# EDGAR Filing Document

**Accession Number:** 0001553079
**File Stem:** 0001193125-23-040242
**Filing Date:** 2023-2
**Character Count:** 150734
**Document Hash:** ac22c019d25b9a89eb51658ec9f4e0e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-040242.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001193125-23-040242

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Empire State Realty Trust, Inc.
- **CENTRAL INDEX KEY:** 0001541401
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 371645259
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36105
- **FILM NUMBER:** 23635739

**BUSINESS ADDRESS:**
- **STREET 1:** 111 WEST 33RD STREET, 12TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120
- **BUSINESS PHONE:** 212-850-2600

**MAIL ADDRESS:**
- **STREET 1:** 111 WEST 33RD STREET, 12TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Empire State Realty OP, L.P.
- **CENTRAL INDEX KEY:** 0001553079
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 454685158
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36106
- **FILM NUMBER:** 23635740

**BUSINESS ADDRESS:**
- **STREET 1:** 111 WEST 33RD STREET, 12TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120
- **BUSINESS PHONE:** 212-850-2600

**MAIL ADDRESS:**
- **STREET 1:** 111 WEST 33RD STREET, 12TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120

?xml version="1.0" encoding="utf-8" ? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 15, 2023

## EMPIRE STATE REALTY TRUST, INC.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-36105** | **37-1645259** |
| **(State or other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

## EMPIRE STATE REALTY OP, L.P.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36106** | **45-4685158** |
| **(State or other Jurisdiction<br>of Incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **111 West 33<sup>rd</sup> Street, 12<sup>th</sup> Floor**<br>**New York, New York** | **10120** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (212) 687-2600

#### n/a

#### (Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class**  | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Empire State Realty Trust, Inc.** |  |  |
| Class A Common Stock, par value $0.01 per share | ESRT | The New York Stock Exchange |
| **Empire State Realty OP, L.P.** |  |  |
| Series ES Operating Partnership Units | ESBA | NYSE Arca, Inc. |
| Series 60 Operating Partnership Units | OGCP | NYSE Arca, Inc. |
| Series 250 Operating Partnership Units | FISK | NYSE Arca, Inc. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On February 15, 2023, Empire State Realty Trust, Inc. (the "Company" or "we") issued a press release announcing its financial results for the fourth quarter and full year 2022. The press release referred to certain supplemental information that is available on the Company's website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, unless it is specifically incorporated by reference therein.

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---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure**  |

---

Fourth Quarter 2022 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the fourth quarter 2022 and made available on its website certain supplemental information relating thereto.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press Release announcing financial results for the fourth quarter 2022](d455879dex991.htm) |
| 99.2 | [Supplemental report](d455879dex992.htm) |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |

---

#### Non-GAAP Supplemental Financial Measures
Funds From Operations ("FFO")

We compute 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 writedowns 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

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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 FFO")

Modified FFO adds back an adjustment for any above or 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 FFO")

Core FFO adds back to Modified FFO the following items: acquisition expenses, loss on early extinguishment of debt, severance expenses and IPO litigation expense. 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.

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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 ("Core FAD")

In addition to Core FFO, we present 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 expense and (ii) deducting straight line rent, recurring second generation leasing commissions, tenant improvements, prebuilts, capital expenditures, furniture, fixtures & equipment purchases, amortization of debt premiums and above/below market rent revenue. Core FAD is presented solely as a supplemental disclosure that management believes 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 ("NOI")

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

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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. However, the usefulness of NOI 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 may fail to capture significant trends in these components of net income which further limits its usefulness. NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income computed in accordance with. Other companies may use different methods for calculating NOI or similarly titled measures and, accordingly, our NOI may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store Net Operating Income ("SSNOI")

In addition to NOI, we present Same Store NOI. Our Same Store portfolio includes all of our properties owned and included in our portfolio for all periods presented. It does not include properties held-for-sale or those properties which we otherwise expect to dispose of in the subsequent quarter.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, 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 our 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 on disposition of property.

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#### SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **EMPIRE STATE REALTY TRUST, INC.** | **EMPIRE STATE REALTY TRUST, INC.** |
|  | (Registrant) | (Registrant) |
| Date: February 15, 2023 | By: | /s/ Christina Chiu |
|  | Name: | Christina Chiu |
|  | Title: | Executive Vice President, Chief Operating Officer and Chief Financial Officer |

---

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **EMPIRE STATE REALTY OP, L.P.** | **EMPIRE STATE REALTY OP, L.P.** |
|  | (Registrant) | (Registrant) |
|  | By: | Empire State Realty Trust, Inc., as general partner |
| Date: February 15, 2023 | By: | /s/ Christina Chiu |
|  | Name: | Christina Chiu |
|  | Title: | Executive Vice President Chief Operating Officer and Chief Financial Officer |

---

## Exhibit 99.1

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| | |
|:---|:---|
| ![LOGO](g455879g0215054444853.jpg) | **Exhibit 99.1** |

---

**EMPIRE STATE REALTY TRUST ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS** 

**– Net Income Per Fully Diluted Share of $0.08 In Fourth Quarter and $0.22 in 2022 –** 

**– Core FFO Per Fully Diluted Share of $0.22 in Fourth Quarter and $0.90 in 2022 –** 

**– Completed Multifamily Acquisition and Non-Core Suburban Asset Dispositions –** 

**– Leased Approximately 1.1 Million Square Feet in 2022 –** 

**– $1.1 Billion of Liquidity, No Floating Rate Debt Exposure, No Debt Maturity Until Nov 2024 –** 

**– Provides 2023 Outlook –** 

**New York, New York, February 15, 2023 –** Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company") is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – the "World's Most Famous Building" – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor's 2022 Travelers' Choice Awards: Best of the Best. Today the Company reported its operational and financial results for the fourth quarter and full year 2022. All per share amounts are on a fully diluted basis, where applicable.

**Fourth Quarter and Full Year 2022 Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income of $0.08 per share in the fourth quarter of 2022 and $0.22 per share for the full year 2022, compared
to ($0.02) per share in the fourth quarter of 2021 and ($0.06) per share for the full year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Funds From Operations ("Core FFO") of $0.22 per share in fourth quarter of 2022 and $0.90 per
share for the full year 2022, compared to $0.18 per share in fourth quarter of 2021 and $0.70 per share for the full year 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Store Property Cash Net Operating Income ("NOI") excluding lease termination fees decreased 3.3%
from the fourth quarter of 2021 and 4.1% from the full year 2021, primarily due to higher property operating expenses and real estate taxes, partially offset by higher revenues from cash rent commencement.

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![LOGO](g455879g001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Empire State Building Observatory generated $23.8 million of NOI for the fourth quarter and
$74.9 million of NOI for the full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total commercial portfolio is 88.6% leased and Manhattan office portfolio is 89.6% leased as of December 31,
2022. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signed 144,326 rentable square feet of new, renewal, and expansion leases in the fourth quarter and signed a
total of 1,118,579 rentable square feet of new, renewal and expansion leases for the full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the acquisition of a multifamily asset located at 298 Mulberry Street in lower Manhattan in the fourth
quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the dispositions of an office asset located at 10 Bank Street in White Plains, NY in the fourth
quarter, and retail assets located in Westport, CT subsequent to year-end in a tax-efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased $88.9 million of common stock in 2022 and $8.2 million in the fourth quarter through
February 13, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent ESG highlights include achievement of the WELL Health-Safety Rating across 100% of the Company's
portfolio for the third consecutive year, inclusion into the 2023 Bloomberg Gender-Equality Index for the second consecutive year, Fitwel certification for 89% of the Company's NYC portfolio including the recently acquired multifamily
properties and verification and approval by the Science Based Targets Initiative (SBTi) of the Company's emissions reduction targets.

**Property Operations** 

As of December 31, 2022, the Company's property portfolio contained 8.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 721 residential units across three multifamily properties, which were occupied and leased as shown below.

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
|  **Percent occupied:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial portfolio | 85.2% | 84.2% | 82.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total office | 85.1% | 84.0% | 82.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan office | 86.0% | 84.7% | 83.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNYMA office<sup>1</sup> | 80.2% | 80.7% | 76.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total retail<sup>2</sup> | 86.5% | 86.4% | 81.8% |

---

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![LOGO](g455879g001.jpg)

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| | | | |
|:---|:---|:---|:---|
|  **Percent leased (includes signed leases not commenced):** | **Percent leased (includes signed leases not commenced):** | **Percent leased (includes signed leases not commenced):** | **Percent leased (includes signed leases not commenced):** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial portfolio | 88.6% | 88.5% | 85.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total office | 88.3% | 88.3% | 85.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan office | 89.6% | 89.4% | 87.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNYMA office<sup>1</sup> | 80.9% | 82.8% | 78.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total retail<sup>2</sup> | 92.2% | 91.9% | 91.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total multifamily portfolio | 96.3% | 98.4% | N/A |

---

<sup>1</sup> "GNYMA office" for the periods ending September 30, 2022 and December 31, 2022 reflects the removal of 383 Main Avenue, Norwalk, CT and December 31, 2022 reflects the removal of 10 Bank Street, White Plains, NY.

<sup>2</sup> "Total retail" for the periods ending September 30, 2022 and December 31, 2022 includes the retail assets acquired as part of the multifamily acquisition completed in late-December 2021 and December 2022. It also includes the Westport retail assets which were not disposed of until February 1<sup>st</sup>, 2023. 

**Leasing** 

The tables below summarize leasing activity for the three months ended December 31, 2022.

***Total Portfolio***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Portfolio** | **Total Leases<br>Executed** | **Total square<br>footage<br>executed** | **Average cash<br>rent psf –<br>leases executed** | **Previously<br>escalated cash<br>rents psf** | **% of new cash<br>rent over/under<br>previously<br>escalated rents** |
|  Office | 27 | 142828 | $55.46 | $55.10 | 0.7% |
|  Retail | 2 | 1498 | $262.60 | $416.07 | (36.9%) |
|  Total Overall | 29 | 144326 | $57.66 | $58.93 | (2.2%) |

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***Manhattan Office Portfolio***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Manhattan Office Portfolio** | **Total Leases<br>Executed** | **Total square<br>footage<br>executed** | **Average cash<br>rent psf –<br>leases executed** | **Previously<br>escalated cash<br>rents psf** | **% of new cash<br>rent over /under<br>previously<br>escalated rents** |
|  New Office | 14 | 75182 | $62.95 | $58.78 | 7.1% |
|  Renewal Office | 8 | 17658 | $63.87 | $65.80 | (2.9%) |
|  Total Office | 22 | 92840 | $63.12 | $60.11 | 5.0% |

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![LOGO](g455879g001.jpg)

**Observatory Results** 

For the fourth quarter of 2022, the Observatory hosted approximately 660,000 visitors, compared to 360,000 visitors in the fourth quarter of 2021. Observatory revenue for the fourth quarter was $32.3 million, expenses were $8.5 million, and NOI was $23.8 million, an increase of $13.1 million on a year-over-year basis. Fourth quarter visitation recapture (as % of 2019) was 74%, which exceeded the hypothetical forecast of 66% of 2019 levels. Notably, fourth quarter NOI recapture (as % of 2019) was 82%. For the full year, Observatory NOI totaled $74.9 million, which represented NOI recapture (as % of 2019) of 79%.

**Portfolio Transaction Activity** 

On December 20, 2022, the Company closed on the acquisition of a 100% free-market, full service multifamily asset located at 298 Mulberry Street in Manhattan for $115 million. In addition to 96 residential units, the property also contains retail space leased to CVS and a parking garage. Consistent with the Company's capital recycling strategy, the acquisition was funded by proceeds from the recent and future non-core tax-efficient asset dispositions noted below and cash.

On December 8, 2022, the Company closed on the previously announced disposition of its office asset located at 10 Bank Street in White Plains, NY at a gross asset valuation of $42 million and reinvested the proceeds through a 1031 tax-deferral transaction into the 298 Mulberry Street acquisition.

On February 1, 2023, the Company closed on the disposition of its fully leased retail assets located at 69-97 and 103-107 Main Street in Westport, CT at a gross asset valuation of $40 million, and reinvested proceeds through a 1031 tax-deferral transaction into the 298 Mulberry Street acquisition. The Westport sale was a related party transaction approved in accordance with the Company's protocols.

As previously announced, the Company entered into an agreement to sell 500 Mamaroneck Avenue in Harrison, NY for $53 million. This transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.

