Empire State Realty OP, L.P 8-K, filed Nov 2, 2026
Empire State Realty OP, L.P. (ESBA)
8-K
2026-11-02
For: 2026-11-02
View Original
Added on
November 02, 2026
About this 8-K
Empire State Realty OP, L.P filed this 8-K on November 2, 2026.
Empire State Realty Trust, Inc. reported net income of $0.02 per share and Core FFO of $0.20, disposed of 1359 Broadway for $217.5 million, repurchased $85.8 million, and increased 2026 Core FFO guidance to $0.77 to $0.80 per share. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Exact Name of Registrant as Specified in its Charter)
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (212 ) 687-8700
n/a
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Empire State Realty Trust, Inc. | ||||||||||||||
| Empire State Realty OP, L.P. | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On November 2, 2026 , Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the third quarter 2026. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.
| Item 7.01. | Regulation FD Disclosure | ||||
Third Quarter 2026 Earnings
As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the third quarter 2026 and made available on its website certain supplemental information relating thereto.
The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). | ||||
Non-GAAP Supplemental Financial Measures
Funds From Operations
We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental
measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
Modified Funds From Operations
Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this is a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.
Core Funds From Operations
Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense, goodwill impairment charge and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In
future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
Core Funds Available for Distribution
In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner and is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office, retail or multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating
these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired and/or stabilized prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties that have not yet achieved stabilization, properties acquired and/or stabilized after the beginning of the earliest period presented and properties disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired and/or achieves stabilization for that property to be included in Same Store. The
Company’s definition of Same Store also excludes properties classified as held for sale and disposed of subsequent to quarter-end and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2026, Same Store excludes 86-90 North 6th Street, which was acquired in June 2025, 41-55 North 6th Street, which was acquired in March 2026, 130 Mercer, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, 250 West 57th Street, which was disposed in June 2026, and 1359 Broadway, which was classified as held for sale as of September 30, 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges, goodwill impairment charge and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
Other Definitions
"fully diluted basis" means all outstanding shares of our Class A common stock at the time indicated plus shares of Class A common stock that may be issuable upon the exchange of operating partnership units on a one-for-one basis and shares of Class A common stock issuable upon the conversion of Class B common stock on a one-for-one basis, which is not the same meaning of "full diluted" under generally accepted accounting principles in the United States of America ("GAAP").
SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | EMPIRE STATE REALTY TRUST, INC. (Registrant) By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer | ||||
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer | ||||
EMPIRE STATE REALTY TRUST ANNOUNCES THIRD QUARTER 2026 RESULTS
– Net Income Per Fully Diluted Share of $0.02 –
– Core FFO Per Fully Diluted Share of $0.20 –
– Leased Over 189,000 Square Feet –
– Completed Disposition of 1359 Broadway for $217.5M –
– Repurchased $85.8 million of Common Stock –
– Increases 2026 Core FFO Range –
New York, New York, November 2, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) owns and operates a New York City portfolio of well-leased, top of tier, office, retail, and multifamily assets. ESRT’s Empire State Building features an Observation Deck. The Company is a recognized leader in sustainability. Today the Company reported its operational and financial results for the third quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.
Third Quarter and Recent Highlights
•Net Income of $0.02 per share.
•Core Funds From Operations (“Core FFO”) of $0.20 per share.
•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 0.5% year-over-year. The increase was primarily attributed to increases in tenant reimbursement income and insurance recoveries. This was partially offset by operating expense growth and the approximate $2 million year-over-year revenue decline from the previously disclosed FDIC expiration, which was pre-leased. Adjusted for FDIC and $1.2 million of third quarter 2026 non-recurring items, year-over-year Same-Store Property Cash NOI increased by 1.9%.
•The total commercial portfolio1,2 was 95.6% leased and 92.3% occupied as of September 30, 2026.
•Signed 189,477 rentable square feet of commercial leases, inclusive of 170,608 rentable square feet of office leases.
•In the office portfolio, blended leasing spreads were +9.9%, the 21st consecutive quarter of positive leasing spreads.
•Empire State Building Observation Deck generated NOI of $15.6 million. There is no change to the framework introduced in the second quarter of $55 million of NOI for 2026. Visitation continued to be weak.
•Subsequent to quarter-end, completed the disposition of 1359 Broadway for $217.5 million. Starting in late July, the Company began to redeploy the proceeds towards share repurchases and will also use proceeds to paydown debt. Further, the previously executed acquisition of the
1
land underlying 111 West 33rd Street and 1400 Broadway in the second quarter was used as a partial 1031 replacement asset for the disposition of 1359 Broadway.
•Since its second quarter earnings call through November 2, 2026, the Company acquired $85.8 million of its shares.
•Achieved the highest GRESB Management Score for All Companies in the Americas for the second consecutive year.
Property Operations
As of September 30, 2026, the Company’s commercial portfolio was occupied and leased as shown below1.
September 30, 20262,3,4 | June 30, 20263,4 | September 30, 20253 | ||||||||||||
Percent occupied: | ||||||||||||||
Total commercial portfolio | 92.3% | 89.4% | 90.0% | |||||||||||
| Office | 91.9% | 89.1% | 89.7% | |||||||||||
| Retail | 96.6% | 92.8% | 92.8% | |||||||||||
Percent leased (includes signed leases not commenced): | ||||||||||||||
Total commercial portfolio | 95.6% | 94.9% | 92.6% | |||||||||||
| Office | 95.5% | 94.8% | 92.4% | |||||||||||
| Retail | 96.8% | 95.9% | 94.7% | |||||||||||
Total multifamily portfolio | 97.1% | 97.7% | 98.6% | |||||||||||
1 Excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.
2 Excludes 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
3 All occupancy and leased percentages exclude broadcasting and storage space.
4 Occupancy and leased percentages for September 30, 2026 exclude Metro Center, which was sold during the fourth quarter 2025, 250 West 57th Street, which was sold during the second quarter 2026, and 1359 Broadway, which was sold subsequent to quarter-end. Occupancy and leased percentages for June 30, 2026 exclude Metro Center and 250 West 57th Street.
Leasing
The tables that follow summarize leasing activity for the third quarter of 2026. The Company signed 27 leases which totaled 189,477 square feet with an average lease duration of 8.1 years. Average lease duration was 9.5 years for new leases executed in the third quarter.
2
Total Portfolio
Total Portfolio | Leases executed | Square footage executed | Average cash rent psf – leases executed | % of new cash rent over / under previously escalated rents | |||||||||||||
Office | 21 | 170,608 | $ | 73.12 | 9.9 | % | |||||||||||
Retail | 6 | 18,869 | $ | 221.79 | (13.9) | % | |||||||||||
Total Overall | 27 | 189,477 | $ | 87.93 | 2.8 | % | |||||||||||
Office Portfolio
Office Portfolio | Leases executed | Square footage executed | Average cash rent psf – leases executed | % of new cash rent over / under previously escalated rents | |||||||||||||
New Office | 15 | 125,239 | $ | 73.37 | 16.2 | % | |||||||||||
Renewal Office | 6 | 45,369 | $ | 72.43 | (4.5) | % | |||||||||||
Total Office | 21 | 170,608 | $ | 73.12 | 9.9 | % | |||||||||||
Leasing Activity Highlights
•10.8-year 28,914 square foot new office lease with Octaura Holdings at 111 West 33rd Street.
•12.4-year 15,157 square foot expansion office lease with Corgan Associates at The Empire State Building.
•11.0-year 13,459 square foot new office lease with Zenyth Advisors at The Empire State Building.
Capital Allocation
Subsequent to quarter-end, completed the disposition of 1359 Broadway for $217.5 million. Starting in late July, the Company began to redeploy the proceeds towards share repurchases and will also use proceeds to paydown debt. Further, the previously executed acquisition of the land underlying 111 West 33rd Street and 1400 Broadway in the second quarter was used as a partial 1031 replacement asset for the disposition of 1359 Broadway.
Since its second quarter earnings call through November 2, 2026, the Company acquired $85.8 million of its shares at a weighted average price of $4.56 per share. This brings aggregate share repurchases to approximately $387.7 million since March 2020.
Balance Sheet
The Company had $0.6 billion of total liquidity as of September 30, 2026, which was comprised of $85 million of cash, plus $520 million available under its revolving credit facility. At September 30, 2026, the Company had total debt outstanding of approximately $2.2 billion at a weighted average interest rate of 4.78%. At September 30, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.7x.
3
As previously announced, in the third quarter, the Company closed on a $245 million unsecured delayed draw term loan that matures in 2032. Term loan proceeds are expected to be drawn in January 2027 and used to repay existing debt. The Company has no unaddressed debt maturity until March 2029.
Dividend
On September 30, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter of 2026 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).
On September 30, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the third quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.
2026 Core FFO
The table below presents a range of potential Core FFO per share outcomes based on key building blocks for the property business and the Observation Deck. These outcomes exclude the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity. There is no change to the framework introduced in the second quarter of $55 Million of NOI for the Empire State Building’s Observation Deck.
| Key Items | 2026 Core FFO | Comments | |||||||||
| Earnings | Nov. 2026 | July 2026 | |||||||||
| Core FFO Per Fully Diluted Share | $0.77 to $0.80 | $0.75 to $0.79 | • Includes capital markets transactions, inclusive of share repurchases to date and sale of 1359 Broadway | ||||||||
| Property Guidance Assumptions | |||||||||||
| Commercial Occupancy at year-end | 90% to 92% | 90% to 92% | • Incorporates temporary downtime for pre-leased space | ||||||||
| SS Property Cash NOI (excluding lease termination fees) | +1.75% to +2.25% | -1.5% to +2.0% | • Incorporates higher than expected year-to-date results, driven primarily by non-recurring items; Assumes a ~4.0% to 6.0% y/y increase in operating expenses and real estate taxes largely offset by tenant reimbursement income | ||||||||
| Observation Deck | |||||||||||
| Observation Deck NOI Utilized | $55M | $55M | • No change to framework introduced in 2Q | ||||||||
4
| Low | High | |||||||
| Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership | $0.30 | $0.33 | ||||||
| Add: | ||||||||
| Real Estate Depreciation & Amortization | 0.70 | 0.70 | ||||||
| Less: | ||||||||
| Private Perpetual Distributions | 0.02 | 0.02 | ||||||
| Gain on Disposal of Real Estate, net | 0.88 | 0.88 | ||||||
| FFO Attributable to Common Stockholders and the Operating Partnership | $0.10 | $0.13 | ||||||
| Add: | ||||||||
| Severance Expense | 0.02 | 0.02 | ||||||
| Amortization of Below Market Ground Lease | 0.02 | 0.02 | ||||||
| Goodwill Impairment Charge | 0.63 | 0.63 | ||||||
| Core FFO Attributable to Common Stockholders and the Operating Partnership | $0.77 | $0.80 | ||||||
The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition), our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Investor Presentation Update
The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.
Webcast and Conference Call Details
Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Tuesday, November 3, 2026 at 12:00 pm Eastern time.
The webcast will be available in the “Investors” section of ESRT’s website. To listen to the live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.
Starting shortly after the call until November 17, 2026, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13762456.
5
The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) owns and operates a New York City portfolio of well-leased, top of tier, office, retail, and multifamily assets. ESRT’s Empire State Building features an Observation Deck. The Company is a recognized leader in sustainability. As of November 2, 2026, ESRT’s portfolio is comprised of approximately 7.7 million rentable square feet of commercial space and three residential properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.
Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and
6
potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground lease; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
Contact: Investors and Media
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@esrtreit.com
7
Empire State Realty Trust, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(unaudited and amounts in thousands, except per share data) | |||||||||||
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Revenues | |||||||||||
Rental revenue | $ | 161,966 | $ | 158,410 | |||||||
Observatory revenue | 26,808 | 36,037 | |||||||||
Lease termination fees | — | — | |||||||||
Third-party management and other fees | 277 | 404 | |||||||||
Other revenue and fees | 4,002 | 2,879 | |||||||||
Total revenues | 193,053 | 197,730 | |||||||||
Operating expenses | |||||||||||
Property operating expenses | 46,497 | 46,957 | |||||||||
Ground rent expenses | 447 | 2,331 | |||||||||
General and administrative expenses | 17,174 | 18,743 | |||||||||
Observatory expenses | 11,204 | 9,510 | |||||||||
Real estate taxes | 35,259 | 33,241 | |||||||||
Depreciation and amortization | 46,661 | 47,615 | |||||||||
Total operating expenses | 157,242 | 158,397 | |||||||||
Total operating income | 35,811 | 39,333 | |||||||||
Other income (expense): | |||||||||||
Interest income | 967 | 1,146 | |||||||||
Interest expense | (27,883) | (25,189) | |||||||||
Loss on disposition of property | (1,125) | — | |||||||||
Income before income taxes | 7,770 | 15,290 | |||||||||
Income tax expense | (1,875) | (1,645) | |||||||||
Net income | 5,895 | 13,645 | |||||||||
Non-controlling interest in the Operating Partnership | (1,763) | (4,610) | |||||||||
Preferred unit distributions | (1,050) | (1,050) | |||||||||
Net income attributable to common stockholders | $ | 3,082 | $ | 7,985 | |||||||
Total weighted average shares | |||||||||||
Basic | 171,157 | 169,250 | |||||||||
Diluted | 270,115 | 270,357 | |||||||||
Earnings per share attributable to common stockholders | |||||||||||
Basic | $ | 0.02 | $ | 0.05 | |||||||
Diluted | $ | 0.02 | $ | 0.05 | |||||||
8
Empire State Realty Trust, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(unaudited and amounts in thousands, except per share data) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Revenues | |||||||||||
Rental revenue | $ | 493,237 | $ | 466,492 | |||||||
Observatory revenue | 69,543 | 93,097 | |||||||||
Lease termination fees | 1,356 | 464 | |||||||||
Third-party management and other fees | 822 | 1,243 | |||||||||
Other revenue and fees | 15,319 | 7,750 | |||||||||
Total revenues | 580,277 | 569,046 | |||||||||
Operating expenses | |||||||||||
Property operating expenses | 142,015 | 136,897 | |||||||||
Ground rent expenses | 4,284 | 6,994 | |||||||||
General and administrative expenses | 60,390 | 54,368 | |||||||||
Observatory expenses | 30,867 | 27,450 | |||||||||
Real estate taxes | 102,784 | 98,898 | |||||||||
| Goodwill impairment charge | 166,113 | — | |||||||||
Depreciation and amortization | 147,269 | 144,196 | |||||||||
Total operating expenses | 653,722 | 468,803 | |||||||||
Total operating income (loss) | (73,445) | 100,243 | |||||||||
Other income (expense): | |||||||||||
Interest income | 3,155 | 6,799 | |||||||||
Interest expense | (83,825) | (77,253) | |||||||||
Interest expense associated with property in receivership | — | (647) | |||||||||
Gain on disposition of property | 123,497 | 13,170 | |||||||||
Income (Loss) before income taxes | (30,618) | 42,312 | |||||||||
Income tax expense | (46) | (1,504) | |||||||||
Net income (loss) | (30,664) | 40,808 | |||||||||
Non-controlling interest in the Operating Partnership | 12,309 | (13,933) | |||||||||
Preferred unit distributions | (3,151) | (3,151) | |||||||||
Net income (loss) attributable to common stockholders | $ | (21,506) | $ | 23,724 | |||||||
Total weighted average shares | |||||||||||
Basic | 171,073 | 168,103 | |||||||||
Diluted | 268,936 | 269,945 | |||||||||
Earnings (Loss) per share attributable to common stockholders | |||||||||||
Basic | $ | (0.13) | $ | 0.14 | |||||||
Diluted | $ | (0.13) | $ | 0.14 | |||||||
9
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 September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Net income | $ | 5,895 | $ | 13,645 | |||||||
Preferred unit distributions | (1,050) | (1,050) | |||||||||
Real estate depreciation and amortization | 45,700 | 46,741 | |||||||||
Loss on disposition of property | 1,125 | — | |||||||||
FFO attributable to common stockholders and Operating Partnership units | 51,670 | 59,336 | |||||||||
Amortization of below-market ground leases | 426 | 1,957 | |||||||||
Modified FFO attributable to common stockholders and Operating Partnership units | 52,096 | 61,293 | |||||||||
Severance expenses4 | 637 | — | |||||||||
Core FFO attributable to common stockholders and Operating Partnership units | $ | 52,733 | $ | 61,293 | |||||||
Total weighted average shares and Operating Partnership units | |||||||||||
Basic | 269,064 | 266,963 | |||||||||
Diluted | 270,115 | 270,357 | |||||||||
FFO per share | |||||||||||
Basic | $ | 0.19 | $ | 0.22 | |||||||
Diluted | $ | 0.19 | $ | 0.22 | |||||||
Modified FFO per share | |||||||||||
Basic | $ | 0.19 | $ | 0.23 | |||||||
Diluted | $ | 0.19 | $ | 0.23 | |||||||
Core FFO per share | |||||||||||
Basic | $ | 0.20 | $ | 0.23 | |||||||
Diluted | $ | 0.20 | $ | 0.23 | |||||||
4 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.
10
Empire State Realty Trust, Inc. | |||||||||||
Reconciliation of Net Income (Loss) 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) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Net income (loss) | $ | (30,664) | $ | 40,808 | |||||||
Preferred unit distributions | (3,151) | (3,151) | |||||||||
Real estate depreciation and amortization | 144,455 | 141,533 | |||||||||
Gain on disposition of property | (123,497) | (13,170) | |||||||||
FFO attributable to common stockholders and Operating Partnership units | (12,857) | 166,020 | |||||||||
Amortization of below-market ground leases | 3,633 | 5,873 | |||||||||
Modified FFO attributable to common stockholders and Operating Partnership units | (9,224) | 171,893 | |||||||||
Interest expense associated with property in receivership | — | 647 | |||||||||
Severance expenses5 | 6,173 | — | |||||||||
| Goodwill impairment charge | 166,113 | — | |||||||||
Core FFO attributable to common stockholders and Operating Partnership units | $ | 163,062 | $ | 172,540 | |||||||
Total weighted average shares and Operating Partnership units | |||||||||||
Basic | 268,936 | 266,978 | |||||||||
Diluted | 268,936 | 269,945 | |||||||||
FFO per share | |||||||||||
Basic | $ | (0.05) | $ | 0.62 | |||||||
Diluted | $ | (0.05) | $ | 0.62 | |||||||
Modified FFO per share | |||||||||||
Basic | $ | (0.03) | $ | 0.64 | |||||||
Diluted | $ | (0.03) | $ | 0.64 | |||||||
Core FFO per share | |||||||||||
Basic | $ | 0.61 | $ | 0.65 | |||||||
Diluted | $ | 0.61 | $ | 0.64 | |||||||
5 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.
11
Empire State Realty Trust, Inc. | |||||||||||
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI | |||||||||||
(unaudited and amounts in thousands) | |||||||||||
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,895 | $ | 13,645 | |||||||
| Add: | |||||||||||
| General and administrative expenses | 17,174 | 18,743 | |||||||||
| Depreciation and amortization | 46,661 | 47,615 | |||||||||
| Interest expense | 27,883 | 25,189 | |||||||||
| Income tax expense | 1,875 | 1,645 | |||||||||
| Loss on disposition of property | 1,125 | — | |||||||||
| Less: | |||||||||||
| Third-party management and other fees | (277) | (404) | |||||||||
| Interest income | (967) | (1,146) | |||||||||
| Net operating income | 99,369 | 105,287 | |||||||||
| Straight-line rent | (7,287) | (4,688) | |||||||||
| Above/below-market rent revenue amortization | (394) | (821) | |||||||||
Amortization of below-market ground leases | 426 | 1,957 | |||||||||
| Total cash NOI - including Observatory and lease termination fees | 92,114 | 101,735 | |||||||||
| Less: Observatory NOI | (15,604) | (26,527) | |||||||||
| Less: cash NOI from non-Same Store properties | (9,843) | (8,882) | |||||||||
| Total Same Store property cash NOI - including lease termination fees | 66,667 | 66,326 | |||||||||
| Less: Lease termination fees | — | — | |||||||||
| Total Same Store property cash NOI - excluding Observatory and lease termination fees | $ | 66,667 | $ | 66,326 | |||||||
Observatory NOI | |||||||||||
(unaudited and amounts in thousands) | |||||||||||
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Observatory revenue | $ | 26,808 | $ | 36,037 | |||||||
| Observatory expenses | 11,204 | 9,510 | |||||||||
Observatory NOI, excluding intercompany rent6 | $ | 15,604 | $ | 26,527 | |||||||
6 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended September 30, 2026 and September 30, 2025, the intercompany rent expense was $12,458 and $20,185, respectively.
12
Empire State Realty Trust, Inc. | |||||||||||
Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI | |||||||||||
(unaudited and amounts in thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income (loss) | $ | (30,664) | $ | 40,808 | |||||||
| Add: | |||||||||||
| General and administrative expenses | 60,390 | 54,368 | |||||||||
| Depreciation and amortization | 147,269 | 144,196 | |||||||||
| Interest expense | 83,825 | 77,253 | |||||||||
| Interest expense associated with property in receivership | — | 647 | |||||||||
| Goodwill impairment charge | 166,113 | — | |||||||||
| Income tax expense | 46 | 1,504 | |||||||||
| Less: | |||||||||||
| Gain on disposition of property | (123,497) | (13,170) | |||||||||
| Third-party management and other fees | (822) | (1,243) | |||||||||
| Interest income | (3,155) | (6,799) | |||||||||
| Net operating income | 299,505 | 297,564 | |||||||||
| Straight-line rent | (26,836) | (13,719) | |||||||||
| Above/below-market rent revenue amortization | (1,448) | (2,459) | |||||||||
Amortization of below-market ground leases | 3,633 | 5,873 | |||||||||
| Total cash NOI - including Observatory and lease termination fees | 274,854 | 287,259 | |||||||||
| Less: Observatory NOI | (38,676) | (65,647) | |||||||||
| Less: cash NOI from non-Same Store properties | (37,082) | (28,543) | |||||||||
| Total Same Store property cash NOI - including lease termination fees | 199,096 | 193,069 | |||||||||
| Less: Lease termination fees | (1,356) | (464) | |||||||||
| Total Same Store property cash NOI - excluding Observatory and lease termination fees | $ | 197,740 | $ | 192,605 | |||||||
Observatory NOI | |||||||||||
(unaudited and amounts in thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Observatory revenue | $ | 69,543 | $ | 93,097 | |||||||
| Observatory expenses | 30,867 | 27,450 | |||||||||
Observatory NOI, excluding intercompany rent7 | $ | 38,676 | $ | 65,647 | |||||||
7 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the nine months ended September 30, 2026 and September 30, 2025, the intercompany rent expense was $40,050 and $56,011, respectively.
13
Empire State Realty Trust, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(unaudited and amounts in thousands) | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Real estate properties, at cost | $ | 4,379,157 | $ | 4,205,907 | |||||||
Less: accumulated depreciation | (1,317,560) | (1,366,829) | |||||||||
Real estate properties, net | 3,061,597 | 2,839,078 | |||||||||
Assets held for sale 8 | 83,095 | — | |||||||||
Cash and cash equivalents | 85,257 | 132,657 | |||||||||
Restricted cash | 34,449 | 33,854 | |||||||||
Tenant and other receivables | 25,685 | 22,063 | |||||||||
Deferred rent receivables | 249,227 | 255,270 | |||||||||
Prepaid expenses and other assets | 82,363 | 93,355 | |||||||||
Deferred costs, net | 249,252 | 267,682 | |||||||||
Right-of-use assets, including below-market ground leases, net | 41,647 | 333,523 | |||||||||
Goodwill | 325,366 | 491,479 | |||||||||
Total assets | $ | 4,237,938 | $ | 4,468,961 | |||||||
Liabilities and equity | |||||||||||
Mortgage notes payable, net | $ | 442,399 | $ | 619,269 | |||||||
Senior unsecured notes, net | 1,345,391 | 1,270,668 | |||||||||
Unsecured term loan facility, net | 337,307 | 336,794 | |||||||||
Unsecured revolving credit facility | 100,000 | 145,000 | |||||||||
Accounts payable and accrued expenses | 107,376 | 120,150 | |||||||||
Acquired below market leases, net | 34,892 | 39,767 | |||||||||
Ground lease liabilities | 1,052 | 27,944 | |||||||||
Deferred revenue and other liabilities | 55,970 | 59,901 | |||||||||
Tenants’ security deposits | 28,017 | 27,276 | |||||||||
Liabilities related to assets held for sale8 | 5,633 | — | |||||||||
Total liabilities | 2,458,037 | 2,646,769 | |||||||||
Total equity | 1,779,901 | 1,822,192 | |||||||||
Total liabilities and equity | $ | 4,237,938 | $ | 4,468,961 | |||||||
8 Assets held for sale consist of 1359 Broadway, which was sold subsequent to quarter-end.
14
 | |||||
Third Quarter 2026 | |||||
| Table of Contents | Page | ||||
| Summary | |||||
| Supplemental Definitions | |||||
| Company Profile | |||||
| Consolidated Balance Sheets | |||||
| Consolidated Statements of Operations | |||||
| FFO, Modified FFO, Core FFO, FAD and EBITDA | |||||
| Highlights | |||||
| Selected Property Data | |||||
| Property Summary Net Operating Income | |||||
| Same Store Net Operating Income | |||||
| Leasing Activity | |||||
| Commercial Property Detail | |||||
| Portfolio Expirations and Vacates Summary | |||||
| Tenant Lease Expirations | |||||
| Largest Tenants and Portfolio Tenant Diversification by Industry | |||||
| Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program | |||||
| Observatory Summary | |||||
| Financial information | |||||
| Consolidated Debt Analysis | |||||
| Debt Summary | |||||
| Debt Detail | |||||
| Debt Maturities | |||||
| Ground Lease | |||||
Forward-looking Statements
This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.
Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground lease; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
Page 2
| |||||
Third Quarter 2026 | |||||
| Supplemental Definitions | |||||
Funds From Operations
We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
Modified Funds From Operations
Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this is a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.
