Empire State Realty Trust (NYSE: ESRT) Q1 2026 results and 2026 outlook

Q: How did Empire State Realty Trust (ESRT) perform in Q1 2026?

Empire State Realty Trust reported Q1 2026 net income of $2.995 million , or $0.01 per fully diluted share , and Core FFO of $0.20 per diluted share . Total revenues were $190.3 million , supported by stronger rental revenue and higher same-store cash NOI.

Q: What were ESRT’s key property operating metrics in Q1 2026?

At March 31, 2026, ESRT’s total commercial portfolio was 93.2% leased and 88.2% occupied . Same-store property cash NOI excluding lease termination fees increased 5.5% year-over-year , or 1.3% after adjusting for non-recurring items, reflecting higher base rent and tenant reimbursements.

Q: How did the Empire State Building Observatory business perform in Q1 2026?

The Empire State Building Observatory generated $10.6 million of NOI in Q1 2026, with about 350,000 visitors . Observatory NOI declined roughly $3.5 million year-over-year , and visitors fell 18.2% , though 2026 full-year Observatory NOI is guided to $87–$92 million .

Q: What acquisitions or dispositions did ESRT complete around Q1 2026?

In Q1 2026, ESRT acquired a newly constructed, prime retail asset at 41-55 North 6th Street in Williamsburg for $46 million . This purchase and its 2025 North 6th Street acquisition redeployed proceeds from the December 2025 sale of Metro Center , its last suburban commercial asset.

Q: What is ESRT’s leverage and liquidity position after Q1 2026?

As of March 31, 2026, ESRT had $0.6 billion of liquidity , including $69 million of cash and $530 million available under its revolver. Total debt was about $2.3 billion , with net debt to adjusted EBITDA at 6.3x , and no unaddressed maturities until January 2028 .

Q: What guidance did Empire State Realty Trust provide for 2026?

For 2026, ESRT maintained Core FFO guidance of $0.85 to $0.89 per fully diluted share and net income per share of $0.19 to $0.23 . Guidance assumes temporary downtime from the FDIC expiration, same-store property cash NOI growth between -1.5% and +2.0% , and Observatory NOI of $87–$92 million .

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

For Q1 2026, Empire State Realty Trust paid a quarterly dividend of $0.035 per share or unit on its common stock and operating partnership units. It also paid preferred quarterly distributions of $0.15 and $0.175 per unit on its 2014 and 2019 private perpetual preferred units, respectively.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Empire State Realty Trust reported first quarter 2026 net income of $2.995 million, or $0.01 per fully diluted share, and Core FFO of $0.20 per diluted share. Same-store property cash NOI excluding lease termination fees rose 5.5% year-over-year, or 1.3% after adjusting for about $3.0 million of non-recurring items.

The total commercial portfolio was 93.2% leased and 88.2% occupied as of March 31, 2026. The Empire State Building Observatory generated NOI of $10.6 million in the seasonally light quarter, about $3.5 million lower year-over-year, with gift shop license fees expected to be more weighted to the fourth quarter.

The company acquired a prime Williamsburg retail asset for $46 million, financed 10 Union Square East with a new $53.5 million, 10-year mortgage, and agreed to issue $130 million of 6-year senior unsecured notes. Liquidity totaled $0.6 billion and net debt to adjusted EBITDA was 6.3x. The quarterly dividend was $0.035 per share, and 2026 Core FFO guidance of $0.85–$0.89 per share remained unchanged.

Insights

Solid Q1 2026 with stable guidance, active capital recycling, and modest leverage.

Empire State Realty Trust delivered Q1 2026 Core FFO of $0.20 per diluted share and kept its full-year Core FFO outlook at $0.85–$0.89. Same-store property cash NOI excluding lease termination fees increased 5.5%, or 1.3% after non-recurring items, showing steady property-level performance.

The commercial portfolio was 93.2% leased and 88.2% occupied, with office leasing spreads positive for a 19th consecutive quarter. Observatory NOI of $10.6M declined year-over-year, while Q1 visitors fell 18.2%, highlighting sensitivity to tourism and seasonality. Management still guides Observatory NOI to $87M–$92M for 2026.

On the balance sheet, total liquidity was $0.6B, total debt about $2.3B, and net debt to adjusted EBITDA was 6.3x. The company recycled proceeds from a 2025 suburban asset sale into a $46M Williamsburg retail acquisition and arranged $53.5M of mortgage refinancing plus $130M of 6-year unsecured notes maturing in 2032, leaving no unaddressed debt maturities until 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

Net income: $2.995M Net income per share: $0.01 Core FFO per share: $0.20 +5 more

8 metrics

Net income $2.995M Q1 2026 consolidated net income

Net income per share $0.01 Q1 2026 net income per fully diluted share

Core FFO per share $0.20 Q1 2026 Core FFO per diluted share

Same-store cash NOI growth 5.5% Year-over-year increase in same-store property cash NOI excluding lease termination fees, Q1 2026

Commercial occupancy 88.2% Total commercial portfolio percent occupied as of March 31, 2026

Commercial leased percentage 93.2% Total commercial portfolio percent leased as of March 31, 2026

Observatory NOI $10.642M Empire State Building Observatory NOI in Q1 2026

Net debt to adjusted EBITDA 6.3x Ratio as of March 31, 2026

Key Terms

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

6 terms

Funds From Operations financial

"We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Core Funds From Operations financial

"Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses"

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.

Net Operating Income financial

"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"

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.

Same Store financial

"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 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.

Adjusted EBITDA financial

"For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Net Debt to Adjusted EBITDA financial

"We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA"

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

Earnings Snapshot

Total revenues: $190.3M · Guidance included

Q1 2026

Total revenues $190.3M

Net income $2.995M

Net income per diluted share $0.01

Core FFO per diluted share $0.20

Same-store cash NOI growth 5.5% +5.5% YoY excluding lease termination fees

Observatory NOI $10.642M ~$3.5M lower year-over-year

Commercial leased/occupied 93.2% leased / 88.2% occupied

Guidance

2026 Core FFO per fully diluted share guidance remains $0.85–$0.89; net income per share guidance is $0.19–$0.23; commercial occupancy targeted at 90–92% year-end; Observatory NOI expected at $87M–$92M.

Understanding 8-K Material Events →

04/29/2026 - 04:11 PM

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): April 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 April 29, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first 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

First Quarter 2026 Earnings

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

presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter 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 March 31, 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 and Metro Center, Stamford, CT, which was disposed in December 2025. 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 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: April 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: April 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 FIRST QUARTER 2026 RESULTS

– Net Income Per Fully Diluted Share of $0.01 –

– Core FFO Per Fully Diluted Share of $0.20 –

– Acquired Prime Retail Asset in Williamsburg for $46M with Recycled Investment Capacity –

– Completed $184M of Financings that Extend Debt Maturities –

– 2026 Outlook Unchanged –

New York, New York, April 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 Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the first quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

•Net Income of $0.01 per share.

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

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 5.5% year-over-year. The first quarter change was primarily attributed to increases in base rent and tenant reimbursement income, as well as approximately $3.0 million of first quarter 2026 non-recurring items, which predominately consisted of lease modification revenue and net insurance recoveries. These increases to cash NOI were partially offset by operating expense increases. Adjusted for the previously noted non-recurring items, Same-Store Property Cash NOI increased by 1.3%.

•The total commercial portfolio was 93.2% leased and 88.2% occupied as of March 31, 2026, with occupancy reduced by approximately 140 basis points due to temporary downtime related to the previously disclosed FDIC expiration, which is fully re-leased.

•Signed 113,484 rentable square feet of commercial leases, inclusive of 90,687 rentable square feet of office leases, in the first quarter.

•In the office portfolio, blended leasing spreads were +6.8% in the first quarter, the 19th consecutive quarter of positive leasing spreads.

