8-K

Corporate Headquarters

Investor Relations

New York Stock Exchange

111 West 33rd Street, 12th Floor

Trading Symbol: ESRT

New York, NY 10120

[email protected]

www.esrtreit.com

(212) 850-2600

Exhibit 99.1

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EMPIRE STATE REALTY TRUST ANNOUNCES SECOND QUARTER 2021 RESULTS

- Earnings of $0.01 Per Fully Diluted Share -

- Core FFO of $0.18 Per Fully Diluted Share -

- Observatory Recovery and Continued Discipline Power Results -

- $1.4 Billion of Liquidity, No Outstanding Debt Maturity Through 2024 -

New York, New York, July 28, 2021 - Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today reported its operational and financial results for the second quarter of 2021.

Second Quarter and Recent Highlights

•

Earnings was $0.01 per fully diluted share.

•

Core Funds From Operations (“Core FFO”) was $0.18 per fully diluted share.

•

Same-Store Property Cash Net Operating Income (“NOI”) excluding lease termination fees was down 6.0% from the second quarter of 2020 primarily driven by a reduction in revenues due to write-offs taken over the period.

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•

Empire State Building Observatory revenue for the second quarter 2021 increased to $8.4 million, from $2.6 million in the first quarter 2021 as visitation continued to ramp up. Observatory net operating income was $3.1 million for the second quarter 2021.

•

Realized lease termination fees were $3.3 million, or approximately $0.01 per fully diluted share. In keeping with historical practice, the Company includes lease termination fees when calculating FFO and Core FFO.

•

Signed 35 new, renewal, and expansion leases, representing a total of 190,838 rentable square feet.

•

Collected 95% of second quarter 2021 total billings with 95% for office tenants and 91% for retail tenants.

•

Reinstated quarterly dividend at $0.035 per share for the second quarter of 2021, which is one quarter earlier than previously announced, driven by confidence in the New York City recovery and improvement in the Company’s results and liquidity.

•

From January 1, 2021 through July 27, 2021, the Company repurchased $3.5 million of its common stock at a weighted average price of $9.22 per share. This brings the cumulative total, since the stock repurchase program began on March 5, 2020 through July 27, 2021, to $147.2 million at a weighted average price of $8.34 per share.

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Investor Presentation Update

The Company has posted on the “Investors” section of its website (www.esrtreit.com) the latest investor presentation, which contains additional information on the current impact of the COVID-19 pandemic on its businesses, financial condition and results of operations.

Portfolio Operations

As of June 30, 2021, the Company’s total portfolio contained 10.1 million rentable square feet, which consisted of 9.4 million rentable square feet of office space and 0.7 million rentable square feet of retail space. As of June 30, 2021, the Company’s portfolio was occupied and leased as shown below. The Company’s occupancy levels fluctuate in certain periods due to the timing lag between the date of tenants’ move out and the lease commencement date of new leases.


	June 30, 2021			March 31, 2021			June 30, 2020
Percent occupied:
Total portfolio		85.2	%		85.0	%		85.6	%
Total office		85.0	%		84.7	%		85.5	%
Manhattan office		87.2	%		86.2	%		87.0	%
GNYMA office		76.1	%		78.4	%		79.1	%
Total retail		88.5	%		88.6	%		87.4	%
Percent leased (includes signed leases not commenced):
Total portfolio		88.2	%		88.7	%		89.6	%
Total office		87.9	%		88.4	%		89.4	%
Manhattan office		89.9	%		90.0	%		91.5	%
GNYMA office		79.8	%		82.1	%		80.5	%
Total retail		92.0	%		92.0	%		93.4	%

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Leasing

Leasing activity has been reduced due to the impact of the COVID-19 pandemic. The tables below summarize leasing activity for the three months ended June 30, 2021:

Total Portfolio


Total Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf - leases executed		Previously escalated cash rents psf		% of new cash rent over/ under previously escalated rents
Office		32		179,439	$	51.78	$	53.69		(3.6	%)
Retail		3		11,399	$	185.15	$	260.21		(28.8	%)
Total Overall		35		190,838	$	59.75	$	66.03		(9.5	%)

Manhattan Office Portfolio


Manhattan Office Portfolio	Total Leases Executed		Total square footage executed		Average cash rent psf - leases executed		Previously escalated cash rents psf		% of new cash rent over / under previously escalated rents
New Office		16		82,944	$	54.41	$	55.34		(1.7	%)
Renewal Office		9		69,523	$	55.06	$	57.56		(4.3	%)
Total Office		25		152,467	$	54.71	$	56.35		(2.9	%)

Leasing Activity Highlights During Second Quarter 2021

•

Leasing activity was most active in the 10,000 square foot and smaller category.

•

Prebuilt leasing activity in the Manhattan office portfolio comprised 15 of the 25 leases.

•

At 1350 Broadway, the Company signed a new office lease with Rizzo Group and CodeGreen Solutions, Inc. for approximately 11,800 square feet for a term of 11.0 years.

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Observatory Results

The Observatory has seen continued increases in visitors as New York State travel restrictions were lifted balanced by international travel restrictions in key geographies such as Europe and concerns about the Delta COVID-19 variant.

The Observatory hosted approximately 162,000 visitors in the second quarter 2021, compared to 51,000 visitors in the first quarter 2021 and no visitors in the second quarter 2020 when the Observatory was closed due to the COVID-19 pandemic. Second quarter attendance was approximately 17% of 2019 comparable period attendance, above the Company’s hypothetical recovery scenario for the quarter of 13%. Month-to-date through July 25th, attendance was at nearly 30% of 2019 comparable period attendance, well ahead of the Company’s hypothetical July admissions forecast of 25%. The Company remains confident attendance will return to pre COVID-19 levels, though its hypothetical recovery does not show that until the fourth quarter of 2022.

Observatory revenue for the second quarter 2021 was $8.4 million. Observatory expenses were $5.3 million in the second quarter 2021. Observatory net operating income was $3.1 million in the second quarter, marking the first positive quarter since the onset of the COVID-19 pandemic in first quarter 2020.

Balance Sheet

The Company had $1.4 billion of total liquidity as of June 30, 2021, which is comprised of $541 million of cash, plus an additional $850 million available under its revolving credit facility.

At June 30, 2021, the Company had total debt outstanding of approximately $2.2 billion, with a weighted average interest rate of 3.9% per annum, and a weighted average term to maturity of 7.7 years. At June 30, 2021, the Company’s net debt to total market capitalization was 31.4% and net debt to adjusted EBITDA was 6.2x. The Company has no outstanding debt maturity until November 2024.

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Dividend

On May 17, 2021, the Company announced its decision to reinstate the quarterly dividend, driven by confidence in the New York City recovery, improvement in the Company’s results and liquidity, for the second quarter 2021, which is one quarter earlier than previously announced. On June 30, 2021, the Company paid a dividend of $0.035 per share or unit, as applicable, for the second quarter 2021 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On June 30, 2021, the Company paid a preferred dividend of $0.15 per unit for the second quarter 2021 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the second quarter 2021 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 29, 2021 at 1:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of the Company’s website at www.esrtreit.com. 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. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. A dial-in replay will be available starting shortly after the call until August 5, 2021, which can be accessed 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 13721079.

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The Supplemental Report and Investor Presentation are integral components of quarterly earnings announcement and are now available on the “Investors” section of the Company’s website at www.esrtreit.com.

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 of disclosing material nonpublic information and of complying 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) owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the “World’s Most Famous Building.” The company’s office and retail portfolio covers 10.1 million rentable square feet, as of June 30, 2021, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.

Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit esrtreit.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.

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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, political and social impact of, and uncertainty relating to, the COVID-19 pandemic; (ii) resolution of legal proceedings involving the Company; (iii) reduced demand for office or retail space, including as a result of the COVID-19 pandemic; (iv) changes in our business strategy; (v) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vi) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events and/or currency exchange rates, which may cause a decline in Observatory visitors; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) declining real estate valuations and impairment charges; (x) termination or expiration of our ground leases; (xi) 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; (xii) decreased rental rates or increased vacancy rates; (xiii) our failure to redevelop and reposition properties, or to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xiv) difficulties in identifying properties to acquire and completing acquisitions; (xv) risks related to our development projects (including our Metro Tower development site) and capital projects, including the cost of construction delays and cost overruns; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters; and (xix) the accuracy of our methodologies and estimates regarding ESG metrics, goals

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and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the 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, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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 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:

Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

[email protected]

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Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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


	Three Months Ended June 30,
	2021			2020
Revenues
Rental revenue	$	140,797		$	137,999
Observatory revenue		8,359			86
Lease termination fees		3,339			1,033
Third-party management and other fees		327			301
Other revenue and fees		586			1,611

Total revenues		153,408			141,030
Operating expenses
Property operating expenses		28,793			29,750
Ground rent expenses		2,332			2,332
General and administrative expenses		14,089			18,149
Observatory expenses		5,268			4,002
Real estate taxes		31,354			29,579
Impairment charge		—			4,101
Depreciation and amortization		45,088			52,783

Total operating expenses		126,924			140,696

Total operating income		26,484			334
Other income (expense):
Interest income		164			1,526
Interest expense		(23,422	)		(23,928	)

Income (loss) before income taxes		3,226			(22,068	)
Income tax benefit		1,185			2,450

Net income (loss)		4,411			(19,618	)
Preferred unit distributions		(1,051	)		(1,047	)
Net (income) loss attributable to non-controlling interests		(1,285	)		7,872

Net income (loss) attributable to common stockholders	$	2,075		$	(12,793	)

Total weighted average shares
Basic		171,615			175,433

Diluted		278,436			283,384

Net income (loss) per share attributable to common stockholders
Basic	$	0.01		$	(0.07	)

Diluted	$	0.01		$	(0.07	)

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Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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


	Six Months Ended June 30,
	2021			2020
Revenues
Rental revenue	$	281,028		$	286,112
Observatory revenue		10,962			19,630
Lease termination fees		4,628			1,244
Third-party management and other fees		603			647
Other revenue and fees		1,491			3,621