Core Funds From Operations
Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense, goodwill impairment charge and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
Core Funds Available for Distribution
In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner and is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office, retail or multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Page 3
| |||||
Third Quarter 2026 | |||||
| Supplemental Definitions | |||||
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired and/or stabilized prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties that have not yet achieved stabilization, properties acquired and/or stabilized after the beginning of the earliest period presented and properties disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired and/or achieves stabilization for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties classified as held for sale and disposed of subsequent to quarter-end and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2026, Same Store excludes 86-90 North 6th Street, which was acquired in June 2025, 41-55 North 6th Street, which was acquired in March 2026, 130 Mercer, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, 250 West 57th Street, which was disposed in June 2026, and 1359 Broadway, which was classified as held for sale as of September 30, 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges, goodwill impairment charge and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
Page 4
| |||||
Third Quarter 2026 | |||||
| COMPANY PROFILE | ||||||||
Empire State Realty Trust, Inc. (NYSE: ESRT) owns and operates a New York City portfolio of well-leased, top of tier, office, retail, and multifamily assets. ESRT’s Empire State Building features an Observation Deck. The Company is a recognized leader in sustainability.
| BOARD OF DIRECTORS | |||||
| Anthony E. Malkin | Chairman and Chief Executive Officer | ||||
| Steven J. Gilbert | Director, Lead Independent Director, Chair of the Compensation Committee | ||||
| S. Michael Giliberto | Director | ||||
| Patricia S. Han | Director | ||||
| Grant H. Hill | Director | ||||
| R. Paige Hood | Director, Chair of the Finance Committee | ||||
| George L. W. Malkin | Director | ||||
| James D. Robinson IV | Director, Chair of the Nominating and Corporate Governance Committee | ||||
| Christina Van Tassell | Director, Chair of the Audit Committee | ||||
| Hannah Yang | Director | ||||
| EXECUTIVE MANAGEMENT | |||||
| Anthony E. Malkin | Chairman and Chief Executive Officer | ||||
| Christina Chiu | President | ||||
| Steve Horn | Executive Vice President, Chief Financial Officer | ||||
| COMPANY INFORMATION | ||||||||
| Corporate Headquarters | Investor Relations | New York Stock Exchange | ||||||
| 111 West 33rd Street, 12th Floor | IR@esrtreit.com | Trading Symbol: ESRT | ||||||
| New York, NY 10120 | ||||||||
| www.esrtreit.com | ||||||||
| (212) 687-8700 | ||||||||
| RESEARCH COVERAGE | |||||||||||
| BMO Capital Markets Corp. | John Kim | (212) 885-4115 | jp.kim@bmo.com | ||||||||
| BTIG | Thomas Catherwood | (212) 738-6140 | tcatherwood@btig.com | ||||||||
| Citi | Seth Bergey | (212) 816-2066 | seth.bergey@citi.com | ||||||||
| Evercore ISI | Steve Sakwa | (212) 446-9462 | steve.sakwa@evercoreisi.com | ||||||||
| Green Street Advisors | Dylan Burzinski | (949) 640-8780 | dburzinski@greenstreetadvisors.com | ||||||||
| Wells Fargo Securities, LLC | Blaine Heck | (443) 263-6529 | blaine.heck@wellsfargo.com | ||||||||
| Wolfe Research | Ally Yaseen | (646) 582-9253 | ayaseen@wolferesearch.com | ||||||||
Page 5
| Third Quarter 2026 | ||||
| Consolidated Balance Sheets | |||||
| (unaudited and dollars in thousands) | |||||
| Assets | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Real estate properties, at cost | $ | 4,379,157 | $ | 4,476,248 | $ | 4,267,420 | $ | 4,205,907 | $ | 3,940,755 | |||||||||||||||||||
| Less: accumulated depreciation | (1,317,560) | (1,335,719) | (1,400,827) | (1,366,829) | (1,381,726) | ||||||||||||||||||||||||
| Real estate properties, net | 3,061,597 | 3,140,529 | 2,866,593 | 2,839,078 | 2,559,029 | ||||||||||||||||||||||||
Assets held for sale(1) | 83,095 | — | — | — | — | ||||||||||||||||||||||||
| Cash and cash equivalents | 85,257 | 85,605 | 68,820 | 132,657 | 154,113 | ||||||||||||||||||||||||
| Restricted cash | 34,449 | 42,612 | 37,326 | 33,854 | 43,642 | ||||||||||||||||||||||||
| Tenant and other receivables | 25,685 | 21,270 | 23,667 | 22,063 | 27,416 | ||||||||||||||||||||||||
| Deferred rent receivables | 249,227 | 257,072 | 261,275 | 255,270 | 259,070 | ||||||||||||||||||||||||
| Prepaid expenses and other assets | 82,363 | 100,394 | 62,849 | 93,355 | 58,679 | ||||||||||||||||||||||||
| Deferred costs, net | 249,252 | 258,166 | 262,212 | 267,682 | 177,307 | ||||||||||||||||||||||||
| Right-of-use assets, including below-market ground leases, net | 41,647 | 42,084 | 331,503 | 333,523 | 335,544 | ||||||||||||||||||||||||
| Goodwill | 325,366 | 325,366 | 491,479 | 491,479 | 491,479 | ||||||||||||||||||||||||
| Total assets | $ | 4,237,938 | $ | 4,273,098 | $ | 4,405,724 | $ | 4,468,961 | $ | 4,106,279 | |||||||||||||||||||
| Liabilities and Equity | |||||||||||||||||||||||||||||
| Mortgage notes payable, net | $ | 442,399 | $ | 443,102 | $ | 621,392 | $ | 619,269 | $ | 691,046 | |||||||||||||||||||
| Senior unsecured notes, net | 1,345,391 | 1,271,149 | 1,270,909 | 1,270,668 | 1,097,498 | ||||||||||||||||||||||||
| Unsecured term loan facility, net | 337,307 | 337,125 | 336,972 | 336,794 | 268,959 | ||||||||||||||||||||||||
| Unsecured revolving credit facility | 100,000 | 175,000 | 90,000 | 145,000 | — | ||||||||||||||||||||||||
| Accounts payable and accrued expenses | 107,376 | 132,224 | 111,918 | 120,150 | 111,732 | ||||||||||||||||||||||||
| Acquired below-market leases, net | 34,892 | 36,425 | 37,948 | 39,767 | 15,875 | ||||||||||||||||||||||||
| Ground lease liabilities | 1,052 | 1,063 | 27,882 | 27,944 | 28,007 | ||||||||||||||||||||||||
| Deferred revenue and other liabilities | 55,970 | 50,352 | 57,601 | 59,901 | 64,191 | ||||||||||||||||||||||||
| Tenants' security deposits | 28,017 | 36,949 | 26,964 | 27,276 | 30,751 | ||||||||||||||||||||||||
Liabilities related to assets held for sale(1) | 5,633 | — | — | — | — | ||||||||||||||||||||||||
| Total liabilities | 2,458,037 | 2,483,389 | 2,581,586 | 2,646,769 | 2,308,059 | ||||||||||||||||||||||||
| Total equity | 1,779,901 | 1,789,709 | 1,824,138 | 1,822,192 | 1,798,220 | ||||||||||||||||||||||||
| Total liabilities and equity | $ | 4,237,938 | $ | 4,273,098 | $ | 4,405,724 | $ | 4,468,961 | $ | 4,106,279 | |||||||||||||||||||
Note:
(1) Assets held for sale consist of 1359 Broadway, which was sold subsequent to quarter-end.
Page 6
| Third Quarter 2026 | ||||
| Consolidated Statements of Operations | |||||
| (unaudited and in thousands, except per share amounts) | |||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
Rental revenue (1) | $ | 161,966 | $ | 165,166 | $ | 166,105 | $ | 159,721 | $ | 158,410 | |||||||||||||||||||
| Observatory revenue | 26,808 | 24,225 | 18,510 | 35,232 | 36,037 | ||||||||||||||||||||||||
| Lease termination fees | — | — | 1,356 | — | — | ||||||||||||||||||||||||
| Third-party management and other fees | 277 | 268 | 277 | 240 | 404 | ||||||||||||||||||||||||
| Other revenue and fees | 4,002 | 7,240 | 4,077 | 4,031 | 2,879 | ||||||||||||||||||||||||
| Total revenues | 193,053 | 196,899 | 190,325 | 199,224 | 197,730 | ||||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Property operating expenses | 46,497 | 47,774 | 47,744 | 47,817 | 46,957 | ||||||||||||||||||||||||
| Ground rent expenses | 447 | 1,506 | 2,331 | 2,332 | 2,331 | ||||||||||||||||||||||||
| General and administrative expenses | 17,174 | 25,123 | 18,093 | 18,474 | 18,743 | ||||||||||||||||||||||||
| Observatory expenses | 11,204 | 11,795 | 7,868 | 10,787 | 9,510 | ||||||||||||||||||||||||
| Real estate taxes | 35,259 | 32,912 | 34,613 | 33,842 | 33,241 | ||||||||||||||||||||||||
| Goodwill impairment charge | — | 166,113 | — | — | — | ||||||||||||||||||||||||
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 | ||||||||||||||||||||||||
| Total operating expenses | 157,242 | 335,612 | 160,868 | 163,818 | 158,397 | ||||||||||||||||||||||||
| Total operating income (loss) | 35,811 | (138,713) | 29,457 | 35,406 | 39,333 | ||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||
| Interest income | 967 | 1,575 | 613 | 1,949 | 1,146 | ||||||||||||||||||||||||
| Interest expense | (27,883) | (27,805) | (28,137) | (25,880) | (25,189) | ||||||||||||||||||||||||
| Loss on early extinguishment of debt | — | — | — | (97) | — | ||||||||||||||||||||||||
| Gain (loss) on disposition of property | (1,125) | 124,622 | — | 21,848 | — | ||||||||||||||||||||||||
| Income (Loss) before income taxes | 7,770 | (40,321) | 1,933 | 33,226 | 15,290 | ||||||||||||||||||||||||
| Income tax (expense) benefit | (1,875) | 767 | 1,062 | (1,054) | (1,645) | ||||||||||||||||||||||||
| Net income (loss) | 5,895 | (39,554) | 2,995 | 32,172 | 13,645 | ||||||||||||||||||||||||
| Non-controlling interests in the Operating Partnership | (1,763) | 14,782 | (710) | (11,446) | (4,610) | ||||||||||||||||||||||||
| Private perpetual preferred unit distributions | (1,050) | (1,051) | (1,050) | (1,050) | (1,050) | ||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 3,082 | $ | (25,823) | $ | 1,235 | $ | 19,676 | $ | 7,985 | |||||||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||||
| Basic | 171,157 | 171,039 | 170,673 | 168,693 | 169,250 | ||||||||||||||||||||||||
| Diluted | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 | ||||||||||||||||||||||||
| Earnings per share attributable to common stockholders | |||||||||||||||||||||||||||||
| Basic | $ | 0.02 | $ | (0.15) | $ | 0.01 | $ | 0.12 | $ | 0.05 | |||||||||||||||||||
| Diluted | $ | 0.02 | $ | (0.15) | $ | 0.01 | $ | 0.12 | $ | 0.05 | |||||||||||||||||||
| Dividends per share | $ | 0.035 | $ | 0.035 | $ | 0.035 | $ | 0.035 | $ | 0.035 | |||||||||||||||||||
Note:
(1) The following table reflects the components of rental revenue:
| Three Months Ended | |||||||||||||||||||||||||||||
| Rental Revenue | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Base rent | $ | 138,440 | $ | 142,888 | $ | 144,296 | $ | 138,956 | $ | 136,371 | |||||||||||||||||||
| Billed tenant expense reimbursement | 23,526 | 22,278 | 21,809 | 20,765 | 22,039 | ||||||||||||||||||||||||
| Total rental revenue | $ | 161,966 | $ | 165,166 | $ | 166,105 | $ | 159,721 | $ | 158,410 | |||||||||||||||||||
The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.
Page 7
| Third Quarter 2026 | ||||
| FFO, Modified FFO, Core FFO, Core FAD and EBITDA | |||||
| (unaudited and in thousands, except per share amounts) | |||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to FFO, Modified FFO, and Core FFO | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Net Income (loss) | $ | 5,895 | $ | (39,554) | $ | 2,995 | $ | 32,172 | $ | 13,645 | |||||||||||||||||||
| Preferred unit distributions | (1,050) | (1,051) | (1,050) | (1,050) | (1,050) | ||||||||||||||||||||||||
| Real estate depreciation and amortization | 45,700 | 49,463 | 49,292 | 49,689 | 46,741 | ||||||||||||||||||||||||
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — | ||||||||||||||||||||||||
| FFO attributable to common stockholders and the Operating Partnership | 51,670 | (115,764) | 51,237 | 58,963 | 59,336 | ||||||||||||||||||||||||
| Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | ||||||||||||||||||||||||
| Modified FFO attributable to common stockholders and the Operating Partnership | 52,096 | (114,515) | 53,195 | 60,921 | 61,293 | ||||||||||||||||||||||||
Severance expenses(1) | 637 | 5,536 | — | — | — | ||||||||||||||||||||||||
| Loss on early extinguishment of debt | — | — | — | 97 | — | ||||||||||||||||||||||||
| Goodwill impairment charge | — | 166,113 | — | — | — | ||||||||||||||||||||||||
IPO litigation expense(1) | — | — | — | 632 | — | ||||||||||||||||||||||||
| Core FFO attributable to common stockholders and the Operating Partnership | $ | 52,733 | $ | 57,134 | $ | 53,195 | $ | 61,650 | $ | 61,293 | |||||||||||||||||||
| Total weighted average shares and Operating Partnership units | |||||||||||||||||||||||||||||
| Basic | 269,064 | 268,947 | 268,792 | 266,825 | 266,963 | ||||||||||||||||||||||||
| Diluted | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 | ||||||||||||||||||||||||
| FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||||||||||||||||||||||||||
| Basic | $ | 0.19 | $ | (0.43) | $ | 0.19 | $ | 0.22 | $ | 0.22 | |||||||||||||||||||
| Diluted | $ | 0.19 | $ | (0.43) | $ | 0.19 | $ | 0.22 | $ | 0.22 | |||||||||||||||||||
| Modified FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||||||||||||||||||||||||||
| Basic | $ | 0.19 | $ | (0.43) | $ | 0.20 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||
| Diluted | $ | 0.19 | $ | (0.43) | $ | 0.20 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||
| Core FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||||||||||||||||||||||||||
| Basic | $ | 0.20 | $ | 0.21 | $ | 0.20 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||
| Diluted | $ | 0.20 | $ | 0.21 | $ | 0.20 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||
(1) Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.
