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			Fourth 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
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. 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.

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 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, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

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			Fourth 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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			Fourth 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 December 31, 2025, Same Store excludes our multifamily properties, Metro Center, Stamford, CT, which was disposed in December 2025, 130 Mercer, SoHo, NY, which was acquired in December 2025, 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. Prior period Same Store NOI has been adjusted to reflect properties added or removed to 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 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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			Fourth 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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			Fourth Quarter 2025
			Condensed Consolidated Balance Sheet
			(unaudited and dollars in thousands)

Assets			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Commercial real estate properties, at cost			$	4,205,907					$	3,940,755					$	3,903,950					$	3,825,422					$	3,786,653
Less: accumulated depreciation			(1,366,829)						(1,381,726)						(1,341,144)						(1,306,924)						(1,274,193)
Commercial real estate properties, net			2,839,078						2,559,029						2,562,806						2,518,498						2,512,460
Contract asset(1)			—						—						—						—						170,419
Cash and cash equivalents			132,657						154,113						94,643						187,823						385,465
Restricted cash			33,854						43,642						42,084						49,589						43,837
Tenant and other receivables			22,063						27,416						28,124						29,071						31,427
Deferred rent receivables			255,270						259,070						255,272						252,299						247,754
Prepaid expenses and other assets			93,355						58,679						85,083						64,233						101,852
Deferred costs, net			267,682						177,307						181,694						181,802						183,987
Acquired below-market ground leases, net			305,579						307,537						309,495						311,452						313,410
Right of use assets			27,944						28,007						28,070						28,134						28,197
Goodwill			491,479						491,479						491,479						491,479						491,479
Total assets			$	4,468,961					$	4,106,279					$	4,078,750					$	4,114,380					$	4,510,287
Liabilities and Equity
Mortgage notes payable, net			$	619,269					$	691,046					$	691,440					$	691,816					$	692,176
Senior unsecured notes, net			1,270,668						1,097,498						1,097,355						1,097,212						1,197,061
Unsecured term loan facility, net			336,794						268,959						268,883						268,807						268,731
Unsecured revolving credit facility			145,000						—						—						—						120,000
Debt associated with property in receivership			—						—						—						—						177,667
Accrued interest associated with property in receivership			—						—						—						—						5,433
Accounts payable and accrued expenses			120,150						111,732						104,315						135,298						132,016
Acquired below-market leases, net			39,767						15,875						17,081						18,306						19,497
Ground lease liabilities			27,944						28,007						28,070						28,134						28,197
Deferred revenue and other liabilities			59,901						64,191						55,343						61,888						62,639
Tenants' security deposits			27,276						30,751						27,015						27,044						24,908
Total liabilities			2,646,769						2,308,059						2,289,502						2,328,505						2,728,325
Total equity			1,822,192						1,798,220						1,789,248						1,785,875						1,781,962
Total liabilities and equity			$	4,468,961					$	4,106,279					$	4,078,750					$	4,114,380					$	4,510,287

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

			Three Months Ended
			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Revenues
Rental revenue (1)			$	159,721					$	158,410					$	153,540					$	154,542					$	155,127
Observatory revenue			35,232						36,037						33,899						23,161						38,275
Lease termination fees			—						—						464						—						—
Third-party management and other fees			240						404						408						431						258
Other revenue and fees			4,031						2,879						2,939						1,932						3,942
Total revenues			199,224						197,730						191,250						180,066						197,602
Operating expenses
Property operating expenses			47,817						46,957						44,880						45,060						46,645
Ground rent expenses			2,332						2,331						2,332						2,331						2,332
General and administrative expenses			18,474						18,743						18,685						16,940						17,870
Observatory expenses			10,787						9,510						9,822						8,118						9,730
Real estate taxes			33,842						33,241						32,607						33,050						32,720
Depreciation and amortization			50,566						47,615						47,802						48,779						45,365
Total operating expenses			163,818						158,397						156,128						154,278						154,662
Total operating income			35,406						39,333						35,122						25,788						42,940
Other income (expense)
Interest income			1,949						1,146						1,867						3,786						5,068
Interest expense			(25,880)						(25,189)						(25,126)						(26,938)						(27,380)
Interest expense associated with property in receivership			—						—						—						(647)						(1,921)
Loss on early extinguishment of debt			(97)						—						—						—						—
Gain on disposition of property			21,848						—						—						13,170						1,237
Income before income taxes			33,226						15,290						11,863						15,159						19,944
Income tax (expense) benefit			(1,054)						(1,645)						(478)						619						(1,151)
Net income			32,172						13,645						11,385						15,778						18,793
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership			(11,446)						(4,610)						(3,815)						(5,508)						(6,575)
Private perpetual preferred unit distributions			(1,050)						(1,050)						(1,051)						(1,050)						(1,050)
Net income attributable to common stockholders			$	19,676					$	7,985					$	6,519					$	9,220					$	11,168
Weighted average common shares outstanding
Basic			168,693						169,250						168,368						167,181						166,671
Diluted			270,328						270,357						269,951						269,529						270,251
Earnings per share attributable to common stockholders
Basic			$	0.12					$	0.05					$	0.04					$	0.06					$	0.07
Diluted			$	0.12					$	0.05					$	0.04					$	0.05					$	0.07
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			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Base rent			$	138,956					$	136,371					$	133,987					$	136,096					$	135,629
Billed tenant expense reimbursement			20,765						22,039						19,553						18,446						19,498
Total rental revenue			$	159,721					$	158,410					$	153,540					$	154,542					$	155,127

