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			Third Quarter 2025

Table of Content			Page
Summary
Supplemental Definitions			3
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
FFO, Modified FFO, Core FFO, FAD and EBITDA			8
Highlights			9
Selected Property Data
Property Summary Net Operating Income			10
Same Store Net Operating Income			11
Leasing Activity			12
Commercial Property Detail			14
Portfolio Expirations and Vacates Summary			15
Tenant Lease Expirations			16
Largest Tenants and Portfolio Tenant Diversification by Industry			18
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program			19
Observatory Summary			20
Financial information
Consolidated Debt Analysis
Debt Summary			21
Debt Detail			22
Debt Maturities			23
Ground Leases			23

Forward-looking Statements

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

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

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

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

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			Third Quarter 2025
			Supplemental Definitions

Funds From Operations

We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.

Core Funds From Operations

Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

Core Funds Available for Distribution

In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.

Net Operating Income and Property Cash NOI

Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end

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			Third Quarter 2025
			Supplemental Definitions

of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2025, Same Store excludes the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.

Net Debt to Adjusted EBITDA

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

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			Third Quarter 2025

COMPANY PROFILE

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.

BROAD OF DIRECTORS
Anthony E. Malkin			Chairman and Chief Executive Officer
Steven J. Gilbert			Director, Lead Independent Director, Chair of the Compensation Committee
S. Michael Giliberto			Director, Chair of the Audit Committee
Patricia S. Han			Director
Grant H. Hill			Director
R. Paige Hood			Director, Chair of the Finance Committee
George L. W. Malkin			Director
James D. Robinson IV			Director, Chair of the Nominating and Corporate Governance Committee
Christina Van Tassell			Director
Hannah Yang			Director

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

COMPANY INFORMATION
Corporate Headquarters			Investor Relations			New York Stock Exchange
111 West 33rd Street, 12th Floor			IR@esrtreit.com			Trading Symbol: ESRT
New York, NY 10120
www.esrtreit.com
(212) 687-8700

RESEARCH COVERAGE
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

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

Assets			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Commercial real estate properties, at cost			$	3,940,755					$	3,903,950					$	3,825,422					$	3,786,653					$	3,667,687
Less: accumulated depreciation			(1,381,726)						(1,341,144)						(1,306,924)						(1,274,193)						(1,241,454)
Commercial real estate properties, net			2,559,029						2,562,806						2,518,498						2,512,460						2,426,233
Contract asset(1)			—						—						—						170,419						168,687
Cash and cash equivalents			154,113						94,643						187,823						385,465						421,896
Restricted cash			43,642						42,084						49,589						43,837						48,023
Tenant and other receivables			27,416						28,124						29,071						31,427						34,068
Deferred rent receivables			259,070						255,272						252,299						247,754						244,448
Prepaid expenses and other assets			58,679						85,083						64,233						101,852						81,758
Deferred costs, net			177,307						181,694						181,802						183,987						176,720
Acquired below-market ground leases, net			307,537						309,495						311,452						313,410						315,368
Right of use assets			28,007						28,070						28,134						28,197						28,257
Goodwill			491,479						491,479						491,479						491,479						491,479
Total assets			$	4,106,279					$	4,078,750					$	4,114,380					$	4,510,287					$	4,436,937
Liabilities and Equity
Mortgage notes payable, net			$	691,046					$	691,440					$	691,816					$	692,176					$	692,989
Senior unsecured notes, net			1,097,498						1,097,355						1,097,212						1,197,061						1,196,911
Unsecured term loan facility, net			268,959						268,883						268,807						268,731						268,655
Unsecured revolving credit facility			—						—						—						120,000						120,000
Debt associated with property in receivership			—						—						—						177,667						177,667
Accrued interest associated with property in receivership			—						—						—						5,433						3,511
Accounts payable and accrued expenses			111,732						104,315						135,298						132,016						81,443
Acquired below-market leases, net			15,875						17,081						18,306						19,497						14,702
Ground lease liabilities			28,007						28,070						28,134						28,197						28,257
Deferred revenue and other liabilities			64,191						55,343						61,888						62,639						70,766
Tenants' security deposits			30,751						27,015						27,044						24,908						24,715
Total liabilities			2,308,059						2,289,502						2,328,505						2,728,325						2,679,616
Total equity			1,798,220						1,789,248						1,785,875						1,781,962						1,757,321
Total liabilities and equity			$	4,106,279					$	4,078,750					$	4,114,380					$	4,510,287					$	4,436,937

Note:

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

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

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Revenues
Rental revenue (1)			$	158,410					$	153,540					$	154,542					$	155,127					$	153,117
Observatory revenue			36,037						33,899						23,161						38,275						39,382
Lease termination fees			—						464						—						—						4,771
Third-party management and other fees			404						408						431						258						271
Other revenue and fees			2,879						2,939						1,932						3,942						2,058
Total revenues			197,730						191,250						180,066						197,602						199,599
Operating expenses
Property operating expenses			46,957						44,880						45,060						46,645						45,954
Ground rent expenses			2,331						2,332						2,331						2,332						2,331
General and administrative expenses			18,743						18,685						16,940						17,870						18,372
Observatory expenses			9,510						9,822						8,118						9,730						9,715
Real estate taxes			33,241						32,607						33,050						32,720						31,982
Depreciation and amortization			47,615						47,802						48,779						45,365						45,899
Total operating expenses			158,397						156,128						154,278						154,662						154,253
Total operating income			39,333						35,122						25,788						42,940						45,346
Other income (expense)
Interest income			1,146						1,867						3,786						5,068						6,960
Interest expense			(25,189)						(25,126)						(26,938)						(27,380)						(27,408)
Interest expense associated with property in receivership			—						—						(647)						(1,921)						(1,922)
Gain on disposition of property			—						—						13,170						1,237						1,262
Income before income taxes			15,290						11,863						15,159						19,944						24,238
Income tax (expense) benefit			(1,645)						(478)						619						(1,151)						(1,442)
Net income			13,645						11,385						15,778						18,793						22,796
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership			(4,610)						(3,815)						(5,508)						(6,575)						(8,205)
Private perpetual preferred unit distributions			(1,050)						(1,051)						(1,050)						(1,050)						(1,050)
Net income attributable to common stockholders			$	7,985					$	6,519					$	9,220					$	11,168					$	13,541
Weighted average common shares outstanding
Basic			169,250						168,368						167,181						166,671						164,880
Diluted			270,357						269,951						269,529						270,251						269,613
Earnings per share attributable to common stockholders
Basic			$	0.05					$	0.04					$	0.06					$	0.07					$	0.08
Diluted			$	0.05					$	0.04					$	0.05					$	0.07					$	0.08
Dividends per share			$	0.035					$	0.035					$	0.035					$	0.035					$	0.035

