Empire State Realty Trust (NYSE: ESRT) books Q2 loss and trims 2026 Core FFO outlook

Q: What drove ESRT’s Q2 2026 net loss and earnings decline?

The Q2 2026 net loss was mainly driven by a non-cash $166.1M goodwill impairment charge related to the Observatory reporting unit. This was partially offset by a $124.6M gain on the $275M sale of 250 West 57th Street, resulting in diluted EPS of $(0.15) .

Q: What were ESRT’s occupancy and leasing metrics in Q2 2026?

As of June 30, 2026, ESRT’s total commercial portfolio was 94.9% leased and 89.4% occupied. The company signed 381,799 square feet of commercial leases, including 363,968 square feet of office leases, with blended office leasing spreads of +17.8% .

Q: How is the Empire State Building Observatory performing for ESRT?

In Q2 2026, the Observatory generated NOI of $12.4M on revenue of $24.2M , with 450,000 visitors. Visitor counts declined 28.5% year-over-year, and the company cited continued impact from reduced international tourism and weakness in the pass program channel.

Q: What is ESRT’s liquidity and leverage position as of June 30, 2026?

ESRT had total liquidity of $0.5B , including $86M of cash and $445M available under its revolver, and approximately $2.2B of total debt at a 4.70% weighted average interest rate. Net debt to Adjusted EBITDA was 6.6x , with no unaddressed debt maturity until January 2028.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Empire State Realty Trust reported second-quarter 2026 results with a net loss attributable to common stockholders of $(25.8M), or $(0.15) per fully diluted share, driven primarily by a $166.1M goodwill impairment charge related to its Observatory reporting unit, partly offset by a $124.6M gain on the disposition of 250 West 57th Street. Total revenues were $196.9M, up modestly from $191.3M a year earlier. Core Funds From Operations were $0.21 per fully diluted share.

Same-store Property Cash NOI excluding lease termination fees was $69.4M, up 3.3% year-over-year, though adjusted for approximately $4.0M of non-recurring real estate tax abatements it declined 3.2%. The total commercial portfolio was 94.9% leased and 89.4% occupied, and the company signed 381,799 square feet of commercial leases, with office leasing spreads of +17.8%. The Empire State Building Observatory generated NOI of $12.4M on 450,000 visitors, with visitors down 28.5% year-over-year.

The company completed the sale of 250 West 57th Street for $275M, including the buyer’s assumption of $180M of mortgage debt, and acquired the land under 111 West 33rd Street and 1400 Broadway for $110M. As of June 30, 2026, total liquidity was $0.5B (including $86M of cash), total debt was about $2.2B, and net debt to Adjusted EBITDA was 6.6x. The company updated its 2026 Core FFO per fully diluted share range to $0.75–$0.79 from $0.85–$0.89, assuming Observation Deck NOI of $55M with no improvement in current visitation levels.

Positive

Completed sale of 250 West 57th Street for $275M, including buyer assumption of $180M mortgage debt, generating a $124.6M gain on disposition.
Signed 381,799 square feet of commercial leases in Q2 2026, with office leasing spreads of +17.8% and the commercial portfolio 94.9% leased.
Maintained liquidity of $0.5B (including $86M cash and $445M revolver capacity) and added a $245M unsecured delayed draw term loan maturing in 2032, with no unaddressed debt maturity until January 2028.

Negative

Recorded a $166.1M goodwill impairment charge on the Observatory reporting unit, resulting in Q2 2026 diluted EPS of $(0.15) versus $0.04 a year earlier.
Empire State Building Observatory performance weakened, with NOI of $12.4M and visitors down 28.5% year-over-year to 450,000 in Q2 2026.
Reduced 2026 Core FFO per fully diluted share guidance to $0.75–$0.79 from $0.85–$0.89, assuming only $55M of Observation Deck NOI instead of $87–$92M previously.

Filing Explained

As of July 29, 2026, ESRT had closed a $245 million unsecured delayed-draw term loan maturing in 2032; proceeds are expected to be drawn in January 2027 to repay existing debt, and no unaddressed debt maturity is disclosed before January 2028.

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, and exhibit attachments filed with this report.

Key Figures

Total revenues Q2 2026: $196,899k Net income (loss) to common Q2 2026: $(25,823)k; $(0.15) per diluted share Core FFO per share Q2 2026: $0.21 diluted +5 more

8 metrics

Total revenues Q2 2026 $196,899k Three months ended June 30, 2026 consolidated statement of operations

Net income (loss) to common Q2 2026 $(25,823)k; $(0.15) per diluted share Net income (loss) attributable to common stockholders, three months ended June 30, 2026

Core FFO per share Q2 2026 $0.21 diluted Core Funds From Operations per share and unit, three months ended June 30, 2026

Same-Store Property Cash NOI Q2 2026 $69,426k; +3.3% y/y Total Same Store property cash NOI excluding lease termination fees, three months ended June 30, 2026

Observation Deck NOI Q2 2026 $12,430k; 450,000 visitors; -28.5% y/y visitors Observatory NOI and visitors, three months ended June 30, 2026

250 West 57th Street sale $275M price; $180M debt assumed; $124,622k gain Disposition of 250 West 57th Street completed in Q2 2026

Liquidity and debt June 30, 2026 $0.5B liquidity; $86M cash; $2.2B total debt; 6.6x net debt/Adj EBITDA Balance sheet and leverage metrics as of June 30, 2026

2026 Core FFO guidance $0.75–$0.79 per fully diluted share; $55M Observation Deck NOI Updated 2026 Core FFO range and key assumptions

Key Terms

Core Funds From Operations, Same Store, Net Operating Income, Core Funds Available for Distribution, +2 more

6 terms

Core Funds From Operations financial

"Core Funds From Operations ("Core FFO") of $0.21 per share."

Core funds from operations is a measure of the recurring cash a real estate company generates from its normal rental and property-management activities, calculated by starting with net income, adding back non-cash items like property depreciation, and removing one-off gains or losses such as property sales or unusual expenses. Investors use it like a household’s steady paycheck estimate—it shows the business’s sustainable cash flow for paying dividends, servicing debt, and funding operations, without noise from one-time events.

Same Store financial

"The Company refers to properties acquired prior to the beginning... as “Same Store”."

Same store describes sales or revenue measured only at locations or outlets that have been open for a specified prior period, excluding new openings and closed units so performance is compared on an “apples-to-apples” basis. Investors use same-store figures to see whether existing operations are growing or shrinking on their own, like checking whether a long-standing shop is selling more or fewer items this year without the distortion of added or removed stores.

Net Operating Income financial

"Net Operating Income ("NOI") is a non-GAAP financial measure of performance."

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

Core Funds Available for Distribution financial

"we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO..."

goodwill impairment charge financial

"non-cash goodwill impairment charge of $166.1 million related to our Observatory reporting unit"

Goodwill impairment charge is an accounting write-down taken when the extra value a company recorded from buying another business — things like reputation, customer relationships or brand name — is later judged to be worth less than originally paid. For investors it matters because the charge reduces reported profits and shareholder equity, often signaling that an acquisition didn’t deliver expected benefits and prompting closer scrutiny of future cash flow and management decisions.

delayed draw term loan financial

"closed on a $245 million unsecured delayed draw term loan that matures in 2032."

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 revenues Q2 2026: $196,899k · Guidance included

Three and six months ended June 30, 2026

Total revenues Q2 2026 $196,899k vs $191,250k in Q2 2025

Net income (loss) attributable to common stockholders Q2 2026 $(25,823)k; $(0.15) per diluted share vs $6,519k; $0.04 per diluted share in Q2 2025

Core FFO per fully diluted share Q2 2026 $0.21 vs $0.22 in Q2 2025

Same-Store Property Cash NOI excluding lease termination fees Q2 2026 $69,426k 3.3% increase year-over-year; down 3.2% adjusted for $4.0M tax abatements

Observation Deck visitors Q2 2026 450,000 28.5% decline year-over-year

Guidance

For full-year 2026, Core FFO per fully diluted share is guided to $0.75–$0.79, based on commercial occupancy of 90–92%, Same-Store Property Cash NOI (excluding lease termination fees) of -1.5% to +2.0%, and utilization of $55M of Observation Deck NOI assuming no improvement in current visitation levels.

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Understanding 8-K Material Events →

Available on EDGAR 07/29/2026 - 04:26 PM Accepted by SEC EDGAR 07/29/2026 - 04:25 PM

FAQ

How did Empire State Realty Trust (ESRT) perform financially in Q2 2026?

