EX-99.2 3 a2q25supplement.htm EX-99.2

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			Second Quarter 2025

Table of Content			Page
Summary
Supplemental Definitions			3
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
FFO, Modified FFO, Core FFO, FAD and EBITDA			8
Highlights			9
Selected Property Data
Property Summary Net Operating Income			10
Same Store Net Operating Income			11
Leasing Activity			12
Commercial Property Detail			14
Portfolio Expirations and Vacates Summary			15
Tenant Lease Expirations			16
Largest Tenants and Portfolio Tenant Diversification by Industry			18
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program			19
Observatory Summary			20
Financial information
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.

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, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) 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; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) 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, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

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 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).

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			Second Quarter 2025
			Supplemental Definitions

Funds From Operations

We compute Funds From Operations ("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 Funds From Operations ("Modified FFO") adds back an adjustment for any 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 Funds From Operations ("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

In addition to Core FFO, we present Core Funds Available for Distribution ("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, amortization of loss on interest rate derivative 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 and Property Cash NOI

Net Operating Income ("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

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			Second Quarter 2025
			Supplemental Definitions

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, 2025, Same Store excludes the North Sixth Street Collection which was acquired in September 2023, September 2024, October 2024 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

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 its 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.

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			Second Quarter 2025

COMPANY PROFILE

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, 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. The Company is a recognized leader in energy efficiency and indoor environmental quality.

BROAD OF DIRECTORS
Anthony E. Malkin			Chairman and Chief Executive Officer
Steven J. Gilbert			Director, Lead Independent Director, Chair of the Compensation Committee
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
George L. W. Malkin			Director
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			Jeff Spector			(646) 855-1363			jeff.spector@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			Seth Bergey			(212) 816-2066			seth.bergey@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			Ally Yaseen			(646) 582-9253			ayaseen@wolferesearch.com

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			Second Quarter 2025
			Condensed Consolidated Balance Sheet
			(unaudited and dollars in thousands)

Assets			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Commercial real estate properties, at cost			$	3,903,950					$	3,825,422					$	3,786,653					$	3,667,687					$	3,503,302
Less: accumulated depreciation			(1,341,144)						(1,306,924)						(1,274,193)						(1,241,454)						(1,206,039)
Commercial real estate properties, net			2,562,806						2,518,498						2,512,460						2,426,233						2,297,263
Contract asset(1)			—						—						170,419						168,687						166,955
Cash and cash equivalents			94,643						187,823						385,465						421,896						535,533
Restricted cash			42,084						49,589						43,837						48,023						41,015
Tenant and other receivables			28,124						29,071						31,427						34,068						34,665
Deferred rent receivables			255,272						252,299						247,754						244,448						242,940
Prepaid expenses and other assets			85,083						64,233						101,852						81,758						105,438
Deferred costs, net			181,694						181,802						183,987						176,720						172,318
Acquired below-market ground leases, net			309,495						311,452						313,410						315,368						317,326
Right of use assets			28,070						28,134						28,197						28,257						28,318
Goodwill			491,479						491,479						491,479						491,479						491,479
Total assets			$	4,078,750					$	4,114,380					$	4,510,287					$	4,436,937					$	4,433,250
Liabilities and Equity
Mortgage notes payable, net			$	691,440					$	691,816					$	692,176					$	692,989					$	700,348
Senior unsecured notes, net			1,097,355						1,097,212						1,197,061						1,196,911						1,196,831
Unsecured term loan facility, net			268,883						268,807						268,731						268,655						268,580
Unsecured revolving credit facility			—						—						120,000						120,000						120,000
Debt associated with property in receivership			—						—						177,667						177,667						177,667
Accrued interest associated with property in receivership			—						—						5,433						3,511						1,589
Accounts payable and accrued expenses			104,315						135,298						132,016						81,443						90,908
Acquired below-market leases, net			17,081						18,306						19,497						14,702						11,872
Ground lease liabilities			28,070						28,134						28,197						28,257						28,318
Deferred revenue and other liabilities			55,343						61,888						62,639						70,766						61,890
Tenants' security deposits			27,015						27,044						24,908						24,715						24,031
Total liabilities			2,289,502						2,328,505						2,728,325						2,679,616						2,682,034
Total equity			1,789,248						1,785,875						1,781,962						1,757,321						1,751,216
Total liabilities and equity			$	4,078,750					$	4,114,380					$	4,510,287					$	4,436,937					$	4,433,250

Note:

(1) This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place.

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			Second Quarter 2025
			Condensed Consolidated Statements of Operations
			(unaudited and in thousands, except per share amounts)

			Three Months Ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Revenues
Rental revenue (1)			$	153,540					$	154,542					$	155,127					$	153,117					$	152,470
Observatory revenue			33,899						23,161						38,275						39,382						34,124
Lease termination fees			464						—						—						4,771						—
Third-party management and other fees			408						431						258						271						376
Other revenue and fees			2,939						1,932						3,942						2,058						2,573
Total revenues			191,250						180,066						197,602						199,599						189,543
Operating expenses
Property operating expenses			44,880						45,060						46,645						45,954						41,516
Ground rent expenses			2,332						2,331						2,332						2,331						2,332
General and administrative expenses			18,685						16,940						17,870						18,372						18,020
Observatory expenses			9,822						8,118						9,730						9,715						8,958
Real estate taxes			32,607						33,050						32,720						31,982						31,883
Depreciation and amortization			47,802						48,779						45,365						45,899						47,473
Total operating expenses			156,128						154,278						154,662						154,253						150,182
Total operating income			35,122						25,788						42,940						45,346						39,361
Other income (expense)
Interest income			1,867						3,786						5,068						6,960						5,092
Interest expense			(25,126)						(26,938)						(27,380)						(27,408)						(25,323)
Interest expense associated with property in receivership			—						(647)						(1,921)						(1,922)						(628)
Gain on disposition of property			—						13,170						1,237						1,262						10,803
Income before income taxes			11,863						15,159						19,944						24,238						29,305
Income tax (expense) benefit			(478)						619						(1,151)						(1,442)						(750)
Net income			11,385						15,778						18,793						22,796						28,555
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership			(3,815)						(5,508)						(6,575)						(8,205)						(10,433)
Private perpetual preferred unit distributions			(1,051)						(1,050)						(1,050)						(1,050)						(1,051)
Net income attributable to common stockholders			$	6,519					$	9,220					$	11,168					$	13,541					$	17,071
Weighted average common shares outstanding
Basic			168,368						167,181						166,671						164,880						164,277
Diluted			269,951						269,529						270,251						269,613						268,716
Earnings per share attributable to common stockholders
Basic			$	0.04					$	0.06					$	0.07					$	0.08					$	0.10
Diluted			$	0.04					$	0.05					$	0.07					$	0.08					$	0.10
Dividends per share			$	0.035					$	0.035					$	0.035					$	0.035					$	0.035

Note:

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

			Three Months Ended
Rental Revenue			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Base rent			$	133,987					$	136,096					$	135,629					$	132,492					$	136,328
Billed tenant expense reimbursement			19,553						18,446						19,498						20,625						16,142
Total rental revenue			$	153,540					$	154,542					$	155,127					$	153,117					$	152,470

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.