Note:

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

			Three Months Ended
Rental Revenue			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Base rent			$	136,371					$	133,987					$	136,096					$	135,629					$	132,492
Billed tenant expense reimbursement			22,039						19,553						18,446						19,498						20,625
Total rental revenue			$	158,410					$	153,540					$	154,542					$	155,127					$	153,117

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

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

			Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Net Income			$	13,645					$	11,385					$	15,778					$	18,793					$	22,796
Preferred unit distributions			(1,050)						(1,051)						(1,050)						(1,050)						(1,050)
Real estate depreciation and amortization			46,741						46,921						47,871						44,386						44,871
Gain on disposition of property			—						—						(13,170)						(1,237)						(1,262)
FFO attributable to common stockholders and the Operating Partnership			59,336						57,255						49,429						60,892						65,355
Amortization of below-market ground lease			1,957						1,958						1,958						1,958						1,958
Modified FFO attributable to common stockholders and the Operating Partnership			61,293						59,213						51,387						62,850						67,313
Interest expense associated with property in receivership			—						—						647						1,921						1,922
Core FFO attributable to common stockholders and the Operating Partnership			$	61,293					$	59,213					$	52,034					$	64,771					$	69,235
Total weighted average shares and Operating Partnership units
Basic			266,963						266,899						267,073						264,798						264,787
Diluted			270,357						269,951						269,529						270,251						269,613
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.22					$	0.21					$	0.19					$	0.23					$	0.25
Diluted			$	0.22					$	0.21					$	0.18					$	0.23					$	0.24
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.23					$	0.22					$	0.19					$	0.24					$	0.25
Diluted			$	0.23					$	0.22					$	0.19					$	0.23					$	0.25
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.23					$	0.22					$	0.19					$	0.24					$	0.26
Diluted			$	0.23					$	0.22					$	0.19					$	0.24					$	0.26

Reconciliation of Core FFO to Core FAD
Core FFO			$	61,293					$	59,213					$	52,034					$	64,771					$	69,235
Add:
Amortization of deferred financing costs			1,082						1,080						1,094						1,099						1,110
Non-real estate depreciation and amortization			874						880						908						979						1,029
Amortization of non-cash compensation expense			6,484						6,900						4,980						6,107						5,752
Amortization of loss on interest rate derivative			1,385						1,386						1,386						1,386						1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments			(5,832)						(4,913)						(6,407)						(5,044)						(3,082)
Corporate capital expenditures			(218)						(234)						(83)						(226)						(121)
Tenant improvements - second generation			(15,979)						(36,890)						(39,304)						(45,969)						(17,149)
Building improvements - second generation			(5,571)						(7,868)						(5,770)						(9,377)						(7,838)
Leasing commissions - second generation			(3,144)						(7,605)						(7,629)						(10,769)						(3,753)
Core FAD			$	40,374					$	11,949					$	1,209					$	2,957					$	46,569

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income			$	13,645					$	11,385					$	15,778					$	18,793					$	22,796
Interest expense			25,189						25,126						26,938						27,380						27,408
Interest expense associated with property in receivership			—						—						647						1,921						1,922
Income tax expense (benefit)			1,645						478						(619)						1,151						1,442
Depreciation and amortization			47,615						47,802						48,779						45,365						45,899
EBITDA			88,094						84,791						91,523						94,610						99,467
Gain on disposition of property			—						—						(13,170)						(1,237)						(1,262)
Adjusted EBITDA			$	88,094					$	84,791					$	78,353					$	93,373					$	98,205

Page 8

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

			Three Months Ended
Office and Retail Metrics:			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Total rentable square footage(1)			8,603,750						8,611,559						8,617,292						8,616,284						8,592,481
Percent occupied (1)(2)			90.0		%				89.2		%				87.9		%				88.6		%				89.1		%
Percent leased (1)(3)			92.6		%				93.1		%				92.5		%				93.5		%				93.4		%
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Manhattan office portfolio			$	64,715					$	63,589					$	61,548					$	64,110					$	65,069
Greater New York office portfolio			1,244						1,393						1,584						1,769						1,651
Retail portfolio			2,171						2,298						2,433						2,472						2,431
Total Same Store Property Cash NOI			$	68,130					$	67,280					$	65,565					$	68,351					$	69,151
Multifamily Metrics:
Multifamily Cash NOI			$	5,284					$	5,173					$	4,643					$	4,168					$	4,506
Total number of units			743						743						732						732						732
Percent occupied			98.6		%				98.6		%				99.0		%				98.5		%				96.8		%
Observatory Metrics:
Observatory NOI			$	26,527					$	24,077					$	15,043					$	28,545					$	29,667
Number of visitors (4)			648,000						629,000						428,000						718,000						727,000
Change in visitors year-over-year			(10.9)		%				(2.9)		%				(11.8)		%				1.0		%				(2.2)		%
Ratios:
Debt to Total Market Capitalization (5)			48.2		%				46.9		%				47.8		%				44.0		%				42.3		%
Net Debt to Total Market Capitalization (5)			46.3		%				45.8		%				45.4		%				39.5		%				37.5		%
Debt and Perpetual Preferred Units to      Total Market Capitalization (5)			50.3		%				49.0		%				49.8		%				45.7		%				44.0		%
Net Debt and Perpetual Preferred Units to      Total Market Capitalization (5)			48.5		%				47.8		%				47.5		%				41.4		%				39.3		%
Debt to Adjusted EBITDA (6)			6.0x						5.8x						5.8x						6.4x						6.4x
Net Debt to Adjusted EBITDA (6)			5.6x						5.6x						5.2x						5.3x						5.2x
Core FFO Payout Ratio (7)			16		%				16		%				19		%				15		%				14		%
Core FAD Payout Ratio			24		%				82		%				805		%				324		%				21		%
Core FFO per share - diluted			$	0.23					$	0.22					$	0.19					$	0.24					$	0.26
Diluted weighted average shares			270,357						269,951						269,529						270,251						269,613
Class A common stock price at quarter end			$	7.66					$	8.09					$	7.82					$	10.32					$	11.08
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 (8)			1.8		%				1.7		%				1.8		%				1.4		%				1.3		%
Series 2014 Private Perpetual Preferred Units outstanding     ($16.62 liquidation value)			1,560						1,560						1,560						1,560						1,560
Series 2019 Private Perpetual Preferred Units outstanding     ($13.52 liquidation value)			4,664						4,664						4,664						4,664						4,664
Class A common stock			168,970						168,301						167,094						166,405						165,507
Class B common stock (9)			972						975						976						978						981
Operating partnership units			108,674						109,308						110,662						106,768						107,664
Total common stock and operating partnership units     outstanding (10)			278,616						278,584						278,732						274,151						274,152

Notes:

(1) Rentable square footage, occupied percentage, and leased percentage are updated to exclude approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

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

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

(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 September 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2025, (ii) the number of Series 2014 perpetual preferred units at September 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 30, 2025.

