Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2024

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-36105	37-1645259
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-36106

45-4685158

(State or other Jurisdiction

of Incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

111 West 33rd Street, 12th Floor

New York, New York

10120

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 687-8700

n/a

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share

ESRT

The New York Stock Exchange

Empire State Realty OP, L.P.
Series ES Operating Partnership Units	ESBA	NYSE Arca, Inc.
Series 60 Operating Partnership Units	OGCP	NYSE Arca, Inc.
Series 250 Operating Partnership Units	FISK	NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On July 24, 2024, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the second quarter 2024. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 7.01.

Regulation FD Disclosure

Second Quarter 2024 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the second quarter 2024 and made available on its website certain supplemental information relating thereto.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release announcing financial results for the second quarter 2024
99.2	Supplemental report
104	Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

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 write-off 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 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, IPO litigation expense and interest expense associated with property in receivership. 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, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. 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”) and Property Cash 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, loss on early extinguishment of debt, impairment charges 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 NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is 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. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees 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 and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store.” Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of June 30, 2024, Same Store excludes 500 Mamaroneck Ave, Harrison, NY which was sold in April 2023, Williamsburg retail in New York City, NY which was acquired in September 2023, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. 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) loss on disposition of property.

Net Debt to Adjusted EBITDA

We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EMPIRE STATE REALTY TRUST, INC.
	(Registrant)

Date: July 24, 2024	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EMPIRE STATE REALTY OP, L.P.
	(Registrant)

	By: Empire State Realty Trust, Inc., as general partner

Date: July 24, 2024	By:	/s/ Stephen V. Horn
		Name:	Stephen V. Horn
		Title:	Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Exhibit 99.1

EMPIRE STATE REALTY TRUST ANNOUNCES SECOND QUARTER 2024 RESULTS

– Net Income Per Fully Diluted Share of $0.10 –

– Core FFO Per Fully Diluted Share of $0.24 –

– Signed 272,000 Rentable Square Feet of Leases –

– Announces Agreements to Acquire North 6^th Street Williamsburg, Brooklyn Retail –

– 10^th Quarter of Positive Leased Absorption –

– 12^th Quarter of Positive Leasing Spreads –

– Over $1.0B of Liquidity, No Floating Rate Debt Exposure –

– Reaffirms 2024 FFO Guidance –

New York, New York, July 24, 2024 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter 2024. All per share amounts are on a fully diluted basis, where applicable.

Second Quarter and Recent Highlights

•

Net Income of $0.10 per share.

•

Core Funds From Operations (“Core FFO”) of $0.24 per share.

•

Same-Store Property Cash Net Operating Income (“NOI”) increased 7.4% year-over-year, excluding lease termination fees, primarily driven by higher revenues from cash rent commencement, which was partially offset by increases in operating expenses. Adjusted for certain nonrecurring items, Same-Store NOI increased by approximately 6% year-over-year.

•

Manhattan office portfolio leased rate increased by 60bps sequentially and 170bps year-over-year to 93.3%. The total commercial portfolio is 92.6% leased as June 30, 2024. This is the 10^th consecutive quarter of positive commercial leased rate absorption.

•

Signed approximately 272,000 rentable square feet of new, renewal and expansion leases. In our Manhattan office portfolio, blended leasing spreads were +2.0%, and this is the 12^th consecutive quarter of positive leasing spreads.

•

Empire State Building Observatory generated $41.3 million of NOI year-to-date, a 5.8% increase year-over-year.

•

Subsequent to quarter-end, the Company entered into two agreements to acquire prime retail assets located on North 6^th Street in Williamsburg, Brooklyn, for $195 million in aggregate.

Property Operations

As of June 30, 2024, the Company’s property portfolio contained 7.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units, which were occupied and leased as shown below.

	June 30, 2024¹			March 31, 2024			June 30, 2023
Percent occupied:
Total commercial portfolio		88.5	%		87.6	%		86.8	%
Total office		88.2	%		87.4	%		86.5	%
Manhattan office		88.8	%		88.9	%		87.6	%
GNYMA office		70.7	%		76.8	%		79.2	%
Total retail²		92.3	%		89.8	%		90.7	%

Percent leased (includes signed leases not commenced):
Total commercial portfolio		92.6	%		91.1	%		90.3	%
Total office		92.5	%		91.1	%		90.2	%
Manhattan office		93.3	%		92.7	%		91.6	%
GNYMA office		73.3	%		79.5	%		80.4	%
Total retail²		93.5	%		91.0	%		91.6	%
Total multifamily portfolio		97.9	%		97.1	%		97.4	%

¹ Occupancy and leased percentages for June 30, 2024 exclude First Stamford Place.

² “Total retail” for the periods ended June 30 and March 31, 2024 includes the Williamsburg Retail assets acquired in September 2023.

Leasing

The tables that follow summarize leasing activity for the three months ended June 30, 2024. During this period, the Company signed 35 leases that totaled 271,981 square feet, inclusive of 54,761 square feet of early renewals³. Within the Manhattan office portfolio, the Company signed 31 office leases that totaled 261,311 square feet.

Total Portfolio³

Total Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over/ under previously escalated rents
Office		32		262,991	$	66.60	$	65.31		2.0	%
Retail		3		8,990	$	91.14	$	75.03		21.5	%
Total Overall		35		271,981	$	67.41	$	65.63		2.7	%

Manhattan Office Portfolio³

Manhattan Office Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf – leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
New Office		18		162,655	$	67.44	$	64.36		4.8	%
Renewal Office		13		98,656	$	65.50	$	67.09		-2.4	%
Total Office		31		261,311	$	66.71	$	65.40		2.0	%

³ Beginning in the quarter ended June 30, 2024, we include "Early Renewals", defined as leases which were signed over two years prior to lease expiration. “Early Renewals” are included within “Renewal Office” metrics listed above.

Leasing Activity Highlights

•

11-year 40,679 square foot new lease at the Empire State Building with Pontera Solutions Inc., which represents a relocation and expansion from its current 10,539 square foot space at 111 West 33^rd Street.

•

11-year 27,866 square foot new lease with A.T. Kearney, Inc. at the Empire State Building.

•

11-year 24,592 square feet new lease with William Carter Company at 1350 Broadway.

Observatory Results

In the second quarter, Observatory revenue was $34.1 million, and expenses were $8.9 million. Observatory NOI was $25.2 million, a 1.6% increase year-over-year. Year-to-date, Observatory NOI was $41.3 million, a 5.8% increase year-over-year.

Balance Sheet

The Company had $1.0 billion of total liquidity as of June 30, 2024, which was comprised of $536 million of cash, plus $500 million available under its revolving credit facility. At June 30, 2024, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 4.27% per annum. At June 30, 2024, the Company’s ratio of net debt to adjusted EBITDA was 5.1x.

In July, the Company executed an agreement to refinance the mortgage for the Metro Center property that was due to mature in November 2024. Beginning November 2024, the new loan balance of $72 million will be interest-only at the same interest rate of 3.6%, with a maturity of November 2029, inclusive of a one-year extension option.

Portfolio Transaction Activity

Subsequent to quarter end, the Company entered into an agreement to acquire a prime retail portfolio located on North 6^th Street in Williamsburg, Brooklyn for $103 million. The approximately 40,000 square foot retail portfolio comprises five high quality retail storefronts which are 86% leased for a weighted average lease term of 7.5 years. Separately, the Company has entered into another agreement to acquire an additional prime retail portfolio on North 6^th Street for $92 million. Due to confidentiality requirements, more details on this additional portfolio will be disclosed upon closing. These all-cash transactions are consistent with our strategy to recycle capital and balance sheet capacity from non-core suburban assets into strong NYC assets. This further expands the Company’s presence in Williamsburg, Brooklyn following its initial acquisition of prime retail on North 6^th Street in September 2023.

Share Repurchase

The stock repurchase program began in March 2020 and through July 23, 2024, approximately $293.7 million has been repurchased at a weighted average price of $8.18 per share. There were no share repurchases during the second quarter.

Dividend

On June 28, 2024, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the second quarter of 2024 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On June 28, 2024, the Company paid a quarterly preferred dividend of $0.15 per unit for the second quarter of 2024 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the second quarter of 2024 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

2024 Earnings Outlook

The Company provides 2024 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.

Key Assumptions	2024 Updated Guidance (July 2024)	2024 Initial Guidance (Feb 2024)	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.90 to $0.94	$0.90 to $0.94	• 2024 includes $0.04 from multifamily assets
Commercial Property Drivers
Commercial Occupancy at year-end	87% to 89%	87% to 89%
SS Property Cash NOI (excluding lease termination fees)	0% to 3%	-1% to +2%	• Assumes positive revenue growth • Assumes a 6-7% y/y increase in operating expenses and real estate taxes, partially offset by higher tenant expense reimbursements
Observatory Drivers
Observatory NOI	$94M to $102M	$94M to $102M	• Reflects average quarterly expenses of ~$9M

	Low		High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$	0.21	$	0.25
Add:
Impairment Charge		0.00		0.00
Real Estate Depreciation & Amortization		0.67		0.67
Less:
Private Perpetual Distributions		0.02		0.02
Gain on Disposal of Real Estate, net		0.00		0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$	0.87	$	0.91
Add:
Amortization of Below Market Ground Lease		0.03		0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$	0.90	$	0.94

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 25, 2024 at 12:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of ESRT’s website. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until August 1, 2024, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13741462.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World - and the #1 Attraction in the U.S. for the third consecutive year - in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2024, ESRT’s portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.

Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, climate-related risks such as natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (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 changes in the use of office space and remote work; (v) changes in our business strategy; (vi) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (ix) declining real estate valuations and impairment charges; (x) termination of our ground leases; (xi) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xii) decreased rental rates or increased vacancy rates; (xiii) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xiv) difficulties in identifying and completing acquisitions; (xv) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvi) our failure to qualify as a REIT; (xvii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; and (xviii) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023 and any additional factors that may be contained in any filing we make with the SEC.

While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this press release speaks only as of the date on which it was made, and we assume no 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 press release, 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).

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

	Three Months Ended June 30,
	2024			2023
Revenues
Rental revenue	$	152,470		$	154,603
Observatory revenue		34,124			33,433
Lease termination fees		-			-
Third-party management and other fees		376			381
Other revenue and fees		2,573			2,125
Total revenues		189,543			190,542
Operating expenses
Property operating expenses		41,516			39,519
Ground rent expenses		2,332			2,332
General and administrative expenses		18,020			16,075
Observatory expenses		8,958			8,657
Real estate taxes		31,883			31,490
Depreciation and amortization		47,473			46,280
Total operating expenses		150,182			144,353
Total operating income		39,361			46,189
Other income (expense):
Interest income		5,092			3,339
Interest expense		(25,323	)		(25,405	)
Interest expense associated with property in receivership		(628	)		-
Gain on disposition of properties		10,803			13,565
Income before income taxes		29,305			37,688
Income tax expense		(750	)		(733	)
Net income		28,555			36,955
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(10,433	)		(14,049	)
Non-controlling interests in other partnerships		-			(1	)
Preferred unit distributions		(1,051	)		(1,051	)
Net income attributable to common stockholders	$	17,071		$	21,854
Total weighted average shares
Basic		164,277			160,028
Diluted		268,716			264,196
Earnings per share attributable to common stockholders
Basic	$	0.10		$	0.14
Diluted	$	0.10		$	0.14

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

	Six Months Ended June 30,
	2024			2023
Revenues
Rental revenue	$	306,352		$	294,694
Observatory revenue		58,720			55,587
Lease termination fees		-			-
Third-party management and other fees		641			808
Other revenue and fees		5,009			4,075
Total revenues		370,722			355,164
Operating expenses
Property operating expenses		86,576			81,563
Ground rent expenses		4,663			4,663
General and administrative expenses		33,992			31,783
Observatory expenses		17,389			16,512
Real estate taxes		64,124			63,278
Depreciation and amortization		93,554			93,688
Total operating expenses		300,298			291,487
Total operating income		70,424			63,677
Other income (expense):
Interest income		9,270			5,934
Interest expense		(50,451	)		(50,709	)
Interest expense associated with property in receivership		(628	)		-
Loss on early extinguishment of debt		(553	)		-
Gain on disposition of properties		10,803			29,261
Income before income taxes		38,865			48,163
Income tax benefit (expense)		(95	)		486
Net income		38,770			48,649
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership		(13,933	)		(18,217	)
Noncontrolling interests in other partnerships		(4	)		42
Preferred unit distributions		(2,101	)		(2,101	)
Net income attributable to common stockholders	$	22,732		$	28,373
Total weighted average shares
Basic		163,988			160,669
Diluted		268,105			264,736
Earnings per share attributable to common stockholders
Basic	$	0.14		$	0.18
Diluted	$	0.14		$	0.18

Empire State Realty Trust, Inc.

Reconciliation of Net Income to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

	Three Months Ended June 30,
	2024			2023
Net income	$	28,555		$	36,955
Non-controlling interests in other partnerships		-			(1	)
Preferred unit distributions		(1,051	)		(1,051	)
Real estate depreciation and amortization		46,398			44,887
Gain on disposition of properties		(10,803	)		(13,565	)
FFO attributable to common stockholders and Operating Partnership units		63,099			67,225

Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and Operating Partnership units		65,057			69,183

Interest expense associated with property in receivership		628			-
Core FFO attributable to common stockholders and Operating Partnership units	$	65,685		$	69,183

Total weighted average shares and Operating Partnership units
Basic		264,676			262,903
Diluted		268,716			264,196

FFO per share
Basic	$	0.24		$	0.26
Diluted	$	0.23		$	0.25

Modified FFO per share
Basic	$	0.25		$	0.26
Diluted	$	0.24		$	0.26

Core FFO per share
Basic	$	0.25		$	0.26
Diluted	$	0.24		$	0.26

Empire State Realty Trust, Inc.

Reconciliation of Net Income to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

	Six Months Ended June 30,
	2024			2023
Net income	$	38,770		$	48,649
Noncontrolling interests in other partnerships		(4	)		42
Preferred unit distributions		(2,101	)		(2,101	)
Real estate depreciation and amortization		91,255			90,911
Gain on disposition of properties		(10,803	)		(29,261	)
FFO attributable to common stockholders and Operating Partnership units		117,117			108,240

Amortization of below-market ground leases		3,916			3,916
Modified FFO attributable to common stockholders and Operating Partnership units		121,033			112,156

Interest expense associated with property in receivership		628			-
Loss on early extinguishment of debt		553			-
Core FFO attributable to common stockholders and Operating Partnership units	$	122,214		$	112,156

Total weighted average shares and Operating Partnership units
Basic		264,619			263,694
Diluted		268,105			264,736

FFO per share
Basic	$	0.44		$	0.41
Diluted	$	0.44		$	0.41

Modified FFO per share
Basic	$	0.46		$	0.43
Diluted	$	0.45		$	0.42

Core FFO per share
Basic	$	0.46		$	0.43
Diluted	$	0.46		$	0.42

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

	June 30, 2024			December 31, 2023
Assets
Commercial real estate properties, at cost	$	3,503,302		$	3,655,192
Less: accumulated depreciation		(1,206,039	)		(1,250,062	)
Commercial real estate properties, net		2,297,263			2,405,130
Contract asset⁴		166,955			-
Cash and cash equivalents		535,533			346,620
Restricted cash		41,015			60,336
Tenant and other receivables		34,665			39,836
Deferred rent receivables		242,940			255,628
Prepaid expenses and other assets		105,438			98,167
Deferred costs, net		172,318			172,457
Acquired below market ground leases, net		317,326			321,241
Right of use assets		28,318			28,439
Goodwill		491,479			491,479
Total assets	$	4,433,250		$	4,219,333

Liabilities and equity
Mortgage notes payable, net	$	700,348		$	877,388
Senior unsecured notes, net		1,196,831			973,872
Unsecured term loan facility, net		268,580			389,286
Unsecured revolving credit facility		120,000			-
Debt associated with property in receivership		177,667			-
Accrued interest associated with property in receivership		1,589			-
Accounts payable and accrued expenses		90,908			99,756
Acquired below market leases, net		11,872			13,750
Ground lease liabilities		28,318			28,439
Deferred revenue and other liabilities		61,890			70,298
Tenants’ security deposits		24,031			35,499
Total liabilities		2,682,034			2,488,288
Total equity		1,751,216			1,731,045
Total liabilities and equity	$	4,433,250		$	4,219,333

⁴ As of June 30, 2024, we have recorded a contract asset that represents our right to debt extinguishment once the foreclosure process on First Stamford Place is completed.

Exhibit 99.2

Second Quarter 2024

Table of Contents	*Page*
Summary
Supplemental Definitions	3
Company Profile	5
Condensed Consolidated Balance Sheets	6
Condensed Consolidated Statements of Operations	7
Highlights	8
Selected Property Data
Property Summary Net Operating Income	9
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI	10
Leasing Activity	11
Commercial Property Detail	13
Portfolio Expirations and Vacates Summary	14
Tenant Lease Expirations	15
Largest Tenants and Portfolio Tenant Diversification by Industry	17
Capital Expenditures and Redevelopment Program	18
Observatory Summary	19
Financial information
FFO, Modified FFO, Core FFO, FAD and EBITDA	20
Consolidated Debt Analysis
Debt Summary	21
Debt Detail	22
Debt Maturities	23
Ground Leases	23

Forward-looking Statements

This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.

While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this presentation, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Page 2

Second Quarter 2024
Supplemental Definitions

Funds From Operations ("FFO")

Modified Funds From Operations ("Modified FFO")

Core Funds From Operations ("Core FFO")

Core Funds Available for Distribution ("Core FAD")

Net Operating Income ("NOI") and Property Cash NOI

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of June 30, 2024, Same Store excludes 500 Mamaroneck Ave, Harrison, NY which was sold in April 2023, Williamsburg retail in New York City, NY which was acquired in September 2023, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024.