| Reconciliation of Core FFO to Core FAD | |||||||||||||||||||||||||||||
| Core FFO | $ | 52,733 | $ | 57,134 | $ | 53,195 | $ | 61,650 | $ | 61,293 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||
| Amortization of deferred financing costs | 1,083 | 1,111 | 1,262 | 1,172 | 1,082 | ||||||||||||||||||||||||
| Non-real estate depreciation and amortization | 961 | 926 | 927 | 877 | 874 | ||||||||||||||||||||||||
| Amortization of non-cash compensation expense | 5,547 | 7,755 | 5,872 | 6,807 | 6,484 | ||||||||||||||||||||||||
| Amortization of loss on interest rate derivative | 1,215 | 1,311 | 1,385 | 1,386 | 1,385 | ||||||||||||||||||||||||
| Deduct: | |||||||||||||||||||||||||||||
| Straight-line rental revenues, above/below market rent, and other non-cash adjustments | (7,999) | (13,044) | (8,201) | (5,380) | (5,832) | ||||||||||||||||||||||||
| Corporate capital expenditures | (363) | (210) | (264) | (772) | (218) | ||||||||||||||||||||||||
| Tenant improvements - second generation | (1,427) | (24,720) | (13,159) | (21,406) | (15,979) | ||||||||||||||||||||||||
| Building improvements - second generation | (5,637) | (2,676) | (4,765) | (4,704) | (5,571) | ||||||||||||||||||||||||
| Leasing commissions - second generation | (4,913) | (11,435) | (3,722) | (8,730) | (3,144) | ||||||||||||||||||||||||
| Core FAD | $ | 41,200 | $ | 16,152 | $ | 32,530 | $ | 30,900 | $ | 40,374 | |||||||||||||||||||
| Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | |||||||||||||||||||||||||||||
| Net income (loss) | $ | 5,895 | $ | (39,554) | $ | 2,995 | $ | 32,172 | $ | 13,645 | |||||||||||||||||||
| Interest expense | 27,883 | 27,805 | 28,137 | 25,880 | 25,189 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 1,875 | (767) | (1,062) | 1,054 | 1,645 | ||||||||||||||||||||||||
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 | ||||||||||||||||||||||||
| EBITDA | 82,314 | 37,873 | 80,289 | 109,672 | 88,094 | ||||||||||||||||||||||||
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — | ||||||||||||||||||||||||
| Goodwill impairment charge | — | 166,113 | — | — | — | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 83,439 | $ | 79,364 | $ | 80,289 | $ | 87,824 | $ | 88,094 | |||||||||||||||||||
Page 8
| Third Quarter 2026 | ||||
| Highlights | |||||
| (unaudited and dollars and shares in thousands, except per share amounts) | |||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Office and Retail Metrics: | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
Total rentable square footage (1) | 7,312,282 | 7,801,494 | 8,340,647 | 8,324,766 | 8,603,750 | ||||||||||||||||||||||||
Percent occupied (1)(2) | 92.3 | % | 89.4 | % | 88.2 | % | 90.3 | % | 90.0 | % | |||||||||||||||||||
Percent leased (1)(3) | 95.6 | % | 94.9 | % | 93.2 | % | 93.6 | % | 92.6 | % | |||||||||||||||||||
| Multifamily Metrics: | |||||||||||||||||||||||||||||
| Total number of units | 743 | 743 | 743 | 743 | 743 | ||||||||||||||||||||||||
| Percent occupied | 97.1 | % | 97.7 | % | 96.4 | % | 97.8 | % | 98.6 | % | |||||||||||||||||||
| Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees: | |||||||||||||||||||||||||||||
| Office portfolio | $ | 56,804 | $ | 56,363 | $ | 55,321 | $ | 55,902 | $ | 56,906 | |||||||||||||||||||
| Retail portfolio | 4,482 | 4,588 | 4,516 | 4,338 | 4,136 | ||||||||||||||||||||||||
| Multifamily portfolio | 5,381 | 5,217 | 5,068 | 5,128 | 5,284 | ||||||||||||||||||||||||
| Total Same Store Property Cash NOI, excluding lease termination fees | $ | 66,667 | $ | 66,168 | $ | 64,905 | $ | 65,368 | $ | 66,326 | |||||||||||||||||||
| Observatory Metrics: | |||||||||||||||||||||||||||||
| Observatory NOI, excluding intercompany rent | $ | 15,604 | $ | 12,430 | $ | 10,642 | $ | 24,445 | $ | 26,527 | |||||||||||||||||||
Number of visitors (4) | 481,000 | 450,000 | 350,000 | 618,000 | 648,000 | ||||||||||||||||||||||||
| Change in visitors year-over-year | (25.8) | % | (28.5) | % | (18.2) | % | (13.9) | % | (10.9) | % | |||||||||||||||||||
| Ratios: | |||||||||||||||||||||||||||||
Debt to Total Market Capitalization (5) | 65.0 | % | 58.0 | % | 60.0 | % | 55.7 | % | 48.2 | % | |||||||||||||||||||
Net Debt to Total Market Capitalization (5) | 64.1 | % | 57.1 | % | 59.2 | % | 54.3 | % | 46.3 | % | |||||||||||||||||||
Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 67.5 | % | 60.3 | % | 62.2 | % | 57.8 | % | 50.3 | % | |||||||||||||||||||
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 66.7 | % | 59.4 | % | 61.6 | % | 56.4 | % | 48.5 | % | |||||||||||||||||||
Debt to Adjusted EBITDA (6) | 7.0x | 6.8x | 6.5x | 6.7x | 6.0x | ||||||||||||||||||||||||
Net Debt to Adjusted EBITDA (6) | 6.7x | 6.6x | 6.3x | 6.3x | 5.6x | ||||||||||||||||||||||||
Core FFO Payout Ratio (7) | 19 | % | 17 | % | 18 | % | 16 | % | 16 | % | |||||||||||||||||||
Core FAD Payout Ratio (8) | 24 | % | 60 | % | 30 | % | 32 | % | 24 | % | |||||||||||||||||||
| Core FFO per share - diluted | $ | 0.20 | $ | 0.21 | $ | 0.20 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||
| Diluted weighted average shares | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 | ||||||||||||||||||||||||
| Class A common stock price at quarter-end | $ | 4.03 | $ | 5.41 | $ | 5.20 | $ | 6.52 | $ | 7.66 | |||||||||||||||||||
| Dividends declared and paid per share | $ | 0.035 | $ | 0.035 | $ | 0.035 | $ | 0.035 | $ | 0.035 | |||||||||||||||||||
| Dividends per share - annualized | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | |||||||||||||||||||
Dividend yield (9) | 3.5 | % | 2.6 | % | 2.7 | % | 2.1 | % | 1.8 | % | |||||||||||||||||||
| Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | ||||||||||||||||||||||||
| Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) | 4,664 | 4,664 | 4,664 | 4,664 | 4,664 | ||||||||||||||||||||||||
| Class A common stock | 167,344 | 171,790 | 171,089 | 169,523 | 168,970 | ||||||||||||||||||||||||
Class B common stock (10) | 966 | 968 | 970 | 972 | 972 | ||||||||||||||||||||||||
| Operating partnership units | 109,310 | 110,470 | 110,971 | 107,225 | 108,674 | ||||||||||||||||||||||||
Total common stock and operating partnership units outstanding (11) | 277,620 | 283,228 | 283,030 | 277,720 | 278,616 | ||||||||||||||||||||||||
Notes:
(1) Rentable square footage, percent occupied, and percent leased excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
(2) Based on leases signed and commenced as of end of period. Percent occupied excludes storage and broadcasting space.
(3) Represents occupancy and includes signed leases not commenced. Percent leased excludes storage and broadcasting space.
(4) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(5) Market capitalization represents the sum of (i) Company's common stock per share price as of period end multiplied by the total outstanding number of shares of common stock and operating partnership units as of period end, (ii) the number of Series 2014 perpetual preferred units at period end multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at period end multiplied by $13.52, and (iv) our outstanding indebtedness as of period end.
(6) Calculated based on trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement.
(7) Represents the amount of Core FFO paid out in distributions.
(8) Quarterly Core FAD may fluctuate significantly due to the timing of capital expenditures and leasing commission costs.
(9) Based on the closing price per share of Class A common stock as of the period end.
(10) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.
(11) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.
Page 9
| Third Quarter 2026 | ||||
| Property Summary - Same Store NOI | |||||
| (unaudited and dollars in thousands) | |||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||
Same Store Portfolio(1) | |||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 147,715 | $ | 149,029 | $ | 144,100 | $ | 142,448 | $ | 141,703 | $ | 440,844 | $ | 416,301 | |||||||||||||||||||||||||||
| Operating expenses | (75,389) | (73,013) | (75,887) | (74,348) | (72,384) | (224,289) | (214,765) | ||||||||||||||||||||||||||||||||||
| Same store property NOI | 72,326 | 76,016 | 68,213 | 68,100 | 69,319 | 216,555 | 201,536 | ||||||||||||||||||||||||||||||||||
| Straight-line rent | (5,662) | (10,683) | (4,650) | (3,868) | (4,129) | (20,995) | (12,345) | ||||||||||||||||||||||||||||||||||
| Above/below-market rent revenue amortization | (423) | (414) | (616) | (822) | (821) | (1,453) | (2,459) | ||||||||||||||||||||||||||||||||||
Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI - excluding lease termination fees | $ | 66,667 | $ | 66,168 | $ | 64,905 | $ | 65,368 | $ | 66,326 | $ | 197,740 | $ | 192,605 | |||||||||||||||||||||||||||
| Percent change over prior year | 0.5 | % | 3.1 | % | 4.5 | % | 1.5 | % | 3.0 | % | 2.7 | % | 0.5 | % | |||||||||||||||||||||||||||
| Total same store property cash NOI - excluding lease termination fees | $ | 66,667 | $ | 66,168 | $ | 64,905 | $ | 65,368 | $ | 66,326 | $ | 197,740 | $ | 192,605 | |||||||||||||||||||||||||||
| Lease termination fees | — | — | 1,356 | — | — | 1,356 | 464 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI | $ | 66,667 | $ | 66,168 | $ | 66,261 | $ | 65,368 | $ | 66,326 | $ | 199,096 | $ | 193,069 | |||||||||||||||||||||||||||
Same Store Office(1),(2) | |||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 129,910 | $ | 131,784 | $ | 127,009 | $ | 124,999 | $ | 124,651 | $ | 388,703 | $ | 365,387 | |||||||||||||||||||||||||||
| Operating expenses | (67,987) | (65,977) | (68,940) | (67,127) | (65,451) | (202,904) | (193,740) | ||||||||||||||||||||||||||||||||||
| Same store property NOI | 61,923 | 65,807 | 58,069 | 57,872 | 59,200 | 185,799 | 171,647 | ||||||||||||||||||||||||||||||||||
| Straight-line rent | (5,269) | (10,390) | (4,233) | (3,317) | (3,641) | (19,892) | (10,411) | ||||||||||||||||||||||||||||||||||
| Above/below-market rent revenue amortization | (276) | (303) | (473) | (611) | (610) | (1,052) | (1,826) | ||||||||||||||||||||||||||||||||||
Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI - excluding lease termination fees | 56,804 | 56,363 | 55,321 | 55,902 | 56,906 | 168,488 | 165,283 | ||||||||||||||||||||||||||||||||||
| Lease termination fees | — | — | 1,356 | — | — | 1,356 | 464 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI | $ | 56,804 | $ | 56,363 | $ | 56,677 | $ | 55,902 | $ | 56,906 | $ | 169,844 | $ | 165,747 | |||||||||||||||||||||||||||
Same Store Retail(1) | |||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 7,453 | $ | 7,299 | $ | 7,149 | $ | 7,294 | $ | 6,972 | $ | 21,901 | $ | 21,342 | |||||||||||||||||||||||||||
| Operating expenses | (2,394) | (2,277) | (2,046) | (2,200) | (2,147) | (6,717) | (6,581) | ||||||||||||||||||||||||||||||||||
| Same store property NOI | 5,059 | 5,022 | 5,103 | 5,094 | 4,825 | 15,184 | 14,761 | ||||||||||||||||||||||||||||||||||
| Straight-line rent | (377) | (271) | (388) | (487) | (420) | (1,036) | (1,732) | ||||||||||||||||||||||||||||||||||
| Above/below-market rent revenue amortization | (200) | (163) | (199) | (269) | (269) | (562) | (807) | ||||||||||||||||||||||||||||||||||
Amortization of below-market ground leases | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI - excluding lease termination fees | 4,482 | 4,588 | 4,516 | 4,338 | 4,136 | 13,586 | 12,222 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI | $ | 4,482 | $ | 4,588 | $ | 4,516 | $ | 4,338 | $ | 4,136 | $ | 13,586 | $ | 12,222 | |||||||||||||||||||||||||||
Same Store Multifamily(1),(3) | |||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 10,352 | $ | 9,946 | $ | 9,942 | $ | 10,155 | $ | 10,080 | $ | 30,240 | $ | 29,572 | |||||||||||||||||||||||||||
| Operating expenses | (5,008) | (4,759) | (4,901) | (5,021) | (4,786) | (14,668) | (14,444) | ||||||||||||||||||||||||||||||||||
| Same store property NOI | 5,344 | 5,187 | 5,041 | 5,134 | 5,294 | 15,572 | 15,128 | ||||||||||||||||||||||||||||||||||
| Straight-line rent | (16) | (22) | (29) | (64) | (68) | (67) | (202) | ||||||||||||||||||||||||||||||||||
| Above/below-market rent revenue amortization | 53 | 52 | 56 | 58 | 58 | 161 | 174 | ||||||||||||||||||||||||||||||||||
Amortization of below-market ground leases | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI - excluding lease termination fees | 5,381 | 5,217 | 5,068 | 5,128 | 5,284 | 15,666 | 15,100 | ||||||||||||||||||||||||||||||||||
| Total same store property cash NOI | $ | 5,381 | $ | 5,217 | $ | 5,068 | $ | 5,128 | $ | 5,284 | $ | 15,666 | $ | 15,100 | |||||||||||||||||||||||||||
Notes:
(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.