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

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

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

(9) 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.

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

Page 9

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

			Three Months Ended																														Nine Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						September 30, 2025						September 30, 2024
Same Store Portfolio(1)
Revenues			$	148,211					$	143,776					$	143,916					$	146,969					$	145,501					$	435,903					$	426,411
Operating expenses			(77,041)						(74,612)						(74,891)						(76,317)						(75,596)						(226,544)						(215,844)
Same store property NOI			71,170						69,164						69,025						70,652						69,905						209,359						210,567
Straight-line rent			(4,387)						(3,213)						(4,831)						(3,782)						(2,184)						(12,431)						(7,289)
Above/below-market rent revenue amortization			(610)						(629)						(587)						(477)						(528)						(1,826)						(1,658)
Below-market ground lease amortization			1,957						1,958						1,958						1,958						1,958						5,873						5,874
Total same store property cash NOI - excluding lease termination fees			$	68,130					$	67,280					$	65,565					$	68,351					$	69,151					$	200,975					$	207,494
Percent change over prior year			(1.5)		%				(5.9)		%				(1.9)		%				(2.9)		%				5.2		%				(3.1)		%				4.6		%
Total same store property cash NOI - excluding lease termination fees			$	68,130					$	67,280					$	65,565					$	68,351					$	69,151					$	200,975					$	207,494
Lease termination fees			—						464						—						—						4,771						464						4,771
Total same store property cash NOI			$	68,130					$	67,744					$	65,565					$	68,351					$	73,922					$	201,439					$	212,265
Same Store Manhattan Office(1),(2)
Revenues			$	140,613					$	136,543					$	136,408					$	139,380					$	138,060					$	413,564					$	405,159
Operating expenses			(73,102)						(71,336)						(71,598)						(73,062)						(72,287)						(216,036)						(205,933)
Same store property NOI			67,511						65,207						64,810						66,318						65,773						197,528						199,226
Straight-line rent			(4,143)						(2,947)						(4,633)						(3,689)						(2,134)						(11,723)						(7,297)
Above/below-market rent revenue amortization			(610)						(629)						(587)						(477)						(528)						(1,826)						(1,658)
Below-market ground lease amortization			1,957						1,958						1,958						1,958						1,958						5,873						5,874
Total same store property cash NOI - excluding lease termination fees			64,715						63,589						61,548						64,110						65,069						189,852						196,145
Lease termination fees			—						464						—						—						4,771						464						4,771
Total same store property cash NOI			$	64,715					$	64,053					$	61,548					$	64,110					$	69,840					$	190,316					$	200,916
Same Store Greater New York Metropolitan Area Office(1)
Revenues			$	3,516					$	2,985					$	3,154					$	3,213					$	3,060					$	9,655					$	9,223
Operating expenses			(2,214)						(1,551)						(1,606)						(1,572)						(1,612)						(5,371)						(4,862)
Same store property NOI			1,302						1,434						1,548						1,641						1,448						4,284						4,361
Straight-line rent			(58)						(41)						36						128						203						(63)						498
Above/below-market rent revenue amortization			—						—						—						—						—						—						—
Below-market ground lease amortization			—						—						—						—						—						—						—
Total same store property cash NOI - excluding lease termination fees			1,244						1,393						1,584						1,769						1,651						4,221						4,859
Lease termination fees			—						—						—						—						—						—						—
Total same store property cash NOI			$	1,244					$	1,393					$	1,584					$	1,769					$	1,651					$	4,221					$	4,859
Same Store Retail(1)
Revenues			$	4,082					$	4,248					$	4,354					$	4,376					$	4,381					$	12,684					$	12,029
Operating expenses			(1,725)						(1,725)						(1,687)						(1,683)						(1,697)						(5,137)						(5,049)
Same store property NOI			2,357						2,523						2,667						2,693						2,684						7,547						6,980
Straight-line rent			(186)						(225)						(234)						(221)						(253)						(645)						(490)
Above/below-market rent revenue amortization			—						—						—						—						—						—						—
Below-market ground lease amortization			—						—						—						—						—						—						—
Total same store property cash NOI - excluding lease termination fees			2,171						2,298						2,433						2,472						2,431						6,902						6,490
Lease termination fees			—						—						—						—						—						—						—
Total same store property cash NOI			$	2,171					$	2,298					$	2,433					$	2,472					$	2,431					$	6,902					$	6,490

Notes:

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

(2) Includes 475,442 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 10

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

			Three Months Ended																														Nine Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						September 30, 2025						September 30, 2024
Net income			$	13,645					$	11,385					$	15,778					$	18,793					$	22,796					$	40,808					$	61,566
Add:
General and administrative expenses			18,743						18,685						16,940						17,870						18,372						54,368						52,364
Depreciation and amortization			47,615						47,802						48,779						45,365						45,899						144,196						139,453
Interest expense			25,189						25,126						26,938						27,380						27,408						77,253						77,859
Interest expense associated with property in receivership			—						—						647						1,921						1,922						647						2,550
Loss on early extinguishment of debt			—						—						—						—						—						—						553
Income tax expense (benefit)			1,645						478						(619)						1,151						1,442						1,504						1,537
Less:
Gain on disposition of property			—						—						(13,170)						(1,237)						(1,262)						(13,170)						(12,065)
Third-party management and other fees			(404)						(408)						(431)						(258)						(271)						(1,243)						(912)
Interest income			(1,146)						(1,867)						(3,786)						(5,068)						(6,960)						(6,799)						(16,230)
Net operating income			105,287						101,201						91,076						105,917						109,346						297,564						306,675
Straight-line rent			(4,688)						(3,748)						(5,283)						(4,045)						(2,277)						(13,719)						(7,238)
Above/below-market rent revenue amortization			(821)						(840)						(798)						(674)						(476)						(2,459)						(1,503)
Below-market ground lease amortization			1,957						1,958						1,958						1,958						1,958						5,873						5,874
Total cash NOI - including Observatory and lease termination fees			101,735						98,571						86,953						103,156						108,551						287,259						303,808
Less: Observatory NOI			(26,527)						(24,077)						(15,043)						(28,545)						(29,667)						(65,647)						(70,998)
Less: cash NOI from non-Same Store properties			(7,078)						(6,750)						(6,345)						(6,260)						(4,962)						(20,173)						(20,545)
Total Same Store property cash NOI - including lease termination fees			68,130						67,744						65,565						68,351						73,922						201,439						212,265
Less: Lease termination fees			—						(464)						—						—						(4,771)						(464)						(4,771)
Total Same Store property cash NOI - excluding Observatory and lease termination fees			$	68,130					$	67,280					$	65,565					$	68,351					$	69,151					$	200,975					$	207,494
Multifamily NOI
Revenues			$	10,080					$	9,846					$	9,646					$	9,322					$	9,140					$	29,572					$	26,773
Operating expenses			(4,786)						(4,665)						(4,993)						(5,145)						(4,623)						(14,444)						(13,410)
NOI			5,294						5,181						4,653						4,177						4,517						15,128						13,363
Straight-line rent			(68)						(67)						(67)						(67)						(69)						(202)						(280)
Above/below-market rent revenue amortization			58						59						57						58						58						174						173
Cash NOI			$	5,284					$	5,173					$	4,643					$	4,168					$	4,506					$	15,100					$	13,256