•Empire State Building Observatory generated NOI of $10.6 million in the seasonally light first quarter, which represents a year-over-year decline of approximately $3.5 million, excluding gift shop license revenue. As previously announced, gift shop license fees are expected to be more

heavily weighted to the fourth quarter in 2026 as compared to 2025 due to a COVID-era license amendment.

•Acquired a newly constructed, currently vacant, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million, which represents a redeployment of investment capacity from the December 2025 disposition of Metro Center, the Company’s last suburban commercial asset, without a recognition of a taxable gain, as previously announced.

•Closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced.

•In mid-April, announced the issuance of $130 million of 6-year senior unsecured notes in a private placement transaction. The Company now has no unaddressed debt maturity until January 2028.

Property Operations1

As of March 31, 2026, the Company’s property portfolio comprised 7.6 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.


		March 31, 20262,3	December 31, 20252,3	March 31, 20252
Percent occupied:
	Total commercial portfolio	88.2%	90.3%	87.9%
	Office	87.9%	89.9%	87.5%
	Retail	91.2%	94.4%	91.2%

Percent leased (includes signed leases not commenced):
	Total commercial portfolio	93.2%	93.6%	92.5%
	Office	93.0%	93.5%	92.3%
	Retail	95.4%	95.3%	94.1%
	Total multifamily portfolio	96.4%	97.8%	99.0%

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 will be redeveloped, 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 March 31, 2026 and December 31, 2025 exclude Metro Center, which was sold during the fourth quarter 2025.

Leasing

The tables that follow summarize leasing activity for the first quarter of 2026. During this period, the Company signed 11 leases that totaled 113,484 square feet with an average lease duration of 12.2 years.

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	9	90,687	59.46	6.8	%
Retail	2	22,797	135.49	(1.1)	%
Total Overall	11	113,484	74.73	3.8	%

Office Portfolio


Office Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
New Office	7	83,397	58.54	5.9	%
Renewal Office	2	7,290	70.00	16.3	%
Total Office	9	90,687	59.46	6.8	%

Leasing Activity Highlights

•A 13-year 60,003 square foot new office lease with Steve Madden at 501 Seventh Avenue.

•A 20-year 21,683 square foot renewal retail lease with JP Morgan Chase at One Grand Central Place.

•Subsequent to quarter-end, a 10.5-year 38,084 square foot new full-floor office lease with a financial services tenant at 130 Mercer Street.

Balance Sheet

The Company had $0.6 billion of total liquidity as of March 31, 2026, which was comprised of $69 million of cash, plus $530 million available under its revolving credit facility. At March 31, 2026, the Company had total debt outstanding of approximately $2.3 billion at a weighted average interest rate of 4.54%. At March 31, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.3x.

The Company closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026. In mid-April, the Company entered into a note purchase agreement to issue $130 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.99% that matures in 2032. The private placement is scheduled to fund on July 15, 2026.

Portfolio Transaction Activity

The Company acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46.0 million at the end of the first quarter, as previously announced. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company’s existing 102,000 square foot portfolio of prime retail assets along North 6th Street. The property adds eight new storefronts to the Company's already dominant position along the corridor. This acquisition, together with the Company’s purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center, its last suburban commercial asset, without a recognition of a taxable gain. These transactions were part of the Company’s strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects.

Dividend

On March 31, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first 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 March 31, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the first quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2026 Earnings Outlook

The Company provides 2026 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.


Key Assumptions	2026 Guidance	2025 Actual Results	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.85 to $0.89	$0.87	• 2026 assumes ~($0.03) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Property Assumptions
Commercial Occupancy at year-end	90% to 92%	90.3%
SS Property Cash NOI (excluding lease termination fees)	-1.5% to +2.0%	+0.6% (ex-one-time items)	• Assumes positive y/y revenue growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes • 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Observatory Drivers
Observatory NOI	$87M to $92M	$90M	• Reflects average quarterly expenses of ~$10M


	Low	High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$0.19	$0.23
Add:
Impairment Charge	0.00	0.00
Real Estate Depreciation & Amortization	0.65	0.65
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.00	0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$0.82	$0.86
Add:
Amortization of Below Market Ground Lease	0.03	0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.85	$0.89

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 Observatory (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, April 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 May 14, 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 13759470.

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 Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 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.

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 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.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Three Months Ended March 31,
	2026		2025
Revenues
Rental revenue	$	166,105	$	154,542
Observatory revenue	18,510		23,161
Lease termination fees	1,356		—
Third-party management and other fees	277		431
Other revenue and fees	4,077		1,932
Total revenues	190,325		180,066
Operating expenses
Property operating expenses	47,744		45,060
Ground rent expenses	2,331		2,331
General and administrative expenses	18,093		16,940
Observatory expenses	7,868		8,118
Real estate taxes	34,613		33,050
Depreciation and amortization	50,219		48,779
Total operating expenses	160,868		154,278
Total operating income	29,457		25,788
Other income (expense):
Interest income	613		3,786
Interest expense	(28,137)		(26,938)
Interest expense associated with property in receivership	—		(647)

Gain on disposition of properties	—		13,170
Income before income taxes	1,933		15,159
Income tax benefit	1,062		619
Net income	2,995		15,778
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership	(710)		(5,508)

Preferred unit distributions	(1,050)		(1,050)
Net income attributable to common stockholders	$	1,235	$	9,220
Total weighted average shares
Basic	170,673		167,181
Diluted	269,348		269,529
Earnings per share attributable to common stockholders
Basic	$	0.01	$	0.06
Diluted	$	0.01	$	0.05


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Three Months Ended March 31,
	2026		2025

Net income	$	2,995	$	15,778

Preferred unit distributions	(1,050)		(1,050)
Real estate depreciation and amortization	49,292		47,871
Gain on disposition of properties	—		(13,170)
FFO attributable to common stockholders and Operating Partnership units	51,237		49,429

Amortization of below-market ground leases	1,958		1,958
Modified FFO attributable to common stockholders and Operating Partnership units	53,195		51,387

Interest expense associated with property in receivership	—		647


Core FFO attributable to common stockholders and Operating Partnership units	$	53,195	$	52,034

Total weighted average shares and Operating Partnership units
Basic	268,792		267,073
Diluted	269,348		269,529

FFO per share
Basic	$	0.19	$	0.19
Diluted	$	0.19	$	0.18

Modified FFO per share
Basic	$	0.20	$	0.19
Diluted	$	0.20	$	0.19

Core FFO per share
Basic	$	0.20	$	0.19
Diluted	$	0.20	$	0.19


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

	Three Months Ended March 31,
	2026		2025

Net income	$	2,995	$	15,778
Add:
General and administrative expenses	18,093		16,940
Depreciation and amortization	50,219		48,779
Interest expense	28,137		26,938
Interest expense associated with property in receivership	—		647

Income tax benefit	(1,062)		(619)
Less:
Gain on disposition of property	—		(13,170)
Third-party management and other fees	(277)		(431)
Interest income	(613)		(3,786)
Net operating income	97,492		91,076
Straight-line rent	(7,209)		(5,283)
Above/below-market rent revenue amortization	(670)		(798)
Below-market ground lease amortization	1,958		1,958
Total cash NOI - including Observatory and lease termination fees	91,571		86,953
Less: Observatory NOI	(10,642)		(15,043)
Less: cash NOI from non-Same Store properties	(5,383)		(1,583)
Total Same Store property cash NOI - including lease termination fees	75,546		70,327
Less: Lease termination fees	(1,356)		—
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	74,190	$	70,327


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

	March 31, 2026		December 31, 2025
Assets
Real estate properties, at cost	$	4,267,420	$	4,205,907
Less: accumulated depreciation	(1,400,827)		(1,366,829)
Real estate properties, net	2,866,593		2,839,078

Cash and cash equivalents	68,820		132,657
Restricted cash	37,326		33,854
Tenant and other receivables	23,667		22,063
Deferred rent receivables	261,275		255,270
Prepaid expenses and other assets	62,849		93,355
Deferred costs, net	262,212		267,682
Acquired below market ground leases, net	303,621		305,579
Right of use assets	27,882		27,944
Goodwill	491,479		491,479
Total assets	$	4,405,724	$	4,468,961