(2) Includes 380,034 rentable square feet of retail space in seven of the Company’s Same Store office properties.
(3) Includes 25,887 rentable square feet of retail space in the Company’s multifamily properties.
Page 10
| Third Quarter 2026 | ||||
| Same Store NOI | |||||
| (unaudited and dollars in thousands) | |||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 5,895 | $ | (39,554) | $ | 2,995 | $ | 32,172 | $ | 13,645 | $ | (30,664) | $ | 40,808 | |||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||
| General and administrative expenses | 17,174 | 25,123 | 18,093 | 18,474 | 18,743 | 60,390 | 54,368 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 | 147,269 | 144,196 | ||||||||||||||||||||||||||||||||||
| Interest expense | 27,883 | 27,805 | 28,137 | 25,880 | 25,189 | 83,825 | 77,253 | ||||||||||||||||||||||||||||||||||
| Interest expense associated with property in receivership | — | — | — | — | — | — | 647 | ||||||||||||||||||||||||||||||||||
| Loss on early extinguishment of debt | — | — | — | 97 | — | — | — | ||||||||||||||||||||||||||||||||||
| Goodwill impairment charge | — | 166,113 | — | — | — | 166,113 | — | ||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 1,875 | (767) | (1,062) | 1,054 | 1,645 | 46 | 1,504 | ||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — | (123,497) | (13,170) | ||||||||||||||||||||||||||||||||||
| Third-party management and other fees | (277) | (268) | (277) | (240) | (404) | (822) | (1,243) | ||||||||||||||||||||||||||||||||||
| Interest income | (967) | (1,575) | (613) | (1,949) | (1,146) | (3,155) | (6,799) | ||||||||||||||||||||||||||||||||||
| Net operating income | 99,369 | 102,644 | 97,492 | 104,206 | 105,287 | 299,505 | 297,564 | ||||||||||||||||||||||||||||||||||
| Straight-line rent | (7,287) | (12,340) | (7,209) | (4,320) | (4,688) | (26,836) | (13,719) | ||||||||||||||||||||||||||||||||||
| Above/below-market rent revenue amortization | (394) | (384) | (670) | (737) | (821) | (1,448) | (2,459) | ||||||||||||||||||||||||||||||||||
Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 | ||||||||||||||||||||||||||||||||||
| Total cash NOI - including Observatory and lease termination fees | 92,114 | 91,169 | 91,571 | 101,107 | 101,735 | 274,854 | 287,259 | ||||||||||||||||||||||||||||||||||
| Less: Observatory NOI, excluding intercompany rent | (15,604) | (12,430) | (10,642) | (24,445) | (26,527) | (38,676) | (65,647) | ||||||||||||||||||||||||||||||||||
| Less: cash NOI from non-Same Store properties | (9,843) | (12,571) | (14,668) | (11,294) | (8,882) | (37,082) | (28,543) | ||||||||||||||||||||||||||||||||||
| Total Same Store property cash NOI - including lease termination fees | 66,667 | 66,168 | 66,261 | 65,368 | 66,326 | 199,096 | 193,069 | ||||||||||||||||||||||||||||||||||
| Less: Lease termination fees | — | — | (1,356) | — | — | (1,356) | (464) | ||||||||||||||||||||||||||||||||||
| Total Same Store property cash NOI - excluding Observatory and lease termination fees | $ | 66,667 | $ | 66,168 | $ | 64,905 | $ | 65,368 | $ | 66,326 | $ | 197,740 | $ | 192,605 | |||||||||||||||||||||||||||
Page 11
| Third Quarter 2026 | ||||
| Property Summary - Leasing Activity by Quarter | |||||
| (unaudited) | |||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
Total Office and Retail Portfolio(1) | |||||||||||||||||||||||||||||
| Total leases executed | 27 | 21 | 11 | 27 | 16 | ||||||||||||||||||||||||
| Weighted average lease term | 8.1 years | 9.7 years | 12.2 years | 6.7 years | 8.1 years | ||||||||||||||||||||||||
| Average free rent period | 5.7 months | 9.5 months | 13.9 months | 2.9 months | 6.0 months | ||||||||||||||||||||||||
| Office | |||||||||||||||||||||||||||||
| Total square footage executed | 170,608 | 363,968 | 90,687 | 333,451 | 71,859 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 73.12 | $ | 72.75 | $ | 59.46 | $ | 73.63 | $ | 69.97 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 66.53 | $ | 61.75 | $ | 55.66 | $ | 69.20 | $ | 67.33 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | 9.9 | % | 17.8 | % | 6.8 | % | 6.4 | % | 3.9 | % | |||||||||||||||||||
| Retail | |||||||||||||||||||||||||||||
| Total square footage executed | 18,869 | 17,831 | 22,797 | 125,022 | 16,021 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 221.79 | $ | 502.26 | $ | 135.49 | $ | 81.43 | $ | 128.33 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 257.72 | $ | 677.47 | $ | 137.03 | $ | 83.81 | $ | 145.48 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | (13.9) | % | (25.9) | % | (1.1) | % | (2.8) | % | (11.8) | % | |||||||||||||||||||
| Total Office and Retail Portfolio | |||||||||||||||||||||||||||||
| Total square footage executed | 189,477 | 381,799 | 113,484 | 458,473 | 87,880 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 87.93 | $ | 95.04 | $ | 74.73 | $ | 75.61 | $ | 80.61 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 85.57 | $ | 93.69 | $ | 72.01 | $ | 72.90 | $ | 81.57 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | 2.8 | % | 1.4 | % | 3.8 | % | 3.7 | % | (1.2) | % | |||||||||||||||||||
| Leasing commission costs per square foot | $ | 24.27 | $ | 34.18 | $ | 32.21 | $ | 21.53 | $ | 33.24 | |||||||||||||||||||
| Tenant improvement costs per square foot | 53.05 | 85.35 | 104.97 | 33.61 | 59.60 | ||||||||||||||||||||||||
Total LC and TI per square foot(2) | $ | 77.32 | $ | 119.53 | $ | 137.18 | $ | 55.14 | $ | 92.84 | |||||||||||||||||||
| Total LC and TI per square foot per year of weighted average lease term | $ | 9.51 | $ | 12.34 | $ | 11.24 | $ | 8.25 | $ | 11.48 | |||||||||||||||||||
Occupancy(3),(4) | 92.3 | % | 89.4 | % | 88.2 | % | 90.3 | % | 90.0 | % | |||||||||||||||||||
| Manhattan Office Portfolio | |||||||||||||||||||||||||||||
| Total leases executed | 21 | 17 | 9 | 18 | 14 | ||||||||||||||||||||||||
| Office - New Leases | |||||||||||||||||||||||||||||
| Total square footage executed | 125,239 | 252,344 | 83,397 | 106,311 | 26,430 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 73.37 | $ | 74.26 | $ | 58.54 | $ | 70.97 | $ | 68.56 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 63.15 | $ | 63.97 | $ | 55.27 | $ | 62.55 | $ | 67.69 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | 16.2 | % | 16.1 | % | 5.9 | % | 13.5 | % | 1.3 | % | |||||||||||||||||||
Office - Renewal Leases(1) | |||||||||||||||||||||||||||||
| Current Renewals | 19,334 | 111,624 | 7,290 | 14,542 | 30,907 | ||||||||||||||||||||||||
| Early Renewals | 26,035 | — | — | 212,598 | 14,522 | ||||||||||||||||||||||||
| Total square footage executed | 45,369 | 111,624 | 7,290 | 227,140 | 45,429 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 72.43 | $ | 69.87 | $ | 70.00 | $ | 74.88 | $ | 70.80 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 75.87 | $ | 57.47 | $ | 60.19 | $ | 72.31 | $ | 67.11 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | (4.5) | % | 21.6 | % | 16.3 | % | 3.6 | % | 5.5 | % | |||||||||||||||||||
| Total Manhattan Office Portfolio | |||||||||||||||||||||||||||||
| Total square footage executed | 170,608 | 363,968 | 90,687 | 333,451 | 71,859 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 73.12 | $ | 72.75 | $ | 59.46 | $ | 73.63 | $ | 69.97 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 66.53 | $ | 61.75 | $ | 55.66 | $ | 69.20 | $ | 67.33 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | 9.9 | % | 17.8 | % | 6.8 | % | 6.4 | % | 3.9 | % | |||||||||||||||||||
| Leasing commission costs per square foot | $ | 21.50 | $ | 30.09 | $ | 23.49 | $ | 14.38 | $ | 20.16 | |||||||||||||||||||
| Tenant improvement costs per square foot | 58.91 | 88.96 | 105.06 | 36.36 | 47.79 | ||||||||||||||||||||||||
Total LC and TI per square foot(2) | $ | 80.41 | $ | 119.05 | $ | 128.55 | $ | 50.74 | $ | 67.95 | |||||||||||||||||||
| Total LC and TI per square foot per year of weighted average lease term | $ | 10.39 | $ | 12.23 | $ | 12.30 | $ | 10.01 | $ | 10.76 | |||||||||||||||||||
Occupancy(3),(4) | 91.9 | % | 89.1 | % | 87.9 | % | 89.9 | % | 90.3 | % | |||||||||||||||||||
(Table continued on next page)
Page 12
| Third Quarter 2026 | ||||
| Property Summary - Leasing Activity by Quarter - (Continued) | |||||
| (unaudited) | |||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Retail Portfolio | |||||||||||||||||||||||||||||
| Total leases executed | 6 | 4 | 2 | 9 | 2 | ||||||||||||||||||||||||
| Total square footage executed | 18,869 | 17,831 | 22,797 | 125,022 | 16,021 | ||||||||||||||||||||||||
| Average starting cash rent psf - leases executed | $ | 221.79 | $ | 502.26 | $ | 135.49 | $ | 81.43 | $ | 128.33 | |||||||||||||||||||
| Previously escalated cash rents psf | $ | 257.72 | $ | 677.47 | $ | 137.03 | $ | 83.81 | $ | 145.48 | |||||||||||||||||||
| Percentage of new cash rent over previously escalated rents | (13.9) | % | (25.9) | % | (1.1) | % | (2.8) | % | (11.8) | % | |||||||||||||||||||
| Leasing commission costs per square foot | $ | 49.33 | $ | 117.64 | $ | 66.91 | $ | 40.58 | $ | 91.92 | |||||||||||||||||||
| Tenant improvement costs per square foot | — | 11.81 | 104.62 | 26.29 | 112.59 | ||||||||||||||||||||||||
Total LC and TI per square foot(2) | $ | 49.33 | $ | 129.45 | $ | 171.53 | $ | 66.87 | $ | 204.51 | |||||||||||||||||||
| Total LC and TI per square foot per year of weighted average lease term | $ | 4.21 | $ | 14.92 | $ | 8.95 | $ | 6.09 | $ | 12.74 | |||||||||||||||||||
Occupancy(3),(4) | 96.6 | % | 92.8 | % | 91.2 | % | 94.4 | % | 92.8 | % | |||||||||||||||||||
| Multifamily Portfolio | |||||||||||||||||||||||||||||
| Percent occupied | 97.1 | % | 97.7 | % | 96.4 | % | 97.8 | % | 98.6 | % | |||||||||||||||||||
| Total number of units | 743 | 743 | 743 | 743 | 743 | ||||||||||||||||||||||||
Notes:
(1) Includes Early Renewals which are leases that were signed over two years prior to the lease expiration.
(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.
(3) All occupancy rates exclude broadcasting and storage space.