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

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Total Office and Retail Portfolio(1)
Total leases executed			16						22						20						20						31
Weighted average lease term			8.1 years						9.9 years						8.4 years						8.0 years						7.0 years
Average free rent period			6.0 months						7.6 months						7.8 months						5.7 months						5.2 months
Office
Total square footage executed			71,859						221,776						229,367						378,913						291,418
Average starting cash rent psf - leases executed			$	69.97					$	71.21					$	66.43					$	78.40					$	70.11
Previously escalated cash rents psf			$	67.33					$	63.50					$	60.63					$	71.03					$	68.34
Percentage of new cash rent over previously escalated rents			3.9		%				12.1		%				9.6		%				10.4		%				2.6		%
Retail
Total square footage executed			16,021						10,332						1,181						—						12,792
Average starting cash rent psf - leases executed			$	128.33					$	268.92					$	193.00					$	—					$	203.88
Previously escalated cash rents psf			$	145.48					$	316.28					$	183.74					$	—					$	332.35
Percentage of new cash rent over previously escalated rents			(11.8)		%				(15.0)		%				5.0		%				—						(38.7)		%
Total Office and Retail Portfolio
Total square footage executed			87,880						232,108						230,548						378,913						304,210
Average starting cash rent psf - leases executed			$	80.61					$	80.01					$	67.08					$	78.40					$	75.74
Previously escalated cash rents psf			$	81.57					$	74.75					$	61.27					$	71.03					$	79.44
Percentage of new cash rent over previously escalated rents			(1.2)		%				7.0		%				9.5		%				10.4		%				(4.7)		%
Leasing commission costs per square foot			$	33.24					$	31.62					$	22.39					$	21.73					$	19.67
Tenant improvement costs per square foot			59.60						86.85						47.92						49.46						42.90
Total LC and TI per square foot(2)			$	92.84					$	118.47					$	70.31					$	71.19					$	62.57
Total LC and TI per square foot per year of weighted average lease term			$	11.48					$	11.93					$	8.34					$	8.89					$	8.94
Occupancy(3),(4)			90.0		%				89.2		%				87.9		%				88.6		%				89.1		%

Manhattan Office Portfolio
Total leases executed			14						18						18						18						25
Office - New Leases
Total square footage executed			26,430						202,499						43,184						184,258						130,688
Average starting cash rent psf - leases executed			$	68.56					$	72.28					$	69.13					$	71.07					$	66.07
Previously escalated cash rents psf			$	67.69					$	63.11					$	66.77					$	59.54					$	63.21
Percentage of new cash rent over previously escalated rents			1.3		%				14.5		%				3.5		%				19.4		%				4.5		%
Office - Renewal Leases(1)
Current Renewals			30,907						19,277						177,328						10,178						53,622
Early Renewals			14,522						—						—						172,286						105,019
Total square footage executed			45,429						19,277						177,328						182,464						158,641
Average starting cash rent psf - leases executed			$	70.80					$	59.97					$	66.62					$	86.98					$	73.11
Previously escalated cash rents psf			$	67.11					$	67.51					$	59.35					$	83.14					$	72.24
Percentage of new cash rent over previously escalated rents			5.5		%				(11.2)		%				12.3		%				4.6		%				1.2		%
Total Manhattan Office Portfolio
Total square footage executed			71,859						221,776						220,512						366,722						289,329
Average starting cash rent psf - leases executed			$	69.97					$	71.21					$	67.11					$	78.99					$	69.93
Previously escalated cash rents psf			$	67.33					$	63.50					$	60.80					$	71.28					$	68.16
Percentage of new cash rent over previously escalated rents			3.9		%				12.1		%				10.4		%				10.8		%				2.6		%
Leasing commission costs per square foot			$	20.16					$	28.97					$	22.47					$	21.85					$	17.40
Tenant improvement costs per square foot			47.79						89.60						49.50						47.96						42.82
Total LC and TI per square foot(2)			$	67.95					$	118.57					$	71.97					$	69.81					$	60.22
Total LC and TI per square foot per year of weighted average lease term			$	10.76					$	11.79					$	8.41					$	8.66					$	8.67
Occupancy(3)			90.3		%				89.5		%				88.1		%				89.0		%				89.6		%

(Table continued on next page)

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

			Three Months Ended
			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Retail Portfolio
Total leases executed			2						4						1						—						5
Total square footage executed			16,021						10,332						1,181						—						12,792
Average starting cash rent psf - leases executed			$	128.33					$	268.92					$	193.00					$	—					$	203.88
Previously escalated cash rents psf			$	145.48					$	316.28					$	183.74					$	—					$	332.35
Percentage of new cash rent over previously escalated rents			(11.8)		%				(15.0)		%				5.0		%				—						(38.7)		%
Leasing commission costs per square foot			$	91.92					$	88.59					$	63.04					$	—					$	74.25
Tenant improvement costs per square foot			112.59						27.88						—						—						51.72
Total LC and TI per square foot(2)			$	204.51					$	116.47					$	63.04					$	—					$	125.97
Total LC and TI per square foot per year of weighted average lease term			$	12.74					$	16.15					$	6.25					$	—					$	14.73
Occupancy(3),(4)			92.8		%				91.7		%				91.2		%				90.4		%				91.1		%

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

Notes:

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

(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.

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

(4) 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.