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			Second Quarter 2025
			FFO, Modified FFO, Core FFO, Core FAD and EBITDA
			(unaudited and in thousands, except per share amounts)

			Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Net Income			$	11,385					$	15,778					$	18,793					$	22,796					$	28,555
Preferred unit distributions			(1,051)						(1,050)						(1,050)						(1,050)						(1,051)
Real estate depreciation and amortization			46,921						47,871						44,386						44,871						46,398
Gain on disposition of property			—						(13,170)						(1,237)						(1,262)						(10,803)
FFO attributable to common stockholders and the Operating Partnership			57,255						49,429						60,892						65,355						63,099
Amortization of below-market ground lease			1,958						1,958						1,958						1,958						1,958
Modified FFO attributable to common stockholders and the Operating Partnership			59,213						51,387						62,850						67,313						65,057
Interest expense associated with property in receivership			—						647						1,921						1,922						628
Core FFO attributable to common stockholders and the Operating Partnership			$	59,213					$	52,034					$	64,771					$	69,235					$	65,685
Total weighted average shares and Operating Partnership units
Basic			266,899						267,073						264,798						264,787						264,676
Diluted			269,951						269,529						270,251						269,613						268,716
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.21					$	0.19					$	0.23					$	0.25					$	0.24
Diluted			$	0.21					$	0.18					$	0.23					$	0.24					$	0.23
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.22					$	0.19					$	0.24					$	0.25					$	0.25
Diluted			$	0.22					$	0.19					$	0.23					$	0.25					$	0.24
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.22					$	0.19					$	0.24					$	0.26					$	0.25
Diluted			$	0.22					$	0.19					$	0.24					$	0.26					$	0.24

Reconciliation of Core FFO to Core FAD
Core FFO			$	59,213					$	52,034					$	64,771					$	69,235					$	65,685
Add:
Amortization of deferred financing costs			1,080						1,094						1,099						1,110						1,050
Non-real estate depreciation and amortization			880						908						979						1,029						1,074
Amortization of non-cash compensation expense			6,900						4,980						6,107						5,752						6,388
Amortization of loss on interest rate derivative			1,386						1,386						1,386						1,386						1,480
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments			(4,913)						(6,407)						(5,044)						(3,082)						(2,744)
Corporate capital expenditures			(234)						(83)						(226)						(121)						(157)
Tenant improvements - second generation			(36,890)						(39,304)						(45,969)						(17,149)						(25,087)
Building improvements - second generation			(7,868)						(5,770)						(9,377)						(7,838)						(11,362)
Leasing commissions - second generation			(7,605)						(7,629)						(10,769)						(3,753)						(3,807)
Core FAD			$	11,949					$	1,209					$	2,957					$	46,569					$	32,521

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income			$	11,385					$	15,778					$	18,793					$	22,796					$	28,555
Interest expense			25,126						26,938						27,380						27,408						25,323
Interest expense associated with property in receivership			—						647						1,921						1,922						628
Income tax expense (benefit)			478						(619)						1,151						1,442						750
Depreciation and amortization			47,802						48,779						45,365						45,899						47,473
EBITDA			84,791						91,523						94,610						99,467						102,729
Gain on disposition of property			—						(13,170)						(1,237)						(1,262)						(10,803)
Adjusted EBITDA			$	84,791					$	78,353					$	93,373					$	98,205					$	91,926

Page 8

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			Second Quarter 2025
			Highlights
			(unaudited and dollars and shares in thousands, except per share amounts)

			Three Months Ended
Office and Retail Metrics:			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Total rentable square footage			8,626,395						8,617,292						8,616,284						8,592,481						8,549,496
Percent occupied (1)			89.0		%				87.9		%				88.6		%				89.1		%				88.9		%
Percent leased (2)			92.9		%				92.5		%				93.5		%				93.4		%				93.1		%
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio			$	63,589					$	61,548					$	64,110					$	65,069					$	67,165
Greater New York office portfolio			1,393						1,584						1,769						1,651						1,825
Retail portfolio			2,298						2,433						2,472						2,431						2,517
Total Same Store Property Cash NOI			$	67,280					$	65,565					$	68,351					$	69,151					$	71,507
Multifamily Metrics:
Multifamily Cash NOI			$	5,173					$	4,643					$	4,168					$	4,506					$	4,533
Total number of units			743						732						732						732						727
Percent occupied			98.6		%				99.0		%				98.5		%				96.8		%				97.9		%
Observatory Metrics:
Observatory NOI			$	24,077					$	15,043					$	28,545					$	29,667					$	25,166
Number of visitors (3)			629,000						428,000						718,000						727,000						648,000
Change in visitors year-over-year			(2.9)		%				(11.8)		%				1.0		%				(2.2)		%				(2.7)		%
Ratios:
Debt to Total Market Capitalization (4)			46.9		%				47.8		%				44.0		%				42.3		%				46.4		%
Net Debt to Total Market Capitalization (4)			45.8		%				45.4		%				39.5		%				37.5		%				39.9		%
Debt and Perpetual Preferred Units to      Total Market Capitalization (4)			49.0		%				49.8		%				45.7		%				44.0		%				48.2		%
Net Debt and Perpetual Preferred Units to      Total Market Capitalization (4)			47.8		%				47.5		%				41.4		%				39.3		%				41.9		%
Debt to Adjusted EBITDA (5)			5.8x						5.8x						6.4x						6.4x						6.6x
Net Debt to Adjusted EBITDA (5)			5.6x						5.2x						5.3x						5.2x						5.1x
Core FFO Payout Ratio (6)			16		%				19		%				15		%				14		%				15		%
Core FAD Payout Ratio			82		%				805		%				324		%				21		%				30		%
Core FFO per share - diluted			$	0.22					$	0.19					$	0.24					$	0.26					$	0.24
Diluted weighted average shares			269,951						269,529						270,251						269,613						268,716
Class A common stock price at quarter end			$	8.09					$	7.82					$	10.32					$	11.08					$	9.38
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 (7)			1.7		%				1.8		%				1.4		%				1.3		%				1.5		%
Series 2014 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			168,301						167,094						166,405						165,507						164,483
Class B common stock (8)			975						976						978						981						982
Operating partnership units			109,308						110,662						106,768						107,664						108,713
Total common stock and operating partnership units     outstanding (9)			278,584						278,732						274,151						274,152						274,178

Notes:

(1) Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space.