Total revenues		298,712			311,254
Operating expenses
Property operating expenses		59,072			71,218
Ground rent expenses		4,663			4,663
General and administrative expenses		27,942			34,100
Observatory expenses		9,856			12,156
Real estate taxes		62,801			58,833
Impairment charge		—			4,101
Depreciation and amortization		89,545			98,876

Total operating expenses		253,879			283,947

Total operating income		44,833			27,307
Other income (expense):
Interest income		286			2,163
Interest expense		(46,976	)		(43,546	)
Loss on early extinguishment of debt		(214	)		(86	)

Loss before income taxes		(2,071	)		(14.162	)
Income tax benefit		3,291			2,832

Net income (loss)		1,220			(11,330	)
Preferred unit distributions		(2,101	)		(2,097	)
Net loss attributable to non-controlling interests		335			5,129

Net loss attributable to common stockholders	$	(546	)	$	(8,298	)

Total weighted average shares
Basic		172,183			178,029

Diluted		277,887			288,015

Net income (loss) per share attributable to common stockholders
Basic	$	—		$	(0.05	)

Diluted	$	—		$	(0.05	)

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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 June 30,
	2021			2020
Net income (loss)	$	4,411		$	(19,618	)
Preferred unit distributions		(1,051	)		(1,047	)
Real estate depreciation and amortization		43,480			51,096
Impairment charge		—			4,101

FFO attributable to common stockholders and non-controlling interests		46,840			34,532

Amortization of below-market ground leases		1,958			1,958

Modified FFO attributable to common stockholders and non-controlling interests		48,798			36,490

Severance expenses		—			3,008

Core FFO attributable to common stockholders and non-controlling interests	$	48,798		$	39,498

Total weighted average shares
Basic		277,893			283,384

Diluted		278,436			283,384

FFO per share
Basic	$	0.17		$	0.12

Diluted	$	0.17		$	0.12

Modified FFO per share
Basic	$	0.18		$	0.13

Diluted	$	0.18		$	0.13

Core FFO per share
Basic	$	0.18		$	0.14

Diluted	$	0.18		$	0.14

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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)


	Six Months Ended June 30,
	2021			2020
Net income (loss)	$	1,220		$	(11,330	)
Preferred unit distributions		(2,101	)		(2,097	)
Real estate depreciation and amortization		86,584			95,526
Impairment charge		—			4,101

FFO attributable to common stockholders and non-controlling interests		85,703			86,200

Amortization of below-market ground leases		3,916			3,916

Modified FFO attributable to common stockholders and non-controlling interests		89,619			90,116

Loss on early extinguishment of debt		214			86
Severance expenses		—			3,008

Core FFO attributable to common stockholders and non-controlling interests	$	89,833		$	93,210

Total weighted average shares
Basic		277,887			288,015

Diluted		277,887			288,015

FFO per share
Basic	$	0.31		$	0.30

Diluted	$	0.31		$	0.30

Modified FFO per share
Basic	$	0.32		$	0.31

Diluted	$	0.32		$	0.31

Core FFO per share
Basic	$	0.32		$	0.32

Diluted	$	0.32		$	0.32

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Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)


	June 30, 2021			December 31, 2020
Assets
Commercial real estate properties, at cost	$	3,168,519		$	3,133,966
Less: accumulated depreciation		(1,007,429	)		(941,612	)

Commercial real estate properties, net		2,161,090			2,192,354
Cash and cash equivalents		540,604			526,714
Restricted cash		37,966			41,225
Tenant and other receivables		19,238			21,541
Deferred rent receivables		231,143			222,508
Prepaid expenses and other assets		71,399			77,182
Deferred costs, net		200,735			203,853
Acquired below market ground leases, net		340,820			344,735
Right of use assets		28,998			29,104
Goodwill		491,479			491,479

Total assets	$	4,123,472		$	4,150,695

Liabilities and equity
Mortgage notes payable, net	$	774,612		$	775,929
Senior unsecured notes, net		973,267			973,159
Unsecured term loan facility, net		387,954			387,561
Accounts payable and accrued expenses		89,254			103,203
Acquired below market leases, net		28,532			31,705
Ground lease liabilities		28,998			29,104
Deferred revenue and other liabilities		81,762			88,319
Tenants’ security deposits		25,885			30,408

Total liabilities		2,390,264			2,419,388
Total equity		1,733,208			1,731,307

Total liabilities and equity	$	4,123,472		$	4,150,695

Exhibit 99.2

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		Second Quarter 2021


*Table of Contents*	*Page*
*Summary*
Company Profile		3
Financial Highlights		4
*Selected Property Data*
Property Summary Net Operating Income		5
Net Operating Income, Initial Free Rent Burn-Off and Signed Leases Not Commenced		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		14
Capital Expenditures and Redevelopment Program		15
Observatory Summary		16
*Financial information*
Condensed Consolidated Balance Sheets		17
Condensed Consolidated Statements of Operations		18
FFO, Modified FFO, Core FFO, FAD and EBITDA		19
Consolidated Debt Analysis
Debt Summary		20
Debt Detail		21
Debt Maturities		22
Ground Leases		22
Supplemental Definitions		23

Forward-looking Statements

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, political and social impact of, and uncertainty relating to, the COVID-19 pandemic; (ii) resolution of legal proceedings involving the Company; (iii) reduced demand for office or retail space, including as a result of the COVID-19 pandemic; (iv) changes in our business strategy; (v) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vi) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events and/or currency exchange rates, which may cause a decline in Observatory visitors; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) declining real estate valuations and impairment charges; (x) termination or expiration of our ground leases; (xi) 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; (xii) decreased rental rates or increased vacancy rates; (xiii) our failure to redevelop and reposition properties, or to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xiv) difficulties in identifying properties to acquire and completing acquisitions; (xv) risks related to our development projects (including our Metro Tower development site) and capital projects, including the cost of construction delays and cost overruns; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters and (xix) the accuracy of our methodologies and estimates regarding ESG metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the 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, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

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		Second Quarter 2021

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building.

BOARD OF DIRECTORS


Anthony E. Malkin		Chairman, President and Chief Executive Officer
Leslie D. Biddle		Director, Chair of the Compensation and Human Capital Committee
Thomas J. DeRosa		Director
Steven J. Gilbert		Director, Lead Independent Director
S. Michael Giliberto		Director, Chair of 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 Nominating and Corporate Governance Committee

EXECUTIVE MANAGEMENT


Anthony E. Malkin		Chairman, President and Chief Executive Officer
Christina Chiu		Executive Vice President and Chief Financial Officer
Thomas P. Durels		Executive Vice President, Real Estate
Thomas N. Keltner, Jr.		Executive Vice President, General Counsel and Secretary

COMPANY INFORMATION

RESEARCH COVERAGE


Bank of America Merrill Lynch	James Feldman	(646) 855-5808	[email protected]
BMO Capital Markets Corp.	John Kim	(212) 885-4115	[email protected]
BTIG	Thomas Catherwood	(212) 738-6140	[email protected]
Citi	Michael Bilerman	(212) 816-1383	[email protected]
	Emmanuel Korchman	(212) 816-1382	[email protected]
Evercore ISI	Steve Sakwa	(212) 446-9462	[email protected]
Green Street Advisors	Daniel Ismail	(949) 640-8780	[email protected]
KeyBanc Capital Markets	Craig Mailman	(917) 368-2316	[email protected]
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	[email protected]
Wolfe Research	Andrew Rosivach	(646) 582-9251	[email protected]

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		Second Quarter 2021
		Financial Highlights
		(unaudited and dollars in thousands, except per share amounts)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Selected Items:
Revenue	$	153,408		$	145,304		$	151,399		$	146,575		$	141,030
Net income (loss)	$	4,411		$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)
Cash net operating income ⁽¹⁾	$	82,812		$	71,340		$	82,079		$	73,037		$	78,368
Core funds from operations (“Core FFO”) ⁽¹⁾	$	48,798		$	41,035		$	47,308		$	34,896		$	39,498
Core funds available for distribution (“Core FAD”) ⁽¹⁾	$	27,205		$	29,693		$	41,267		$	24,083		$	37,786
Core FFO per share - diluted	$	0.18		$	0.15		$	0.17		$	0.12		$	0.14
Diluted weighted average shares		278,436,000			277,881,000			278,471,000			280,940,000			283,384,000
Dividends declared and paid per share	$	0.035		$	—		$	—		$	—		$	0.105

Portfolio Statistics:
Number of properties		20			20			20			20			20
Total rentable square footage		10,135,063			10,134,980			10,135,330			10,136,793			10,132,492
Percent occupied ⁽²⁾		85.2	%		85.0	%		85.9	%		85.9	%		85.6	%
Percent leased ⁽³⁾		88.2	%		88.7	%		88.7	%		89.7	%		89.6	%

Observatory Metrics:
Number of visitors ⁽⁴⁾		162,000			51,000			55,000			30,000			—
Change in visitors year over year		N/A			(87.9	%)		(93.8	%)		(97.1	%)		N/A
Observatory revenues ⁽⁵⁾	$	8,359		$	2,603		$	5,008		$	4,419		$	86
Change in revenues year over year		N/A			(86.7	%)		(86.7	%)		(88.2	%)		N/A

Ratios:
Debt to Total Market Capitalization ⁽⁶⁾		37.9	%		39.7	%		43.9	%		51.6	%		54.3	%
Net Debt to Total Market Capitalization ⁽⁶⁾		31.4	%		32.6	%		37.2	%		46.3	%		43.7	%
Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁶⁾		39.5	%		41.3	%		45.7	%		53.9	%		56.2	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization ⁽⁶⁾		33.1	%		34.5	%		39.2	%		48.9	%		46.1	%
Debt to Adjusted EBITDA ^{(1) (7)}		8.3	x		8.6	x		8.4	x		6.9	x		7.9	x
Net Debt to Adjusted EBITDA ^{(1) (7)}		6.2	x		6.5	x		6.3	x		5.6	x		5.2	x
Interest Coverage Ratio		3.7	x		3.5	x		3.7	x		2.9	x		2.6	x
Core FFO Payout Ratio ⁽⁸⁾		19	%		0	%		0	%		0	%		83	%
Core FAD Payout Ratio ⁽⁹⁾		35	%		0	%		0	%		0	%		86	%

Class A common stock price at quarter end	$	12.00		$	11.13		$	9.32		$	6.12		$	7.00
Average closing price	$	11.76		$	10.42		$	7.89		$	6.49		$	7.72
Dividends per share - annualized	$	0.14		$	—		$	—		$	—		$	0.42
Dividend yield ⁽¹⁰⁾		1.2	%		0.0	%		0.0	%		0.0	%		6.0	%
Series 2013 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560,360			1,560,360			1,560,360			1,560,360			1,560,360
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664,038			4,664,038			4,664,038			4,664,038			4,664,038

Class A common stock		172,399,373			171,327,270			170,555,274			171,981,257			172,332,358
Class B common stock		1,001,179			1,004,601			1,010,130			1,010,832			1,014,221
Operating partnership units		112,322,404			113,290,326			113,713,319			115,383,860			117,475,995

Total common stock and operating partnership units outstanding ⁽¹¹⁾		285,722,956			285,622,197			285,278,723			288,375,949			290,822,574
		285,722,956			285,622,197			285,278,723			288,375,949			290,822,574

Notes:

(1)	Represents non-GAAP financial measures. For a discussion on what these metrics represent and why the Company presents them, see page 23 and for a reconciliation of these metrics to net income, see pages 5 and 19.