Page 13

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			Third Quarter 2025
			Commercial Property Detail
			(unaudited)

Property Name			Location or Sub-Market						Rentable Square Feet (1)						Percent Occupied (2),(3)						Percent Leased (3),(4)						Annualized Rent (5)						Annualized Rent per Occupied Square Foot (6)						Number of Leases (7)
Office - Manhattan
The Empire State Building			Penn Station -Times Sq. South						2,711,335						91.3		%				95.9		%				$	169,632,539					$	69.15					144
One Grand Central Place			Grand Central						1,224,687						87.2		%				93.7		%				68,290,259						64.18						124
1400 Broadway (8)			Penn Station -Times Sq. South						917,281						94.5		%				94.5		%				54,992,292						63.50						18
111 West 33rd Street (9)			Penn Station -Times Sq. South						639,595						94.3		%				94.3		%				42,729,471						70.87						22
250 West 57th Street			Columbus Circle - West Side						476,831						82.9		%				82.9		%				28,114,437						71.24						29
1359 Broadway			Penn Station -Times Sq. South						456,634						86.0		%				86.0		%				23,469,839						59.79						28
501 Seventh Avenue			Penn Station -Times Sq. South						455,432						89.2		%				89.2		%				22,538,410						55.52						15
1350 Broadway (10)			Penn Station -Times Sq. South						384,128						93.6		%				95.4		%				22,757,995						63.53						48
1333 Broadway			Penn Station -Times Sq. South						297,126						89.8		%				89.8		%				15,462,025						57.97						11
Office - Manhattan									7,563,049						90.3		%				93.1		%				447,987,267						65.84						439
Office - Greater New York Metropolitan Area
Metro Center			Stamford, CT						282,176						72.3		%				72.3		%				11,903,524						58.36						20
Office - Greater New York Metropolitan Area									282,176						72.3		%				72.3		%				11,903,524						58.36						20
Total/Weighted Average Office Properties									7,845,225						89.7		%				92.4		%				459,890,791						65.62						459
Retail Properties
112 West 34th Street (9)			Penn Station -Times Sq. South						93,057						100.0		%				100.0		%				25,256,270						271.41						4
The Empire State Building			Penn Station -Times Sq. South						88,143						79.0		%				79.0		%				8,064,475						115.80						12
North Sixth Street Collection (11)			Williamsburg - Brooklyn						87,355						91.2		%				91.2		%				11,300,830						141.82						16
One Grand Central Place			Grand Central						70,810						79.6		%				100.0		%				6,916,328						122.67						11
1333 Broadway			Penn Station -Times Sq. South						67,001						100.0		%				100.0		%				10,305,521						153.81						4
250 West 57th Street			Columbus Circle - West Side						63,443						93.2		%				93.2		%				8,608,308						145.65						6
1542 Third Avenue			Upper East Side						58,161						100.0		%				100.0		%				3,093,298						53.19						4
10 Union Square			Union Square						58,049						88.2		%				88.2		%				7,962,960						155.51						8
1359 Broadway			Penn Station -Times Sq. South						29,247						99.4		%				99.4		%				2,250,533						77.39						5
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		%				1,592,710						65.48						8
77 West 55th Street			Midtown						25,388						100.0		%				100.0		%				2,112,538						83.21						3
1350 Broadway (10)			Penn Station -Times Sq. South						19,511						100.0		%				100.0		%				4,140,068						212.19						6
1400 Broadway (8)			Penn Station -Times Sq. South						17,017						100.0		%				100.0		%				2,078,326						122.13						7
561 10th Avenue			Hudson Yards						11,822						100.0		%				100.0		%				1,626,620						137.59						2
298 Mulberry Street			NoHo						10,365						100.0		%				100.0		%				1,986,316						191.64						1
345 East 94th Street			Upper East Side						3,700						100.0		%				100.0		%				261,359						70.64						1
Total/Weighted Average Retail Properties									758,525						92.8		%				94.7		%				100,634,243						143.01						99
Portfolio Total									8,603,750						90.0		%				92.6		%				$	560,525,034					$	72.68					558

Notes:

(1) Excludes (i) 201,165 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 September 30, 2025.

(3) Percent occupied and percent leased exclude 110,918 rentable square feet of broadcasting and storage space.

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

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

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

(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

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

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

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

(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

Page 14

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

			Actual						Forecast (1)																														Forecast (1)
			Three Months Ended
Total Office and Retail Portfolio (2)			September 30, 2025						December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026						December 31, 2026						Full Year 2026
Total expirations			59,360						186,516						143,591						32,122						109,224						227,041						511,978
Less: broadcasting			(511)						(906)						—						—						(511)						—						(511)
Office and retail expirations			58,849						185,610						143,591						32,122						108,713						227,041						511,467
Renewals & relocations (3)			15,615						13,046						50,806						3,859						42,024						12,539						109,228
New leases (4)			—						133,458						11,455						—						—						16,321						27,776
Vacates (5)			43,234						38,753						73,588						28,263						52,868						133,066						287,785
Unknown (6)			—						353						7,742						—						13,821						65,115						86,678
Total Office and Retail Portfolio expirations and vacates			58,849						185,610						143,591						32,122						108,713						227,041						511,467
Manhattan Office Portfolio
Total expirations			54,281						185,049						138,153						32,122						74,305						176,993						421,573
Less: broadcasting			(511)						(906)						—						—						(511)						—						(511)
Office and retail expirations			53,770						184,143						138,153						32,122						73,794						176,993						421,062
Renewals & relocations (3)			15,615						13,046						50,806						3,859						41,533						10,868						107,066
New leases (4)			—						133,458						11,455						—						—						16,321						27,776
Vacates (5)			38,155						37,639						68,150						28,263						18,440						133,066						247,919
Unknown (6)			—						—						7,742						—						13,821						16,738						38,301
Total expirations and vacates			53,770						184,143						138,153						32,122						73,794						176,993						421,062
Greater New York Metropolitan Area Office Portfolio
Office expirations			5,079						—						—						—						23,268						—						23,268
Renewals & relocations (3)			—						—						—						—						—						—						—
New leases (4)			—						—						—						—						—						—						—
Vacates (5)			5,079						—						—						—						23,268						—						23,268
Unknown (6)			—						—						—						—						—						—						—
Total expirations and vacates			5,079						—						—						—						23,268						—						23,268
Retail Portfolio
Office expirations			—						1,467						5,438						—						11,651						50,048						67,137
Renewals & relocations (3)			—						—						—						—						491						1,671						2,162
New leases (4)			—						—						—						—						—						—						—
Vacates (5)			—						1,114						5,438						—						11,160						—						16,598
Unknown (6)			—						353						—						—						—						48,377						48,377
Total expirations and vacates			—						1,467						5,438						—						11,651						50,048						67,137

Notes:

(1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.

(2) Any lease on month to month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.

(3) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2025 and 2026; and tenants who move within a building or within the Company's portfolio.

(4) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.

(5) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.