(2) Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods percent leased excludes storage and broadcasting space.

(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) Market capitalization represents the sum of (i) Company's common stock per share price as of June 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2025, (ii) the number of Series 2014 perpetual preferred units at June 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of June 30, 2025.

(5) Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, $9 million and $12 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025.

(6) Represents the amount of Core FFO paid out in distributions.

(7) Based on the closing price per share of Class A common stock on June 30, 2025.

(8) 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 continues to hold 49 OP units for every Class B share.

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

Page 9

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			Second Quarter 2025
			Property Summary - Same Store NOI
			(unaudited and dollars in thousands)

			Three Months Ended																														Six Months Ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						June 30, 2025						June 30, 2024
Same Store Portfolio(1)
Revenues			$	143,776					$	143,916					$	146,969					$	145,501					$	140,763					$	287,692					$	280,910
Operating expenses			(74,612)						(74,891)						(76,317)						(75,596)						(68,762)						(149,503)						(140,248)
Same store property NOI			69,164						69,025						70,652						69,905						72,001						138,189						140,662
Straight-line rent			(3,213)						(4,831)						(3,782)						(2,184)						(1,887)						(8,044)						(5,105)
Above/below-market rent revenue amortization			(629)						(587)						(477)						(528)						(565)						(1,216)						(1,130)
Below-market ground lease amortization			1,958						1,958						1,958						1,958						1,958						3,916						3,916
Total same store property cash NOI - excluding lease termination fees			$	67,280					$	65,565					$	68,351					$	69,151					$	71,507					$	132,845					$	138,343
Percent change over prior year			(5.9)		%				(1.9)		%				(2.9)		%				5.2		%				7.4		%				(4.0)		%				9.7		%
Total same store property cash NOI - excluding lease termination fees			$	67,280					$	65,565					$	68,351					$	69,151					$	71,507					$	132,845					$	138,343
Lease termination fees			464						—						—						4,771						—						464						—
Total same store property cash NOI			$	67,744					$	65,565					$	68,351					$	73,922					$	71,507					$	133,309					$	138,343
Same Store Manhattan Office(1),(2)
Revenues			$	136,543					$	136,408					$	139,380					$	138,060					$	133,180					$	272,951					$	267,099
Operating expenses			(71,336)						(71,598)						(73,062)						(72,287)						(65,473)						(142,934)						(133,646)
Same store property NOI			65,207						64,810						66,318						65,773						67,707						130,017						133,453
Straight-line rent			(2,947)						(4,633)						(3,689)						(2,134)						(1,935)						(7,580)						(5,163)
Above/below-market rent revenue amortization			(629)						(587)						(477)						(528)						(565)						(1,216)						(1,130)
Below-market ground lease amortization			1,958						1,958						1,958						1,958						1,958						3,916						3,916
Total same store property cash NOI - excluding lease termination fees			63,589						61,548						64,110						65,069						67,165						125,137						131,076
Lease termination fees			464						—						—						4,771						—						464						—
Total same store property cash NOI			$	64,053					$	61,548					$	64,110					$	69,840					$	67,165					$	125,601					$	131,076
Same Store Greater New York Metropolitan Area Office(1)
Revenues			$	2,985					$	3,154					$	3,213					$	3,060					$	3,319					$	6,139					$	6,163
Operating expenses			(1,551)						(1,606)						(1,572)						(1,612)						(1,656)						(3,157)						(3,250)
Same store property NOI			1,434						1,548						1,641						1,448						1,663						2,982						2,913
Straight-line rent			(41)						36						128						203						162						(5)						295
Above/below-market rent revenue amortization			—						—						—						—						—						—						—
Below-market ground lease amortization			—						—						—						—						—						—						—
Total same store property cash NOI - excluding lease termination fees			1,393						1,584						1,769						1,651						1,825						2,977						3,208
Lease termination fees			—						—						—						—						—						—						—
Total same store property cash NOI			$	1,393					$	1,584					$	1,769					$	1,651					$	1,825					$	2,977					$	3,208
Same Store Retail(1)
Revenues			$	4,248					$	4,354					$	4,376					$	4,381					$	4,264					$	8,602					$	7,648
Operating expenses			(1,725)						(1,687)						(1,683)						(1,697)						(1,633)						(3,412)						(3,352)
Same store property NOI			2,523						2,667						2,693						2,684						2,631						5,190						4,296
Straight-line rent			(225)						(234)						(221)						(253)						(114)						(459)						(237)
Above/below-market rent revenue amortization			—						—						—						—						—						—						—
Below-market ground lease amortization			—						—						—						—						—						—						—
Total same store property cash NOI - excluding lease termination fees			2,298						2,433						2,472						2,431						2,517						4,731						4,059
Lease termination fees			—						—						—						—						—						—						—
Total same store property cash NOI			$	2,298					$	2,433					$	2,472					$	2,431					$	2,517					$	4,731					$	4,059

Notes:

(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.

(2) Includes 475,744 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 10

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			Second Quarter 2025
			Same Store NOI
			(unaudited and dollars in thousands)