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![LOGO](g455879g001.jpg)

**Balance Sheet** 

The Company had $1.1 billion of total liquidity as of December 31, 2022, which was comprised of $264 million of cash, plus $850 million available under its revolving credit facility. At December 31, 2022, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 3.9% per annum. The weighted average term to maturity was 6.4 years and the Company has no debt maturity until November 2024. At December 31, 2022, the Company's ratio of net debt to adjusted EBITDA was 5.7x.

**Share Repurchase** 

The Company repurchased $88.9 million of common stock at a weighted average price of $7.78 per share in 2022 and repurchased $8.2 million of common stock at a weighted average price of $6.70 per share in the fourth quarter and through February 13, 2023. The stock repurchase program began in March 2020 and through February 13, 2023, approximately $281.2 million has been repurchased at a weighted average price of $8.31 per share.

**Dividend** 

On December 30, 2022, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the fourth quarter of 2022 to holders of the Company's Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company's operating partnership (the "Operating Partnership").

On December 30, 2022, the Company paid a quarterly preferred dividend of $0.15 per unit for the fourth quarter of 2022 to holders of the Operating Partnership's Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the fourth quarter of 2022 to holders of the Operating Partnership's Series 2019 private perpetual preferred units.

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![LOGO](g455879g001.jpg)

**ESG** 

Subsequent to quarter-end, the Company announced that for the second consecutive year, it was selected as a member of the 2023 Bloomberg Gender-Equality Index (GEI). The Company also achieved the WELL Health-Safety Rating across 100% of its portfolio (including all commercial buildings and multi-family properties as of December 2022) for the third year in a row and committed to the International WELL Building Institute's (IWBI) WELL at Scale program and inaugural WELL Equity Rating. ESRT was the first commercial real estate portfolio in the Americas to achieve the WELL Health-Safety Rating in 2020 – one of the industry's most rigorous ratings for healthy buildings and organizations – and one of the first in the world to achieve its annual renewal. Additionally, the Company received Fitwel certification for 89% of its NYC portfolio including the recently acquired multifamily properties. Lastly, the Company's emissions reduction targets were verified and approved by the Science Based Targets Initiative (SBTi). The Company's targets are in line with a 1.5°C trajectory, the most ambitious SBTi threshold available.

**2023 Earnings Outlook** 

The Company currently expects 2023 Core FFO to range between $0.82 to $0.86 per fully diluted share. The Company's current guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity. Key assumptions are included in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Key Assumptions** | **2023 Guidance** | **2022 Actual** | **Comments** |
|  **Earnings** |  |  |  |
| Core FFO Per Fully Diluted Share | $0.82 to $0.86 | $0.90<br> *($0.83 ex-lease term fee)*  | • Includes $0.04 from multifamily assets |
|  **Same-Store (SS) Commercial Property Drivers** |  |  |  |
| SS Occupancy at year-end | 85% to 87% | 85.0% |  |
| SS Cash NOI (excluding lease termination fees) | -4% to -6%<br> from 2022 | $266M | • Assumes modest revenue growth<br> • Assumes increased building utilization and an ~8% increase in operating expenses and real estate taxes |
|  **Observatory Drivers** |  |  |  |
| Observatory NOI | $88M to $96M | $75M | • Reflects quarterly expenses of ~$9M |

---

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![LOGO](g455879g001.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | Low | High | 2022 Actual |
|  Net Income (loss) Attributable to Common Stockholders and the Operating Partnership | $0.18 | $0.22 | $0.24 |
|  *Add:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment Charge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Depreciation & Amortization | 0.75 | 0.75 | 0.78 |
|  *Less:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Perpetual Distributions | 0.02 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on Disposal of Real Estate, net | 0.12 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FFO Attributable to Common Stockholders and the Operating Partnership | $0.79 | $0.83 | $0.87 |
|  *Add:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of Below Market Ground Lease | 0.03 | 0.03 | 0.03 |
|  **Core FFO Attributable to Common Stockholders and the Operating Partnership** | $**0.82** | $**0.86** | $**0.90** |

---

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of the COVID-19 pandemic on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above.

**Investor Presentation Update** 

The Company has posted on the "Investors" section of <u>ESRT's website</u> the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

**Webcast and Conference Call Details** 

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, February 16, 2023 at 12:00 pm Eastern time.

The webcast will be accessible on the "Investors" section of <u>ESRT's website</u>. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780.

Starting shortly after the call until February 23, 2023, a replay of the webcast will be available on the Company's website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13732461.

------

![LOGO](g455879g001.jpg)

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the "Investors" section of <u>ESRT's website</u>.

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

**About Empire State Realty Trust** 

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – "the World's Most Famous Building" – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor's 2022 Travelers' Choice Awards: Best of the Best. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of December 31, 2022, ESRT's portfolio is comprised of approximately 8.9 million rentable square feet of office space, 741,000 rentable square feet of retail space and 721 residential units across three multifamily properties. More information about Empire State Realty Trust can be found at <u>esrtreit.com</u> and by following ESRT on <u>Facebook</u>, <u>Instagram</u>, <u>Twitter</u> and <u>LinkedIn</u>.

![LOGO](g455879g0215054444384.jpg) ![LOGO](g455879g0215054444478.jpg) ![LOGO](g455879g0215054444571.jpg) ![LOGO](g455879g0215054444681.jpg)

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![LOGO](g455879g001.jpg)

**Forward-Looking Statements** 

This press release includes "forward looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) economic, market, political and social impact of the COVID-19 pandemic; (ii) a failure of conditions or performance regarding any event or transaction described herein, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, Observatory, broadcast or other facilities; (vii) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any or all of which may cause a decline in Observatory visitors; (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, including the current phasing out of LIBOR; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to any development project (including our Metro Tower potential development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; (xx) incurrence of taxable capital gain on disposition of an asset due to failure of use or compliance with a 1031 exchange program; and (xxi) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and impact of governmental regulation on our ESG efforts. For a further discussion of these and other factors that could impact the Company's future results, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

------

![LOGO](g455879g001.jpg)

While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any 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).

**Contact: <u>Investors and Media</u>** 

**Empire State Realty Trust Investor Relations** 

(212) 850-2678

<u>IR@esrtreit.com</u> 

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![LOGO](g455879g001.jpg)

**Empire State Realty Trust, Inc.** 

**Condensed Consolidated Statements of Operations** 

**(unaudited and amounts in thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2022** | **2021** |
|  **Revenues** |  |  |
|  Rental revenue | $145905 | $139104 |
|  Observatory revenue | 32318 | 17716 |
|  Lease termination fees |  | 281 |
|  Third-party management and other fees | 336 | 302 |
|  Other revenue and fees | 2714 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 181273 | 160334 |
|  **Operating expenses** |  |  |
|  Property operating expenses | 39060 | 34557 |
|  Ground rent expenses | 2332 | 2332 |
|  General and administrative expenses | 16478 | 13578 |
|  Observatory expenses | 8529 | 6980 |
|  Real estate taxes | 31420 | 27600 |
|  Impairment charge |  | 7723 |
|  Depreciation and amortization | 44500 | 46467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 142319 | 139237 |
|  **Total operating income** | 38954 | 21097 |
|  Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2804 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (25634) | (23841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of property | 6818 |  |
|  **Income (loss) before income taxes** | 22942 | (2537) |
|  Income tax expense | (1322) | (1537) |
|  **Net income (loss)** | 21620 | (4074) |
|  Net (income) loss attributable to noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest in the Operating Partnership | (7947) | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests in other partnerships | (28) |  |
|  Preferred unit distributions | (1050) | (1050) |
|  **Net income (loss) attributable to common stockholders** | $12595 | $(3188) |
|  **Total weighted average shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 161720 | 172818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 265370 | 276207 |
|  **Earnings per share attributable to common stockholders** | **Earnings per share attributable to common stockholders** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.08 | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.08 | $(0.02) |

---

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![LOGO](g455879g001.jpg)

**Empire State Realty Trust, Inc.** 

**Condensed Consolidated Statements of Operations** 

**(unaudited and amounts in thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **Revenues** |  |  |
|  Rental revenue | $591048 | $559690 |
|  Observatory revenue | 105978 | 41474 |
|  Lease termination fees | 20032 | 16230 |
|  Third-party management and other fees | 1361 | 1219 |
|  Other revenue and fees | 8622 | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 727041 | 624094 |
|  **Operating expenses** |  |  |
|  Property operating expenses | 157935 | 126986 |
|  Ground rent expenses | 9326 | 9326 |
|  General and administrative expenses | 61765 | 55947 |
|  Observatory expenses | 31036 | 23206 |
|  Real estate taxes | 123057 | 119967 |
|  Impairment charge |  | 7723 |
|  Depreciation and amortization | 216894 | 201806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 600013 | 544961 |
|  **Total operating income** | 127028 | 79133 |
|  Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 4948 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (101206) | (94394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale/disposition of properties | 33988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on early extinguishment of debt |  | (214) |
|  **Income (loss) before income taxes** | 64758 | (14771) |
|  Income tax (expense) benefit | (1546) | 1734 |
|  **Net income (loss)** | 63212 | (13037) |
|  Net (income) loss attributable to noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest in the Operating Partnership | (22812) | 6527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests in other partnerships | 243 |  |
|  Preferred unit distributions | (4201) | (4201) |
|  **Net income (loss) attributable to common stockholders** | $36442 | $(10711) |
|  **Total weighted average shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 165039 | 172445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 269948 | 277420 |
|  **Earnings per share attributable to common stockholders** | **Earnings per share attributable to common stockholders** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.22 | $(0.06) |

---

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![LOGO](g455879g001.jpg)

**Empire State Realty Trust, Inc.** 

**Reconciliation of Net Income to Funds From Operations ("FFO"),** 

**Modified Funds From Operations ("Modified FFO") and Core Funds From Operations ("Core FFO")** 

**(unaudited and amounts in thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** |
|  | **2022** | **2021** |
|  Net income (loss) | $21620 | $(4074) |
|  Noncontrolling interests in other partnerships | (28) |  |
|  Preferred unit distributions | (1050) | (1050) |
|  Real estate depreciation and amortization | 43076 | 45211 |
|  Impairment charge |  | 7723 |
|  Gain on sale of property | (6818) |  |
|  **FFO attributable to common stockholders and Operating Partnership units** | 56800 | 47810 |
|  Amortization of below-market ground leases | 1958 | 1958 |
|  **Modified FFO attributable to common stockholders and Operating Partnership units** | 58758 | 49768 |
|  **Core FFO attributable to common stockholders and Operating Partnership units** | $58758 | $49768 |
|  **Total weighted average shares and Operating Partnership units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 263759 | 276207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 265370 | 276207 |
|  **FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.21 | $0.17 |
|  **Modified FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.22 | $0.18 |
|  **Core FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.22 | $0.18 |

---

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![LOGO](g455879g001.jpg)

**Empire State Realty Trust, Inc.** 

**Reconciliation of Net Income to Funds From Operations ("FFO"),** 

**Modified Funds From Operations ("Modified FFO") and Core Funds From Operations ("Core FFO")** 

**(unaudited and amounts in thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** |
|  | **2022** | **2021** |
|  Net income (loss) | $63212 | $(13037) |
|  Noncontrolling interests in other partnerships | 243 |  |
|  Preferred unit distributions | (4201) | (4201) |
|  Real estate depreciation and amortization | 210522 | 196360 |
|  Impairment charge |  | 7723 |
|  Gain on sale/disposition of properties | (33988) |  |
|  **FFO attributable to common stockholders and Operating Partnership units** | 235788 | 186845 |
|  Amortization of below-market ground leases | 7831 | 7831 |
|  **Modified FFO attributable to common stockholders and Operating Partnership units** | 243619 | 194676 |
|  Loss on early extinguishment of debt |  | 214 |
|  **Core FFO attributable to common stockholders and Operating Partnership units** | $243619 | $194890 |
|  **Total weighted average shares and Operating Partnership units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 268337 | 277420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 269948 | 277420 |
|  **FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.88 | $0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.87 | $0.67 |
|  **Modified FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.91 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.90 | $0.70 |
|  **Core FFO per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.91 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.90 | $0.70 |

---

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![LOGO](g455879g001.jpg)

**Empire State Realty Trust, Inc.** 

**Condensed Consolidated Balance Sheets** 

**(unaudited and amounts in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2022** | **December 31,<br>2021** |
|  **Assets** |  |  |
|  Commercial real estate properties, at cost | $3551449 | $3500917 |
|  Less: accumulated depreciation | (1137267) | (1072938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate properties, net | 2414182 | 2427979 |
|  Assets held for sale | 35538 |  |
|  Cash and cash equivalents | 264434 | 423695 |
|  Restricted cash | 50244 | 50943 |
|  Tenant and other receivables | 24102 | 18647 |
|  Deferred rent receivables | 240188 | 224922 |
|  Prepaid expenses and other assets | 98114 | 76549 |
|  Deferred costs, net | 187570 | 202437 |
|  Acquired below market ground leases, net | 329073 | 336904 |
|  Right of use assets | 28670 | 28892 |
|  Goodwill | 491479 | 491479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4163594 | $4282447 |
|  **Liabilities and equity** |  |  |
|  Mortgage notes payable, net | $883705 | $948769 |
|  Senior unsecured notes, net | 973659 | 973373 |
|  Unsecured term loan facility, net | 388773 | 388223 |
|  Accounts payable and accrued expenses | 80729 | 120810 |
|  Acquired below market leases, net | 17849 | 24941 |
|  Ground lease liabilities | 28670 | 28892 |
|  Deferred revenue and other liabilities | 76091 | 84358 |
|  Tenants' security deposits | 25084 | 28749 |
|  Liabilities related to assets held for sale | 5943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2480503 | 2598115 |
|  Total equity | 1683091 | 1684332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $4163594 | $4282447 |

---

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g455879g00n24.jpg)

EMPIRE STATE <br>REALTY TRUST <br>Supplemental Operating <br>and Financial Data <br>December 31, 2022

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---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022** |

---

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---

| | | | |
|:---|:---|:---|:---|
| ***Table of Contents*** | ***Page*** | ***Page*** |  |
| ***<u>Summary</u>*** |  |  |  |
|  *Company Profile* | | *3* | |
|  *Highlights* | | *4* | |
| ***<u>Selected Property Data</u>*** |  |  |  |
|  *Property Summary Net Operating Income* | | *5* | |
|  *Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI* | | *6* | |
|  *Leasing Activity* | | *7* | |
|  *Property Detail* | | *9* | |
|  *Portfolio Expirations and Vacates Summary* | | *10* | |
|  *Tenant Lease Expirations* | | *11* | |
|  *Largest Tenants and Portfolio Tenant Diversification by Industry* | | *13* | |
|  *Capital Expenditures and Redevelopment Program* | | *14* | |
|  *Observatory Summary* | | *15* | |
| ***<u>Financial information</u>*** |  |  |  |
|  *Condensed Consolidated Balance Sheets* | | *16* | |
|  *Condensed Consolidated Statements of Operations* | | *17* | |
|  *FFO, Modified FFO, Core FFO, FAD and EBITDA* | | *18* | |
|  *Consolidated Debt Analysis* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Debt Summary* | | *19* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Debt Detail* | | *20* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Debt Maturities* | | *21* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ground Leases* | | *21* | |
|  *Supplemental Definitions* | | *22* | |

---

***<u>Forward-looking Statements</u>***

This presentation includes "forward looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) economic, market, political and social impact of, and uncertainty relating to, the COVID-19 pandemic; (ii) a failure of conditions or performance regarding any event or transaction described herein, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, Observatory, broadcast or other facilities; (vii) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any or all of which may cause a decline in Observatory visitors; (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, including the current phasing out of LIBOR; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to any development project (including our Metro Tower potential development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; (xx) incurrence of taxable capital gain on disposition of an asset due to failure of use or compliance with a 1031 exchange program; and (xxi) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and impact of governmental regulation on our ESG efforts. For a further discussion of these and other factors that could impact the Company's future results, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any 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 presentation, 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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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022** |

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***<u>COMPANY PROFILE</u>***

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building and its iconic, newly reimagined Observatory Experience.

***<u>BOARD OF DIRECTORS</u>***

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| | |
|:---|:---|
| Anthony E. Malkin | Chairman, President and Chief Executive Officer |
| Thomas J. DeRosa | Director, Chair of the Compensation and Human Capital Committee |
| Steven J. Gilbert | Director, Lead Independent Director |
| 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 |
| James D. Robinson IV | Director, Chair of the Nominating and Corporate Governance Committee |

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***<u>EXECUTIVE MANAGEMENT</u>***

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| | |
|:---|:---|
| Anthony E. Malkin | Chairman, President and Chief Executive Officer |
| Christina Chiu | Executive Vice President, Chief Operating Officer and Chief Financial Officer |
| Thomas P. Durels | Executive Vice President, Real Estate |

---

***<u>COMPANY INFORMATION</u>***

---

| | | |
|:---|:---|:---|
| 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) 850-2600 |  |  |

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***<u>RESEARCH COVERAGE</u>***

---

| | | | |
|:---|:---|:---|:---|
| Bank of America Merrill Lynch | Camille Bonnel | (416) 369-2140 | camille.bonnel@bofa.com |
| BMO Capital Markets Corp. | John Kim | (212)885-4115 | jp.kim@bmo.com |
| BTIG | Thomas Catherwood | (212)738-6140 | tcatherwood@btig.com |
| Citi | Michael Griffin | (212)816-5871 | michael.a.griffin@citi.com |
| Evercore ISI | Steve Sakwa | (212)446-9462 | steve.sakwa@evercoreisi.com |
| Green Street Advisors | Dylan Burzinski | (949)640-8780 | dburzinski@greenstreetadvisors.com |
| KeyBanc Capital Markets | Todd Thomas | (917)368-2286 | tthomas@key.com |
| Wells Fargo Securities, LLC | Blaine Heck | (443)263-6529 | blaine.heck@wellsfargo.com |
| Wolfe Research | Andrew Rosivach | (646)582-9251 | arosivach@wolferesearch.com |

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Highlights**<br> **(unaudited and dollars in thousands, except per share amounts)** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Office and Retail Metrics:** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,**<br>**2022** | **March 31,**<br>**2022** | **December 31,<br>2021** |
|  Total rentable square footage | 9661065 | 9882226 | 9885707 | 10150384 | 10128335 |
|  Percent occupied <sup>(1)</sup> | 85.2% | 84.2% | 84.3% | 83.0% | 82.4% |
|  Percent leased <sup>(2)</sup> | 88.6% | 88.5% | 87.8% | 87.0% | 85.7% |
| **<u>Same Store Portfolio Cash Net Operating Income (NOI):</u>** |  |  |  |  |  |
|  Manhattan office portfolio | $61913 | $57257 | $80367 | $63799 | $62125 |
|  Greater New York office portfolio | 3731 | 4202 | 4933 | 5301 | 5125 |
|  Standalone retail portfolio | 753 | 1315 | 1932 | 2272 | 2054 |
|  Observatory | 23789 | 24535 | 19592 | 7026 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Same Store Cash NOI | $90186 | $87309 | $106824 | $78398 | $80040 |
| **<u>Multifamily Metrics:</u>** |  |  |  |  |  |
|  Number of multifamily properties | 3 | 2 | 2 | 2 | 2 |
|  Total number of units | 721 | 625 | 625 | 625 | 625 |
|  Percent occupied | 96.3% | 98.4% | 98.4% | 97.6% | 96.4% |
| **<u>Observatory Metrics:</u>** |  |  |  |  |  |
|  Number of visitors <sup>(3)</sup> | 660000 | 687000 | 573000 | 269000 | 360000 |
|  Change in visitors year over year | 83.3% | 169.4% | 253.7% | 427.5% | 554.5% |
| **<u>Ratios at ESRT pro-rata share: <sup>(4)</sup></u>** |  |  |  |  |  |
|  Debt to Total Market Capitalization <sup>(5)</sup> | 54.0% | 54.8% | 53.0% | 44.8% | 47.2% |
|  Net Debt to Total Market Capitalization <sup>(5)</sup> | 50.9% | 50.2% | 48.7% | 39.8% | 42.2% |
|  Debt and Perpetual Preferred Units to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Market Capitalization <sup>(5)</sup> | 56.1% | 57.0% | 55.1% | 46.5% | 49.0% |
|  Net Debt and Perpetual Preferred Units to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Market Capitalization <sup>(5)</sup> | 53.1% | 52.6% | 51.0% | 41.6% | 44.2% |
|  Debt to Adjusted EBITDA <sup>(6)</sup> | 6.5x | 6.7x | 6.9x | 7.7x | 8.2x |
|  Net Debt to Adjusted EBITDA <sup>(6)</sup> | 5.7x | 5.6x | 5.8x | 6.3x | 6.5x |
|  Interest Coverage Ratio | 3.7x | 3.7x | 5.1x | 3.6x | 3.9x |
|  Core FFO Payout Ratio <sup>(7)</sup> | 16% | 17% | 12% | 20% | 18% |
|  Core FAD Payout Ratio <sup>(8)</sup> | 23% | 51% | 23% | 161% | 36% |
|  Core FFO per share—diluted | $0.22 | $0.21 | $0.29 | $0.18 | $0.18 |
|  Diluted weighted average shares | 265370000 | 267121000 | 270085000 | 273759000 | 276207000 |
|  Class A common stock price at quarter end | $6.74 | $6.56 | $7.03 | $9.82 | $8.90 |
|  Average closing price | $7.05 | $7.42 | $8.12 | $9.41 | $9.87 |
|  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 <sup>(9)</sup> | 2.1% | 2.1% | 2.0% | 1.4% | 1.6% |
|  Series 2013 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) | 1560360 | 1560360 | 1560360 | 1560360 | 1560360 |
|  Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) | 4664038 | 4664038 | 4664038 | 4664038 | 4664038 |
|  Class A common stock | 160140263 | 160576042 | 162689535 | 168731507 | 169221263 |
|  Class B common stock | 989871 | 993332 | 994252 | 994837 | 995751 |
|  Operating partnership units | 109904589 | 110959627 | 111420579 | 111791527 | 110996807 |
|  Total common stock and operating partnership units outstanding <sup>(10)</sup> | 271034723 | 272529001 | 275104366 | 281517871 | 281213821 |

---

**<u>Notes:</u>**

(1) Based on leases signed and commenced as of end of period.

(2) Represents occupancy and includes signed leases not commenced.

(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) Ratios are calculated including ESRT's pro-rata 90% share of debt, interest, EBITDA and FFO at its joint
venture properties.

(5) Market capitalization represents the sum of (i) Company's common stock per share price as of
December 31, 2022 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2022; (ii) the number of Series 2014 perpetual preferred units at December 31, 2022
multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2022 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2022.

(6) Calculated based on trailing 12 months Adjusted EBITDA.

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

(8) Represents the amount of Core FAD paid out in distributions.

(9) Based on the closing price per share of Class A common stock on December 31, 2022.

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

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Property Summary— Same Store <sup>(1)</sup> Net Operating Income ("NOI") by Quarter**<br> **(unaudited and dollars in thousands)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months<br>Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2022** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **<u>Same Store Portfolio</u>** |  |  |  |  |  |  |
|  Revenues | $551966 | $138097 | $138981 | $138988 | $135900 | $137498 |
|  Operating expenses | (267031) | (67132) | (71102) | (63943) | (64854) | (61563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Same store property NOI** | 284935 | 70965 | 67879 | 75045 | 71046 | 75935 |
|  Straight-line rent | (24279) | (5896) | (7235) | (8519) | (2629) | (8959) |
|  Above/below-market rent revenue amortization | (2057) | (630) | (333) | (554) | (540) | (280) |
|  Below-market ground lease amortization | 7831 | 1958 | 1957 | 1958 | 1958 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI—excluding lease termination fees** | $**266430** | $**66397** | $**62268** | $**67930** | $**69835** | $**68654** |
|  **Percent change over prior year** | **(4.1)%** | **(3.3)%** | **(6.9)%** | **(7.2)%** | **1.0%** | **(4.9)%** |
|  Property cash NOI | $266430 | $66397 | $62268 | $67930 | $69835 | $68654 |
|  Observatory cash NOI | 74942 | 23789 | 24535 | 19592 | 7026 | 10736 |
|  Lease termination fees | 20032 |  |  | 18859 | 1173 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total portfolio same store cash NOI** | $361404 | $90186 | $86803 | $106381 | $78034 | $79671 |
|  **<u>Same Store Manhattan Office Portfolio <sup>(2)</sup></u>** |  |  |  |  |  |  |
|  Revenues | $497572 | $125014 | $125136 | $125405 | $122017 | $124053 |
|  Operating expenses | (240426) | (60332) | (64220) | (57403) | (58471) | (55256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Same store property NOI** | 257146 | 64682 | 60916 | 68002 | 63546 | 68797 |
|  Straight-line rent | (19616) | (4097) | (5283) | (7898) | (2338) | (8401) |
|  Above/below-market rent revenue amortization | (2057) | (630) | (333) | (554) | (540) | (280) |
|  Below-market ground lease amortization | 7831 | 1958 | 1957 | 1958 | 1958 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI—excluding lease termination fees** | 243304 | 61913 | 57257 | 61508 | 62626 | 62074 |
|  Lease termination fees | 20032 |  |  | 18859 | 1173 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI** | $263336 | $61913 | $57257 | $80367 | $63799 | $62125 |
|  **<u>Same Store Greater New York Metropolitan Area Office Portfolio</u>** |  |  |  |  |  |  |
|  Revenues | $42433 | $10617 | $10610 | $10632 | $10574 | $10421 |
|  Operating expenses | (20498) | (5196) | (5370) | (5056) | (4876) | (4895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Same store property NOI** | 21935 | 5421 | 5240 | 5576 | 5698 | 5526 |
|  Straight-line rent | (3768) | (1690) | (1038) | (643) | (397) | (631) |
|  Above/below-market rent revenue amortization |  |  |  |  |  |  |
|  Below-market ground lease amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI—excluding lease termination fees** | 18167 | 3731 | 4202 | 4933 | 5301 | 4895 |
|  Lease termination fees |  |  |  |  |  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI** | $18167 | $3731 | $4202 | $4933 | $5301 | $5125 |
|  **<u>Same Store Standalone Retail Portfolio</u>** |  |  |  |  |  |  |
|  Revenues | $11961 | $2466 | $3235 | $2951 | $3309 | $3024 |
|  Operating expenses | (6107) | (1604) | (1512) | (1484) | (1507) | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Same store property NOI** | 5854 | 862 | 1723 | 1467 | 1802 | 1612 |
|  Straight-line rent | (895) | (109) | (914) | 22 | 106 | 73 |
|  Above/below-market rent revenue amortization |  |  |  |  |  |  |
|  Below-market ground lease amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI—excluding lease termination fees** | 4959 | 753 | 809 | 1489 | 1908 | 1685 |
|  Lease termination fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total same store property cash NOI** | $4959 | $753 | $809 | $1489 | $1908 | $1685 |

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**<u>Notes:</u>**

(1) Excludes multifamily properties, 383 Main Avenue, Norwalk CT, which was disposed of in April 2022, 10 Bank
Street, White Plains, NY which was sold in December 2022, 500 Mamaroneck Ave, Harrison, NY which is held for sale, and 69-97 and 103-107 Main Street, Westport, CT which was sold on February 1, 2023.

(2) Includes 499,012 rentable square feet of retail space in the Company's nine Manhattan office properties.

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI**<br> **(unaudited and dollars in thousands)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months<br>Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Reconciliation of Net Income to Cash NOI and Same Store<br>Cash NOI** | **December 31,<br>2022** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Net income (loss) | $63212 | $21620 | $10118 | $48695 | $(17221) | $(4074) |
|  Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 61765 | 16478 | 15725 | 15876 | 13686 | 13578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 216894 | 44500 | 46984 | 58304 | 67106 | 46467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 101206 | 25634 | 25516 | 25042 | 25014 | 23841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 1546 | 1322 | 1457 | 363 | (1596) | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charge |  |  |  |  |  | 7723 |
|  Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposition of property | (33988) | (6818) |  | (27170) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party management and other fees | (1361) | (336) | (389) | (326) | (310) | (302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (4948) | (2804) | (1564) | (431) | (149) | (207) |
|  **Net operating income** | 404326 | 99596 | 97847 | 120353 | 86530 | 88563 |
|  Straight-line rent | (24562) | (6029) | (7341) | (8597) | (2595) | (7881) |
|  Above/below-market rent revenue amortization | (4758) | (622) | (677) | (1675) | (1784) | (280) |
|  Below-market ground lease amortization | 7831 | 1958 | 1957 | 1958 | 1958 | 1958 |
|  **Total cash NOI—including observatory and lease termination income** | 382837 | 94903 | 91786 | 112039 | 84109 | 82360 |
|  Less cash NOI from non-Same Store properties | (21433) | (4717) | (4983) | (5658) | (6075) | (2689) |
|  **Total Same Store cash NOI—including observatory and lease termination income** | **361404** | **90186** | **86803** | **106381** | **78034** | **79671** |
|  Less: observatory NOI | (74942) | (23789) | (24535) | (19592) | (7026) | (10736) |
|  Less: Lease termination income | (20032) |  |  | (18859) | (1173) | (281) |
|  **Total Same Store cash NOI—excluding observatory and lease termination income** | $**266430** | $**66397** | $**62268** | $**67930** | $**69835** | $**68654** |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Square<br>Feet** | **Initial<br>Annual<br>Cash Rent** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** |
| **Expected Cash Commencement** | **Square<br>Feet** | **Initial<br>Annual<br>Cash Rent** | **2023** | **2024** | **2025** | **2026** | **2027** |
|  First quarter 2023 | 124346 | $6121 | $5547 | $6121 | $6121 | $5935 | $5748 |
|  Second quarter 2023 | 190433 | 10334 | 7086 | 10317 | 10312 | 10312 | 10312 |
|  Third quarter 2023 | 329405 | 17400 | 6535 | 17400 | 17400 | 17400 | 17389 |
|  Fourth quarter 2023 | 148506 | 9496 | 1515 | 9496 | 9496 | 9496 | 9496 |
|  First quarter 2024 | 149792 | 10519 |  | 9313 | 10519 | 10519 | 10519 |
|  Second Quarter 2024 | 88305 | 5895 |  | 3858 | 5895 | 5895 | 5895 |
|  Third quarter 2024 | 35574 | 2256 |  | 865 | 2256 | 2256 | 2256 |
|  Fourth quarter 2024 |  |  |  |  |  |  |  |
|  First quarter 2025 | 29613 | 2191 |  |  | 1831 | 2191 | 2191 |
|  Third quarter 2025 | 21262 | 1318 |  |  | 437 | 1318 | 1318 |
|  | 1117236 | $65530 | $20683 | $57370 | $64267 | $65322 | $65124 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Incremental**<br>**Annual**<br>**Cash Rent <sup>(1)</sup>** | **Initial**<br>**Annual**<br>**Cash Rent** | | | | | |
|  | **Incremental**<br>**Annual**<br>**Cash Rent <sup>(1)</sup>** | **Initial**<br>**Annual**<br>**Cash Rent** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** | **Initial Cash Rent Contributing to Cash NOI in the Following Years** |
| **4Q 2022** | **Incremental**<br>**Annual**<br>**Cash Rent <sup>(1)</sup>** | **Initial**<br>**Annual**<br>**Cash Rent** | **2023** | **2024** | **2025** | **2026** | **2027** |
|  Commenced leases in free rent period | $30811 | $36666 | $15837 | $36275 | $36644 | $36458 | $36260 |
|  Signed leases not commenced | 23595 | 28864 | 4846 | 21095 | 27623 | 28864 | 28864 |
|  | $54406 | $65530 | $20683 | $57370 | $64267 | $65322 | $65124 |

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**<u>Notes:</u>**

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

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Property Summary—Leasing Activity by Quarter**<br> **(unaudited)** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,**<br>**2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **<u>Total Office and Retail Portfolio</u>** |  |  |  |  |  |
|  Total leases executed | 29 | 34 | 37 | 44 | 34 |
|  Weighted average lease term | 5 years | 7.9 years | 10 years | 8.7 years | 11.2 years |
|  Average free rent period | 4.6 months | 8.7 months | 8.2 months | 8.4 months | 11.4 months |
|  **<u>Office</u>** |  |  |  |  |  |
|  Total square footage executed | 142828 | 294016 | 316949 | 317633 | 368854 |
|  Average starting cash rent psf—leases executed | $55.46 | $52.35 | $60.28 | $54.75 | $56.88 |
|  Previously escalated cash rents psf | $55.10 | $49.67 | $58.25 | $53.35 | $56.04 |
|  Percentage of new cash rent over previously escalated rents | 0.7% | 5.0% | 3.5% | 2.6% | 1.5% |
|  **<u>Retail</u>** |  |  |  |  |  |
|  Total square footage executed | 1498 | 41366 | 3276 | 1013 | 6066 |
|  Average starting cash rent psf—leases executed | $262.60 | $137.72 | $115.08 | $120.81 | $256.52 |
|  Previously escalated cash rents psf | $416.07 | $153.81 | $115.54 | $126.33 | $239.07 |
|  Percentage of new cash rent over previously escalated rents | (36.9%) | (10.5%) | (0.4%) | (4.4%) | 7.3% |
|  **<u>Total Office and Retail Portfolio</u>** |  |  |  |  |  |
|  **Total square footage executed** | **144326** | **335382** | **320225** | **318646** | **374920** |
|  **Average starting cash rent psf—leases executed** | $**57.66** | $**63.01** | $**60.86** | $**54.96** | $**60.17** |
|  **Previously escalated cash rents psf** | $**58.93** | $**62.84** | $**58.86** | $**53.59** | $**59.05** |
|  **Percentage of new cash rent over previously escalated rents** | **(2.2** **%)** | **0.3%** | **3.4%** | **2.6%** | **1.9%** |
|  Leasing commission costs per square foot | $**13.60** | $**19.04** | $**24.44** | $**19.75** | $**26.34** |
|  Tenant improvement costs per square foot | **41.12** | **53.67** | **57.43** | **66.05** | **77.86** |
|  Total LC and TI per square foot <sup>(1)</sup> | $**54.72** | $**72.71** | $**81.87** | $**85.80** | $**104.20** |
|  Occupancy | 85.2% | 84.2% | 84.3% | 83.0% | 82.4% |
| **<u>Manhattan Office Portfolio</u>** |  |  |  |  |  |
|  Total leases executed | 22 | 21 | 27 | 29 | 24 |
|  **<u>Office—New Leases</u>** |  |  |  |  |  |
|  Total square footage executed | 75182 | 94467 | 159970 | 215560 | 257693 |
|  Average starting cash rent psf—leases executed | $62.95 | $59.97 | $67.84 | $59.80 | $60.25 |
|  Previously escalated cash rents psf | $58.78 | $48.52 | $62.70 | $57.79 | $57.97 |
|  Percentage of new cash rent over previously escalated rents | 7.1% | 23.6% | 8.2% | 3.5% | 3.9% |
|  **<u>Office—Renewal Leases</u>** |  |  |  |  |  |
|  Total square footage executed | 17658 | 84867 | 99690 | 40616 | 35784 |
|  Average starting cash rent psf—leases executed | $63.87 | $57.97 | $58.43 | $55.99 | $61.67 |
|  Previously escalated cash rents psf | $65.80 | $59.37 | $58.28 | $54.00 | $63.61 |
|  Percentage of new cash rent over previously escalated rents | (2.9%) | (2.3%) | 0.3% | 3.7% | (3.0%) |
|  **<u>Total Manhattan Office Portfolio</u>** |  |  |  |  |  |
|  **Total square footage executed** | **92840** | **179334** | **259660** | **256176** | **293477** |
|  **Average starting cash rent psf—leases executed** | $**63.12** | $**59.02** | $**64.23** | $**59.19** | $**60.43** |
|  **Previously escalated cash rents psf** | $**60.11** | $**53.65** | $**61.00** | $**57.19** | $**58.66** |
|  **Percentage of new cash rent over previously escalated rents** | **5.0%** | **10.0%** | **5.3%** | **3.5%** | **3.0%** |
|  Leasing commission costs per square foot | $**15.54** | $**12.53** | $**27.58** | $**22.24** | $**28.30** |
|  Tenant improvement costs per square foot | **48.72** | **47.13** | **63.26** | **68.52** | **89.19** |
|  Total LC and TI per square foot <sup>(1)</sup> | $**64.26** | $**59.66** | $**90.84** | $**90.76** | $**117.50** |
|  Occupancy | 86.0% | 84.7% | 84.0% | 83.9% | 83.9% |

---

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Property Summary—Leasing Activity by Quarter—(Continued)**<br> **(unaudited)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **<u>Greater New York Metropolitan Area Office Portfolio</u>** |  |  |  |  |  |
|  Total leases executed | 5 | 6 | 7 | 13 | 6 |
|  Total square footage executed | 49988 | 114682 | 57289 | 61457 | 75377 |
|  Average starting cash rent psf—leases executed | $40.26 | $41.56 | $38.28 | $33.45 | $41.93 |
|  Previously escalated cash rents psf | $45.15 | $43.75 | $42.91 | $34.92 | $44.99 |
|  Percentage of new cash rent over previously escalated rents | (10.8%) | (5.0%) | (10.8%) | (4.2%) | (6.8%) |
|  Leasing commission costs per square foot | $6.31 | $12.89 | $10.96 | $9.13 | $13.10 |
|  Tenant improvement costs per square foot | 25.53 | 61.75 | 34.32 | 56.86 | 29.45 |
|  Total LC and TI per square foot <sup>(1)</sup> | $31.84 | $74.64 | $45.28 | $65.99 | $42.55 |
|  Occupancy | 80.2% | 80.7% | 82.2% | 76.2% | 76.6% |
|  **<u>Retail Portfolio</u>** |  |  |  |  |  |
|  Total leases executed | 2 | 7 | 3 | 2 | 4 |
|  Total square footage executed | 1498 | 41366 | 3276 | 1013 | 6066 |
|  Average starting cash rent psf—leases executed | $262.60 | $137.72 | $115.08 | $120.81 | $256.52 |
|  Previously escalated cash rents psf | $416.07 | $153.81 | $115.54 | $126.33 | $2399.07 |
|  Percentage of new cash rent over previously escalated rents | (36.9%) | (10.5%) | (0.4%) | (4.4%) | 7.3% |
|  Leasing commission costs per square foot | $136.80 | $64.33 | $10.93 | $35.14 | $96.11 |
|  Tenant improvement costs per square foot | 90.32 | 59.57 |  |  | 130.80 |
|  Total LC and TI per square foot <sup>(1)</sup> | $227.12 | $123.90 | $10.93 | $35.14 | $226.91 |
|  Occupancy | 86.5% | 86.4% | 92.0% | 90.9% | 81.8% |
|  **<u>Multifamily Portfolio</u>** |  |  |  |  |  |
|  Percent occupied | 96.3% | 98.4% | 98.4% | 97.6% | 96.4% |
|  Total number of units | 721 | 625 | 625 | 625 | 625 |

---

**<u>Notes:</u>**

(1) 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 were actually paid.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Property Detail**<br> **(unaudited)** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Location or Sub-Market** | **Rentable<br>Square Feet <sup>(1)</sup>** | **Percent<br>Occupied <sup>(2)</sup>** | **Percent<br>Leased <sup>(3)</sup>** | **Annualized<br>Rent <sup>(4)</sup>** | **Annualized<br>Rent per<br>Occupied<br>Square Foot <sup>(5)</sup>** | **Number of<br>Leases <sup>(6)</sup>** |
|  ***<u>Manhattan Office Properties—Office</u>*** |  |  |  |  |  |  |  |
|  The Empire State Building <sup>(7)</sup> | Penn Station - Times Sq. South | 2714737 | 82.4% | 84.6% | $141668705 | $63.34 | 144 |
|  One Grand Central Place | Grand Central | 1245439 | 87.1% | 93.0% | 65602130 | 60.48 | 161 |
|  1400 Broadway <sup>(8)</sup> | Penn Station - Times Sq. South | 916579 | 94.0% | 100.0% | 47963370 | 55.64 | 18 |
|  111 West 33rd Street <sup>(9)</sup>  | Penn Station - Times Sq. South | 641036 | 96.2% | 96.2% | 39930094 | 64.76 | 22 |
|  250 West 57th Street | Columbus Circle - West Side | 466642 | 84.8% | 85.5% | 24667590 | 62.32 | 33 |
|  501 Seventh Avenue | Penn Station - Times Sq. South | 461370 | 85.0% | 91.5% | 19602186 | 49.98 | 22 |
|  1359 Broadway | Penn Station - Times Sq. South | 457313 | 76.5% | 84.1% | 20912746 | 59.81 | 29 |
|  1350 Broadway <sup>(10)</sup> | Penn Station - Times Sq. South | 373003 | 83.2% | 86.5% | 18650756 | 60.13 | 51 |
|  1333 Broadway | Penn Station - Times Sq. South | 296360 | 90.0% | 90.0% | 15621885 | 58.55 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Manhattan Office Properties—Office*** |  | **7572479** | **86.0%** | **89.6%** | **394619464** | **60.58** | **494** |
|  ***<u>Greater New York Metropolitan Area Office</u> <u>Properties</u>*** |  |  |  |  |  |  |  |
|  First Stamford Place <sup>(11)</sup> | Stamford, CT | 776386 | 75.8% | 76.2% | 25161553 | 42.74 | 43 |
|  Metro Center | Stamford, CT | 284786 | 81.8% | 81.8% | 13209172 | 56.72 | 21 |
|  500 Mamaroneck Avenue <sup>(12)</sup> | Harrison, NY | 286335 | 90.4% | 92.4% | 7681621 | 29.69 | 34 |
|  ***Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties*** |  | **1347507** | **80.2%** | **80.9%** | **46052346** | **42.63** | **98** |
|  ***<u>Manhattan Office Properties—Retail</u>*** |  |  |  |  |  |  |  |
|  The Empire State Building | Penn Station - Times Sq. South | 91554 | 76.6% | 76.6% | 6920076 | 98.62 | 12 |
|  One Grand Central Place | Grand Central | 68733 | 99.4% | 99.4% | 8675896 | 126.99 | 13 |
|  1400 Broadway <sup>(8)</sup>  | Penn Station - Times Sq. South | 18618 | 75.1% | 75.1% | 1471265 | 105.24 | 6 |
|  112 West 34th Street <sup>(9)</sup> | Penn Station - Times Sq. South | 93057 | 96.4% | 100.0% | 22875282 | 255.04 | 3 |
|  250 West 57th Street | Columbus Circle - West Side | 67231 | 89.1% | 89.1% | 8896423 | 148.47 | 7 |
|  501 Seventh Avenue | Penn Station - Times Sq. South | 34564 | 73.2% | 73.2% | 1609862 | 63.64 | 6 |
|  1359 Broadway | Penn Station - Times Sq. South | 27467 | 68.9% | 88.4% | 1079511 | 57.01 | 4 |
|  1350 Broadway <sup>(10)</sup> | Penn Station - Times Sq. South | 30787 | 77.6% | 77.6% | 5975808 | 250.24 | 5 |
|  1333 Broadway | Penn Station - Times Sq. South | 67001 | 100.0% | 100.0% | 9899557 | 147.75 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Manhattan Office Properties—Retail*** |  | **499012** | **87.6%** | **89.4%** | **67403680** | **154.17** | **60** |
| ***<u>Standalone Retail Properties</u>*** |  |  |  |  |  |  |  |
|  10 Union Square | Union Square | 58006 | 85.5% | 91.9% | 6944628 | 139.95 | 8 |
|  1542 Third Avenue | Upper East Side | 56250 | 100.0% | 100.0% | 2652308 | 47.15 | 4 |
|  1010 Third Avenue | Upper East Side | 38235 | 26.1% | 100.0% | 412120 | 41.24 | 1 |
|  77 West 55th Street | Midtown | 25388 | 100.0% | 100.0% | 1952250 | 76.90 | 3 |
|  69-97 Main Street <sup>(13)</sup> | Westport, CT | 16874 | 100.0% | 100.0% | 1866809 | 110.63 | 5 |
|  103-107 Main Street <sup>(13)</sup> | Westport, CT | 4330 | 100.0% | 100.0% | 756705 | 174.76 | 1 |
|  ***Sub-Total/Weighted Average Standalone Retail Properties*** |  | **199083** | **81.6%** | **97.6%** | **14584820** | **89.78** | **22** |
|  ***<u>Multifamily Retail Properties</u>*** |  |  |  |  |  |  |  |
|  561 10th Avenue | Hudson Yards | 28919 | 94.9% | 100.0% | 2395101 | 87.27 | 2 |
|  345 East 94th Street | Upper East Side | 3700 | 100.0% | 100.0% | 247782 | 66.97 | 1 |
|  298 Mulberry Street | NoHo | 10365 | 100.0% | 100.0% | 1645002 | 158.71 | 1 |
|  ***Sub-Total/Weighted Average Multifamily Retail Properties*** |  | **42984** | **96.6%** | **100.0%** | **4287885** | **103.30** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Portfolio Total*** |  | **9661065** | **85.2%** | **88.6%** | $**526948195** | $**63.98** | **678** |
|  ***Total/Weighted Average Office Properties*** |  | **8919986** | **85.1%** | **88.3%** | $**440671810** | $**58.02** | **592** |
|  ***Total/Weighted Average Retail Properties*** |  | **741079** | **86.5%** | **92.2%** | **86276385** | **134.56** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Portfolio Total*** |  | **9661065** | **85.2%** | **88.6%** | $**526948195** | $**63.98** | **678** |

---

**<u>Notes:</u>**

(1) Excludes (i) 197,242 square feet of space across the Company's portfolio attributable to building
management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company's observatory.

(2) Based on leases signed and commenced as of December 31, 2022.

(3) Based on leases signed but not commenced as of December 31, 2022.

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

(5) Represents annualized rent under leases commenced as of December 31, 2022 divided by occupied square feet.

(6) 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.

(7) Includes 37,747 rentable square feet of space leased by the Company's broadcasting tenants.

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension
rights available to the Company, of approximately 41 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 55 years (expiring May 31, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension
rights available to the Company, of approximately 28 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

(12) We have entered into an agreement to sell this property. The transaction is expected to close in the first
quarter 2023.

(13) Property was sold on February 1, 2023.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Total Portfolio Expirations and Vacates Summary**<br> **(unaudited and in square feet)** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Forecast <sup>(1)</sup>** | **Forecast <sup>(1)</sup>** | **Forecast <sup>(1)</sup>** | **Forecast <sup>(1)</sup>** | **Forecast <sup>(1)</sup>** | **Forecast <sup>(1)</sup>** |
|  | **Three Months<br>Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | |
| **Total Office and Retail Portfolio <sup>(2)</sup>** | **December 31,<br>2022** | **March 31,<br>2023** | **June 30,<br>2023** | **September 30,<br>2023** | **December 31,<br>2023** |<br>**Full Year<br>2023** |<br>**Full Year<br>2024** |
|  Total expirations | 101710 | 94020 | 72064 | 147938 | 197108 | 511130 | 641385 |
|  Less: broadcasting |  | (906) | (309) | (472) |  | (1687) | (126) |
|  Office and retail expirations | 101710 | 93114 | 71755 | 147466 | 197108 | 509443 | 641259 |
|  Renewals & relocations <sup>(3)</sup> | 20558 | 25038 | 22627 | 50485 | 20763 | 118913 | 172100 |
|  New leases <sup>(4)</sup> | 25872 | 19323 |  |  | 21262 | 40585 | 11744 |
|  Vacates <sup>(5)</sup> | 55280 | 42776 | 38105 | 86596 | 118779 | 286256 | 210538 |
|  Unknown <sup>(6)</sup> |  | 5977 | 11023 | 10385 | 36304 | 63689 | 246877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Office and Retail Portfolio expirations and vacates | 101710 | 93114 | 71755 | 147466 | 197108 | 509443 | 641259 |
|  **<u>Manhattan Office Portfolio</u>** |  |  |  |  |  |  |  |
|  Total expirations | 64555 | 75864 | 53598 | 87517 | 176859 | 393838 | 583319 |
|  Less: broadcasting |  | (906) | (309) | (472) |  | (1687) | (125) |
|  Office expirations | 64555 | 74958 | 53289 | 87045 | 176859 | 392151 | 583194 |
|  Renewals & relocations <sup>(3)</sup> | 17460 | 25038 | 4161 | 22111 | 20763 | 72073 | 172100 |
|  New leases <sup>(4)</sup> | 9285 | 19323 |  |  | 21262 | 40585 | 11744 |
|  Vacates <sup>(5)</sup> | 37810 | 27767 | 38105 | 54549 | 118779 | 239200 | 194066 |
|  Unknown <sup>(6)</sup> |  | 2830 | 11023 | 10385 | 16055 | 40293 | 205284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expirations and vacates | 64555 | 74958 | 53289 | 87045 | 176859 | 392151 | 583194 |
|  **<u>Greater New York Metropolitan Area Office Portfolio</u>** | **<u>Greater New York Metropolitan Area Office Portfolio</u>** |  |  |  |  |  |  |
|  Office expirations | 31613 | 10719 | 17554 | 60421 |  | 88694 | 39232 |
|  Renewals & relocations <sup>(3)</sup> | 3098 |  | 17554 | 28374 |  | 45928 |  |
|  New leases <sup>(4)</sup> | 15000 |  |  |  |  |  |  |
|  Vacates <sup>(5)</sup> | 13515 | 7572 |  | 32047 |  | 39619 | 10884 |
|  Unknown <sup>(6)</sup> |  | 3147 |  |  |  | 3147 | 28348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expirations and vacates | 31613 | 10719 | 17554 | 60421 |  | 88694 | 39232 |
|  **<u>Retail Portfolio <sup>(7)</sup></u>** |  |  |  |  |  |  |  |
|  Retail expirations | 5542 | 7437 | 912 |  | 20249 | 28598 | 18834 |
|  Renewals & relocations <sup>(3)</sup> |  |  | 912 |  |  | 912 |  |
|  New leases <sup>(4)</sup> | 1587 |  |  |  |  |  |  |
|  Vacates <sup>(5)</sup> | 3955 | 7437 |  |  |  | 7437 | 5588 |
|  Unknown <sup>(6)</sup> |  |  |  |  | 20249 | 20249 | 13246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expirations and vacates | 5542 | 7437 | 912 |  | 20249 | 28598 | 18834 |

---

**<u>Notes:</u>**

(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 2023; 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 intention is unknown.