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

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

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

(5)	Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. See page 16.

(6)

Market capitalization represents the sum of (i) Company’s common stock per share price as of June 30, 2021 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2021; (ii) the number of Series 2014 perpetual preferred units at June 30, 2021 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2021 multiplied by $13.52, and (iv) our outstanding indebtedness as of June 30, 2021.

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

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

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

(10)	Based on the closing price per share of Class A common stock on June 30, 2021.

(11)

As of June 30, 2021, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling 62.8 million shares or approximately $753 million at a closing share price of $12.00. This represents a 76% increase in the number of Class A shares since the IPO.

Page 4


		Second Quarter 2021
		Property Summary - Same Store Net Operating Income (“NOI”) by Quarter
		(unaudited and dollars in thousands)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Same Store Total Portfolio
Revenues	$	141,383		$	141,136		$	138,255		$	140,698		$	139,610
Operating expenses		(62,479	)		(64,057	)		(65,313	)		(67,363	)		(61,661	)

Same store property NOI		78,904			77,079			72,942			73,335			77,949
Straight-line rent		(3,763	)		(6,347	)		640			(395	)		2,710
Above/below-market rent revenue amortization		(717	)		(654	)		(674	)		(679	)		(1,366	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958

Total same store property cash NOI - excluding lease termination fees	$	76,382		$	72,036		$	74,866		$	74,218		$	81,251

Percent increase over prior year		(6.0	)%		3.0	%		1.5	%		9.3	%		18.0	%

Property cash NOI	$	76,382		$	72,036		$	74,866		$	74,218		$	81,251
Observatory cash NOI		3,091			(1,985	)		(628	)		(1,512	)		(3,916	)
Lease termination fees		3,339			1,289			7,841			331			1,033

Total portfolio same store cash NOI	$	82,812		$	71,340		$	82,079		$	73,037		$	78,368

Same Store Manhattan Office Portfolio ⁽¹⁾
Revenues	$	121,647		$	121,611		$	119,191		$	121,348		$	119,445
Operating expenses		(53,324	)		(54,543	)		(55,618	)		(57,642	)		(52,619	)

Same store property NOI		68,323			67,068			63,573			63,706			66,826
Straight-line rent		(4,072	)		(7,117	)		522			(380	)		1,774
Above/below-market rent revenue amortization		(717	)		(654	)		(674	)		(679	)		(1,366	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958

Total same store property cash NOI - excluding lease termination fees		65,492			61,255			65,379			64,604			69,192
Lease termination fees		2,863			1,167			7,834			282			863

Total same store property cash NOI	$	68,355		$	62,422		$	73,213		$	64,886		$	70,055

Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	15,897		$	15,721		$	15,623		$	15,930		$	16,529
Operating expenses		(7,143	)		(7,488	)		(7,747	)		(7,870	)		(7,230	)

Same store property NOI		8,754			8,233			7,876			8,060			9,299
Straight-line rent		133			480			198			23			331
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—

Total same store property cash NOI - excluding lease termination fees		8,887			8,713			8,074			8,083			9,630
Lease termination fees		476			122			7			49			170

Total same store property cash NOI	$	9,363		$	8,835		$	8,081		$	8,132		$	9,800

Same Store Standalone Retail Portfolio
Revenues	$	3,839		$	3,804		$	3,441		$	3,420		$	3,636
Operating expenses		(2,012	)		(2,026	)		(1,948	)		(1,851	)		(1,812	)

Same store property NOI		1,827			1,778			1,493			1,569			1,824
Straight-line rent		176			290			(80	)		(38	)		605
Above/below-market rent revenue amortization		—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—

Total same store property cash NOI - excluding lease termination fees		2,003			2,068			1,413			1,531			2,429
Lease termination fees		—			—			—			—			—

Total same store property cash NOI	$	2,003		$	2,068		$	1,413		$	1,531		$	2,429

Note:

(1)	Includes 504,284 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5


		Second Quarter 2021
		Net Operating Income (“NOI”), Initial Free Rent Burn-Off and Signed Leases Not Commenced
		(unaudited and dollars in thousands)

Reconciliation of Net Income to NOI and Cash NOI


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Net income (loss)	$	4,411		$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)
Add:
General and administrative expenses		14,089			13,853			13,627			14,517			18,149
Depreciation and amortization		45,088			44,457			47,397			44,733			52,783
Interest expense		23,422			23,768			23,001			23,360			23,928
Income tax expense (benefit)		(1,185	)		(2,106	)		(4,177	)		38			(2,450	)
Impairment charges		—			—			—			1,259			4,101
IPO litigation expense		—			—			—			1,165			—
Less:
Third-party management and other fees		(327	)		(276	)		(295	)		(283	)		(301	)
Interest income		(164	)		(122	)		(108	)		(366	)		(1,526	)

Net operating income		85,334			76,383			80,155			72,154			75,066

Straight-line rent		(3,763	)		(6,347	)		640			(395	)		2,710
Above/below-market rent revenue amortization		(717	)		(654	)		(674	)		(679	)		(1,366	)
Below-market ground lease amortization		1,958			1,958			1,958			1,957			1,958

Total cash NOI - including Observatory and lease termination income		82,812			71,340			82,079			73,037			78,368

Less: Observatory NOI		(3,091	)		1,985			628			1,512			3,916
Less: Lease termination income		(3,339	)		(1,289	)		(7,841	)		(331	)		(1,033	)

Total property cash NOI - excluding Observatory and lease termination income	$	76,382		$	72,036		$	74,866		$	74,218		$	81,251

Burn-off of Free Rent and Signed Leases Not Commenced
	Incremental Annual Revenue			Base Cash Rent Contributing to Cash NOI in the Following Years
Total Portfolio	Incremental Annual Revenue			2021			2022			2023			2024
Commenced leases in free rent period	$	20,915		$	5,249		$	19,357		$	20,915		$	20,915
Signed leases not commenced		20,540			439			6,561			18,587			20,231

Total	$	41,455		$	5,688		$	25,918		$	39,502		$	41,146

Commenced leases in free rent period


	Square Feet		Cash Rent Date	Incremental Annual Revenue		Base Cash Rent Contributing to Cash NOI in the Following Years
	Square Feet		Cash Rent Date	Incremental Annual Revenue		2021			2022		2023		2024
Third quarter 2021 - 21 leases		383,174	Jul. 2021 - Sept. 2021	$	12,268	$	4,463	⁽¹⁾	$	12,168	$	12,268	$	12,268
Fourth quarter 2021 - 10 leases		104,814	Oct. 2021 - Dec. 2021		5,274		786			5,274		5,274		5,274
First quarter 2022 - 7 leases		59,491	Jan. 2022 - Mar. 2022		776		—			693		776		776
Second quarter 2022 - 6 leases		57,715	Apr. 2022 - June 2022		2,132		—			1,222		2,132		2,132
Fourth quarter 2022 - 1 lease		3,695	Sept. 2022 - Dec. 2022		465		—			—		465		465

				$	20,915	$	5,249		$	19,357	$	20,915	$	20,915

Signed leases not commenced (“SLNC”)


	Square		Expected Base Rent Commencement				Incremental Annual		Base Cash Rent Contributing to Cash NOI in the Following Years
Tenant	Feet		GAAP		Cash		Revenue ⁽²⁾		2021		2022		2023		2024
Berkley Insurance Company		63,173		July 2021		Apr. 2023	$	3,300	$	—	$	—	$	2,466	$	3,300
Transit Wireless, LLC		32,499		Sept. 2021		Sept. 2022		1,950		—		645		1,950		1,950
Belkin Burden Goldman LLP		30,598		Sept. 2021		Mar. 2022		1,840		—		1,372		1,530		1,530
Dime Community Bank		19,401		Oct. 2021		June 2022		1,040		—		606		1,044		1,044
Zentalis Pharmaceuticals		31,362		Dec. 2021		Dec. 2022		360		—		20		360		360
Burlington Stores		33,125		Jan. 2022		Jan. 2023		1,890		—		—		1,883		1,890
Target		37,173		Sept. 2022		Dec. 2022		1,610		—		130		1,610		1,610
LinkedIn Corporation:
LinkedIn Corporation		52,574		Jul. 2022		Jul. 2022		3,840		—		1,908		3,840		3,840
LinkedIn Corporation		30,283		Dec. 2022		Oct. 2023		780		—		—		193		780
Other SLNC		69,075		Sept. 2021- Feb. 2023		Oct. 2021- Feb. 2023		3,930		439		1,880		3,711		3,927

Total		399,263					$	20,540	$	439	$	6,561	$	18,587	$	20,231

Notes:

(1)	As an example, the 2021 amount represents cash revenue contributing from the cash rent commencement date of July 2021 through December 2021. The full annual amount is realized in 2022.

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

Page 6

Second Quarter 2021

Property Summary - Leasing Activity by Quarter

(unaudited)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Total Portfolio
Total leases executed		35			26			33			18			19
Weighted average lease term		8.3 years			10.0 years			7.7 years			8.1 years			4.7 years
Average free rent period		7.9 months			9.5 months			7.6 months			5.9 months			2.7 months

Office
Total square footage executed		179,439			170,757			395,035			242,323			99,229
Average starting cash rent psf - leases executed	$	51.78		$	54.42		$	52.52		$	50.98		$	52.82
Previously escalated cash rents psf	$	53.69		$	50.96		$	55.53		$	53.74		$	51.40
Percentage of new cash rent over previously escalated rents		(3.6	%)		6.8	%		-5.4	%		-5.1	%		2.8	%

Retail
Total square footage executed		11,399			1,060			18,321			5,126			14,202
Average starting cash rent psf - leases executed	$	185.15		$	90.00		$	132.75		$	53.68		$	145.58
Previously escalated cash rents psf	$	260.21		$	97.32		$	234.27		$	55.15		$	158.58
Percentage of new cash rent over previously escalated rents		(28.8	%)		(7.5	%)		(43.3	%)		(2.7	%)		(8.2	%)

Total Portfolio
Total square footage executed		190,838			171,817			413,356			247,449			113,431
Average starting cash rent psf - leases executed	$	59.75		$	54.64		$	56.08		$	51.04		$	64.43
Previously escalated cash rents psf	$	66.03		$	51.24		$	63.45		$	53.77		$	64.82
Percentage of new cash rent over previously escalated rents		(9.5%)			6.6%			(11.6%)			-5.1%			-0.6%

Leasing commission costs per square foot	$	18.16		$	20.39		$	14.17		$	7.31		$	13.52
Tenant improvement costs per square foot		42.72			74.39			30.58			41.78			21.68

Total LC and TI per square foot ⁽¹⁾	$	60.88		$	94.78		$	44.75		$	49.09		$	35.20

Occupancy		85.2	%		85.0	%		85.9	%		85.9	%		85.6	%

Manhattan Office Portfolio ⁽²⁾
Total leases executed		25			18			25			9			13

Office - New Leases
Total square footage executed		82,944			111,397			321,848			130,783			24,859
Average starting cash rent psf - leases executed	$	54.41		$	57.66		$	54.00		$	51.93		$	66.94
Previously escalated cash rents psf	$	55.34		$	50.25		$	57.87		$	48.56		$	61.55
Percentage of new cash rent over previously escalated rents		(1.7	%)		14.7	%		-6.4	%		6.9	%		8.7	%

Office - Renewal Leases
Total square footage executed		69,523			31,612			36,571			6,049			27,123
Average starting cash rent psf - leases executed	$	55.06		$	57.58		$	50.80		$	50.48		$	58.35
Previously escalated cash rents psf	$	57.56		$	65.12		$	48.99		$	60.61		$	58.39
Percentage of new cash rent over previously escalated rents		(4.3	%)		(11.6	%)		3.7	%		-16.7	%		-0.1	%

Retail - New and Renewal Leases
Total square footage executed		—			1,060			11,394			5,126			10,702
Average starting cash rent psf - leases executed	$	—		$	90.00		$	116.92		$	53.68		$	149.50
Previously escalated cash rents psf	$	—		$	97.32		$	201.69		$	55.15		$	150.16
Percentage of new cash rent over previously escalated rents		0.0	%		(7.5	%)		(42.0	%)		(2.7	%)		(0.4	%)

Total Manhattan Office Portfolio
Total square footage executed		152,467			144,069			369,813			141,958			62,684
Average starting cash rent psf - leases executed	$	54.71		$	57.88		$	55.62		$	51.93		$	77.32
Previously escalated cash rents psf	$	56.35		$	53.86		$	61.25		$	49.31		$	75.31
Percentage of new cash rent over previously escalated rents		(2.9	%)		7.5	%		-9.2	%		5.3	%		2.7	%

Leasing commission costs per square foot	$	18.29		$	23.57		$	15.20		$	3.80		$	19.84
Tenant improvement costs per square foot		47.42			81.11			32.93			17.36			39.23

Total LC and TI per square foot ⁽²⁾	$	65.71		$	104.68		$	48.13		$	21.16		$	59.07

Occupancy		87.0	%		86.2	%		87.2	%		86.9	%		86.8	%

Page 7

Second Quarter 2021

Property Summary - Leasing Activity by Quarter - (Continued)

(unaudited)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Greater New York Metropolitan Area Office Portfolio
Total leases executed		7			8			7			9			5

Total square footage executed		26,972			27,748			36,616			105,491			47,247
Average starting cash rent psf - leases executed	$	35.23		$	37.80		$	41.23		$	49.84		$	42.21
Previously escalated cash rents psf	$	38.65		$	37.64		$	43.25		$	59.77		$	42.04
Percentage of new cash rent over previously escalated rents		(8.8	%)		0.4	%		(4.7	%)		(16.6	%)		0.4	%

Leasing commission costs per square foot	$	5.01		$	3.88		$	6.35		$	12.02		$	5.78
Tenant improvement costs per square foot		19.20			39.53			12.61			74.65			—

Total LC and TI per square foot ⁽²⁾	$	24.21		$	43.41		$	18.96		$	86.67		$	5.78

Occupancy		76.1	%		78.4	%		79.0	%		80.1	%		79.1	%

Standalone Retail Portfolio
Total leases executed		3			—			1			—			1

Total square footage executed		11,399			—			6,927			—			3,500
Average starting cash rent psf - leases executed	$	185.15		$	—		$	158.80		$	—		$	133.59
Previously escalated cash rents psf	$	260.21		$	—		$	287.86		$	—		$	184.31
Percentage of new cash rent over previously escalated rents		(28.8	%)		0.0	%		(44.8	%)		0.0	%		(27.5	%)

Leasing commission costs per square foot	$	47.58		$	—		$	—		$	—		$	4.71
Tenant improvement costs per square foot		35.51			—			—			—			—

Total LC and TI per square foot ⁽²⁾	$	83.09		$	—		$	—		$	—		$	4.71

Occupancy		97.1	%		97.1	%		97.1	%		95.2	%		95.2	%

Notes:

(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.

(2)	Includes 504,284 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 8

Second Quarter 2021

Property Detail

(unaudited)


Property Name	Location or Sub-Market		Rentable Square Feet ⁽¹⁾		Percent Occupied ⁽²⁾			Annualized Rent ⁽³⁾		Annualized Rent per Occupied Square Foot ⁽⁴⁾		Number of Leases ⁽⁵⁾
*Manhattan Office Properties - Office*
The Empire State Building ⁽⁶⁾		Penn Station -Times Sq. South		2,714,822		90.1	%	$	149,378,270	$	61.06		157
One Grand Central Place		Grand Central		1,246,457		83.5	%		63,049,196		60.57		166
1400 Broadway ⁽⁷⁾		Penn Station -Times Sq. South		917,716		86.7	%		44,541,169		55.99		23
111 West 33rd Street ⁽⁸⁾		Penn Station -Times Sq. South		641,034		97.5	%		39,819,432		63.74		23
250 West 57th Street		Columbus Circle - West Side		474,092		79.1	%		23,853,970		63.62		32
501 Seventh Avenue		Penn Station -Times Sq. South		461,380		79.1	%		18,381,731		50.35		22
1359 Broadway		Penn Station -Times Sq. South		456,471		90.2	%		23,343,179		56.69		30
1350 Broadway ⁽⁹⁾		Penn Station -Times Sq. South		372,213		77.7	%		17,653,561		61.02		52
1333 Broadway		Penn Station -Times Sq. South		295,635		87.0	%		14,681,802		57.09		11

*Manhattan Office Properties - Office*				7,579,820		87.2	%		394,702,310		59.75		516

*Manhattan Office Properties - Retail*
The Empire State Building		Penn Station -Times Sq. South		97,322		48.3	%		5,166,777		109.84		10
One Grand Central Place		Grand Central		68,733		99.5	%		8,640,857		126.40		13
1400 Broadway ⁽⁷⁾		Penn Station -Times Sq. South		20,176		77.2	%		1,720,176		110.47		7
112 West 34th Street ⁽⁸⁾		Penn Station -Times Sq. South		91,280		100.0	%		23,412,972		256.50		4
250 West 57th Street		Columbus Circle - West Side		67,927		87.6	%		9,178,318		154.18		7
501 Seventh Avenue		Penn Station -Times Sq. South		33,632		90.2	%		2,146,504		70.74		8
1359 Broadway		Penn Station -Times Sq. South		27,506		99.4	%		2,071,163		75.75		5
1350 Broadway ⁽⁹⁾		Penn Station -Times Sq. South		30,707		73.3	%		5,752,423		255.72		4
1333 Broadway		Penn Station -Times Sq. South		67,001		100.0	%		9,627,928		143.70		4

*Manhattan Office Properties - Retail*				504,284		85.1	%		67,717,117		157.86		62

*Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail*				8,084,104		87.0	%		462,419,427		65.73		578

*Greater New York Metropolitan Area Office Properties*
First Stamford Place ⁽¹⁰⁾		Stamford, CT		776,432		83.3	%		29,017,324		44.89		41
Metro Center		Stamford, CT		286,384		59.8	%		9,891,232		57.74		18
383 Main Avenue		Norwalk, CT		260,401		47.1	%		3,663,940		29.89		19
500 Mamaroneck Avenue		Harrison, NY		287,305		86.7	%		7,558,458		30.35		31
10 Bank Street		White Plains, NY		234,949		91.9	%		8,000,420		37.05		32

*Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties*				1,845,471		76.1	%		58,131,374		41.37		141

*Standalone Retail Properties*
10 Union Square		Union Square		57,984		94.7	%		6,645,268		121.04		11
1542 Third Avenue		Upper East Side		56,250		100.0	%		4,183,368		74.37		4
1010 Third Avenue		Upper East Side		44,662		100.0	%		3,634,510		81.38		2
77 West 55th Street		Midtown		25,388		100.0	%		2,741,197		107.97		3
69-97 Main Street		Westport, CT		16,874		82.9	%		1,516,475		108.36		4
103-107 Main Street		Westport, CT		4,330		100.0	%		606,200		140.00		1

*Sub-Total/Weighted Average Standalone Retail Properties*				205,488		97.1	%		19,327,018		96.87		25

*Portfolio Total*				10,135,063		85.2	%	$	539,877,818	$	62.49		744

*Total/Weighted Average Office Properties*				9,425,291		85.0	%	$	452,833,683	$	56.52		657
*Total/Weighted Average Retail Properties*				709,772		88.5	%		87,044,135		138.50		87

*Portfolio Total*				10,135,063		85.2	%	$	539,877,818	$	62.49		744

Notes:

(1)	Excludes (i) 196,219 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 79,613 square feet of space attributable to the Company’s observatory.