(4) As applicable, excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
Page 13
| Third Quarter 2026 | ||||
| Commercial Property Detail | |||||
| (unaudited) | |||||
| Property Name | Location or Sub-Market | Rentable Square Feet (1) | Percent Occupied (2),(3) | Percent Leased (3),(4) | Annualized Rent (5) | Annualized Rent per Occupied Square Foot (6) | Number of Leases (7) | ||||||||||||||||||||||||||||||||||
Office Properties (8),(9) | |||||||||||||||||||||||||||||||||||||||||
| The Empire State Building | Penn Station -Times Sq. South | 2,705,543 | 94.7 | % | 97.4 | % | $ | 190,399,872 | $ | 75.00 | 144 | ||||||||||||||||||||||||||||||
| One Grand Central Place | Grand Central | 1,246,331 | 90.6 | % | 92.6 | % | 75,583,492 | 67.08 | 114 | ||||||||||||||||||||||||||||||||
| 501 Seventh Avenue | Penn Station -Times Sq. South | 458,001 | 67.8 | % | 81.0 | % | 17,658,299 | 57.02 | 9 | ||||||||||||||||||||||||||||||||
| Broadway Campus | |||||||||||||||||||||||||||||||||||||||||
| 1400 Broadway | Penn Station -Times Sq. South | 917,281 | 92.9 | % | 98.3 | % | 54,883,654 | 64.46 | 17 | ||||||||||||||||||||||||||||||||
| 111 West 33rd Street | Penn Station -Times Sq. South | 640,755 | 94.6 | % | 100.0 | % | 44,677,777 | 73.67 | 22 | ||||||||||||||||||||||||||||||||
1350 Broadway (10) | Penn Station -Times Sq. South | 384,128 | 100.0 | % | 100.0 | % | 23,773,961 | 62.05 | 53 | ||||||||||||||||||||||||||||||||
| 1333 Broadway | Penn Station -Times Sq. South | 297,126 | 89.8 | % | 89.8 | % | 15,729,894 | 58.97 | 10 | ||||||||||||||||||||||||||||||||
| Total Broadway Campus | 2,239,290 | 94.2 | % | 98.0 | % | 139,065,286 | 65.98 | 102 | |||||||||||||||||||||||||||||||||
| Total/Weighted Average Office Properties | 6,649,165 | 91.9 | % | 95.5 | % | 422,706,949 | 69.49 | 369 | |||||||||||||||||||||||||||||||||
Retail Properties (8),(9) | |||||||||||||||||||||||||||||||||||||||||
North 6th Street Collection(11) | Williamsburg - Brooklyn | 87,355 | 97.5 | % | 97.5 | % | 13,540,582 | 159.02 | 17 | ||||||||||||||||||||||||||||||||
| The Empire State Building | Penn Station -Times Sq. South | 85,455 | 77.6 | % | 77.6 | % | 7,669,029 | 115.65 | 11 | ||||||||||||||||||||||||||||||||
| One Grand Central Place | Grand Central | 70,780 | 100.0 | % | 100.0 | % | 8,797,834 | 124.30 | 12 | ||||||||||||||||||||||||||||||||
| 1542 Third Avenue | Upper East Side | 58,161 | 100.0 | % | 100.0 | % | 3,124,100 | 53.71 | 4 | ||||||||||||||||||||||||||||||||
| 10 Union Square East | Union Square | 58,049 | 98.0 | % | 100.0 | % | 8,726,079 | 153.45 | 10 | ||||||||||||||||||||||||||||||||
| 1010 Third Avenue | Upper East Side | 28,243 | 100.0 | % | 100.0 | % | 3,143,629 | 111.31 | 1 | ||||||||||||||||||||||||||||||||
| 501 Seventh Avenue | Penn Station -Times Sq. South | 27,213 | 100.0 | % | 100.0 | % | 1,990,338 | 73.14 | 9 | ||||||||||||||||||||||||||||||||
| 77 West 55th Street | Midtown | 25,388 | 100.0 | % | 100.0 | % | 2,272,765 | 89.52 | 3 | ||||||||||||||||||||||||||||||||
| 561 10th Avenue | Hudson Yards | 11,822 | 100.0 | % | 100.0 | % | 1,866,062 | 157.85 | 2 | ||||||||||||||||||||||||||||||||
| 298 Mulberry Street | NoHo | 10,365 | 100.0 | % | 100.0 | % | 2,002,467 | 193.20 | 1 | ||||||||||||||||||||||||||||||||
| 345 East 94th Street | Upper East Side | 3,700 | 100.0 | % | 100.0 | % | 276,460 | 74.72 | 1 | ||||||||||||||||||||||||||||||||
| Broadway Campus | |||||||||||||||||||||||||||||||||||||||||
| 112 West 34th Street | Penn Station -Times Sq. South | 93,057 | 100.0 | % | 100.0 | % | 26,183,540 | 281.37 | 4 | ||||||||||||||||||||||||||||||||
| 1333 Broadway | Penn Station -Times Sq. South | 67,001 | 100.0 | % | 100.0 | % | 10,545,748 | 157.40 | 4 | ||||||||||||||||||||||||||||||||
1350 Broadway (10) | Penn Station -Times Sq. South | 19,511 | 100.0 | % | 100.0 | % | 4,148,077 | 212.60 | 6 | ||||||||||||||||||||||||||||||||
| 1400 Broadway | Penn Station -Times Sq. South | 17,017 | 100.0 | % | 100.0 | % | 2,105,005 | 123.70 | 7 | ||||||||||||||||||||||||||||||||
| Total Broadway Campus | 196,586 | 100.0 | % | 100.0 | % | 42,982,370 | 218.64 | 21 | |||||||||||||||||||||||||||||||||
| Total/Weighted Average Retail Properties | 663,117 | 96.6 | % | 96.8 | % | 96,391,715 | 150.47 | 92 | |||||||||||||||||||||||||||||||||
| Portfolio Total | 7,312,282 | 92.3 | % | 95.6 | % | $ | 519,098,664 | $ | 77.21 | 461 | |||||||||||||||||||||||||||||||
Notes:
(1) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(2) Based on leases signed and commenced as of September 30, 2026.
(3) Percent occupied and percent leased exclude 95,165 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of September 30, 2026.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of September 30, 2026 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter. As of September 30, 2026, the percent occupied was 70.6% and the percent leased was 80.6%, which was comprised of 68.3% occupied and 79.0% leased for office space and 100.0% occupied and leased for retail space.
(9) Excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).
(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment. As of September 30, 2026, the percent occupied and percent leased were 0% and 49.5%, respectively. In addition, excludes approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.
Page 14
| Third Quarter 2026 | ||||
| Total Portfolio Expirations and Vacates Summary | |||||
| (unaudited and in square feet) | |||||
| Actual | Forecast (1) | Forecast (1) | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
Total Office and Retail Portfolio (2),(3) | September 30, 2026 | December 31, 2026 | March 31, 2027 | June 30, 2027 | September 30, 2027 | December 31, 2027 | Full Year 2027 | ||||||||||||||||||||||||||||||||||
| Total expirations | 171,701 | 65,527 | 54,429 | 70,706 | 84,791 | 166,548 | 376,474 | ||||||||||||||||||||||||||||||||||
| Less: broadcasting | (511) | — | (3,075) | (222) | (637) | (1,400) | (5,334) | ||||||||||||||||||||||||||||||||||
| Office and retail expirations | 171,190 | 65,527 | 51,354 | 70,484 | 84,154 | 165,148 | 371,140 | ||||||||||||||||||||||||||||||||||
Renewals & relocations (4) | 41,369 | — | 4,263 | 5,273 | — | — | 9,536 | ||||||||||||||||||||||||||||||||||
New leases (5) | 92,444 | 16,321 | 19,624 | 19,095 | 18,252 | 63,134 | 120,105 | ||||||||||||||||||||||||||||||||||
Vacates (6) | 37,377 | 48,853 | 23,731 | 35,700 | 26,348 | 87,802 | 173,581 | ||||||||||||||||||||||||||||||||||
Unknown (7) | — | 353 | 3,736 | 10,416 | 39,554 | 14,212 | 67,918 | ||||||||||||||||||||||||||||||||||
| Total Office and Retail Portfolio expirations and vacates | 171,190 | 65,527 | 51,354 | 70,484 | 84,154 | 165,148 | 371,140 | ||||||||||||||||||||||||||||||||||
Office Portfolio (2),(3) | |||||||||||||||||||||||||||||||||||||||||
| Total expirations | 160,541 | 65,174 | 47,012 | 70,706 | 84,791 | 166,261 | 368,770 | ||||||||||||||||||||||||||||||||||
| Less: broadcasting | (511) | — | (3,075) | (222) | (637) | (1,400) | (5,334) | ||||||||||||||||||||||||||||||||||
| Office expirations | 160,030 | 65,174 | 43,937 | 70,484 | 84,154 | 164,861 | 363,436 | ||||||||||||||||||||||||||||||||||
Renewals & relocations (4) | 41,369 | — | 4,263 | 5,273 | — | — | 9,536 | ||||||||||||||||||||||||||||||||||
New leases (5) | 86,252 | 16,321 | 19,624 | 19,095 | 18,252 | 63,134 | 120,105 | ||||||||||||||||||||||||||||||||||
Vacates (6) | 32,409 | 48,853 | 16,314 | 35,700 | 26,348 | 87,515 | 165,877 | ||||||||||||||||||||||||||||||||||
Unknown (7) | — | — | 3,736 | 10,416 | 39,554 | 14,212 | 67,918 | ||||||||||||||||||||||||||||||||||
| Total expirations and vacates | 160,030 | 65,174 | 43,937 | 70,484 | 84,154 | 164,861 | 363,436 | ||||||||||||||||||||||||||||||||||
Retail Portfolio (2),(3) | |||||||||||||||||||||||||||||||||||||||||
| Retail expirations | 11,160 | 353 | 7,417 | — | — | 287 | 7,704 | ||||||||||||||||||||||||||||||||||
Renewals & relocations (4) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
New leases (5) | 6,192 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Vacates (6) | 4,968 | — | 7,417 | — | — | 287 | 7,704 | ||||||||||||||||||||||||||||||||||
Unknown (7) | — | 353 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Total expirations and vacates | 11,160 | 353 | 7,417 | — | — | 287 | 7,704 | ||||||||||||||||||||||||||||||||||
Notes:
(1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.
(2) Any lease on month-to-month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.
(3) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and was not yet stabilized at the end of the quarter. Excludes in-place leases at 1359 Broadway for forecast periods, as the property was disposed of subsequent to quarter-end.
(4) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2026 and 2027; and tenants who move within a building or within the Company's portfolio.
(5) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.
(6) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
(7) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.
Page 15
| Third Quarter 2026 | ||||
| Tenant Lease Expirations | |||||
| (unaudited) | |||||
Total Office and Retail Lease Expirations(1) | Number of Leases Expiring(2) | Rentable Square Feet Expiring(3) | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent(4) | Percent of Annualized Rent | Annualized Rent Per Rentable Square Foot | |||||||||||||||||||||||||||||
| Available | — | 451,718 | 5.8 | % | $ | — | — | % | $ | — | |||||||||||||||||||||||||
| Signed leases not commenced | 17 | 286,275 | 3.7 | % | — | — | % | — | |||||||||||||||||||||||||||
3Q 2026(5) | 8 | 129,506 | 1.7 | % | 7,447,145 | 1.3 | % | 57.50 | |||||||||||||||||||||||||||
| 4Q 2026 | 12 | 65,527 | 0.8 | % | 4,396,480 | 0.8 | % | 67.09 | |||||||||||||||||||||||||||
| Total 2026 | 20 | 195,033 | 2.5 | % | 11,843,625 | 2.1 | % | 60.73 | |||||||||||||||||||||||||||
| 1Q 2027 | 12 | 54,429 | 0.7 | % | 4,142,965 | 0.8 | % | 76.12 | |||||||||||||||||||||||||||
| 2Q 2027 | 12 | 70,706 | 0.9 | % | 4,806,007 | 0.9 | % | 67.97 | |||||||||||||||||||||||||||
| 3Q 2027 | 16 | 84,791 | 1.1 | % | 5,614,741 | 1.0 | % | 66.22 | |||||||||||||||||||||||||||
| 4Q 2027 | 13 | 166,548 | 2.2 | % | 9,261,073 | 1.7 | % | 55.61 | |||||||||||||||||||||||||||
| Total 2027 | 53 | 376,474 | 4.9 | % | 23,824,786 | 4.4 | % | 63.28 | |||||||||||||||||||||||||||
| 2028 | 54 | 771,700 | 10.0 | % | 50,235,518 | 9.1 | % | 65.10 | |||||||||||||||||||||||||||
| 2029 | 64 | 723,996 | 9.3 | % | 55,854,152 | 10.1 | % | 77.15 | |||||||||||||||||||||||||||
| 2030 | 53 | 684,852 | 8.8 | % | 52,772,412 | 9.6 | % | 77.06 | |||||||||||||||||||||||||||
| 2031 | 49 | 270,885 | 3.5 | % | 28,779,255 | 5.2 | % | 106.24 | |||||||||||||||||||||||||||
| 2032 | 33 | 312,354 | 4.0 | % | 26,442,970 | 4.8 | % | 84.66 | |||||||||||||||||||||||||||
| 2033 | 37 | 316,798 | 4.1 | % | 27,777,612 | 5.0 | % | 87.68 | |||||||||||||||||||||||||||
| 2034 | 21 | 253,000 | 3.3 | % | 27,650,873 | 5.0 | % | 109.29 | |||||||||||||||||||||||||||
| 2035 | 18 | 369,216 | 4.8 | % | 26,713,957 | 4.8 | % | 72.35 | |||||||||||||||||||||||||||
| 2036 | 25 | 994,659 | 12.8 | % | 77,936,061 | 14.1 | % | 78.35 | |||||||||||||||||||||||||||
| Thereafter | 40 | 1,737,091 | 22.5 | % | 141,915,950 | 25.8 | % | 81.70 | |||||||||||||||||||||||||||
| Total | 484 | 7,744,051 | 100.0 | % | $ | 551,747,171 | 100.0 | % | $ | 78.75 | |||||||||||||||||||||||||
Office Properties(1), (6) | |||||||||||||||||||||||||||||||||||
| Available | — | 400,611 | 5.7 | % | $ | — | — | % | $ | — | |||||||||||||||||||||||||
| Signed leases not commenced | 15 | 278,596 | 4.0 | % | — | — | % | — | |||||||||||||||||||||||||||
3Q 2026(5) | 7 | 121,109 | 1.7 | % | 6,816,718 | 1.5 | % | 56.29 | |||||||||||||||||||||||||||
| 4Q 2026 | 11 | 65,174 | 0.9 | % | 4,396,480 | 1.0 | % | 67.46 | |||||||||||||||||||||||||||
| Total 2026 | 18 | 186,283 | 2.6 | % | 11,213,198 | 2.5 | % | 60.19 | |||||||||||||||||||||||||||
| 1Q 2027 | 11 | 47,012 | 0.7 | % | 3,338,568 | 0.8 | % | 71.02 | |||||||||||||||||||||||||||
| 2Q 2027 | 12 | 70,706 | 1.0 | % | 4,806,007 | 1.1 | % | 67.97 | |||||||||||||||||||||||||||
| 3Q 2027 | 16 | 84,791 | 1.2 | % | 5,614,741 | 1.3 | % | 66.22 | |||||||||||||||||||||||||||
| 4Q 2027 | 12 | 166,261 | 2.4 | % | 9,203,770 | 2.1 | % | 55.36 | |||||||||||||||||||||||||||
| Total 2027 | 51 | 368,770 | 5.3 | % | 22,963,086 | 5.3 | % | 62.27 | |||||||||||||||||||||||||||
| 2028 | 50 | 760,290 | 10.8 | % | 48,417,142 | 10.9 | % | 63.68 | |||||||||||||||||||||||||||
| 2029 | 54 | 613,170 | 8.7 | % | 42,596,909 | 9.6 | % | 69.47 | |||||||||||||||||||||||||||
| 2030 | 43 | 660,150 | 9.4 | % | 46,422,755 | 10.5 | % | 70.32 | |||||||||||||||||||||||||||
| 2031 | 40 | 207,530 | 3.0 | % | 15,455,683 | 3.5 | % | 74.47 | |||||||||||||||||||||||||||
| 2032 | 26 | 271,858 | 3.9 | % | 21,400,526 | 4.8 | % | 78.72 | |||||||||||||||||||||||||||
| 2033 | 24 | 273,223 | 3.9 | % | 17,436,166 | 3.9 | % | 63.82 | |||||||||||||||||||||||||||
| 2034 | 13 | 214,652 | 3.1 | % | 15,807,249 | 3.6 | % | 73.64 | |||||||||||||||||||||||||||
| 2035 | 14 | 362,425 | 5.2 | % | 26,178,808 | 5.9 | % | 72.23 | |||||||||||||||||||||||||||
| 2036 | 17 | 914,556 | 13.0 | % | 72,029,358 | 16.3 | % | 78.76 | |||||||||||||||||||||||||||
| Thereafter | 22 | 1,504,817 | 21.4 | % | 103,212,637 | 23.2 | % | 68.59 | |||||||||||||||||||||||||||
| Total office properties | 387 | 7,016,931 | 100.0 | % | $ | 443,133,517 | 100.0 | % | $ | 69.92 | |||||||||||||||||||||||||
(Table continued on next page)
Page 16
| Third Quarter 2026 | ||||
| Tenant Lease Expirations | |||||
| (unaudited) | |||||
Retail Properties(1) | Number of Leases Expiring(2) | Rentable Square Feet Expiring(3) | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent(4) | Percent of Annualized Rent | Annualized Rent Per Rentable Square Foot | |||||||||||||||||||||||||||||
| Available | — | 51,107 | 7.0 | % | $ | — | — | % | $ | — | |||||||||||||||||||||||||
| Signed leases not commenced | 2 | 7,679 | 1.1 | % | — | — | % | — | |||||||||||||||||||||||||||
3Q 2026(5) | 1 | 8,397 | 1.2 | % | 630,427 | 0.6 | % | 75.08 | |||||||||||||||||||||||||||
4Q 2026(7) | 1 | 353 | — | % | — | — | % | — | |||||||||||||||||||||||||||
| Total 2026 | 2 | 8,750 | 1.2 | % | 630,427 | 0.6 | % | 72.05 | |||||||||||||||||||||||||||
| 1Q 2027 | 1 | 7,417 | 1.0 | % | 804,397 | 0.7 | % | 108.45 | |||||||||||||||||||||||||||
| 2Q 2027 | — | — | — | % | — | — | % | — | |||||||||||||||||||||||||||
| 3Q 2027 | — | — | — | % | — | — | % | — | |||||||||||||||||||||||||||
| 4Q 2027 | 1 | 287 | — | % | 57,303 | 0.1 | % | 199.66 | |||||||||||||||||||||||||||
| Total 2027 | 2 | 7,704 | 1.0 | % | 861,700 | 0.8 | % | 111.85 | |||||||||||||||||||||||||||
| 2028 | 4 | 11,410 | 1.6 | % | 1,818,376 | 1.7 | % | 159.37 | |||||||||||||||||||||||||||
| 2029 | 10 | 110,826 | 15.2 | % | 13,257,243 | 12.2 | % | 119.62 | |||||||||||||||||||||||||||
| 2030 | 10 | 24,702 | 3.4 | % | 6,349,657 | 5.8 | % | 257.05 | |||||||||||||||||||||||||||
| 2031 | 9 | 63,355 | 8.7 | % | 13,323,572 | 12.3 | % | 210.30 | |||||||||||||||||||||||||||
| 2032 | 7 | 40,496 | 5.6 | % | 5,042,444 | 4.6 | % | 124.52 | |||||||||||||||||||||||||||
| 2033 | 13 | 43,575 | 6.0 | % | 10,341,446 | 9.5 | % | 237.33 | |||||||||||||||||||||||||||
| 2034 | 8 | 38,348 | 5.3 | % | 11,843,624 | 10.9 | % | 308.85 | |||||||||||||||||||||||||||
| 2035 | 4 | 6,791 | 0.9 | % | 535,149 | 0.5 | % | 78.80 | |||||||||||||||||||||||||||
| 2036 | 8 | 80,103 | 11.0 | % | 5,906,703 | 5.4 | % | 73.74 | |||||||||||||||||||||||||||
| Thereafter | 18 | 232,274 | 32.0 | % | 38,703,313 | 35.7 | % | 166.63 | |||||||||||||||||||||||||||
| Total retail properties | 97 | 727,120 | 100.0 | % | $ | 108,613,654 | 100.0 | % | $ | 162.51 | |||||||||||||||||||||||||
Notes:
(1) Includes December 2025 acquisition of 130 Mercer Street, which was not yet stabilized at the end of the quarter, June 2025 acquisition of 86-90 North 6th Street, which is under redevelopment, and March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant. Excludes 1359 Broadway, which was sold subsequent to quarter-end.
(2) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(3) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5) Represents leases that are included in occupancy as of September 30, 2026 and expire on September 30, 2026.
(6) Excludes (i) retail space in the Company’s office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(7) Includes a percentage rent lease with no annualized rent.
Page 17
| Third Quarter 2026 | ||||
| 20 Largest Tenants and Portfolio Tenant Diversification by Industry | |||||
| (unaudited) | |||||
20 Largest Tenants(1) | Property | Lease Expiration(2) | Weighted Average Remaining Lease Term(3) | Total Occupied Square Feet(4) | Percent of Portfolio Rentable Square Feet(5) | Annualized Rent(6) | Percent of Portfolio Annualized Rent(7) | |||||||||||||||||||||||||||||||||||||
| 1. | Empire State Building | Jan. 2029 - Jul. 2042 | 9.6 years | 588,476 | 7.71 | % | $ | 48,641,113 | 8.82 | % | ||||||||||||||||||||||||||||||||||
| 2. | Flagstar Bank | 1400 Broadway | Aug. 2039 | 12.9 years | 313,109 | 4.10 | % | 20,040,689 | 3.63 | % | ||||||||||||||||||||||||||||||||||
| 3. | Scholastic Inc. | 130 Mercer | Dec. 2040 | 14.3 years | 221,952 | 2.91 | % | 18,208,375 | 3.30 | % | ||||||||||||||||||||||||||||||||||
| 4. | Sephora USA, Inc. | 112 West 34th Street, 130 Mercer | Jan. 2034 - Jan. 2037 | 9.2 years | 21,834 | 0.29 | % | 17,620,708 | 3.19 | % | ||||||||||||||||||||||||||||||||||
| 5. | Institutional Capital Network, Inc. | One Grand Central Place | Dec. 2041 | 15.3 years | 232,754 | 3.05 | % | 17,313,046 | 3.14 | % | ||||||||||||||||||||||||||||||||||
| 6. | Centric Brands Inc. | Empire State Building | Oct. 2028 | 2.1 years | 252,929 | 3.31 | % | 16,189,021 | 2.93 | % | ||||||||||||||||||||||||||||||||||
| 7. | Burlington Merchandising Corporation | 1400 Broadway | Dec. 2042 | 16.3 years | 170,763 | 2.24 | % | 10,807,813 | 1.96 | % | ||||||||||||||||||||||||||||||||||
| 8. | PVH Corp | 501 Seventh Avenue | Oct. 2028 | 2.1 years | 172,004 | 2.25 | % | 9,965,911 | 1.81 | % | ||||||||||||||||||||||||||||||||||
| 9. | Macy's | 111 West 33rd Street | May 2030 | 3.7 years | 131,117 | 1.72 | % | 9,933,794 | 1.80 | % | ||||||||||||||||||||||||||||||||||
| 10. | Coty Inc. | Empire State Building | Jan. 2030 | 3.3 years | 156,187 | 2.05 | % | 9,835,093 | 1.78 | % | ||||||||||||||||||||||||||||||||||
| 11. | Target Corporation | 112 West 34th St., 10 Union Square East | Jan. 2038 | 11.3 years | 81,340 | 1.07 | % | 9,711,363 | 1.76 | % | ||||||||||||||||||||||||||||||||||
| 12. | Foot Locker, Inc. | 112 West 34th Street | Sep. 2031 | 5.0 years | 34,192 | 0.45 | % | 8,673,629 | 1.57 | % | ||||||||||||||||||||||||||||||||||
| 13. | URBAN OUTFITTERS | 1333 Broadway | Sep. 2029 | 3.0 years | 56,730 | 0.74 | % | 8,489,236 | 1.54 | % | ||||||||||||||||||||||||||||||||||
| 14. | Shutterstock, Inc. | Empire State Building | Apr. 2029 | 2.6 years | 108,937 | 1.43 | % | 7,945,519 | 1.44 | % | ||||||||||||||||||||||||||||||||||
| 15. | Fragomen | 1400 Broadway | Feb. 2035 | 8.4 years | 107,680 | 1.41 | % | 7,248,133 | 1.31 | % | ||||||||||||||||||||||||||||||||||
| 16. | HNTB Corporation(8) | Empire State Building | Jun. 2027 - Sep. 2034 | 7.3 years | 86,211 | 1.13 | % | 6,889,030 | 1.25 | % | ||||||||||||||||||||||||||||||||||
| 17. | The Michael J. Fox Foundation | 111 West 33rd Street | Nov. 2029 | 3.2 years | 86,492 | 1.13 | % | 6,781,060 | 1.23 | % | ||||||||||||||||||||||||||||||||||
| 18. | Li & Fung | Empire State Building | Oct. 2028 | 2.1 years | 103,463 | 1.35 | % | 6,355,553 | 1.15 | % | ||||||||||||||||||||||||||||||||||
| 19. | Gerson Lehrman Group, Inc. | One Grand Central Place | Sep. 2037 | 11.0 years | 95,612 | 1.25 | % | 5,970,787 | 1.08 | % | ||||||||||||||||||||||||||||||||||
| 20. | Kohl's | 1400 Broadway | May 2029 | 2.7 years | 91,775 | 1.20 | % | 5,342,017 | 0.97 | % | ||||||||||||||||||||||||||||||||||
| Total | 3,113,557 | 40.79 | % | $ | 251,961,890 | 45.66 | % | |||||||||||||||||||||||||||||||||||||
Portfolio Tenant Diversification by Industry (based on annualized rent)(1)
Notes:
(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and was not yet stabilized at the end of the quarter. Excludes in-place leases at 1359 Broadway, which was sold subsequent to quarter-end.
(2) Expiration dates are per lease and do not assume exercise of renewal or extension options. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the lease expiration is shown as a range.
(3) Represents the weighted average lease term based on annualized rent.
(4) Based on leases signed and commenced as of September 30, 2026.
(5) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
(6) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(7) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.
(8) Includes 7,850 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2026.
Page 18
| Third Quarter 2026 | ||||
| Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program | |||||
| (unaudited and dollars in thousands) | |||||
Incremental Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent(1) and Signed Leases not Commenced(2)
| Square | Incremental Annual | Incremental Cash Rent(3) Contributing to Cash NOI in the Following Years | ||||||||||||||||||||||||||||||||||||||||||
| Expected Cash Commencement | Feet | Cash Rent | 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||||||||||||||
| Fourth quarter 2026 | 351,090 | $ | 28,035 | $ | 4,424 | $ | 27,971 | $ | 27,505 | $ | 27,310 | $ | 27,035 | |||||||||||||||||||||||||||||||
| First quarter 2027 | 26,230 | 2,586 | — | 2,460 | 2,586 | 2,586 | 2,586 | |||||||||||||||||||||||||||||||||||||
| Second quarter 2027 | 58,060 | 3,647 | — | 2,222 | 3,647 | 3,647 | 3,662 | |||||||||||||||||||||||||||||||||||||
| Third quarter 2027 | 319,794 | 17,894 | — | 6,264 | 17,894 | 17,894 | 17,894 | |||||||||||||||||||||||||||||||||||||
| Fourth quarter 2027 | 375,762 | 37 | — | 11 | 37 | 37 | 37 | |||||||||||||||||||||||||||||||||||||
| First quarter 2028 | 63,324 | 5,754 | — | — | 5,302 | 5,754 | 5,754 | |||||||||||||||||||||||||||||||||||||
| Second quarter 2028 | 171,552 | 5,650 | — | — | 3,943 | 5,650 | 5,650 | |||||||||||||||||||||||||||||||||||||
| Third quarter 2028 | 13,932 | 920 | — | — | 461 | 920 | 920 | |||||||||||||||||||||||||||||||||||||
| First quarter 2029 | 96,707 | 2,210 | — | — | — | 2,204 | 2,210 | |||||||||||||||||||||||||||||||||||||
| 1,476,451 | $ | 66,733 | $ | 4,424 | $ | 38,928 | $ | 61,375 | $ | 66,002 | $ | 65,748 | ||||||||||||||||||||||||||||||||
| Initial Annual | Incremental Annual | Incremental Cash Rent(3) Contributing to Cash NOI in the Following Years | ||||||||||||||||||||||||||||||||||||||||||
| 3Q 2026 | Cash Rent | Cash Rent | 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||||||||||||||
| Commenced leases in free rent period | $ | 47,136 | $ | 43,067 | $ | 4,424 | $ | 34,158 | $ | 42,427 | $ | 42,341 | $ | 42,067 | ||||||||||||||||||||||||||||||
| Signed leases not commenced | 32,858 | 23,666 | — | 4,770 | 18,948 | 23,661 | 23,681 | |||||||||||||||||||||||||||||||||||||
| $ | 79,994 | $ | 66,733 | $ | 4,424 | $ | 38,928 | $ | 61,375 | $ | 66,002 | $ | 65,748 | |||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Capital expenditures | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Tenant improvements - first generation | $ | 884 | $ | 2,503 | $ | 138 | $ | — | $ | 29 | |||||||||||||||||||
| Tenant improvements - second generation | 1,427 | 24,720 | 13,159 | 21,406 | 15,979 | ||||||||||||||||||||||||
| Leasing commissions - first generation | — | 1,666 | — | 1,387 | — | ||||||||||||||||||||||||
| Leasing commissions - second generation | 4,913 | 11,435 | 3,722 | 8,730 | 3,144 | ||||||||||||||||||||||||
| Building improvements - first generation | 5,848 | 6,449 | 2,507 | 2,556 | 1,094 | ||||||||||||||||||||||||
| Building improvements - second generation | 5,637 | 2,676 | 4,765 | 4,704 | 5,571 | ||||||||||||||||||||||||
| Non-recurring capital improvements | 2,936 | 11,015 | 3,102 | 8,499 | 14,495 | ||||||||||||||||||||||||
| Total | $ | 21,645 | $ | 60,464 | $ | 27,393 | $ | 47,282 | $ | 40,312 | |||||||||||||||||||
Notes:
(1) Reflects contractual cash rent assumptions based on in-place leases and does not represent guidance or projections of future financial performance.
(2) Excludes 1359 Broadway, which was sold subsequent to quarter-end.
(3) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.
Page 19
| Third Quarter 2026 | ||||
| Observatory Summary | |||||
| (unaudited and dollars in thousands) | |||||
| Twelve Months to Date | Three Months Ended | |||||||||||||||||||||||||||||||||||||
| Observatory NOI | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||||||||||
Observatory revenue (1) | $ | 104,775 | $ | 26,808 | $ | 24,225 | $ | 18,510 | $ | 35,232 | $ | 36,037 | ||||||||||||||||||||||||||
| Observatory expenses | 41,654 | 11,204 | 11,795 | 7,868 | 10,787 | 9,510 | ||||||||||||||||||||||||||||||||
NOI, excluding intercompany rent (2) | $ | 63,121 | $ | 15,604 | $ | 12,430 | $ | 10,642 | $ | 24,445 | $ | 26,527 | ||||||||||||||||||||||||||
| Observatory Metrics | ||||||||||||||||||||||||||||||||||||||
Number of visitors (3) | 481,000 | 450,000 | 350,000 | 618,000 | 648,000 | |||||||||||||||||||||||||||||||||
| Change in visitors year-over-year | (25.8) | % | (28.5) | % | (18.2) | % | (13.9) | % | (10.9) | % | ||||||||||||||||||||||||||||
Number of bad weather days ("BWD") (4) | 13 | 8 | 15 | 15 | 6 | |||||||||||||||||||||||||||||||||
Notes:
(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, the fixed license fee was $970, $970, $970, $1,904, and $1,904, respectively.
(2) The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, the intercompany rent expense was $12,458, $14,771, $12,821, $20,295, and $20,185, respectively.
(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.
Page 20
| Third Quarter 2026 | ||||
| Debt Summary | |||||
| (unaudited and dollars in thousands) | |||||
| September 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Weighted Average | ||||||||||||||||||||||||||||||||||||||
| Debt Summary | Balance | Interest Rate (1) | Maturity (Years) | |||||||||||||||||||||||||||||||||||
| Mortgage debt | $ | 449,571 | 4.23 | % | 5.9 | |||||||||||||||||||||||||||||||||
| Senior unsecured notes | 1,350,000 | 5.00 | % | 4.3 | ||||||||||||||||||||||||||||||||||
Unsecured term loan facilities (2) | 340,000 | 4.54 | % | 3.8 | ||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility (3) | 100,000 | 5.11 | % | 2.4 | ||||||||||||||||||||||||||||||||||
| Total fixed rate debt | 2,239,571 | 4.78 | % | 4.5 | ||||||||||||||||||||||||||||||||||
Unsecured term loan facilities (4) | — | — | — | |||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility (4) | — | — | — | |||||||||||||||||||||||||||||||||||
| Total variable rate debt | — | — | — | |||||||||||||||||||||||||||||||||||
| Total debt | 2,239,571 | 4.78 | % | 4.5 | ||||||||||||||||||||||||||||||||||
| Deferred financing costs, net | (9,657) | |||||||||||||||||||||||||||||||||||||
| Debt discount | (4,817) | |||||||||||||||||||||||||||||||||||||
| Total | $ | 2,225,097 | ||||||||||||||||||||||||||||||||||||
| Available Capacity | Facility | Outstanding at September 30, 2026 | Letters of Credit | Available Capacity | ||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility (5) | $ | 620,000 | $ | 100,000 | $ | — | $ | 520,000 | ||||||||||||||||||||||||||||||
| Covenant Summary | Required | Current Quarter | In Compliance | |||||||||||||||||||||||||||||
Maximum Total Leverage (6) | < 60% | 37.8 | % | Yes | ||||||||||||||||||||||||||||
Maximum Secured Leverage (7) | < 40% | 7.9 | % | Yes | ||||||||||||||||||||||||||||
| Minimum Fixed Charge Coverage | > 1.50x | 2.5x | Yes | |||||||||||||||||||||||||||||
| Minimum Unencumbered Interest Coverage | > 1.75x | 3.1x | Yes | |||||||||||||||||||||||||||||
Maximum Unsecured Leverage (8) | < 60% | 40.0 | % | Yes | ||||||||||||||||||||||||||||
Notes:
(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, including the effect of applicable treasury locks, the rates which are fixed under variable to fixed interest rate swap agreements.
(2) SOFR is fixed at 2.56% for $175 million through December 31, 2026 and at 3.01% thereafter through maturity. In addition, SOFR is fixed at 3.31%, 3.23% and 3.25% for $95 million, $35 million and $35 million, respectively, through maturity.
(3) SOFR is fixed at 3.40% for $50 million and at 3.80% for an additional $50 million through December 31, 2026.
(4) As of September 30, 2026, each of our unsecured term loan facilities and the balance drawn on our revolving credit facility are fixed under variable to fixed interest rate swap agreements.
(5) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.
(6) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.
(7) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.
(8) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.
Page 21
| Third Quarter 2026 | ||||
| Debt Detail | |||||
| (unaudited and dollars in thousands) | |||||
| Stated Interest Rate (%) | Principal Balance | Maturity Date | Amortization | |||||||||||||||||||||||
| 1542 Third Avenue | 4.29 | % | $ | 30,000 | 5/1/2027 | Interest only | ||||||||||||||||||||
| 1010 Third Avenue & 77 West 55th St. | 4.01 | % | 32,367 | 1/5/2028 | 30 years | |||||||||||||||||||||
| 1333 Broadway | 4.21 | % | 160,000 | 2/5/2033 | Interest only | |||||||||||||||||||||
10 Union Square East (1) | 5.33 | % | 53,500 | 4/1/2036 | Interest only | |||||||||||||||||||||
| 345 East 94th Street - Series A | 70% of SOFR plus 0.95% | 43,600 | 11/1/2030 | Interest only | ||||||||||||||||||||||
| 345 East 94th Street - Series B | SOFR plus 2.24% | 5,066 | 11/1/2030 | 30 years | ||||||||||||||||||||||
| 561 10th Avenue - Series A | 70% of SOFR plus 1.07% | 114,500 | 11/1/2033 | Interest only | ||||||||||||||||||||||
| 561 10th Avenue - Series B | SOFR plus 2.45% | 10,538 | 11/1/2033 | 30 years | ||||||||||||||||||||||
| Total fixed rate mortgage debt | 449,571 | |||||||||||||||||||||||||
| Unsecured revolving credit facility | SOFR plus 1.40% | 100,000 | 3/8/2029 | Interest only | ||||||||||||||||||||||
| Unsecured term loan facility | SOFR plus 1.60% | 95,000 | 3/8/2029 | Interest only | ||||||||||||||||||||||
| Unsecured term loan facility | SOFR plus 1.60% | 245,000 | 1/15/2031 | Interest only | ||||||||||||||||||||||
| Senior unsecured notes: | ||||||||||||||||||||||||||
| Senior unsecured notes due 2027 (Series B) | 4.09 | % | 70,000 | 3/27/2027 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2028 (Series D) | 4.08 | % | 115,000 | 1/22/2028 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2029 (Series I) | 7.20 | % | 155,000 | 6/17/2029 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2030 (Series E) | 4.26 | % | 160,000 | 3/22/2030 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2030 (Series C) | 4.18 | % | 125,000 | 3/27/2030 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2031 (Series L) | 5.47 | % | 175,000 | 1/7/2031 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2031 (Series J) | 7.32 | % | 45,000 | 6/17/2031 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2032 (Series G) | 3.61 | % | 100,000 | 3/17/2032 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2032 (Series M) | 5.99 | % | 130,000 | 7/15/2032 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2033 (Series F) | 4.44 | % | 175,000 | 3/22/2033 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2034 (Series K) | 7.41 | % | 25,000 | 6/17/2034 | Interest only | |||||||||||||||||||||
| Senior unsecured notes due 2035 (Series H) | 3.73 | % | 75,000 | 3/17/2035 | Interest only | |||||||||||||||||||||
| Total / weighted average debt | 4.78 | % | 2,239,571 | |||||||||||||||||||||||
| Deferred financing costs, net | (9,657) | |||||||||||||||||||||||||
| Debt discount | (4,817) | |||||||||||||||||||||||||
| Total | $ | 2,225,097 | ||||||||||||||||||||||||
Notes:
(1) Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%.
Page 22
| Third Quarter 2026 | ||||
| Debt Maturities and Ground Lease Commitment | |||||
| (unaudited and dollars in thousands) | |||||
| Year | Maturities (1) | Amortization | Total | Percentage of Total Debt | Weighted Average Interest Rate of Maturing Debt | |||||||||||||||||||||||||||
| 2026 | $ | — | $ | 1,018 | $ | 1,018 | — | % | — | % | ||||||||||||||||||||||
| 2027 | 100,000 | 4,276 | 104,276 | 4.7 | % | 4.15 | % | |||||||||||||||||||||||||
| 2028 | 146,091 | 3,555 | 149,646 | 6.7 | % | 4.06 | % | |||||||||||||||||||||||||
| 2029 | 350,000 | 3,890 | 353,890 | 15.8 | % | 6.01 | % | |||||||||||||||||||||||||
| 2030 | 328,600 | 4,511 | 333,111 | 14.9 | % | 4.18 | % | |||||||||||||||||||||||||
| 2031 | 465,000 | 3,283 | 468,283 | 20.9 | % | 5.06 | % | |||||||||||||||||||||||||
| 2032 | 230,000 | 3,591 | 233,591 | 10.4 | % | 4.96 | % | |||||||||||||||||||||||||
| 2033 | 439,007 | 3,249 | 442,256 | 19.8 | % | 4.23 | % | |||||||||||||||||||||||||
| 2034 | 25,000 | — | 25,000 | 1.1 | % | 7.41 | % | |||||||||||||||||||||||||
| 2035 | 75,000 | — | 75,000 | 3.3 | % | 3.73 | % | |||||||||||||||||||||||||
| 2036 | 53,500 | — | 53,500 | 2.4 | % | 5.33 | % | |||||||||||||||||||||||||
| Total debt | $ | 2,212,198 | $ | 27,373 | 2,239,571 | 100.0 | % | 4.78 | % | |||||||||||||||||||||||
| Deferred financing costs, net | (9,657) | |||||||||||||||||||||||||||||||
| Debt discount | (4,817) | |||||||||||||||||||||||||||||||
| Total | $ | 2,225,097 | ||||||||||||||||||||||||||||||
Ground Lease Commitment (2) | ||||||||||||||||||||||||||||||||
| Year | 1350 Broadway (3) | |||||||||||||||||||||||||||||||
| 2026 | $ | 23 | ||||||||||||||||||||||||||||||
| 2027 | 72 | |||||||||||||||||||||||||||||||
| 2028 | 72 | |||||||||||||||||||||||||||||||
| 2029 | 72 | |||||||||||||||||||||||||||||||
| 2030 | 72 | |||||||||||||||||||||||||||||||
| Thereafter | 1,410 | |||||||||||||||||||||||||||||||
| $ | 1,721 | |||||||||||||||||||||||||||||||
Notes:
(1) Assumes extension options are exercised for the term loans and revolving credit facility.
(2) There are no fair value market resets, no step-ups, and no escalations in the ground lease commitment.
(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years.
Page 23