(7) Includes standalone and non-standalone retail.

------

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Tenant Lease Expirations**<br> **(unaudited)** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Total Office and Retail Lease Expirations*** | **Number<br>of Leases<br>Expiring <sup>(1)</sup>** | **Rentable<br>Square<br>Feet<br>Expiring <sup>(2)</sup>** | **Percent of<br>Portfolio<br>Rentable<br>Square Feet<br>Expiring** | **Annualized<br>Rent <sup>(3)</sup>** | **Percent of<br>Annualized<br>Rent** | **Annualized<br>Rent Per<br>Rentable<br>Square Foot** |
|  Available |  | 1105719 | 11.4% | $— | 0.0% | $— |
|  Signed leases not commenced | 36 | 319351 | 3.3% |  | 0.0% |  |
|  4Q 2022 <sup>(4)</sup> | 17 | 51771 | 0.5% | 2077733 | 0.4% | 40.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2022 | 17 | 51771 | 0.5% | 2077733 | 0.4% | 40.13 |
|  1Q 2023 | 20 | 76906 | 0.8% | 4507834 | 0.9% | 58.61 |
|  2Q 2023 | 21 | 72064 | 0.7% | 4028406 | 0.8% | 55.90 |
|  3Q 2023 | 26 | 147938 | 1.5% | 8768939 | 1.7% | 59.27 |
|  4Q 2023 | 22 | 197108 | 2.0% | 12971767 | 2.5% | 65.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2023 | 89 | 494016 | 5.1% | 30276946 | 5.7% | 61.29 |
| 2024 | 95 | 641385 | 6.6% | 38063823 | 7.2% | 59.35 |
| 2025 | 83 | 523666 | 5.4% | 34354748 | 6.5% | 65.60 |
| 2026 | 71 | 690336 | 7.1% | 38296385 | 7.3% | 55.47 |
| 2027 | 89 | 716550 | 7.4% | 44105885 | 8.4% | 61.55 |
| 2028 | 47 | 914331 | 9.5% | 48868734 | 9.3% | 53.45 |
| 2029 | 47 | 962150 | 10.0% | 70258628 | 13.3% | 73.02 |
| 2030 | 35 | 706825 | 7.3% | 46759804 | 8.9% | 66.15 |
| 2031 | 23 | 171061 | 1.8% | 20665463 | 3.9% | 120.81 |
| 2032 | 30 | 382405 | 4.0% | 26756490 | 5.1% | 69.97 |
|  Thereafter | 52 | 1981499 | 20.6% | 126463556 | 24.0% | 63.82 |
|  Total | 714 | 9661065 | 100.0% | $526948195 | 100.0% | $63.98 |
|  <u>***Manhattan Office Properties <sup>(5)</sup>***</u>  |  |  |  |  |  |  |
|  Available |  | 789933 | 10.4% | $— | 0.0% | $— |
|  Signed leases not commenced | 29 | 268085 | 3.5% |  | 0.0% |  |
|  4Q 2022 <sup>(4)</sup> | 10 | 33457 | 0.4% | 1838529 | 0.5% | 54.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2022 | 10 | 33457 | 0.4% | 1838529 | 0.5% | 54.95 |
|  1Q 2023 | 17 | 66187 | 0.9% | 4089143 | 1.0% | 61.78 |
|  2Q 2023 | 18 | 53598 | 0.7% | 3270146 | 0.8% | 61.01 |
|  3Q 2023 | 20 | 87517 | 1.2% | 5144525 | 1.3% | 58.78 |
|  4Q 2023 | 20 | 176859 | 2.3% | 11106813 | 2.8% | 62.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2023 | 75 | 384161 | 5.1% | 23610627 | 6.0% | 61.46 |
| 2024 | 82 | 583319 | 7.7% | 35330760 | 9.0% | 60.57 |
| 2025 | 61 | 372985 | 4.9% | 24405244 | 6.2% | 65.43 |
| 2026 | 50 | 464437 | 6.1% | 27837943 | 7.1% | 59.94 |
| 2027 | 66 | 571936 | 7.6% | 32887868 | 8.3% | 57.50 |
| 2028 | 32 | 796300 | 10.5% | 42948266 | 10.9% | 53.93 |
| 2029 | 33 | 724521 | 9.6% | 43731139 | 11.1% | 60.36 |
| 2030 | 20 | 547490 | 7.2% | 33017325 | 8.4% | 60.31 |
| 2031 | 11 | 82182 | 1.1% | 5782918 | 1.5% | 70.37 |
| 2032 | 22 | 344750 | 4.6% | 23649713 | 6.0% | 68.60 |
|  Thereafter | 32 | 1608923 | 21.3% | 99579132 | 25.0% | 61.89 |
|  Total Manhattan office properties | 523 | 7572479 | 100.0% | $394619464 | 100.0% | $60.58 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Tenant Lease Expirations**<br> **(unaudited)** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Greater New York Metropolitan***<br> ***Area Office Properties*** | **Number<br>of Leases<br>Expiring <sup>(1)</sup>** | **Rentable<br>Square<br>Feet<br>Expiring <sup>(2)</sup>** | **Percent of<br>Portfolio<br>Rentable<br>Square Feet<br>Expiring** | **Annualized<br>Rent <sup>(3)</sup>** | **Percent of<br>Annualized<br>Rent** | **Annualized<br>Rent Per<br>Rentable<br>Square Foot** |
|  Available |  | 257970 | 19.1% | $— | 0.0% | $— |
|  Signed leases not commenced | 2 | 9161 | 0.7% |  | 0.0% |  |
|  4Q 2022 <sup>(4)</sup> | 5 | 6922 | 0.5% | 60189 | 0.1% | 8.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2022 | 5 | 6922 | 0.5% | 60189 | 0.1% | 8.70 |
|  1Q 2023 | 3 | 10719 | 0.8% | 418691 | 0.9% | 39.06 |
|  2Q 2023 | 2 | 17554 | 1.3% | 698260 | 1.5% | 39.78 |
|  3Q 2023 | 6 | 60421 | 4.5% | 3624414 | 7.9% | 59.99 |
|  4Q 2023 |  |  | 0.0% |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2023 | 11 | 88694 | 6.6% | 4741365 | 10.3% | 53.46 |
| 2024 | 6 | 39232 | 2.9% | 1443769 | 3.1% | 36.80 |
| 2025 | 17 | 127930 | 9.5% | 5378016 | 11.7% | 42.04 |
| 2026 | 14 | 154669 | 11.5% | 6129451 | 13.3% | 39.63 |
| 2027 | 16 | 88575 | 6.6% | 3679727 | 8.0% | 41.54 |
| 2028 | 11 | 111044 | 8.2% | 4216464 | 9.2% | 37.97 |
| 2029 | 6 | 130748 | 9.7% | 5928349 | 12.9% | 45.34 |
| 2030 | 4 | 78526 | 5.8% | 3457648 | 7.5% | 44.03 |
| 2031 | 2 | 5176 | 0.4% | 153755 | 0.3% | 29.71 |
| 2032 | 2 | 4718 | 0.4% | 147782 | 0.3% | 31.32 |
|  Thereafter | 4 | 244142 | 18.1% | 10715831 | 23.3% | 43.89 |
|  Total greater New York metropolitan area office properties | 100 | 1347507 | 100.0% | $46052346 | 100.0% | $42.63 |
| ***<u>Retail Properties<sup>(6)</sup></u>*** |  |  |  |  |  |  |
|  Available |  | 57816 | 7.8% | $— | 0.0% | $— |
|  Signed leases not commenced | 5 | 42105 | 5.7% |  | 0.0% |  |
|  4Q 2022 <sup>(4)</sup> | 2 | 11392 | 1.5% | 179015 | 0.2% | 15.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2022 | 2 | 11392 | 1.5% | 179015 | 0.2% | 15.71 |
|  1Q 2023 |  |  | 0.0% |  | 0.0% |  |
|  2Q 2023 | 1 | 912 | 0.1% | 60000 | 0.1% | 65.79 |
|  3Q 2023 |  |  | 0.0% |  | 0.0% |  |
|  4Q 2023 | 2 | 20249 | 2.7% | 1864954 | 2.2% | 92.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total 2023 | 3 | 21161 | 2.9% | 1924954 | 2.2% | 90.97 |
| 2024 | 7 | 18834 | 2.5% | 1289294 | 1.5% | 68.46 |
| 2025 | 5 | 22751 | 3.1% | 4571488 | 5.3% | 200.94 |
| 2026 | 7 | 71230 | 9.6% | 4328991 | 5.0% | 60.77 |
| 2027 | 7 | 56039 | 7.6% | 7538290 | 8.7% | 134.52 |
| 2028 | 4 | 6987 | 0.9% | 1704004 | 2.0% | 243.88 |
| 2029 | 8 | 106881 | 14.4% | 20599140 | 23.9% | 192.73 |
| 2030 | 11 | 80809 | 10.9% | 10284831 | 11.9% | 127.27 |
| 2031 | 10 | 83703 | 11.3% | 14728790 | 17.1% | 175.96 |
| 2032 | 6 | 32937 | 4.4% | 2958995 | 3.4% | 89.84 |
|  Thereafter | 16 | 128434 | 17.4% | 16168593 | 18.8% | 125.89 |
|  Total retail properties | 91 | 741079 | 100.0% | $86276385 | 100.0% | $134.56 |

---

**<u>Notes:</u>**

(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) 197,242 rentable square feet of space across the Company portfolio attributable to building
management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company's observatory.

(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 December 31, 2022 and expire on December 31,
2022. (5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and
observatory operations.

(6) Includes lease expirations of 69-97 and 103-107 Main Street, Westport, CT which were sold on February 1,
2023. Page 12

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **20 Largest Tenants and Portfolio Tenant Diversification by Industry**<br> **(unaudited)** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **20 Largest Tenants** | **Property** | **Lease**<br> **Expiration <sup>(1)</sup>** | **Weighted<br>Average<br>Remaining<br>Lease<br>Term<sup>(2)</sup>** | **Total<br>Occupied<br>Square<br>Feet <sup>(3)</sup>** | **Percent of<br>Portfolio<br>Rentable<br>Square<br>Feet <sup>(4)</sup>** | **Annualized<br>Rent <sup>(5)</sup>** | **Percent of<br>Portfolio<br>Annualized<br>Rent <sup>(6)</sup>** |
| 1. LinkedIn | Empire State Building | Aug. 2036 | 13.7 years | 501409 | 5.2% | $32772732 | 6.2% |
| 2. Signature Bank | 1333 & 1400 Broadway | Jul. 2030 - Apr. 2035 | 12.1 years | 308207 | 3.2% | 18175128 | 3.4% |
| 3. PVH Corp. | 501 Seventh Avenue | Oct. 2028 | 5.8 years | 237281 | 2.5% | 11548477 | 2.2% |
| 4. Centric Brands Inc. | Empire State Building | Oct. 2028 | 5.8 years | 221365 | 2.3% | 11289615 | 2.1% |
| 5. Sephora | 112 West 34th Street | Jan. 2029 | 6.1 years | 11334 | 0.1% | 10533628 | 2.0% |
| 6. Li & Fung | 1359 Broadway, ESB | Oct. 2023 - Oct. 2028 | 4.8 years | 173273 | 1.8% | 9260886 | 1.8% |
| 7. Target | 112 West 34th St., 10 Union Sq. | Mar 2037 - Jan 2038 | 14.7 years | 81340 | 0.8% | 8825395 | 1.7% |
| 8. Macy's | 111 West 33rd Street | May 2030 | 7.4 years | 131117 | 1.4% | 8382100 | 1.6% |
| 9. Urban Outfitters | 1333 Broadway | Sept. 2029 | 6.8 years | 56730 | 0.6% | 7955384 | 1.5% |
| 10. Coty | Empire State Bilding | Jan. 2030 | 7.1 years | 156187 | 1.6% | 7950113 | 1.5% |
| 11. Footlocker | 112 West 34th Street | Sept. 2031 | 8.8 years | 34192 | 0.4% | 7745959 | 1.5% |
| 12. Federal Deposit Insurance Corp. | Empire State Building | Dec. 2024 | 2.0 years | 119226 | 1.2% | 7567274 | 1.4% |
| 13. HNTB Corporation | Empire State Building | Feb. 2029 | 6.2 years | 105143 | 1.1% | 6982050 | 1.3% |
| 14. The Michael J. Fox Foundation | 111 West 33rd Street | Nov. 2029 | 6.9 years | 86492 | 0.9% | 6219167 | 1.2% |
| 15. Shutterstock | Empire State Building | Apr. 2029 | 6.3 years | 104386 | 1.1% | 6087598 | 1.2% |
| 16. Fragomen | 1400 Broadway | Feb. 2035 | 12.2 years | 107680 | 1.1% | 5922400 | 1.1% |
| 17. Institutional Capital Network, Inc. | One Grand Central Place | Feb 2023 - Oct. 2035 | 9.8 years | 89300 | 0.9% | 5617792 | 1.1% |
| 18. ASCAP | 250 West 57th Street | Aug. 2034 | 11.7 years | 87943 | 0.9% | 5344751 | 1.0% |
| 19. Duane Reade | ESB, 1350 Broadway | May 2025 - Sept. 2027 | 3.5 years | 39142 | 0.4% | 4903003 | 0.9% |
| 20. The Interpublic Group of Co's, Inc. | 111 West 33rd St & 1400 B'Way | Jul. 2024 - Feb. 2025 | 1.8 years | 77364 | 0.8% | 4744134 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  |  | 2729111 | 28.3% | $187827586 | 35.6% |

---

**<u>Notes:</u>**

(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 December 31, 2022.

