What were ESRT's third-quarter 2026 earnings and Core FFO per share?

ESRT reported net income attributable to common stockholders of $3.1 million, or $0.02 per diluted share, and Core FFO of $0.20 per diluted share for the third quarter of 2026.

Empire State Realty Trust Q3 profit falls to $3.1M

Q: What is ESRT's 2026 Core FFO guidance?

ESRT's 2026 Core FFO guidance is $0.77 to $0.80 per fully diluted share, revised from $0.75 to $0.79. The range excludes the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity.

Q: How much was ESRT's 1359 Broadway sale?

ESRT completed the disposition of 1359 Broadway for $217.5 million after quarter-end. The company said it began directing the proceeds toward share repurchases and will also use them to pay down debt.

Q: What quarterly dividend did ESRT pay for the third quarter of 2026?

On September 30, 2026, ESRT paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter of 2026.

ESRT raised its 2026 Core FFO range while third-quarter net income and Core FFO per share were below year-earlier levels.

Available on EDGAR 11/02/2026 - 05:28 PM EST Accepted by SEC EDGAR 11/02/2026 - 05:27 PM EST

Filing Impact

(Very High)

Filing Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Empire State Realty Trust, Inc. (ESRT) reported third-quarter 2026 net income attributable to common stockholders of $3.1 million, or $0.02 per diluted share, compared with $8.0 million and $0.05 a year earlier. Revenue was $193.1 million versus $197.7 million, and Core FFO was $0.20 per diluted share versus $0.23.

Same-store Property Cash NOI, excluding lease termination fees, increased 0.5% year over year; the total commercial portfolio was 92.3% occupied and 95.6% leased as of September 30, 2026. ESRT signed leases covering 189,477 square feet. It raised 2026 Core FFO guidance to $0.77–$0.80 per diluted share from $0.75–$0.79, excluding the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital-markets activity.

After quarter-end, ESRT completed the $217.5 million sale of 1359 Broadway. It said it began directing proceeds toward share repurchases and will also use them to pay down debt. From its second-quarter earnings call through November 2, 2026, it repurchased $85.8 million of shares at a weighted-average price of $4.56 per share. As of September 30, 2026, liquidity was $0.6 billion and net debt to Adjusted EBITDA was 6.7x. A $245 million unsecured delayed-draw term loan is expected to be drawn in January 2027 to repay existing debt.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 2 points

How the balance works

Positive

Moderate pointOffice leasing spreads were +9.9% in Q3, the 21st consecutive positive quarter.

Negative

Moderate pointQ3 diluted EPS was $0.02, versus $0.05 in Q3 2025.
Moderate pointQ3 Core FFO per diluted share was $0.20, versus $0.23 in Q3 2025.

Filing Explained

In its third-quarter results, ESRT reports Observation Deck NOI of $15.6 million, below the prior-year figure, while visitors fell 25.8% year over year, documenting a lower operating contribution from the attraction.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $193.1 million Net income attributable to common stockholders: $3.1 million Diluted earnings per share: $0.02 +5 more

8 metrics

Total revenue $193.1 million Third quarter 2026; $197.7 million in third quarter 2025

Net income attributable to common stockholders $3.1 million Third quarter 2026; $8.0 million in third quarter 2025

Diluted earnings per share $0.02 Third quarter 2026; $0.05 in third quarter 2025

Core FFO per diluted share $0.20 Third quarter 2026; $0.23 in third quarter 2025

Office leasing spreads +9.9% Third quarter 2026; 21st consecutive positive quarter

2026 Core FFO guidance $0.77 to $0.80 per diluted share Raised from $0.75 to $0.79 per diluted share

1359 Broadway disposition $217.5 million Completed subsequent to quarter-end

Share repurchases $85.8 million From the second-quarter earnings call through November 2, 2026; weighted-average price of $4.56 per share

Key Terms

Core FFO, Property Cash NOI, Net Debt to Adjusted EBITDA, 1031 replacement asset, +1 more

5 terms

Core FFO financial

"Core FFO per fully diluted share"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

Property Cash NOI financial

"Same-Store Property Cash NOI, excluding lease termination fees"

Net Debt to Adjusted EBITDA financial

"ratio of net debt to adjusted EBITDA was 6.7x"

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

1031 replacement asset financial

"used as a partial 1031 replacement asset"

A 1031 replacement asset is the property acquired to take the place of real estate sold in a Section 1031 like-kind exchange under U.S. tax law. To qualify, the replacement must be like-kind real property held for investment or business use (personal-use and most personal property no longer qualify), and it must be identified and received within the strict timelines set by the tax code—typically identified within 45 days of the sale and acquired within 180 days—otherwise the transaction can lose its tax-deferred status.

delayed draw term loan financial

"a $245 million unsecured delayed draw term loan"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

Earnings Snapshot

Total revenue: $193.1 million · Guidance included

Third quarter 2026

Total revenue $193.1 million Compared with $197.7 million in third quarter 2025

Net income attributable to common stockholders $3.1 million Compared with $8.0 million in third quarter 2025

Diluted earnings per share $0.02 Compared with $0.05 in third quarter 2025

Core FFO per diluted share $0.20 Compared with $0.23 in third quarter 2025

Guidance

2026 Core FFO per fully diluted share is $0.77 to $0.80, revised from $0.75 to $0.79; the range excludes the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is ESRT's 2026 Core FFO guidance?

ESRT's 2026 Core FFO guidance is $0.77 to $0.80 per fully diluted share, revised from $0.75 to $0.79. The range excludes the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity.

How much was ESRT's 1359 Broadway sale?

ESRT completed the disposition of 1359 Broadway for $217.5 million after quarter-end. The company said it began directing the proceeds toward share repurchases and will also use them to pay down debt.

What quarterly dividend did ESRT pay for the third quarter of 2026?

On September 30, 2026, ESRT paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter of 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): November 2, 2026

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 November 2, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the third quarter 2026. 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

Third Quarter 2026 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the third quarter 2026 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 third quarter 2026
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

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 is 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, goodwill impairment charge 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

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

Company’s definition of Same Store also excludes properties classified as held for sale and disposed of subsequent to quarter-end and properties placed in receivership. 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 September 30, 2026, Same Store excludes 86-90 North 6th Street, which was acquired in June 2025, 41-55 North 6th Street, which was acquired in March 2026, 130 Mercer, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, 250 West 57th Street, which was disposed in June 2026, and 1359 Broadway, which was classified as held for sale as of September 30, 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.

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, goodwill impairment charge and (gain) loss on disposition of property.

Net Debt to Adjusted EBITDA

We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement. 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.

Other Definitions

"fully diluted basis" means all outstanding shares of our Class A common stock at the time indicated plus shares of Class A common stock that may be issuable upon the exchange of operating partnership units on a one-for-one basis and shares of Class A common stock issuable upon the conversion of Class B common stock on a one-for-one basis, which is not the same meaning of "full diluted" under generally accepted accounting principles in the United States of America ("GAAP").

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.


Date: November 2, 2026			EMPIRE STATE REALTY TRUST, INC. (Registrant) By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial 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.


Date: November 2, 2026			EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer

EMPIRE STATE REALTY TRUST ANNOUNCES THIRD QUARTER 2026 RESULTS

– Net Income Per Fully Diluted Share of $0.02 –

– Core FFO Per Fully Diluted Share of $0.20 –

– Leased Over 189,000 Square Feet –

– Completed Disposition of 1359 Broadway for $217.5M –

– Repurchased $85.8 million of Common Stock –

– Increases 2026 Core FFO Range –

New York, New York, November 2, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) owns and operates a New York City portfolio of well-leased, top of tier, office, retail, and multifamily assets. ESRT’s Empire State Building features an Observation Deck. The Company is a recognized leader in sustainability. Today the Company reported its operational and financial results for the third quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

Third Quarter and Recent Highlights

•Net Income of $0.02 per share.

•Core Funds From Operations (“Core FFO”) of $0.20 per share.

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 0.5% year-over-year. The increase was primarily attributed to increases in tenant reimbursement income and insurance recoveries. This was partially offset by operating expense growth and the approximate $2 million year-over-year revenue decline from the previously disclosed FDIC expiration, which was pre-leased. Adjusted for FDIC and $1.2 million of third quarter 2026 non-recurring items, year-over-year Same-Store Property Cash NOI increased by 1.9%.

•The total commercial portfolio1,2 was 95.6% leased and 92.3% occupied as of September 30, 2026.

•Signed 189,477 rentable square feet of commercial leases, inclusive of 170,608 rentable square feet of office leases.

•In the office portfolio, blended leasing spreads were +9.9%, the 21st consecutive quarter of positive leasing spreads.

•Empire State Building Observation Deck generated NOI of $15.6 million. There is no change to the framework introduced in the second quarter of $55 million of NOI for 2026. Visitation continued to be weak.

•Subsequent to quarter-end, completed the disposition of 1359 Broadway for $217.5 million. Starting in late July, the Company began to redeploy the proceeds towards share repurchases and will also use proceeds to paydown debt. Further, the previously executed acquisition of the

land underlying 111 West 33rd Street and 1400 Broadway in the second quarter was used as a partial 1031 replacement asset for the disposition of 1359 Broadway.

•Since its second quarter earnings call through November 2, 2026, the Company acquired $85.8 million of its shares.

•Achieved the highest GRESB Management Score for All Companies in the Americas for the second consecutive year.

Property Operations

As of September 30, 2026, the Company’s commercial portfolio was occupied and leased as shown below1.


		September 30, 20262,3,4	June 30, 20263,4	September 30, 20253
Percent occupied:
	Total commercial portfolio	92.3%	89.4%	90.0%
	Office	91.9%	89.1%	89.7%
	Retail	96.6%	92.8%	92.8%

Percent leased (includes signed leases not commenced):
	Total commercial portfolio	95.6%	94.9%	92.6%
	Office	95.5%	94.8%	92.4%
	Retail	96.8%	95.9%	94.7%
	Total multifamily portfolio	97.1%	97.7%	98.6%

1 Excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

2 Excludes 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.

3 All occupancy and leased percentages exclude broadcasting and storage space.

4 Occupancy and leased percentages for September 30, 2026 exclude Metro Center, which was sold during the fourth quarter 2025, 250 West 57th Street, which was sold during the second quarter 2026, and 1359 Broadway, which was sold subsequent to quarter-end. Occupancy and leased percentages for June 30, 2026 exclude Metro Center and 250 West 57th Street.

Leasing

The tables that follow summarize leasing activity for the third quarter of 2026. The Company signed 27 leases which totaled 189,477 square feet with an average lease duration of 8.1 years. Average lease duration was 9.5 years for new leases executed in the third quarter.

Total Portfolio


Total Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed		% of new cash rent over / under previously escalated rents
Office	21	170,608	$	73.12	9.9	%
Retail	6	18,869	$	221.79	(13.9)	%
Total Overall	27	189,477	$	87.93	2.8	%

Office Portfolio


Office Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed		% of new cash rent over / under previously escalated rents
New Office	15	125,239	$	73.37	16.2	%
Renewal Office	6	45,369	$	72.43	(4.5)	%
Total Office	21	170,608	$	73.12	9.9	%

Leasing Activity Highlights

•10.8-year 28,914 square foot new office lease with Octaura Holdings at 111 West 33rd Street.

•12.4-year 15,157 square foot expansion office lease with Corgan Associates at The Empire State Building.

•11.0-year 13,459 square foot new office lease with Zenyth Advisors at The Empire State Building.

Capital Allocation

Subsequent to quarter-end, completed the disposition of 1359 Broadway for $217.5 million. Starting in late July, the Company began to redeploy the proceeds towards share repurchases and will also use proceeds to paydown debt. Further, the previously executed acquisition of the land underlying 111 West 33rd Street and 1400 Broadway in the second quarter was used as a partial 1031 replacement asset for the disposition of 1359 Broadway.

Since its second quarter earnings call through November 2, 2026, the Company acquired $85.8 million of its shares at a weighted average price of $4.56 per share. This brings aggregate share repurchases to approximately $387.7 million since March 2020.

Balance Sheet

The Company had $0.6 billion of total liquidity as of September 30, 2026, which was comprised of $85 million of cash, plus $520 million available under its revolving credit facility. At September 30, 2026, the Company had total debt outstanding of approximately $2.2 billion at a weighted average interest rate of 4.78%. At September 30, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.7x.

As previously announced, in the third quarter, the Company closed on a $245 million unsecured delayed draw term loan that matures in 2032. Term loan proceeds are expected to be drawn in January 2027 and used to repay existing debt. The Company has no unaddressed debt maturity until March 2029.

Dividend

On September 30, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter of 2026 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 September 30, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the third quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2026 Core FFO

The table below presents a range of potential Core FFO per share outcomes based on key building blocks for the property business and the Observation Deck. These outcomes exclude the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity. There is no change to the framework introduced in the second quarter of $55 Million of NOI for the Empire State Building’s Observation Deck.


Key Items	2026 Core FFO		Comments
Earnings	Nov. 2026	July 2026
Core FFO Per Fully Diluted Share	$0.77 to $0.80	$0.75 to $0.79	• Includes capital markets transactions, inclusive of share repurchases to date and sale of 1359 Broadway
Property Guidance Assumptions
Commercial Occupancy at year-end	90% to 92%	90% to 92%	• Incorporates temporary downtime for pre-leased space
SS Property Cash NOI (excluding lease termination fees)	+1.75% to +2.25%	-1.5% to +2.0%	• Incorporates higher than expected year-to-date results, driven primarily by non-recurring items; Assumes a ~4.0% to 6.0% y/y increase in operating expenses and real estate taxes largely offset by tenant reimbursement income
Observation Deck
Observation Deck NOI Utilized	$55M	$55M	• No change to framework introduced in 2Q


	Low	High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$0.30	$0.33
Add:
Real Estate Depreciation & Amortization	0.70	0.70
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.88	0.88
FFO Attributable to Common Stockholders and the Operating Partnership	$0.10	$0.13
Add:
Severance Expense	0.02	0.02
Amortization of Below Market Ground Lease	0.02	0.02
Goodwill Impairment Charge	0.63	0.63
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.77	$0.80

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, performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition), 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 Tuesday, November 3, 2026 at 12:00 pm Eastern time.

The webcast will be available in the “Investors” section of ESRT’s website. To listen to the live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, 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 November 17, 2026, 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 13762456.

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) owns and operates a New York City portfolio of well-leased, top of tier, office, retail, and multifamily assets. ESRT’s Empire State Building features an Observation Deck. The Company is a recognized leader in sustainability. As of November 2, 2026, ESRT’s portfolio is comprised of approximately 7.7 million rentable square feet of commercial space and three residential properties. 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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.

potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground lease; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com


Empire State Realty Trust, Inc.
Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Three Months Ended September 30,
	2026		2025
Revenues
Rental revenue	$	161,966	$	158,410
Observatory revenue	26,808		36,037
Lease termination fees	—		—
Third-party management and other fees	277		404
Other revenue and fees	4,002		2,879
Total revenues	193,053		197,730
Operating expenses
Property operating expenses	46,497		46,957
Ground rent expenses	447		2,331
General and administrative expenses	17,174		18,743
Observatory expenses	11,204		9,510
Real estate taxes	35,259		33,241

Depreciation and amortization	46,661		47,615
Total operating expenses	157,242		158,397
Total operating income	35,811		39,333
Other income (expense):

Interest income	967		1,146
Interest expense	(27,883)		(25,189)


Loss on disposition of property	(1,125)		—
Income before income taxes	7,770		15,290
Income tax expense	(1,875)		(1,645)
Net income	5,895		13,645

Non-controlling interest in the Operating Partnership	(1,763)		(4,610)

Preferred unit distributions	(1,050)		(1,050)
Net income attributable to common stockholders	$	3,082	$	7,985
Total weighted average shares
Basic	171,157		169,250
Diluted	270,115		270,357
Earnings per share attributable to common stockholders
Basic	$	0.02	$	0.05
Diluted	$	0.02	$	0.05


Empire State Realty Trust, Inc.
Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Nine Months Ended September 30,
	2026		2025
Revenues
Rental revenue	$	493,237	$	466,492
Observatory revenue	69,543		93,097
Lease termination fees	1,356		464
Third-party management and other fees	822		1,243
Other revenue and fees	15,319		7,750
Total revenues	580,277		569,046
Operating expenses
Property operating expenses	142,015		136,897
Ground rent expenses	4,284		6,994
General and administrative expenses	60,390		54,368
Observatory expenses	30,867		27,450
Real estate taxes	102,784		98,898
Goodwill impairment charge	166,113		—
Depreciation and amortization	147,269		144,196
Total operating expenses	653,722		468,803
Total operating income (loss)	(73,445)		100,243
Other income (expense):

Interest income	3,155		6,799
Interest expense	(83,825)		(77,253)
Interest expense associated with property in receivership	—		(647)

Gain on disposition of property	123,497		13,170
Income (Loss) before income taxes	(30,618)		42,312
Income tax expense	(46)		(1,504)
Net income (loss)	(30,664)		40,808

Non-controlling interest in the Operating Partnership	12,309		(13,933)

Preferred unit distributions	(3,151)		(3,151)
Net income (loss) attributable to common stockholders	$	(21,506)	$	23,724
Total weighted average shares
Basic	171,073		168,103
Diluted	268,936		269,945
Earnings (Loss) per share attributable to common stockholders
Basic	$	(0.13)	$	0.14
Diluted	$	(0.13)	$	0.14


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 September 30,
	2026		2025

Net income	$	5,895	$	13,645

Preferred unit distributions	(1,050)		(1,050)
Real estate depreciation and amortization	45,700		46,741
Loss on disposition of property	1,125		—
FFO attributable to common stockholders and Operating Partnership units	51,670		59,336

Amortization of below-market ground leases	426		1,957
Modified FFO attributable to common stockholders and Operating Partnership units	52,096		61,293


Severance expenses4	637		—



Core FFO attributable to common stockholders and Operating Partnership units	$	52,733	$	61,293

Total weighted average shares and Operating Partnership units
Basic	269,064		266,963
Diluted	270,115		270,357

FFO per share
Basic	$	0.19	$	0.22
Diluted	$	0.19	$	0.22

Modified FFO per share
Basic	$	0.19	$	0.23
Diluted	$	0.19	$	0.23

Core FFO per share
Basic	$	0.20	$	0.23
Diluted	$	0.20	$	0.23

4 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.


Empire State Realty Trust, Inc.
Reconciliation of Net Income (Loss) 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)

	Nine Months Ended September 30,
	2026		2025

Net income (loss)	$	(30,664)	$	40,808

Preferred unit distributions	(3,151)		(3,151)
Real estate depreciation and amortization	144,455		141,533
Gain on disposition of property	(123,497)		(13,170)
FFO attributable to common stockholders and Operating Partnership units	(12,857)		166,020

Amortization of below-market ground leases	3,633		5,873
Modified FFO attributable to common stockholders and Operating Partnership units	(9,224)		171,893

Interest expense associated with property in receivership	—		647
Severance expenses5	6,173		—

Goodwill impairment charge	166,113		—

Core FFO attributable to common stockholders and Operating Partnership units	$	163,062	$	172,540

Total weighted average shares and Operating Partnership units
Basic	268,936		266,978
Diluted	268,936		269,945

FFO per share
Basic	$	(0.05)	$	0.62
Diluted	$	(0.05)	$	0.62

Modified FFO per share
Basic	$	(0.03)	$	0.64
Diluted	$	(0.03)	$	0.64

Core FFO per share
Basic	$	0.61	$	0.65
Diluted	$	0.61	$	0.64

5 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
(unaudited and amounts in thousands)

	Three Months Ended September 30,
	2026		2025

Net income	$	5,895	$	13,645
Add:
General and administrative expenses	17,174		18,743
Depreciation and amortization	46,661		47,615
Interest expense	27,883		25,189



Income tax expense	1,875		1,645
Loss on disposition of property	1,125		—
Less:
Third-party management and other fees	(277)		(404)
Interest income	(967)		(1,146)
Net operating income	99,369		105,287
Straight-line rent	(7,287)		(4,688)
Above/below-market rent revenue amortization	(394)		(821)
Amortization of below-market ground leases	426		1,957
Total cash NOI - including Observatory and lease termination fees	92,114		101,735
Less: Observatory NOI	(15,604)		(26,527)
Less: cash NOI from non-Same Store properties	(9,843)		(8,882)
Total Same Store property cash NOI - including lease termination fees	66,667		66,326
Less: Lease termination fees	—		—
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	66,667	$	66,326


Observatory NOI
(unaudited and amounts in thousands)

	Three Months Ended September 30,
	2026		2025

Observatory revenue	$	26,808	$	36,037
Observatory expenses	11,204		9,510
Observatory NOI, excluding intercompany rent6	$	15,604	$	26,527

6 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended September 30, 2026 and September 30, 2025, the intercompany rent expense was $12,458 and $20,185, respectively.


Empire State Realty Trust, Inc.
Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI
(unaudited and amounts in thousands)

	Nine Months Ended September 30,
	2026		2025

Net income (loss)	$	(30,664)	$	40,808
Add:
General and administrative expenses	60,390		54,368
Depreciation and amortization	147,269		144,196
Interest expense	83,825		77,253
Interest expense associated with property in receivership	—		647

Goodwill impairment charge	166,113		—
Income tax expense	46		1,504

Less:

Gain on disposition of property	(123,497)		(13,170)
Third-party management and other fees	(822)		(1,243)
Interest income	(3,155)		(6,799)
Net operating income	299,505		297,564
Straight-line rent	(26,836)		(13,719)
Above/below-market rent revenue amortization	(1,448)		(2,459)
Amortization of below-market ground leases	3,633		5,873
Total cash NOI - including Observatory and lease termination fees	274,854		287,259
Less: Observatory NOI	(38,676)		(65,647)
Less: cash NOI from non-Same Store properties	(37,082)		(28,543)
Total Same Store property cash NOI - including lease termination fees	199,096		193,069
Less: Lease termination fees	(1,356)		(464)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	197,740	$	192,605


Observatory NOI
(unaudited and amounts in thousands)

	Nine Months Ended September 30,
	2026		2025

Observatory revenue	$	69,543	$	93,097
Observatory expenses	30,867		27,450
Observatory NOI, excluding intercompany rent7	$	38,676	$	65,647

7 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the nine months ended September 30, 2026 and September 30, 2025, the intercompany rent expense was $40,050 and $56,011, respectively.


Empire State Realty Trust, Inc.
Consolidated Balance Sheets
(unaudited and amounts in thousands)

	September 30, 2026		December 31, 2025
Assets
Real estate properties, at cost	$	4,379,157	$	4,205,907
Less: accumulated depreciation	(1,317,560)		(1,366,829)
Real estate properties, net	3,061,597		2,839,078
Assets held for sale 8	83,095		—
Cash and cash equivalents	85,257		132,657
Restricted cash	34,449		33,854
Tenant and other receivables	25,685		22,063
Deferred rent receivables	249,227		255,270
Prepaid expenses and other assets	82,363		93,355
Deferred costs, net	249,252		267,682

Right-of-use assets, including below-market ground leases, net	41,647		333,523
Goodwill	325,366		491,479
Total assets	$	4,237,938	$	4,468,961

Liabilities and equity
Mortgage notes payable, net	$	442,399	$	619,269
Senior unsecured notes, net	1,345,391		1,270,668
Unsecured term loan facility, net	337,307		336,794
Unsecured revolving credit facility	100,000		145,000


Accounts payable and accrued expenses	107,376		120,150
Acquired below market leases, net	34,892		39,767
Ground lease liabilities	1,052		27,944
Deferred revenue and other liabilities	55,970		59,901
Tenants’ security deposits	28,017		27,276
Liabilities related to assets held for sale8	5,633		—
Total liabilities	2,458,037		2,646,769
Total equity	1,779,901		1,822,192
Total liabilities and equity	$	4,237,938	$	4,468,961

8 Assets held for sale consist of 1359 Broadway, which was sold subsequent to quarter-end.




			Third Quarter 2026


Table of Contents			Page
Summary
Supplemental Definitions			3
Company Profile			5
Consolidated Balance Sheets			6
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
Incremental 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 Lease			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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.

Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground lease; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Page 2



			Third Quarter 2026
			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

Core Funds From Operations

Core Funds Available for Distribution

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 and 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, retail or multifamily 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.

Page 3



			Third Quarter 2026
			Supplemental Definitions

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 and/or stabilized 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 that have not yet achieved stabilization, properties acquired and/or stabilized after the beginning of the earliest period presented and properties 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 and/or achieves stabilization for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties classified as held for sale and disposed of subsequent to quarter-end and properties placed in receivership. 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 September 30, 2026, Same Store excludes 86-90 North 6th Street, which was acquired in June 2025, 41-55 North 6th Street, which was acquired in March 2026, 130 Mercer, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, 250 West 57th Street, which was disposed in June 2026, and 1359 Broadway, which was classified as held for sale as of September 30, 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4




			Third Quarter 2026


COMPANY PROFILE


BOARD 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
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, Chair of the Audit Committee
Hannah Yang			Director


EXECUTIVE MANAGEMENT

Anthony E. Malkin			Chairman and Chief Executive Officer
Christina Chiu			President
Steve Horn			Executive Vice President, Chief Financial 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


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

Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Ally Yaseen	(646) 582-9253	ayaseen@wolferesearch.com

Page 5


			Third Quarter 2026
			Consolidated Balance Sheets
			(unaudited and dollars in thousands)


Assets	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025




Real estate properties, at cost	$	4,379,157	$	4,476,248	$	4,267,420	$	4,205,907	$	3,940,755
Less: accumulated depreciation	(1,317,560)		(1,335,719)		(1,400,827)		(1,366,829)		(1,381,726)
Real estate properties, net	3,061,597		3,140,529		2,866,593		2,839,078		2,559,029
Assets held for sale(1)	83,095		—		—		—		—
Cash and cash equivalents	85,257		85,605		68,820		132,657		154,113
Restricted cash	34,449		42,612		37,326		33,854		43,642
Tenant and other receivables	25,685		21,270		23,667		22,063		27,416
Deferred rent receivables	249,227		257,072		261,275		255,270		259,070
Prepaid expenses and other assets	82,363		100,394		62,849		93,355		58,679
Deferred costs, net	249,252		258,166		262,212		267,682		177,307
Right-of-use assets, including below-market ground leases, net	41,647		42,084		331,503		333,523		335,544
Goodwill	325,366		325,366		491,479		491,479		491,479
Total assets	$	4,237,938	$	4,273,098	$	4,405,724	$	4,468,961	$	4,106,279


Liabilities and Equity
Mortgage notes payable, net	$	442,399	$	443,102	$	621,392	$	619,269	$	691,046
Senior unsecured notes, net	1,345,391		1,271,149		1,270,909		1,270,668		1,097,498
Unsecured term loan facility, net	337,307		337,125		336,972		336,794		268,959
Unsecured revolving credit facility	100,000		175,000		90,000		145,000		—


Accounts payable and accrued expenses	107,376		132,224		111,918		120,150		111,732
Acquired below-market leases, net	34,892		36,425		37,948		39,767		15,875
Ground lease liabilities	1,052		1,063		27,882		27,944		28,007
Deferred revenue and other liabilities	55,970		50,352		57,601		59,901		64,191
Tenants' security deposits	28,017		36,949		26,964		27,276		30,751
Liabilities related to assets held for sale(1)	5,633		—		—		—		—
Total liabilities	2,458,037		2,483,389		2,581,586		2,646,769		2,308,059
Total equity	1,779,901		1,789,709		1,824,138		1,822,192		1,798,220
Total liabilities and equity	$	4,237,938	$	4,273,098	$	4,405,724	$	4,468,961	$	4,106,279

Note:

(1) Assets held for sale consist of 1359 Broadway, which was sold subsequent to quarter-end.

Page 6


			Third Quarter 2026
			Consolidated Statements of Operations
			(unaudited and in thousands, except per share amounts)


	Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Revenues
Rental revenue (1)	$	161,966	$	165,166	$	166,105	$	159,721	$	158,410
Observatory revenue	26,808		24,225		18,510		35,232		36,037
Lease termination fees	—		—		1,356		—		—
Third-party management and other fees	277		268		277		240		404
Other revenue and fees	4,002		7,240		4,077		4,031		2,879
Total revenues	193,053		196,899		190,325		199,224		197,730
Operating expenses
Property operating expenses	46,497		47,774		47,744		47,817		46,957
Ground rent expenses	447		1,506		2,331		2,332		2,331
General and administrative expenses	17,174		25,123		18,093		18,474		18,743
Observatory expenses	11,204		11,795		7,868		10,787		9,510
Real estate taxes	35,259		32,912		34,613		33,842		33,241
Goodwill impairment charge	—		166,113		—		—		—
Depreciation and amortization	46,661		50,389		50,219		50,566		47,615
Total operating expenses	157,242		335,612		160,868		163,818		158,397
Total operating income (loss)	35,811		(138,713)		29,457		35,406		39,333
Other income (expense)
Interest income	967		1,575		613		1,949		1,146
Interest expense	(27,883)		(27,805)		(28,137)		(25,880)		(25,189)

Loss on early extinguishment of debt	—		—		—		(97)		—
Gain (loss) on disposition of property	(1,125)		124,622		—		21,848		—
Income (Loss) before income taxes	7,770		(40,321)		1,933		33,226		15,290
Income tax (expense) benefit	(1,875)		767		1,062		(1,054)		(1,645)
Net income (loss)	5,895		(39,554)		2,995		32,172		13,645

Non-controlling interests in the Operating Partnership	(1,763)		14,782		(710)		(11,446)		(4,610)

Private perpetual preferred unit distributions	(1,050)		(1,051)		(1,050)		(1,050)		(1,050)
Net income (loss) attributable to common stockholders	$	3,082	$	(25,823)	$	1,235	$	19,676	$	7,985

Weighted average common shares outstanding
Basic	171,157		171,039		170,673		168,693		169,250
Diluted	270,115		268,947		269,348		270,328		270,357

Earnings per share attributable to common stockholders
Basic	$	0.02	$	(0.15)	$	0.01	$	0.12	$	0.05
Diluted	$	0.02	$	(0.15)	$	0.01	$	0.12	$	0.05

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	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Base rent	$	138,440	$	142,888	$	144,296	$	138,956	$	136,371
Billed tenant expense reimbursement	23,526		22,278		21,809		20,765		22,039
Total rental revenue	$	161,966	$	165,166	$	166,105	$	159,721	$	158,410

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


			Third Quarter 2026
			FFO, Modified FFO, Core FFO, Core FAD and EBITDA
			(unaudited and in thousands, except per share amounts)


	Three Months Ended
Reconciliation of Net Income (Loss) to FFO, Modified FFO, and Core FFO	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Net Income (loss)	$	5,895	$	(39,554)	$	2,995	$	32,172	$	13,645

Preferred unit distributions	(1,050)		(1,051)		(1,050)		(1,050)		(1,050)
Real estate depreciation and amortization	45,700		49,463		49,292		49,689		46,741

Loss (gain) on disposition of property	1,125		(124,622)		—		(21,848)		—
FFO attributable to common stockholders and the Operating Partnership	51,670		(115,764)		51,237		58,963		59,336
Amortization of below-market ground leases	426		1,249		1,958		1,958		1,957
Modified FFO attributable to common stockholders and the Operating Partnership	52,096		(114,515)		53,195		60,921		61,293

Severance expenses(1)	637		5,536		—		—		—
Loss on early extinguishment of debt	—		—		—		97		—
Goodwill impairment charge	—		166,113		—		—		—
IPO litigation expense(1)	—		—		—		632		—
Core FFO attributable to common stockholders and the Operating Partnership	$	52,733	$	57,134	$	53,195	$	61,650	$	61,293

Total weighted average shares and Operating Partnership units
Basic	269,064		268,947		268,792		266,825		266,963
Diluted	270,115		268,947		269,348		270,328		270,357

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19	$	(0.43)	$	0.19	$	0.22	$	0.22
Diluted	$	0.19	$	(0.43)	$	0.19	$	0.22	$	0.22

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19	$	(0.43)	$	0.20	$	0.23	$	0.23
Diluted	$	0.19	$	(0.43)	$	0.20	$	0.23	$	0.23
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.20	$	0.21	$	0.20	$	0.23	$	0.23
Diluted	$	0.20	$	0.21	$	0.20	$	0.23	$	0.23

(1) Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.


Reconciliation of Core FFO to Core FAD
Core FFO	$	52,733	$	57,134	$	53,195	$	61,650	$	61,293
Add:
Amortization of deferred financing costs	1,083		1,111		1,262		1,172		1,082
Non-real estate depreciation and amortization	961		926		927		877		874
Amortization of non-cash compensation expense	5,547		7,755		5,872		6,807		6,484
Amortization of loss on interest rate derivative	1,215		1,311		1,385		1,386		1,385
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments	(7,999)		(13,044)		(8,201)		(5,380)		(5,832)
Corporate capital expenditures	(363)		(210)		(264)		(772)		(218)
Tenant improvements - second generation	(1,427)		(24,720)		(13,159)		(21,406)		(15,979)
Building improvements - second generation	(5,637)		(2,676)		(4,765)		(4,704)		(5,571)
Leasing commissions - second generation	(4,913)		(11,435)		(3,722)		(8,730)		(3,144)
Core FAD	$	41,200	$	16,152	$	32,530	$	30,900	$	40,374


Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Net income (loss)	$	5,895	$	(39,554)	$	2,995	$	32,172	$	13,645
Interest expense	27,883		27,805		28,137		25,880		25,189

Income tax expense (benefit)	1,875		(767)		(1,062)		1,054		1,645
Depreciation and amortization	46,661		50,389		50,219		50,566		47,615
EBITDA	82,314		37,873		80,289		109,672		88,094
Loss (gain) on disposition of property	1,125		(124,622)		—		(21,848)		—
Goodwill impairment charge	—		166,113		—		—		—
Adjusted EBITDA	$	83,439	$	79,364	$	80,289	$	87,824	$	88,094

Page 8


			Third Quarter 2026
			Highlights
			(unaudited and dollars and shares in thousands, except per share amounts)


	Three Months Ended
Office and Retail Metrics:	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Total rentable square footage (1)	7,312,282			7,801,494			8,340,647			8,324,766			8,603,750
Percent occupied (1)(2)	92.3		%	89.4		%	88.2		%	90.3		%	90.0		%
Percent leased (1)(3)	95.6		%	94.9		%	93.2		%	93.6		%	92.6		%
Multifamily Metrics:
Total number of units	743			743			743			743			743
Percent occupied	97.1		%	97.7		%	96.4		%	97.8		%	98.6		%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Office portfolio	$	56,804		$	56,363		$	55,321		$	55,902		$	56,906
Retail portfolio	4,482			4,588			4,516			4,338			4,136
Multifamily portfolio	5,381			5,217			5,068			5,128			5,284
Total Same Store Property Cash NOI, excluding lease termination fees	$	66,667		$	66,168		$	64,905		$	65,368		$	66,326
Observatory Metrics:
Observatory NOI, excluding intercompany rent	$	15,604		$	12,430		$	10,642		$	24,445		$	26,527
Number of visitors (4)	481,000			450,000			350,000			618,000			648,000
Change in visitors year-over-year	(25.8)		%	(28.5)		%	(18.2)		%	(13.9)		%	(10.9)		%
Ratios:
Debt to Total Market Capitalization (5)	65.0		%	58.0		%	60.0		%	55.7		%	48.2		%
Net Debt to Total Market Capitalization (5)	64.1		%	57.1		%	59.2		%	54.3		%	46.3		%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)	67.5		%	60.3		%	62.2		%	57.8		%	50.3		%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)	66.7		%	59.4		%	61.6		%	56.4		%	48.5		%
Debt to Adjusted EBITDA (6)	7.0x			6.8x			6.5x			6.7x			6.0x
Net Debt to Adjusted EBITDA (6)	6.7x			6.6x			6.3x			6.3x			5.6x
Core FFO Payout Ratio (7)	19		%	17		%	18		%	16		%	16		%
Core FAD Payout Ratio (8)	24		%	60		%	30		%	32		%	24		%
Core FFO per share - diluted	$	0.20		$	0.21		$	0.20		$	0.23		$	0.23
Diluted weighted average shares	270,115			268,947			269,348			270,328			270,357
Class A common stock price at quarter-end	$	4.03		$	5.41		$	5.20		$	6.52		$	7.66
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)	3.5		%	2.6		%	2.7		%	2.1		%	1.8		%
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	167,344			171,790			171,089			169,523			168,970
Class B common stock (10)	966			968			970			972			972
Operating partnership units	109,310			110,470			110,971			107,225			108,674
Total common stock and operating partnership units outstanding (11)	277,620			283,228			283,030			277,720			278,616

Notes:

(1) Rentable square footage, percent occupied, and percent leased excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.

(2) Based on leases signed and commenced as of end of period. Percent occupied excludes storage and broadcasting space.

(3) Represents occupancy and includes signed leases not commenced. Percent leased excludes storage and broadcasting space.

(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 period end multiplied by the total outstanding number of shares of common stock and operating partnership units as of period end, (ii) the number of Series 2014 perpetual preferred units at period end multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at period end multiplied by $13.52, and (iv) our outstanding indebtedness as of period end.