Liabilities and equity
Mortgage notes payable, net	$	621,392	$	619,269
Senior unsecured notes, net	1,270,909		1,270,668
Unsecured term loan facility, net	336,972		336,794
Unsecured revolving credit facility	90,000		145,000


Accounts payable and accrued expenses	111,918		120,150
Acquired below market leases, net	37,948		39,767
Ground lease liabilities	27,882		27,944
Deferred revenue and other liabilities	57,601		59,901
Tenants’ security deposits	26,964		27,276
Total liabilities	2,581,586		2,646,769
Total equity	1,824,138		1,822,192
Total liabilities and equity	$	4,405,724	$	4,468,961




			First Quarter 2026


Table of Contents			Page
Summary
Supplemental Definitions			3
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
FFO, Modified FFO, Core FFO, FAD and EBITDA			8
Highlights			9
Selected Property Data
Property Summary Net Operating Income			10
Same Store Net Operating Income			11
Leasing Activity			12
Commercial Property Detail			14
Portfolio Expirations and Vacates Summary			15
Tenant Lease Expirations			16
Largest Tenants and Portfolio Tenant Diversification by Industry			18
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 Leases			23

Forward-looking Statements

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

Page 2



			First 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



			First Quarter 2026
			Supplemental Definitions

Same Store

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4




			First 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, Chair of the Audit Committee
Patricia S. Han			Director
Grant H. Hill			Director
R. Paige Hood			Director, Chair of the Finance Committee
George L. W. Malkin			Director
James D. Robinson IV			Director, Chair of the Nominating and Corporate Governance Committee
Christina Van Tassell			Director
Hannah Yang			Director


EXECUTIVE MANAGEMENT

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


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


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


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




Real estate properties, at cost	$	4,267,420	$	4,205,907	$	3,940,755	$	3,903,950	$	3,825,422
Less: accumulated depreciation	(1,400,827)		(1,366,829)		(1,381,726)		(1,341,144)		(1,306,924)
Real estate properties, net	2,866,593		2,839,078		2,559,029		2,562,806		2,518,498

Cash and cash equivalents	68,820		132,657		154,113		94,643		187,823
Restricted cash	37,326		33,854		43,642		42,084		49,589
Tenant and other receivables	23,667		22,063		27,416		28,124		29,071
Deferred rent receivables	261,275		255,270		259,070		255,272		252,299
Prepaid expenses and other assets	62,849		93,355		58,679		85,083		64,233
Deferred costs, net	262,212		267,682		177,307		181,694		181,802
Acquired below-market ground leases, net	303,621		305,579		307,537		309,495		311,452
Right of use assets	27,882		27,944		28,007		28,070		28,134
Goodwill	491,479		491,479		491,479		491,479		491,479
Total assets	$	4,405,724	$	4,468,961	$	4,106,279	$	4,078,750	$	4,114,380


Liabilities and Equity
Mortgage notes payable, net	$	621,392	$	619,269	$	691,046	$	691,440	$	691,816
Senior unsecured notes, net	1,270,909		1,270,668		1,097,498		1,097,355		1,097,212
Unsecured term loan facility, net	336,972		336,794		268,959		268,883		268,807
Unsecured revolving credit facility	90,000		145,000		—		—		—


Accounts payable and accrued expenses	111,918		120,150		111,732		104,315		135,298
Acquired below-market leases, net	37,948		39,767		15,875		17,081		18,306
Ground lease liabilities	27,882		27,944		28,007		28,070		28,134
Deferred revenue and other liabilities	57,601		59,901		64,191		55,343		61,888
Tenants' security deposits	26,964		27,276		30,751		27,015		27,044
Total liabilities	2,581,586		2,646,769		2,308,059		2,289,502		2,328,505
Total equity	1,824,138		1,822,192		1,798,220		1,789,248		1,785,875
Total liabilities and equity	$	4,405,724	$	4,468,961	$	4,106,279	$	4,078,750	$	4,114,380

Page 6


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


	Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Revenues
Rental revenue (1)	$	166,105	$	159,721	$	158,410	$	153,540	$	154,542
Observatory revenue	18,510		35,232		36,037		33,899		23,161
Lease termination fees	1,356		—		—		464		—
Third-party management and other fees	277		240		404		408		431
Other revenue and fees	4,077		4,031		2,879		2,939		1,932
Total revenues	190,325		199,224		197,730		191,250		180,066
Operating expenses
Property operating expenses	47,744		47,817		46,957		44,880		45,060
Ground rent expenses	2,331		2,332		2,331		2,332		2,331
General and administrative expenses	18,093		18,474		18,743		18,685		16,940
Observatory expenses	7,868		10,787		9,510		9,822		8,118
Real estate taxes	34,613		33,842		33,241		32,607		33,050
Depreciation and amortization	50,219		50,566		47,615		47,802		48,779
Total operating expenses	160,868		163,818		158,397		156,128		154,278
Total operating income	29,457		35,406		39,333		35,122		25,788
Other income (expense)
Interest income	613		1,949		1,146		1,867		3,786
Interest expense	(28,137)		(25,880)		(25,189)		(25,126)		(26,938)
Interest expense associated with property in receivership	—		—		—		—		(647)
Loss on early extinguishment of debt	—		(97)		—		—		—
Gain on disposition of property	—		21,848		—		—		13,170
Income before income taxes	1,933		33,226		15,290		11,863		15,159
Income tax (expense) benefit	1,062		(1,054)		(1,645)		(478)		619
Net income	2,995		32,172		13,645		11,385		15,778
Net income attributable to non-controlling interests:
Non-controlling interests in the Operating Partnership	(710)		(11,446)		(4,610)		(3,815)		(5,508)

Private perpetual preferred unit distributions	(1,050)		(1,050)		(1,050)		(1,051)		(1,050)
Net income attributable to common stockholders	$	1,235	$	19,676	$	7,985	$	6,519	$	9,220

Weighted average common shares outstanding
Basic	170,673		168,693		169,250		168,368		167,181
Diluted	269,348		270,328		270,357		269,951		269,529

Earnings per share attributable to common stockholders
Basic	$	0.01	$	0.12	$	0.05	$	0.04	$	0.06
Diluted	$	0.01	$	0.12	$	0.05	$	0.04	$	0.05

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

Note:

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


	Three Months Ended
Rental Revenue	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Base rent	$	144,296	$	138,956	$	136,371	$	133,987	$	136,096
Billed tenant expense reimbursement	21,809		20,765		22,039		19,553		18,446
Total rental revenue	$	166,105	$	159,721	$	158,410	$	153,540	$	154,542

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


			First 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 to FFO, Modified FFO, and Core FFO	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Net Income	$	2,995	$	32,172	$	13,645	$	11,385	$	15,778

Preferred unit distributions	(1,050)		(1,050)		(1,050)		(1,051)		(1,050)
Real estate depreciation and amortization	49,292		49,689		46,741		46,921		47,871
Gain on disposition of property	—		(21,848)		—		—		(13,170)
FFO attributable to common stockholders and the Operating Partnership	51,237		58,963		59,336		57,255		49,429
Amortization of below-market ground lease	1,958		1,958		1,957		1,958		1,958
Modified FFO attributable to common stockholders and the Operating Partnership	53,195		60,921		61,293		59,213		51,387
Interest expense associated with property in receivership	—		—		—		—		647
Loss on early extinguishment of debt	—		97		—		—		—
IPO litigation expense(1)	—		632		—		—		—
Core FFO attributable to common stockholders and the Operating Partnership	$	53,195	$	61,650	$	61,293	$	59,213	$	52,034

Total weighted average shares and Operating Partnership units
Basic	268,792		266,825		266,963		266,899		267,073
Diluted	269,348		270,328		270,357		269,951		269,529

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.19	$	0.22	$	0.22	$	0.21	$	0.19
Diluted	$	0.19	$	0.22	$	0.22	$	0.21	$	0.18