ESRT reported a net loss attributable to common stockholders of $(25.8M), or $(0.15) per fully diluted share, on total revenues of $196.9M. Core Funds From Operations were $57.1M, or $0.21 per fully diluted share, supported by stable property cash NOI.

What drove ESRT’s Q2 2026 net loss and earnings decline?

The Q2 2026 net loss was mainly driven by a non-cash $166.1M goodwill impairment charge related to the Observatory reporting unit. This was partially offset by a $124.6M gain on the $275M sale of 250 West 57th Street, resulting in diluted EPS of $(0.15).

What were ESRT’s occupancy and leasing metrics in Q2 2026?

As of June 30, 2026, ESRT’s total commercial portfolio was 94.9% leased and 89.4% occupied. The company signed 381,799 square feet of commercial leases, including 363,968 square feet of office leases, with blended office leasing spreads of +17.8%.

How is the Empire State Building Observatory performing for ESRT?

In Q2 2026, the Observatory generated NOI of $12.4M on revenue of $24.2M, with 450,000 visitors. Visitor counts declined 28.5% year-over-year, and the company cited continued impact from reduced international tourism and weakness in the pass program channel.

What 2026 Core FFO guidance did ESRT provide?

ESRT updated its 2026 Core FFO per fully diluted share range to $0.75–$0.79, versus $0.85–$0.89 in February 2026. The outlook assumes commercial occupancy of 90–92%, Same-Store Property Cash NOI growth of -1.5% to +2.0%, and Observation Deck NOI of $55M.

What is ESRT’s liquidity and leverage position as of June 30, 2026?

ESRT had total liquidity of $0.5B, including $86M of cash and $445M available under its revolver, and approximately $2.2B of total debt at a 4.70% weighted average interest rate. Net debt to Adjusted EBITDA was 6.6x, with no unaddressed debt maturity until January 2028.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 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 July 29, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the second 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

Second Quarter 2026 Earnings

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

subsequent quarter 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 June 30, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, and 250 West 57th Street, which was disposed in June 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: July 29, 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: July 29, 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 SECOND QUARTER 2026 RESULTS

– Net Loss Per Fully Diluted Share of $(0.15) –

– Core FFO Per Fully Diluted Share of $0.21 –

– Leased Over 380,000 Square Feet –

– Completed Disposition of 250 West 57th Street for $275M –

– Acquired Land Under Two Broadway Campus Assets for $110M –

– Updates 2026 Core FFO Range –

New York, New York, July 29, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

Second Quarter and Recent Highlights

•Net Loss of $(0.15) per share. Results include the following items that are excluded from Core Funds From Operations: non-cash goodwill impairment charge of $166.1 million related to our Observatory reporting unit, a $124.6 million gain on the disposition of 250 West 57th Street, and $5.5 million of one-time severance costs included in general and administrative expenses.

•Core Funds From Operations (“Core FFO”) of $0.21 per share.

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 3.3% year-over-year. The increase was primarily attributed to the receipt of approximately $4.0 million of non-recurring real estate tax abatements, related to prior periods. Adjusted for the non-recurring items, Same-Store Property Cash NOI decreased by 3.2%. This change was primarily attributed to increases in free rent and operating expenses, partially offset by an increase in tenant reimbursement income.

•The total commercial portfolio was 94.9% leased and 89.4% occupied as of June 30, 2026.

•Signed 381,799 rentable square feet of commercial leases, inclusive of 363,968 rentable square feet of office leases.

•In the office portfolio, blended leasing spreads were +17.8%, the 20th consecutive quarter of positive leasing spreads.

•Empire State Building Observation Deck generated NOI of $12.4 million, with continued impact from reduced international tourism and weakness in the pass program channel.

•Completed the disposition of 250 West 57th Street for $275 million, which includes the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain.

•Completed the acquisition of the land under the Company’s 111 West 33rd Street and 1400 Broadway properties for an aggregate price of $110 million, as previously announced.

•Subsequent to quarter-end, closed on a $245 million unsecured delayed draw term loan that matures in 2032. The Company has no unaddressed debt maturity until January 2028.

Property Operations1

As of June 30, 2026, the Company’s property portfolio comprised 7.1 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.


		June 30, 20262,3	March 31, 20262,3	June 30, 20252
Percent occupied:
	Total commercial portfolio	89.4%	88.2%	89.0%
	Office	89.1%	87.9%	88.9%
	Retail	92.8%	91.2%	89.9%

Percent leased (includes signed leases not commenced):
	Total commercial portfolio	94.9%	93.2%	92.9%
	Office	94.8%	93.0%	93.1%
	Retail	95.9%	95.4%	90.7%
	Total multifamily portfolio	97.7%	96.4%	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, which is under redevelopment, 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 All occupancy and leased percentages exclude broadcasting and storage space.

3 Occupancy and leased percentages for June 30, 2026 and March 31, 2026 exclude Metro Center, which was sold during the fourth quarter 2025. Occupancy and leased percentages for June 30, 2026 also exclude 250 West 57th Street, which was sold during the second quarter 2026.

Leasing

The tables that follow summarize leasing activity for the second quarter of 2026. During this period, the Company signed 21 leases that totaled 381,799 square feet with an average lease duration of 9.7 years. Average lease duration was 12.0 years for new leases executed in the second 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	17	363,968	$	72.75	17.8	%
Retail	4	17,831	$	502.26	(25.9)	%
Total Overall	21	381,799	$	95.04	1.4	%

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	12	252,344	$	74.26	16.1	%
Renewal Office	5	111,624	$	69.87	21.6	%
Total Office	17	363,968	$	72.75	17.8	%

Leasing Activity Highlights

•16-year 100,948 square foot new office lease with United Talent Agency at Empire State Building.

•13-year 28,741 square foot new office lease with Infinium Wall Systems at 1359 Broadway.

•8-year 26,134 square foot new office lease with Instacart at 111 West 33rd Street, which is 100% leased as of July 2026.

•11-year 12,168 square foot new office lease with Landmark Management at One Grand Central Place.

•6-year 59,121 square foot renewal office lease with Alfred Dunner at 1333 Broadway.

Balance Sheet

The Company had $0.5 billion of total liquidity as of June 30, 2026, which was comprised of $86 million of cash, plus $445 million available under its revolving credit facility. At June 30, 2026, the Company had total debt outstanding of approximately $2.2 billion at a weighted average interest rate of 4.70%. At June 30, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.6x.

Subsequent to quarter-end, 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 January 2028.

Portfolio Transaction Activity

The Company completed the disposition of 250 West 57th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain.

The Company completed the acquisition of the land under its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 and 38 years, respectively, for an aggregate price of $110 million, as previously announced. The transaction enhances the long-term value of the Company’s high-quality portfolio and was funded with balance sheet liquidity.

Dividend

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

Updated 2026 Core FFO

Given the uncertain operating environment and limited visibility into near-term performance trends for the Observation Deck, the Company utilizes $55 Million of NOI for the Core FFO range, which assumes no improvement to current visitation levels. More details will be provided on tomorrow’s call. 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.


Key Items	2026 Core FFO		Comments
Earnings	July 2026	February 2026
Core FFO Per Fully Diluted Share	$0.75 to $0.79	$0.85 to $0.89	• Reflects property guidance assumptions and utilization of Observation Deck NOI of $55M
Property Guidance Assumptions
Commercial Occupancy at year-end	90% to 92%	90% to 92%
SS Property Cash NOI (excluding lease termination fees)	-1.5% to +2.0%	-1.5% to +2.0%	• Assumes positive y/y revenue growth • Assumes a ~5.0 to 7.0% y/y increase in operating expenses and real estate taxes largely offset by tenant reimbursement income • 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Observation Deck
Observation Deck NOI Utilized	$55M	$87M to $92M	• Assumes no improvement to current visitation levels


	Low	High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$(0.11)	$(0.07)
Add:
Goodwill Impairment Charge	0.61	0.61
Real Estate Depreciation & Amortization	0.69	0.69
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.46	0.46
FFO Attributable to Common Stockholders and the Operating Partnership	$0.71	$0.75
Add:
Severance Expense	0.02	0.02
Amortization of Below Market Ground Lease	0.02	0.02
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.75	$0.79

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 Thursday, July 30, 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 August 13, 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 13761043.

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

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

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT’s portfolio is comprised of approximately 7.5 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions 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.