(6) Calculated based on trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement.

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

(8) Quarterly Core FAD may fluctuate significantly due to the timing of capital expenditures and leasing commission costs.

(9) Based on the closing price per share of Class A common stock as of the period end.

(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 continues 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 9


			Third Quarter 2026
			Property Summary - Same Store NOI
			(unaudited and dollars in thousands)


	Three Months Ended															Nine Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			September 30, 2026			September 30, 2025
Same Store Portfolio(1)
Revenues	$	147,715		$	149,029		$	144,100		$	142,448		$	141,703		$	440,844		$	416,301
Operating expenses	(75,389)			(73,013)			(75,887)			(74,348)			(72,384)			(224,289)			(214,765)
Same store property NOI	72,326			76,016			68,213			68,100			69,319			216,555			201,536
Straight-line rent	(5,662)			(10,683)			(4,650)			(3,868)			(4,129)			(20,995)			(12,345)
Above/below-market rent revenue amortization	(423)			(414)			(616)			(822)			(821)			(1,453)			(2,459)
Amortization of below-market ground leases	426			1,249			1,958			1,958			1,957			3,633			5,873
Total same store property cash NOI - excluding lease termination fees	$	66,667		$	66,168		$	64,905		$	65,368		$	66,326		$	197,740		$	192,605

Percent change over prior year	0.5		%	3.1		%	4.5		%	1.5		%	3.0		%	2.7		%	0.5		%

Total same store property cash NOI - excluding lease termination fees	$	66,667		$	66,168		$	64,905		$	65,368		$	66,326		$	197,740		$	192,605
Lease termination fees	—			—			1,356			—			—			1,356			464
Total same store property cash NOI	$	66,667		$	66,168		$	66,261		$	65,368		$	66,326		$	199,096		$	193,069

Same Store Office(1),(2)
Revenues	$	129,910		$	131,784		$	127,009		$	124,999		$	124,651		$	388,703		$	365,387
Operating expenses	(67,987)			(65,977)			(68,940)			(67,127)			(65,451)			(202,904)			(193,740)
Same store property NOI	61,923			65,807			58,069			57,872			59,200			185,799			171,647
Straight-line rent	(5,269)			(10,390)			(4,233)			(3,317)			(3,641)			(19,892)			(10,411)
Above/below-market rent revenue amortization	(276)			(303)			(473)			(611)			(610)			(1,052)			(1,826)
Amortization of below-market ground leases	426			1,249			1,958			1,958			1,957			3,633			5,873
Total same store property cash NOI - excluding lease termination fees	56,804			56,363			55,321			55,902			56,906			168,488			165,283
Lease termination fees	—			—			1,356			—			—			1,356			464
Total same store property cash NOI	$	56,804		$	56,363		$	56,677		$	55,902		$	56,906		$	169,844		$	165,747

Same Store Retail(1)
Revenues	$	7,453		$	7,299		$	7,149		$	7,294		$	6,972		$	21,901		$	21,342
Operating expenses	(2,394)			(2,277)			(2,046)			(2,200)			(2,147)			(6,717)			(6,581)
Same store property NOI	5,059			5,022			5,103			5,094			4,825			15,184			14,761
Straight-line rent	(377)			(271)			(388)			(487)			(420)			(1,036)			(1,732)
Above/below-market rent revenue amortization	(200)			(163)			(199)			(269)			(269)			(562)			(807)
Amortization of below-market ground leases	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	4,482			4,588			4,516			4,338			4,136			13,586			12,222

Total same store property cash NOI	$	4,482		$	4,588		$	4,516		$	4,338		$	4,136		$	13,586		$	12,222

Same Store Multifamily(1),(3)
Revenues	$	10,352		$	9,946		$	9,942		$	10,155		$	10,080		$	30,240		$	29,572
Operating expenses	(5,008)			(4,759)			(4,901)			(5,021)			(4,786)			(14,668)			(14,444)
Same store property NOI	5,344			5,187			5,041			5,134			5,294			15,572			15,128
Straight-line rent	(16)			(22)			(29)			(64)			(68)			(67)			(202)
Above/below-market rent revenue amortization	53			52			56			58			58			161			174
Amortization of below-market ground leases	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	5,381			5,217			5,068			5,128			5,284			15,666			15,100

Total same store property cash NOI	$	5,381		$	5,217		$	5,068		$	5,128		$	5,284		$	15,666		$	15,100

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 380,034 rentable square feet of retail space in seven of the Company’s Same Store office properties.

(3) Includes 25,887 rentable square feet of retail space in the Company’s multifamily properties.

Page 10


			Third Quarter 2026
			Same Store NOI
			(unaudited and dollars in thousands)


	Three Months Ended										Nine Months Ended
Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		September 30, 2026		September 30, 2025
Net income (loss)	$	5,895	$	(39,554)	$	2,995	$	32,172	$	13,645	$	(30,664)	$	40,808
Add:
General and administrative expenses	17,174		25,123		18,093		18,474		18,743		60,390		54,368
Depreciation and amortization	46,661		50,389		50,219		50,566		47,615		147,269		144,196
Interest expense	27,883		27,805		28,137		25,880		25,189		83,825		77,253
Interest expense associated with property in receivership	—		—		—		—		—		—		647
Loss on early extinguishment of debt	—		—		—		97		—		—		—
Goodwill impairment charge	—		166,113		—		—		—		166,113		—
Income tax expense (benefit)	1,875		(767)		(1,062)		1,054		1,645		46		1,504
Less:
Loss (gain) on disposition of property	1,125		(124,622)		—		(21,848)		—		(123,497)		(13,170)
Third-party management and other fees	(277)		(268)		(277)		(240)		(404)		(822)		(1,243)
Interest income	(967)		(1,575)		(613)		(1,949)		(1,146)		(3,155)		(6,799)
Net operating income	99,369		102,644		97,492		104,206		105,287		299,505		297,564
Straight-line rent	(7,287)		(12,340)		(7,209)		(4,320)		(4,688)		(26,836)		(13,719)
Above/below-market rent revenue amortization	(394)		(384)		(670)		(737)		(821)		(1,448)		(2,459)
Amortization of below-market ground leases	426		1,249		1,958		1,958		1,957		3,633		5,873
Total cash NOI - including Observatory and lease termination fees	92,114		91,169		91,571		101,107		101,735		274,854		287,259
Less: Observatory NOI, excluding intercompany rent	(15,604)		(12,430)		(10,642)		(24,445)		(26,527)		(38,676)		(65,647)
Less: cash NOI from non-Same Store properties	(9,843)		(12,571)		(14,668)		(11,294)		(8,882)		(37,082)		(28,543)
Total Same Store property cash NOI - including lease termination fees	66,667		66,168		66,261		65,368		66,326		199,096		193,069
Less: Lease termination fees	—		—		(1,356)		—		—		(1,356)		(464)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	66,667	$	66,168	$	64,905	$	65,368	$	66,326	$	197,740	$	192,605

Page 11


			Third Quarter 2026
			Property Summary - Leasing Activity by Quarter
			(unaudited)


	Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Total Office and Retail Portfolio(1)
Total leases executed	27			21			11			27			16
Weighted average lease term	8.1 years			9.7 years			12.2 years			6.7 years			8.1 years
Average free rent period	5.7 months			9.5 months			13.9 months			2.9 months			6.0 months

Office
Total square footage executed	170,608			363,968			90,687			333,451			71,859
Average starting cash rent psf - leases executed	$	73.12		$	72.75		$	59.46		$	73.63		$	69.97
Previously escalated cash rents psf	$	66.53		$	61.75		$	55.66		$	69.20		$	67.33
Percentage of new cash rent over previously escalated rents	9.9		%	17.8		%	6.8		%	6.4		%	3.9		%

Retail
Total square footage executed	18,869			17,831			22,797			125,022			16,021
Average starting cash rent psf - leases executed	$	221.79		$	502.26		$	135.49		$	81.43		$	128.33
Previously escalated cash rents psf	$	257.72		$	677.47		$	137.03		$	83.81		$	145.48
Percentage of new cash rent over previously escalated rents	(13.9)		%	(25.9)		%	(1.1)		%	(2.8)		%	(11.8)		%

Total Office and Retail Portfolio
Total square footage executed	189,477			381,799			113,484			458,473			87,880
Average starting cash rent psf - leases executed	$	87.93		$	95.04		$	74.73		$	75.61		$	80.61
Previously escalated cash rents psf	$	85.57		$	93.69		$	72.01		$	72.90		$	81.57
Percentage of new cash rent over previously escalated rents	2.8		%	1.4		%	3.8		%	3.7		%	(1.2)		%

Leasing commission costs per square foot	$	24.27		$	34.18		$	32.21		$	21.53		$	33.24
Tenant improvement costs per square foot	53.05			85.35			104.97			33.61			59.60
Total LC and TI per square foot(2)	$	77.32		$	119.53		$	137.18		$	55.14		$	92.84
Total LC and TI per square foot per year of weighted average lease term	$	9.51		$	12.34		$	11.24		$	8.25		$	11.48
Occupancy(3),(4)	92.3		%	89.4		%	88.2		%	90.3		%	90.0		%


Manhattan Office Portfolio
Total leases executed	21			17			9			18			14

Office - New Leases
Total square footage executed	125,239			252,344			83,397			106,311			26,430
Average starting cash rent psf - leases executed	$	73.37		$	74.26		$	58.54		$	70.97		$	68.56
Previously escalated cash rents psf	$	63.15		$	63.97		$	55.27		$	62.55		$	67.69
Percentage of new cash rent over previously escalated rents	16.2		%	16.1		%	5.9		%	13.5		%	1.3		%

Office - Renewal Leases(1)
Current Renewals	19,334			111,624			7,290			14,542			30,907
Early Renewals	26,035			—			—			212,598			14,522
Total square footage executed	45,369			111,624			7,290			227,140			45,429
Average starting cash rent psf - leases executed	$	72.43		$	69.87		$	70.00		$	74.88		$	70.80
Previously escalated cash rents psf	$	75.87		$	57.47		$	60.19		$	72.31		$	67.11
Percentage of new cash rent over previously escalated rents	(4.5)		%	21.6		%	16.3		%	3.6		%	5.5		%

Total Manhattan Office Portfolio
Total square footage executed	170,608			363,968			90,687			333,451			71,859
Average starting cash rent psf - leases executed	$	73.12		$	72.75		$	59.46		$	73.63		$	69.97
Previously escalated cash rents psf	$	66.53		$	61.75		$	55.66		$	69.20		$	67.33
Percentage of new cash rent over previously escalated rents	9.9		%	17.8		%	6.8		%	6.4		%	3.9		%

Leasing commission costs per square foot	$	21.50		$	30.09		$	23.49		$	14.38		$	20.16
Tenant improvement costs per square foot	58.91			88.96			105.06			36.36			47.79
Total LC and TI per square foot(2)	$	80.41		$	119.05		$	128.55		$	50.74		$	67.95
Total LC and TI per square foot per year of weighted average lease term	$	10.39		$	12.23		$	12.30		$	10.01		$	10.76
Occupancy(3),(4)	91.9		%	89.1		%	87.9		%	89.9		%	90.3		%

(Table continued on next page)

Page 12


			Third Quarter 2026
			Property Summary - Leasing Activity by Quarter - (Continued)
			(unaudited)


	Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Retail Portfolio
Total leases executed	6			4			2			9			2
Total square footage executed	18,869			17,831			22,797			125,022			16,021
Average starting cash rent psf - leases executed	$	221.79		$	502.26		$	135.49		$	81.43		$	128.33
Previously escalated cash rents psf	$	257.72		$	677.47		$	137.03		$	83.81		$	145.48
Percentage of new cash rent over previously escalated rents	(13.9)		%	(25.9)		%	(1.1)		%	(2.8)		%	(11.8)		%

Leasing commission costs per square foot	$	49.33		$	117.64		$	66.91		$	40.58		$	91.92
Tenant improvement costs per square foot	—			11.81			104.62			26.29			112.59
Total LC and TI per square foot(2)	$	49.33		$	129.45		$	171.53		$	66.87		$	204.51
Total LC and TI per square foot per year of weighted average lease term	$	4.21		$	14.92		$	8.95		$	6.09		$	12.74
Occupancy(3),(4)	96.6		%	92.8		%	91.2		%	94.4		%	92.8		%


Multifamily Portfolio
Percent occupied	97.1	%	97.7	%	96.4	%	97.8	%	98.6	%
Total number of units	743		743		743		743		743

Notes:

(1) Includes Early Renewals which are leases that 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.

(4) As applicable, excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.

Page 13


			Third Quarter 2026
			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 Properties (8),(9)
The Empire State Building	Penn Station -Times Sq. South	2,705,543	94.7	%	97.4	%	$	190,399,872	$	75.00	144
One Grand Central Place	Grand Central	1,246,331	90.6	%	92.6	%	75,583,492		67.08		114
501 Seventh Avenue	Penn Station -Times Sq. South	458,001	67.8	%	81.0	%	17,658,299		57.02		9
Broadway Campus
1400 Broadway	Penn Station -Times Sq. South	917,281	92.9	%	98.3	%	54,883,654		64.46		17
111 West 33rd Street	Penn Station -Times Sq. South	640,755	94.6	%	100.0	%	44,677,777		73.67		22

1350 Broadway (10)	Penn Station -Times Sq. South	384,128	100.0	%	100.0	%	23,773,961		62.05		53
1333 Broadway	Penn Station -Times Sq. South	297,126	89.8	%	89.8	%	15,729,894		58.97		10
Total Broadway Campus		2,239,290	94.2	%	98.0	%	139,065,286		65.98		102
Total/Weighted Average Office Properties		6,649,165	91.9	%	95.5	%	422,706,949		69.49		369

Retail Properties (8),(9)
North 6th Street Collection(11)	Williamsburg - Brooklyn	87,355	97.5	%	97.5	%	13,540,582		159.02		17
The Empire State Building	Penn Station -Times Sq. South	85,455	77.6	%	77.6	%	7,669,029		115.65		11
One Grand Central Place	Grand Central	70,780	100.0	%	100.0	%	8,797,834		124.30		12
1542 Third Avenue	Upper East Side	58,161	100.0	%	100.0	%	3,124,100		53.71		4
10 Union Square East	Union Square	58,049	98.0	%	100.0	%	8,726,079		153.45		10
1010 Third Avenue	Upper East Side	28,243	100.0	%	100.0	%	3,143,629		111.31		1
501 Seventh Avenue	Penn Station -Times Sq. South	27,213	100.0	%	100.0	%	1,990,338		73.14		9
77 West 55th Street	Midtown	25,388	100.0	%	100.0	%	2,272,765		89.52		3
561 10th Avenue	Hudson Yards	11,822	100.0	%	100.0	%	1,866,062		157.85		2
298 Mulberry Street	NoHo	10,365	100.0	%	100.0	%	2,002,467		193.20		1
345 East 94th Street	Upper East Side	3,700	100.0	%	100.0	%	276,460		74.72		1
Broadway Campus
112 West 34th Street	Penn Station -Times Sq. South	93,057	100.0	%	100.0	%	26,183,540		281.37		4
1333 Broadway	Penn Station -Times Sq. South	67,001	100.0	%	100.0	%	10,545,748		157.40		4

1350 Broadway (10)	Penn Station -Times Sq. South	19,511	100.0	%	100.0	%	4,148,077		212.60		6
1400 Broadway	Penn Station -Times Sq. South	17,017	100.0	%	100.0	%	2,105,005		123.70		7
Total Broadway Campus		196,586	100.0	%	100.0	%	42,982,370		218.64		21
Total/Weighted Average Retail Properties		663,117	96.6	%	96.8	%	96,391,715		150.47		92

Portfolio Total		7,312,282	92.3	%	95.6	%	$	519,098,664	$	77.21	461

Notes:

(1) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 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 September 30, 2026.

(3) Percent occupied and percent leased exclude 95,165 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of September 30, 2026.

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

(6) Represents annualized rent under leases commenced as of September 30, 2026 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) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter. As of September 30, 2026, the percent occupied was 70.6% and the percent leased was 80.6%, which was comprised of 68.3% occupied and 79.0% leased for office space and 100.0% occupied and leased for retail space.

(9) Excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).

(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment. As of September 30, 2026, the percent occupied and percent leased were 0% and 49.5%, respectively. In addition, excludes approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

Page 14


			Third Quarter 2026
			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),(3)	September 30, 2026	December 31, 2026	March 31, 2027	June 30, 2027	September 30, 2027	December 31, 2027	Full Year 2027
Total expirations	171,701	65,527	54,429	70,706	84,791	166,548	376,474
Less: broadcasting	(511)	—	(3,075)	(222)	(637)	(1,400)	(5,334)
Office and retail expirations	171,190	65,527	51,354	70,484	84,154	165,148	371,140

Renewals & relocations (4)	41,369	—	4,263	5,273	—	—	9,536
New leases (5)	92,444	16,321	19,624	19,095	18,252	63,134	120,105
Vacates (6)	37,377	48,853	23,731	35,700	26,348	87,802	173,581
Unknown (7)	—	353	3,736	10,416	39,554	14,212	67,918
Total Office and Retail Portfolio expirations and vacates	171,190	65,527	51,354	70,484	84,154	165,148	371,140

Office Portfolio (2),(3)
Total expirations	160,541	65,174	47,012	70,706	84,791	166,261	368,770
Less: broadcasting	(511)	—	(3,075)	(222)	(637)	(1,400)	(5,334)
Office expirations	160,030	65,174	43,937	70,484	84,154	164,861	363,436

Renewals & relocations (4)	41,369	—	4,263	5,273	—	—	9,536
New leases (5)	86,252	16,321	19,624	19,095	18,252	63,134	120,105
Vacates (6)	32,409	48,853	16,314	35,700	26,348	87,515	165,877
Unknown (7)	—	—	3,736	10,416	39,554	14,212	67,918
Total expirations and vacates	160,030	65,174	43,937	70,484	84,154	164,861	363,436










Retail Portfolio (2),(3)
Retail expirations	11,160	353	7,417	—	—	287	7,704

Renewals & relocations (4)	—	—	—	—	—	—	—
New leases (5)	6,192	—	—	—	—	—	—
Vacates (6)	4,968	—	7,417	—	—	287	7,704
Unknown (7)	—	353	—	—	—	—	—
Total expirations and vacates	11,160	353	7,417	—	—	287	7,704

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) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and was not yet stabilized at the end of the quarter. Excludes in-place leases at 1359 Broadway for forecast periods, as the property was disposed of subsequent to quarter-end.

(4) 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 2026 and 2027; and tenants who move within a building or within the Company's portfolio.

(5) 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.

(6) 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.

(7) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.

Page 15


			Third Quarter 2026
			Tenant Lease Expirations
			(unaudited)


Total Office and Retail Lease Expirations(1)	Number of Leases Expiring(2)	Rentable Square Feet Expiring(3)	Percent of Portfolio Rentable Square Feet Expiring		Annualized Rent(4)		Percent of Annualized Rent		Annualized Rent Per Rentable Square Foot
Available	—	451,718	5.8	%	$	—	—	%	$	—
Signed leases not commenced	17	286,275	3.7	%	—		—	%	—


3Q 2026(5)	8	129,506	1.7	%	7,447,145		1.3	%	57.50
4Q 2026	12	65,527	0.8	%	4,396,480		0.8	%	67.09
Total 2026	20	195,033	2.5	%	11,843,625		2.1	%	60.73
1Q 2027	12	54,429	0.7	%	4,142,965		0.8	%	76.12
2Q 2027	12	70,706	0.9	%	4,806,007		0.9	%	67.97
3Q 2027	16	84,791	1.1	%	5,614,741		1.0	%	66.22
4Q 2027	13	166,548	2.2	%	9,261,073		1.7	%	55.61
Total 2027	53	376,474	4.9	%	23,824,786		4.4	%	63.28
2028	54	771,700	10.0	%	50,235,518		9.1	%	65.10
2029	64	723,996	9.3	%	55,854,152		10.1	%	77.15
2030	53	684,852	8.8	%	52,772,412		9.6	%	77.06
2031	49	270,885	3.5	%	28,779,255		5.2	%	106.24
2032	33	312,354	4.0	%	26,442,970		4.8	%	84.66
2033	37	316,798	4.1	%	27,777,612		5.0	%	87.68
2034	21	253,000	3.3	%	27,650,873		5.0	%	109.29
2035	18	369,216	4.8	%	26,713,957		4.8	%	72.35
2036	25	994,659	12.8	%	77,936,061		14.1	%	78.35
Thereafter	40	1,737,091	22.5	%	141,915,950		25.8	%	81.70
Total	484	7,744,051	100.0	%	$	551,747,171	100.0	%	$	78.75


Office Properties(1), (6)
Available	—	400,611	5.7	%	$	—	—	%	$	—
Signed leases not commenced	15	278,596	4.0	%	—		—	%	—


3Q 2026(5)	7	121,109	1.7	%	6,816,718		1.5	%	56.29
4Q 2026	11	65,174	0.9	%	4,396,480		1.0	%	67.46
Total 2026	18	186,283	2.6	%	11,213,198		2.5	%	60.19
1Q 2027	11	47,012	0.7	%	3,338,568		0.8	%	71.02
2Q 2027	12	70,706	1.0	%	4,806,007		1.1	%	67.97
3Q 2027	16	84,791	1.2	%	5,614,741		1.3	%	66.22
4Q 2027	12	166,261	2.4	%	9,203,770		2.1	%	55.36
Total 2027	51	368,770	5.3	%	22,963,086		5.3	%	62.27
2028	50	760,290	10.8	%	48,417,142		10.9	%	63.68
2029	54	613,170	8.7	%	42,596,909		9.6	%	69.47
2030	43	660,150	9.4	%	46,422,755		10.5	%	70.32
2031	40	207,530	3.0	%	15,455,683		3.5	%	74.47
2032	26	271,858	3.9	%	21,400,526		4.8	%	78.72
2033	24	273,223	3.9	%	17,436,166		3.9	%	63.82
2034	13	214,652	3.1	%	15,807,249		3.6	%	73.64
2035	14	362,425	5.2	%	26,178,808		5.9	%	72.23
2036	17	914,556	13.0	%	72,029,358		16.3	%	78.76
Thereafter	22	1,504,817	21.4	%	103,212,637		23.2	%	68.59
Total office properties	387	7,016,931	100.0	%	$	443,133,517	100.0	%	$	69.92

(Table continued on next page)

Page 16


			Third Quarter 2026
			Tenant Lease Expirations
			(unaudited)


Retail Properties(1)	Number of Leases Expiring(2)	Rentable Square Feet Expiring(3)	Percent of Portfolio Rentable Square Feet Expiring		Annualized Rent(4)		Percent of Annualized Rent		Annualized Rent Per Rentable Square Foot
Available	—	51,107	7.0	%	$	—	—	%	$	—
Signed leases not commenced	2	7,679	1.1	%	—		—	%	—


3Q 2026(5)	1	8,397	1.2	%	630,427		0.6	%	75.08
4Q 2026(7)	1	353	—	%	—		—	%	—
Total 2026	2	8,750	1.2	%	630,427		0.6	%	72.05
1Q 2027	1	7,417	1.0	%	804,397		0.7	%	108.45
2Q 2027	—	—	—	%	—		—	%	—
3Q 2027	—	—	—	%	—		—	%	—
4Q 2027	1	287	—	%	57,303		0.1	%	199.66
Total 2027	2	7,704	1.0	%	861,700		0.8	%	111.85
2028	4	11,410	1.6	%	1,818,376		1.7	%	159.37
2029	10	110,826	15.2	%	13,257,243		12.2	%	119.62
2030	10	24,702	3.4	%	6,349,657		5.8	%	257.05
2031	9	63,355	8.7	%	13,323,572		12.3	%	210.30
2032	7	40,496	5.6	%	5,042,444		4.6	%	124.52
2033	13	43,575	6.0	%	10,341,446		9.5	%	237.33
2034	8	38,348	5.3	%	11,843,624		10.9	%	308.85
2035	4	6,791	0.9	%	535,149		0.5	%	78.80
2036	8	80,103	11.0	%	5,906,703		5.4	%	73.74
Thereafter	18	232,274	32.0	%	38,703,313		35.7	%	166.63
Total retail properties	97	727,120	100.0	%	$	108,613,654	100.0	%	$	162.51

Notes:

(1) Includes December 2025 acquisition of 130 Mercer Street, which was not yet stabilized at the end of the quarter, June 2025 acquisition of 86-90 North 6th Street, which is under redevelopment, and March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Excludes 1359 Broadway, which was sold subsequent to quarter-end.

(2) 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.

(3) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

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

(5) Represents leases that are included in occupancy as of September 30, 2026 and expire on September 30, 2026.

(6) Excludes (i) retail space in the Company’s office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.

(7) Includes a percentage rent lease with no annualized rent.

Page 17


			Third Quarter 2026
			20 Largest Tenants and Portfolio Tenant Diversification by Industry
			(unaudited)


20 Largest Tenants(1)		Property	Lease Expiration(2)	Weighted Average Remaining Lease Term(3)	Total Occupied Square Feet(4)	Percent of Portfolio Rentable Square Feet(5)		Annualized Rent(6)		Percent of Portfolio Annualized Rent(7)
1.	LinkedIn	Empire State Building	Jan. 2029 - Jul. 2042	9.6 years	588,476	7.71	%	$	48,641,113	8.82	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	12.9 years	313,109	4.10	%	20,040,689		3.63	%
3.	Scholastic Inc.	130 Mercer	Dec. 2040	14.3 years	221,952	2.91	%	18,208,375		3.30	%
4.	Sephora USA, Inc.	112 West 34th Street, 130 Mercer	Jan. 2034 - Jan. 2037	9.2 years	21,834	0.29	%	17,620,708		3.19	%
5.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2041	15.3 years	232,754	3.05	%	17,313,046		3.14	%
6.	Centric Brands Inc.	Empire State Building	Oct. 2028	2.1 years	252,929	3.31	%	16,189,021		2.93	%
7.	Burlington Merchandising Corporation	1400 Broadway	Dec. 2042	16.3 years	170,763	2.24	%	10,807,813		1.96	%
8.	PVH Corp	501 Seventh Avenue	Oct. 2028	2.1 years	172,004	2.25	%	9,965,911		1.81	%
9.	Macy's	111 West 33rd Street	May 2030	3.7 years	131,117	1.72	%	9,933,794		1.80	%
10.	Coty Inc.	Empire State Building	Jan. 2030	3.3 years	156,187	2.05	%	9,835,093		1.78	%
11.	Target Corporation	112 West 34th St., 10 Union Square East	Jan. 2038	11.3 years	81,340	1.07	%	9,711,363		1.76	%
12.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	5.0 years	34,192	0.45	%	8,673,629		1.57	%
13.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	3.0 years	56,730	0.74	%	8,489,236		1.54	%
14.	Shutterstock, Inc.	Empire State Building	Apr. 2029	2.6 years	108,937	1.43	%	7,945,519		1.44	%
15.	Fragomen	1400 Broadway	Feb. 2035	8.4 years	107,680	1.41	%	7,248,133		1.31	%
16.	HNTB Corporation(8)	Empire State Building	Jun. 2027 - Sep. 2034	7.3 years	86,211	1.13	%	6,889,030		1.25	%
17.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	3.2 years	86,492	1.13	%	6,781,060		1.23	%
18.	Li & Fung	Empire State Building	Oct. 2028	2.1 years	103,463	1.35	%	6,355,553		1.15	%
19.	Gerson Lehrman Group, Inc.	One Grand Central Place	Sep. 2037	11.0 years	95,612	1.25	%	5,970,787		1.08	%
20.	Kohl's	1400 Broadway	May 2029	2.7 years	91,775	1.20	%	5,342,017		0.97	%
	Total				3,113,557	40.79	%	$	251,961,890	45.66	%

Portfolio Tenant Diversification by Industry (based on annualized rent)(1)

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and was not yet stabilized at the end of the quarter. Excludes in-place leases at 1359 Broadway, which was sold subsequent to quarter-end.

(2) Expiration dates are per lease and do not assume exercise of renewal or extension options. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the lease expiration is shown as a range.

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

(4) Based on leases signed and commenced as of September 30, 2026.

(5) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.

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

(7) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

(8) Includes 7,850 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2026.

Page 18


			Third Quarter 2026
			Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
			(unaudited and dollars in thousands)

Incremental Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent(1) and Signed Leases not Commenced(2)


	Square	Incremental Annual		Incremental Cash Rent(3) Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet	Cash Rent		2026		2027		2028		2029		2030
Fourth quarter 2026	351,090	$	28,035	$	4,424	$	27,971	$	27,505	$	27,310	$	27,035
First quarter 2027	26,230	2,586		—		2,460		2,586		2,586		2,586
Second quarter 2027	58,060	3,647		—		2,222		3,647		3,647		3,662
Third quarter 2027	319,794	17,894		—		6,264		17,894		17,894		17,894
Fourth quarter 2027	375,762	37		—		11		37		37		37
First quarter 2028	63,324	5,754		—		—		5,302		5,754		5,754
Second quarter 2028	171,552	5,650		—		—		3,943		5,650		5,650
Third quarter 2028	13,932	920		—		—		461		920		920

First quarter 2029	96,707	2,210		—		—		—		2,204		2,210

	1,476,451	$	66,733	$	4,424	$	38,928	$	61,375	$	66,002	$	65,748


	Initial Annual		Incremental Annual		Incremental Cash Rent(3) Contributing to Cash NOI in the Following Years
3Q 2026	Cash Rent		Cash Rent		2026		2027		2028		2029		2030
Commenced leases in free rent period	$	47,136	$	43,067	$	4,424	$	34,158	$	42,427	$	42,341	$	42,067
Signed leases not commenced	32,858		23,666		—		4,770		18,948		23,661		23,681
	$	79,994	$	66,733	$	4,424	$	38,928	$	61,375	$	66,002	$	65,748


	Three Months Ended
Capital expenditures	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Tenant improvements - first generation	$	884	$	2,503	$	138	$	—	$	29
Tenant improvements - second generation	1,427		24,720		13,159		21,406		15,979
Leasing commissions - first generation	—		1,666		—		1,387		—
Leasing commissions - second generation	4,913		11,435		3,722		8,730		3,144
Building improvements - first generation	5,848		6,449		2,507		2,556		1,094
Building improvements - second generation	5,637		2,676		4,765		4,704		5,571
Non-recurring capital improvements	2,936		11,015		3,102		8,499		14,495
Total	$	21,645	$	60,464	$	27,393	$	47,282	$	40,312

Notes:

(1) Reflects contractual cash rent assumptions based on in-place leases and does not represent guidance or projections of future financial performance.

(2) Excludes 1359 Broadway, which was sold subsequent to quarter-end.

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

Page 19


			Third Quarter 2026
			Observatory Summary
			(unaudited and dollars in thousands)


	Twelve Months to Date		Three Months Ended
Observatory NOI			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Observatory revenue (1)	$	104,775	$	26,808		$	24,225		$	18,510		$	35,232		$	36,037
Observatory expenses	41,654		11,204			11,795			7,868			10,787			9,510
NOI, excluding intercompany rent (2)	$	63,121	$	15,604		$	12,430		$	10,642		$	24,445		$	26,527



Observatory Metrics
Number of visitors (3)			481,000			450,000			350,000			618,000			648,000
Change in visitors year-over-year			(25.8)		%	(28.5)		%	(18.2)		%	(13.9)		%	(10.9)		%
Number of bad weather days ("BWD") (4)			13			8			15			15			6

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, the fixed license fee was $970, $970, $970, $1,904, and $1,904, respectively.

(2) The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, the intercompany rent expense was $12,458, $14,771, $12,821, $20,295, and $20,185, respectively.

(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.

Page 20


			Third Quarter 2026
			Debt Summary
			(unaudited and dollars in thousands)


	September 30, 2026
			Weighted Average
Debt Summary	Balance		Interest Rate (1)		Maturity (Years)
Mortgage debt	$	449,571	4.23	%	5.9
Senior unsecured notes	1,350,000		5.00	%	4.3
Unsecured term loan facilities (2)	340,000		4.54	%	3.8
Unsecured revolving credit facility (3)	100,000		5.11	%	2.4
Total fixed rate debt	2,239,571		4.78	%	4.5

Unsecured term loan facilities (4)	—		—		—
Unsecured revolving credit facility (4)	—		—		—
Total variable rate debt	—		—		—

Total debt	2,239,571		4.78	%	4.5
Deferred financing costs, net	(9,657)
Debt discount	(4,817)
Total	$	2,225,097


Available Capacity	Facility		Outstanding at September 30, 2026		Letters of Credit		Available Capacity
Unsecured revolving credit facility (5)	$	620,000	$	100,000	$	—	$	520,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (6)

< 60%

37.8

Yes

Maximum Secured Leverage (7)

< 40%

7.9

Yes

Minimum Fixed Charge Coverage

> 1.50x

2.5x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

3.1x

Yes

Maximum Unsecured Leverage (8)

< 60%

40.0

Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, including the effect of applicable treasury locks, the rates which are fixed under variable to fixed interest rate swap agreements.

(2) SOFR is fixed at 2.56% for $175 million through December 31, 2026 and at 3.01% thereafter through maturity. In addition, SOFR is fixed at 3.31%, 3.23% and 3.25% for $95 million, $35 million and $35 million, respectively, through maturity.

(3) SOFR is fixed at 3.40% for $50 million and at 3.80% for an additional $50 million through December 31, 2026.

(4) As of September 30, 2026, 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.

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

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

Page 21


			Third Quarter 2026
			Debt Detail
			(unaudited and dollars in thousands)


	Stated Interest Rate (%)		Principal Balance		Maturity Date	Amortization
1542 Third Avenue	4.29	%	$	30,000	5/1/2027	Interest only
1010 Third Avenue & 77 West 55th St.	4.01	%	32,367		1/5/2028	30 years
1333 Broadway	4.21	%	160,000		2/5/2033	Interest only
10 Union Square East (1)	5.33	%	53,500		4/1/2036	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%		5,066		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%		10,538		11/1/2033	30 years
Total fixed rate mortgage debt			449,571

Unsecured revolving credit facility	SOFR plus 1.40%		100,000		3/8/2029	Interest only
Unsecured term loan facility	SOFR plus 1.60%		95,000		3/8/2029	Interest only
Unsecured term loan facility	SOFR plus 1.60%		245,000		1/15/2031	Interest only
Senior unsecured notes:
Senior unsecured notes due 2027 (Series B)	4.09	%	70,000		3/27/2027	Interest only
Senior unsecured notes due 2028 (Series D)	4.08	%	115,000		1/22/2028	Interest only
Senior unsecured notes due 2029 (Series I)	7.20	%	155,000		6/17/2029	Interest only
Senior unsecured notes due 2030 (Series E)	4.26	%	160,000		3/22/2030	Interest only
Senior unsecured notes due 2030 (Series C)	4.18	%	125,000		3/27/2030	Interest only
Senior unsecured notes due 2031 (Series L)	5.47	%	175,000		1/7/2031	Interest only
Senior unsecured notes due 2031 (Series J)	7.32	%	45,000		6/17/2031	Interest only
Senior unsecured notes due 2032 (Series G)	3.61	%	100,000		3/17/2032	Interest only
Senior unsecured notes due 2032 (Series M)	5.99	%	130,000		7/15/2032	Interest only
Senior unsecured notes due 2033 (Series F)	4.44	%	175,000		3/22/2033	Interest only
Senior unsecured notes due 2034 (Series K)	7.41	%	25,000		6/17/2034	Interest only
Senior unsecured notes due 2035 (Series H)	3.73	%	75,000		3/17/2035	Interest only
Total / weighted average debt	4.78	%	2,239,571
Deferred financing costs, net			(9,657)
Debt discount			(4,817)
Total			$	2,225,097

Notes:

(1) Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%.

Page 22


			Third Quarter 2026
			Debt Maturities and Ground Lease Commitment
			(unaudited and dollars in thousands)


Year	Maturities (1)		Amortization		Total		Percentage of Total Debt		Weighted Average Interest Rate of Maturing Debt
2026	$	—	$	1,018	$	1,018	—	%	—	%
2027	100,000		4,276		104,276		4.7	%	4.15	%
2028	146,091		3,555		149,646		6.7	%	4.06	%
2029	350,000		3,890		353,890		15.8	%	6.01	%
2030	328,600		4,511		333,111		14.9	%	4.18	%
2031	465,000		3,283		468,283		20.9	%	5.06	%
2032	230,000		3,591		233,591		10.4	%	4.96	%
2033	439,007		3,249		442,256		19.8	%	4.23	%
2034	25,000		—		25,000		1.1	%	7.41	%
2035	75,000		—		75,000		3.3	%	3.73	%
2036	53,500		—		53,500		2.4	%	5.33	%

Total debt	$	2,212,198	$	27,373	2,239,571		100.0	%	4.78	%
Deferred financing costs, net					(9,657)
Debt discount					(4,817)
Total					$	2,225,097


Ground Lease Commitment (2)
Year	1350 Broadway (3)
2026	$	23
2027	72
2028	72
2029	72
2030	72
Thereafter	1,410
	$	1,721

Notes:

(1) Assumes extension options are exercised for the term loans and revolving credit facility.

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

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years.

Page 23

Source: View Original Filing on SEC EDGAR

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