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.20	$	0.23	$	0.23	$	0.22	$	0.19
Diluted	$	0.20	$	0.23	$	0.23	$	0.22	$	0.19
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.20	$	0.23	$	0.23	$	0.22	$	0.19
Diluted	$	0.20	$	0.23	$	0.23	$	0.22	$	0.19

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


Reconciliation of Core FFO to Core FAD
Core FFO	$	53,195	$	61,650	$	61,293	$	59,213	$	52,034
Add:
Amortization of deferred financing costs	1,262		1,172		1,082		1,080		1,094
Non-real estate depreciation and amortization	927		877		874		880		908
Amortization of non-cash compensation expense	5,872		6,807		6,484		6,900		4,980
Amortization of loss on interest rate derivative	1,385		1,386		1,385		1,386		1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments	(8,201)		(5,380)		(5,832)		(4,913)		(6,407)
Corporate capital expenditures	(264)		(772)		(218)		(234)		(83)
Tenant improvements - second generation	(13,159)		(21,406)		(15,979)		(36,890)		(39,304)
Building improvements - second generation	(4,765)		(4,704)		(5,571)		(7,868)		(5,770)
Leasing commissions - second generation	(3,722)		(8,730)		(3,144)		(7,605)		(7,629)
Core FAD	$	32,530	$	30,900	$	40,374	$	11,949	$	1,209


Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	2,995	$	32,172	$	13,645	$	11,385	$	15,778
Interest expense	28,137		25,880		25,189		25,126		26,938
Interest expense associated with property in receivership	—		—		—		—		647
Income tax expense (benefit)	(1,062)		1,054		1,645		478		(619)
Depreciation and amortization	50,219		50,566		47,615		47,802		48,779
EBITDA	80,289		109,672		88,094		84,791		91,523
Gain on disposition of property	—		(21,848)		—		—		(13,170)
Adjusted EBITDA	$	80,289	$	87,824	$	88,094	$	84,791	$	78,353

Page 8


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


	Three Months Ended
Office and Retail Metrics:	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total rentable square footage(1)	8,340,647			8,324,766			8,603,750			8,611,559			8,617,292
Percent occupied (1)(2)	88.2		%	90.3		%	90.0		%	89.2		%	87.9		%
Percent leased (1)(3)	93.2		%	93.6		%	92.6		%	93.1		%	92.5		%
Multifamily Metrics:
Total number of units	743			743			743			743			732
Percent occupied	96.4		%	97.8		%	98.6		%	98.6		%	99.0		%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Office portfolio	$	64,606		$	64,863		$	64,715		$	63,589		$	61,548
Retail portfolio	4,516			4,338			4,136			3,950			4,136
Multifamily portfolio	5,068			5,128			5,284			5,173			4,643
Total Same Store Property Cash NOI, excluding lease termination fees	$	74,190		$	74,329		$	74,135		$	72,712		$	70,327
Observatory Metrics:
Observatory NOI	$	10,642		$	24,445		$	26,527		$	24,077		$	15,043
Number of visitors (4)	350,000			618,000			648,000			629,000			428,000
Change in visitors year-over-year	(18.2)		%	(13.9)		%	(10.9)		%	(2.9)		%	(11.8)		%
Ratios:
Debt to Total Market Capitalization (5)	60.0		%	55.7		%	48.2		%	46.9		%	47.8		%
Net Debt to Total Market Capitalization (5)	59.2		%	54.3		%	46.3		%	45.8		%	45.4		%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)	62.2		%	57.8		%	50.3		%	49.0		%	49.8		%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)	61.6		%	56.4		%	48.5		%	47.8		%	47.5		%
Debt to Adjusted EBITDA (6)	6.5x			6.7x			6.0x			5.8x			5.8x
Net Debt to Adjusted EBITDA (6)	6.3x			6.3x			5.6x			5.6x			5.2x
Core FFO Payout Ratio (7)	18		%	16		%	16		%	16		%	19		%
Core FAD Payout Ratio (8)	30		%	32		%	24		%	82		%	805		%
Core FFO per share - diluted	$	0.20		$	0.23		$	0.23		$	0.22		$	0.19
Diluted weighted average shares	269,348			270,328			270,357			269,951			269,529
Class A common stock price at quarter end	$	5.20		$	6.52		$	7.66		$	8.09		$	7.82
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)	2.7		%	2.1		%	1.8		%	1.7		%	1.8		%
Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)	1,560			1,560			1,560			1,560			1,560
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)	4,664			4,664			4,664			4,664			4,664
Class A common stock	171,089			169,523			168,970			168,301			167,094
Class B common stock (10)	970			972			972			975			976
Operating partnership units	110,971			107,225			108,674			109,308			110,662
Total common stock and operating partnership units outstanding (11)	283,030			277,720			278,616			278,584			278,732

Notes:

(1) Rentable square footage, occupied percentage, and leased percentage 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 will be redeveloped, 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


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


	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Same Store Portfolio(1)
Revenues	$	160,290		$	159,453		$	157,665		$	153,495		$	153,318
Operating expenses	(82,424)			(82,104)			(80,035)			(78,195)			(78,831)
Same store property NOI	77,866			77,349			77,630			75,300			74,487
Straight-line rent	(5,018)			(4,156)			(4,631)			(3,707)			(5,319)
Above/below-market rent revenue amortization	(616)			(822)			(821)			(839)			(799)
Below-market ground lease amortization	1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	74,190		$	74,329		$	74,135		$	72,712		$	70,327

Percent change over prior year	5.5		%	2.0		%	2.3		%	(2.4)		%	0.4		%

Total same store property cash NOI - excluding lease termination fees	$	74,190		$	74,329		$	74,135		$	72,712		$	70,327
Lease termination fees	1,356			—			—			464			—
Total same store property cash NOI	$	75,546		$	74,329		$	74,135		$	73,176		$	70,327

Same Store Office(1),(2)
Revenues	$	143,199		$	142,004		$	140,613		$	136,543		$	136,408
Operating expenses	(75,477)			(74,883)			(73,102)			(71,336)			(71,598)
Same store property NOI	67,722			67,121			67,511			65,207			64,810
Straight-line rent	(4,601)			(3,605)			(4,143)			(2,947)			(4,633)
Above/below-market rent revenue amortization	(473)			(611)			(610)			(629)			(587)
Below-market ground lease amortization	1,958			1,958			1,957			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	64,606			64,863			64,715			63,589			61,548
Lease termination fees	1,356			—			—			464			—
Total same store property cash NOI	$	65,962		$	64,863		$	64,715		$	64,053		$	61,548

Same Store Retail(1)
Revenues	$	7,149		$	7,294		$	6,972		$	7,106		$	7,264
Operating expenses	(2,046)			(2,200)			(2,147)			(2,194)			(2,240)
Same store property NOI	5,103			5,094			4,825			4,912			5,024
Straight-line rent	(388)			(487)			(420)			(693)			(619)
Above/below-market rent revenue amortization	(199)			(269)			(269)			(269)			(269)
Below-market ground lease amortization	—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	4,516			4,338			4,136			3,950			4,136
Lease termination fees	—			—			—			—			—
Total same store property cash NOI	$	4,516		$	4,338		$	4,136		$	3,950		$	4,136

Same Store Multifamily(1),(3)
Revenues	$	9,942		$	10,155		$	10,080		$	9,846		$	9,646
Operating expenses	(4,901)			(5,021)			(4,786)			(4,665)			(4,993)
Same store property NOI	5,041			5,134			5,294			5,181			4,653
Straight-line rent	(29)			(64)			(68)			(67)			(67)
Above/below-market rent revenue amortization	56			58			58			59			57
Below-market ground lease amortization	—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	5,068			5,128			5,284			5,173			4,643
Lease termination fees	—			—			—			—			—
Total same store property cash NOI	$	5,068		$	5,128		$	5,284		$	5,173		$	4,643

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 472,724 rentable square feet of retail space in nine 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


