Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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 12/31/23
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	$	129,859	n/a		$	13,630	$	374,320	$	387,950	$	(118,371)	1954	2014	various
1400 Broadway, New York, NY	office / retail	—		—		96,338		102,241		n/a		—		198,579		198,579		(72,907)		1930	2014	various
1333 Broadway, New York, NY	office / retail	159,039		91,434		120,190		17,239		n/a		91,435		137,429		228,864		(43,811)		1915	2013	various
1350 Broadway, New York, NY	office / retail	—		—		102,518		48,815		n/a		—		151,333		151,333		(55,169)		1929	2013	various
250 West 57th Street, New York, NY	office/ retail	175,755		2,117		5,041		179,876		n/a		2,117		184,917		187,034		(74,936)		1921	1953	various
501 Seventh Avenue, New York, NY	office/ retail	—		1,100		2,600		107,812		n/a		1,100		110,412		111,512		(58,775)		1923	1950	various
1359 Broadway, New York, NY	office/ retail	—		1,233		1,809		83,221		n/a		1,233		85,029		86,262		(33,438)		1924	1953	various
350 Fifth Avenue (Empire State Building), New York, NY	office/ retail	—		21,551		38,934		1,060,121		n/a		21,551		1,099,055		1,120,606		(428,926)		1930	2013	various
One Grand Central Place, New York, NY	office/ retail	—		7,240		17,490		310,522		n/a		7,222		328,030		335,252		(164,248)		1930	1954	various
First Stamford Place, Stamford, CT	office	177,181		22,952		122,738		86,494		n/a		24,860		207,324		232,184		(113,916)		1986	2001	various
One Station Place, Stamford, CT (Metro Center)	office	80,117		5,313		28,602		40,955		n/a		5,313		69,557		74,870		(41,494)		1987	1984	various
10 Union Square, New York, NY	retail	49,762		5,003		12,866		5,742		n/a		5,003		18,608		23,611		(10,102)		1987	1996	various
1542 Third Avenue, New York, NY	retail	29,804		2,239		15,266		485		n/a		2,239		15,751		17,990		(9,937)		1991	1999	various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY	retail	34,697		4,462		15,819		4,211		n/a		4,462		20,030		24,492		(10,937)		1962	1998	various
345 E 94th Street, New York, NY	multi-family	48,646		44,228		55,766		4,237		n/a		44,228		60,003		104,231		(3,485)		2000	2021	various
Victory 561 10th Ave, New York, NY	multi-family	124,194		91,437		124,997		3,461		n/a		91,437		128,458		219,895		(7,491)		2004	2021	various
298 Mulberry, New York, NY	multi-family	—		40,935		69,509		1,475		n/a		41,125		70,794		111,919		(1,923)		1986	2022	various
Williamsburg Retail, Brooklyn, NY	retail	—		4,851		20,936		101		n/a		4,860		21,028		25,888		(196)		1910, 1945	2023	various
Property for development at the Transportation Hub in Stamford, CT	land	—		4,541		—		8,179		n/a		12,720		—		12,720		—		n/a	n/a	n/a
Totals		$	879,195	$	364,266	$	1,095,880	$	2,195,046	$	—	$	374,535	$	3,280,657	$	3,655,192	$	(1,250,062)

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, 2023, 2022 and 2021 are as follows:

	2023		2022		2021
Balance, beginning of year	$	3,551,449	$	3,500,917	$	3,133,966
Acquisition of new properties	25,787		110,444		316,428
Improvements	106,792		79,070		89,426
Property classified as held for sale	—		(61,965)		—
Disposals	(28,836)		(77,017)		(38,903)
Balance, end of year	$	3,655,192	$	3,551,449	$	3,500,917

    The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2023 was $3.8 billion.

2. Reconciliation of Accumulated Depreciation

    The changes in our accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows:

	2023		2022		2021
Balance, beginning of year	$	1,137,267	$	1,072,938	$	941,612
Depreciation expense	158,879		179,872		162,667
Property classified as held for sale	—		(30,315)		—
Disposals	(46,084)		(85,228)		(31,341)
Balance, end of year	$	1,250,062	$	1,137,267	$	1,072,938

    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