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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			Fourth 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			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Net Income			$	32,172					$	13,645					$	11,385					$	15,778					$	18,793
Preferred unit distributions			(1,050)						(1,050)						(1,051)						(1,050)						(1,050)
Real estate depreciation and amortization			49,689						46,741						46,921						47,871						44,386
Gain on disposition of property			(21,848)						—						—						(13,170)						(1,237)
FFO attributable to common stockholders and the Operating Partnership			58,963						59,336						57,255						49,429						60,892
Amortization of below-market ground lease			1,958						1,957						1,958						1,958						1,958
Modified FFO attributable to common stockholders and the Operating Partnership			60,921						61,293						59,213						51,387						62,850
Interest expense associated with property in receivership			—						—						—						647						1,921
Loss on early extinguishment of debt			97						—						—						—						—
IPO litigation expense(1)			632						—						—						—						—
Core FFO attributable to common stockholders and the Operating Partnership			$	61,650					$	61,293					$	59,213					$	52,034					$	64,771
Total weighted average shares and Operating Partnership units
Basic			266,825						266,963						266,899						267,073						264,798
Diluted			270,328						270,357						269,951						269,529						270,251
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.22					$	0.22					$	0.21					$	0.19					$	0.23
Diluted			$	0.22					$	0.22					$	0.21					$	0.18					$	0.23
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.23					$	0.23					$	0.22					$	0.19					$	0.24
Diluted			$	0.23					$	0.23					$	0.22					$	0.19					$	0.23
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic			$	0.23					$	0.23					$	0.22					$	0.19					$	0.24
Diluted			$	0.23					$	0.23					$	0.22					$	0.19					$	0.24

(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			$	61,650					$	61,293					$	59,213					$	52,034					$	64,771
Add:
Amortization of deferred financing costs			1,172						1,082						1,080						1,094						1,099
Non-real estate depreciation and amortization			877						874						880						908						979
Amortization of non-cash compensation expense			6,807						6,484						6,900						4,980						6,107
Amortization of loss on interest rate derivative			1,386						1,385						1,386						1,386						1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments			(5,380)						(5,832)						(4,913)						(6,407)						(5,044)
Corporate capital expenditures			(772)						(218)						(234)						(83)						(226)
Tenant improvements - second generation			(21,406)						(15,979)						(36,890)						(39,304)						(45,969)
Building improvements - second generation			(4,704)						(5,571)						(7,868)						(5,770)						(9,377)
Leasing commissions - second generation			(8,730)						(3,144)						(7,605)						(7,629)						(10,769)
Core FAD			$	30,900					$	40,374					$	11,949					$	1,209					$	2,957

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income			$	32,172					$	13,645					$	11,385					$	15,778					$	18,793
Interest expense			25,880						25,189						25,126						26,938						27,380
Interest expense associated with property in receivership			—						—						—						647						1,921
Income tax expense (benefit)			1,054						1,645						478						(619)						1,151
Depreciation and amortization			50,566						47,615						47,802						48,779						45,365
EBITDA			109,672						88,094						84,791						91,523						94,610
Gain on disposition of property			(21,848)						—						—						(13,170)						(1,237)
Adjusted EBITDA			$	87,824					$	88,094					$	84,791					$	78,353					$	93,373

Page 8

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

			Three Months Ended
Office and Retail Metrics:			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Total rentable square footage(1)			8,324,766						8,603,750						8,611,559						8,617,292						8,616,284
Percent occupied (1)(2)			90.3		%				90.0		%				89.2		%				87.9		%				88.6		%
Percent leased (1)(3)			93.6		%				92.6		%				93.1		%				92.5		%				93.5		%
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Office portfolio			$	64,863					$	64,715					$	63,589					$	61,548					$	64,110
Retail portfolio			2,297						2,171						2,298						2,433						2,472
Total Same Store Property Cash NOI, excluding lease termination fees			$	67,160					$	66,886					$	65,887					$	63,981					$	66,582
Multifamily Metrics:
Multifamily Cash NOI			$	5,128					$	5,284					$	5,173					$	4,643					$	4,168
Total number of units			743						743						743						732						732
Percent occupied			97.8		%				98.6		%				98.6		%				99.0		%				98.5		%
Observatory Metrics:
Observatory NOI			$	24,445					$	26,527					$	24,077					$	15,043					$	28,545
Number of visitors (4)			618,000						648,000						629,000						428,000						718,000
Change in visitors year-over-year			(13.9)		%				(10.9)		%				(2.9)		%				(11.8)		%				1.0		%
Ratios:
Debt to Total Market Capitalization (5)			55.7		%				48.2		%				46.9		%				47.8		%				44.0		%
Net Debt to Total Market Capitalization (5)			54.3		%				46.3		%				45.8		%				45.4		%				39.5		%
Debt and Perpetual Preferred Units to      Total Market Capitalization (5)			57.8		%				50.3		%				49.0		%				49.8		%				45.7		%
Net Debt and Perpetual Preferred Units to      Total Market Capitalization (5)			56.4		%				48.5		%				47.8		%				47.5		%				41.4		%
Debt to Adjusted EBITDA (6)			6.7x						6.0x						5.8x						5.8x						6.4x
Net Debt to Adjusted EBITDA (6)			6.3x						5.6x						5.6x						5.2x						5.3x
Core FFO Payout Ratio (7)			16		%				16		%				16		%				19		%				15		%
Core FAD Payout Ratio (8)			32		%				24		%				82		%				805		%				324		%
Core FFO per share - diluted			$	0.23					$	0.23					$	0.22					$	0.19					$	0.24
Diluted weighted average shares			270,328						270,357						269,951						269,529						270,251
Class A common stock price at quarter end			$	6.52					$	7.66					$	8.09					$	7.82					$	10.32
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)			2.1		%				1.8		%				1.7		%				1.8		%				1.4		%
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			169,523						168,970						168,301						167,094						166,405
Class B common stock (10)			972						972						975						976						978
Operating partnership units			107,225						108,674						109,308						110,662						106,768
Total common stock and operating partnership units     outstanding (11)			277,720						278,616						278,584						278,732						274,151

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 and 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,

(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 December 31, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2025, (ii) the number of Series 2014 perpetual preferred units at December 31, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2025.

