%	$	—		0.0	%	$	—
Signed leases not commenced		2		13,836		1.0	%		—		0.0	%		—
1Q 2023 (4)		3		—		0.0	%		10,827		0.0	%		—
2Q 2023		2		6,985		0.5	%		365,936		0.8	%		52.39
3Q 2023		6		67,310		5.0	%		3,832,707		8.3	%		56.94
4Q 2023		1		628		0.0	%		14,130		0.0	%		22.50
Total 2023		12		74,923		5.6	%		4,223,600		9.1	%		56.37
1Q 2024		1		4,230		0.3	%		129,998		0.3	%		30.73
2Q 2024		—		—		0.0	%		—		0.0	%		—
3Q 2024		4		24,969		1.9	%		836,285		1.8	%		33.49
4Q 2024		1		10,033		0.7	%		487,519		1.1	%		48.59
Total 2024		6		39,232		2.9	%		1,453,802		3.1	%		37.06
2025		18		128,228		9.5	%		5,197,567		11.2	%		40.53
2026		14		154,669		11.5	%		6,045,590		13.0	%		39.09
2027		17		88,575		6.6	%		3,709,345		8.0	%		41.88
2028		13		127,672		9.5	%		4,851,161		10.5	%		38.00
2029		6		130,748		9.7	%		5,987,564		12.9	%		45.79
2030		6		88,430		6.6	%		3,850,169		8.3	%		43.54
2031		2		5,176		0.4	%		153,755		0.3	%		29.71
2032		2		4,718		0.4	%		148,733		0.3	%		31.52
2033		3		164,458		12.2	%		7,458,321		16.1	%		45.35
Thereafter		1		79,684		5.7	%		3,253,605		7.2	%		40.83
Total greater New York metropolitan area office properties		102		1,347,895		100.0	%	$	46,333,212		100.0	%	$	42.64
Retail Properties
Available		—		67,278		9.4	%	$	—		0.0	%	$	—
Signed leases not commenced		2		28,243		3.9	%		—		0.0	%		—
1Q 2023 (4)		1		3,955		0.6	%		—		0.0	%
2Q 2023		—		—		0.0	%		—		0.0	%
3Q 2023		—		—		0.0	%		—		0.0	%
4Q 2023		3		20,249		2.8	%		1,864,954		2.1	%		92.10
Total 2023		4		24,204		3.4	%		1,864,954		2.1	%		77.05
1Q 2024		3		10,270		1.4	%		453,840		0.5	%		44.19
2Q 2024		—		—		0.0	%		—		0.0	%		—
3Q 2024		2		904		0.1	%		57,489		0.1	%		63.59
4Q 2024		1		4,819		0.7	%		574,737		0.7	%		119.26
Total 2024		6		15,993		2.2	%		1,086,066		1.3	%		67.91
2025		5		22,751		3.2	%		4,571,488		5.3	%		200.94
2026		7		71,230		9.9	%		4,308,079		5.0	%		60.48
2027		7		56,039		7.8	%		7,806,051		9.0	%		139.30
2028		4		3,569		0.5	%		1,007,299		1.2	%		282.24
2029		8		106,881		14.9	%		20,505,109		23.6	%		191.35
2030		8		69,707		9.7	%		9,086,073		10.5	%		130.35
2031		9		81,851		11.4	%		14,539,685		16.8	%		177.64
2032		6		32,937		4.6	%		2,958,995		3.4	%		89.84
2033		11		36,358		5.1	%		5,043,791		5.8	%		138.73
Thereafter		9		101,365		14.0	%		14,026,363		16.0	%		138.37
Total retail properties		86		718,406		100.0	%	$	86,803,953		100.0	%	$	139.36

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) 201,356 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

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

(4) Represents leases that are included in occupancy as of March 31, 2023 and expire on March 31, 2023.

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

(6) Includes lease expirations of 500 Mamaroneck Ave, Harrison, NY which was sold in April 2023.