			Three Months Ended																														Six Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						June 30, 2025						June 30, 2024
Net income			$	11,385					$	15,778					$	18,793					$	22,796					$	28,555					$	27,163					$	38,770
Add:
General and administrative expenses			18,685						16,940						17,870						18,372						18,020						35,625						33,992
Depreciation and amortization			47,802						48,779						45,365						45,899						47,473						96,581						93,554
Interest expense			25,126						26,938						27,380						27,408						25,323						52,064						50,451
Interest expense associated with property in receivership			—						647						1,921						1,922						628						647						628
Loss on early extinguishment of debt			—						—						—						—						—						—						553
Income tax expense (benefit)			478						(619)						1,151						1,442						750						(141)						95
Less:
Gain on disposition of property			—						(13,170)						(1,237)						(1,262)						(10,803)						(13,170)						(10,803)
Third-party management and other fees			(408)						(431)						(258)						(271)						(376)						(839)						(641)
Interest income			(1,867)						(3,786)						(5,068)						(6,960)						(5,092)						(5,653)						(9,270)
Net operating income			101,201						91,076						105,917						109,346						104,478						192,277						197,329
Straight-line rent			(3,748)						(5,283)						(4,045)						(2,277)						(1,900)						(9,031)						(4,961)
Above/below-market rent revenue amortization			(840)						(798)						(674)						(476)						(513)						(1,638)						(1,027)
Below-market ground lease amortization			1,958						1,958						1,958						1,958						1,958						3,916						3,916
Total cash NOI - including Observatory and lease termination fees			98,571						86,953						103,156						108,551						104,023						185,524						195,257
Less: Observatory NOI			(24,077)						(15,043)						(28,545)						(29,667)						(25,166)						(39,120)						(41,331)
Less: cash NOI from non-Same Store properties			(6,750)						(6,345)						(6,260)						(4,962)						(7,350)						(13,095)						(15,583)
Total Same Store property cash NOI - including lease termination fees			67,744						65,565						68,351						73,922						71,507						133,309						138,343
Less: Lease termination fees			(464)						—						—						(4,771)						—						(464)						—
Total Same Store property cash NOI - excluding Observatory and lease termination fees			$	67,280					$	65,565					$	68,351					$	69,151					$	71,507					$	132,845					$	138,343
Multifamily NOI
Revenues			$	9,846					$	9,646					$	9,322					$	9,140					$	9,161					$	19,492					$	17,633
Operating expenses			(4,665)						(4,993)						(5,145)						(4,623)						(4,578)						(9,658)						(8,787)
NOI			5,181						4,653						4,177						4,517						4,583						9,834						8,846
Straight-line rent			(67)						(67)						(67)						(69)						(109)						(134)						(211)
Above/below-market rent revenue amortization			59						57						58						58						59						116						115
Cash NOI			$	5,173					$	4,643					$	4,168					$	4,506					$	4,533					$	9,816					$	8,750

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			Second Quarter 2025
			Property Summary - Leasing Activity by Quarter
			(unaudited)

			Three Months Ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Total Office and Retail Portfolio(1)
Total leases executed			22						20						20						31						35
Weighted average lease term			9.9 years						8.4 years						8.0 years						7.0 years						7.0 years
Average free rent period			7.6 months						7.8 months						5.7 months						5.2 months						7.4 months
Office
Total square footage executed			221,776						229,367						378,913						291,418						262,991
Average starting cash rent psf - leases executed			$	71.21					$	66.43					$	78.40					$	70.11					$	66.60
Previously escalated cash rents psf			$	63.50					$	60.63					$	71.03					$	68.34					$	65.31
Percentage of new cash rent over previously escalated rents			12.1		%				9.6		%				10.4		%				2.6		%				2.0		%
Retail
Total square footage executed			10,332						1,181						—						12,792						8,990
Average starting cash rent psf - leases executed			$	268.92					$	193.00					$	—					$	203.88					$	91.14
Previously escalated cash rents psf			$	316.28					$	183.74					$	—					$	332.35					$	75.03
Percentage of new cash rent over previously escalated rents			(15.0)		%				5.0		%				—						(38.7)		%				21.5		%
Total Office and Retail Portfolio
Total square footage executed			232,108						230,548						378,913						304,210						271,981
Average starting cash rent psf - leases executed			$	80.01					$	67.08					$	78.40					$	75.74					$	67.41
Previously escalated cash rents psf			$	74.75					$	61.27					$	71.03					$	79.44					$	65.63
Percentage of new cash rent over previously escalated rents			7.0		%				9.5		%				10.4		%				(4.7)		%				2.7		%
Leasing commission costs per square foot			$	31.62					$	22.39					$	21.73					$	19.67					$	18.87
Tenant improvement costs per square foot			86.85						47.92						49.46						42.90						65.69
Total LC and TI per square foot(2)			$	118.47					$	70.31					$	71.19					$	62.57					$	84.56
Total LC and TI per square foot per year of weighted average lease term			$	11.93					$	8.34					$	8.89					$	8.94					$	12.14
Occupancy(3)			89.0		%				87.9		%				88.6		%				89.1		%				88.9		%

Manhattan Office Portfolio
Total leases executed			18						18						18						25						31
Office - New Leases
Total square footage executed			202,499						43,184						184,258						130,688						162,655
Average starting cash rent psf - leases executed			$	72.28					$	69.13					$	71.07					$	66.07					$	67.44
Previously escalated cash rents psf			$	63.11					$	66.77					$	59.54					$	63.21					$	64.36
Percentage of new cash rent over previously escalated rents			14.5		%				3.5		%				19.4		%				4.5		%				4.8		%
Office - Renewal Leases(1)
Current Renewals			19,277						177,328						10,178						53,622						43,895
Early Renewals			—						—						172,286						105,019						54,761
Total square footage executed			19,277						177,328						182,464						158,641						98,656
Average starting cash rent psf - leases executed			$	59.97					$	66.62					$	86.98					$	73.11					$	65.50
Previously escalated cash rents psf			$	67.51					$	59.35					$	83.14					$	72.24					$	67.09
Percentage of new cash rent over previously escalated rents			(11.2)		%				12.3		%				4.6		%				1.2		%				(2.4)		%
Total Manhattan Office Portfolio
Total square footage executed			221,776						220,512						366,722						289,329						261,311
Average starting cash rent psf - leases executed			$	71.21					$	67.11					$	78.99					$	69.93					$	66.71
Previously escalated cash rents psf			$	63.50					$	60.80					$	71.28					$	68.16					$	65.40
Percentage of new cash rent over previously escalated rents			12.1		%				10.4		%				10.8		%				2.6		%				2.0		%
Leasing commission costs per square foot			$	28.97					$	22.47					$	21.85					$	17.40					$	18.13
Tenant improvement costs per square foot			89.60						49.50						47.96						42.82						68.02
Total LC and TI per square foot(2)			$	118.57					$	71.97					$	69.81					$	60.22					$	86.15
Total LC and TI per square foot per year of weighted average lease term			$	11.79					$	8.41					$	8.66					$	8.67					$	12.49
Occupancy(3)			89.5		%				88.1		%				89.0		%				89.6		%				89.3		%

(Table continued on next page)

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			Second Quarter 2025
			Property Summary - Leasing Activity by Quarter - (Continued)
			(unaudited)

			Three Months Ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Retail Portfolio
Total leases executed			4						1						—						5						3
Total square footage executed			10,332						1,181						—						12,792						8,990
Average starting cash rent psf - leases executed			$	268.92					$	193.00					$	—					$	203.88					$	91.14
Previously escalated cash rents psf			$	316.28					$	183.74					$	—					$	332.35					$	75.03
Percentage of new cash rent over previously escalated rents			(15.0)		%				5.0		%				—						(38.7)		%				21.5		%
Leasing commission costs per square foot			$	88.59					$	63.04					$	—					$	74.25					$	41.87
Tenant improvement costs per square foot			27.88						—						—						51.72						9.45
Total LC and TI per square foot(2)			$	116.47					$	63.04					$	—					$	125.97					$	51.32
Total LC and TI per square foot per year of weighted average lease term			$	16.15					$	6.25					$	—					$	14.73					$	5.33
Occupancy(3)			89.9		%				91.2		%				90.4		%				91.1		%				92.3		%

Multifamily Portfolio
Percent occupied			98.6		%				99.0		%				98.5		%				96.8		%				97.9		%
Total number of units			743						732						732						732						727

Notes:

(1) Early Renewals include leases which were signed over two years prior to the lease expiration.

(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 are paid.

(3) All occupancy rates exclude broadcasting and storage space.

Page 13

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			Second Quarter 2025
			Commercial Property Detail
			(unaudited)

Property Name			Location or Sub-Market						Rentable Square Feet (1)						Percent Occupied (2),(3)						Percent Leased (3),(4)						Annualized Rent (5)						Annualized Rent per Occupied Square Foot (6)						Number of Leases (7)
Office - Manhattan
The Empire State Building			Penn Station -Times Sq. South						2,711,344						92.2		%				96.6		%				$	170,956,876					$	69.05					148
One Grand Central Place			Grand Central						1,224,683						87.2		%				93.3		%				68,905,466						64.59						128
1400 Broadway (8)			Penn Station -Times Sq. South						917,281						87.0		%				94.5		%				50,618,224						63.42						18
111 West 33rd Street (9)			Penn Station -Times Sq. South						639,595						92.6		%				94.3		%				41,656,476						70.32						21
250 West 57th Street			Columbus Circle - West Side						476,831						81.6		%				82.9		%				27,777,535						71.46						29
1359 Broadway			Penn Station -Times Sq. South						456,634						89.3		%				92.4		%				24,325,517						59.71						28
501 Seventh Avenue			Penn Station -Times Sq. South						455,432						90.2		%				90.2		%				22,742,723						55.41						16
1350 Broadway (10)			Penn Station -Times Sq. South						383,588						88.0		%				97.0		%				21,435,654						63.63						47
1333 Broadway			Penn Station -Times Sq. South						297,126						89.8		%				89.8		%				15,494,116						58.09						11
Office - Manhattan									7,562,514						89.5		%				93.8		%				443,912,587						65.83						446
Office - Greater New York Metropolitan Area
Metro Center			Stamford, CT						282,176						74.1		%				74.1		%				12,148,780						58.12						21
Office - Greater New York Metropolitan Area									282,176						74.1		%				74.1		%				12,148,780						58.12						21
Total/Weighted Average Office Properties									7,844,690						88.9		%				93.1		%				456,061,367						65.60						467
Retail Properties
North Sixth Street Collection			Williamsburg - Brooklyn						102,191						78.0		%				78.0		%				11,195,391						140.50						16
112 West 34th Street (9)			Penn Station -Times Sq. South						93,057						100.0		%				100.0		%				25,108,425						269.82						4
The Empire State Building			Penn Station -Times Sq. South						88,445						78.7		%				78.7		%				8,039,762						115.45						12
One Grand Central Place			Grand Central						70,810						79.6		%				79.6		%				6,947,677						123.23						11
1333 Broadway			Penn Station -Times Sq. South						67,001						100.0		%				100.0		%				10,297,889						153.70						4
250 West 57th Street			Columbus Circle - West Side						63,443						93.2		%				93.2		%				8,580,632						145.19						6
10 Union Square			Union Square						58,049						88.2		%				88.2		%				7,983,831						155.91						8
1542 Third Avenue			Upper East Side						56,211						95.0		%				100.0		%				2,517,661						47.16						3
1010 Third Avenue			Upper East Side						38,235						100.0		%				100.0		%				3,498,187						91.49						2
1359 Broadway			Penn Station -Times Sq. South						29,247						99.4		%				99.4		%				2,220,926						76.37						5
501 Seventh Avenue			Penn Station -Times Sq. South						27,213						78.9		%				89.4		%				1,442,201						67.20						7
77 West 55th Street			Midtown						25,388						100.0		%				100.0		%				2,124,815						83.69						3
1350 Broadway (10)			Penn Station -Times Sq. South						19,511						100.0		%				100.0		%				4,137,484						212.06						6
1400 Broadway (8)			Penn Station -Times Sq. South						17,017						82.2		%				82.2		%				1,753,002						125.39						6
561 10th Avenue			Hudson Yards						11,822						100.0		%				100.0		%				1,618,381						136.90						2
298 Mulberry Street			NoHo						10,365						100.0		%				100.0		%				1,981,662						191.19						1
345 East 94th Street			Upper East Side						3,700						100.0		%				100.0		%				261,661						70.72						1
Total/Weighted Average Retail Properties									781,705						89.9		%				90.7		%				99,709,587						141.83						97
Portfolio Total									8,626,395						89.0		%				92.9		%				$	555,770,954					$	72.60					564

Notes:

(1) Excludes (i) 200,028 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.

(2) Based on leases signed and commenced as of June 30, 2025.

(3) Percent occupied and percent leased exclude 107,875 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of June 30, 2025.

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

(6) Represents annualized rent under leases commenced as of June 30, 2025 divided by occupied square feet.

(7) 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.

(8) 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).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050).

Page 14

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			Second Quarter 2025
			Total Portfolio Expirations and Vacates Summary
			(unaudited and in square feet)