(6) Calculated based on trailing 12 months Adjusted EBITDA. For the period ended December 31, 2025, includes an implied annualized adjusted EBITDA for 130 Mercer, derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement, and excludes the trailing 12 months Adjusted EBITDA of approximately $5 million relating to Metro Center, Stamford CT, which was disposed in December 2025. For the periods ended March 31, 2025 and December 31, 2024, excludes trailing 12 months Adjusted EBITDA of $2 million and $5 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) 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 on December 31, 2025.

(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

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

			Three Months Ended																														Twelve Months Ended
			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Same Store Portfolio(1)
Revenues			$	146,403					$	144,695					$	140,791					$	140,762					$	143,756					$	572,651					$	560,944
Operating expenses			(76,597)						(74,827)						(73,061)						(73,285)						(74,745)						(297,770)						(285,727)
Same store property NOI			69,806						69,868						67,730						67,477						69,011						274,881						275,217
Straight-line rent			(3,993)						(4,329)						(3,172)						(4,867)						(3,910)						(16,361)						(11,697)
Above/below-market rent revenue amortization			(611)						(610)						(629)						(587)						(477)						(2,437)						(2,135)
Below-market ground lease amortization			1,958						1,957						1,958						1,958						1,958						7,831						7,832
Total same store property cash NOI - excluding lease termination fees			$	67,160					$	66,886					$	65,887					$	63,981					$	66,582					$	263,914					$	269,217
Percent change over prior year			0.9		%				(0.9)		%				(5.4)		%				(2.2)		%				(3.1)		%				(2.0)		%				5.3		%
Total same store property cash NOI - excluding lease termination fees			$	67,160					$	66,886					$	65,887					$	63,981					$	66,582					$	263,914					$	269,217
Lease termination fees			—						—						464						—						—						464						4,771
Total same store property cash NOI			$	67,160					$	66,886					$	66,351					$	63,981					$	66,582					$	264,378					$	273,988
Same Store Office(1),(2)
Revenues			$	142,004					$	140,613					$	136,543					$	136,408					$	139,380					$	555,568					$	544,539
Operating expenses			(74,883)						(73,102)						(71,336)						(71,598)						(73,062)						(290,919)						(278,995)
Same store property NOI			67,121						67,511						65,207						64,810						66,318						264,649						265,544
Straight-line rent			(3,605)						(4,143)						(2,947)						(4,633)						(3,689)						(15,328)						(10,986)
Above/below-market rent revenue amortization			(611)						(610)						(629)						(587)						(477)						(2,437)						(2,135)
Below-market ground lease amortization			1,958						1,957						1,958						1,958						1,958						7,831						7,832
Total same store property cash NOI - excluding lease termination fees			64,863						64,715						63,589						61,548						64,110						254,715						260,255
Lease termination fees			—						—						464						—						—						464						4,771
Total same store property cash NOI			$	64,863					$	64,715					$	64,053					$	61,548					$	64,110					$	255,179					$	265,026
Same Store Retail(1)
Revenues			$	4,399					$	4,082					$	4,248					$	4,354					$	4,376					$	17,083					$	16,405
Operating expenses			(1,714)						(1,725)						(1,725)						(1,687)						(1,683)						(6,851)						(6,732)
Same store property NOI			2,685						2,357						2,523						2,667						2,693						10,232						9,673
Straight-line rent			(388)						(186)						(225)						(234)						(221)						(1,033)						(711)
Above/below-market rent revenue amortization			—						—						—						—						—						—						—
Below-market ground lease amortization			—						—						—						—						—						—						—
Total same store property cash NOI - excluding lease termination fees			2,297						2,171						2,298						2,433						2,472						9,199						8,962
Lease termination fees			—						—						—						—						—						—						—
Total same store property cash NOI			$	2,297					$	2,171					$	2,298					$	2,433					$	2,472					$	9,199					$	8,962

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 Same Store office properties.

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

			Three Months Ended																														Twelve Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net income			$	32,172					$	13,645					$	11,385					$	15,778					$	18,793					$	72,980					$	80,359
Add:
General and administrative expenses			18,474						18,743						18,685						16,940						17,870						72,842						70,234
Depreciation and amortization			50,566						47,615						47,802						48,779						45,365						194,762						184,818
Interest expense			25,880						25,189						25,126						26,938						27,380						103,133						105,239
Interest expense associated with property in receivership			—						—						—						647						1,921						647						4,471
Loss on early extinguishment of debt			97						—						—						—						—						97						553
Income tax expense (benefit)			1,054						1,645						478						(619)						1,151						2,558						2,688
Less:
Gain on disposition of property			(21,848)						—						—						(13,170)						(1,237)						(35,018)						(13,302)
Third-party management and other fees			(240)						(404)						(408)						(431)						(258)						(1,483)						(1,170)
Interest income			(1,949)						(1,146)						(1,867)						(3,786)						(5,068)						(8,748)						(21,298)
Net operating income			104,206						105,287						101,201						91,076						105,917						401,770						412,592
Straight-line rent			(4,320)						(4,688)						(3,748)						(5,283)						(4,045)						(18,039)						(11,283)
Above/below-market rent revenue amortization			(737)						(821)						(840)						(798)						(674)						(3,196)						(2,177)
Below-market ground lease amortization			1,958						1,957						1,958						1,958						1,958						7,831						7,832
Total cash NOI - including Observatory and lease termination fees			101,107						101,735						98,571						86,953						103,156						388,366						406,964
Less: Observatory NOI			(24,445)						(26,527)						(24,077)						(15,043)						(28,545)						(90,092)						(99,543)
Less: cash NOI from non-Same Store properties			(9,502)						(8,322)						(8,143)						(7,929)						(8,029)						(33,896)						(33,433)
Total Same Store property cash NOI - including lease termination fees			67,160						66,886						66,351						63,981						66,582						264,378						273,988
Less: Lease termination fees			—						—						(464)						—						—						(464)						(4,771)
Total Same Store property cash NOI - excluding Observatory and lease termination fees			$	67,160					$	66,886					$	65,887					$	63,981					$	66,582					$	263,914					$	269,217
Multifamily NOI
Revenues			$	10,155					$	10,080					$	9,846					$	9,646					$	9,322					$	39,727					$	36,095
Operating expenses			(5,021)						(4,786)						(4,665)						(4,993)						(5,145)						(19,465)						(18,555)
NOI			5,134						5,294						5,181						4,653						4,177						20,262						17,540
Straight-line rent			(64)						(68)						(67)						(67)						(67)						(266)						(347)
Above/below-market rent revenue amortization			58						58						59						57						58						232						231
Cash NOI			$	5,128					$	5,284					$	5,173					$	4,643					$	4,168					$	20,228					$	17,424

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

			Three Months Ended
			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Total Office and Retail Portfolio(1)
Total leases executed			27						16						22						20						20
Weighted average lease term			6.7 years						8.1 years						9.9 years						8.4 years						8.0 years
Average free rent period			2.9 months						6.0 months						7.6 months						7.8 months						5.7 months
Office
Total square footage executed			333,451						71,859						221,776						229,367						378,913
Average starting cash rent psf - leases executed			$	73.63					$	69.97					$	71.21					$	66.43					$	78.40
Previously escalated cash rents psf			$	69.20					$	67.33					$	63.50					$	60.63					$	71.03
Percentage of new cash rent over previously escalated rents			6.4		%				3.9		%				12.1		%				9.6		%				10.4		%
Retail
Total square footage executed			125,022						16,021						10,332						1,181						—
Average starting cash rent psf - leases executed			$	81.43					$	128.33					$	268.92					$	193.00					$	—
Previously escalated cash rents psf			$	83.81					$	145.48					$	316.28					$	183.74					$	—
Percentage of new cash rent over previously escalated rents			(2.8)		%				(11.8)		%				(15.0)		%				5.0		%				—		%
Total Office and Retail Portfolio
Total square footage executed			458,473						87,880						232,108						230,548						378,913
Average starting cash rent psf - leases executed			$	75.61					$	80.61					$	80.01					$	67.08					$	78.40
Previously escalated cash rents psf			$	72.90					$	81.57					$	74.75					$	61.27					$	71.03
Percentage of new cash rent over previously escalated rents			3.7		%				(1.2)		%				7.0		%				9.5		%				10.4		%
Leasing commission costs per square foot			$	21.53					$	33.24					$	31.62					$	22.39					$	21.73
Tenant improvement costs per square foot			33.61						59.60						86.85						47.92						49.46
Total LC and TI per square foot(2)			$	55.14					$	92.84					$	118.47					$	70.31					$	71.19
Total LC and TI per square foot per year of weighted average lease term			$	8.25					$	11.48					$	11.93					$	8.34					$	8.89
Occupancy(3),(4)			90.3		%				90.0		%				89.2		%				87.9		%				88.6		%

Manhattan Office Portfolio
Total leases executed			18						14						18						18						18
Office - New Leases
Total square footage executed			106,311						26,430						202,499						43,184						184,258
Average starting cash rent psf - leases executed			$	70.97					$	68.56					$	72.28					$	69.13					$	71.07
Previously escalated cash rents psf			$	62.55					$	67.69					$	63.11					$	66.77					$	59.54
Percentage of new cash rent over previously escalated rents			13.5		%				1.3		%				14.5		%				3.5		%				19.4		%
Office - Renewal Leases(1)
Current Renewals			14,542						30,907						19,277						177,328						10,178
Early Renewals			212,598						14,522						—						—						172,286
Total square footage executed			227,140						45,429						19,277						177,328						182,464
Average starting cash rent psf - leases executed			$	74.88					$	70.80					$	59.97					$	66.62					$	86.98
Previously escalated cash rents psf			$	72.31					$	67.11					$	67.51					$	59.35					$	83.14
Percentage of new cash rent over previously escalated rents			3.6		%				5.5		%				(11.2)		%				12.3		%				4.6		%
Total Manhattan Office Portfolio
Total square footage executed			333,451						71,859						221,776						220,512						366,722
Average starting cash rent psf - leases executed			$	73.63					$	69.97					$	71.21					$	67.11					$	78.99
Previously escalated cash rents psf			$	69.20					$	67.33					$	63.50					$	60.80					$	71.28
Percentage of new cash rent over previously escalated rents			6.4		%				3.9		%				12.1		%				10.4		%				10.8		%
Leasing commission costs per square foot			$	14.38					$	20.16					$	28.97					$	22.47					$	21.85
Tenant improvement costs per square foot			36.36						47.79						89.60						49.50						47.96
Total LC and TI per square foot(2)			$	50.74					$	67.95					$	118.57					$	71.97					$	69.81
Total LC and TI per square foot per year of weighted average lease term			$	10.01					$	10.76					$	11.79					$	8.41					$	8.66
Occupancy(3),(4)			89.9		%				90.3		%				89.5		%				88.1		%				89.0		%

(Table continued on next page)

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

			Three Months Ended
			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Retail Portfolio
Total leases executed			9						2						4						1						—
Total square footage executed			125,022						16,021						10,332						1,181						—
Average starting cash rent psf - leases executed			$	81.43					$	128.33					$	268.92					$	193.00					$	—
Previously escalated cash rents psf			$	83.81					$	145.48					$	316.28					$	183.74					$	—
Percentage of new cash rent over previously escalated rents			(2.8)		%				(11.8)		%				(15.0)		%				5.0		%				—
Leasing commission costs per square foot			$	40.58					$	91.92					$	88.59					$	63.04					$	—
Tenant improvement costs per square foot			26.29						112.59						27.88						—						—
Total LC and TI per square foot(2)			$	66.87					$	204.51					$	116.47					$	63.04					$	—
Total LC and TI per square foot per year of weighted average lease term			$	6.09					$	12.74					$	16.15					$	6.25					$	—
Occupancy(3),(4)			94.4		%				92.8		%				91.7		%				91.2		%				90.4		%

Multifamily Portfolio
Percent occupied			97.8		%				98.6		%				98.6		%				99.0		%				98.5		%
Total number of units			743						743						743						732						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 space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street and 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.

Page 13

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			Fourth 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 (8)
The Empire State Building			Penn Station -Times Sq. South						2,711,351						91.8		%				96.0		%				$	172,538,871					$	69.96					148
One Grand Central Place			Grand Central						1,227,813						84.6		%				93.1		%				66,643,364						64.30						116
1400 Broadway (9)			Penn Station -Times Sq. South						917,281						92.9		%				96.8		%				54,120,027						63.57						17
111 West 33rd Street (10)			Penn Station -Times Sq. South						639,629						93.1		%				94.3		%				42,126,994						70.69						21
250 West 57th Street			Columbus Circle - West Side						476,847						82.9		%				84.2		%				28,124,627						71.27						28
1359 Broadway			Penn Station -Times Sq. South						456,634						87.1		%				87.1		%				23,777,747						59.87						29
501 Seventh Avenue			Penn Station -Times Sq. South						455,432						89.2		%				89.2		%				22,687,884						55.89						15
1350 Broadway (11)			Penn Station -Times Sq. South						384,128						93.4		%				94.2		%				22,468,237						62.74						48
1333 Broadway			Penn Station -Times Sq. South						297,126						89.8		%				89.8		%				15,463,555						57.98						11
Total/Weighted Average Office Properties									7,566,241						89.9		%				93.5		%				447,951,306						66.14						433
Retail Properties (8)
112 West 34th Street (10)			Penn Station -Times Sq. South						93,057						100.0		%				100.0		%				26,022,498						279.64						4
The Empire State Building			Penn Station -Times Sq. South						88,143						78.3		%				78.3		%				7,989,316						115.79						11
North Sixth Street Collection (12)			Williamsburg - Brooklyn						87,355						91.2		%				97.5		%				11,408,527						143.17						16
One Grand Central Place			Grand Central						70,810						100.0		%				100.0		%				8,673,298						122.49						12
1333 Broadway			Penn Station -Times Sq. South						67,001						100.0		%				100.0		%				10,507,517						156.83						4
250 West 57th Street			Columbus Circle - West Side						63,443						93.2		%				94.8		%				9,237,589						156.30						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						85.3		%				85.3		%				1,656,260						71.37						7
77 West 55th Street			Midtown						25,388						100.0		%				100.0		%				2,112,538						83.21						3
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		%				2,078,883						122.17						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						94.4		%				95.3		%				104,085,542						145.30						98
Portfolio Total									8,324,766						90.3		%				93.6		%				$	552,036,848					$	73.71					531

Notes:

(1) Excludes (i) 186,226 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 December 31, 2025.

(3) Percent occupied and percent leased exclude 109,456 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of December 31, 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 December 31, 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) 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 December 31, 2025, 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 25 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 December 31, 2025, the percent occupied and percent leased were 0% and 49.5%, respectively.