(2)	Based on leases signed and commenced as of June 30, 2021.

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

(4)	Represents annualized rent under leases commenced as of June 30, 2021 divided by occupied square feet.

(5)	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.

(6)	Includes 38,912 rentable square feet of space leased by the Company’s broadcasting tenants.

(7)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 42 years (expiring December 31, 2063).

(8)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 56 years (expiring May 31, 2077).

(9)	Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 29 years (expiring July 31, 2050).

(10)	First Stamford Place consists of three buildings.

Page 9

Second Quarter 2021

Total Portfolio Expirations and Vacates Summary

(unaudited and in square feet)


	Three Months Ended
	Actual		Actual			Forecast ⁽¹⁾			Forecast ⁽¹⁾		Forecast ⁽¹⁾
	March 31, 2021		June 30, 2021			September 30, 2021			December 31, 2021		Jul. to Dec. 2021			Full Year 2022
Total Portfolio ⁽²⁾
Total expirations		111,546		181,840			183,066			176,026		359,092			570,063
Less: broadcasting		—		(1,049	)		(1,659	)		—		(1,659	)		(2,881	)

Office and retail expirations		111,546		180,791			181,407			176,026		357,433			567,182

Renewals & relocations ⁽³⁾		9,494		17,223			89,156			81,559		170,715			130,363
New leases ⁽⁴⁾		43,901		8,606			19,287			—		19,287			46,481
Vacates ⁽⁵⁾		58,151		154,962			69,034			72,162		141,196			185,570
Unknown ⁽⁶⁾		—		—			3,930			22,305		26,235			204,768

Total Portfolio expirations and vacates		111,546		180,791			181,407			176,026		357,433			567,182

Manhattan Office Portfolio
Total expirations		75,574		142,378			160,161			100,170		260,331			365,884
Less: broadcasting		—		(1,049	)		(1,659	)		—		(1,659	)		(2,881	)

Office expirations		75,574		141,329			158,502			100,170		258,672			363,003

Renewals & relocations ⁽³⁾		2,837		16,810			82,375			53,267		135,642			91,087
New leases ⁽⁴⁾		43,901		8,606			19,287			—		19,287			44,619
Vacates ⁽⁵⁾		28,836		115,913			52,910			25,712		78,622			89,443
Unknown ⁽⁶⁾		—					3,930			21,191		25,121			137,854

Total expirations and vacates		75,574		141,329			158,502			100,170		258,672			363,003

Greater New York Metropolitan Area Office Portfolio
Office expirations		26,348		39,049			8,681			74,742		83,423			158,986

Renewals & relocations ⁽³⁾		5,597		—			3,063			28,292		31,355			35,804
New leases ⁽⁴⁾		—		—			—			—		—			1,862
Vacates ⁽⁵⁾		20,751		39,049			5,618			46,450		52,068			55,310
Unknown ⁽⁶⁾		—		—			—			—		—			66,010

Total expirations and vacates		26,348		39,049			8,681			74,742		83,423			158,986

Retail Portfolio
Retail expirations		9,624		413			14,224			1,114		15,338			45,193

Renewals & relocations ⁽³⁾		1,060		413			3,718			—		3,718			3,472
New leases ⁽⁴⁾		—		—			—			—		—			—
Vacates ⁽⁵⁾		8,564		—			10,506			—		10,506			40,817
Unknown ⁽⁶⁾		—		—			—			1,114		1,114			904

Total expirations and vacates		9,624		413			14,224			1,114		15,338			45,193

Notes:

(1)	These forecasts, which are subject to change, are based on management’s 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 2021; 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. The lease commencement dates are provided on page 6. 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 tenant at the end of their 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.

Page 10

Second Quarter 2021

Tenant Lease Expirations

(unaudited)


	Number of Leases Expiring ⁽¹⁾		Rentable Square Feet Expiring ⁽²⁾		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent ⁽³⁾		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
*Total Lease Expirations*
Available		—		1,197,013		11.8	%	$	—		0.0	%	$	—
Signed leases not commenced		14		298,194		2.9	%		—		0.0	%		—
2Q 2021 ⁽⁴⁾		24		200,871		2.0	%		10,735,939		2.0	%		53.45
3Q 2021		16		121,771		1.2	%		7,390,125		1.4	%		60.69
4Q 2021		25		176,026		1.7	%		9,085,346		1.7	%		51.61

Total 2021		65		498,668		4.9	%		27,211,410		5.0	%		54.57
1Q 2022		25		150,995		1.5	%		8,052,813		1.5	%		53.33
2Q 2022		28		122,881		1.2	%		6,631,388		1.2	%		53.97
3Q 2022		28		164,285		1.6	%		10,830,928		2.0	%		65.93
4Q 2022		30		131,902		1.3	%		7,563,980		1.4	%		57.35

Total 2022		111		570,063		5.6	%		33,079,109		6.1	%		58.03
2023		95		641,530		6.3	%		39,929,954		7.4	%		62.24
2024		95		866,906		8.6	%		53,021,007		9.8	%		61.16
2025		79		491,470		4.8	%		29,868,573		5.5	%		60.77
2026		70		764,138		7.5	%		42,366,581		7.8	%		55.44
2027		58		599,077		5.9	%		37,945,572		7.0	%		63.34
2028		36		1,083,145		10.7	%		58,602,136		10.9	%		54.10
2029		38		882,797		8.7	%		63,990,696		11.9	%		72.49
2030		34		711,497		7.0	%		46,819,042		8.7	%		65.80
2031		20		164,372		1.6	%		20,278,169		3.8	%		123.37
Thereafter		43		1,366,193		13.7	%		86,765,569		16.1	%		63.51

Total		758		10,135,063		100.0	%	$	539,877,818		100.0	%	$	62.49

*Manhattan Office Properties ⁽⁵⁾*
Available		—		767,382		10.1	%	$	—		0.0	%	$	—
Signed leases not commenced		10		206,302		2.7	%		—		0.0	%		—
2Q 2021 ⁽⁴⁾		18		152,297		2.0	%		7,529,998		1.9	%		49.44
3Q 2021		12		110,008		1.5	%		6,442,901		1.6	%		58.57
4Q 2021		16		100,170		1.3	%		5,789,882		1.5	%		57.80

Total 2021		46		362,475		4.8	%		19,762,781		5.0	%		54.52
1Q 2022		18		114,682		1.5	%		6,423,274		1.6	%		56.01
2Q 2022		22		90,948		1.2	%		5,339,755		1.4	%		58.71
3Q 2022		16		64,907		0.9	%		4,062,373		1.0	%		62.59
4Q 2022		24		95,347		1.3	%		5,627,552		1.4	%		59.02

Total 2022		80		365,884		4.8	%		21,452,954		5.4	%		58.63
2023		74		477,641		6.3	%		29,299,528		7.4	%		61.34
2024		71		623,091		8.2	%		37,578,533		9.5	%		60.31
2025		46		304,514		4.0	%		19,569,479		5.0	%		64.26
2026		49		539,874		7.1	%		31,608,027		8.0	%		58.55
2027		40		443,551		5.9	%		26,204,596		6.6	%		59.08
2028		23		964,395		12.7	%		53,066,376		13.4	%		55.03
2029		25		637,258		8.4	%		38,218,757		9.7	%		59.97
2030		21		607,354		8.0	%		36,598,645		9.3	%		60.26
2031		10		79,905		1.1	%		5,554,225		1.4	%		69.51
Thereafter		31		1,200,194		15.9	%		75,788,409		19.3	%		63.15

Total Manhattan office properties		526		7,579,820		100.0	%	$	394,702,310		100.0	%	$	59.75

Notes:

(1)	If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(2)	Excludes (i) 196,219 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 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 June 30, 2021 and expire on June 30, 2021.

(5)	Excludes (i) retail space in the Company’s Manhattan office properties and (ii) the Empire State Building broadcasting licenses and observatory operations.