Page 3

Second Quarter 2024
Supplemental Definitions

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

Second Quarter 2024

COMPANY PROFILE

BOARD OF DIRECTORS

Anthony E. Malkin		Chairman 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
Christina Van Tassell		Director
Hannah Yang		Director

EXECUTIVE MANAGEMENT

Anthony E. Malkin		Chairman and Chief Executive Officer
Christina Chiu		President
Thomas P. Durels		Executive Vice President, Real Estate
Steve Horn		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

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) 687-8700

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 5

Second Quarter 2024
Condensed Consolidated Balance Sheets
(unaudited and dollars in thousands)

	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Assets
Commercial real estate properties, at cost:
Land	$	341,499		$	366,357		$	366,357		$	366,364		$	361,497
Development costs		8,187			8,187			8,178			8,178			8,204
Building and improvements		3,153,616			3,327,773			3,280,657			3,245,555			3,196,181
		3,503,302			3,702,317			3,655,192			3,620,097			3,565,882
Less: accumulated depreciation		(1,206,039	)		(1,288,519	)		(1,250,062	)		(1,217,967	)		(1,180,558	)
Commercial real estate properties, net		2,297,263			2,413,798			2,405,130			2,402,130			2,385,324
Contract asset⁽¹⁾		166,955			-			-			-			-
Cash and cash equivalents		535,533			333,573			346,620			353,999			315,357
Restricted cash		41,015			51,738			60,336			66,954			80,451
Tenant and other receivables		34,665			40,137			39,836			37,651			32,901
Deferred rent receivables		242,940			257,266			255,628			254,233			249,881
Prepaid expenses and other assets		105,438			74,472			98,167			82,918			98,986
Deferred costs, net		172,318			180,462			172,457			175,488			176,678
Acquired below-market ground leases, net		317,326			319,284			321,241			323,199			325,157
Right of use assets		28,318			28,378			28,439			28,496			28,554
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,433,250		$	4,190,587		$	4,219,333		$	4,216,547		$	4,184,768

Liabilities and Equity
Mortgage notes payable, net	$	700,348		$	876,497		$	877,388		$	878,757		$	880,592
Senior unsecured notes, net		1,196,831			973,926			973,872			973,819			973,768
Unsecured term loan facility, net		268,580			268,503			389,286			389,158			389,028
Unsecured revolving credit facility		120,000			120,000			-			-			-
Debt associated with property in receivership		177,667			-			-			-			-
Accrued interest associated with property in receivership		1,589			-			-			-			-
Accounts payable and accrued expenses		90,908			91,005			99,756			83,299			71,709
Acquired below-market leases, net		11,872			12,798			13,750			14,703			15,280
Ground lease liabilities		28,318			28,378			28,439			28,496			28,554
Deferred revenue and other liabilities		61,890			69,289			70,298			75,688			73,972
Tenants' security deposits		24,031			25,457			35,499			39,307			40,253
Total liabilities		2,682,034			2,465,853			2,488,288			2,483,227			2,473,156
Total equity		1,751,216			1,724,734			1,731,045			1,733,320			1,711,612
Total liabilities and equity	$	4,433,250		$	4,190,587		$	4,219,333		$	4,216,547		$	4,184,768

	Notes:
(1)	As of June 30, 2024, we have recorded a contract asset that represents our right to debt extinguishment once the foreclosure process on First Stamford Place is completed.

Page 6

Second Quarter 2024
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Revenues
Rental revenue ⁽¹⁾	$	152,470		$	153,882		$	151,167		$	151,458		$	154,603
Observatory revenue		34,124			24,596			36,217			37,562			33,433
Third-party management and other fees		376			265			275			268			381
Other revenue and fees		2,573			2,436			5,223			2,238			2,125
Total revenues		189,543			181,179			192,882			191,526			190,542

Operating expenses
Property operating expenses		41,516			45,060			42,944			42,817			39,519
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		18,020			15,972			16,144			16,012			16,075
Observatory expenses		8,958			8,431			9,282			9,471			8,657
Real estate taxes		31,883			32,241			31,809			32,014			31,490
Depreciation and amortization		47,473			46,081			49,599			46,624			46,280
Total operating expenses		150,182			150,116			152,110			149,269			144,353
Total operating income		39,361			31,063			40,772			42,257			46,189

Other income (expense)
Interest income		5,092			4,178			4,740			4,462			3,339
Interest expense		(25,323	)		(25,128	)		(25,393	)		(25,382	)		(25,405	)
Interest expense associated with property in receivership		(628	)		-			-			-			-
Loss on early extinguishment of debt		-			(553	)		-			-			-
Gain (loss) on disposition of property		10,803			-			(2,497	)		-			13,565
Income before income taxes		29,305			9,560			17,622			21,337			37,688
Income tax (expense) benefit		(750	)		655			(1,792	)		(1,409	)		(733	)
Net income		28,555			10,215			15,830			19,928			36,955
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(10,433	)		(3,500	)		(5,670	)		(7,207	)		(14,049	)
Non-controlling interests in other partnerships		-			(4	)		1			(111	)		(1	)
Private perpetual preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,051	)
Net income attributable to common stockholders	$	17,071		$	5,661		$	9,111		$	11,560		$	21,854

Weighted average common shares outstanding
Basic		164,277			163,491			161,974			161,851			160,028
Diluted		268,716			267,494			267,003			266,073			264,196

Earnings per share attributable to common stockholders

Basic and diluted	$	0.10		$	0.03		$	0.06		$	0.07		$	0.14

Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035

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

	Three Months Ended
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Rental Revenue
Base rent	$	136,328	$	136,557	$	134,467	$	133,228	$	138,808
Billed tenant expense reimbursement		16,142		17,325		16,700		18,230		15,795
Total rental revenue	$	152,470	$	153,882	$	151,167	$	151,458	$	154,603

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 7

Second Quarter 2024
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Office and Retail Metrics:
Total rentable square footage		8,549,496			9,332,569			9,359,219			9,361,656			9,356,165
Percent occupied ⁽¹⁾		88.5	%		87.6	%		86.3	%		87.0	%		86.8	%
Percent leased ⁽²⁾		92.6	%		91.1	%		90.6	%		90.5	%		90.3	%

Same Store Property Cash Net Operating Income (NOI):
Manhattan office portfolio	$	67,165		$	63,911		$	66,897		$	61,985		$	62,800
Greater New York office portfolio		1,825			1,383			1,711			1,981			2,167
Retail portfolio		2,517			1,542			1,791			1,752			1,609
Total Same Store Property Cash NOI	$	71,507		$	66,836		$	70,399		$	65,718		$	66,576

Multifamily Metrics:
Multifamily Cash NOI ⁽³⁾	$	4,533		$	4,217		$	4,032		$	4,837		$	3,756
Total number of units		727			727			727			727			721
Percent occupied		97.9	%		97.1	%		98.1	%		97.1	%		97.4	%

Observatory Metrics:
Observatory NOI	$	25,166		$	16,165		$	26,935		$	28,091		$	24,776
Number of visitors ⁽⁴⁾		648,000			485,000			711,000			743,000			666,000
Change in visitors year-over-year		(2.7	)%		9.5	%		7.7	%		8.2	%		16.2	%

Ratios at ESRT pro-rata share: ⁽³⁾
Debt to Total Market Capitalization ⁽⁵⁾		46.4	%		44.1	%		45.2	%		49.7	%		51.4	%
Net Debt to Total Market Capitalization ⁽⁵⁾		39.9	%		40.2	%		41.1	%		45.4	%		47.6	%
Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁵⁾		48.2	%		45.8	%		47.0	%		51.7	%		53.5	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁵⁾		41.9	%		42.0	%		43.0	%		47.6	%		49.8	%
Debt to Adjusted EBITDA ⁽⁶⁾		6.6	x		6.2	x		6.4	x		6.6	x		6.7	x
Net Debt to Adjusted EBITDA ⁽⁶⁾		5.1	x		5.3	x		5.4	x		5.5	x		5.8	x
Core FFO Payout Ratio ⁽⁷⁾		15	%		17	%		14	%		14	%		14	%
Core FAD Payout Ratio ⁽⁸⁾		30	%		109	%		35	%		23	%		29	%
Core FFO per share - diluted	$	0.24		$	0.21		$	0.25		$	0.25		$	0.26
Diluted weighted average shares		268,716			267,494			267,003			266,073			264,196

Class A common stock price at quarter end	$	9.38		$	10.13		$	9.69		$	8.04		$	7.49
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⁾		1.5	%		1.4	%		1.4	%		1.7	%		1.9	%
Series 2013 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560			1,560			1,560			1,560			1,560
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664			4,664			4,664			4,664			4,664
Class A common stock		164,483			163,816			162,062			161,346			159,843
Class B common stock ⁽¹⁰⁾		982			982			984			987			988
Operating partnership units		108,713			109,218			107,900			108,618			110,087
Total common stock and operating partnership units outstanding ⁽¹¹⁾		274,178			274,016			270,946			270,951			270,918

Notes:

(1)	Based on leases signed and commenced as of end of period.
(2)	Represents occupancy and includes signed leases not commenced.
(3)	On March 28, 2024, ESRT acquired the non-controlling interest in its other partnerships. The Multifamily Cash NOI presented here reflects ESRT's pro-rata 90% for the periods prior to this acquisition. Historical ratios remain unchanged, and June 30, 2024 and March 31, 2024 debt ratios reflect ESRT's 100% share of debt and Adjusted EBITDA.
(4)	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.
(5)	Market capitalization represents the sum of (i) Company's common stock per share price as of June 30, 2024 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2024; (ii) the number of Series 2014 perpetual preferred units at June 30, 2024 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2024 multiplied by $13.52, and (iv) our outstanding indebtedness as of June 30, 2024.
(6)	Calculated based on trailing 12 months Adjusted EBITDA. For the period ended June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $12 million relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024.
(7)	Represents the amount of Core FFO paid out in distributions.
(8)	Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD Payout Ratio. We made this modification above to the calculation of Core FAD Payout Ratio for the other periods presented; in our previous supplemental reports prior to this change, the Core FAD Payout Ratios were 27% and 33% for the three months ended September 30, 2023 and June 30, 2023, respectively.
(9)	Based on the closing price per share of Class A common stock on June 30, 2024.
(10)	We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continnues to hold 49 OP units for every Class B share.
(11)	Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 8