Page 14

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			Fourth Quarter 2025
			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)			December 31, 2025						March 31, 2026						June 30, 2026						September 30, 2026						December 31, 2026 (3)						Full Year 2026 (3)						Full Year 2027
Total expirations			185,590						146,179						35,775						85,465						172,261						439,680						637,739
Less: broadcasting			—						(906)						—						(511)						—						(1,417)						(7,247)
Office and retail expirations			185,590						145,273						35,775						84,954						172,261						438,263						630,492
Renewals & relocations (4)			16,968						55,233						601						47,502						16,647						119,983						68,287
New leases (5)			137,212						16,893						3,179						—						16,321						36,393						79,530
Vacates (6)			31,410						72,200						28,342						25,633						123,435						249,610						335,271
Unknown (7)			—						947						3,653						11,819						15,858						32,277						147,404
Total Office and Retail Portfolio expirations and vacates			185,590						145,273						35,775						84,954						172,261						438,263						630,492
Office Portfolio
Total expirations			184,123						140,741						35,775						74,305						172,261						423,082						577,734
Less: broadcasting			—						(906)						—						(511)						—						(1,417)						(7,247)
Office expirations			184,123						139,835						35,775						73,794						172,261						421,665						570,487
Renewals & relocations (4)			16,615						55,233						601						47,502						16,647						119,983						39,828
New leases (5)			137,212						11,455						3,179						—						16,321						30,955						55,688
Vacates (6)			30,296						72,200						28,342						14,473						123,435						238,450						334,984
Unknown (7)			—						947						3,653						11,819						15,858						32,277						139,987
Total expirations and vacates			184,123						139,835						35,775						73,794						172,261						421,665						570,487
Retail Portfolio
Retail expirations			1,467						5,438						—						11,160						—						16,598						60,005
Renewals & relocations (4)			353						—						—						—						—						—						28,459
New leases (5)			—						5,438						—						—						—						5,438						23,842
Vacates (6)			1,114						—						—						11,160						—						11,160						287
Unknown (7)			—						—						—						—						—						—						7,417
Total expirations and vacates			1,467						5,438						—						11,160						—						16,598						60,005

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

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			Fourth Quarter 2025
			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			—						680,169						7.8		%				$	—					—		%				$	—
Signed leases not commenced			20						282,664						3.2		%				—						—		%				—
4Q 2025(5)			7						137,688						1.6		%				8,983,175						1.5		%				65.24
Total 2025			7						137,688						1.6		%				8,983,175						1.5		%				65.24
1Q 2026			14						145,253						1.7		%				9,008,950						1.5		%				62.02
2Q 2026			8						35,775						0.4		%				2,240,819						0.4		%				62.64
3Q 2026			17						85,465						1.0		%				5,296,123						0.9		%				61.97
4Q 2026			19						172,261						2.0		%				10,781,429						1.8		%				62.59
Total 2026			58						438,754						5.1		%				27,327,321						4.6		%				62.28
2027			77						637,739						7.3		%				43,493,933						7.4		%				68.20
2028			61						861,251						9.9		%				52,878,916						9.1		%				61.40
2029			67						744,680						8.5		%				65,659,565						11.2		%				88.17
2030			55						697,240						8.0		%				52,285,897						9.0		%				74.99
2031			41						246,641						2.8		%				28,524,653						4.9		%				115.65
2032			30						383,114						4.4		%				29,289,194						5.0		%				76.45
2033			39						294,059						3.4		%				26,057,091						4.5		%				88.61
2034			25						385,204						4.4		%				35,475,299						6.1		%				92.09
2035			24						466,371						5.3		%				32,847,860						5.6		%				70.43
Thereafter			53						2,479,235						28.3		%				181,172,820						31.1		%				73.08
Total			557						8,734,809						100.0		%				$	583,995,724					100.0		%				$	75.14

Office Properties(1), (6)
Available			—						637,194						6.9		%				$	—					—		%				$	—
Signed leases not commenced			17						268,943						3.6		%				—						—		%				—
4Q 2025(5)			6						137,335						1.8		%				8,947,459						2.0		%				65.15
Total 2025			6						137,335						1.8		%				8,947,459						2.0		%				65.15
1Q 2026			13						139,815						1.8		%				8,608,950						1.9		%				61.57
2Q 2026			8						35,775						0.5		%				2,240,819						0.5		%				62.64
3Q 2026			15						74,305						1.0		%				4,543,359						1.0		%				61.14
4Q 2026			19						172,261						2.3		%				10,781,429						2.4		%				134.23
Total 2026			55						422,156						5.6		%				26,174,557						5.8		%				133.68
2027			71						577,734						7.6		%				35,215,245						7.9		%				60.95
2028			57						849,841						11.2		%				51,044,781						11.4		%				60.06
2029			55						619,338						8.2		%				40,904,165						9.1		%				66.05
2030			44						666,742						8.8		%				45,008,542						10.0		%				67.51
2031			30						171,927						2.3		%				12,659,300						2.8		%				73.63
2032			23						344,120						4.5		%				25,255,254						5.6		%				73.39
2033			25						236,815						3.1		%				15,284,089						3.4		%				64.54
2034			16						343,749						4.5		%				24,217,107						5.4		%				70.45
2035			20						458,489						6.1		%				31,568,132						7.0		%				68.85
Thereafter			34						2,199,624						25.8		%				152,046,970						29.6		%				147.60
Total Office properties			453						7,934,007						100.0		%				$	468,325,601					100.0		%				$	66.64

(Table continued on next page)

Page 16

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			Fourth Quarter 2025
			Tenant Lease Expirations
			(unaudited)