Page 11

Second Quarter 2021

Tenant Lease Expirations

(unaudited)


*Greater New York Metropolitan* *Area Office Properties*	Number of Leases Expiring ⁽¹⁾		Rentable Square Feet Expiring ⁽²⁾		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent ⁽³⁾		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		372,526		20.2	%	$	—		0.0	%	$	—
Signed leases not commenced		2		67,711		3.7	%		—		0.0	%		—
2Q 2021 ⁽⁴⁾		2		400		0.0	%		1,827		0.0	%		4.57
3Q 2021		2		8,281		0.4	%		381,098		0.7	%		46.02
4Q 2021		8		74,742		4.1	%		3,217,484		5.5	%		43.05

Total 2021		12		83,423		4.5	%		3,600,409		6.2	%		43.16
1Q 2022		6		34,512		1.9	%		1,390,474		2.4	%		40.29
2Q 2022		6		31,933		1.7	%		1,291,633		2.2	%		40.45
3Q 2022		7		57,657		3.1	%		1,908,527		3.3	%		33.10
4Q 2022		5		34,884		1.9	%		1,714,185		2.9	%		49.14

Total 2022		24		158,986		8.6	%		6,304,819		10.8	%		39.66
2023		16		156,389		8.5	%		7,234,807		12.4	%		46.26
2024		14		212,822		11.5	%		9,417,757		16.2	%		44.25
2025		29		163,487		8.9	%		5,824,393		10.0	%		35.63
2026		15		157,503		8.5	%		6,574,568		11.3	%		41.74
2027		12		101,288		5.5	%		3,841,697		6.6	%		37.93
2028		9		107,564		5.8	%		3,831,990		6.6	%		35.63
2029		5		138,613		7.5	%		5,904,585		10.2	%		42.60
2030		4		36,578		2.0	%		1,813,594		3.1	%		49.58
2031		—		—		0.0	%		—		0.0	%		—
Thereafter		1		88,581		4.8	%		3,782,755		6.6	%		42.70

Total greater New York metropolitan area office properties		143		1,845,471		100.0	%	$	58,131,374		100.0	%	$	41.37

*Retail Properties*
Available		—		57,105		8.0	%	$	—		0.0	%	$	—
Signed leases not commenced		2		24,181		3.4	%		—		0.0	%		—
2Q 2021 ⁽⁴⁾		4		48,174		6.8	%		3,204,114		3.7	%		66.51
3Q 2021		2		3,482		0.5	%		566,126		0.7	%		162.59
4Q 2021		1		1,114		0.2	%		77,980		0.1	%		70.00

Total 2021		7		52,770		7.4	%		3,848,220		4.4	%		72.92
1Q 2022		1		1,801		0.3	%		239,065		0.3	%		132.74
2Q 2022		—		—		0.0	%		—		0.0	%		—
3Q 2022		5		41,721		5.9	%		4,860,028		5.6	%		116.49
4Q 2022		1		1,671		0.2	%		222,243		0.3	%		133.00

Total 2022		7		45,193		6.4	%		5,321,336		6.1	%		117.75
2023		5		7,500		1.1	%		3,395,619		3.9	%		452.75
2024		10		30,993		4.4	%		6,024,717		6.9	%		194.39
2025		4		23,469		3.3	%		4,474,701		5.1	%		190.66
2026		6		66,761		9.4	%		4,183,986		4.8	%		62.67
2027		6		54,238		7.6	%		7,899,279		9.1	%		145.64
2028		4		11,186		1.6	%		1,703,770		2.0	%		152.31
2029		8		106,926		15.1	%		19,867,354		22.8	%		185.80
2030		9		67,565		9.5	%		8,406,803		9.7	%		124.43
2031		10		84,467		11.9	%		14,723,944		16.9	%		174.32
Thereafter		11		77,418		10.9	%		7,194,406		8.3	%		92.93

Total retail properties		89		709,772		100.0	%	$	87,044,135		100.0	%	$	138.50

Notes:

(1)	If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(2)	Excludes (i) 196,219 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 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 June 30, 2021 and expire on June 30, 2021.

Page 12

Second Quarter 2021

Tenant Lease Expirations

(unaudited)


*Empire State Building Office ⁽¹⁾*	Number of Leases Expiring ⁽²⁾		Rentable Square Feet Expiring ⁽³⁾		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent ^{(4) (5)}		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		215,679		7.9	%	$	—		0.0	%	$	—
Signed leases not commenced		1		52,574		1.9	%		—		0.0	%		—
2Q 2021 ⁽⁶⁾		10		53,439		2.0	%		2,628,784		1.8	%		49.19
3Q 2021		1		5,121		0.2	%		415,476		0.3	%		81.13
4Q 2021		4		16,667		0.6	%		875,930		0.6	%		52.55

Total 2021		15		75,227		2.8	%		3,920,190		2.6	%		52.11
1Q 2022		8		53,811		2.0	%		2,964,273		2.0	%		55.09
2Q 2022		6		26,461		1.0	%		1,507,813		1.0	%		56.98
3Q 2022		6		28,706		1.1	%		1,959,978		1.3	%		68.28
4Q 2022		3		9,843		0.4	%		634,579		0.4	%		64.47

Total 2022		23		118,821		4.4	%		7,066,643		4.7	%		59.47
2023		25		112,852		4.2	%		7,704,190		5.2	%		68.27
2024		23		277,752		10.2	%		17,986,692		12.0	%		64.76
2025		11		94,502		3.5	%		6,225,446		4.2	%		65.88
2026		10		126,946		4.7	%		7,926,038		5.3	%		62.44
2027		11		39,972		1.5	%		2,599,932		1.7	%		65.04
2028		7		545,722		20.1	%		29,514,818		19.8	%		54.08
2029		7		282,020		10.4	%		17,546,594		11.7	%		62.22
2030		6		210,800		7.8	%		11,477,107		7.7	%		54.45
2031		5		23,038		0.8	%		1,882,789		1.3	%		81.73
Thereafter		14		538,917		19.8	%		35,527,831		23.8	%		65.92

Total Empire State Building office		158		2,714,822		100.0	%	$	149,378,270		100.0	%	$	61.06


*Empire State Building Broadcasting Licenses and Leases*	Annualized Base Rent ⁽⁷⁾		Annualized Expense Reimbursements		Annualized Rent ⁽⁴⁾		Percent of Annualized Rent
2Q 2021 ⁽⁶⁾	$	131,030	$	90,135	$	221,165		1.5	%
3Q 2021		—		—		—		0.0	%
4Q 2021		—		—		—		0.0	%

Total 2021		131,030		90,135		221,165		1.5	%
1Q 2022		1,236,623		355,664		1,592,287		10.8	%
2Q 2022		—		—		—		0.0	%
3Q 2022		—		—		—		0.0	%
4Q 2022		—		—		—		0.0	%

Total 2022		1,236,623		355,664		1,592,287		10.8	%
2023		285,588		63,247		348,835		2.4	%
2024		66,950		37,225		104,175		0.7	%
2025		—		153,957		153,957		1.0	%
2026		827,860		96,512		924,372		6.3	%
2027		1,356,811		140,758		1,497,569		10.1	%
2028		254,829		27,939		282,768		1.9	%
2029		—		—		—		0.0	%
2030		2,082,250		158,506		2,240,756		15.2	%
2031		1,855,250		290,668		2,145,918		14.5	%
Thereafter		4,667,890		606,197		5,274,087		35.7	%

Total Empire State Building broadcasting licenses and leases	$	12,765,081	$	2,020,808	$	14,785,889		100.0	%

Notes:

(1)	Excludes retail space, broadcasting licenses and observatory operations.

(2)	If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).

(3)	Excludes 52,508 rentable square feet of space attributable to building management use.

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

(5)	Includes approximately $4.6 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.

(6)	Represents leases that are included in occupancy as of June 30, 2021 and expire on June 30, 2021.

(7)	Represents license fees for the use of the Empire State Building mast and base rent for physical space occupied by broadcasting tenants.

Page 13

Second Quarter 2021

20 Largest Tenants and Portfolio Tenant Diversification by Industry

(unaudited)


20 Largest Tenants	Property		Lease Expiration ⁽¹⁾		Weighted Average Remaining Lease Term⁽²⁾		Total Occupied Square Feet ⁽³⁾		Percent of Portfolio Rentable Square Feet ⁽⁴⁾			Annualized Rent ⁽⁵⁾		Percent of Portfolio Annualized Rent ⁽⁶⁾
1. LinkedIn		ESB		Aug. 2036		15.2 years		418,552		4.1	%	$	26,031,524		4.8	%
2. Global Brands Group		ESB, 1333 Broadway		Oct. 2023 - Oct. 2028		5.9 years		353,325		3.5	%		19,535,141		3.6	%
3. Li & Fung		1359 Broadway, ESB		Jun. 2021 - Oct. 2028		4.5 years		252,899		2.5	%		13,260,372		2.5	%
4. PVH Corp.		501 Seventh Avenue		Oct. 2028		7.3 years		237,281		2.3	%		11,890,257		2.2	%
5. Centric Brands Inc.		ESB		Oct. 2028		7.3 years		212,154		2.1	%		10,819,854		2.0	%
6. Sephora		112 West 34th Street		Jan. 2029		7.6 years		11,334		0.1	%		10,483,711		2.0	%
7. Macy’s		111 West 33rd Street		May 2030		8.9 years		131,117		1.3	%		8,185,511		1.5	%
8. Coty		ESB		Jan. 2030		8.6 years		156,187		1.5	%		7,966,896		1.5	%
9. Signature Bank		1333 & 1400 Broadway		Jul. 2030 - Apr. 2035		13.3 years		124,884		1.2	%		7,629,754		1.4	%
10. Urban Outfitters		1333 Broadway		Sept. 2029		8.3 years		56,730		0.6	%		7,612,048		1.4	%
11. Federal Deposit Insurance Corp.		ESB		Dec. 2024		3.5 years		119,226		1.2	%		7,548,953		1.4	%
12. The Interpublic Group of Co’s, Inc.		111 West 33rd St & 1400 B’Way		Jul. 2024 - Feb. 2025		3.3 years		128,296		1.3	%		7,334,697		1.4	%
13. HNTB Corporation		ESB		Feb. 2029		7.7 years		105,143		1.0	%		6,987,364		1.3	%
14. Footlocker		112 West 34th Street		Sept. 2031		10.3 years		34,192		0.3	%		6,927,262		1.3	%
15. Franklin Templeton		First Stamford Place		Sept. 2024		3.3 years		137,583		1.4	%		6,409,614		1.2	%
16. Shutterstock		ESB		Apr. 2029		7.8 years		104,386		1.0	%		5,946,642		1.1	%
17. Fragomen		1400 Broadway		Feb. 2035		13.7 years		107,680		1.1	%		5,922,400		1.1	%
18. The Michael J. Fox Foundation		111 West 33rd Street		Nov. 2029		8.4 years		86,492		0.9	%		5,649,928		1.1	%
19. ASCAP		250 West 57th Street		Aug. 2034		13.2 years		87,943		0.9	%		5,542,143		1.0	%
20. Duane Reade		ESB, 1350 Broadway		May 2025 - Sept. 2027		5.0 years		39,142		0.4	%		4,830,653		0.9	%

Total								2,904,546		28.7	%	$	186,514,724		34.7	%

Notes:

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

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

(3)	Based on leases signed and commenced as of June 30, 2021.

(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.

Portfolio Tenant Diversification by Industry (based on annualized rent)

LOGO

Page 14

Second Quarter 2021

Capital Expenditures and Redevelopment Program and Leasing Opportunity

(unaudited and dollars in thousands)


	Three Months Ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Capital expenditures
Tenant improvements - first generation	$	—	$	13,244	$	10,098	$	8,599	$	4,562
Tenant improvements - second generation		15,903		6,435		6,466		12,961		5,243
Leasing commissions - first generation		—		—		—		—		1,272
Leasing commissions - second generation		5,215		3,156		6,292		730		2,048
Building improvements - first generation		1,423		78		4,436		5,672		358
Building improvements - second generation		5,541		3,462		2,531		5,494		8,075
Observatory capital project		—		—		—		498		829
Development ⁽¹⁾		—		98		28		767		525

Total	$	28,082	$	26,473	$	29,851	$	34,721	$	22,912

Note:

(1)	Primarily represents design and engineering costs.

Tenant space redevelopment by square feet ^{(2) (3)}

•

Future redevelopment (Empire State Building) - 110,000 square feet

•

Future redevelopment (other Manhattan properties) - 280,000 square feet

•

Redevelopment completed - 7,570,000 square feet

Leasing Opportunity - Inventory of Current Vacant Space as of June 30, 2021 (in square feet)


Total Portfolio vacant space			1,495,000

Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC			206,000
Greater New York Office Properties SLNC			68,000
Retail Properties SLNC			24,000
Redeveloped Manhattan Office space			628,000
Greater New York Office Properties space			373,000
Retail Properties space			57,000
Undeveloped Manhattan Office space			51,000
Space held off market			37,000
Other			51,000

Total			1,495,000

Notes:

(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.

Page 15

Second Quarter 2021

Observatory Summary

(unaudited and dollars in thousands)


				Three Months Ended
	Twelve Months to Date			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Observatory NOI ⁽¹⁾
Observatory revenue ⁽²⁾	$	20,389		$	8,359		$	2,603	⁽⁷⁾	$	5,008	⁽⁸⁾	$	4,419	⁽⁹⁾	$	86
Observatory expenses		21,423			5,268			4,588			5,636			5,931			4,002

NOI		(1,034	)		3,091			(1,985	)		(628	)		(1,512	)		(3,916	)
Intercompany rent expense ⁽³⁾		13,199			6,029			4,932			4,471			(2,233	)		4,053

NOI after intercompany rent	$	(14,233	)	$	(2,938	)	$	(6,917	)	$	(5,099	)	$	721		$	(7,969	)

Observatory Metrics
Number of visitors ⁽⁴⁾					162,000			51,000			55,000			30,000			—
Change in visitors year over year					N/A			(87.9	%)		(93.8	%)		(97.1	%)		N/A
Number of bad weather days during open days (“BWD”) ⁽⁵⁾					9			17			22			N/A			N/A
Days closed due to COVID-19					—			—			—			19			91
102nd floor revenue ⁽⁶⁾				$	1,094		$	392		$	349		$	129		$	—

Notes:

(1)	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.

(2)

Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, and June 30, 2020, the fixed license fee was $750, $4, $1,496, $1,180, and $0, respectively.

(3)	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.

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

(5)	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.

(6)	Reflects revenues derived from the 102nd floor observatory which are included in total observatory revenues above.

(7)	Observatory revenue for the first quarter 2021 includes $0.1 million of deferred revenue recognized this quarter related to unused tickets.

(8)	Observatory revenue for the fourth quarter 2020 includes $1.3 million of deferred revenue recognized this quarter related to unused tickets.

(9)	Observatory revenue for the third quarter 2020 includes $2.0 million of deferred revenue recognized this quarter related to unused tickets and earned income from our tour and travel partners.

Annual Observatory Revenues 2016 to 2020

LOGO

Note:

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

(2)	The observatory experienced a significant decline in visitors from the second week of March and was closed on March 16, 2020 through July 20, 2020.

Page 16

Second Quarter 2021

Condensed Consolidated Balance Sheets

(unaudited and dollars in thousands)


	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Assets
Commercial real estate properties, at cost:
Land	$	201,196		$	201,196		$	201,196		$	201,196		$	201,196
Development costs		8,064			8,064			7,966			7,938			9,325
Building and improvements		2,959,259			2,943,148			2,924,804			2,925,532			2,914,528

	3,168,519			3,152,408			3,133,966			3,134,666			3,125,049
Less: accumulated depreciation		(1,007,429	)		(973,940	)		(941,612	)		(927,517	)		(911,546	)

Commercial real estate properties, net		2,161,090			2,178,468			2,192,354			2,207,149			2,213,503
Cash and cash equivalents		540,604			567,102			526,714			373,088			872,970
Restricted cash		37,966			40,295			41,225			54,865			58,878
Tenant and other receivables		19,238			16,749			21,541			25,853			29,800
Deferred rent receivables		231,143			228,117			222,508			223,886			226,444
Prepaid expenses and other assets		71,399			50,427			77,182			50,773			68,109
Deferred costs, net		200,735			207,058			203,853			207,774			211,356
Acquired below-market ground leases, net		340,820			342,777			344,735			346,693			348,651
Right of use assets		28,998			29,051			29,104			29,154			29,205
Goodwill		491,479			491,479			491,479			491,479			491,479

Total assets	$	4,123,472		$	4,151,523		$	4,150,695		$	4,010,714		$	4,550,395

Liabilities and Equity
Mortgage notes payable, net	$	774,612		$	775,276		$	775,929		$	603,178		$	603,974
Senior unsecured notes, net		973,267			973,214			973,159			973,106			973,053
Unsecured term loan facility, net		387,954			387,811			387,561			387,309			387,059
Unsecured revolving credit facility, net		—			—			—			—			546,778
Accounts payable and accrued expenses		89,254			102,381			103,203			111,918			104,992
Acquired below-market leases, net		28,532			30,112			31,705			33,405			35,170
Ground lease liabilities		28,998			29,051			29,104			29,154			29,205
Deferred revenue and other liabilities		81,762			94,625			88,319			77,572			62,996
Tenants’ security deposits		25,885			27,858			30,408			51,257			51,130

Total liabilities		2,390,264			2,420,328			2,419,388			2,266,899			2,794,357
Total equity		1,733,208			1,731,195			1,731,307			1,743,815			1,756,038

Total liabilities and equity	$	4,123,472		$	4,151,523		$	4,150,695		$	4,010,714		$	4,550,395

Page 17

Second Quarter 2021

Condensed Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Revenues
Rental revenue ⁽¹⁾	$	140,797		$	140,231		$	137,050		$	139,909		$	137,999
Observatory revenue		8,359			2,603			5,008			4,419			86
Lease termination fees		3,339			1,289			7,841			331			1,033
Third party management and other fees		327			276			295			283			301
Other revenue and fees		586			905			1,205			1,633			1,611

Total revenues		153,408			145,304			151,399			146,575			141,030
Operating expenses
Property operating expenses		28,793			30,279			31,087			33,836			29,750
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		14,089			13,853			13,627			14,517			18,149
Observatory expenses		5,268			4,588			5,636			5,931			4,002
Real estate taxes		31,354			31,447			31,894			31,196			29,579
Impairment charges		—			—			—			2,103	⁽³⁾		4,101	⁽²⁾
Depreciation and amortization		45,088			44,457			47,397			44,733			52,783

Total operating expenses		126,924			126,955			131,973			134,647			140,696

Total operating income		26,484			18,349			19,426			11,928			334

Other income (expense)
Interest income		164			122			108			366			1,526
Interest expense		(23,422	)		(23,554	)		(23,001	)		(23,360	)		(23,928	)
Loss on early extinguishment of debt		—			(214	)		—			—			—
Initial public offering litigation expense		—			—			—			(1,165	)⁽⁴⁾		—

Income (loss) before income taxes		3,226			(5,297	)		(3,467	)		(12,231	)		(22,068	)
Income tax (expense) benefit		1,185			2,106			4,177			(38	)		2,450

Net income (loss)		4,411			(3,191	)		710			(12,269	)		(19,618	)
Perpetual preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,047	)
Net (income) loss attributable to non-controlling interests		(1,285	)		1,620			130			5,115			7,872

Net income (loss) attributable to common stockholders	$	2,075		$	(2,621	)	$	(210	)	$	(8,204	)	$	(12,793	)

Weighted average common shares outstanding
Basic		171,615			171,735			171,970			173,048			175,433

Diluted		278,436			277,881			278,471			280,940			283,384

Net income (loss) per share attributable to common stockholders
Basic and diluted	$	0.01		$	(0.02	)	$	—		$	(0.05	)	$	(0.07	)

Dividends per share	$	0.035		$	—		$	—		$	—		$	0.105

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


	Three Months Ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Rental Revenue
Base rent	$	125,091	$	126,231	$	121,486	$	123,821	$	122,374
Billed tenant expense reimbursement		15,706		14,000		15,564		16,088		15,625

Total rental revenue	$	140,797	$	140,231	$	137,050	$	139,909	$	137,999

The Company believes 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.

(2)	Reflects a non-cash write-off of prior capitalized expenditures on a combined heat and power generation project for the Empire State Building that has been rendered economically unfeasible due to New York City’s new Local Law 97.

(3)	Reflects a non-cash write-off of prior capitalized expenditures on a development project that is unlikely to continue.

(4)	Represents an accrued expense which reflects an estimated liability associated with the IPO-related litigation.

Page 18

Second Quarter 2021

Funds from Operations (“FFO”), Modified Funds From Operations (“Modified FFO”), Core Funds

from Operations (“Core FFO”), Core Funds Available for Distribution (“Core FAD”) and EBITDA

(unaudited and in thousands, except per share amounts)


	Three Months Ended
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Reconciliation of Net Income to FFO, Modified FFO and Core FFO
Net Income (loss)	$	4,411		$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)
Preferred unit distributions		(1,051	)		(1,050	)		(1,050	)		(1,050	)		(1,047	)
Real estate depreciation and amortization		43,480			43,104			45,690			43,029			51,096
Impairment charges, net of reimbursement		—			—			—			1,259			4,101

FFO attributable to common stockholders and non-controlled interests		46,840			38,863			45,350			30,969			34,532
Amortization of below-market ground lease		1,958			1,958			1,958			1,957			1,958

Modified FFO attributable to common stockholders and non-controlled interests		48,798			40,821			47,308			32,926			36,490
Loss on early extinguishment of debt		—			214			—			—			—
Severance expenses		—			—			—			805			3,008
IPO litigation expense		—			—			—			1,165			—

Core FFO attributable to common stockholders and non-controlled interests	$	48,798		$	41,035		$	47,308		$	34,896		$	39,498

Total weighted average shares and Operating Partnership Units
Basic		277,893			277,881			278,427			280,940			283,384

Diluted		278,436			277,881			278,471			280,940			283,384

FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.17		$	0.14		$	0.16		$	0.11		$	0.12

Diluted	$	0.17		$	0.14		$	0.16		$	0.11		$	0.12

Modified FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.18		$	0.15		$	0.17		$	0.12		$	0.13

Diluted	$	0.18		$	0.15		$	0.17		$	0.12		$	0.13

Core FFO attributable to common stockholders and non-controlled interests per share
Basic	$	0.18		$	0.15		$	0.17		$	0.12		$	0.14

Diluted	$	0.18		$	0.15		$	0.17		$	0.12		$	0.14

Reconciliation of Core FFO to Core FAD
Core FFO	$	48,798		$	41,035		$	47,308		$	34,896		$	39,498
Add:
Amortization of deferred financing costs		1,136			1,204			1,150			1,041			1,049
Non-real estate depreciation and amortization		1,608			1,353			1,707			1,704			1,686
Amortization of non-cash compensation expense		5,303			4,735			5,321			5,504			8,778
Amortization of loss on interest rate derivative		1,529			1,529			1,529			1,529			938
Deduct:
Straight-line rental revenues		(3,763	)		(6,347	)		640			(395	)		2,710
Above/below-market rent revenue amortization		(717	)		(654	)		(674	)		(679	)		(1,366	)
Corporate capital expenditures		(30	)		(109	)		(425	)		(332	)		(141	)
Tenant improvements - second generation		(15,903	)		(6,435	)		(6,466	)		(12,961	)		(5,243	)
Building improvements - second generation		(5,541	)		(3,462	)		(2,531	)		(5,494	)		(8,075	)
Leasing commissions - second generation		(5,215	)		(3,156	)		(6,292	)		(730	)		(2,048	)

Core FAD	$	27,205		$	29,693		$	41,267		$	24,083		$	37,786

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income (loss)	$	4,411		$	(3,191	)	$	710		$	(12,269	)	$	(19,618	)
Interest expense		23,422			23,554			23,001			23,360			23,928
Income tax expense (benefit)		(1,185	)		(2,106	)		(4,177	)		38			(2,450	)
Depreciation and amortization		45,088			44,457			47,397			44,733			52,783

EBITDA		71,736			62,714			66,931			55,862			54,643
Impairment charges, net of reimbursement		—			—			—			1,259			4,101

Adjusted EBITDA	$	71,736		$	62,714		$	66,931		$	57,121		$	58,744

Page 19

Second Quarter 2021

Debt Summary

(unaudited and dollars in thousands)


	June 30, 2021								March 31, 2021
				Weighted Average								Weighted Average
Debt Summary	Balance			Interest Rate			Maturity (Years)		Balance			Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	784,858			3.81	%		8.0	$	785,876			3.81	%		8.2
Senior unsecured notes		975,000			4.10	%		8.7		975,000			4.10	%		8.9
Unsecured term loan facilities ⁽¹⁾		265,000			3.40	%		4.1		265,000			3.40	%		4.3

Total fixed rate debt		2,024,858			3.91	%		7.8		2,025,876			3.91	%		8.1

Unsecured term loan facilities		125,000			1.60	%		5.5		125,000			1.61	%		5.8
Unsecured revolving credit facilities		—			—			3.8		—			0.00	%		4.0

Total variable rate debt		125,000			1.60	%		5.0		125,000			1.61	%		5.3

Total debt		2,149,858			3.91	%		7.7		2,150,876			3.91	%		7.9

Deferred financing costs, net		(14,025	)							(14,575	)

Total	$	2,135,833							$	2,136,301

Note:

(1)	LIBOR is fixed at 2.1485% for $265 million under a variable to fixed interest rate swap agreement.


Available Capacity	Facility		Outstanding at June 30, 2021		Letters of Credit		Available Capacity
Unsecured revolving credit facility ⁽¹⁾	$	850,000	$	—	$	—	$	850,000


Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage⁽²⁾		< 60	%		37.6	%	Yes
Maximum Secured Debt		< 40	%		13.7	%	Yes
Minimum Fixed Charge Coverage		> 1.50	x		2.6	x	Yes
Minimum Unencumbered Interest Coverage		> 1.75	x		5.3	x	Yes
Maximum Unsecured Leverage		< 60	%		29.4	%	Yes

Notes:

(1)

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.

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

Page 20

Second Quarter 2021

Debt Detail

(unaudited and dollars in thousands)


	Stated Interest Rate (%)			Effective Interest Rate (%) ⁽¹⁾			Principal Balance			Maturity Date		Amortization
Fixed rate mortgage debt:
Metro Center		3.59	%		3.66	%	$	86,217			11/5/2024	30 years
10 Union Square		3.70	%		3.97	%		50,000			4/1/2026	Interest only
1542 Third Avenue		4.29	%		4.53	%		30,000			5/1/2027	Interest only
First Stamford Place ⁽²⁾		4.28	%		4.73	%		180,000			7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue and 77 West 55th Street		4.01	%		4.21	%		37,078			1/5/2028	30 years
250 West 57th Street		2.83	%		3.21	%		180,000			12/1/2030	Interest only
10 Bank Street		4.23	%		4.36	%		31,563			6/1/2032	25 years
383 Main Avenue		4.44	%		4.55	%		30,000			6/30/2032	5 years interest only; 30 years thereafter
1333 Broadway		4.21	%		4.29	%		160,000			2/5/2033	Interest only

Total mortgage debt								784,858

Unsecured term loan facility		LIBOR plus 1.20	%		3.57	%		215,000			3/19/2025	Interest only
Unsecured revolving credit facility		LIBOR plus 1.30	%		—			—			3/31/2025	Interest only
Unsecured term loan facility		LIBOR plus 1.50	%		3.63	%		175,000			12/31/2026	Interest only
Senior unsecured notes:
Series A		3.93	%		3.96	%		100,000			3/27/2025	Interest only
Series B		4.09	%		4.12	%		125,000			3/27/2027	Interest only
Series C		4.18	%		4.21	%		125,000			3/27/2030	Interest only
Series D		4.08	%		4.11	%		115,000			1/22/2028	Interest only
Series E		4.26	%		4.27	%		160,000			3/22/2030	Interest only
Series F		4.44	%		4.45	%		175,000			3/22/2033	Interest only
Series G		3.61	%		4.89	%		100,000			3/17/2032	Interest only
Series H		3.73	%		5.00	%		75,000			3/17/2035	Interest only

Total / weighted average debt		3.91	%		4.11	%		2,149,858

Deferred financing costs, net								(14,025	)

Total							$	2,135,833

Notes:

(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 $16 million loan bearing interest at 6.25%.

Page 21

Second Quarter 2021

Debt Maturities and Ground Lease Commitments

(unaudited and dollars in thousands)


Year	Maturities ⁽¹⁾		Amortization		Total			Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2021	$	—	$	2,064	$	2,064			0.1	%		n/a
2022		—		5,628		5,628			0.3	%		n/a
2023		—		7,876		7,876			0.4	%		n/a
2024		77,675		7,958		85,633			4.0	%		3.59	%
2025		315,000		5,826		320,826			14.9	%		3.57	%
2026		225,000		6,080		231,080			10.7	%		3.83	%
2027		319,000		5,008		324,008			15.1	%		4.21	%
2028		146,092		1,877		147,969			6.9	%		4.06	%
2029		—		1,959		1,959			0.1	%		n/a
2030		465,000		2,045		467,045			21.7	%		3.68	%
Thereafter		552,655		3,115		555,770			25.9	%		4.13	%

Total debt	$	2,100,422	$	49,436		2,149,858			100.0	%		3.91	%

Deferred financing costs, net						(14,025	)

Total					$	2,135,833

Note:

(1)	Assumes no extension options are exercised.

Debt Maturity and Amortization Profile

LOGO

Ground Lease Commitments ⁽¹⁾


Year	1350 Broadway ⁽²⁾		1400 Broadway ⁽³⁾		111 West 33rd Street ⁽⁴⁾		Total
2021	$	54	$	338	$	368	$	759
2022		108		675		735		1,518
2023		108		675		735		1,518
2024		108		675		735		1,518
2025		108		675		735		1,518
Thereafter		1,821		25,650		37,791		65,262

	$	2,307	$	28,688	$	41,099	$	72,093

Notes:

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

(2)	Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 29 years.

(3)	Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 42 years.

(4)	Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 56 years.

Page 22

Second Quarter 2021

Supplemental Definitions

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, 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.

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

Core Funds Available for Distribution (“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 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.

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, 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 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.

EBITDA and Adjusted EBITDA

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.

Page 23


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


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


111 West 33 rd Street, 12 th Floor New York, New York		10120
(Address of Principal Executive Offices)		(Zip Code)


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


Exhibit No.		Description

99.1		Press Release announcing financial results for the second quarter 2021

99.2		Supplemental report

104		Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).


	EMPIRE STATE REALTY OP, L.P. (Registrant)

	By:	Empire State Realty Trust, Inc., as general partner

Date: July 28, 2021	By:	/s/ Christina Chiu
		Name: Christina Chiu
		Title: Executive Vice President and Chief Financial Officer