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 leases; 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 June 30,
	2026		2025
Revenues
Rental revenue	$	165,166	$	153,540
Observatory revenue	24,225		33,899
Lease termination fees	—		464
Third-party management and other fees	268		408
Other revenue and fees	7,240		2,939
Total revenues	196,899		191,250
Operating expenses
Property operating expenses	47,774		44,880
Ground rent expenses	1,506		2,332
General and administrative expenses	25,123		18,685
Observatory expenses	11,795		9,822
Real estate taxes	32,912		32,607
Goodwill impairment charge	166,113		—
Depreciation and amortization	50,389		47,802
Total operating expenses	335,612		156,128
Total operating income (loss)	(138,713)		35,122
Other income (expense):

Interest income	1,575		1,867
Interest expense	(27,805)		(25,126)


Gain on disposition of properties	124,622		—
Income (Loss) before income taxes	(40,321)		11,863
Income tax (expense) benefit	767		(478)
Net income (loss)	(39,554)		11,385

Non-controlling interest in the Operating Partnership	14,782		(3,815)

Preferred unit distributions	(1,051)		(1,051)
Net income (loss) attributable to common stockholders	$	(25,823)	$	6,519
Total weighted average shares
Basic	171,039		168,368
Diluted	268,947		269,951
Earnings per share attributable to common stockholders
Basic	$	(0.15)	$	0.04
Diluted	$	(0.15)	$	0.04


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

	Six Months Ended June 30,
	2026		2025
Revenues
Rental revenue	$	331,271	$	308,082
Observatory revenue	42,735		57,060
Lease termination fees	1,356		464
Third-party management and other fees	545		839
Other revenue and fees	11,317		4,871
Total revenues	387,224		371,316
Operating expenses
Property operating expenses	95,518		89,940
Ground rent expenses	3,837		4,663
General and administrative expenses	43,216		35,625
Observatory expenses	19,663		17,940
Real estate taxes	67,525		65,657
Goodwill impairment charge	166,113		—
Depreciation and amortization	100,608		96,581
Total operating expenses	496,480		310,406
Total operating income (loss)	(109,256)		60,910
Other income (expense):

Interest income	2,188		5,653
Interest expense	(55,942)		(52,064)
Interest expense associated with property in receivership	—		(647)

Gain on disposition of properties	124,622		13,170
Income (Loss) before income taxes	(38,388)		27,022
Income tax benefit	1,829		141
Net income (loss)	(36,559)		27,163

Non-controlling interest in the Operating Partnership	14,072		(9,323)

Preferred unit distributions	(2,101)		(2,101)
Net income (loss) attributable to common stockholders	$	(24,588)	$	15,739
Total weighted average shares
Basic	171,101		167,644
Diluted	268,870		269,739
Earnings per share attributable to common stockholders
Basic	$	(0.14)	$	0.09
Diluted	$	(0.14)	$	0.09


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)

	Three Months Ended June 30,
	2026		2025

Net income (loss)	$	(39,554)	$	11,385

Preferred unit distributions	(1,051)		(1,051)
Real estate depreciation and amortization	49,463		46,921
Gain on disposition of properties	(124,622)		—
FFO attributable to common stockholders and Operating Partnership units	(115,764)		57,255

Amortization of below-market ground leases	1,249		1,958
Modified FFO attributable to common stockholders and Operating Partnership units	(114,515)		59,213


Severance expense4	5,536		—

Goodwill impairment charge	166,113		—

Core FFO attributable to common stockholders and Operating Partnership units	$	57,134	$	59,213

Total weighted average shares and Operating Partnership units
Basic	268,947		266,899
Diluted	268,947		269,951

FFO per share
Basic	$	(0.43)	$	0.21
Diluted	$	(0.43)	$	0.21

Modified FFO per share
Basic	$	(0.43)	$	0.22
Diluted	$	(0.43)	$	0.22

Core FFO per share
Basic	$	0.21	$	0.22
Diluted	$	0.21	$	0.22

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)

	Six Months Ended June 30,
	2026		2025

Net income (loss)	$	(36,559)	$	27,163

Preferred unit distributions	(2,101)		(2,101)
Real estate depreciation and amortization	98,755		94,792
Gain on disposition of properties	(124,622)		(13,170)
FFO attributable to common stockholders and Operating Partnership units	(64,527)		106,684

Amortization of below-market ground leases	3,207		3,916
Modified FFO attributable to common stockholders and Operating Partnership units	(61,320)		110,600

Interest expense associated with property in receivership	—		647
Severance expense5	5,536		—

Goodwill impairment charge	166,113		—

Core FFO attributable to common stockholders and Operating Partnership units	$	110,329	$	111,247

Total weighted average shares and Operating Partnership units
Basic	268,870		266,985
Diluted	268,870		269,739

FFO per share
Basic	$	(0.24)	$	0.40
Diluted	$	(0.24)	$	0.40

Modified FFO per share
Basic	$	(0.23)	$	0.41
Diluted	$	(0.23)	$	0.41

Core FFO per share
Basic	$	0.41	$	0.42
Diluted	$	0.41	$	0.41

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 (Loss) to Cash NOI and Same Store Cash NOI
(unaudited and amounts in thousands)

	Three Months Ended June 30,
	2026		2025

Net income (loss)	$	(39,554)	$	11,385
Add:
General and administrative expenses	25,123		18,685
Depreciation and amortization	50,389		47,802
Interest expense	27,805		25,126


Goodwill impairment charge	166,113		—
Income tax expense (benefit)	(767)		478
Less:
Gain on disposition of property	(124,622)		—
Third-party management and other fees	(268)		(408)
Interest income	(1,575)		(1,867)
Net operating income	102,644		101,201
Straight-line rent	(12,340)		(3,748)
Above/below-market rent revenue amortization	(384)		(840)
Below-market ground lease amortization	1,249		1,958
Total cash NOI - including Observatory and lease termination fees	91,169		98,571
Less: Observatory NOI	(12,430)		(24,077)
Less: cash NOI from non-Same Store properties	(9,313)		(6,816)
Total Same Store property cash NOI - including lease termination fees	69,426		67,678
Less: Lease termination fees	—		(464)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	69,426	$	67,214


Observatory NOI
(unaudited and amounts in thousands)

	Three Months Ended June 30,
	2026		2025

Observatory revenue	$	24,225	$	33,899
Observatory expenses	11,795		9,822
Observatory NOI, excluding intercompany rent6	$	12,430	$	24,077

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 June 30, 2026 and June 30, 2025, the intercompany rent expense was $14,771 and $20,666, respectively.


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

	Six Months Ended June 30,
	2026		2025

Net income (loss)	$	(36,559)	$	27,163
Add:
General and administrative expenses	43,216		35,625
Depreciation and amortization	100,608		96,581
Interest expense	55,942		52,064
Interest expense associated with property in receivership	—		647

Goodwill impairment charge	166,113		—

Less:
Income tax benefit	(1,829)		(141)
Gain on disposition of property	(124,622)		(13,170)
Third-party management and other fees	(545)		(839)
Interest income	(2,188)		(5,653)
Net operating income	200,136		192,277
Straight-line rent	(19,549)		(9,031)
Above/below-market rent revenue amortization	(1,054)		(1,638)
Below-market ground lease amortization	3,207		3,916
Total cash NOI - including Observatory and lease termination fees	182,740		185,524
Less: Observatory NOI	(23,072)		(39,120)
Less: cash NOI from non-Same Store properties	(20,550)		(14,062)
Total Same Store property cash NOI - including lease termination fees	139,118		132,342
Less: Lease termination fees	(1,356)		(464)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	137,762	$	131,878


Observatory NOI
(unaudited and amounts in thousands)

	Six Months Ended June 30,
	2026		2025

Observatory revenue	$	42,735	$	57,060
Observatory expenses	19,663		17,940
Observatory NOI, excluding intercompany rent7	$	23,072	$	39,120

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 six months ended June 30, 2026 and June 30, 2025, the intercompany rent expense was $27,592 and $35,826, respectively.


