Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

(amounts in thousands)

				Initial Cost to the Company				Cost Capitalized Subsequent to Acquisition				Gross Amount at which Carried at 12/31/22
Development	Type	Encumbrances		Land and Development Costs		Building & Improvements		Improvements		Carrying Costs		Land and Development Costs		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction	Date Acquired	Life on which depreciation in latest income statement is computed
111 West 33rd Street, New York, NY	office / retail	$	—	$	13,630	$	244,461	$	129,400	n/a		$	13,630	$	373,861	$	387,491	$	102,821	1954	2014	various
1400 Broadway, New York, NY	office / retail	—		—		96,338		99,511		n/a		—		195,849		195,849		62,721		1930	2014	various
1333 Broadway, New York, NY	office / retail	160,000		91,435		120,189		13,505		n/a		91,435		133,694		225,129		38,766		1915	2013	various
1350 Broadway, New York, NY	office / retail	—		—		102,518		43,218		n/a		—		145,736		145,736		47,750		1929	2013	various
250 West 57th Street, New York, NY	office/ retail	180,000		2,117		5,041		173,858		n/a		2,117		178,899		181,016		66,939		1921	1953	various
501 Seventh Avenue, New York, NY	office/ retail	—		1,100		2,600		102,027		n/a		1,100		104,627		105,727		53,647		1923	1950	various
1359 Broadway, New York, NY	office/ retail	—		1,233		1,809		70,051		n/a		1,233		71,860		73,093		28,960		1924	1953	various
350 Fifth Avenue (Empire State Building), New York, NY	office/ retail	—		21,551		38,934		1,022,237		n/a		21,551		1,061,170		1,082,721		392,159		1930	2013	various
One Grand Central Place, New York, NY	office/ retail	—		7,240		17,490		293,122		n/a		7,222		310,630		317,852		152,636		1930	1954	various
First Stamford Place, Stamford, CT	office	178,823		22,952		122,738		80,128		n/a		24,860		200,958		225,818		105,519		1986	2001	various
One Station Place, Stamford, CT (Metro Center)	office	82,596		5,313		28,602		36,575		n/a		5,313		65,177		70,490		37,901		1987	1984	various
10 Union Square, New York, NY	retail	50,000		5,003		12,866		5,574		n/a		5,003		18,440		23,443		9,444		1987	1996	various
1542 Third Avenue, New York, NY	retail	30,000		2,239		15,266		467		n/a		2,239		15,733		17,972		9,511		1991	1999	various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY	retail	35,831		4,462		15,819		2,821		n/a		4,462		18,640		23,102		10,457		1962	1998	various
69-97 Main Street, Westport, CT (1)	retail	—		2,782		15,766		6,862		n/a		2,782		22,628		25,410		9,441		1922	2003	various
103-107 Main Street, Westport, CT (1)	retail	—		1,243		7,043		371		n/a		1,260		7,397		8,657		3,184		1900	2006	various
345 E 94th Street NY	multi-family	51,465		44,228		55,766		1,044		n/a		44,228		56,811		101,039		1,698		2000	2021	various
Victory 561 10th Ave NY	multi-family	131,915		91,437		124,997		804		n/a		91,437		125,801		217,238		3,713		2004	2021	various
298 Mulberry, New York, NY	multi-family	—		40,935		69,509		514		n/a		41,126		69,832		110,958		—		1986	2022	various
Property for development at the Transportation Hub in Stamford, CT	land	—		4,541		—		8,167		n/a		12,708		—		12,708		—		n/a	n/a	n/a
Totals		$	900,630	$	363,441	$	1,097,752	$	2,090,256	$	—	$	373,706	$	3,177,743	$	3,551,449	$	1,137,267

1 Property sold on February 1, 2023.

Empire State Realty Trust, Inc.

Notes to Schedule III—Real Estate and Accumulated Depreciation

(amounts in thousands)

1. Reconciliation of Investment Properties

    The changes in our investment properties for the years ended December 31, 2022, 2021 and 2020 are as follows:

	2022		2021		2020
Balance, beginning of year	$	3,500,917	$	3,133,966	$	3,109,433
Acquisition of new properties	110,444		316,428		—
Improvements	79,070		89,426		104,060
Property classified as held for sale	(61,965)		—		—
Disposals	(77,017)		(38,903)		(79,527)
Balance, end of year	$	3,551,449	$	3,500,917	$	3,133,966

    The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2022 was $3.7 billion.

2. Reconciliation of Accumulated Depreciation

    The changes in our accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 are as follows:

	2022		2021		2020
Balance, beginning of year	$	1,072,938	$	941,612	$	862,534
Depreciation expense	179,872		162,667		158,605
Property classified as held for sale	(30,315)		—		—
Disposals	(85,228)		(31,341)		(79,527)
Balance, end of year	$	1,137,267	$	1,072,938	$	941,612

    Depreciation of investment properties reflected in the combined statements of income is calculated over the estimated original lives of the assets as follows:

Buildings	39 years or useful life
Building improvements	39 years or useful life
Tenant improvements	Term of related lease