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


	Three Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Net income	$	2,995	$	32,172	$	13,645	$	11,385	$	15,778
Add:
General and administrative expenses	18,093		18,474		18,743		18,685		16,940
Depreciation and amortization	50,219		50,566		47,615		47,802		48,779
Interest expense	28,137		25,880		25,189		25,126		26,938
Interest expense associated with property in receivership	—		—		—		—		647
Loss on early extinguishment of debt	—		97		—		—		—
Income tax expense (benefit)	(1,062)		1,054		1,645		478		(619)
Less:
Gain on disposition of property	—		(21,848)		—		—		(13,170)
Third-party management and other fees	(277)		(240)		(404)		(408)		(431)
Interest income	(613)		(1,949)		(1,146)		(1,867)		(3,786)
Net operating income	97,492		104,206		105,287		101,201		91,076
Straight-line rent	(7,209)		(4,320)		(4,688)		(3,748)		(5,283)
Above/below-market rent revenue amortization	(670)		(737)		(821)		(840)		(798)
Below-market ground lease amortization	1,958		1,958		1,957		1,958		1,958
Total cash NOI - including Observatory and lease termination fees	91,571		101,107		101,735		98,571		86,953
Less: Observatory NOI	(10,642)		(24,445)		(26,527)		(24,077)		(15,043)
Less: cash NOI from non-Same Store properties	(5,383)		(2,333)		(1,073)		(1,318)		(1,583)
Total Same Store property cash NOI - including lease termination fees	75,546		74,329		74,135		73,176		70,327
Less: Lease termination fees	(1,356)		—		—		(464)		—
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	74,190	$	74,329	$	74,135	$	72,712	$	70,327

Page 11


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


	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total Office and Retail Portfolio(1)
Total leases executed	11			27			16			22			20
Weighted average lease term	12.2 years			6.7 years			8.1 years			9.9 years			8.4 years
Average free rent period	13.9 months			2.9 months			6.0 months			7.6 months			7.8 months

Office
Total square footage executed	90,687			333,451			71,859			221,776			229,367
Average starting cash rent psf - leases executed	$	59.46		$	73.63		$	69.97		$	71.21		$	66.43
Previously escalated cash rents psf	$	55.66		$	69.20		$	67.33		$	63.50		$	60.63
Percentage of new cash rent over previously escalated rents	6.8		%	6.4		%	3.9		%	12.1		%	9.6		%

Retail
Total square footage executed	22,797			125,022			16,021			10,332			1,181
Average starting cash rent psf - leases executed	$	135.49		$	81.43		$	128.33		$	268.92		$	193.00
Previously escalated cash rents psf	$	137.03		$	83.81		$	145.48		$	316.28		$	183.74
Percentage of new cash rent over previously escalated rents	(1.1)		%	(2.8)		%	(11.8)		%	(15.0)		%	5.0		%

Total Office and Retail Portfolio
Total square footage executed	113,484			458,473			87,880			232,108			230,548
Average starting cash rent psf - leases executed	$	74.73		$	75.61		$	80.61		$	80.01		$	67.08
Previously escalated cash rents psf	$	72.01		$	72.90		$	81.57		$	74.75		$	61.27
Percentage of new cash rent over previously escalated rents	3.8		%	3.7		%	(1.2)		%	7.0		%	9.5		%

Leasing commission costs per square foot	$	32.21		$	21.53		$	33.24		$	31.62		$	22.39
Tenant improvement costs per square foot	104.97			33.61			59.60			86.85			47.92
Total LC and TI per square foot(2)	$	137.18		$	55.14		$	92.84		$	118.47		$	70.31
Total LC and TI per square foot per year of weighted average lease term	$	11.24		$	8.25		$	11.48		$	11.93		$	8.34
Occupancy(3),(4)	88.2		%	90.3		%	90.0		%	89.2		%	87.9		%


Manhattan Office Portfolio
Total leases executed	9			18			14			18			18

Office - New Leases
Total square footage executed	83,397			106,311			26,430			202,499			43,184
Average starting cash rent psf - leases executed	$	58.54		$	70.97		$	68.56		$	72.28		$	69.13
Previously escalated cash rents psf	$	55.27		$	62.55		$	67.69		$	63.11		$	66.77
Percentage of new cash rent over previously escalated rents	5.9		%	13.5		%	1.3		%	14.5		%	3.5		%

Office - Renewal Leases(1)
Current Renewals	7,290			14,542			30,907			19,277			177,328
Early Renewals	—			212,598			14,522			—			—
Total square footage executed	7,290			227,140			45,429			19,277			177,328
Average starting cash rent psf - leases executed	$	70.00		$	74.88		$	70.80		$	59.97		$	66.62
Previously escalated cash rents psf	$	60.19		$	72.31		$	67.11		$	67.51		$	59.35
Percentage of new cash rent over previously escalated rents	16.3		%	3.6		%	5.5		%	(11.2)		%	12.3		%

Total Manhattan Office Portfolio
Total square footage executed	90,687			333,451			71,859			221,776			220,512
Average starting cash rent psf - leases executed	$	59.46		$	73.63		$	69.97		$	71.21		$	67.11
Previously escalated cash rents psf	$	55.66		$	69.20		$	67.33		$	63.50		$	60.80
Percentage of new cash rent over previously escalated rents	6.8		%	6.4		%	3.9		%	12.1		%	10.4		%

Leasing commission costs per square foot	$	23.49		$	14.38		$	20.16		$	28.97		$	22.47
Tenant improvement costs per square foot	105.06			36.36			47.79			89.60			49.50
Total LC and TI per square foot(2)	$	128.55		$	50.74		$	67.95		$	118.57		$	71.97
Total LC and TI per square foot per year of weighted average lease term	$	12.30		$	10.01		$	10.76		$	11.79		$	8.41
Occupancy(3),(4)	87.9		%	89.9		%	90.3		%	89.5		%	88.1		%

(Table continued on next page)

Page 12


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


	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Retail Portfolio
Total leases executed	2			9			2			4			1
Total square footage executed	22,797			125,022			16,021			10,332			1,181
Average starting cash rent psf - leases executed	$	135.49		$	81.43		$	128.33		$	268.92		$	193.00
Previously escalated cash rents psf	$	137.03		$	83.81		$	145.48		$	316.28		$	183.74
Percentage of new cash rent over previously escalated rents	(1.1)		%	(2.8)		%	(11.8)		%	(15.0)		%	5.0		%

Leasing commission costs per square foot	$	66.91		$	40.58		$	91.92		$	88.59		$	63.04
Tenant improvement costs per square foot	104.62			26.29			112.59			27.88			—
Total LC and TI per square foot(2)	$	171.53		$	66.87		$	204.51		$	116.47		$	63.04
Total LC and TI per square foot per year of weighted average lease term	$	8.95		$	6.09		$	12.74		$	16.15		$	6.25
Occupancy(3),(4)	91.2		%	94.4		%	92.8		%	91.7		%	91.2		%


Multifamily Portfolio
Percent occupied	96.4	%	97.8	%	98.6	%	98.6	%	99.0	%
Total number of units	743		743		743		743		732

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 will be redeveloped, 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


			First 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	2,710,631	88.4	%	96.1	%	$	174,606,185	$	73.43	146
One Grand Central Place	Grand Central	1,243,797	83.1	%	91.1	%	68,200,625		66.09		113
250 West 57th Street	Columbus Circle - West Side	476,847	82.9	%	84.2	%	27,545,350		69.80		29
501 Seventh Avenue	Penn Station -Times Sq. South	458,767	76.0	%	84.2	%	19,862,426		56.85		13
Broadway Campus
1400 Broadway (9)	Penn Station -Times Sq. South	917,281	92.9	%	96.8	%	54,675,770		64.22		17
111 West 33rd Street (10)	Penn Station -Times Sq. South	639,629	94.8	%	94.8	%	43,822,663		72.26		21
1359 Broadway	Penn Station -Times Sq. South	456,634	86.3	%	86.3	%	24,043,818		61.17		29
1350 Broadway (11)	Penn Station -Times Sq. South	384,128	96.8	%	97.8	%	22,786,320		61.41		50
1333 Broadway	Penn Station -Times Sq. South	297,126	89.8	%	89.8	%	15,760,696		59.09		11
Total Broadway Campus		2,694,798	92.5	%	93.9	%	161,089,267		64.73		128
Total/Weighted Average Office Properties		7,584,840	87.9	%	93.0	%	451,303,853		67.94		429