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

Page 15

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			Third Quarter 2025
			Tenant Lease Expirations
			(unaudited)

Total Office and Retail Lease Expirations			Number of Leases Expiring(1)						Rentable Square Feet Expiring(2)						Percent of Portfolio Rentable Square Feet Expiring						Annualized Rent(3)						Percent of Annualized Rent						Annualized Rent Per Rentable Square Foot
Available			—						670,147						7.8		%				$	—					—		%				$	—
Signed leases not commenced			15						221,593						2.6		%				—						—		%				—
3Q 2025(4)			5						19,423						0.2		%				1,239,070						0.2		%				63.79
4Q 2025			15						185,590						2.2		%				12,120,435						2.2		%				65.31
Total 2025			20						205,013						2.4		%				13,359,505						2.4		%				65.16
1Q 2026			14						143,591						1.7		%				8,918,368						1.6		%				62.11
2Q 2026			7						32,122						0.4		%				1,993,327						0.4		%				62.05
3Q 2026			19						109,224						1.3		%				6,805,024						1.2		%				62.30
4Q 2026			21						227,041						2.6		%				12,175,916						2.2		%				53.63
Total 2026			61						511,978						6.0		%				29,892,635						5.4		%				58.39
2027			87						707,766						8.2		%				47,950,004						8.6		%				67.75
2028			62						868,524						10.1		%				52,901,567						9.4		%				60.91
2029			67						790,106						9.2		%				68,389,913						12.2		%				86.56
2030			61						786,711						9.1		%				59,638,049						10.6		%				75.81
2031			38						250,288						2.9		%				27,699,144						4.9		%				110.67
2032			31						388,724						4.5		%				29,373,989						5.2		%				75.57
2033			37						326,415						3.8		%				24,682,056						4.4		%				75.62
2034			23						370,764						4.3		%				27,764,941						5.0		%				74.89
2035			25						473,508						5.5		%				32,929,648						5.9		%				69.54
Thereafter			46						2,032,213						23.6		%				145,943,583						26.0		%				71.82
Total			573						8,603,750						100.0		%				$	560,525,034					100.0		%				$	72.68

Manhattan Office Properties(5)
Available			—						551,507						7.3		%				$	—					—		%				$	—
Signed leases not commenced			14						207,163						2.7		%				—						—		%				—
3Q 2025(4)			5						19,423						0.3		%				1,239,070						0.3		%				63.79
4Q 2025			13						184,123						2.4		%				12,005,811						2.7		%				65.21
Total 2025			18						203,546						2.7		%				13,244,881						3.0		%				65.07
1Q 2026			13						138,153						1.8		%				8,518,368						1.9		%				61.66
2Q 2026			7						32,122						0.4		%				1,993,327						0.4		%				62.05
3Q 2026			15						74,305						1.0		%				4,539,380						1.0		%				61.09
4Q 2026			19						176,993						2.3		%				10,988,835						2.5		%				62.09
Total 2026			54						421,573						5.5		%				26,039,910						5.8		%				61.77
2027			77						626,215						8.3		%				38,508,279						8.6		%				61.49
2028			56						845,634						11.2		%				50,422,065						11.3		%				59.63
2029			53						653,047						8.6		%				43,151,129						9.6		%				66.08
2030			44						666,742						8.8		%				45,163,387						10.1		%				67.74
2031			26						160,544						2.1		%				11,716,975						2.6		%				72.98
2032			23						344,120						4.6		%				25,219,550						5.6		%				73.29
2033			22						218,722						2.9		%				14,083,014						3.1		%				64.39
2034			16						343,694						4.5		%				24,196,728						5.4		%				70.40
2035			20						458,489						6.1		%				31,420,015						7.0		%				68.53
Thereafter			30						1,862,053						24.7		%				124,821,334						27.9		%				67.03
Total Manhattan office properties			453						7,563,049						100.0		%				$	447,987,267					100.0		%				$	65.84

(Table continued on next page)

Page 16

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			Third Quarter 2025
			Tenant Lease Expirations
			(unaudited)

Greater New York Metropolitan   Area Office Portfolio			Number of Leases Expiring(1)						Rentable Square Feet Expiring(2)						Percent of Portfolio Rentable Square Feet Expiring						Annualized Rent(3)						Percent of Annualized Rent						Annualized Rent Per Rentable Square Foot
Available			—						78,226						27.7		%				$	—					—		%				$	—
Signed leases not commenced			—						—						—		%				—						—		%				—
3Q 2025(4)			—						—						—		%				—						—		%				—
4Q 2025			—						—						—		%				—						—		%				—
Total 2025			—						—						—		%				—						—		%				—
1Q 2026			—						—						—		%				—						—		%				—
2Q 2026			—						—						—		%				—						—		%				—
3Q 2026			1						23,268						8.2		%				1,471,503						12.4		%				63.24
4Q 2026			—						—						—		%				—						—		%				—
Total 2026			1						23,268						8.2		%				1,471,503						12.4		%				63.24
2027			4						21,546						7.6		%				1,264,659						10.6		%				58.70
2028			2						11,480						4.1		%				662,232						5.6		%				57.69
2029			3						12,208						4.3		%				731,372						6.1		%				59.91
2030			5						42,827						15.2		%				2,525,635						21.2		%				58.97
2031			1						15,030						5.3		%				879,672						7.4		%				58.53
2032(6)			2						7,281						2.6		%				381,961						3.2		%				52.46
2033			1						63,173						22.4		%				3,618,934						30.4		%				57.29
2034			—						—						—		%				—						—		%				—
2035			1						7,137						2.6		%				367,556						3.1		%				51.50
Thereafter			—						—						—		%				—						—		%				—
Total greater New York metropolitan area office portfolio			20						282,176						100.0		%				$	11,903,524					100.0		%				$	58.36

Retail Properties
Available			—						40,414						5.3		%				$	—					—		%				$	—
Signed leases not commenced			1						14,430						1.9		%				—						—		%				—
3Q 2025(4)			—						—						—		%				—						—		%				—
4Q 2025			2						1,467						0.2		%				114,624						0.1		%				78.13
Total 2025			2						1,467						0.2		%				114,624						0.1		%				78.13
1Q 2026			1						5,438						0.7		%				400,000						0.4		%				73.56
2Q 2026			—						—						—		%				—						—		%				—
3Q 2026			3						11,651						1.5		%				794,141						0.8		%				68.16
4Q 2026			2						50,048						6.6		%				1,187,081						1.2		%				23.72
Total 2026			6						67,137						8.8		%				2,381,222						2.4		%				35.47
2027			6						60,005						7.9		%				8,177,066						8.1		%				136.27
2028			4						11,410						1.5		%				1,817,270						1.8		%				159.27
2029			11						124,851						16.5		%				24,507,412						24.4		%				196.29
2030			12						77,142						10.2		%				11,949,027						11.9		%				154.90
2031			11						74,714						9.8		%				15,102,497						15.0		%				202.14
2032			6						37,323						4.9		%				3,772,478						3.7		%				101.08
2033			14						44,520						5.9		%				6,980,108						6.9		%				156.79
2034			7						27,070						3.6		%				3,568,213						3.5		%				131.81
2035			4						7,882						1.0		%				1,142,077						1.1		%				144.90
Thereafter			16						170,160						22.5		%				21,122,249						21.1		%				124.13
Total retail properties			100						758,525						100.0		%				$	100,634,243					100.0		%				$	143.01

Notes:

(1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(2) Excludes (i) 201,165 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, (iii) square footage related to the Company's residential units, and (iv) approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment.