Retail Properties(1)
Available			—						42,975						4.7		%				$	—					—		%				$	—
Signed leases not commenced			3						13,721						0.9		%				—						—		%				—
4Q 2025(5)			1						353						—		%				35,716						—		%				101.18
Total 2025			1						353						—		%				35,716						—		%				101.18
1Q 2026			1						5,438						0.7		%				400,000						0.4		%				73.56
2Q 2026			—						—						—		%				—						—		%				—
3Q 2026			2						11,160						1.5		%				752,764						0.7		%				67.45
4Q 2026			—						—						—		%				—						—		%				—
Total 2026			3						16,598						2.2		%				1,152,764						1.1		%				69.45
2027			6						60,005						7.9		%				8,278,688						8.0		%				137.97
2028			4						11,410						1.5		%				1,834,135						1.8		%				160.75
2029			12						125,342						16.5		%				24,755,400						23.8		%				197.50
2030			11						30,498						4.0		%				7,277,355						7.0		%				238.62
2031			11						74,714						9.8		%				15,865,353						15.2		%				212.35
2032			7						38,994						5.1		%				4,033,940						3.9		%				103.45
2033			14						57,244						5.8		%				10,773,002						6.6		%				448.40
2034			9						41,455						3.6		%				11,258,192						3.4		%				666.25
2035			4						7,882						1.0		%				1,279,728						1.2		%				162.36
Thereafter			19						279,611						37.0		%				29,125,850						28.0		%				104.17
Total retail properties			104						800,802						100.0		%				$	115,670,123					100.0		%				$	155.45

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) 186,226 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 December 31, 2025 and expire on December 31, 2025.

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

Page 17

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			Fourth Quarter 2025
			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						Feb. 2026 - Aug. 2036						9.8 years						423,544						4.91		%				$	32,128,364					5.50		%
2.			Flagstar Bank			1400 Broadway						Aug. 2039						13.7 years						313,109						3.63		%				19,654,839						3.37		%
3.			Scholastic Inc.(9)			130 Mercer						Dec. 2040						15.0 years						221,952						2.57		%				18,208,375						3.12		%
4.			Sephora USA, Inc.			112 West 34th Street, 130 Mercer						Jan. 2029 - Jan. 2034						5.0 years						21,834						0.25		%				16,975,537						2.91		%
5.			Centric Brands Inc.			Empire State Building						Oct. 2028						2.8 years						252,929						2.93		%				14,521,493						2.49		%
6.			PVH Corp.(10)			501 Seventh Avenue						Jan. 2026 - Oct. 2028						2.2 years						237,281						2.75		%				13,447,768						2.30		%
7.			Institutional Capital Network, Inc.			One Grand Central Place						Dec. 2041						16.0 years						154,050						1.79		%				11,007,947						1.88		%
8.			Burlington Merchandising Corporation			1400 Broadway						Dec. 2042						17.0 years						170,763						1.98		%				10,761,521						1.84		%
9.			Target Corporation			112 West 34th St., 10 Union Sq.						Jan. 2038						12.1 years						81,340						0.94		%				9,585,195						1.64		%
10.			Macy's			111 West 33rd Street						May 2030						4.4 years						131,117						1.52		%				9,530,585						1.63		%
11.			Coty Inc.			Empire State Building						Jan. 2030						4.1 years						157,892						1.83		%				9,422,377						1.61		%
12.			Foot Locker, Inc.			112 West 34th Street						Sep. 2031						5.8 years						34,192						0.40		%				8,630,727						1.48		%
13.			URBAN OUTFITTERS			1333 Broadway						Sep. 2029						3.8 years						56,730						0.66		%				8,489,236						1.45		%
14.			Li & Fung(11)			1359 Broadway, ESB						Oct. 2027 - Oct. 2028						2.5 years						149,061						1.73		%				8,237,563						1.41		%
15.			FDIC(12)			Empire State Building						Dec. 2025						0.0 years						119,226						1.38		%				7,823,959						1.34		%
16.			Shutterstock, Inc.			Empire State Building						Apr. 2029						3.3 years						108,937						1.26		%				7,625,255						1.31		%
17.			Fragomen			1400 Broadway						Feb. 2035						9.2 years						107,680						1.25		%				7,122,842						1.22		%
18.			The Michael J. Fox Foundation			111 West 33rd Street						Nov. 2029						3.9 years						86,492						1.00		%				6,555,874						1.12		%
19.			ASCAP			250 West 57th Street						Aug. 2034						8.7 years						87,943						1.02		%				6,481,430						1.11		%
20.			HNTB Corporation			Empire State Building						Sep. 2034						8.8 years						78,361						0.91		%				5,683,260						0.97		%
			Total																					2,994,433						34.71		%				$	231,894,147					39.70		%

Notes:

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

(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 December 31, 2025.

(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 December 31, 2025.

(9) Includes 210,676 square feet of office space with annualized rent of $17,907,460 and 11,276 square feet of storage space.

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

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

(12) Tenant’s 119,226 square feet has been pre-leased.

Page 18

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			Fourth Quarter 2025
			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
First quarter 2026						82,327						$	6,502					$	5,909					$	6,217					$	5,882					$	5,646					$	4,739
Second quarter 2026						160,742						8,599						5,557						8,599						8,599						8,599						8,599
Third quarter 2026						143,736						8,533						3,772						8,533						8,533						8,533						8,533
Fourth quarter 2026						183,652						11,647						1,326						11,647						11,647						11,647						11,647
First quarter 2027						94,358						7,535						—						7,011						7,535						7,535						7,535
Second quarter 2027						51,726						2,951						—						2,224						2,951						2,951						2,978
Third quarter 2027						47,460						2,840						—						1,244						2,840						2,840						2,840
Fourth quarter 2027						59,455						4,553						—						796						4,553						4,553						4,553
First quarter 2028						34,162						2,462						—						—						2,404						2,462						2,462
Second quarter 2028						39,610						1,018						—						—						764						1,018						1,018
Third quarter 2028						24,212						77						—						—						26						77						77
Second quarter 2029						25,212						91						—						—						—						53						91
						946,652						$	56,808					$	16,564					$	46,271					$	55,734					$	55,914					$	55,072