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

	June 30, 2026		December 31, 2025
Assets
Real estate properties, at cost	$	4,476,248	$	4,205,907
Less: accumulated depreciation	(1,335,719)		(1,366,829)
Real estate properties, net	3,140,529		2,839,078

Cash and cash equivalents	85,605		132,657
Restricted cash	42,612		33,854
Tenant and other receivables	21,270		22,063
Deferred rent receivables	257,072		255,270
Prepaid expenses and other assets	100,394		93,355
Deferred costs, net	258,166		267,682

Right of use assets, including below-market ground leases, net	42,084		333,523
Goodwill	325,366		491,479
Total assets	$	4,273,098	$	4,468,961

Liabilities and equity
Mortgage notes payable, net	$	443,102	$	619,269
Senior unsecured notes, net	1,271,149		1,270,668
Unsecured term loan facility, net	337,125		336,794
Unsecured revolving credit facility	175,000		145,000


Accounts payable and accrued expenses	132,224		120,150
Acquired below market leases, net	36,425		39,767
Ground lease liabilities	1,063		27,944
Deferred revenue and other liabilities	50,352		59,901
Tenants’ security deposits	36,949		27,276
Total liabilities	2,483,389		2,646,769
Total equity	1,789,709		1,822,192
Total liabilities and equity	$	4,273,098	$	4,468,961




			Second 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 leases; 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



			Second 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



			Second 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 prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter 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 June 30, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, and 250 West 57th Street, which was disposed in June 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




			Second 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


			Second Quarter 2026
			Consolidated Balance Sheet
			(unaudited and dollars in thousands)


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




Real estate properties, at cost	$	4,476,248	$	4,267,420	$	4,205,907	$	3,940,755	$	3,903,950
Less: accumulated depreciation	(1,335,719)		(1,400,827)		(1,366,829)		(1,381,726)		(1,341,144)
Real estate properties, net	3,140,529		2,866,593		2,839,078		2,559,029		2,562,806

Cash and cash equivalents	85,605		68,820		132,657		154,113		94,643
Restricted cash	42,612		37,326		33,854		43,642		42,084
Tenant and other receivables	21,270		23,667		22,063		27,416		28,124
Deferred rent receivables	257,072		261,275		255,270		259,070		255,272
Prepaid expenses and other assets	100,394		62,849		93,355		58,679		85,083
Deferred costs, net	258,166		262,212		267,682		177,307		181,694

Right of use assets, including below-market ground leases, net	42,084		331,503		333,523		335,544		337,565
Goodwill	325,366		491,479		491,479		491,479		491,479
Total assets	$	4,273,098	$	4,405,724	$	4,468,961	$	4,106,279	$	4,078,750


Liabilities and Equity
Mortgage notes payable, net	$	443,102	$	621,392	$	619,269	$	691,046	$	691,440
Senior unsecured notes, net	1,271,149		1,270,909		1,270,668		1,097,498		1,097,355
Unsecured term loan facility, net	337,125		336,972		336,794		268,959		268,883
Unsecured revolving credit facility	175,000		90,000		145,000		—		—


Accounts payable and accrued expenses	132,224		111,918		120,150		111,732		104,315
Acquired below-market leases, net	36,425		37,948		39,767		15,875		17,081
Ground lease liabilities	1,063		27,882		27,944		28,007		28,070
Deferred revenue and other liabilities	50,352		57,601		59,901		64,191		55,343
Tenants' security deposits	36,949		26,964		27,276		30,751		27,015
Total liabilities	2,483,389		2,581,586		2,646,769		2,308,059		2,289,502
Total equity	1,789,709		1,824,138		1,822,192		1,798,220		1,789,248
Total liabilities and equity	$	4,273,098	$	4,405,724	$	4,468,961	$	4,106,279	$	4,078,750

Page 6


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


	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Revenues
Rental revenue (1)	$	165,166	$	166,105	$	159,721	$	158,410	$	153,540
Observatory revenue	24,225		18,510		35,232		36,037		33,899
Lease termination fees	—		1,356		—		—		464
Third-party management and other fees	268		277		240		404		408
Other revenue and fees	7,240		4,077		4,031		2,879		2,939
Total revenues	196,899		190,325		199,224		197,730		191,250
Operating expenses
Property operating expenses	47,774		47,744		47,817		46,957		44,880
Ground rent expenses	1,506		2,331		2,332		2,331		2,332
General and administrative expenses	25,123		18,093		18,474		18,743		18,685
Observatory expenses	11,795		7,868		10,787		9,510		9,822
Real estate taxes	32,912		34,613		33,842		33,241		32,607
Goodwill impairment charge	166,113		—		—		—		—
Depreciation and amortization	50,389		50,219		50,566		47,615		47,802
Total operating expenses	335,612		160,868		163,818		158,397		156,128
Total operating income (loss)	(138,713)		29,457		35,406		39,333		35,122
Other income (expense)
Interest income	1,575		613		1,949		1,146		1,867
Interest expense	(27,805)		(28,137)		(25,880)		(25,189)		(25,126)

Loss on early extinguishment of debt	—		—		(97)		—		—
Gain on disposition of property	124,622		—		21,848		—		—
Income (Loss) before income taxes	(40,321)		1,933		33,226		15,290		11,863
Income tax (expense) benefit	767		1,062		(1,054)		(1,645)		(478)
Net income (loss)	(39,554)		2,995		32,172		13,645		11,385

Non-controlling interests in the Operating Partnership	14,782		(710)		(11,446)		(4,610)		(3,815)

Private perpetual preferred unit distributions	(1,051)		(1,050)		(1,050)		(1,050)		(1,051)
Net income (loss) attributable to common stockholders	$	(25,823)	$	1,235	$	19,676	$	7,985	$	6,519

Weighted average common shares outstanding
Basic	171,039		170,673		168,693		169,250		168,368
Diluted	268,947		269,348		270,328		270,357		269,951

Earnings per share attributable to common stockholders
Basic	$	(0.15)	$	0.01	$	0.12	$	0.05	$	0.04
Diluted	$	(0.15)	$	0.01	$	0.12	$	0.05	$	0.04

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

Note:

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


	Three Months Ended
Rental Revenue	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Base rent	$	142,888	$	144,296	$	138,956	$	136,371	$	133,987
Billed tenant expense reimbursement	22,278		21,809		20,765		22,039		19,553
Total rental revenue	$	165,166	$	166,105	$	159,721	$	158,410	$	153,540

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.

Page 7


			Second Quarter 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	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Net Income (loss)	$	(39,554)	$	2,995	$	32,172	$	13,645	$	11,385

Preferred unit distributions	(1,051)		(1,050)		(1,050)		(1,050)		(1,051)
Real estate depreciation and amortization	49,463		49,292		49,689		46,741		46,921

Gain on disposition of property	(124,622)		—		(21,848)		—		—
FFO attributable to common stockholders and the Operating Partnership	(115,764)		51,237		58,963		59,336		57,255
Amortization of below-market ground lease	1,249		1,958		1,958		1,957		1,958
Modified FFO attributable to common stockholders and the Operating Partnership	(114,515)		53,195		60,921		61,293		59,213

Severance expenses(1)	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	$	57,134	$	53,195	$	61,650	$	61,293	$	59,213

Total weighted average shares and Operating Partnership units
Basic	268,947		268,792		266,825		266,963		266,899
Diluted	268,947		269,348		270,328		270,357		269,951

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	(0.43)	$	0.19	$	0.22	$	0.22	$	0.21
Diluted	$	(0.43)	$	0.19	$	0.22	$	0.22	$	0.21

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	(0.43)	$	0.20	$	0.23	$	0.23	$	0.22
Diluted	$	(0.43)	$	0.20	$	0.23	$	0.23	$	0.22
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.21	$	0.20	$	0.23	$	0.23	$	0.22
Diluted	$	0.21	$	0.20	$	0.23	$	0.23	$	0.22

(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	$	57,134	$	53,195	$	61,650	$	61,293	$	59,213
Add:
Amortization of deferred financing costs	1,111		1,262		1,172		1,082		1,080
Non-real estate depreciation and amortization	926		927		877		874		880
Amortization of non-cash compensation expense	7,755		5,872		6,807		6,484		6,900
Amortization of loss on interest rate derivative	1,311		1,385		1,386		1,385		1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments	(13,044)		(8,201)		(5,380)		(5,832)		(4,913)
Corporate capital expenditures	(210)		(264)		(772)		(218)		(234)
Tenant improvements - second generation	(24,720)		(13,159)		(21,406)		(15,979)		(36,890)
Building improvements - second generation	(2,676)		(4,765)		(4,704)		(5,571)		(7,868)
Leasing commissions - second generation	(11,435)		(3,722)		(8,730)		(3,144)		(7,605)
Core FAD	$	16,152	$	32,530	$	30,900	$	40,374	$	11,949


Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Net income (loss)	$	(39,554)	$	2,995	$	32,172	$	13,645	$	11,385
Interest expense	27,805		28,137		25,880		25,189		25,126

Income tax expense (benefit)	(767)		(1,062)		1,054		1,645		478
Depreciation and amortization	50,389		50,219		50,566		47,615		47,802
EBITDA	37,873		80,289		109,672		88,094		84,791
Gain on disposition of property	(124,622)		—		(21,848)		—		—
Goodwill impairment charge	166,113		—		—		—		—
Adjusted EBITDA	$	79,364	$	80,289	$	87,824	$	88,094	$	84,791