Second Quarter 2024
Property Summary - Same Store Net Operating Income ("NOI") by Quarter
(unaudited and dollars in thousands)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Same Store Portfolio
Revenues	$	140,763		$	140,147		$	139,865		$	137,854		$	141,077
Operating expenses		(68,762	)		(71,486	)		(68,923	)		(69,574	)		(64,846	)
Same store property NOI		72,001			68,661			70,942			68,280			76,231
Straight-line rent		(1,887	)		(3,218	)		(1,967	)		(3,924	)		(10,944	)
Above/below-market rent revenue amortization		(565	)		(565	)		(534	)		(595	)		(669	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI - excluding lease termination fees	$	71,507		$	66,836		$	70,399		$	65,718		$	66,576

Percent change over prior year		7.4	%		12.3	%		11.3	%		8.8	%		1.1	%

Property cash NOI	$	71,507		$	66,836		$	70,399		$	65,718		$	66,576
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	71,507		$	66,836		$	70,399		$	65,718		$	66,576

Same Store Manhattan Office⁽¹⁾
Revenues	$	133,180		$	133,919		$	133,207		$	130,888		$	133,986
Operating expenses		(65,473	)		(68,173	)		(65,750	)		(66,294	)		(61,601	)
Same store property NOI		67,707			65,746			67,457			64,594			72,385
Straight-line rent		(1,935	)		(3,228	)		(1,984	)		(3,971	)		(10,874	)
Above/below-market rent revenue amortization		(565	)		(565	)		(534	)		(595	)		(669	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total same store property cash NOI - excluding lease termination fees		67,165			63,911			66,897			61,985			62,800
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	67,165		$	63,911		$	66,897		$	61,985		$	62,800

Same Store Greater New York Metropolitan Area Office
Revenues	$	3,319		$	2,844		$	3,072		$	3,425		$	3,596
Operating expenses		(1,656	)		(1,594	)		(1,504	)		(1,627	)		(1,577	)
Same store property NOI		1,663			1,250			1,568			1,798			2,019
Straight-line rent		162			133			143			183			148
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		1,825			1,383			1,711			1,981			2,167
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	1,825		$	1,383		$	1,711		$	1,981		$	2,167

Same Store Retail
Revenues	$	4,264		$	3,384		$	3,586		$	3,541		$	3,495
Operating expenses		(1,633	)		(1,719	)		(1,669	)		(1,653	)		(1,668	)
Same store property NOI		2,631			1,665			1,917			1,888			1,827
Straight-line rent		(114	)		(123	)		(126	)		(136	)		(218	)
Above/below-market rent revenue amortization		-			-			-			-			-
Below-market ground lease amortization		-			-			-			-			-
Total same store property cash NOI - excluding lease termination fees		2,517			1,542			1,791			1,752			1,609
Lease termination fees		-			-			-			-			-
Total same store property cash NOI	$	2,517		$	1,542		$	1,791		$	1,752		$	1,609

Notes:

(1)

Includes 486,943 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 9

Second Quarter 2024
Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI
(unaudited and dollars in thousands)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Net income	$	28,555		$	10,215		$	15,830		$	19,928		$	36,955
Add:
General and administrative expenses		18,020			15,972			16,144			16,012			16,075
Depreciation and amortization		47,473			46,081			49,599			46,624			46,280
Interest expense		25,323			25,128			25,393			25,382			25,405
Interest expense associated with property in receivership		628			-			-			-			-
Loss on early extinguishment of debt		-			553			-			-			-
Income tax expense (benefit)		750			(655	)		1,792			1,409			733
Less:
(Gain) loss on disposition of property		(10,803	)		-			2,497			-			(13,565	)
Third-party management and other fees		(376	)		(265	)		(275	)		(268	)		(381	)
Interest income		(5,092	)		(4,178	)		(4,740	)		(4,462	)		(3,339	)
Net operating income		104,478			92,851			106,240			104,625			108,163

Straight-line rent		(1,900	)		(3,061	)		(2,133	)		(5,015	)		(11,859	)
Above/below-market rent revenue amortization		(513	)		(514	)		(483	)		(554	)		(675	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958
Total cash NOI - including Observatory and lease termination fees		104,023			91,234			105,582			101,013			97,587
Less: Observatory NOI		(25,166	)		(16,165	)		(26,935	)		(28,091	)		(24,776	)
Less: cash NOI from non-Same Store properties		(7,350	)		(8,233	)		(8,248	)		(7,204	)		(6,235	)
Total Same Store property cash NOI - including lease termination fees		71,507			66,836			70,399			65,718			66,576
Less: Lease termination fees		-			-			-			-			-
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	71,507		$	66,836		$	70,399		$	65,718		$	66,576

Multifamily NOI⁽¹⁾
Revenues	$	9,161		$	8,472		$	8,345		$	8,581		$	8,119
Operating expenses		(4,578	)		(4,209	)		(4,268	)		(3,683	)		(4,254	)
NOI		4,583			4,263			4,077			4,898			3,865
Straight-line rent		(109	)		(102	)		(102	)		(103	)		(101	)
Above/below-market rent revenue amortization		59			56			57			42			(8	)
Cash NOI	$	4,533		$	4,217		$	4,032		$	4,837		$	3,756

Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced ⁽²⁾

			Initial
	Square		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet		Cash Rent		2024		2025		2026		2027		2028
Third quarter 2024		110,603		6,656		2,722		6,656		6,656		6,538		6,019
Fourth quarter 2024		106,639		5,007		331		5,007		5,007		4,997		4,746
First quarter 2025		32,327		2,005		-		1,745		2,005		2,005		2,005
Second quarter 2025		121,317		7,539		-		4,788		7,539		7,539		7,539
Third quarter 2025		49,477		2,948		-		859		2,948		2,948		2,948
Fourth quarter 2025		13,349		937		-		77		937		937		937
First quarter 2026		86,755		5,650		-		-		5,173		5,650		5,650
Second quarter 2026		60,403		4,054		-		-		2,763		4,054		4,054
Third quarter 2026		27,866		2,229		-		-		1,117		2,229		2,229
Fourth quarter 2026		67,865		4,275		-		-		703		4,275		4,275
First quarter 2027		77,248		5,016		-		-		-		4,958		5,016
Second quarter 2027		9,030		677		-		-		-		453		677
		762,879	$	46,993	$	3,053	$	19,132	$	34,848	$	46,583	$	46,095

	Incremental		Initial
	Annual		Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
2Q 2024	Cash Rent ⁽³⁾		Cash Rent		2024		2025		2026		2027		2028
Commenced leases in free rent period	$	18,702	$	18,951	$	2,794	$	14,646	$	18,952	$	18,823	$	18,053
Signed leases not commenced		23,254		28,042		259		4,486		15,896		27,760		28,042
	$	41,956	$	46,993	$	3,053	$	19,132	$	34,848	$	46,583	$	46,095

Notes:

(1)

On March 28, 2024 we acquired the non-controlling interest in ESRT's joint venture properties. Beginning in the three months ended June 30, 2024, Multifamily NOI figures are presented at 100% ownership. Prior periods disclose ESRT's pro-rata 90% share.

(2)

Excludes signed leases not commenced and commenced leases in free rent period at our First Stamford Place property.

(3)

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

Page 10

Second Quarter 2024
Property Summary - Leasing Activity by Quarter
(unaudited)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Total Office and Retail Portfolio⁽¹⁾
Total leases executed		35			25			20			22			31
Weighted average lease term		7.0 years			7.9 years			10.4 years			8.4 years			7.9 years
Average free rent period		7.4 months			7.9 months			11.9 months			10.2 months			7.2 months

Office
Total square footage executed		262,991			367,262			177,406			252,562			326,150
Average starting cash rent psf - leases executed	$	66.60		$	64.03		$	64.54		$	66.53		$	64.27
Previously escalated cash rents psf	$	65.31		$	61.08		$	61.17		$	60.28		$	56.20
Percentage of new cash rent over previously escalated rents		2.0	%		4.8	%		5.5	%		10.4	%		14.4	%

Retail
Total square footage executed		8,990			2,458			7,452			3,187			10,164
Average starting cash rent psf - leases executed	$	91.14		$	400.00		$	189.20		$	169.44		$	122.70
Previously escalated cash rents psf	$	75.03		$	378.97		$	288.16		$	169.31		$	178.14
Percentage of new cash rent over previously escalated rents		21.5	%		5.5	%		(34.3	)%		0.1	%		(31.1	)%

Total Office and Retail Portfolio
Total square footage executed		271,981			369,720			184,858			255,749			336,314
Average starting cash rent psf - leases executed	$	67.41		$	66.27		$	70.32		$	67.81		$	66.10
Previously escalated cash rents psf	$	65.63		$	63.20		$	71.71		$	61.64		$	60.03
Percentage of new cash rent over previously escalated rents		2.7	%		4.9	%		(1.9	)%		10.0	%		10.1	%

Leasing commission costs per square foot	$	18.87		$	21.01		$	26.88		$	18.99		$	17.34
Tenant improvement costs per square foot		65.69			64.98			85.60			88.50			64.40
Total LC and TI per square foot⁽²⁾	$	84.56		$	85.99		$	112.48		$	107.49		$	81.74
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	12.14		$	10.92		$	10.80		$	12.84		$	10.32

Occupancy		88.5	%		87.6	%		86.3	%		87.0	%		86.8	%

Manhattan Office Portfolio
Total leases executed		31			22			15			19			25

Office - New Leases
Total square footage executed		162,655			201,580			96,341			78,305			156,949
Average starting cash rent psf - leases executed	$	67.44		$	59.70		$	62.26		$	65.59		$	66.35
Previously escalated cash rents psf	$	64.36		$	55.66		$	59.54		$	59.89		$	48.93
Percentage of new cash rent over previously escalated rents		4.8	%		7.3	%		4.6	%		9.5	%		35.6	%