Page 12

	First Quarter 2023
	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		13.4 years		501,409		5.2	%	$	32,772,732		6.1	%
2. Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035		11.8 years		308,207		3.2	%		18,136,092		3.4	%
3. PVH Corp.	501 Seventh Avenue	Oct. 2028		5.6 years		237,281		2.5	%		11,524,123		2.1	%
4. Centric Brands Inc.	Empire State Building	Oct. 2028		5.6 years		221,365		2.3	%		11,289,615		2.1	%
5. Sephora	112 West 34th Street	Jan. 2029		5.8 years		11,334		0.1	%		10,533,628		2.0	%
6. Target	112 West 34th St., 10 Union Sq.	Jan 2038		14.8 years		81,340		0.8	%		9,341,395		1.7	%
7. Li & Fung	1359 Broadway, ESB	Oct. 2023 - Oct. 2028		4.6 years		173,273		1.8	%		9,260,886		1.7	%
8. Macy’s	111 West 33rd Street	May 2030		7.2 years		131,117		1.4	%		8,382,100		1.6	%
9. Urban Outfitters	1333 Broadway	Sept. 2029		6.5 years		56,730		0.6	%		7,955,384		1.5	%
10. Coty	Empire State Bilding	Jan. 2030		6.8 years		156,187		1.6	%		7,950,113		1.5	%
11. Footlocker	112 West 34th Street	Sept. 2031		8.5 years		34,192		0.4	%		7,745,959		1.4	%
12. Federal Deposit Insurance Corp.	Empire State Building	Dec. 2024		1.8 years		119,226		1.2	%		7,567,274		1.4	%
13. HNTB Corporation	Empire State Building	Feb. 2029		5.9 years		105,143		1.1	%		6,982,050		1.3	%
14. Institutional Capital Network, Inc.	One Grand Central Place	Apr 2023 - Oct. 2035		10.1 years		106,759		1.1	%		6,770,086		1.3	%
15. The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029		6.7 years		86,492		0.9	%		6,219,167		1.2	%
16. Shutterstock	Empire State Building	Apr. 2029		6.1 years		104,386		1.1	%		6,087,598		1.1	%
17. Fragomen	1400 Broadway	Feb. 2035		11.9 years		107,680		1.1	%		5,922,400		1.1	%
18. Burlington Merchandising Corp.	1400 Broadway	Jan 2038		14.8 years		102,898		1.1	%		5,910,828		1.1	%
19. ASCAP	250 West 57th Street	Aug. 2034		11.4 years		87,943		0.9	%		5,344,751		1.0	%
20. Duane Reade	ESB, 1350 Broadway	May 2025 - Sept. 2027		3.3 years		39,142		0.4	%		4,903,003		0.9	%
Total						2,772,104		28.8	%	$	190,599,184		35.5	%

Notes:

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

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

(3) Based on leases signed and commenced as of March 31, 2023.

(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.

Page 13

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 14

	First Quarter 2023
	Capital Expenditures and Redevelopment Program and Leasing Opportunity
	(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Tenant improvements - first generation	$	—	$	6,024	$	1,493	$	3,502	$	4,096
Tenant improvements - second generation		23,919		8,867		20,329		23,163		24,457
Leasing commissions - second generation		4,114		4,721		10,182		5,043		15,051
Building improvements - first generation		—		2,530		868		1,992		1,966
Building improvements - second generation		12,611		6,837		7,986		7,248		7,640
Total	$	40,644	$	28,979	$	40,858	$	40,948	$	53,210

Leasing Opportunity - Inventory of Current Vacant Space as of March 31, 2023 (in square feet) ^{(1) (2)}

Total Portfolio vacant space	1,283,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	221,000
Greater New York Office Properties SLNC	14,000
Retail Properties SLNC	28,000
Greater New York Office Properties	248,000
Retail Properties	67,000
Manhattan Office Properties	612,000
Manhattan Office Properties off market	44,000
Manhattan Office Properties other	49,000
Total	1,283,000

Notes:

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

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

Page 15

	First Quarter 2023
	Observatory Summary
	(unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Observatory revenue (1)	$	114,891	$	22,154		$	32,318		$	33,051		$	27,368		$	13,241
Observatory expenses		32,676		7,855			8,529			8,516			7,776			6,215
NOI		82,215		14,299			23,789			24,535			19,592			7,026
Intercompany rent expense (2)		70,299		15,914			18,204			19,072			17,109			10,620
NOI after intercompany rent	$	11,916	$	(1,615	)	$	5,585		$	5,463		$	2,483		$	(3,594	)
Observatory Metrics
Number of visitors (3)				443,000			660,000			687,000			573,000			269,000
Change in visitors year over year				64.7	%		83.3	%		169.4	%		253.7	%		427.5	%
Number of bad weather days (“BWD”) (4)				15			20			7			19			17

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the observatory gift shop operator. For the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022 the fixed license fee was $1,807, $1,200, $1,200, $1,200 and $1,200 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 NOI 2018 to 2022