Page 8


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


	Three Months Ended
Office and Retail Metrics:	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Total rentable square footage(1)	7,801,494			8,340,647			8,324,766			8,603,750			8,611,559
Percent occupied (1)(2)	89.4		%	88.2		%	90.3		%	90.0		%	89.2		%
Percent leased (1)(3)	94.9		%	93.2		%	93.6		%	92.6		%	93.1		%
Multifamily Metrics:
Total number of units	743			743			743			743			743
Percent occupied	97.7		%	96.4		%	97.8		%	98.6		%	98.6		%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Office portfolio	$	59,621		$	58,752		$	59,544		$	59,200		$	58,091
Retail portfolio	4,588			4,516			4,338			4,136			3,950
Multifamily portfolio	5,217			5,068			5,128			5,284			5,173
Total Same Store Property Cash NOI, excluding lease termination fees	$	69,426		$	68,336		$	69,010		$	68,620		$	67,214
Observatory Metrics:
Observatory NOI, excluding intercompany rent	$	12,430		$	10,642		$	24,445		$	26,527		$	24,077
Number of visitors (4)	450,000			350,000			618,000			648,000			629,000
Change in visitors year-over-year	(28.5)		%	(18.2)		%	(13.9)		%	(10.9)		%	(2.9)		%
Ratios:
Debt to Total Market Capitalization (5)	58.0		%	60.0		%	55.7		%	48.2		%	46.9		%
Net Debt to Total Market Capitalization (5)	57.1		%	59.2		%	54.3		%	46.3		%	45.8		%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)	60.3		%	62.2		%	57.8		%	50.3		%	49.0		%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)	59.4		%	61.6		%	56.4		%	48.5		%	47.8		%
Debt to Adjusted EBITDA (6)	6.8x			6.5x			6.7x			6.0x			5.8x
Net Debt to Adjusted EBITDA (6)	6.6x			6.3x			6.3x			5.6x			5.6x
Core FFO Payout Ratio (7)	17		%	18		%	16		%	16		%	16		%
Core FAD Payout Ratio (8)	60		%	30		%	32		%	24		%	82		%
Core FFO per share - diluted	$	0.21		$	0.20		$	0.23		$	0.23		$	0.22
Diluted weighted average shares	268,947			269,348			270,328			270,357			269,951
Class A common stock price at quarter end	$	5.41		$	5.20		$	6.52		$	7.66		$	8.09
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)	2.6		%	2.7		%	2.1		%	1.8		%	1.7		%
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	171,790			171,089			169,523			168,970			168,301
Class B common stock (10)	968			970			972			972			975
Operating partnership units	110,470			110,971			107,225			108,674			109,308
Total common stock and operating partnership units outstanding (11)	283,228			283,030			277,720			278,616			278,584

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, which is under redevelopment, 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.

(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


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


	Three Months Ended															Six Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			June 30, 2026			June 30, 2025
Same Store Portfolio(1)
Revenues	$	155,724		$	150,725		$	149,858		$	148,144		$	143,182		$	306,449		$	287,402
Operating expenses	(76,620)			(78,618)			(77,478)			(75,412)			(72,987)			(155,238)			(148,232)
Same store property NOI	79,104			72,107			72,380			72,732			70,195			151,211			139,170
Straight-line rent	(10,513)			(5,113)			(4,506)			(5,249)			(4,100)			(15,626)			(9,570)
Above/below-market rent revenue amortization	(414)			(616)			(822)			(821)			(839)			(1,030)			(1,638)
Below-market ground lease amortization	1,249			1,958			1,958			1,958			1,958			3,207			3,916
Total same store property cash NOI - excluding lease termination fees	$	69,426		$	68,336		$	69,010		$	68,620		$	67,214		$	137,762		$	131,878

Percent change over prior year	3.3		%	5.7		%	2.5		%	2.3		%	(2.7)		%	4.5		%	(1.2)		%

Total same store property cash NOI - excluding lease termination fees	$	69,426		$	68,336		$	69,010		$	68,620		$	67,214		$	137,762		$	131,878
Lease termination fees	—			1,356			—			—			464			1,356			464
Total same store property cash NOI	$	69,426		$	69,692		$	69,010		$	68,620		$	67,678		$	139,118		$	132,342

Same Store Office(1),(2)
Revenues	$	138,479		$	133,634		$	132,409		$	131,092		$	126,230		$	272,113		$	253,540
Operating expenses	(69,584)			(71,671)			(70,257)			(68,479)			(66,128)			(141,255)			(134,140)
Same store property NOI	68,895			61,963			62,152			62,613			60,102			130,858			119,400
Straight-line rent	(10,220)			(4,696)			(3,955)			(4,761)			(3,340)			(14,916)			(8,124)
Above/below-market rent revenue amortization	(303)			(473)			(611)			(610)			(629)			(776)			(1,216)
Below-market ground lease amortization	1,249			1,958			1,958			1,958			1,958			3,207			3,916
Total same store property cash NOI - excluding lease termination fees	59,621			58,752			59,544			59,200			58,091			118,373			113,976
Lease termination fees	—			1,356			—			—			464			1,356			464
Total same store property cash NOI	$	59,621		$	60,108		$	59,544		$	59,200		$	58,555		$	119,729		$	114,440

Same Store Retail(1)
Revenues	$	7,299		$	7,149		$	7,294		$	6,972		$	7,106		$	14,448		$	14,370
Operating expenses	(2,277)			(2,046)			(2,200)			(2,147)			(2,194)			(4,323)			(4,434)
Same store property NOI	5,022			5,103			5,094			4,825			4,912			10,125			9,936
Straight-line rent	(271)			(388)			(487)			(420)			(693)			(659)			(1,312)
Above/below-market rent revenue amortization	(163)			(199)			(269)			(269)			(269)			(362)			(538)
Below-market ground lease amortization	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	4,588			4,516			4,338			4,136			3,950			9,104			8,086

Total same store property cash NOI	$	4,588		$	4,516		$	4,338		$	4,136		$	3,950		$	9,104		$	8,086

Same Store Multifamily(1),(3)
Revenues	$	9,946		$	9,942		$	10,155		$	10,080		$	9,846		$	19,888		$	19,492
Operating expenses	(4,759)			(4,901)			(5,021)			(4,786)			(4,665)			(9,660)			(9,658)
Same store property NOI	5,187			5,041			5,134			5,294			5,181			10,228			9,834
Straight-line rent	(22)			(29)			(64)			(68)			(67)			(51)			(134)
Above/below-market rent revenue amortization	52			56			58			58			59			108			116
Below-market ground lease amortization	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	5,217			5,068			5,128			5,284			5,173			10,285			9,816

Total same store property cash NOI	$	5,217		$	5,068		$	5,128		$	5,284		$	5,173		$	10,285		$	9,816

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 409,281 rentable square feet of retail space in eight 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


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


	Three Months Ended										Six Months Ended
Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Net income (loss)	$	(39,554)	$	2,995	$	32,172	$	13,645	$	11,385	$	(36,559)	$	27,163
Add:
General and administrative expenses	25,123		18,093		18,474		18,743		18,685		43,216		35,625
Depreciation and amortization	50,389		50,219		50,566		47,615		47,802		100,608		96,581
Interest expense	27,805		28,137		25,880		25,189		25,126		55,942		52,064
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)	(767)		(1,062)		1,054		1,645		478		(1,829)		(141)
Less:
Gain on disposition of property	(124,622)		—		(21,848)		—		—		(124,622)		(13,170)
Third-party management and other fees	(268)		(277)		(240)		(404)		(408)		(545)		(839)
Interest income	(1,575)		(613)		(1,949)		(1,146)		(1,867)		(2,188)		(5,653)
Net operating income	102,644		97,492		104,206		105,287		101,201		200,136		192,277
Straight-line rent	(12,340)		(7,209)		(4,320)		(4,688)		(3,748)		(19,549)		(9,031)
Above/below-market rent revenue amortization	(384)		(670)		(737)		(821)		(840)		(1,054)		(1,638)
Below-market ground lease amortization	1,249		1,958		1,958		1,957		1,958		3,207		3,916
Total cash NOI - including Observatory and lease termination fees	91,169		91,571		101,107		101,735		98,571		182,740		185,524
Less: Observatory NOI, excluding intercompany rent	(12,430)		(10,642)		(24,445)		(26,527)		(24,077)		(23,072)		(39,120)
Less: cash NOI from non-Same Store properties	(9,313)		(11,237)		(7,652)		(6,588)		(6,816)		(20,550)		(14,062)
Total Same Store property cash NOI - including lease termination fees	69,426		69,692		69,010		68,620		67,678		139,118		132,342
Less: Lease termination fees	—		(1,356)		—		—		(464)		(1,356)		(464)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	69,426	$	68,336	$	69,010	$	68,620	$	67,214	$	137,762	$	131,878