(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.

**<u>Portfolio Tenant Diversification by Industry (based on annualized rent)</u>**

![LOGO](g455879g00n36.jpg)

------

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Capital Expenditures and Redevelopment Program and Leasing Opportunity**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Capital expenditures <sup>(1)</sup>** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Tenant improvements - first generation | $6024 | $1493 | $3502 | $4096 | $3007 |
|  Tenant improvements - second generation | 8867 | 20329 | 23163 | 24457 | 13000 |
|  Leasing commissions - second generation | 4721 | 10182 | 5043 | 15051 | 3950 |
|  Building improvements - first generation | 2530 | 868 | 1992 | 1966 | 612 |
|  Building improvements - second generation | 6837 | 7986 | 7248 | 7640 | 7874 |
|  Total | $28979 | $40858 | $40948 | $53210 | $28443 |

---

**Leasing Opportunity—Inventory of Current Vacant Space as of December 31, 2022 (in square feet) <sup>(2) (3)</sup>** 

---

| | |
|:---|:---|
|  **Total Portfolio vacant space** | 1425000.0 |
|  Signed leases not commenced ("SLNC"): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Office Properties SLNC | 268000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater New York Office Properties SLNC | 9000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Properties SLNC | 42000.0 |
|  Redeveloped Manhattan Office space | 640000.0 |
|  Greater New York Office Properties space | 258000.0 |
|  Retail Properties space | 58000.0 |
|  Undeveloped Manhattan Office space | 58000.0 |
|  Space held off market | 45000.0 |
|  Other | 47000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 1425000.0 |

---

**<u>Notes:</u>**

(1) Excludes multifamily properties.

(2) These estimates are based on the Company's current budgets and are subject to change.

(3) Redevelopment program is for the Manhattan office assets only. Square footage based on market measurement.
Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Permanent building use spaces, amenity spaces and broadcasting spaces are excluded.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Observatory Summary**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Observatory NOI** |<br>**Twelve<br>Months to<br>Date** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Observatory revenue <sup>(1)</sup> | $105978 | $32318 | $33051 | $27368 | $13241 | $17716 |
|  Observatory expenses | 31036 | 8529 | 8516 | 7776 | 6215 | 6980 |
|  **NOI** | **74942** | **23789** | **24535** | **19592** | **7026** | **10736** |
|  Intercompany rent expense <sup>(2)</sup> | 65005 | 18204 | 19072 | 17109 | 10620 | 7142 |
|  **NOI after intercompany rent** | $9937 | $5585 | $5463 | $2483 | $(3594) | $3594 |
|  **<u>Observatory Metrics</u>** |  |  |  |  |  |  |
|  Number of visitors <sup>(3)</sup> |  | 660000 | 687000 | 573000 | 269000 | 360000 |
|  Change in visitors year over year |  | 83.3% | 169.4% | 253.7% | 427.5% | 554.5% |
|  Number of bad weather days ("BWD") <sup>(4)</sup> |  | 20 | 7 | 19 | 17 | 7 |

---

**<u>Notes:</u>**

(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, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the fixed license fee was $1,200, $1,200, $1,200, $1,200 and $750 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.

**<u>Annual Observatory NOI 2018 to 2022 YTD</u>**

![LOGO](g455879g00n38.jpg)

**<u>Notes:</u>**

(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.

(3) The observatory continued to experience a gradual recovery in visitors due to the COVID-19 pandemic.

------

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| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Condensed Consolidated Balance Sheets**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,**<br>**2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate properties, at cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land | $365540 | $334598 | $334598 | $336278 | $336278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs | 8166 | 8162 | 8162 | 8162 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building and improvements | 3177743 | 3194787 | 3193137 | 3190927 | 3156508 |
|  | 3551449 | 3537547 | 3535897 | 3535367 | 3500917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: accumulated depreciation | (1137267) | (1159364) | (1137231) | (1124090) | (1072938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate properties, net | 2414182 | 2378183 | 2398666 | 2411277 | 2427979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | 35538 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 264434 | 387248 | 359424 | 429716 | 423695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 50244 | 52567 | 53335 | 52951 | 50943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant and other receivables | 24102 | 30547 | 43672 | 17800 | 18647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred rent receivables | 240188 | 239750 | 233194 | 226565 | 224922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 98114 | 72905 | 82256 | 52152 | 76549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred costs, net | 187570 | 188706 | 193436 | 197602 | 202437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired below-market ground leases, net | 329073 | 331030 | 332988 | 334946 | 336904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets | 28670 | 28725 | 28781 | 28842 | 28892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 491479 | 491479 | 491479 | 491479 | 491479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4163594 | $4201140 | $4217231 | $4243330 | $4282447 |
|  **Liabilities and Equity**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage notes payable, net | $883705 | $915202 | $916657 | $947479 | $948769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior unsecured notes, net | 973659 | 973607 | 973555 | 973426 | 973373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured term loan facility, net | 388773 | 388645 | 388507 | 388365 | 388223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured revolving credit facility, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 80729 | 94436 | 113837 | 108077 | 120810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired below-market leases, net | 17849 | 18897 | 20178 | 22459 | 24941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground lease liabilities | 28670 | 28725 | 28781 | 28842 | 28892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue and other liabilities | 76091 | 80249 | 80008 | 84380 | 84358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenants' security deposits | 25084 | 27550 | 29615 | 28270 | 28749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to assets held for sale | 5943 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2480503 | 2527311 | 2551138 | 2581298 | 2598115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1683091 | 1673829 | 1666093 | 1662032 | 1684332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $4163594 | $4201140 | $4217231 | $4243330 | $4282447 |

---

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---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Condensed Consolidated Statements of Operations**<br> **(unaudited and in thousands, except per share amounts)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rental revenue <sup>(1)</sup> | $145905 | $148290 | $149339 | $147514 | $139104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Observatory revenue | 32318 | 33051 | 27368 | 13241 | 17716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease termination fees |  |  | 18859 | 1173 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third party management and other fees | 336 | 389 | 326 | 310 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue and fees | 2714 | 1982 | 2130 | 1796 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues** | 181273 | 183712 | 198022 | 164034 | 160334 |
|  **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property operating expenses | 39060 | 42798 | 37433 | 38644 | 34557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground rent expenses | 2332 | 2331 | 2332 | 2331 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 16478 | 15725 | 15876 | 13686 | 13578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Observatory expenses | 8529 | 8516 | 7776 | 6215 | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate taxes | 31420 | 31831 | 29802 | 30004 | 27600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charge |  |  |  |  | 7723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 44500 | 46984 | 58304 | 67106 | 46467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 142319 | 148185 | 151523 | 157986 | 139237 |
|  **Total operating income** | 38954 | 35527 | 46499 | 6048 | 21097 |
|  **Other income (expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2804 | 1564 | 431 | 149 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (25634) | (25516) | (25042) | (25014) | (23841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale/disposition of property | 6818 |  | 27170 |  |  |
|  **Income (loss) before income taxes** | 22942 | 11575 | 49058 | (18817) | (2537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (expense) benefit | (1322) | (1457) | (363) | 1596 | (1537) |
|  **Net income (loss)** | 21620 | 10118 | 48695 | (17221) | (4074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests in the Operating Partnership | (7947) | (3560) | (18224) | 6919 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests in other partnerships | (28) | 49 | 159 | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private perpetual preferred unit distributions | (1050) | (1050) | (1051) | (1050) | (1050) |
|  **Net income (loss) attributable to common stockholders** | $12595 | $5557 | $29579 | $(11289) | $(3188) |
|  **Weighted average common shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 161720 | 162165 | 167118 | 169731 | 172818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 265370 | 267121 | 270085 | 273759 | 276207 |
|  **Earnings per share attributable to common stockholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $0.08 | $0.03 | $0.18 | $(0.07) | $(0.02) |
|  **Dividends per share** | $0.035 | $0.035 | $0.035 | $0.035 | $0.035 |

---

**<u>Note:</u>**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Rental Revenue** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base rent | $131745 | $131800 | $134794 | $133401 | $125880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Billed tenant expense reimbursement | 14160 | 16490 | 14545 | 14113 | 13224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total rental revenue | $145905 | $148290 | $149339 | $147514 | $139104 |

---

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.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds**<br> **from Operations ("Core FFO"), Core Funds Available for Distribution ("Core FAD") and EBITDA**<br> **(unaudited and in thousands, except per share amounts)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **<u>Reconciliation of Net Income to FFO, Modified FFO and Core FFO</u>** | **December 31,<br>2022** | **September 30,<br>2022** | **June 30,<br>2022** | **March 31,<br>2022** | **December 31,<br>2021** |
|  Net Income (loss) | $21620 | $10118 | $48695 | $(17221) | $(4074) |
|  Non-controlling interests in other partnerships | (28) | 49 | 159 | 63 |  |
|  Preferred unit distributions | (1050) | (1050) | (1051) | (1050) | (1050) |
|  Real estate depreciation and amortization | 43076 | 45461 | 56571 | 65414 | 45211 |
|  Impairment charge |  |  |  |  | 7723 |
|  Gain on sale/disposition of property | (6818) |  | (27170) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FFO attributable to common stockholders and the Operating Partnership** | 56800 | 54578 | 77204 | 47206 | 47810 |
|  Amortization of below-market ground lease | 1958 | 1957 | 1958 | 1958 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Modified FFO attributable to common stockholders and the Operating Partnership** | 58758 | 56535 | 79162 | 49164 | 49768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core FFO attributable to common stockholders and the Operating Partnership** | $58758 | $56535 | $79162 | $49164 | $49768 |
|  **Total weighted average shares and Operating Partnership units** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 263759 | 266035 | 270078 | 273759 | 276207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 265370 | 267121 | 270085 | 273759 | 276207 |
|  **FFO attributable to common stockholders and the Operating Partnership per share and unit** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.21 | $0.29 | $0.17 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.21 | $0.20 | $0.29 | $0.17 | $0.17 |
|  **Modified FFO attributable to common stockholders and the Operating Partnership per share and unit** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.21 | $0.29 | $0.18 | $0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.22 | $0.21 | $0.29 | $0.18 | $0.18 |
|  **Core FFO attributable to common stockholders and the Operating Partnership per share and unit** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.22 | $0.21 | $0.29 | $0.18 | $0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.22 | $0.21 | $0.29 | $0.18 | $0.18 |

---

**<u>Reconciliation of Core FFO to Core FAD</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Core FFO | $58758 | $56535 | $79162 | $49164 | $49768 |
|  Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 1096 | 1156 | 1270 | 1421 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-real estate depreciation and amortization | 1285 | 1303 | 1285 | 1264 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of non-cash compensation expense | 5412 | 5374 | 5765 | 4460 | 4843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of loss on interest rate derivative | 1525 | 1524 | 1528 | 1529 | 1529 |
|  Deduct: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rental revenues | (6029) | (7341) | (8597) | (2595) | (7881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Above/below-market rent revenue amortization | (622) | (677) | (1675) | (1784) | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate capital expenditures | (162) | (242) | (302) | (241) | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements—second generation | (8867) | (20329) | (23163) | (24457) | (13000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building improvements—second generation | (6837) | (7986) | (7248) | (7640) | (7874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing commissions—second generation | (4721) | (10182) | (5043) | (15051) | (3950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core FAD | $40838 | $19135 | $42982 | $6070 | $25365 |

---

**<u>Reconciliation of Net Income to EBITDA and Adjusted EBITDA</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $21620 | $10118 | $48695 | $(17221) | $(4074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 25634 | 25516 | 25042 | 25014 | 23841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 1322 | 1457 | 363 | (1596) | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 44500 | 46984 | 58304 | 67106 | 46467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EBITDA** | 93076 | 84075 | 132404 | 73303 | 67771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charge |  |  |  |  | 7723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property | (6818) |  | (27170) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjusted EBITDA** | $86258 | $84075 | $105234 | $73303 | $75494 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Debt Summary**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** |
|  | **Balance** | | **Weighted Average** | **Weighted Average** | **Balance** | **ESRT**<br>**Pro-rata<br>Share** | **Weighted Average** | **Weighted Average** |
| **Debt Summary** | **Balance** | <br>**ESRT**<br>**Pro-rata<br>Share** | **Interest<br>Rate** | **Maturity**<br>**(Years)** | **Balance** | **ESRT**<br>**Pro-rata<br>Share** | **Interest<br>Rate** | **Maturity**<br>**(Years)** |
|  Fixed rate mortgage debt | $900630 | $882292 | 3.77% | 7.0 | $933088 | $914696 | 3.78% | 7.3 |
|  Senior unsecured notes | 975000 | 975000 | 4.05% | 7.2 | 975000 | 975000 | 4.05% | 7.4 |
|  Unsecured term loan facilities <sup>(1)</sup> | 390000 | 390000 | 3.93% | 3.0 | 390000 | 390000 | 3.93% | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed rate debt** | 2265630 | 2247292 | 3.94% | 6.4 | 2298088 | 2279696 | 3.94% | 6.7 |
|  Unsecured term loan facilities <sup>(2)</sup> |  |  |  |  |  |  |  |  |
|  Unsecured revolving credit facilities |  |  |  | 2.3 |  |  |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total variable rate debt** |  |  |  | 2.3 |  |  |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt** | 2265630 | 2247292 | 3.94% | 6.4 | 2298088 | 2279696 | 3.94% | 6.7 |
|  Deferred financing costs, net | (11748) |  |  |  | (12694) |  |  |  |
|  Debt discount | (7745) |  |  |  | (7940) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $2246137 |  |  |  | $2277454 |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Available Capacity** | **Facility** | **Outstanding at<br>December 31,<br>2022** | **Available<br>Capacity** |
|  Unsecured revolving credit facility <sup>(3)</sup> | $850000 | $– $– $| 850000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Covenant Summary** | **Required** |  | **Current<br>Quarter** | **In<br>Compliance** |
|  Maximum Total Leverage<sup>(4)</sup> | < 60 | % | 35.6% | Yes |
|  Maximum Secured Leverage <sup>(4)</sup> | < 40 | % | 14.0% | Yes |
|  Minimum Fixed Charge Coverage | > 1.50 | x | 2.8x | Yes |
|  Minimum Unencumbered Interest Coverage | > 1.75 | x | 5.0x | Yes |
|  Maximum Unsecured Leverage <sup>(4)</sup> | < 60 | % | 25.8% | Yes |

---

**<u>Notes:</u>**

(1) SOFR is fixed at 2.562% for $175 million and 2.626% for $215 million under variable to fixed interest rate swap
agreements, through debt maturity.

(2) As of December 31, 2022, each of our unsecured term loan facilities are fixed under variable to fixed
interest rate swap agreements.

(3) The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in
maximum aggregate principal balance to $1.5 billion under certain circumstances. This unsecured revolving credit facility matures in March 2025 with two additional six-month extension options.

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

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Debt Detail**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stated**<br>**Interest**<br>**Rate (%)** | **Effective<br>Interest<br>Rate (%) <sup>(1)</sup>** | **Principal<br>Balance** | **ESRT Pro-rata Share** | **ESRT Pro-rata Share** | **Maturity<br>Date** | **Amortization** |
|  | **Stated**<br>**Interest**<br>**Rate (%)** | **Effective<br>Interest<br>Rate (%) <sup>(1)</sup>** | **Principal<br>Balance** | **Percent** | **Amount** | **Maturity<br>Date** | **Amortization** |
| **<u>Fixed rate mortgage debt:</u>** |  |  |  |  |  |  |  |
|  Metro Center | 3.59% | 3.67% | $82596 | 100% | $82596 | 11/5/2024 | 30 years |
|  10 Union Square | 3.70% | 3.97% | 50000 | 100% | 50000 | 4/1/2026 | Interest only |
|  1542 Third Avenue | 4.29% | 4.53% | 30000 | 100% | 30000 | 5/1/2027 | Interest only |
|  First Stamford Place <sup>(2)</sup> | 4.28% | 4.73% | 178823 | 100% | 178823 | 7/1/2027 | 5 years interest only;<br> 30 years thereafter |
|  1010 Third Avenue & 77 West 55th St. | 4.01% | 4.21% | 35831 | 100% | 35831 | 1/5/2028 | 30 years |
|  250 West 57th Street | 2.83% | 3.21% | 180000 | 100% | 180000 | 12/1/2030 | Interest only |
|  1333 Broadway | 4.21% | 4.29% | 160000 | 100% | 160000 | 2/5/2033 | Interest only |
|  345 East 94th Street - Series A | 70% of LIBOR plus 0.95 | 3.56% | 43600 | 90% | 39240 | 11/1/2030 | Interest only |
|  345 East 94th Street - Series B | LIBOR plus 2.24% | 3.56% | 7865 | 90% | 7079 | 11/1/2030 | 30 years |
|  561 10th Avenue - Series A | 70% of LIBOR plus 1.07 | 3.85% | 114500 | 90% | 103050 | 11/1/2033 | Interest only |
|  561 10th Avenue - Series B | LIBOR plus 2.45% | 3.85% | 17415 | 90% | 15674 | 11/1/2033 | 30 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed rate mortgage debt** |  |  | 900630 |  | 882292 |  |  |
|  Unsecured term loan facility <sup>(3)</sup> | SOFR plus 1.20% | 4.22% | 215000 | 100% | 215000 | 3/19/2025 | Interest only |
|  Unsecured revolving credit facility <sup>(3)</sup> | SOFR plus 1.30% |  |  | 100% |  | 3/31/2025 | Interest only |
|  Unsecured term loan facility <sup>(3)</sup> | SOFR plus 1.50% | 4.51% | 175000 | 100% | 175000 | 12/31/2026 | Interest only |
|  Senior unsecured notes: |  |  |  | 100% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 3.93% | 3.96% | 100000 | 100% | 100000 | 3/27/2025 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 4.09% | 4.12% | 125000 | 100% | 125000 | 3/27/2027 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.18% | 4.21% | 125000 | 100% | 125000 | 3/27/2030 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 4.08% | 4.11% | 115000 | 100% | 115000 | 1/22/2028 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 4.26% | 4.27% | 160000 | 100% | 160000 | 3/22/2030 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F | 4.44% | 4.45% | 175000 | 100% | 175000 | 3/22/2033 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G | 3.61% | 4.89% | 100000 | 100% | 100000 | 3/17/2032 | Interest only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H | 3.73% | 5.00% | 75000 | 100% | 75000 | 3/17/2035 | Interest only |
|  **Total / weighted average debt** | 3.94% | 4.20% | 2265630 |  | $2247292 |  |  |
|  Deferred financing costs, net |  |  | (11748) |  |  |  |  |
|  Debt discount |  |  | (7745) |  |  |  |  |
|  **Total** |  |  | $2246137 |  |  |  |  |

---

**<u>Notes:</u>**

(1) The effective interest rate is composed of the stated interest rate, deferred financing cost amortization and
interest associated with variable to fixed interest rate swap agreements.

(2) Represents a $164 million mortgage loan bearing interest at 4.09% and a $14.8 million mortgage loan bearing
interest at 6.25%.

(3) As of August 29, 2022, the benchmark index interest rate was converted from LIBOR to SOFR, plus a
benchmark adjustment of 10.0 basis points.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Debt Maturities and Ground Lease Commitments**<br> **(unaudited and dollars in thousands)** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Maturities <sup>(1)</sup>** | **Amortization** | **Total** | **ESRT**<br>**Pro-rata<br>Share** | **Percentage of<br>Total Debt** | **Weighted<br>Average<br>Interest**<br>**Rate of<br>Maturing Debt** |
| 2023 | $— | $8632 | $8632 | $8405 | 0.4% | n/a |
| 2024 | 77675 | 8861 | 86536 | 86288 | 3.8% | 3.59% |
| 2025 | 315000 | 6893 | 321893 | 321621 | 14.3% | 3.86% |
| 2026 | 225000 | 7330 | 232330 | 232033 | 10.3% | 3.98% |
| 2027 | 319000 | 6461 | 325461 | 325136 | 14.5% | 4.21% |
| 2028 | 146092 | 3556 | 149648 | 149292 | 6.6% | 4.06% |
| 2029 |  | 3988 | 3988 | 3589 | 0.2% | n/a |
| 2030 | 508600 | 4413 | 513013 | 508212 | 22.6% | 3.67% |
| 2031 |  | 3283 | 3283 | 2955 | 0.1% | n/a |
| 2032 | 100000 | 3591 | 103591 | 103232 | 4.6% | 4.05% |
|  Thereafter | 514007 | 3248 | 517255 | 506531 | 22.5% | 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt** | $2205374 | $60256 | 2265630 | $2247293 | 100.0% | 3.94% |
|  Deferred financing costs, net |  |  | (11748) |  |  |  |
|  Debt discount |  |  | (7745) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  | $2246137 |  |  |  |

---

**<u>Debt Maturity Profile <sup>(2)</sup></u>**

![LOGO](g455879g00n44.jpg)

**<u>Ground Lease Commitments <sup>(3)</sup></u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **1350<br>Broadway <sup>(4)</sup>** | **1400<br>Broadway <sup>(5)</sup>** | **111 West<br>33rd Street <sup>(6)</sup>** | **Total** |
| 2023 | $108 | $675 | $735 | $1518 |
| 2024 | 108 | 675 | 735 | 1518 |
| 2025 | 108 | 675 | 735 | 1518 |
| 2026 | 93 | 675 | 735 | 1503 |
| 2027 | 72 | 675 | 735 | 1482 |
|  Thereafter | 1656 | 24300 | 36321 | 62277 |
|  | $2145 | $27675 | $39996 | $69816 |

---

**<u>Notes:</u>**

(1) Assumes no extension options are exercised.

(2) The table reflects ESRT's pro-rata share of debt maturities.

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

(4) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the
Company, of approximately 28 years.

(5) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the
Company, of approximately 41 years.

(6) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the
Company, of approximately 55 years.

------

---

| | |
|:---|:---|
| ![LOGO](g455879g002.jpg) | **Fourth Quarter 2022**<br> **Supplemental Definitions** |

---

------

**<u>Funds From Operations ("FFO")</u>** 

We compute 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 writedowns 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 its 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.

**<u>Modified Funds From Operations ("Modified FFO")</u>** 

Modified FFO adds back an adjustment for any above or 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.

**<u>Core Funds From Operations ("Core FFO")</u>** 

Core FFO adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses and IPO litigation expense. 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

**<u>Core Funds Available for Distribution ("Core FAD")</u>** 

In addition to Core FFO, we present 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 and (ii) deducting straight line rent, recurring second generation leasing commissions, tenant improvements, prebuilts, capital expenditures, furniture, fixtures & equipment, amortization of debt premiums and above/below market rent revenue. 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.

**<u>Net Operating Income ("NOI")</u>** 

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, impairment charges, loss on early extinguishment of debt 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 net operating income because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is also 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. However, the usefulness of NOI 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 may fail to capture significant trends in these components of net income which further limits its usefulness. NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI or similarly titled measures and, accordingly, our NOI may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

**<u>Same Store Net Operating Income ("SSNOI")</u>** 

In addition to NOI, we present Same Store NOI. Our Same Store portfolio excludes our multifamily assets and includes all of our properties owned and included in our portfoli for all periods presented. It does not include properties held-for-sale or those properties which we otherwise expect to dispose of in the subsequent quarte

**<u>EBITDA and Adjusted EBITDA</u>** 

We compute EBITDA as net income plus interest expense, income taxes and depreciation. 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 our 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 on disposition of property.