			Actual												Forecast (1)												Forecast (1)
			Three Months Ended
Total Office and Retail Portfolio (2)			March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						July to Dec. 2025						Full Year 2026
Total expirations			164,025						79,269						60,286						197,267						257,553						510,412
Less: broadcasting			—						—						(1,417)						—						(1,417)						—
Office and retail expirations			164,025						79,269						58,869						197,267						256,136						510,412
Renewals & relocations (3)			31,205						8,483						15,635						14,461						30,096						119,513
New leases (4)			50,486						21,120						—						126,391						126,391						19,463
Vacates (5)			82,334						49,666						40,918						50,035						90,953						229,314
Unknown (6)			—						—						2,316						6,380						8,696						142,122
Total Office and Retail Portfolio expirations and vacates			164,025						79,269						58,869						197,267						256,136						510,412
Manhattan Office Portfolio
Total expirations			147,055						77,329						55,207						195,800						251,007						416,307
Less: broadcasting			—						—						(1,417)						—						(1,417)						—
Office and retail expirations			147,055						77,329						53,790						195,800						249,590						416,307
Renewals & relocations (3)			16,775						8,483						15,635						14,461						30,096						117,842
New leases (4)			50,486						21,120						—						126,391						126,391						19,463
Vacates (5)			79,794						47,726						35,839						48,921						84,760						212,716
Unknown (6)			—						—						2,316						6,027						8,343						66,286
Total expirations and vacates			147,055						77,329						53,790						195,800						249,590						416,307
Greater New York Metropolitan Area Office Portfolio
Office expirations			2,540						—						5,079						—						5,079						23,268
Renewals & relocations (3)			—						—						—						—						—						—
New leases (4)			—						—						—						—						—						—
Vacates (5)			2,540						—						5,079						—						5,079						—
Unknown (6)			—						—						—						—						—						23,268
Total expirations and vacates			2,540						—						5,079						—						5,079						23,268
Retail Portfolio
Office expirations			14,430						1,940						—						1,467						1,467						70,837
Renewals & relocations (3)			14,430						—						—						—						—						1,671
New leases (4)			—						—						—						—						—						—
Vacates (5)			—						1,940						—						1,114						1,114						16,598
Unknown (6)			—						—						—						353						353						52,568
Total expirations and vacates			14,430						1,940						—						1,467						1,467						70,837

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 2025; 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 15

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			Second Quarter 2025
			Tenant Lease Expirations
			(unaudited)

Total Office and Retail Lease Expirations			Number of Leases Expiring(1)						Rentable Square Feet Expiring(2)						Percent of Portfolio Rentable Square Feet Expiring						Annualized Rent(3)						Percent of Annualized Rent						Annualized Rent Per Rentable Square Foot
Available			—						642,124						7.4		%				$	—					—		%				$	—
Signed leases not commenced			21						328,609						3.8		%				—						—		%				—
2Q 2025(4)			6						45,336						0.5		%				2,812,089						0.5		%				62.03
3Q 2025			14						59,360						0.7		%				3,802,172						0.7		%				64.05
4Q 2025			19						197,267						2.3		%				12,995,985						2.3		%				65.88
Total 2025			39						301,963						3.5		%				19,610,246						3.5		%				64.94
1Q 2026			15						148,843						1.7		%				9,365,060						1.7		%				62.92
2Q 2026			7						26,719						0.3		%				1,846,306						0.3		%				69.10
3Q 2026			18						107,713						1.2		%				6,691,424						1.2		%				62.12
4Q 2026			22						227,137						2.6		%				12,259,510						2.2		%				53.97
Total 2026			62						510,412						5.8		%				30,162,300						5.4		%				59.09
2027			87						707,724						8.2		%				47,867,236						8.6		%				67.64
2028			63						873,723						10.1		%				52,913,755						9.5		%				60.56
2029			66						795,575						9.2		%				68,365,795						12.3		%				85.93
2030			60						777,381						9.0		%				58,892,496						10.6		%				75.76
2031			35						240,815						2.8		%				27,161,717						4.9		%				112.79
2032			31						388,724						4.5		%				29,292,989						5.3		%				75.36
2033			34						306,026						3.5		%				23,515,571						4.2		%				76.84
2034			22						361,995						4.2		%				27,256,503						4.9		%				75.30
2035			23						461,318						5.3		%				32,068,550						5.8		%				69.52
Thereafter			42						1,930,006						22.7		%				138,663,796						25.0		%				71.85
Total			585						8,626,395						100.0		%				$	555,770,954					100.0		%				$	72.60

Manhattan Office Properties(5)
Available			—						495,958						6.6		%				$	—					—		%				$	—
Signed leases not commenced			19						322,924						4.3		%				—						—		%				—
2Q 2025(4)			5						43,396						0.6		%				2,564,393						0.6		%				59.09
3Q 2025			13						54,281						0.7		%				3,510,274						0.8		%				64.67
4Q 2025			17						195,800						2.6		%				12,881,357						2.9		%				65.79
Total 2025			35						293,477						3.9		%				18,956,024						4.3		%				64.59
1Q 2026			13						139,705						1.8		%				8,703,399						2.0		%				62.30
2Q 2026			7						26,719						0.4		%				1,846,306						0.4		%				69.10
3Q 2026			14						72,794						1.0		%				4,468,416						1.0		%				61.38
4Q 2026			20						177,089						2.3		%				11,075,014						2.5		%				62.54
Total 2026			54						416,307						5.5		%				26,093,135						5.9		%				62.68
2027			77						626,173						8.3		%				38,399,735						8.7		%				61.32
2028			58						854,533						11.3		%				50,714,632						11.4		%				59.35
2029			51						648,524						8.6		%				42,748,001						9.6		%				65.92
2030			43						657,412						8.7		%				44,481,444						10.0		%				67.66
2031			23						151,071						2.0		%				11,204,439						2.5		%				74.17
2032			23						344,120						4.6		%				25,144,502						5.7		%				73.07
2033			19						198,333						2.6		%				13,053,369						2.9		%				65.82
2034			16						337,787						4.5		%				23,828,011						5.4		%				70.54
2035			18						446,299						5.9		%				30,558,955						6.9		%				68.47
Thereafter			29						1,769,596						23.2		%				118,730,340						26.7		%				67.09
Total Manhattan office properties			465						7,562,514						100.0		%				$	443,912,587					100.0		%				$	65.83

(Table continued on next page)

Page 16

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			Second Quarter 2025
			Tenant Lease Expirations
			(unaudited)

Greater New York Metropolitan   Area Office Portfolio			Number of Leases Expiring(1)						Rentable Square Feet Expiring(2)						Percent of Portfolio Rentable Square Feet Expiring						Annualized Rent(3)						Percent of Annualized Rent						Annualized Rent Per Rentable Square Foot
Available			—						73,147						25.9		%				$	—					—		%				$	—
Signed leases not commenced			—						—						—		%				—						—		%				—
2Q 2025(4)			—						—						—		%				—						—		%				—
3Q 2025			1						5,079						1.8		%				291,898						2.4		%				57.47
4Q 2025			—						—						—		%				—						—		%				—
Total 2025			1						5,079						1.8		%				291,898						2.4		%				57.47
1Q 2026			—						—						—		%				—						—		%				—
2Q 2026			—						—						—		%				—						—		%				—
3Q 2026			1						23,268						8.2		%				1,448,235						11.9		%				62.24
4Q 2026			—						—						—		%				—						—		%				—
Total 2026			1						23,268						8.2		%				1,448,235						11.9		%				62.24
2027			4						21,546						7.6		%				1,264,659						10.4		%				58.70
2028			2						11,480						4.1		%				658,539						5.4		%				57.36
2029			3						12,208						4.3		%				720,869						5.9		%				59.05
2030			5						42,827						15.2		%				2,516,457						20.7		%				58.76
2031			1						15,030						5.3		%				879,672						7.2		%				58.53
2032(6)			2						7,281						2.6		%				381,961						3.1		%				52.46
2033			1						63,173						22.4		%				3,618,934						29.8		%				57.29
2034			—						—						—		%				—						—		%				—
2035			1						7,137						2.6		%				367,556						3.2		%				51.50
Thereafter			—						—						—		%				—						—		%				—
Total greater New York metropolitan area office portfolio			21						282,176						100.0		%				$	12,148,780					100.0		%				$	58.12

Retail Properties
Available			—						73,019						9.3		%				$	—					—		%				$	—
Signed leases not commenced			2						5,685						0.7		%				—						—		%				—
2Q 2025(4)			1						1,940						0.2		%				247,696						0.2		%				127.68
3Q 2025			—						—						—		%				—						—		%				—
4Q 2025			2						1,467						0.2		%				114,628						0.1		%				78.14
Total 2025			3						3,407						0.4		%				362,324						0.3		%				106.35
1Q 2026			2						9,138						1.2		%				661,661						0.7		%				72.41
2Q 2026			—						—						—		%				—						—		%				—
3Q 2026			3						11,651						1.5		%				774,773						0.8		%				66.50
4Q 2026			2						50,048						6.4		%				1,184,496						1.2		%				23.67
Total 2026			7						70,837						9.1		%				2,620,930						2.7		%				37.00
2027			6						60,005						7.7		%				8,202,842						8.2		%				136.70
2028			3						7,710						1.0		%				1,540,584						1.5		%				199.82
2029			12						134,843						17.2		%				24,896,925						25.0		%				184.64
2030			12						77,142						9.9		%				11,894,595						11.9		%				154.19
2031			11						74,714						9.6		%				15,077,606						15.1		%				201.80
2032			6						37,323						4.8		%				3,766,526						3.8		%				100.92
2033			14						44,520						5.7		%				6,843,268						6.9		%				153.71
2034			6						24,208						3.1		%				3,428,492						3.4		%				141.63
2035			4						7,882						1.0		%				1,142,039						1.1		%				144.89
Thereafter			13						160,410						20.5		%				19,933,456						20.1		%				124.27
Total retail properties			99						781,705						100.0		%				$	99,709,587					100.0		%				$	141.83

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) 200,028 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, 2025 and expire on June 30, 2025.

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

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

Page 17

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			Second Quarter 2025
			20 Largest Tenants and Portfolio Tenant Diversification by Industry
			(unaudited)

20 Largest Tenants						Property						Lease Expiration(1)						Weighted Average Remaining Lease Term(2)						Total Occupied Square Feet(3)						Percent of Portfolio Rentable Square Feet(4)						Annualized Rent(5)						Percent of Portfolio Annualized Rent(6)
1.			LinkedIn			Empire State Building						Feb. 2026 - Aug. 2036						10.3 years						423,544						4.97		%				$	31,010,761					5.58		%
2.			Flagstar Bank			1400 Broadway						Aug. 2039						14.2 years						313,109						3.68		%				19,600,190						3.53		%
3.			Centric Brands Inc.			Empire State Building						Oct. 2028						3.3 years						252,929						2.97		%				14,255,159						2.56		%
4.			PVH Corp.			501 Seventh Avenue						Jan. 2026 - Oct. 2028						2.7 years						237,281						2.79		%				13,507,462						2.43		%
5.			Institutional Capital Network, Inc.			One Grand Central Place						Nov. 2027 - Dec. 2041						15.6 years						154,050						1.81		%				11,012,076						1.98		%
6.			Sephora USA, Inc.			112 West 34th Street						Jan. 2029						3.6 years						11,334						0.13		%				10,563,141						1.90		%
7.			Target Corporation			112 West 34th St., 10 Union Sq.						Jan. 2038						12.6 years						81,340						0.95		%				9,543,763						1.72		%
8.			Macy's			111 West 33rd Street						May 2030						4.9 years						131,117						1.54		%				9,520,794						1.71		%
9.			Coty Inc.			Empire State Building						Jan. 2030						4.6 years						157,892						1.85		%				9,339,709						1.68		%
10.			URBAN OUTFITTERS			1333 Broadway						Sep. 2029						4.3 years						56,730						0.67		%				8,287,997						1.49		%
11.			Li & Fung			1359 Broadway, ESB						Oct. 2027 - Oct. 2028						3.0 years						149,061						1.75		%				8,173,187						1.47		%
12.			Foot Locker, Inc.			112 West 34th Street						Sep. 2031						6.3 years						34,192						0.40		%				7,834,994						1.41		%
13.			FDIC			Empire State Building						Dec. 2025						0.5 years						119,226						1.40		%				7,751,788						1.39		%
14.			Shutterstock, Inc.			Empire State Building						Apr. 2029						3.8 years						108,937						1.28		%				7,558,689						1.36		%
15.			Fragomen			1400 Broadway						Feb. 2035						9.7 years						107,680						1.26		%				7,118,080						1.28		%
16.			The Michael J. Fox Foundation			111 West 33rd Street						Nov. 2029						4.4 years						86,492						1.02		%				6,549,061						1.18		%
17.			ASCAP			250 West 57th Street						Aug. 2034						9.2 years						87,943						1.03		%				6,476,281						1.17		%
18.			Burlington Merchandising Corporation			1400 Broadway						Jan. 2038						12.6 years						102,898						1.21		%				6,463,891						1.16		%
19.			HNTB Corporation			Empire State Building						Sep. 2034						9.3 years						78,361						0.92		%				5,639,656						1.01		%
20.			Kohl's Department Stores, Inc.			1400 Broadway						May 2029						3.9 years						91,775						1.08		%				5,181,788						0.93		%
			Total																					2,785,891						32.71		%				$	205,388,467					36.94		%

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, 2025.

(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)

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			Second Quarter 2025
			Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
			(unaudited and dollars in thousands)

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

						Square						Initial Annual						Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement						Feet						Cash Rent						2025						2026						2027						2028						2029
Third quarter 2025						141,538						$	9,501					$	3,152					$	9,501					$	9,501					$	9,243					$	8,999
Fourth quarter 2025						127,907						9,136						1,450						9,136						9,136						9,136						9,136
First quarter 2026						41,873						3,784						—						3,351						3,784						3,784						3,784
Second quarter 2026						182,828						13,664						—						8,552						13,664						13,664						13,664
Third quarter 2026						67,304						3,994						—						1,569						3,994						3,994						3,994
Fourth quarter 2026						119,981						7,507						—						1,006						7,507						7,507						7,507
First quarter 2027						106,746						8,563						—						—						7,892						8,563						8,563
Second quarter 2027						51,726						3,799						—						—						2,791						3,799						3,799
Fourth quarter 2027						13,943						1,115						—						—						279						1,115						1,115
First quarter 2028						34,162						2,462						—						—						—						2,350						2,462
Third quarter 2028						24,212						1,453						—						—						—						482						1,453
First quarter 2029						39,610						3,094						—						—						—						—						2,585
Second quarter 2029						25,212						1,575						—						—						—						—						920
						977,042						$	69,647					$	4,602					$	33,115					$	58,548					$	63,637					$	67,981

						Incremental Annual						Initial Annual						Initial Cash Rent Contributing to Cash NOI in the Following Years
2Q 2025						Cash Rent (1)						Cash Rent						2025						2026						2027						2028						2029
Commenced leases in free rent period						$	21,939					$	37,527					$	4,136					$	28,089					$	37,527					$	37,270					$	37,026
Signed leases not commenced						25,007						32,120						466						5,026						21,021						26,367						30,955
						$	46,946					$	69,647					$	4,602					$	33,115					$	58,548					$	63,637					$	67,981

			Three Months Ended
Capital expenditures			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Tenant improvements - first generation			$	39					$	174					$	2,744					$	—					$	—
Tenant improvements - second generation (2)			36,890						39,304						45,969						17,149						25,087
Leasing commissions - first generation			—						—						98						138						129
Leasing commissions - second generation			7,605						7,629						10,769						3,753						3,807
Building improvements - first generation			236						—						180						128						—
Building improvements - second generation			7,868						5,770						9,377						7,838						11,362
Non-recurring capital improvements			8,934						2,910						14,420						2,825						5,979
Total			$	61,572					$	55,787					$	83,557					$	31,831					$	46,364

Notes:

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

(2) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.

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			Second Quarter 2025
			Observatory Summary
			(unaudited and dollars in thousands)

						Twelve Months to Date						Three Months Ended
Observatory NOI												June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Observatory revenue (1)						$	134,717					$	33,899					$	23,161					$	38,275					$	39,382					$	34,124
Observatory expenses						37,385						9,822						8,118						9,730						9,715						8,958
NOI						97,332						24,077						15,043						28,545						29,667						25,166
Intercompany rent expense (2)						82,256						20,666						15,160						22,969						23,461						20,980
NOI after intercompany rent						$	15,076					$	3,411					$	(117)					$	5,576					$	6,206					$	4,186
Observatory Metrics
Number of visitors (3)												629,000						428,000						718,000						727,000						648,000
Change in visitors year over year												(2.9)		%				(11.8)		%				1.0		%				(2.2)		%				(2.7)		%
Number of bad weather days ("BWD") (4)												21						13						8						8						8

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, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, the fixed license fee was $1,904, $1,904, $1,855, $1,855 and $1,855, 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 2024

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.

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			Second Quarter 2025
			Debt Summary
			(unaudited and dollars in thousands)

						June 30, 2025
												Weighted Average
Debt Summary						Balance						Interest Rate (1)						Maturity (Years)
Mortgage debt						$	702,478					3.64		%				5.8
Senior unsecured notes						1,100,000						4.76		%				5.2
Unsecured term loan facilities (2)						270,000						4.43		%				2.3
Total fixed rate debt						2,072,478						4.34		%				5.0
Unsecured term loan facilities (3)						—						—						—
Unsecured revolving credit facility						—						—						—
Total variable rate debt						—						—						—
Total debt						2,072,478						4.34		%				5.0
Deferred financing costs, net						(9,007)
Debt discount						(5,793)
Total						$	2,057,678

Available Capacity																		Facility						Outstanding at June 30, 2025						Letters of Credit						Available Capacity
Unsecured revolving credit facility (4)																		$	620,000					$	—					$	—					$	620,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (5)

< 60%

32.7

%

Yes

Maximum Secured Leverage (6)

< 40%

11.6

%

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.1x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

5.0x

Yes

Maximum Unsecured Leverage (7)

< 60%

25.1

%

Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.

(2) SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity.

(3) As of June 30, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

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

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

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

(7) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

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			Second Quarter 2025
			Debt Detail
			(unaudited and dollars in thousands)

						Stated Interest Rate (%)						Principal Balance						Maturity Date						Amortization
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		%				33,580						1/5/2028						30 years
Metro Center						3.59		%				71,600						11/5/2029						Interest only
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%						6,106						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%						13,092						11/1/2033						30 years
Total fixed rate mortgage debt												702,478
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%						—						3/8/2029						Interest only
Senior unsecured notes:
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						4.34		%				2,072,478
Deferred financing costs, net												(9,007)
Debt discount												(5,793)
Total												$	2,057,678

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			Second Quarter 2025
			Debt Maturities and Ground Lease Commitments
			(unaudited and dollars in thousands)

Year						Maturities (1)						Amortization						Total						Percentage of Total Debt						Weighted Average Interest Rate of Maturing Debt
2025						$	—					$	1,868					$	1,868					0.1		%				N/A
2026						225,000						3,957						228,957						11.1		%				4.06		%
2027						155,000						4,276						159,276						7.7		%				4.13		%
2028						146,091						3,555						149,646						7.2		%				4.06		%
2029						321,600						3,890						325,490						15.7		%				5.72		%
2030						508,600						4,511						513,111						24.8		%				3.67		%
2031						45,000						3,283						48,283						2.3		%				7.32		%
2032						100,000						3,591						103,591						5.0		%				3.61		%
2033						439,007						3,249						442,256						21.3		%				4.20		%
2034						25,000						—						25,000						1.2		%				7.41		%
2035						75,000						—						75,000						3.6		%				3.73		%
Total debt						$	2,040,298					$	32,180					2,072,478						100.0		%				4.34		%
Deferred financing costs, net																		(9,007)
Debt discount																		(5,793)
Total																		$	2,057,678

Ground Lease Commitments (2)
Year												1350 Broadway (3)						1400 Broadway (4)						111 West 33rd Street (5)						Total
2025												$	54					$	338					$	368					$	760
2026												93						675						735						1,503
2027												72						675						735						1,482
2028												72						675						735						1,482
2029												72						675						735						1,482
Thereafter												1,482						22,950						34,851						59,283
												$	1,845					$	25,988					$	38,159					$	65,992

Notes:

(1) Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.

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

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years.

(4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 39 years.

(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.

Page 23