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

	First Quarter 2023
	Condensed Consolidated Balance Sheets
	(unaudited and dollars in thousands)

	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Assets
Commercial real estate properties, at cost:
Land	$	361,497		$	365,540		$	334,598		$	334,598		$	336,278
Development costs		8,178			8,166			8,162			8,162			8,162
Building and improvements		3,183,615			3,177,743			3,194,787			3,193,137			3,190,927
		3,553,290			3,551,449			3,537,547			3,535,897			3,535,367
Less: accumulated depreciation		(1,162,923	)		(1,137,267	)		(1,159,364	)		(1,137,231	)		(1,124,090	)
Commercial real estate properties, net		2,390,367			2,414,182			2,378,183			2,398,666			2,411,277
Assets held for sale		35,980			35,538			—			—			—
Cash and cash equivalents		272,648			264,434			387,248			359,424			429,716
Restricted cash		108,183			50,244			52,567			53,335			52,951
Tenant and other receivables		23,879			24,102			30,547			43,672			17,800
Deferred rent receivables		238,842			240,188			239,750			233,194			226,565
Prepaid expenses and other assets		57,891			98,114			72,905			82,256			52,152
Deferred costs, net		182,367			187,570			188,706			193,436			197,602
Acquired below-market ground leases, net		327,115			329,073			331,030			332,988			334,946
Right of use assets		28,612			28,670			28,725			28,781			28,842
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,157,363		$	4,163,594		$	4,201,140		$	4,217,231		$	4,243,330
Liabilities and Equity
Mortgage notes payable, net	$	882,142		$	883,705		$	915,202		$	916,657		$	947,479
Senior unsecured notes, net		973,714			973,659			973,607			973,555			973,426
Unsecured term loan facility, net		388,901			388,773			388,645			388,507			388,365
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		71,605			80,729			94,436			113,837			108,077
Acquired below-market leases, net		16,581			17,849			18,897			20,178			22,459
Ground lease liabilities		28,612			28,670			28,725			28,781			28,842
Deferred revenue and other liabilities		76,769			76,091			80,249			80,008			84,380
Tenants’ security deposits		35,111			25,084			27,550			29,615			28,270
Liabilities related to assets held for sale		6,862			5,943			—			—			—
Total liabilities		2,480,297			2,480,503			2,527,311			2,551,138			2,581,298
Total equity		1,677,066			1,683,091			1,673,829			1,666,093			1,662,032
Total liabilities and equity	$	4,157,363		$	4,163,594		$	4,201,140		$	4,217,231		$	4,243,330

Page 17

	First Quarter 2023
	Condensed Consolidated Statements of Operations
	(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Revenues
Rental revenue (1)	$	140,091		$	145,905		$	148,290		$	149,339		$	147,514
Observatory revenue		22,154			32,318			33,051			27,368			13,241
Lease termination fees		—			—			—			18,859			1,173
Third party management and other fees		427			336			389			326			310
Other revenue and fees		1,950			2,714			1,982			2,130			1,796
Total revenues		164,622			181,273			183,712			198,022			164,034
Operating expenses
Property operating expenses		42,044			39,060			42,798			37,433			38,644
Ground rent expenses		2,331			2,332			2,331			2,332			2,331
General and administrative expenses		15,708			16,478			15,725			15,876			13,686
Observatory expenses		7,855			8,529			8,516			7,776			6,215
Real estate taxes		31,788			31,420			31,831			29,802			30,004
Depreciation and amortization		47,408			44,500			46,984			58,304			67,106
Total operating expenses		147,134			142,319			148,185			151,523			157,986
Total operating income		17,488			38,954			35,527			46,499			6,048
Other income (expense)
Interest income		2,595			2,804			1,564			431			149
Interest expense		(25,304	)		(25,634	)		(25,516	)		(25,042	)		(25,014	)
Gain on sale of property		15,696			6,818			—			27,170			—
Income (loss) before income taxes		10,475			22,942			11,575			49,058			(18,817	)
Income tax (expense) benefit		1,219			(1,322	)		(1,457	)		(363	)		1,596
Net income (loss)		11,694			21,620			10,118			48,695			(17,221	)
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(4,168	)		(7,947	)		(3,560	)		(18,224	)		6,919
Non-controlling interests in other partnerships		43			(28	)		49			159			63
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Net income (loss) attributable to common stockholders	$	6,519		$	12,595		$	5,557		$	29,579		$	(11,289	)
Weighted average common shares outstanding
Basic		161,339			161,720			162,165			167,118			169,731
Diluted		265,197			265,370			267,121			270,085			273,759
Earnings per share attributable to common stockholders
Basic and diluted	$	0.04		$	0.08		$	0.03		$	0.18		$	(0.07	)
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
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Rental Revenue
Base rent	$	124,782	$	131,745	$	131,800	$	134,794	$	133,401
Billed tenant expense reimbursement		15,309		14,160		16,490		14,545		14,113
Total rental revenue	$	140,091	$	145,905	$	148,290	$	149,339	$	147,514

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.