Retail Properties (8)
North Sixth Street Collection(12)	Williamsburg - Brooklyn	87,355	85.0	%	97.5	%	11,067,378		149.06		15
The Empire State Building	Penn Station -Times Sq. South	85,455	52.8	%	77.6	%	5,712,959		126.52		10
One Grand Central Place	Grand Central	70,780	100.0	%	100.0	%	8,711,268		123.08		12
250 West 57th Street	Columbus Circle - West Side	63,443	94.8	%	94.8	%	9,411,484		156.43		7
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	%	8,131,204		158.79		8
1010 Third Avenue	Upper East Side	28,243	100.0	%	100.0	%	3,077,783		108.98		1
501 Seventh Avenue	Penn Station - Times Sq. South	27,213	89.4	%	89.4	%	1,810,632		74.44		8
77 West 55th Street	Midtown	25,388	100.0	%	100.0	%	2,081,126		81.97		3
561 10th Avenue	Hudson Yards	11,822	100.0	%	100.0	%	1,783,483		150.86		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(10)	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	%	99.4	%	2,273,059		78.16		5
1350 Broadway (11)	Penn Station -Times Sq. South	19,511	100.0	%	100.0	%	4,140,247		212.20		6
1400 Broadway (9)	Penn Station -Times Sq. South	17,017	100.0	%	100.0	%	2,094,293		123.07		7
Total Broadway Campus		225,833	99.9	%	99.9	%	45,037,614		199.57		26
Total/Weighted Average Retail Properties		755,807	91.2	%	95.4	%	102,183,125		148.26		98

Portfolio Total		8,340,647	88.2	%	93.2	%	$	553,486,978	$	75.49	527

Notes:

(1) Excludes (i) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of March 31, 2026.

(3) Percent occupied and percent leased exclude 109,961 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of March 31, 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 March 31, 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 will be redeveloped. As of March 31, 2026, the percent occupied and percent leased were 70.6%, which was comprised of 68.3% for office space and 100% for retail space.

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years (expiring December 31, 2063).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years (expiring June 10, 2077).

(11) 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).

(12) 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 March 31, 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


			First Quarter 2026
			Total Portfolio Expirations and Vacates Summary
			(unaudited and in square feet)


	Actual	Forecast (1)			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	Apr. to Dec. 2026	Full Year 2027
Total expirations	145,253	108,505	85,465	168,884	362,854	603,425
Less: broadcasting	—	(906)	(511)	—	(1,417)	(7,247)
Office and retail expirations	145,253	107,599	84,954	168,884	361,437	596,178

Renewals & relocations (4)	71,644	41,402	38,290	3,889	83,581	56,904
New leases (5)	16,893	32,571	3,429	16,321	52,321	59,869
Vacates (6)	56,716	33,626	37,177	138,235	209,038	315,331
Unknown (7)	—	—	6,058	10,439	16,497	164,074
Total Office and Retail Portfolio expirations and vacates	145,253	107,599	84,954	168,884	361,437	596,178

Office Portfolio (3)
Total expirations	139,815	108,505	74,305	168,531	351,341	588,945
Less: broadcasting	—	(906)	(511)	—	(1,417)	(7,247)
Office expirations	139,815	107,599	73,794	168,531	349,924	581,698

Renewals & relocations (4)	71,644	41,402	38,290	3,889	83,581	50,128
New leases (5)	11,455	32,571	—	16,321	48,892	59,869
Vacates (6)	56,716	33,626	29,446	138,235	201,307	307,627
Unknown (7)	—	—	6,058	10,086	16,144	164,074
Total expirations and vacates	139,815	107,599	73,794	168,531	349,924	581,698










Retail Portfolio
Retail expirations	5,438	—	11,160	353	11,513	14,480

Renewals & relocations (4)	—	—	—	—	—	6,776
New leases (5)	5,438	—	3,429	—	3,429	—
Vacates (6)	—	—	7,731	—	7,731	7,704
Unknown (7)	—	—	—	353	353	—
Total expirations and vacates	5,438	—	11,160	353	11,513	14,480

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 will be redeveloped.

(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


			First 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	—	735,226	8.4	%	$	—	—	%	$	—
Signed leases not commenced	21	422,667	4.8	%	—		—	%	—
1Q 2026(5)	6	28,097	0.3	%	1,829,659		0.3	%	65.12
2Q 2026	9	87,620	1.0	%	5,353,130		0.9	%	61.09
3Q 2026	17	85,465	1.0	%	5,337,339		0.9	%	62.45
4Q 2026	19	168,884	1.9	%	10,776,899		1.8	%	63.81
Total 2026	51	370,066	4.2	%	23,297,027		3.9	%	62.95
1Q 2027	15	66,318	0.8	%	5,417,896		0.9	%	81.70
2Q 2027	16	119,136	1.4	%	9,109,476		1.6	%	76.46
3Q 2027	21	111,856	1.3	%	7,299,226		1.2	%	65.26
4Q 2027	23	306,115	3.5	%	17,350,219		3.0	%	56.68
Total 2027	75	603,425	7.0	%	39,176,817		6.7	%	64.92
2028	61	846,215	9.6	%	53,480,888		9.1	%	63.20
2029	69	749,143	8.5	%	66,799,536		11.4	%	89.17
2030	56	697,606	8.0	%	53,301,011		9.1	%	76.41
2031	44	255,036	2.9	%	29,332,212		5.0	%	115.01
2032	29	381,443	4.3	%	29,574,319		5.1	%	77.53
2033	43	323,709	3.7	%	28,469,104		4.9	%	87.95
2034	24	383,835	4.4	%	36,569,739		6.2	%	95.27
2035	25	467,738	5.3	%	33,617,488		5.7	%	71.87
2036	24	949,178	10.8	%	72,002,712		12.3	%	75.86
Thereafter	32	1,587,129	18.1	%	119,825,000		20.6	%	75.50
Total	554	8,772,416	100.0	%	$	585,445,853	100.0	%	$	76.89


Office Properties(1), (6)
Available	—	670,944	8.4	%	$	—	—	%	$	—
Signed leases not commenced	17	384,114	4.8	%	—		—	%	—
1Q 2026(5)	6	28,097	0.4	%	1,829,659		0.4	%	65.12
2Q 2026	9	87,620	1.1	%	5,353,130		1.1	%	61.09
3Q 2026	15	74,305	0.9	%	4,584,522		1.0	%	61.70
4Q 2026	18	168,531	2.1	%	10,776,899		2.3	%	63.95
Total 2026	48	358,553	4.5	%	22,544,210		4.8	%	62.88
1Q 2027	13	55,298	0.7	%	3,901,139		0.8	%	70.55
2Q 2027	15	115,963	1.5	%	7,919,601		1.7	%	68.29
3Q 2027	21	111,856	1.4	%	7,299,226		1.5	%	65.26
4Q 2027	22	305,828	3.8	%	17,293,016		3.7	%	56.54
Total 2027	71	588,945	7.4	%	36,412,982		7.7	%	61.83
2028	57	834,805	10.5	%	51,681,310		11.0	%	61.91
2029	56	622,687	7.8	%	41,762,526		8.9	%	67.07
2030	45	667,138	8.4	%	45,989,878		9.8	%	68.94
2031	33	180,322	2.3	%	13,310,864		2.8	%	73.82
2032	23	344,120	4.3	%	25,776,777		5.5	%	74.91
2033	28	264,794	3.3	%	17,389,134		3.7	%	65.67
2034	16	343,747	4.3	%	25,518,088		5.4	%	74.24
2035	20	458,489	5.8	%	32,110,175		6.8	%	70.03
2036	17	873,421	11.0	%	67,003,413		14.2	%	76.71
Thereafter	18	1,360,527	17.2	%	92,178,792		19.4	%	67.75
Total Office properties	449	7,952,606	100.0	%	$	471,678,149	100.0	%	$	68.38