Page 11


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


	Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Total Office and Retail Portfolio(1)
Total leases executed	21			11			27			16			22
Weighted average lease term	9.7 years			12.2 years			6.7 years			8.1 years			9.9 years
Average free rent period	9.5 months			13.9 months			2.9 months			6.0 months			7.6 months

Office
Total square footage executed	363,968			90,687			333,451			71,859			221,776
Average starting cash rent psf - leases executed	$	72.75		$	59.46		$	73.63		$	69.97		$	71.21
Previously escalated cash rents psf	$	61.75		$	55.66		$	69.20		$	67.33		$	63.50
Percentage of new cash rent over previously escalated rents	17.8		%	6.8		%	6.4		%	3.9		%	12.1		%

Retail
Total square footage executed	17,831			22,797			125,022			16,021			10,332
Average starting cash rent psf - leases executed	$	502.26		$	135.49		$	81.43		$	128.33		$	268.92
Previously escalated cash rents psf	$	677.47		$	137.03		$	83.81		$	145.48		$	316.28
Percentage of new cash rent over previously escalated rents	(25.9)		%	(1.1)		%	(2.8)		%	(11.8)		%	(15.0)		%

Total Office and Retail Portfolio
Total square footage executed	381,799			113,484			458,473			87,880			232,108
Average starting cash rent psf - leases executed	$	95.04		$	74.73		$	75.61		$	80.61		$	80.01
Previously escalated cash rents psf	$	93.69		$	72.01		$	72.90		$	81.57		$	74.75
Percentage of new cash rent over previously escalated rents	1.4		%	3.8		%	3.7		%	(1.2)		%	7.0		%

Leasing commission costs per square foot	$	34.18		$	32.21		$	21.53		$	33.24		$	31.62
Tenant improvement costs per square foot	85.35			104.97			33.61			59.60			86.85
Total LC and TI per square foot(2)	$	119.53		$	137.18		$	55.14		$	92.84		$	118.47
Total LC and TI per square foot per year of weighted average lease term	$	12.34		$	11.24		$	8.25		$	11.48		$	11.93
Occupancy(3),(4)	89.4		%	88.2		%	90.3		%	90.0		%	89.2		%


Manhattan Office Portfolio
Total leases executed	17			9			18			14			18

Office - New Leases
Total square footage executed	252,344			83,397			106,311			26,430			202,499
Average starting cash rent psf - leases executed	$	74.26		$	58.54		$	70.97		$	68.56		$	72.28
Previously escalated cash rents psf	$	63.97		$	55.27		$	62.55		$	67.69		$	63.11
Percentage of new cash rent over previously escalated rents	16.1		%	5.9		%	13.5		%	1.3		%	14.5		%

Office - Renewal Leases(1)
Current Renewals	111,624			7,290			14,542			30,907			19,277
Early Renewals	—			—			212,598			14,522			—
Total square footage executed	111,624			7,290			227,140			45,429			19,277
Average starting cash rent psf - leases executed	$	69.87		$	70.00		$	74.88		$	70.80		$	59.97
Previously escalated cash rents psf	$	57.47		$	60.19		$	72.31		$	67.11		$	67.51
Percentage of new cash rent over previously escalated rents	21.6		%	16.3		%	3.6		%	5.5		%	(11.2)		%

Total Manhattan Office Portfolio
Total square footage executed	363,968			90,687			333,451			71,859			221,776
Average starting cash rent psf - leases executed	$	72.75		$	59.46		$	73.63		$	69.97		$	71.21
Previously escalated cash rents psf	$	61.75		$	55.66		$	69.20		$	67.33		$	63.50
Percentage of new cash rent over previously escalated rents	17.8		%	6.8		%	6.4		%	3.9		%	12.1		%

Leasing commission costs per square foot	$	30.09		$	23.49		$	14.38		$	20.16		$	28.97
Tenant improvement costs per square foot	88.96			105.06			36.36			47.79			89.60
Total LC and TI per square foot(2)	$	119.05		$	128.55		$	50.74		$	67.95		$	118.57
Total LC and TI per square foot per year of weighted average lease term	$	12.23		$	12.30		$	10.01		$	10.76		$	11.79
Occupancy(3),(4)	89.1		%	87.9		%	89.9		%	90.3		%	89.5		%

(Table continued on next page)

Page 12


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


	Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Retail Portfolio
Total leases executed	4			2			9			2			4
Total square footage executed	17,831			22,797			125,022			16,021			10,332
Average starting cash rent psf - leases executed	$	502.26		$	135.49		$	81.43		$	128.33		$	268.92
Previously escalated cash rents psf	$	677.47		$	137.03		$	83.81		$	145.48		$	316.28
Percentage of new cash rent over previously escalated rents	(25.9)		%	(1.1)		%	(2.8)		%	(11.8)		%	(15.0)		%

Leasing commission costs per square foot	$	117.64		$	66.91		$	40.58		$	91.92		$	88.59
Tenant improvement costs per square foot	11.81			104.62			26.29			112.59			27.88
Total LC and TI per square foot(2)	$	129.45		$	171.53		$	66.87		$	204.51		$	116.47
Total LC and TI per square foot per year of weighted average lease term	$	14.92		$	8.95		$	6.09		$	12.74		$	16.15
Occupancy(3),(4)	92.8		%	91.2		%	94.4		%	92.8		%	91.7		%


Multifamily Portfolio
Percent occupied	97.7	%	96.4	%	97.8	%	98.6	%	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 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, which is under redevelopment, 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.

Page 13


			Second 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 (8)
The Empire State Building	Penn Station -Times Sq. South	2,709,234	88.7	%	96.7	%	$	174,007,507	$	72.89	146
One Grand Central Place	Grand Central	1,246,427	88.9	%	92.0	%	74,237,071		67.14		113
501 Seventh Avenue	Penn Station -Times Sq. South	457,545	70.7	%	80.9	%	18,478,882		56.96		12
Broadway Campus
1400 Broadway (9)	Penn Station -Times Sq. South	917,281	92.9	%	96.8	%	54,310,090		63.79		17
111 West 33rd Street (9)	Penn Station -Times Sq. South	640,755	94.6	%	98.9	%	44,010,949		72.57		22
1359 Broadway	Penn Station -Times Sq. South	456,634	87.1	%	93.4	%	24,296,014		61.27		30
1350 Broadway (10)	Penn Station -Times Sq. South	384,128	97.8	%	100.0	%	23,004,640		61.40		52
1333 Broadway	Penn Station -Times Sq. South	297,126	89.8	%	89.8	%	15,781,561		59.17		11
Total Broadway Campus		2,695,924	92.7	%	96.4	%	161,403,254		64.67		132
Total/Weighted Average Office Properties		7,109,130	89.1	%	94.8	%	428,126,714		67.82		403







Retail Properties (8)
North Sixth Street Collection(11)	Williamsburg - Brooklyn	87,355	97.5	%	97.5	%	13,331,011		156.56		17
The Empire State Building	Penn Station -Times Sq. South	85,455	52.8	%	77.6	%	5,737,152		127.05		10
One Grand Central Place	Grand Central	70,780	100.0	%	100.0	%	8,767,891		123.88		12
1542 Third Avenue	Upper East Side	58,161	100.0	%	100.0	%	3,097,164		53.25		4
10 Union Square East	Union Square	58,049	88.2	%	88.2	%	8,145,604		159.07		8
1010 Third Avenue	Upper East Side	28,243	100.0	%	100.0	%	3,138,996		111.14		1
501 Seventh Avenue	Penn Station -Times Sq. South	27,213	100.0	%	100.0	%	1,977,246		72.66		9
77 West 55th Street	Midtown	25,388	100.0	%	100.0	%	2,082,394		82.02		3
561 10th Avenue	Hudson Yards	11,822	100.0	%	100.0	%	1,841,023		155.73		2
298 Mulberry Street	NoHo	10,365	100.0	%	100.0	%	1,984,904		191.50		1
345 East 94th Street	Upper East Side	3,700	100.0	%	100.0	%	276,126		74.63		1
Broadway Campus
112 West 34th Street (9)	Penn Station -Times Sq. South	93,057	100.0	%	100.0	%	26,022,498		279.64		4
1333 Broadway	Penn Station -Times Sq. South	67,001	100.0	%	100.0	%	10,507,517		156.83		4
1359 Broadway	Penn Station -Times Sq. South	29,247	99.4	%	100.0	%	2,273,059		78.16		5
1350 Broadway (10)	Penn Station -Times Sq. South	19,511	100.0	%	100.0	%	4,148,077		212.60		6
1400 Broadway (9)	Penn Station -Times Sq. South	17,017	100.0	%	100.0	%	2,092,359		122.96		7
Total Broadway Campus		225,833	99.9	%	100.0	%	45,043,510		199.60		26
Total/Weighted Average Retail Properties		692,364	92.8	%	95.9	%	95,423,021		148.44		94

Portfolio Total		7,801,494	89.4	%	94.9	%	$	523,549,735	$	75.27	497

Notes:

(1) Excludes (i) 164,403 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,765 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of June 30, 2026.

(3) Percent occupied and percent leased exclude 97,975 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of June 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 June 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, which is under redevelopment. As of June 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% occupied and leased for retail space.

(9) During Q2 2026, the Company purchased land underlying its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 years expiring June 10, 2077, and 38 years expiring December 31, 2063, respectively, for an aggregate purchase price of $110 million.

(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 June 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


			Second 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)	March 31, 2026	June 30, 2026	September 30, 2026	December 31, 2026	July to Dec. 2026	Full Year 2027
Total expirations	145,253	87,620	171,701	69,502	241,203	480,461
Less: broadcasting	—	—	(511)	—	(511)	(5,334)
Office and retail expirations	145,253	87,620	171,190	69,502	240,692	475,127

Renewals & relocations (4)	71,644	41,382	41,369	—	41,369	45,861
New leases (5)	16,893	43,198	92,444	16,321	108,765	81,464
Vacates (6)	56,716	3,040	34,414	46,003	80,417	243,972
Unknown (7)	—	—	2,963	7,178	10,141	103,830
Total Office and Retail Portfolio expirations and vacates	145,253	87,620	171,190	69,502	240,692	475,127

Office Portfolio (3)
Total expirations	139,815	87,620	160,541	69,149	229,690	469,154
Less: broadcasting	—	—	(511)	—	(511)	(5,334)
Office expirations	139,815	87,620	160,030	69,149	229,179	463,820

Renewals & relocations (4)	71,644	41,382	41,369	—	41,369	42,258
New leases (5)	11,455	43,198	86,252	16,321	102,573	81,464
Vacates (6)	56,716	3,040	29,446	46,003	75,449	236,268
Unknown (7)	—	—	2,963	6,825	9,788	103,830
Total expirations and vacates	139,815	87,620	160,030	69,149	229,179	463,820










Retail Portfolio
Retail expirations	5,438	—	11,160	353	11,513	11,307

Renewals & relocations (4)	—	—	—	—	—	3,603
New leases (5)	5,438	—	6,192	—	6,192	—
Vacates (6)	—	—	4,968	—	4,968	7,704
Unknown (7)	—	—	—	353	353	—
Total expirations and vacates	5,438	—	11,160	353	11,513	11,307

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 is under redevelopment.

(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 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


			Second 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	—	532,129	6.5	%	$	—	—	%	$	—
Signed leases not commenced	21	462,248	5.6	%	—		—	%	—

2Q 2026(5)	6	18,802	0.2	%	1,169,846		0.2	%	62.22
3Q 2026	20	171,701	2.1	%	10,887,063		2.0	%	63.41
4Q 2026	13	69,502	0.8	%	4,595,939		0.8	%	66.13
Total 2026	39	260,005	3.1	%	16,652,848		3.0	%	64.05
1Q 2027	15	66,318	0.8	%	5,421,826		1.0	%	81.75
2Q 2027	12	72,225	0.9	%	4,877,844		0.9	%	67.54
3Q 2027	20	106,857	1.3	%	6,989,420		1.3	%	65.41
4Q 2027	20	235,061	2.9	%	13,353,864		2.4	%	56.81
Total 2027	67	480,461	5.9	%	30,642,954		5.6	%	63.78
2028	55	776,065	9.4	%	48,688,942		8.8	%	62.74
2029	65	760,361	9.2	%	57,586,028		10.4	%	75.74
2030	55	696,964	8.5	%	53,274,528		9.6	%	76.44
2031	47	267,074	3.2	%	28,981,123		5.2	%	108.51
2032	31	369,660	4.5	%	29,852,945		5.4	%	80.76
2033	40	364,210	4.4	%	30,247,231		5.4	%	83.05
2034	21	264,752	3.2	%	27,930,067		5.0	%	105.50
2035	22	439,491	5.3	%	30,646,157		5.5	%	69.73
2036	28	922,858	11.2	%	69,414,535		12.5	%	75.22
Thereafter	33	1,636,985	20.0	%	132,203,817		23.6	%	80.76
Total	524	8,233,263	100.0	%	$	556,121,175	100.0	%	$	76.82


Office Properties(1), (6)
Available	—	474,180	6.3	%	$	—	—	%	$	—
Signed leases not commenced	18	434,432	5.8	%	—		—	%	—

2Q 2026(5)	6	18,802	0.3	%	1,169,846		0.3	%	62.22
3Q 2026	18	160,541	2.1	%	10,134,246		2.3	%	63.13
4Q 2026	12	69,149	0.9	%	4,595,939		1.0	%	66.46
Total 2026	36	248,492	3.3	%	15,900,031		3.6	%	63.99
1Q 2027	13	55,298	0.7	%	3,905,069		0.9	%	70.62
2Q 2027	12	72,225	1.0	%	4,877,844		1.1	%	67.54
3Q 2027	20	106,857	1.4	%	6,989,420		1.6	%	65.41
4Q 2027	19	234,774	3.1	%	13,296,661		3.0	%	56.64
Total 2027	64	469,154	6.2	%	29,068,994		6.6	%	61.96
2028	51	764,655	10.2	%	46,888,096		10.5	%	61.32
2029	55	649,535	8.7	%	44,350,069		9.9	%	68.28
2030	44	666,496	8.9	%	45,952,680		10.2	%	68.95
2031	37	196,792	2.6	%	14,529,505		3.2	%	73.83
2032	24	329,164	4.4	%	24,833,693		5.5	%	75.44
2033	26	306,566	4.1	%	19,341,424		4.3	%	63.09
2034	13	224,664	3.0	%	16,267,787		3.6	%	72.41
2035	18	432,700	5.8	%	30,113,335		6.7	%	69.59
2036	19	840,815	11.2	%	63,302,071		14.1	%	75.29
Thereafter	19	1,439,251	19.5	%	97,953,325		21.8	%	68.06
Total office properties	424	7,476,896	100.0	%	$	448,501,010	100.0	%	$	68.28

(Table continued on next page)

Page 16


			Second 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	—	57,949	7.7	%	$	—	—	%	$	—
Signed leases not commenced	3	27,816	3.7	%	—		—	%	—

2Q 2026(5)	—	—	—	%	—		—	%	—
3Q 2026	2	11,160	1.5	%	752,817		0.7	%	67.46
4Q 2026(7)	1	353	0.1	%	—		—	%	—
Total 2026	3	11,513	1.6	%	752,817		0.7	%	65.39
1Q 2027	2	11,020	1.5	%	1,516,757		1.4	%	137.64
2Q 2027	—	—	—	%	—		—	%	—
3Q 2027	—	—	—	%	—		—	%	—
4Q 2027	1	287	0.1	%	57,203		0.1	%	199.31
Total 2027	3	11,307	1.6	%	1,573,960		1.5	%	139.20
2028	4	11,410	1.5	%	1,800,846		1.7	%	157.83
2029	10	110,826	14.7	%	13,235,959		12.3	%	119.43
2030	11	30,468	4.0	%	7,321,848		6.8	%	240.31
2031	10	70,282	9.3	%	14,451,618		13.4	%	205.62
2032	7	40,496	5.4	%	5,019,252		4.7	%	123.94
2033	14	57,644	7.6	%	10,905,807		10.1	%	189.19
2034	8	40,088	5.3	%	11,662,280		10.8	%	290.92
2035	4	6,791	0.9	%	532,822		0.5	%	78.46
2036	9	82,043	10.8	%	6,112,464		5.7	%	74.50
Thereafter	14	197,734	25.9	%	34,250,492		31.8	%	173.21
Total retail properties	100	756,367	100.0	%	$	107,620,165	100.0	%	$	160.48

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and is under redevelopment.

(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) 164,403 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,765 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 June 30, 2026 and expire on June 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


			Second 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 - Aug. 2036	9.4 years	423,544	5.21	%	$	33,933,828	6.10	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	13.2 years	313,109	3.85	%	19,845,211		3.57	%
3.	Scholastic Inc.	130 Mercer	Dec. 2040	14.5 years	221,952	2.73	%	18,208,375		3.27	%
4.	Sephora USA, Inc.	112 West 34th Street, 130 Mercer	Jan. 2034 - Jan. 2037	9.4 years	21,834	0.27	%	17,588,100		3.16	%
5.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2041	15.5 years	232,754	2.87	%	17,289,504		3.11	%
6.	Centric Brands Inc.	Empire State Building	Oct. 2028	2.3 years	252,929	3.11	%	14,852,143		2.67	%
7.	PVH Corp(8)	501 Seventh Avenue	Jun. 2026 - Oct. 2028	2.2 years	186,721	2.30	%	10,813,298		1.94	%
8.	Burlington Merchandising Corporation	1400 Broadway	Dec. 2042	16.5 years	170,763	2.10	%	10,681,120		1.92	%
9.	Macy's	111 West 33rd Street	May 2030	3.9 years	131,117	1.61	%	9,774,137		1.76	%
10.	Coty Inc.	Empire State Building	Jan. 2030	3.6 years	157,892	1.94	%	9,695,067		1.74	%
11.	Target Corporation	112 West 34th St., 10 Union Square East	Jan. 2038	11.6 years	81,340	1.00	%	9,629,963		1.73	%
12.	Li & Fung(9)	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	2.0 years	149,061	1.84	%	9,049,465		1.63	%
13.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	5.3 years	34,192	0.42	%	8,630,727		1.55	%
14.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	3.3 years	56,730	0.70	%	8,489,236		1.53	%
15.	Shutterstock, Inc.	Empire State Building	Apr. 2029	2.8 years	108,937	1.34	%	7,840,724		1.41	%
16.	Fragomen	1400 Broadway	Feb. 2035	8.7 years	107,680	1.33	%	7,186,662		1.29	%
17.	HNTB Corporation(10)	Empire State Building	Jun. 2027 - Sep. 2034	7.6 years	86,211	1.06	%	6,889,030		1.24	%
18.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	3.4 years	86,492	1.06	%	6,669,977		1.20	%
19.	Kohl's	1400 Broadway	May 2029	2.9 years	91,775	1.13	%	5,279,222		0.95	%
20.	Booking Holdings Inc.	Empire State Building	Sep. 2035	9.3 years	64,563	0.79	%	5,125,353		0.92	%
	Total				2,979,596	36.66	%	$	237,471,142	42.69	%

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 is under redevelopment.

(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 June 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 14,717 square feet of expiries by December 31, 2027, which has been re-leased.

(9) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been re-leased.

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

Page 18


			Second 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


	Square	Incremental Annual		Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
Expected Cash Commencement	Feet	Cash Rent		2026		2027		2028		2029		2030
Third quarter 2026	263,708	$	17,400	$	7,356	$	17,400	$	17,400	$	17,308	$	16,740
Fourth quarter 2026	294,850	22,251		2,942		22,251		22,200		22,098		22,098
First quarter 2027	16,318	1,986		—		1,882		1,986		1,986		1,986
Second quarter 2027	37,486	1,997		—		1,156		1,997		1,997		2,024
Third quarter 2027	242,908	18,466		—		6,698		18,466		18,466		18,466
Fourth quarter 2027	24,346	1,413		—		356		1,413		1,413		1,413
First quarter 2028	60,594	5,754		—		—		5,451		5,754		5,754
Second quarter 2028	160,397	5,465		—		—		3,913		5,465		5,465

Fourth quarter 2028	26,625	2,210		—		—		363		2,210		2,210

	1,127,232	$	76,942	$	10,298	$	49,743	$	73,189	$	76,697	$	76,156


	Initial Annual		Incremental Annual		Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
2Q 2026	Cash Rent		Cash Rent		2026		2027		2028		2029		2030
Commenced leases in free rent period	$	42,057	$	41,636	$	10,240	$	40,861	$	41,475	$	41,391	$	40,822
Signed leases not commenced	41,859		35,306		58		8,882		31,714		35,306		35,334
	$	83,916	$	76,942	$	10,298	$	49,743	$	73,189	$	76,697	$	76,156


	Three Months Ended
Capital expenditures	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Tenant improvements - first generation	$	2,503	$	138	$	—	$	29	$	39
Tenant improvements - second generation	24,720		13,159		21,406		15,979		36,890
Leasing commissions - first generation	1,666		—		1,387		—		—
Leasing commissions - second generation	11,435		3,722		8,730		3,144		7,605
Building improvements - first generation	6,449		2,507		2,556		1,094		236
Building improvements - second generation	2,676		4,765		4,704		5,571		7,868
Non-recurring capital improvements	11,015		3,102		8,499		14,495		8,934
Total	$	60,464	$	27,393	$	47,282	$	40,312	$	61,572

Notes:

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

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

Page 19


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


	Twelve Months to Date		Three Months Ended
Observatory NOI			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Observatory revenue (1)	$	114,004	$	24,225		$	18,510		$	35,232		$	36,037		$	33,899
Observatory expenses	39,960		11,795			7,868			10,787			9,510			9,822
NOI, excluding intercompany rent (2)	$	74,044	$	12,430		$	10,642		$	24,445		$	26,527		$	24,077



Observatory Metrics
Number of visitors (3)			450,000			350,000			618,000			648,000			629,000
Change in visitors year-over-year			(28.5)		%	(18.2)		%	(13.9)		%	(10.9)		%	(2.9)		%
Number of bad weather days ("BWD") (4)			8			15			15			6			21

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, the fixed license fee was $970, $970, $1,904, $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 June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, the intercompany rent expense was $14,771, $12,821, $20,295, $20,185, and $20,666, 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


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


	June 30, 2026
			Weighted Average
Debt Summary	Balance		Interest Rate (1)		Maturity (Years)
Mortgage debt	$	450,571	4.23	%	6.2
Senior unsecured notes	1,275,000		4.86	%	4.3
Unsecured term loan facilities (2)	340,000		4.54	%	4.0
Unsecured revolving credit facility (3)	50,000		4.91	%	2.7
Total fixed rate debt	2,115,571		4.67	%	4.6

Unsecured term loan facilities (4)	—		—		—
Unsecured revolving credit facility (3)	125,000		5.13	%	2.7
Total variable rate debt	125,000		5.13	%	2.7

Total debt	2,240,571		4.70	%	4.5
Deferred financing costs, net	(9,183)
Debt discount	(5,012)
Total	$	2,226,376


Available Capacity	Facility		Outstanding at June 30, 2026		Letters of Credit		Available Capacity
Unsecured revolving credit facility (5)	$	620,000	$	175,000	$	—	$	445,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (6)

< 60%

37.9

Yes

Maximum Secured Leverage (7)

< 40%

7.9

Yes

Minimum Fixed Charge Coverage

> 1.50x

2.6x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

3.6x

Yes

Maximum Unsecured Leverage (8)

< 60%

38.1

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, or the current variable rate of the revolving credit facility.

(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 through December 31, 2026.

(4) As of June 30, 2026, each of our unsecured term loan facilities is 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


			Second 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	%	32,615		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%		5,284		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%		11,072		11/1/2033	30 years
Total fixed rate mortgage debt			450,571

Unsecured revolving credit facility	SOFR plus 1.40%		175,000		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	%	125,000		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 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	4.70	%	2,240,571
Deferred financing costs, net			(9,183)
Debt discount			(5,012)
Total			$	2,226,376

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


			Second 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	$	—	$	2,018	$	2,018	0.1	%	—	%
2027	155,000		4,276		159,276		7.1	%	4.13	%
2028	146,091		3,555		149,646		6.7	%	4.06	%
2029	425,000		3,890		428,890		19.1	%	5.83	%
2030	328,600		4,511		333,111		14.9	%	4.18	%
2031	465,000		3,283		468,283		20.9	%	5.06	%
2032	100,000		3,591		103,591		4.6	%	3.61	%
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	$	28,373	2,240,571		100.0	%	4.70	%
Deferred financing costs, net					(9,183)
Debt discount					(5,012)
Total					$	2,226,376


Ground Lease Commitment (2)
Year	1350 Broadway (3)
2026	$	47
2027	72
2028	72
2029	72
2030	72
Thereafter	1,410
	$	1,745

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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Empire State Realty Trust (NYSE: ESRT) books Q2 loss and trims 2026 Core FFO outlook

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