Page 18

	First Quarter 2023
	Funds from Operations (“FFO”), Modified Funds From Operations (“Modified FFO”), Core Funds from Operations (“Core FFO”), Core Funds Available for Distribution (“Core FAD”) and EBITDA
	(unaudited and in thousands, except per share amounts)

	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	11,694		$	21,620		$	10,118		$	48,695		$	(17,221	)
Non-controlling interests in other partnerships		43			(28	)		49			159			63
Preferred unit distributions		(1,050	)		(1,050	)		(1,050	)		(1,051	)		(1,050	)
Real estate depreciation and amortization		46,024			43,076			45,461			56,571			65,414
Gain on sale of property		(15,696	)		(6,818	)		—			(27,170	)		—
FFO attributable to common stockholders and the Operating Partnership		41,015			56,800			54,578			77,204			47,206
Amortization of below-market ground lease		1,958			1,958			1,957			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		42,973			58,758			56,535			79,162			49,164
Core FFO attributable to common stockholders and the Operating Partnership	$	42,973		$	58,758		$	56,535		$	79,162		$	49,164
Total weighted average shares and Operating Partnership units
Basic		264,493			263,759			266,035			270,078			273,759
Diluted		265,197			265,370			267,121			270,085			273,759
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.16		$	0.22		$	0.21		$	0.29		$	0.17
Diluted	$	0.15		$	0.21		$	0.20		$	0.29		$	0.17
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.16		$	0.22		$	0.21		$	0.29		$	0.18
Diluted	$	0.16		$	0.22		$	0.21		$	0.29		$	0.18
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.16		$	0.22		$	0.21		$	0.29		$	0.18
Diluted	$	0.16		$	0.22		$	0.21		$	0.29		$	0.18
Reconciliation of Core FFO to Core FAD
Core FFO	$	42,973		$	58,758		$	56,535		$	79,162		$	49,164
Add:
Amortization of deferred financing costs		1,089			1,096			1,156			1,270			1,421
Non-real estate depreciation and amortization		1,237			1,285			1,303			1,285			1,264
Amortization of non-cash compensation expense		4,375			5,412			5,374			5,765			4,460
Amortization of loss on interest rate derivative		1,527			1,525			1,524			1,528			1,529
Deduct:
Straight-line rental revenues		(556	)		(6,029	)		(7,341	)		(8,597	)		(2,595	)
Above/below-market rent revenue amortization		(703	)		(622	)		(677	)		(1,675	)		(1,784	)
Corporate capital expenditures		(270	)		(162	)		(242	)		(302	)		(241	)
Tenant improvements - second generation		(23,919	)		(8,867	)		(20,329	)		(23,163	)		(24,457	)
Building improvements - second generation		(12,611	)		(6,837	)		(7,986	)		(7,248	)		(7,640	)
Leasing commissions - second generation		(4,114	)		(4,721	)		(10,182	)		(5,043	)		(15,051	)
Core FAD	$	9,028		$	40,838		$	19,135		$	42,982		$	6,070
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	11,694		$	21,620		$	10,118		$	48,695		$	(17,221	)
Interest expense		25,304			25,634			25,516			25,042			25,014
Income tax expense (benefit)		(1,219	)		1,322			1,457			363			(1,596	)
Depreciation and amortization		47,408			44,500			46,984			58,304			67,106
EBITDA		83,187			93,076			84,075			132,404			73,303
Gain on sale of property		(15,696	)		(6,818	)		—			(27,170	)		—
Adjusted EBITDA	$	67,491		$	86,258		$	84,075		$	105,234		$	73,303

Page 19

	First Quarter 2023
	Debt Summary
	(unaudited and dollars in thousands)