(Table continued on next page)

Page 16


			First Quarter 2026
			Tenant Lease Expirations
			(unaudited)


Retail Properties(1)
Available	—	64,282	7.8	%	$	—	—	%	$	—
Signed leases not commenced	4	38,553	4.7	%	—		—	%	—
1Q 2026(5)	—	—	—	%	—		—	%	—
2Q 2026	—	—	—	%	—		—	%	—
3Q 2026	2	11,160	1.4	%	752,817		0.7	%	67.46
4Q 2026(7)	1	353	0.1	%	—		—	%	—
Total 2026	3	11,513	1.5	%	752,817		0.7	%	65.39
1Q 2027	2	11,020	1.3	%	1,516,757		1.3	%	137.64
2Q 2027	1	3,173	0.4	%	1,189,875		1.0	%	375.00
3Q 2027	—	—	—	%	—		—	%	—
4Q 2027	1	287	0.1	%	57,203		0.1	%	199.31
Total 2027	4	14,480	1.8	%	2,763,835		2.4	%	190.87
2028	4	11,410	1.4	%	1,799,578		1.6	%	157.72
2029	13	126,456	15.4	%	25,037,010		22.0	%	197.99
2030	11	30,468	3.7	%	7,311,133		6.4	%	239.96
2031	11	74,714	9.1	%	16,021,348		14.1	%	214.44
2032	6	37,323	4.6	%	3,797,542		3.3	%	101.75
2033	15	58,915	7.2	%	11,079,970		9.7	%	188.07
2034	8	40,088	4.9	%	11,051,651		9.7	%	275.68
2035	5	9,249	1.1	%	1,507,313		1.3	%	162.97
2036	7	75,757	9.2	%	4,999,299		4.4	%	65.99
Thereafter	14	226,602	27.6	%	27,646,208		24.4	%	122.00
Total retail properties	105	819,810	100.0	%	$	113,767,704	100.0	%	$	158.68

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

(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) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(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 March 31, 2026 and expire on March 31, 2026.

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

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

Page 17


			First 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(8)	Empire State Building	Apr. 2026 - Aug. 2036	9.7 years	423,544	4.89	%	$	34,439,476	5.88	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	13.4 years	313,109	3.62	%	19,845,211		3.39	%
3.	Scholastic Inc.	130 Mercer	Dec. 2040	14.8 years	221,952	2.56	%	18,208,375		3.11	%
4.	Sephora USA, Inc.	112 West 34th Street, 130 Mercer	Jan. 2029 - Jan. 2034	4.8 years	21,834	0.25	%	16,975,537		2.90	%
5.	Centric Brands Inc.	Empire State Building	Oct. 2028	2.6 years	252,929	2.92	%	14,852,143		2.54	%
6.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2041	15.8 years	154,050	1.78	%	11,212,343		1.92	%
7.	Burlington Merchandising Corporation	1400 Broadway	Dec. 2042	16.8 years	170,763	1.97	%	10,880,524		1.86	%
8.	PVH Corp(9)	501 Seventh Avenue	Jun. 2026 - Oct. 2028	2.4 years	186,721	2.16	%	10,813,298		1.85	%
9.	Macy's	111 West 33rd Street	May 2030	4.2 years	131,117	1.51	%	9,774,137		1.67	%
10.	Coty Inc.	Empire State Building	Jan. 2030	3.8 years	157,892	1.82	%	9,695,067		1.66	%
11.	Target Corporation	112 West 34th St., 10 Union Square East	Jan. 2038	11.8 years	81,340	0.94	%	9,629,963		1.64	%
12.	Li & Fung(10)	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	2.3 years	149,061	1.72	%	9,049,465		1.55	%
13.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	5.5 years	34,192	0.40	%	8,630,727		1.47	%
14.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	3.5 years	56,730	0.66	%	8,489,236		1.45	%
15.	Shutterstock, Inc.	Empire State Building	Apr. 2029	3.1 years	108,937	1.26	%	7,840,724		1.34	%
16.	HNTB Corporation(11)	Empire State Building	Jun. 2027 - Sep. 2034	7.9 years	86,211	1.00	%	7,671,996		1.31	%
17.	Fragomen	1400 Broadway	Feb. 2035	8.9 years	107,680	1.24	%	7,186,662		1.23	%
18.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	3.7 years	86,492	1.00	%	6,669,977		1.14	%
19.	ASCAP	250 West 57th Street	Aug. 2034	8.4 years	87,943	1.02	%	6,277,484		1.07	%
20.	Kohl's	1400 Broadway	May 2029	3.2 years	91,775	1.06	%	5,279,222		0.90	%
	Total				2,924,272	33.78	%	$	233,421,567	39.88	%

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 will be redeveloped.

(2) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.

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

(4) Based on leases signed and commenced as of March 31, 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 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of March 31, 2026.

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

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

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

Page 18


			First 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 and Signed Leases not Commenced (1)


	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
Second quarter 2026	248,793	$	17,028	$	11,014	$	16,899	$	16,677	$	16,629	$	16,629
Third quarter 2026	179,932	11,974		5,446		11,974		11,923		11,821		11,821
Fourth quarter 2026	233,787	15,862		1,802		15,862		15,862		15,862		15,862
First quarter 2027	70,655	5,602		—		4,866		5,602		5,602		5,602
Second quarter 2027	51,726	2,951		—		2,224		2,951		2,951		2,978
Third quarter 2027	204,116	16,873		—		6,380		16,873		16,873		16,873
Fourth quarter 2027	45,512	3,985		—		655		3,985		3,985		3,985
First quarter 2028	9,030	677		—		—		568		677		677
Second quarter 2028	99,613	3,109		—		—		2,141		3,109		3,109


	1,143,164	$	78,061	$	18,262	$	58,860	$	76,582	$	77,509	$	77,536


	Initial Annual		Incremental Annual		Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
1Q 2026	Cash Rent		Cash Rent		2026		2027		2028		2029		2030
Commenced leases in free rent period	$	45,969	$	43,849	$	17,534	$	43,027	$	43,338	$	43,298	$	43,298
Signed leases not commenced	39,474		34,212		728		15,833		33,244		34,211		34,238
	$	85,443	$	78,061	$	18,262	$	58,860	$	76,582	$	77,509	$	77,536


	Three Months Ended
Capital expenditures	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Tenant improvements - first generation	$	138	$	—	$	29	$	39	$	174
Tenant improvements - second generation	13,159		21,406		15,979		36,890		39,304
Leasing commissions - first generation	—		1,387		—		—		—
Leasing commissions - second generation	3,722		8,730		3,144		7,605		7,629
Building improvements - first generation	2,507		2,556		1,094		236		—
Building improvements - second generation	4,765		4,704		5,571		7,868		5,770
Non-recurring capital improvements	3,102		8,499		14,495		8,934		2,910
Total	$	27,393	$	47,282	$	40,312	$	61,572	$	55,787

Notes:

(1) Reflects contractual cash rent assumptions based on in-place leases and do 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


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


	Twelve Months to Date		Three Months Ended
Observatory NOI			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Observatory revenue (1)	$	123,678	$	18,510		$	35,232		$	36,037		$	33,899		$	23,161
Observatory expenses	37,987		7,868			10,787			9,510			9,822			8,118
NOI	85,691		10,642			24,445			26,527			24,077			15,043
Intercompany rent expense (2)	73,967		12,821			20,295			20,185			20,666			15,160
NOI after intercompany rent	$	11,724	$	(2,179)		$	4,150		$	6,342		$	3,411		$	(117)

Observatory Metrics
Number of visitors (3)			350,000			618,000			648,000			629,000			428,000
Change in visitors year-over-year			(18.2)		%	(13.9)		%	(10.9)		%	(2.9)		%	(11.8)		%
Number of bad weather days ("BWD") (4)			15			15			6			21			13

Notes:

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

(2) The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.