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

(4) Represents leases that are included in occupancy as of September 30, 2025 and expire on September 30, 2025.

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

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

Page 17

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

20 Largest Tenants						Property						Lease Expiration(1)						Weighted Average Remaining Lease Term(2)						Total Occupied Square Feet(3)						Percent of Portfolio Rentable Square Feet(4)						Annualized Rent(5)						Percent of Portfolio Annualized Rent(6)
1.			LinkedIn(7)			Empire State Building						Feb. 2026 - Aug. 2036						10.1 years						423,544						5.00		%				$	31,179,290					5.56		%
2.			Flagstar Bank			1400 Broadway						Aug. 2039						13.9 years						313,109						3.70		%				19,636,148						3.50		%
3.			Centric Brands Inc.			Empire State Building						Oct. 2028						3.1 years						252,929						3.00		%				14,255,159						2.54		%
4.			PVH Corp.(8)			501 Seventh Avenue						Jan. 2026 - Oct. 2028						2.4 years						237,281						2.80		%				13,455,701						2.40		%
5.			Institutional Capital Network, Inc.(9)			One Grand Central Place						Nov. 2027 - Dec. 2041						15.3 years						154,050						1.80		%				11,004,747						1.96		%
6.			Burlington Merchandising Corporation			1400 Broadway						Dec. 2041						16.3 years						170,763						2.00		%				10,754,111						1.92		%
7.			Sephora USA, Inc.			112 West 34th Street						Jan. 2029						3.3 years						11,334						0.10		%				10,575,900						1.89		%
8.			Target Corporation			112 West 34th St., 10 Union Sq.						Jan. 2038						12.3 years						81,340						1.00		%				9,578,241						1.71		%
9.			Macy's			111 West 33rd Street						May 2030						4.7 years						131,117						1.50		%				9,520,794						1.70		%
10.			Coty Inc.			Empire State Building						Jan. 2030						4.3 years						157,892						1.90		%				9,422,377						1.68		%
11.			URBAN OUTFITTERS			1333 Broadway						Sep. 2029						4.0 years						56,730						0.70		%				8,287,997						1.48		%
12.			Li & Fung(10)			1359 Broadway, ESB						Oct. 2027 - Oct. 2028						2.8 years						149,061						1.80		%				8,230,130						1.47		%
13.			Foot Locker, Inc.			112 West 34th Street						Sep. 2031						6.0 years						34,192						0.40		%				7,873,484						1.40		%
14.			FDIC(11)			Empire State Building						Dec. 2025						0.3 years						119,226						1.40		%				7,823,959						1.40		%
15.			Shutterstock, Inc.			Empire State Building						Apr. 2029						3.6 years						108,937						1.30		%				7,617,570						1.36		%
16.			Fragomen			1400 Broadway						Feb. 2035						9.4 years						107,680						1.30		%				7,118,080						1.27		%
17.			The Michael J. Fox Foundation			111 West 33rd Street						Nov. 2029						4.2 years						86,492						1.00		%				6,549,061						1.17		%
18.			ASCAP			250 West 57th Street						Aug. 2034						8.9 years						87,943						1.00		%				6,476,281						1.16		%
19.			HNTB Corporation			Empire State Building						Sep. 2034						9.0 years						78,361						0.90		%				5,683,260						1.01		%
20.			Kohl's Department Stores, Inc.			1400 Broadway						May 2029						3.7 years						91,775						1.10		%				5,181,788						0.92		%
			Total																					2,853,756						33.70		%				$	210,224,078					37.50		%

Notes:

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

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

(3) Based on leases signed and commenced as of September 30, 2025.

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

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

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

(7) Includes 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.

(8) Includes 50,560 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.

(9) Includes 12,826 square feet of expiries by December 31, 2027, which is temporary space that will be replaced with a 39,610 square feet full floor expansion that is anticipated to commence on June 1, 2028.

(10) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been pre-leased to a different tenant and is anticipated to commence on November 1, 2027.

(11) Tenant’s 119,226 square feet has been pre-leased with an estimated move-in date of November 1, 2026.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 18

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

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

						Square						Initial Annual						Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement						Feet						Cash Rent						2025						2026						2027						2028						2029
Fourth quarter 2025						107,879						$	8,232					$	933					$	8,232					$	8,232					$	8,129					$	7,986
First quarter 2026						54,441						4,769						—						4,217						4,769						4,769						4,769
Second quarter 2026						145,893						10,571						—						6,619						10,571						10,571						10,571
Third quarter 2026						111,333						7,289						—						3,231						7,289						7,289						7,289
Fourth quarter 2026						132,369						8,535						—						857						8,535						8,535						8,535
First quarter 2027						94,358						7,535						—						—						6,867						7,535						7,535
Second quarter 2027						51,726						3,799						—						—						2,791						3,799						3,799
Third quarter 2027						14,430						1,750						—						—						580						1,750						1,750
Fourth quarter 2027						13,943						1,115						—						—						277						1,115						1,115
First quarter 2028						34,162						2,462						—						—						—						2,404						2,462
Third quarter 2028						24,212						1,453						—						—						—						481						1,453
First quarter 2029						39,610						3,093						—						—						—						—						2,585
Second quarter 2029						25,212						1,575						—						—						—						—						918
						849,568						$	62,178					$	933					$	23,156					$	49,911					$	56,377					$	60,767

						Incremental Annual						Initial Annual						Initial Cash Rent Contributing to Cash NOI in the Following Years
3Q 2025						Cash Rent (1)						Cash Rent						2025						2026						2027						2028						2029
Commenced leases in free rent period						$	26,611					$	36,138					$	904					$	21,496					$	36,138					$	36,035					$	35,892
Signed leases not commenced						18,941						26,040						29						1,660						13,773						20,342						24,875
						$	45,552					$	62,178					$	933					$	23,156					$	49,911					$	56,377					$	60,767

			Three Months Ended
Capital expenditures			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Tenant improvements - first generation			$	29					$	39					$	174					$	2,744					$	—
Tenant improvements - second generation (2)			15,979						36,890						39,304						45,969						17,149
Leasing commissions - first generation			—						—						—						98						138
Leasing commissions - second generation			3,144						7,605						7,629						10,769						3,753
Building improvements - first generation			1,094						236						—						180						128
Building improvements - second generation			5,571						7,868						5,770						9,377						7,838
Non-recurring capital improvements			14,495						8,934						2,910						14,420						2,825
Total			$	40,312					$	61,572					$	55,787					$	83,557					$	31,831

Notes:

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

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

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

						Twelve Months to Date						Three Months Ended
Observatory NOI												September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Observatory revenue (1)						$	131,372					$	36,037					$	33,899					$	23,161					$	38,275					$	39,382
Observatory expenses						37,180						9,510						9,822						8,118						9,730						9,715
NOI						94,192						26,527						24,077						15,043						28,545						29,667
Intercompany rent expense (2)						78,980						20,185						20,666						15,160						22,969						23,461
NOI after intercompany rent						$	15,212					$	6,342					$	3,411					$	(117)					$	5,576					$	6,206
Observatory Metrics
Number of visitors (3)												648,000						629,000						428,000						718,000						727,000
Change in visitors year over year												(10.9)		%				(2.9)		%				(11.8)		%				1.0		%				(2.2)		%
Number of bad weather days ("BWD") (4)												6						21						13						8						8

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, the fixed license fee was $1,904, $1,904, $1,904, $1,855 and $1,855, respectively.

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

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

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

Annual Observatory NOI 2018 to 2024

Notes:

(1) The 102nd floor Observatory was closed for approximately nine months in 2019 for renovations.

(2) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020.

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

						September 30, 2025
												Weighted Average
Debt Summary						Balance						Interest Rate (1)						Maturity (Years)
Mortgage debt						$	701,554					3.64		%				5.5
Senior unsecured notes (2)						1,100,000						4.76		%				4.9
Unsecured term loan facilities (3)						270,000						4.43		%				2.0
Total fixed rate debt						2,071,554						4.34		%				4.8
Unsecured term loan facilities (4)						—						—						—
Unsecured revolving credit facility						—						—						—
Total variable rate debt						—						—						—
Total debt						2,071,554						4.34		%				4.8
Deferred financing costs, net						(8,453)
Debt discount						(5,598)
Total						$	2,057,503

Available Capacity																		Facility						Outstanding at September 30, 2025						Letters of Credit						Available Capacity
Unsecured revolving credit facility (5)																		$	620,000					$	—					$	—					$	620,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (6)

< 60%

32.1

%

Yes

Maximum Secured Leverage (7)

< 40%

11.7

%

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.1x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

4.9x

Yes

Maximum Unsecured Leverage (8)

< 60%

25.2

%

Yes

Notes:

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

(2) In October, the Company entered into a note purchase agreement to issue $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031. The private placement is scheduled to fund on December 18, 2025.

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

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

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

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

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

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

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

						Stated Interest Rate (%)						Principal Balance						Maturity Date						Amortization
10 Union Square						3.70		%				$	50,000					4/1/2026						Interest only
1542 Third Avenue						4.29		%				30,000						5/1/2027						Interest only
1010 Third Avenue & 77 West 55th St.						4.01		%				33,343						1/5/2028						30 years
Metro Center						3.59		%				71,600						11/5/2029						Interest only
250 West 57th Street						2.83		%				180,000						12/1/2030						Interest only
1333 Broadway						4.21		%				160,000						2/5/2033						Interest only
345 East 94th Street - Series A						70% of SOFR plus 0.95%						43,600						11/1/2030						Interest only
345 East 94th Street - Series B						SOFR plus 2.24%						5,907						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%						12,604						11/1/2033						30 years
Total fixed rate mortgage debt												701,554
Unsecured term loan facility						SOFR plus 1.50%						175,000						12/31/2026						Interest only
Unsecured term loan facility						SOFR plus 1.50%						95,000						3/8/2029						Interest only
Unsecured revolving credit facility						SOFR plus 1.30%						—						3/8/2029						Interest only
Senior unsecured notes:
Series B						4.09		%				125,000						3/27/2027						Interest only
Series C						4.18		%				125,000						3/27/2030						Interest only
Series D						4.08		%				115,000						1/22/2028						Interest only
Series E						4.26		%				160,000						3/22/2030						Interest only
Series F						4.44		%				175,000						3/22/2033						Interest only
Series G						3.61		%				100,000						3/17/2032						Interest only
Series H						3.73		%				75,000						3/17/2035						Interest only
Series I						7.20		%				155,000						6/17/2029						Interest only
Series J						7.32		%				45,000						6/17/2031						Interest only
Series K						7.41		%				25,000						6/17/2034						Interest only
Total / weighted average debt						4.34		%				2,071,554
Deferred financing costs, net												(8,453)
Debt discount												(5,598)
Total												$	2,057,503

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

Year						Maturities (1)						Amortization						Total						Percentage of Total Debt						Weighted Average Interest Rate of Maturing Debt
2025						$	—					$	944					$	944					0.1		%				N/A
2026						225,000						3,957						228,957						11.1		%				4.06		%
2027						155,000						4,276						159,276						7.7		%				4.13		%
2028						146,091						3,555						149,646						7.2		%				4.06		%
2029						321,600						3,890						325,490						15.7		%				5.72		%
2030						508,600						4,511						513,111						24.8		%				3.67		%
2031						45,000						3,283						48,283						2.3		%				7.32		%
2032						100,000						3,591						103,591						5.0		%				3.61		%
2033						439,007						3,249						442,256						21.3		%				4.20		%
2034						25,000						—						25,000						1.2		%				7.41		%
2035						75,000						—						75,000						3.6		%				3.73		%
Total debt						$	2,040,298					$	31,256					2,071,554						100.0		%				4.34		%
Deferred financing costs, net																		(8,453)
Debt discount																		(5,598)
Total																		$	2,057,503

Ground Lease Commitments (2)
Year												1350 Broadway (3)						1400 Broadway (4)						111 West 33rd Street (5)						Total
2025												$	27					$	169					$	184					$	380
2026												93						675						735						1,503
2027												72						675						735						1,482
2028												72						675						735						1,482
2029												72						675						735						1,482
Thereafter												1,482						22,950						34,851						59,283
												$	1,818					$	25,819					$	37,975					$	65,612

Notes:

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

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

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

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

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

Page 23