	March 31, 2023										December 31, 2022
	Balance			ESRT Pro-rata Share		Weighted Average								ESRT Pro-rata Share		Weighted Average
Debt Summary						Interest Rate			Maturity (Years)		Balance					Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	898,489		$	880,206		3.77	%		6.8	$	900,630		$	882,292		3.77	%		7.0
Senior unsecured notes		975,000			975,000		4.05	%		6.9		975,000			975,000		4.05	%		7.2
Unsecured term loan facilities (1)		390,000			390,000		3.93	%		2.8		390,000			390,000		3.93	%		3.0
Total fixed rate debt		2,263,489			2,245,206		3.94	%		6.2		2,265,630			2,247,292		3.94	%		6.4
Unsecured term loan facilities (2)		—			—		—			—		—			—		—			—
Unsecured revolving credit facilities		—			—		—			2.0		—			—		—			2.3
Total variable rate debt		—			—		—			2.0		—			—		—			2.3
Total debt		2,263,489			2,245,206		3.94	%		6.2		2,265,630			2,247,292		3.94	%		6.4
Deferred financing costs, net		(11,182	)									(11,748	)
Debt discount		(7,550	)									(7,745	)
Total	$	2,244,757									$	2,246,137

Available Capacity	Facility		Outstanding at March 31, 2023		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	%		36.9	%		Yes
Maximum Secured Leverage (4)		< 40	%		14.5	%		Yes
Minimum Fixed Charge Coverage		> 1.50x			2.8x			Yes
Minimum Unencumbered Interest Coverage		> 1.75x			5.0x			Yes
Maximum Unsecured Leverage (4)		< 60	%		27.0	%		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 March 31, 2023, 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

	First Quarter 2023
	Debt Detail
	(unaudited and dollars in thousands)

	Stated Interest Rate (%)	Effective Interest Rate (%) (1)			Principal Balance			ESRT Pro-rata Share					Maturity Date		Amortization
								Percent			Amount
Fixed rate mortgage debt:
Metro Center	3.59%		3.67	%	$	81,973			100	%	$	81,973		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	%		178,068			100	%		178,068		7/1/2027		5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.	4.01%		4.21	%		35,616			100	%		35,616		1/5/2028		30 years
250 West 57th Street	2.83%		3.21	%		180,000			100	%		180,000		12/1/2030		Interest only
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	%		7,707			90	%		6,936		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	%		17,025			90	%		15,323		11/1/2033		30 years
Total fixed rate mortgage debt						898,489						880,206
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	%		2,263,489					$	2,245,206
Deferred financing costs, net						(11,182	)
Debt discount						(7,550	)
Total					$	2,244,757

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 $14.1 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

	First Quarter 2023
	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
2023	$	—	$	6,491	$	6,491		$	6,319		0.3	%		n/a
2024		77,675		8,861		86,536			86,288		3.8	%		3.59	%
2025		315,000		6,893		321,893			321,621		14.3	%		3.86	%
2026		225,000		7,330		232,330			232,033		10.3	%		3.98	%
2027		319,000		6,461		325,461			325,136		14.5	%		4.21	%
2028		146,092		3,556		149,648			149,292		6.6	%		4.06	%
2029		—		3,988		3,988			3,589		0.2	%		n/a
2030		508,600		4,413		513,013			508,212		22.6	%		3.67	%
2031		—		3,283		3,283			2,955		0.1	%		n/a
2032		100,000		3,591		103,591			103,232		4.6	%		4.05	%
Thereafter		514,007		3,248		517,255			506,530		22.6	%		4.13	%
Total debt	$	2,205,374	$	58,115		2,263,489		$	2,245,206		100.0	%		3.94	%
Deferred financing costs, net						(11,182	)
Debt discount						(7,550	)
Total					$	2,244,757

Debt Maturity Profile ⁽²⁾

Ground Lease Commitments ⁽³⁾

Year	1350 Broadway (4)		1400 Broadway (5)		111 West 33rd Street (6)		Total
2023	$	81	$	506	$	551	$	1,139
2024		108		675		735		1,518
2025		108		675		735		1,518
2026		93		675		735		1,503
2027		72		675		735		1,482
Thereafter		1,656		24,300		36,321		62,277
	$	2,118	$	27,506	$	39,812	$	69,437

Notes:

(1) Assumes no extension options are exercised.

(2) The table reflects ESRT’s pro-rata share of debt maturities.

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

(4) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 27 years.

(5) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 40 years.

(6) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 54 years.

Page 22

	First Quarter 2023
	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 excludes our multifamily assets and 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