Office - Renewal Leases⁽¹⁾
Current Renewals		43,895			34,084			38,676			157,133			151,361
Early Renewals		54,761			121,612			20,962			7,270			-
Total square footage executed		98,656			155,696			59,638			164,403			151,361
Average starting cash rent psf - leases executed	$	65.50		$	70.30		$	68.61		$	68.42		$	62.55
Previously escalated cash rents psf	$	67.09		$	68.19		$	64.26		$	61.62		$	63.79
Percentage of new cash rent over previously escalated rents		(2.4	)%		3.1	%		6.8	%		11.0	%		(1.9	)%

Total Manhattan Office Portfolio
Total square footage executed		261,311			357,276			155,979			242,708			308,310
Average starting cash rent psf - leases executed	$	66.71		$	64.32		$	64.69		$	67.50		$	64.48
Previously escalated cash rents psf	$	65.40		$	61.12		$	61.34		$	61.06		$	56.23
Percentage of new cash rent over previously escalated rents		2.0	%		5.2	%		5.5	%		10.6	%		14.7	%

Leasing commission costs per square foot	$	18.13		$	19.87		$	26.37		$	18.01		$	17.02
Tenant improvement costs per square foot		68.02			63.31			89.42			90.21			64.58
Total LC and TI per square foot⁽²⁾	$	86.15		$	83.18		$	115.79		$	108.22		$	81.60
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	12.49		$	10.59		$	10.56		$	12.90		$	10.39

Occupancy		88.8	%		88.9	%		87.3	%		87.8	%		87.6	%

Page 11

Second Quarter 2024
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Greater New York Metropolitan Area Office Portfolio
Total leases executed		1			2			2			2			3

Total square footage executed		1,680			9,986			21,427			9,854			17,840
Average starting cash rent psf - leases executed	$	50.00		$	53.75			N/A	⁽⁴⁾	$	42.53		$	50.55
Previously escalated cash rents psf	$	52.25		$	59.64			N/A	⁽⁴⁾	$	41.00		$	54.38
Percentage of new cash rent over previously escalated rents		(4.3	)%		(9.9	)%		N/A	⁽⁴⁾		3.7	%		(7.1	)%

Leasing commission costs per square foot	$	9.95		$	19.29		$	16.38		$	9.35		$	16.48
Tenant improvement costs per square foot		3.50			128.47			80.55			34.49			81.70
Total LC and TI per square foot⁽²⁾	$	13.45		$	147.76		$	96.93		$	43.84		$	98.18
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	4.04		$	18.59		$	13.35		$	7.92		$	11.21

Occupancy		70.7	%		76.8	%		76.6	%		79.3	%		79.2	%

Retail Portfolio
Total leases executed		3			1			3			1			3

Total square footage executed		8,990			2,458			7,452			3,187			10,164
Average starting cash rent psf - leases executed	$	91.14		$	400.00		$	189.20		$	169.44		$	122.70
Previously escalated cash rents psf	$	75.03		$	378.97		$	288.16		$	169.31		$	178.14
Percentage of new cash rent over previously escalated rents		21.5	%		5.5	%		(34.3	)%		0.1	%		(31.1	)%

Leasing commission costs per square foot	$	41.87		$	193.06		$	67.66		$	123.73		$	28.28
Tenant improvement costs per square foot		9.45			50.00			20.18			125.00			28.40
Total LC and TI per square foot⁽²⁾	$	51.32		$	243.06		$	87.84		$	248.73		$	56.68
Total LC and TI per square foot per year of weighted average lease term⁽³⁾	$	5.33		$	23.15		$	10.88		$	15.55		$	6.57

Occupancy		92.3	%		89.8	%		90.4	%		90.4	%		90.7	%

Multifamily Portfolio
Percent occupied		97.9	%		97.1	%		98.1	%		97.1	%		97.4	%
Total number of units		727			727			727			727			721

Notes:

(1)	Added in the quarter ended June 30, 2024, for all comparative periods we include "Early Renewals", defined as leases which were signed over two years prior to the lease expiration. Amounts listed as "Total Renewals" in prior periods have been renamed to "Current Renewals" above. Amounts for total leases executed, weighted average lease term, average free rent period, total square footage executed, average starting cash rent psf - leases executed, previously escalated cash rents psf, percentage of new cash rent over previously escalated rents, leasing commission costs per square foot, tenant improvement costs per square foot and total LC and TI per square foot for the quarters ended March 31, 2024, December 31, 2023 and September 30, 2023 have been adjusted to include the impact of the early renewals for those same prior quarters. There were no early renewals for the quarter ended June 30, 2023.
(2)	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.
(3)	Added in the quarter ended June 30, 2024, for all comparative periods and is calculated by dividing the total LC and TI per square foot by the weighted average lease term.
(4)	Leases on spaces that have been vacant for more than two years are not included in the calculation of leasing spreads. The average starting cash rent psf for these two leases was $42.06.

Page 12

Second Quarter 2024
Commercial Property Detail
(unaudited)

												Annualized
Property Name	Location or Sub-Market	Rentable Square Feet ⁽¹⁾		Percent Occupied ⁽²⁾			Percent Leased ⁽³⁾			Annualized Rent ⁽⁴⁾		Rent per Occupied Square Foot ⁽⁵⁾		Number of Leases ⁽⁶⁾
Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South		2,713,930		89.0	%		93.4	%	$	161,712,941	$	66.97		145
One Grand Central Place	Grand Central		1,241,614		83.7	%		91.5	%		68,229,831		65.62		146
1400 Broadway ⁽⁷⁾	Penn Station -Times Sq. South		917,281		92.6	%		100.0	%		50,613,173		59.59		19
111 West 33rd Street ⁽⁸⁾	Penn Station -Times Sq. South		639,595		96.4	%		100.0	%		43,781,298		71.02		21
250 West 57th Street	Columbus Circle - West Side		474,790		83.4	%		84.6	%		26,248,935		66.32		30
501 Seventh Avenue	Penn Station -Times Sq. South		459,315		90.1	%		90.1	%		21,511,863		51.98		18
1359 Broadway	Penn Station -Times Sq. South		456,507		89.0	%		89.0	%		25,022,676		61.61		30
1350 Broadway ⁽⁹⁾	Penn Station -Times Sq. South		370,922		82.9	%		88.9	%		18,747,768		61.00		48
1333 Broadway	Penn Station -Times Sq. South		296,349		94.4	%		94.4	%		16,258,595		58.10		13
Office - Manhattan			7,570,303		88.8	%		93.3	%		432,127,080		64.27		470

Office - Greater New York Metropolitan Area
Metro Center	Stamford, CT		281,985		70.7	%		73.3	%		11,279,809		56.54		19
Office - Greater New York Metropolitan Area			281,985		70.7	%		73.3	%		11,279,809		56.54		19

Total/Weighted Average Office Properties			7,852,288		88.2	%		92.5	%		443,406,889		64.05		489

Retail Properties
112 West 34th Street ⁽⁸⁾	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		24,909,721		267.68		4
The Empire State Building	Penn Station -Times Sq. South		88,445		77.4	%		77.4	%		7,795,377		113.83		11
One Grand Central Place	Grand Central		70,810		100.0	%		100.0	%		7,848,437		110.84		12
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,150,505		151.50		4
250 West 57th Street	Columbus Circle - West Side		63,443		94.4	%		94.4	%		8,773,508		146.42		7
10 Union Square	Union Square		58,006		91.9	%		91.9	%		8,295,084		155.63		10
1542 Third Avenue	Upper East Side		56,211		95.0	%		95.0	%		2,502,430		46.87		3
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,445,744		90.12		2
501 Seventh Avenue	Penn Station -Times Sq. South		27,213		73.1	%		83.6	%		1,409,969		70.91		6
1350 Broadway ⁽⁹⁾	Penn Station -Times Sq. South		30,710		77.8	%		77.8	%		5,977,341		250.31		5
1359 Broadway	Penn Station -Times Sq. South		29,247		82.5	%		99.4	%		1,659,133		68.80		4
561 10th Avenue	Hudson Yards		11,822		100.0	%		100.0	%		1,592,752		134.73		2
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		2,054,538		80.93		3
1400 Broadway ⁽⁷⁾	Penn Station -Times Sq. South		17,017		82.2	%		82.2	%		1,655,074		118.39		6
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,807,793		174.41		1
Williamsburg Retail	Brooklyn		6,538		100.0	%		100.0	%		1,182,658		180.89		3
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		270,872		73.21		1
Total/Weighted Average Retail Properties			697,208		92.3	%		93.5	%		91,330,936		141.85		84

Portfolio Total			8,549,496		88.5	%		92.6	%	$	534,737,825	$	70.67		573

	Notes:
(1)	Excludes (i) 177,632 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, (iii) square footage related to the Company's residential units.
(2)	Based on leases signed and commenced as of June 30, 2024.
(3)	Includes occupied space plus leases signed but not commenced as of June 30, 2024.
(4)	Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5)	Represents annualized rent under leases commenced as of June 30, 2024 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 39 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 53 years (expiring June 10, 2077).
(9)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 26 years (expiring July 31, 2050).

Page 13

Second Quarter 2024
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)

	Actual		Actual		Forecast ⁽¹⁾					Forecast ⁽¹⁾
	Three Months Ended
	March 31, 2024		June 30, 2024		September 30, 2024			December 31, 2024		July to Dec. 2024			Full Year 2025
Total Office and Retail Portfolio ⁽²⁾
Total expirations		107,698		121,378		183,306			143,199		326,505			559,315
Less: broadcasting		-		-		(1,417	)		-		(1,417	)		-
Office and retail expirations		107,698		121,378		181,889			143,199		325,088			559,315

Renewals & relocations ⁽³⁾		48,811		18,004		55,822			19,094		74,916			111,712
New leases ⁽⁴⁾		4,389		70,641		24,260			6,738		30,998			141,747
Vacates ⁽⁵⁾		54,498		32,733		101,807			102,443		204,250			170,712
Unknown ⁽⁶⁾		-		-		-			14,924		14,924			135,144
Total Office and Retail Portfolio expirations and vacates		107,698		121,378		181,889			143,199		325,088			559,315

Manhattan Office Portfolio
Total expirations		82,998		121,378		182,893			126,229		309,122			512,140
Less: broadcasting		-		-		(1,417	)		-		(1,417	)		-
Office expirations		82,998		121,378		181,476			126,229		307,705			512,140

Renewals & relocations ⁽³⁾		41,288		18,004		55,822			19,094		74,916			103,345
New leases ⁽⁴⁾		4,389		70,641		24,260			6,738		30,998			132,797
Vacates ⁽⁵⁾		37,321		32,733		101,394			88,013		189,407			162,422
Unknown ⁽⁶⁾		-		-		-			12,384		12,384			113,576
Total expirations and vacates		82,998		121,378		181,476			126,229		307,705			512,140

Greater New York Metropolitan Area Office Portfolio
Office expirations		-		-		-			2,540		2,540			23,304

Renewals & relocations ⁽³⁾		-		-		-			-		-			2,089
New leases ⁽⁴⁾		-		-		-			-		-			-
Vacates ⁽⁵⁾		-		-		-			-		-			-
Unknown ⁽⁶⁾		-		-		-			2,540		2,540			21,215
Total expirations and vacates		-		-		-			2,540		2,540			23,304

Retail Portfolio
Retail expirations		24,700		-		413			14,430		14,843			23,871

Renewals & relocations ⁽³⁾		7,523		-		-			-		-			6,278
New leases ⁽⁴⁾		-		-		-			-		-			8,950
Vacates ⁽⁵⁾		17,177		-		413			14,430		14,843			8,290
Unknown ⁽⁶⁾		-		-		-			-		-			353
Total expirations and vacates		24,700		-		413			14,430		14,843			23,871

	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 2024; 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 intentions are unknown.

Page 14

Second Quarter 2024
Tenant Lease Expirations
(unaudited)

	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
*Total Office and Retail Lease Expirations*
Available		-		631,716		7.4	%	$	-		0.0	%	$	-
Signed leases not commenced		26		351,075		4.1	%		-		0.0	%		-
2Q 2024 ⁽⁴⁾		5		64,788		0.8	%		3,846,657		0.7	%		59.37
3Q 2024		15		118,518		1.4	%		6,910,268		1.3	%		58.31
4Q 2024		32		143,199		1.7	%		8,091,665		1.5	%		56.51
Total 2024		52		326,505		3.9	%		18,848,590		3.5	%		57.73
1Q 2025		23		120,947		1.4	%		8,822,343		1.6	%		72.94
2Q 2025		17		134,406		1.6	%		10,853,637		2.0	%		80.75
3Q 2025		16		69,907		0.8	%		4,503,444		0.8	%		64.42
4Q 2025		22		234,055		2.7	%		16,382,325		3.1	%		69.99
Total 2025		78		559,315		6.5	%		40,561,749		7.5	%		72.52
2026		69		588,107		6.9	%		36,918,071		6.9	%		62.77
2027		88		700,719		8.2	%		48,983,013		9.2	%		69.90
2028		60		937,982		11.0	%		54,913,877		10.3	%		58.54
2029		53		895,260		10.5	%		72,651,924		13.6	%		81.15
2030		39		716,215		8.4	%		51,276,458		9.6	%		71.59
2031		23		184,302		2.2	%		21,516,329		4.0	%		116.74
2032		27		344,862		4.0	%		26,040,073		4.9	%		75.51
2033		27		240,590		2.8	%		17,595,319		3.3	%		73.13
2034		21		250,005		2.9	%		19,974,084		3.7	%		79.89
Thereafter		36		1,822,843		21.2	%		125,458,340		23.5	%		68.83
Total		599		8,549,496		100.0	%	$	534,737,827		100.0	%	$	70.67

*Manhattan Office Properties ⁽⁵⁾*
Available		-		510,853		6.7	%	$	-		0.0	%	$	-
Signed leases not commenced		21		336,109		4.4	%		-		0.0	%		-
2Q 2024 ⁽⁴⁾		5		64,788		0.9	%		3,846,657		0.9	%		59.37
3Q 2024		14		118,105		1.6	%		6,893,025		1.6	%		58.36
4Q 2024		30		126,229		1.7	%		7,133,505		1.7	%		56.51
Total 2024		49		309,122		4.2	%		17,873,187		4.2	%		57.82
1Q 2025		22		118,647		1.6	%		8,330,659		1.9	%		70.21
2Q 2025		15		117,166		1.5	%		7,995,349		1.9	%		68.24
3Q 2025		14		57,547		0.8	%		3,798,888		0.9	%		66.01
4Q 2025		17		218,780		2.9	%		14,391,067		3.3	%		65.78
Total 2025		68		512,140		6.8	%		34,515,963		8.0	%		67.40
2026		60		493,118		6.5	%		31,080,105		7.2	%		63.03
2027		78		624,784		8.3	%		40,146,523		9.3	%		64.26
2028		54		921,448		12.2	%		53,020,553		12.3	%		57.54
2029		41		766,689		10.1	%		49,541,326		11.5	%		64.62
2030		30		620,879		8.2	%		40,442,659		9.4	%		65.14
2031		13		97,882		1.3	%		7,262,599		1.7	%		74.20
2032		20		312,806		4.1	%		23,104,182		5.3	%		73.86
2033		15		141,059		1.9	%		8,821,695		2.0	%		62.54
2034		15		229,340		3.0	%		15,688,933		3.6	%		68.41
Thereafter		27		1,694,074		22.3	%		110,629,355		25.5	%		65.30
Total Manhattan office properties		491		7,570,303		100.0	%	$	432,127,080		100.0	%	$	64.27

Page 15

Second Quarter 2024
Tenant Lease Expirations
(unaudited)

	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
*Greater New York Metropolitan Area Office Portfolio*
Available		-		75,351		26.7	%	$	-		0.0	%	$	-
Signed leases not commenced		1		7,137		2.4	%		-		0.0	%		-
2Q 2024 ⁽⁴⁾		-		-		0.0	%		-		0.0	%		-
3Q 2024		-		-		0.0	%		-		0.0	%		-
4Q 2024		1		2,540		0.9	%		63,500		0.6	%		25.00
Total 2024		1		2,540		0.9	%		63,500		0.6	%		25.00
1Q 2025		-		-		0.0	%		-		0.0	%		-
2Q 2025		-		-		0.0	%		-		0.0	%		-
3Q 2025		2		12,360		4.4	%		704,556		6.2	%		57.00
4Q 2025		2		10,944		3.9	%		694,031		6.2	%		63.42
Total 2025		4		23,304		8.3	%		1,398,587		12.4	%		60.01
2026		1		23,268		8.3	%		1,395,039		12.4	%		59.96
2027		4		21,546		7.6	%		1,214,780		10.8	%		56.38
2028		2		11,480		4.1	%		635,538		5.6	%		55.36
2029		2		12,183		4.3	%		693,381		6.1	%		56.91
2030		2		26,973		9.6	%		1,572,084		13.9	%		58.28
2031		1		15,030		5.3	%		820,187		7.3	%		54.57
2032⁽⁶⁾		1		-		0.0	%		6,365		0.1	%		-
2033		1		63,173		22.5	%		3,480,347		30.8	%		55.09
2034		-		-		0.0	%		-		0.0	%		-
Thereafter		-		-		0.0	%		-		0.0	%		-
Total greater New York metropolitan area office portfolio		20		281,985		100.0	%	$	11,279,809		100.0	%	$	56.54

*Retail Properties*
Available		-		45,512		6.5	%	$	-		0.0	%	$	-
Signed leases not commenced		4		7,829		1.1	%		-		0.0	%		-
2Q 2024 ⁽⁴⁾		-		-		0.0	%		-		0.0	%		-
3Q 2024		1		413		0.1	%		17,243		0.0	%		41.75
4Q 2024		1		14,430		2.1	%		894,660		1.0	%		62.00
Total 2024		2		14,843		2.2	%		911,903		1.0	%		61.44
1Q 2025		1		2,300		0.3	%		491,684		0.5	%		213.78
2Q 2025		2		17,240		2.5	%		2,858,288		3.1	%		165.79
3Q 2025		-		-		0.0	%		-		0.0	%		-
4Q 2025		3		4,331		0.6	%		1,297,227		1.4	%		299.52
Total 2025		6		23,871		3.4	%		4,647,199		5.0	%		194.68
2026		8		71,721		10.3	%		4,442,926		4.9	%		61.95
2027		6		54,389		7.8	%		7,621,710		8.3	%		140.13
2028		4		5,054		0.7	%		1,257,786		1.4	%		248.87
2029		10		116,388		16.7	%		22,417,217		24.5	%		192.61
2030		7		68,363		9.8	%		9,261,714		10.1	%		135.48
2031		9		71,390		10.2	%		13,433,543		14.7	%		188.17
2032		6		32,056		4.6	%		2,929,526		3.2	%		91.39
2033		11		36,358		5.2	%		5,293,277		5.8	%		145.59
2034		6		20,665		3.0	%		4,285,151		4.7	%		207.36
Thereafter		9		128,769		18.5	%		14,828,985		16.4	%		115.16
Total retail properties		88		697,208		100.0	%	$	91,330,937		100.0	%	$	141.85

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) 177,632 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

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

(4)	Represents leases that are included in occupancy as of June 30, 2024 and expire on June 30, 2024.

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

(6)	Represents a telecom lease with no square footage.

Page 16

Second Quarter 2024
20 Largest Tenants and Portfolio Tenant Diversification by Industry
(unaudited)

				Weighted			Percent of
				Average	Total		Portfolio					Percent of
				Remaining	Occupied		Rentable					Portfolio
			Lease	Lease	Square		Square			Annualized		Annualized
20 Largest Tenants		Property	Expiration ⁽¹⁾	Term⁽²⁾	Feet ⁽³⁾		Feet ⁽⁴⁾			Rent ⁽⁵⁾		Rent ⁽⁶⁾
1.	LinkedIn	Empire State Building	Aug. 2036	12.2 years		501,409		5.90	%	$	35,069,711		6.60	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	15.2 years		313,109		3.70	%		18,792,986		3.50	%
3.	Centric Brands Inc.	Empire State Building	Oct. 2028	4.3 years		252,929		3.00	%		13,969,655		2.60	%
4.	PVH Corp.	501 Seventh Avenue	Oct. 2028	4.3 years		237,281		2.80	%		12,302,889		2.30	%
5.	Sephora	112 West 34th Street	Jan. 2029	4.6 years		11,334		0.10	%		10,543,956		2.00	%
6.	Target	112 West 34th St., 10 Union Sq.	Jan. 2038	13.6 years		81,340		1.00	%		9,382,132		1.80	%
7.	Coty Inc.	Empire State Building	Jan. 2030	5.6 years		156,187		1.80	%		9,070,671		1.70	%
8.	Macy's	111 West 33rd Street	May 2030	5.9 years		131,117		1.50	%		8,803,204		1.60	%
9.	Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	4.0 years		149,061		1.70	%		8,245,864		1.50	%
10.	Urban Outfitters	1333 Broadway	Sep. 2029	5.3 years		56,730		0.70	%		8,180,619		1.50	%
11.	Institutional Capital Network, Inc.	One Grand Central Place	Feb. 2040	15.7 years		111,611		1.30	%		8,114,229		1.50	%
12.	Footlocker	112 West 34th Street	Sep. 2031	7.3 years		34,192		0.40	%		7,777,115		1.50	%
13.	Federal Deposit Insurance Corp.	Empire State Building	Dec. 2025	1.5 years		119,226		1.40	%		7,638,979		1.40	%
14.	HNTB Corporation	Empire State Building	Feb. 2029	4.7 years		105,143		1.20	%		7,541,912		1.40	%
15.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	5.4 years		86,492		1.00	%		6,519,359		1.20	%
16.	Fragomen	1400 Broadway	Feb. 2035	10.7 years		107,680		1.30	%		6,292,009		1.20	%
17.	Shutterstock, Inc.	Empire State Building	Apr. 2029	4.8 years		104,386		1.20	%		6,223,370		1.20	%
18.	Burlington Merchandising Corp.	1400 Broadway	Jan. 2038	13.6 years		102,898		1.20	%		6,145,288		1.10	%
19.	ASCAP	250 West 57th Street	Aug. 2034	10.2 years		87,943		1.00	%		5,997,648		1.10	%
20.	The Interpublic Group, Inc.	1400 Broadway, 111 West 33rd St.	Jul. 2024 - Feb. 2025	0.3 years		77,364		0.90	%		5,001,478		0.90	%
	Total					2,827,432		33.1	%	$	201,613,074		37.6	%

	Notes:
(1)	Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
(2)	Represents the weighted average lease term based on annualized rent.
(3)	Based on leases signed and commenced as of June 30, 2024.
(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 17

Second Quarter 2024
Capital Expenditures and Redevelopment Program and Leasing Opportunity
(unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	June 30 2024		March 31 2024		December 31, 2023		September 30, 2023		June 30, 2023
Tenant improvements - first generation	$	-	$	-	$	-	$	-	$	-
Tenant improvements - second generation		25,087		27,404		28,817		18,047		19,823
Leasing commissions - first generation		129		35		125		203		98
Leasing commissions - second generation		3,807		9,730		5,706		2,319		4,370
Building improvements - first generation		-		-		-		-		-
Building improvements - second generation		11,362		13,509		12,102		7,425		8,879
Non-recurring capital improvements		5,979		6,464		4,420		5,226		3,935
Total	$	46,364	$	57,142	$	51,170	$	33,220	$	37,105

Leasing Opportunity - Inventory of Current Vacant Space as of June 30, 2024 (in square feet) ⁽¹⁾

Total Portfolio vacant space			983,000

Signed leases not commenced ("SLNC"):
Manhattan Office Properties SLNC			336,000
Greater New York Office Properties SLNC			7,000
Retail Properties SLNC			8,000
Greater New York Office Properties			75,000
Retail Properties			46,000
Manhattan Office Properties			422,000
Manhattan Office Properties off market			46,000
Manhattan Office Properties other			43,000
Total			983,000

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

Page 18

Second Quarter 2024
Observatory Summary
(unaudited and dollars in thousands)

			Three Months Ended
	Twelve Months to Date		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Observatory NOI
Observatory revenue ⁽¹⁾	$	132,499	$	34,124		$	24,596		$	36,217		$	37,562		$	33,433
Observatory expenses		36,142		8,958			8,431			9,282			9,471			8,657
NOI		96,357		25,166			16,165			26,935			28,091			24,776
Intercompany rent expense ⁽²⁾		80,705		20,980			16,067			21,545			22,113			20,942
NOI after intercompany rent	$	15,652	$	4,186		$	98		$	5,390		$	5,978		$	3,834

Observatory Metrics
Number of visitors ⁽³⁾				648,000			485,000			711,000			743,000			666,000
Change in visitors year over year				(2.7	)%		9.5	%		7.7	%		8.2	%		16.2	%
Number of bad weather days ("BWD") ⁽⁴⁾				8			17			11			10			12

Notes:

	(1)	Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, the fixed license fee was $1,855, $1,855, $1,807, $1,807 and $1,807, 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 2023

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 19

Second Quarter 2024
Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds
from Operations ("Core FFO"), Core Funds Available for Distribution ("Core FAD") and EBITDA
(unaudited and in thousands, except per share amounts)

	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income	$	28,555		$	10,215		$	15,830		$	19,928		$	36,955
Non-controlling interests in other partnerships		-			(4	)		1			(111	)		(1	)
Preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,051	)
Real estate depreciation and amortization		46,398			44,857			48,548			45,174			44,887
(Gain) loss on dispostion of properties		(10,803	)		-			2,497			-			(13,565	)
FFO attributable to common stockholders and the Operating Partnership		63,099			54,018			65,826			63,941			67,225
Amortization of below-market ground lease		1,958			1,958			1,958			1,957			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		65,057			55,976			67,784			65,898			69,183
Interest expense associated with property in receivership		628			-			-			-			-
Loss on early extinguishment of debt		-			553			-			-			-
Core FFO attributable to common stockholders and the Operating Partnership	$	65,685		$	56,529		$	67,784		$	65,898		$	69,183

Total weighted average shares and Operating Partnership units
Basic		264,676			264,562			262,775			262,756			262,903
Diluted		268,716			267,494			267,003			266,073			264,196

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.24		$	0.20		$	0.25		$	0.24		$	0.26
Diluted	$	0.23		$	0.20		$	0.25		$	0.24		$	0.25

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.25		$	0.21		$	0.26		$	0.25		$	0.26
Diluted	$	0.24		$	0.21		$	0.25		$	0.25		$	0.26

Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.25		$	0.21		$	0.26		$	0.25		$	0.26
Diluted	$	0.24		$	0.21		$	0.25		$	0.25		$	0.26

Reconciliation of Core FFO to Core FAD
Core FFO	$	65,685		$	56,529		$	67,784		$	65,898		$	69,183
Add:
Amortization of deferred financing costs		1,050			1,019			1,075			1,089			1,088
Non-real estate depreciation and amortization		1,074			1,107			1,077			1,298			1,248
Amortization of non-cash compensation expense		6,388			3,449			5,294			4,989			5,369
Amortization of loss on interest rate derivative		1,480			1,527			1,527			1,527			1,527
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(2,744	)		(3,904	)		(3,013	)		(5,569	)		(12,534	)
Corporate capital expenditures		(157	)		(238	)		(71	)		(90	)		(225	)
Tenant improvements - second generation		(25,087	)		(27,404	)		(28,817	)		(18,047	)		(19,823	)
Building improvements - second generation		(11,362	)		(13,509	)		(12,102	)		(7,425	)		(8,879	)
Leasing commissions - second generation		(3,807	)		(9,730	)		(5,706	)		(2,319	)		(4,370	)
Core FAD ⁽¹⁾	$	32,521		$	8,846		$	27,047		$	41,351		$	32,584

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	28,555		$	10,215		$	15,830		$	19,928		$	36,955
Interest expense		25,323			25,128			25,393			25,382			25,405
Interest expense associated with property in receivership		628			-			-			-			-
Income tax expense (benefit)		750			(655	)		1,792			1,409			733
Depreciation and amortization		47,473			46,081			49,599			46,624			46,280
EBITDA		102,729			80,769			92,614			93,343			109,373
(Gain) loss on disposition of properties		(10,803	)		-			2,497			-			(13,565	)
Adjusted EBITDA	$	91,926		$	80,769		$	95,111		$	93,343		$	95,808

(1)

Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD payout ratio. We made this modification to the calculation of Core FAD for the other periods presented; in our previous supplemental reports prior to this change, Core FAD was $35,922 and $28,551 for the three months ended September 30, 2023 and June 30, 2023, respectively.

Page 20

Second Quarter 2024
Debt Summary
(unaudited and dollars in thousands)

	June 30, 2024								March 31, 2024
				Weighted Average								Weighted Average
				Interest			Maturity					Interest			Maturity
Debt Summary	Balance			Rate			(Years)		Balance			Rate			(Years)
Mortgage debt ⁽¹⁾	$	713,177			3.64	%		5.8	$	890,529			3.77	%		5.5
Senior unsecured notes		1,200,000			4.69	%		5.8		975,000			4.05	%		5.9
Unsecured term loan facilities ⁽²⁾		270,000			4.19	%		3.3		270,000			4.12	%		3.5
Unsecured revolving credit facility ⁽³⁾		120,000			4.04	%		4.7		120,000			4.03	%		4.9
Total fixed rate debt		2,303,177			4.27	%		5.4		2,255,529			3.97	%		5.4

Unsecured term loan facilities ⁽⁴⁾		-			-			-		-			-			-
Unsecured revolving credit facility ⁽⁴⁾		-			-			4.7		-			-			4.9
Total variable rate debt		-			-			4.7		-			-			4.9

Total debt		2,303,177			4.27	%		5.4		2,255,529			3.97	%		5.4
Deferred financing costs, net		(10,844	)							(9,834	)
Debt discount		(6,574	)							(6,769	)
Total	$	2,285,759							$	2,238,926

				Outstanding at
				June 30,		Letters		Available
Available Capacity		Facility		2024		of Credit		Capacity
Unsecured revolving credit facility ⁽⁵⁾	$	620,000	$	120,000	$	-	$	500,000

Current

Covenant Summary

Required

Quarter

Compliance

Maximum Total Leverage⁽⁶⁾

<60%

32.7

Yes

Maximum Secured Leverage ⁽⁶⁾

<40%

11.1

Yes

Minimum Fixed Charge Coverage

>1.50

3.2

Yes

Minimum Unencumbered Interest Coverage

>1.75

5.6

Yes

Maximum Unsecured Leverage ⁽⁶⁾

<60%

26.2

Yes

Notes:

(1)

As of June 30, 2024, excludes First Stamford Place, Stamford, CT, which was placed into receivership in May 2024.

(2)

SOFR is fixed at 2.56% for $175 million and 2.63% for $95 million under variable to fixed interest rate swap agreements.

(3)

SOFR is fixed at 2.63% for $120 million under a variable to fixed interest rate swap agreement.

(4)

As of June 30, 2024, each of our unsecured term loan facilities and the balance drawn on our revolving credit facility are fixed under variable to fixed interest rate swap agreements.

(5)

This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.

(6)

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

Page 21

Second Quarter 2024
Debt Detail
(unaudited and dollars in thousands)

Stated

Interest

Principal

Maturity

Rate (%)

Balance

Date

Amortization

Metro Center⁽¹⁾

3.59

78,774

11/5/2024

30 years

10 Union Square

3.70

50,000

4/1/2026

Interest only

1542 Third Avenue

4.29

30,000

5/1/2027

Interest only

1010 Third Avenue & 77 West 55th St.

4.01

34,508

1/5/2028

30 years

250 West 57th Street

2.83

180,000

12/1/2030

Interest only

1333 Broadway

4.21

160,000

2/5/2033

Interest only

345 East 94th Street - Series A

70% of SOFR plus 0.95

43,600

11/1/2030

Interest only

345 East 94th Street - Series B

SOFR plus 2.24

6,857

11/1/2030

30 years

561 10th Avenue - Series A

70% of SOFR plus 1.07

114,500

11/1/2033

Interest only

561 10th Avenue - Series B

SOFR plus 2.45

14,938

11/1/2033

30 years

Total fixed rate mortgage debt

713,177

Unsecured term loan facility	SOFR plus 1.50	%		175,000		12/31/2026	Interest only
Unsecured term loan facility	SOFR plus 1.50	%		95,000		3/8/2029	Interest only
Unsecured revolving credit facility	SOFR plus 1.30	%		120,000		3/8/2029	Interest only
Senior unsecured notes:
Series A	3.93	%		100,000		3/27/2025	Interest only
Series B	4.09	%		125,000		3/27/2027	Interest only
Series C	4.18	%		125,000		3/27/2030	Interest only
Series D	4.08	%		115,000		1/22/2028	Interest only
Series E	4.26	%		160,000		3/22/2030	Interest only
Series F	4.44	%		175,000		3/22/2033	Interest only
Series G	3.61	%		100,000		3/17/2032	Interest only
Series H	3.73	%		75,000		3/17/2035	Interest only
Series I	7.20	%		155,000		6/17/2029	Interest only
Series J	7.32	%		45,000		6/17/2031	Interest only
Series K	7.41	%		25,000		6/17/2034	Interest only
Total / weighted average debt	4.27	%		2,303,177
Deferred financing costs, net				(10,844	)
Debt discount				(6,574	)
Total			$	2,285,759

Note:

(1)

In July 2024, this loan was refinanced and the new principal balance of $72 million will be interest only at the same interest rate of 3.6%, with a maturity of November 2029, inclusive of a one-year extension option.

Page 22

Second Quarter 2024
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)

											Weighted
											Average
											Interest
								Percentage of			Rate of
Year	Maturities ⁽¹⁾		Amortization		Total			Total Debt			Maturing Debt
2024 ⁽²⁾	$	77,675	$	2,827	$	80,502			3.5	%		3.59	%
2025		100,000		3,664		103,664			4.5	%		3.93	%
2026		225,000		3,957		228,957			9.9	%		4.06	%
2027		155,000		4,276		159,276			6.9	%		4.13	%
2028		146,092		3,556		149,648			6.5	%		4.06	%
2029		370,000		3,988		373,988			16.2	%		5.42	%
2030		508,600		4,413		513,013			22.3	%		3.67	%
2031		45,000		3,283		48,283			2.1	%		7.32	%
2032		100,000		3,591		103,591			4.5	%		3.61	%
2033		439,007		3,248		442,255			19.2	%		4.20	%
Thereafter		100,000		-		100,000			4.4	%		4.65	%
Total debt	$	2,266,374	$	36,803		2,303,177			100.0	%		4.27	%
Deferred financing costs, net						(10,844	)
Debt discount						(6,574	)
Total					$	2,285,759

Debt Maturity Profile

Ground Lease Commitments ⁽³⁾

Year	1350 Broadway ⁽⁴⁾		1400 Broadway ⁽⁵⁾		111 West 33rd Street ⁽⁶⁾		Total
2024	$	54	$	338	$	368	$	760
2025		108		675		735		1,518
2026		93		675		735		1,503
2027		72		675		735		1,482
2028		72		675		735		1,482
Thereafter		1,584		23,625		35,586		60,795
	$	1,983	$	26,663	$	38,894	$	67,540

	Notes:
(1)	Assumes extension options are exercised for the 2029 maturities of the term loan and revolving credit facility.
(2)	In July 2024, the Metro Center loan was refinanced and the new principal balance of $72 million will be interest only at the same interest rate of 3.6%, with a maturity of November 2029, inclusive of a one-year extension option.
(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 26 years.
(5)	Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years.
(6)	Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 53 years.

Page 23

Cover	Jul. 24, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 24, 2024
Entity File Number	001-36105
Entity Registrant Name	EMPIRE STATE REALTY TRUST, INC.
Entity Central Index Key	0001541401
Entity Tax Identification Number	37-1645259
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	687-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	ESRT
Security Exchange Name	NYSE
Empire State Realty Op Lp [Member]
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 24, 2024
Entity File Number	001-36106
Entity Registrant Name	EMPIRE STATE REALTY OP, L.P.
Entity Central Index Key	0001553079
Entity Tax Identification Number	45-4685158
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	687-8700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Empire State Realty Op Lp [Member] \| Series E S Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series ES Operating Partnership Units
Trading Symbol	ESBA
Security Exchange Name	NYSEArca
Empire State Realty Op Lp [Member] \| Series 60 Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series 60 Operating Partnership Units
Trading Symbol	OGCP
Security Exchange Name	NYSEArca
Empire State Realty Op Lp [Member] \| Series 250 Operating Partnership Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Series 250 Operating Partnership Units
Trading Symbol	FISK
Security Exchange Name	NYSEArca

Grafico Azioni Empire State Realty (NYSE:ESRT)
Storico
Da Nov 2024 a Dic 2024

Clicca qui per i Grafici di Empire State Realty

Grafico Azioni Empire State Realty (NYSE:ESRT)
Storico
Da Dic 2023 a Dic 2024

Co-Registrant CIK	0001553079
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant Document Period EndDate	2024-07-24
Co-Registrant Address Line One	111 West 33rd Street
Co-Registrant Address Line Two	12th Floor
Co-Registrant City or Town	New York
Co-Registrant State or Province	New York
Co-Registrant City Area Code	212
Co-Registrant Local Phone Number	687-8700
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging growth company	false

ESRT Empire State Realty Trust Inc

Notizie Empire State Realty Trust Inc - ESRT

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ESRT Empire State Realty Trust Inc

Notizie Empire State Realty Trust Inc - ESRT

La tua Cronologia