						Initial Annual						Incremental Annual			Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
4Q 2025						Cash Rent						Cash Rent						2026						2027						2028						2029						2030
Commenced leases in free rent period						$	37,349					$	31,820					$	14,647					$	31,820					$	31,820					$	31,584					$	30,677
Signed leases not commenced						35,191						24,988						1,917						14,451						23,914						24,330						24,395
						$	72,540					$	56,808					$	16,564					$	46,271					$	55,734					$	55,914					$	55,072

			Three Months Ended
Capital expenditures			December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Tenant improvements - first generation			$	—					$	29					$	39					$	174					$	2,744
Tenant improvements - second generation (3)			21,406						15,979						36,890						39,304						45,969
Leasing commissions - first generation			1,387						—						—						—						98
Leasing commissions - second generation			8,730						3,144						7,605						7,629						10,769
Building improvements - first generation			2,556						1,094						236						—						180
Building improvements - second generation			4,704						5,571						7,868						5,770						9,377
Non-recurring capital improvements			8,499						14,495						8,934						2,910						14,420
Total			$	47,282					$	40,312					$	61,572					$	55,787					$	83,557

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.

(3) 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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			Fourth Quarter 2025
			Observatory Summary
			(unaudited and dollars in thousands)

						Twelve Months to Date						Three Months Ended
Observatory NOI												December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
Observatory revenue (1)						$	128,329					$	35,232					$	36,037					$	33,899					$	23,161					$	38,275
Observatory expenses						38,237						10,787						9,510						9,822						8,118						9,730
NOI						90,092						24,445						26,527						24,077						15,043						28,545
Intercompany rent expense (2)						76,306						20,295						20,185						20,666						15,160						22,969
NOI after intercompany rent						$	13,786					$	4,150					$	6,342					$	3,411					$	(117)					$	5,576
Observatory Metrics
Number of visitors (3)												618,000						648,000						629,000						428,000						718,000
Change in visitors year over year												(13.9)		%				(10.9)		%				(2.9)		%				(11.8)		%				1.0		%
Number of bad weather days ("BWD") (4)												15						6						21						13						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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, the fixed license fee was $1,904, $1,904, $1,904, $1,904 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.

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

						December 31, 2025
												Weighted Average
Debt Summary						Balance						Interest Rate (1)						Maturity (Years)
Mortgage debt						$	629,011					3.64		%				5.3
Senior unsecured notes (2)						1,275,000						4.86		%				4.8
Unsecured term loan facilities (3)						340,000						4.44		%				4.5
Unsecured revolving credit facility (4)						50,000						4.81		%				3.2
Total fixed rate debt						2,294,011						4.46		%				4.8
Unsecured term loan facilities (5)						—						—						—
Unsecured revolving credit facility (4)						95,000						5.07		%				3.2
Total variable rate debt						95,000						5.07		%				3.2
Total debt						2,389,011						4.48		%				4.8
Deferred financing costs, net						(11,878)
Debt discount						(5,402)
Total						$	2,371,731

Available Capacity																		Facility						Outstanding at December 31, 2025						Letters of Credit						Available Capacity
Unsecured revolving credit facility (6)																		$	620,000					$	145,000					$	—					$	475,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (7)

< 60%

36.4

%

Yes

Maximum Secured Leverage (8)

< 40%

10.2

%

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.0x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

4.4x

Yes

Maximum Unsecured Leverage (9)

< 60%

35.4

%

Yes

Notes:

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

(2) In the fourth quarter, the Company issued $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031.

(3) In the fourth quarter, the Company closed on a $245 million upsize and extension of its unsecured term loan credit facility that will now mature in 2031, inclusive of extensions. 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.

(4) In the fourth quarter of 2025, the Company drew $145 million on the unsecured revolving credit facility. SOFR is fixed at 3.40% for $50 million through December 31, 2026.

(5) As of December 31, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

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

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

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

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

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			Fourth 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		%				33,102						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
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%						5,704						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%						12,105						11/1/2033						30 years
Total fixed rate mortgage debt												629,011
Unsecured term loan facility						SOFR plus 1.50%						245,000						1/15/2031						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%						145,000						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
Series L						5.47		%				175,000						1/7/2031						Interest only
Total / weighted average debt						4.48		%				2,389,011
Deferred financing costs, net												(11,878)
Debt discount												(5,402)
Total												$	2,371,731

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			Fourth 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
2026						$	50,000					$	3,958					$	53,958					2.3		%				3.70		%
2027						155,000						4,276						159,276						6.7		%				4.13		%
2028						146,091						3,555						149,646						6.3		%				4.06		%
2029						395,000						3,890						398,890						16.7		%				5.84		%
2030						508,600						4,511						513,111						21.5		%				3.67		%
2031						465,000						3,283						468,283						19.6		%				5.01		%
2032						100,000						3,591						103,591						4.3		%				3.61		%
2033						439,007						3,249						442,256						18.5		%				4.20		%
2034						25,000						—						25,000						1.0		%				7.41		%
2035						75,000						—						75,000						3.1		%				3.73		%
Total debt						$	2,358,698					$	30,313					2,389,011						100.0		%				4.48		%
Deferred financing costs, net																		(11,878)
Debt discount																		(5,402)
Total																		$	2,371,731

Ground Lease Commitments (2)
Year												1350 Broadway (3)						1400 Broadway (4)						111 West 33rd Street (5)						Total
2026												$	93					$	675					$	735					$	1,503
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
												$	1,791					$	25,650					$	37,791					$	65,232

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 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 51 years.

Page 23