(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Page 20


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


	March 31, 2026
			Weighted Average
Debt Summary	Balance		Interest Rate (1)		Maturity (Years)
Mortgage debt	$	631,550	3.84	%	5.9
Senior unsecured notes	1,275,000		4.86	%	4.5
Unsecured term loan facilities (2)	340,000		4.54	%	4.3
Unsecured revolving credit facility (3)	50,000		4.91	%	2.9
Total fixed rate debt	2,296,550		4.53	%	4.8

Unsecured term loan facilities (4)	—		—		—
Unsecured revolving credit facility (3)	40,000		5.14	%	2.9
Total variable rate debt	40,000		5.14	%	2.9

Total debt	2,336,550		4.54	%	4.8
Deferred financing costs, net	(12,070)
Debt discount	(5,207)
Total	$	2,319,273


Available Capacity	Facility		Outstanding at March 31, 2026		Letters of Credit		Available Capacity
Unsecured revolving credit facility (5)	$	620,000	$	90,000	$	—	$	530,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (6)

< 60%

36.3

Yes

Maximum Secured Leverage (7)

< 40%

10.1

Yes

Minimum Fixed Charge Coverage

> 1.50x

2.8x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

3.8x

Yes

Maximum Unsecured Leverage (8)

< 60%

35.0

Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, including the effect of applicable treasury locks, the rates which are fixed under variable to fixed interest rate swap agreements, 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 March 31, 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


			First 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	%	32,860		1/5/2028	30 years
250 West 57th Street	2.83	%	180,000		12/1/2030	Interest only
1333 Broadway	4.21	%	160,000		2/5/2033	Interest only
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%		5,496		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%		11,594		11/1/2033	30 years
Total fixed rate mortgage debt			631,550

Unsecured revolving credit facility	SOFR plus 1.40%		90,000		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:
Series B	4.09	%	125,000		3/27/2027	Interest only
Series D	4.08	%	115,000		1/22/2028	Interest only
Series I	7.20	%	155,000		6/17/2029	Interest only
Series E	4.26	%	160,000		3/22/2030	Interest only
Series C	4.18	%	125,000		3/27/2030	Interest only
Series L	5.47	%	175,000		1/7/2031	Interest only
Series J	7.32	%	45,000		6/17/2031	Interest only
Series G	3.61	%	100,000		3/17/2032	Interest only
Series F	4.44	%	175,000		3/22/2033	Interest only
Series K	7.41	%	25,000		6/17/2034	Interest only
Series H	3.73	%	75,000		3/17/2035	Interest only
Total / weighted average debt	4.54	%	2,336,550
Deferred financing costs, net			(12,070)
Debt discount			(5,207)
Total			$	2,319,273

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


			First Quarter 2026
			Debt Maturities and Ground Lease Commitments
			(unaudited and dollars in thousands)


Year	Maturities (1)		Amortization		Total		Percentage of Total Debt		Weighted Average Interest Rate of Maturing Debt
2026	$	—	$	2,997	$	2,997	0.1	%	—	%
2027	155,000		4,276		159,276		6.8	%	4.13	%
2028	146,091		3,555		149,646		6.4	%	4.06	%
2029	340,000		3,890		343,890		14.7	%	6.01	%
2030	508,600		4,511		513,111		22.0	%	3.71	%
2031	465,000		3,283		468,283		20.0	%	5.06	%
2032	100,000		3,591		103,591		4.4	%	3.61	%
2033	439,007		3,249		442,256		19.0	%	4.23	%
2034	25,000		—		25,000		1.1	%	7.41	%
2035	75,000		—		75,000		3.2	%	3.73	%
2036	53,500		—		53,500		2.3	%	5.33	%

Total debt	$	2,307,198	$	29,352	2,336,550		100.0	%	4.54	%
Deferred financing costs, net					(12,070)
Debt discount					(5,207)
Total					$	2,319,273


Ground Lease Commitments (2)
Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2026	$	70	$	506	$	551	$	1,127
2027	72		675		735		1,482
2028	72		675		735		1,482
2029	72		675		735		1,482
2030	72		675		735		1,482
Thereafter	1,410		22,275		34,116		57,801
	$	1,768	$	25,481	$	37,607	$	64,856

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 three ground lease commitments.

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

(4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years.

(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years.

Page 23

Source: View Original Filing on SEC EDGAR

FAQ

How did Empire State Realty Trust (ESRT) perform in Q1 2026?

Empire State Realty Trust reported Q1 2026 net income of $2.995 million, or $0.01 per fully diluted share, and Core FFO of $0.20 per diluted share. Total revenues were $190.3 million, supported by stronger rental revenue and higher same-store cash NOI.

What were ESRT’s key property operating metrics in Q1 2026?

At March 31, 2026, ESRT’s total commercial portfolio was 93.2% leased and 88.2% occupied. Same-store property cash NOI excluding lease termination fees increased 5.5% year-over-year, or 1.3% after adjusting for non-recurring items, reflecting higher base rent and tenant reimbursements.

How did the Empire State Building Observatory business perform in Q1 2026?

The Empire State Building Observatory generated $10.6 million of NOI in Q1 2026, with about 350,000 visitors. Observatory NOI declined roughly $3.5 million year-over-year, and visitors fell 18.2%, though 2026 full-year Observatory NOI is guided to $87–$92 million.

What acquisitions or dispositions did ESRT complete around Q1 2026?

In Q1 2026, ESRT acquired a newly constructed, prime retail asset at 41-55 North 6th Street in Williamsburg for $46 million. This purchase and its 2025 North 6th Street acquisition redeployed proceeds from the December 2025 sale of Metro Center, its last suburban commercial asset.

What is ESRT’s leverage and liquidity position after Q1 2026?

As of March 31, 2026, ESRT had $0.6 billion of liquidity, including $69 million of cash and $530 million available under its revolver. Total debt was about $2.3 billion, with net debt to adjusted EBITDA at 6.3x, and no unaddressed maturities until January 2028.

What guidance did Empire State Realty Trust provide for 2026?

For 2026, ESRT maintained Core FFO guidance of $0.85 to $0.89 per fully diluted share and net income per share of $0.19 to $0.23. Guidance assumes temporary downtime from the FDIC expiration, same-store property cash NOI growth between -1.5% and +2.0%, and Observatory NOI of $87–$92 million.

What dividend did ESRT pay for the first quarter of 2026?

For Q1 2026, Empire State Realty Trust paid a quarterly dividend of $0.035 per share or unit on its common stock and operating partnership units. It also paid preferred quarterly distributions of $0.15 and $0.175 per unit on its 2014 and 2019 private perpetual preferred units, respectively.

Filing Exhibits & Attachments

6 documents

Empire State Realty Trust (NYSE: ESRT) Q1 2026 results and 2026 outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Empire State Realty Trust (ESRT) perform in Q1 2026?

What were ESRT’s key property operating metrics in Q1 2026?

How did the Empire State Building Observatory business perform in Q1 2026?

What acquisitions or dispositions did ESRT complete around Q1 2026?

What is ESRT’s leverage and liquidity position after Q1 2026?

What guidance did Empire State Realty Trust provide for 2026?

What dividend did ESRT pay for the first quarter of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Empire State Realty Trust (NYSE: ESRT) Q1 2026 results and 2026 outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and earnings analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Empire State Realty Trust (ESRT) perform in Q1 2026?

What were ESRT’s key property operating metrics in Q1 2026?

How did the Empire State Building Observatory business perform in Q1 2026?

What acquisitions or dispositions did ESRT complete around Q1 2026?

What is ESRT’s leverage and liquidity position after Q1 2026?

What guidance did Empire State Realty Trust provide for 2026?

What dividend did ESRT pay for the first quarter of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents