Form 8-K

8-K — Empire State Realty Trust, Inc.

Accession: 0001541401-26-000016

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001541401

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — esrt-20260429.htm (Primary)

EX-99.1 (esrt3-31x26er.htm)

EX-99.2 (a1q26supplement.htm)

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8-K

8-K (Primary)

Filename: esrt-20260429.htm · Sequence: 1

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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): April 29, 2026

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland 001-36105 37-1645259

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-36106 45-4685158

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

111 West 33rd Street,

12th Floor

New York, New York 10120

(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.

Class A Common Stock, par value $0.01 per share ESRT The New York Stock Exchange

Empire State Realty OP, L.P.

Series ES Operating Partnership Units ESBA NYSE Arca, Inc.

Series 60 Operating Partnership Units OGCP NYSE Arca, Inc.

Series 250 Operating Partnership Units FISK NYSE Arca, Inc.

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the first 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

First Quarter 2026 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the first 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

99.1

Press Release announcing financial results for the first quarter 2026

99.2

Supplemental report

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

Non-GAAP Supplemental Financial Measures

Funds From Operations

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 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

presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter 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 March 31, 2026, Same Store excludes 86-90 North Sixth Street,

which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025 and Metro Center, Stamford, CT, which was disposed in December 2025. 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 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: April 29, 2026

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: April 29, 2026

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

EX-99.1

Filename: esrt3-31x26er.htm · Sequence: 2

Document

EMPIRE STATE REALTY TRUST ANNOUNCES FIRST QUARTER 2026 RESULTS

– Net Income Per Fully Diluted Share of $0.01 –

– Core FFO Per Fully Diluted Share of $0.20 –

– Acquired Prime Retail Asset in Williamsburg for $46M with Recycled Investment Capacity –

– Completed $184M of Financings that Extend Debt Maturities –

– 2026 Outlook Unchanged –

New York, New York, April 29, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the first quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

•Net Income of $0.01 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 5.5% year-over-year. The first quarter change was primarily attributed to increases in base rent and tenant reimbursement income, as well as approximately $3.0 million of first quarter 2026 non-recurring items, which predominately consisted of lease modification revenue and net insurance recoveries. These increases to cash NOI were partially offset by operating expense increases. Adjusted for the previously noted non-recurring items, Same-Store Property Cash NOI increased by 1.3%.

•The total commercial portfolio was 93.2% leased and 88.2% occupied as of March 31, 2026, with occupancy reduced by approximately 140 basis points due to temporary downtime related to the previously disclosed FDIC expiration, which is fully re-leased.

•Signed 113,484 rentable square feet of commercial leases, inclusive of 90,687 rentable square feet of office leases, in the first quarter.

•In the office portfolio, blended leasing spreads were +6.8% in the first quarter, the 19th consecutive quarter of positive leasing spreads.

•Empire State Building Observatory generated NOI of $10.6 million in the seasonally light first quarter, which represents a year-over-year decline of approximately $3.5 million, excluding gift shop license revenue. As previously announced, gift shop license fees are expected to be more

heavily weighted to the fourth quarter in 2026 as compared to 2025 due to a COVID-era license amendment.

•Acquired a newly constructed, currently vacant, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million, which represents a redeployment of investment capacity from the December 2025 disposition of Metro Center, the Company’s last suburban commercial asset, without a recognition of a taxable gain, as previously announced.

•Closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced.

•In mid-April, announced the issuance of $130 million of 6-year senior unsecured notes in a private placement transaction. The Company now has no unaddressed debt maturity until January 2028.

Property Operations1

As of March 31, 2026, the Company’s property portfolio comprised 7.6 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.

March 31, 20262,3

December 31, 20252,3

March 31, 20252

Percent occupied:

Total commercial portfolio

88.2%

90.3%

87.9%

Office 87.9% 89.9% 87.5%

Retail

91.2%

94.4%

91.2%

Percent leased (includes signed leases not commenced):

Total commercial portfolio

93.2%

93.6%

92.5%

Office 93.0% 93.5% 92.3%

Retail

95.4%

95.3%

94.1%

Total multifamily portfolio

96.4% 97.8% 99.0%

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, which will be redeveloped, 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 All occupancy and leased percentages exclude broadcasting and storage space.

3 Occupancy and leased percentages for March 31, 2026 and December 31, 2025 exclude Metro Center, which was sold during the fourth quarter 2025.

Leasing

The tables that follow summarize leasing activity for the first quarter of 2026. During this period, the Company signed 11 leases that totaled 113,484 square feet with an average lease duration of 12.2 years.

Total Portfolio

Leases executed

Square

footage executed

Average cash rent psf – leases executed

% of new cash rent over / under previously escalated rents

Office

9 90,687 59.46 6.8 %

Retail

2 22,797 135.49 (1.1) %

Total Overall

11 113,484 74.73 3.8 %

Office Portfolio

Leases executed

Square

footage executed

Average cash rent psf – leases executed

% of new cash rent over / under previously escalated rents

New Office

7 83,397 58.54 5.9 %

Renewal Office

2 7,290 70.00 16.3 %

Total Office

9 90,687 59.46 6.8 %

Leasing Activity Highlights

•A 13-year 60,003 square foot new office lease with Steve Madden at 501 Seventh Avenue.

•A 20-year 21,683 square foot renewal retail lease with JP Morgan Chase at One Grand Central Place.

•Subsequent to quarter-end, a 10.5-year 38,084 square foot new full-floor office lease with a financial services tenant at 130 Mercer Street.

Balance Sheet

The Company had $0.6 billion of total liquidity as of March 31, 2026, which was comprised of $69 million of cash, plus $530 million available under its revolving credit facility. At March 31, 2026, the Company had total debt outstanding of approximately $2.3 billion at a weighted average interest rate of 4.54%. At March 31, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.3x.

The Company closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026. In mid-April, the Company entered into a note purchase agreement to issue $130 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.99% that matures in 2032. The private placement is scheduled to fund on July 15, 2026.

Portfolio Transaction Activity

The Company acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46.0 million at the end of the first quarter, as previously announced. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company’s existing 102,000 square foot portfolio of prime retail assets along North 6th Street. The property adds eight new storefronts to the Company's already dominant position along the corridor. This acquisition, together with the Company’s purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center, its last suburban commercial asset, without a recognition of a taxable gain. These transactions were part of the Company’s strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects.

Dividend

On March 31, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first 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 March 31, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the first quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2026 Earnings Outlook

The Company provides 2026 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.

Key Assumptions 2026 Guidance 2025 Actual Results Comments

Earnings

Core FFO Per Fully Diluted Share $0.85 to $0.89 $0.87

• 2026 assumes ~($0.03) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased

Property Assumptions

Commercial Occupancy at year-end 90% to 92% 90.3%

SS Property Cash NOI (excluding lease termination fees) -1.5% to +2.0% +0.6% (ex-one-time items)

• Assumes positive y/y revenue growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes

• 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased

Observatory Drivers

Observatory NOI $87M to $92M

$90M

• Reflects average quarterly expenses of ~$10M

Low High

Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership $0.19 $0.23

Add:

Impairment Charge 0.00 0.00

Real Estate Depreciation & Amortization 0.65 0.65

Less:

Private Perpetual Distributions 0.02 0.02

Gain on Disposal of Real Estate, net 0.00 0.00

FFO Attributable to Common Stockholders and the Operating Partnership $0.82 $0.86

Add:

Amortization of Below Market Ground Lease 0.03 0.03

Core FFO Attributable to Common Stockholders and the Operating Partnership $0.85 $0.89

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 Observatory (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 Thursday, April 30, 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 May 14, 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 13759470.

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) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. 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 potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 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

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

Three Months Ended March 31,

2026 2025

Revenues

Rental revenue

$ 166,105 $ 154,542

Observatory revenue

18,510 23,161

Lease termination fees

1,356 —

Third-party management and other fees

277 431

Other revenue and fees

4,077 1,932

Total revenues

190,325 180,066

Operating expenses

Property operating expenses

47,744 45,060

Ground rent expenses

2,331 2,331

General and administrative expenses

18,093 16,940

Observatory expenses

7,868 8,118

Real estate taxes

34,613 33,050

Depreciation and amortization

50,219 48,779

Total operating expenses

160,868 154,278

Total operating income

29,457 25,788

Other income (expense):

Interest income

613 3,786

Interest expense

(28,137) (26,938)

Interest expense associated with property in receivership

— (647)

Gain on disposition of properties

— 13,170

Income before income taxes

1,933 15,159

Income tax benefit

1,062 619

Net income

2,995 15,778

Net income attributable to non-controlling interests:

Non-controlling interest in the Operating Partnership

(710) (5,508)

Preferred unit distributions

(1,050) (1,050)

Net income attributable to common stockholders

$ 1,235 $ 9,220

Total weighted average shares

Basic

170,673 167,181

Diluted

269,348 269,529

Earnings per share attributable to common stockholders

Basic

$ 0.01 $ 0.06

Diluted

$ 0.01 $ 0.05

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 March 31,

2026 2025

Net income

$ 2,995 $ 15,778

Preferred unit distributions

(1,050) (1,050)

Real estate depreciation and amortization

49,292 47,871

Gain on disposition of properties

— (13,170)

FFO attributable to common stockholders and Operating Partnership units

51,237 49,429

Amortization of below-market ground leases

1,958 1,958

Modified FFO attributable to common stockholders and Operating Partnership units

53,195 51,387

Interest expense associated with property in receivership

— 647

Core FFO attributable to common stockholders and Operating Partnership units

$ 53,195 $ 52,034

Total weighted average shares and Operating Partnership units

Basic

268,792 267,073

Diluted

269,348 269,529

FFO per share

Basic

$ 0.19 $ 0.19

Diluted

$ 0.19 $ 0.18

Modified FFO per share

Basic

$ 0.20 $ 0.19

Diluted

$ 0.20 $ 0.19

Core FFO per share

Basic

$ 0.20 $ 0.19

Diluted

$ 0.20 $ 0.19

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 March 31,

2026 2025

Net income $ 2,995 $ 15,778

Add:

General and administrative expenses 18,093 16,940

Depreciation and amortization 50,219 48,779

Interest expense 28,137 26,938

Interest expense associated with property in receivership — 647

Income tax benefit

(1,062) (619)

Less:

Gain on disposition of property — (13,170)

Third-party management and other fees (277) (431)

Interest income (613) (3,786)

Net operating income 97,492 91,076

Straight-line rent (7,209) (5,283)

Above/below-market rent revenue amortization (670) (798)

Below-market ground lease amortization 1,958 1,958

Total cash NOI - including Observatory and lease termination fees 91,571 86,953

Less: Observatory NOI (10,642) (15,043)

Less: cash NOI from non-Same Store properties (5,383) (1,583)

Total Same Store property cash NOI - including lease termination fees 75,546 70,327

Less: Lease termination fees (1,356) —

Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 74,190 $ 70,327

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

March 31, 2026 December 31, 2025

Assets

Real estate properties, at cost

$ 4,267,420 $ 4,205,907

Less: accumulated depreciation

(1,400,827) (1,366,829)

Real estate properties, net

2,866,593 2,839,078

Cash and cash equivalents

68,820 132,657

Restricted cash

37,326 33,854

Tenant and other receivables

23,667 22,063

Deferred rent receivables

261,275 255,270

Prepaid expenses and other assets

62,849 93,355

Deferred costs, net

262,212 267,682

Acquired below market ground leases, net

303,621 305,579

Right of use assets

27,882 27,944

Goodwill

491,479 491,479

Total assets

$ 4,405,724 $ 4,468,961

Liabilities and equity

Mortgage notes payable, net

$ 621,392 $ 619,269

Senior unsecured notes, net

1,270,909 1,270,668

Unsecured term loan facility, net

336,972 336,794

Unsecured revolving credit facility

90,000 145,000

Accounts payable and accrued expenses

111,918 120,150

Acquired below market leases, net

37,948 39,767

Ground lease liabilities

27,882 27,944

Deferred revenue and other liabilities

57,601 59,901

Tenants’ security deposits

26,964 27,276

Total liabilities

2,581,586 2,646,769

Total equity

1,824,138 1,822,192

Total liabilities and equity

$ 4,405,724 $ 4,468,961

EX-99.2

Filename: a1q26supplement.htm · Sequence: 3

Document

First Quarter 2026

Table of Contents Page

Summary

Supplemental Definitions

Company Profile

Condensed Consolidated Balance Sheets

Condensed 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 Leases

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.

Page 2

First 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

Core Funds From Operations

Core Funds Available for Distribution

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

First Quarter 2026

Supplemental Definitions

Same Store

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

First Quarter 2026

COMPANY PROFILE

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, Chair of the Audit Committee

Patricia S. Han Director

Grant H. Hill Director

R. Paige Hood Director, Chair of the Finance Committee

George L. W. Malkin Director

James D. Robinson IV Director, Chair of the Nominating and Corporate Governance Committee

Christina Van Tassell Director

Hannah Yang Director

EXECUTIVE MANAGEMENT

Anthony E. Malkin Chairman and Chief Executive Officer

Christina Chiu President

Thomas P. Durels Executive Vice President, Real Estate

Steve Horn Executive Vice President, Chief Financial Officer

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

First Quarter 2026

Condensed Consolidated Balance Sheet

(unaudited and dollars in thousands)

Assets March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Real estate properties, at cost $ 4,267,420 $ 4,205,907 $ 3,940,755 $ 3,903,950 $ 3,825,422

Less: accumulated depreciation (1,400,827) (1,366,829) (1,381,726) (1,341,144) (1,306,924)

Real estate properties, net 2,866,593 2,839,078 2,559,029 2,562,806 2,518,498

Cash and cash equivalents 68,820 132,657 154,113 94,643 187,823

Restricted cash 37,326 33,854 43,642 42,084 49,589

Tenant and other receivables 23,667 22,063 27,416 28,124 29,071

Deferred rent receivables 261,275 255,270 259,070 255,272 252,299

Prepaid expenses and other assets 62,849 93,355 58,679 85,083 64,233

Deferred costs, net 262,212 267,682 177,307 181,694 181,802

Acquired below-market ground leases, net 303,621 305,579 307,537 309,495 311,452

Right of use assets 27,882 27,944 28,007 28,070 28,134

Goodwill 491,479 491,479 491,479 491,479 491,479

Total assets $ 4,405,724 $ 4,468,961 $ 4,106,279 $ 4,078,750 $ 4,114,380

Liabilities and Equity

Mortgage notes payable, net $ 621,392 $ 619,269 $ 691,046 $ 691,440 $ 691,816

Senior unsecured notes, net 1,270,909 1,270,668 1,097,498 1,097,355 1,097,212

Unsecured term loan facility, net 336,972 336,794 268,959 268,883 268,807

Unsecured revolving credit facility 90,000 145,000 — — —

Accounts payable and accrued expenses 111,918 120,150 111,732 104,315 135,298

Acquired below-market leases, net 37,948 39,767 15,875 17,081 18,306

Ground lease liabilities 27,882 27,944 28,007 28,070 28,134

Deferred revenue and other liabilities 57,601 59,901 64,191 55,343 61,888

Tenants' security deposits 26,964 27,276 30,751 27,015 27,044

Total liabilities 2,581,586 2,646,769 2,308,059 2,289,502 2,328,505

Total equity 1,824,138 1,822,192 1,798,220 1,789,248 1,785,875

Total liabilities and equity $ 4,405,724 $ 4,468,961 $ 4,106,279 $ 4,078,750 $ 4,114,380

Page 6

First Quarter 2026

Condensed Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Revenues

Rental revenue (1)

$ 166,105 $ 159,721 $ 158,410 $ 153,540 $ 154,542

Observatory revenue 18,510 35,232 36,037 33,899 23,161

Lease termination fees 1,356 — — 464 —

Third-party management and other fees 277 240 404 408 431

Other revenue and fees 4,077 4,031 2,879 2,939 1,932

Total revenues 190,325 199,224 197,730 191,250 180,066

Operating expenses

Property operating expenses 47,744 47,817 46,957 44,880 45,060

Ground rent expenses 2,331 2,332 2,331 2,332 2,331

General and administrative expenses 18,093 18,474 18,743 18,685 16,940

Observatory expenses 7,868 10,787 9,510 9,822 8,118

Real estate taxes 34,613 33,842 33,241 32,607 33,050

Depreciation and amortization 50,219 50,566 47,615 47,802 48,779

Total operating expenses 160,868 163,818 158,397 156,128 154,278

Total operating income 29,457 35,406 39,333 35,122 25,788

Other income (expense)

Interest income 613 1,949 1,146 1,867 3,786

Interest expense (28,137) (25,880) (25,189) (25,126) (26,938)

Interest expense associated with property in receivership — — — — (647)

Loss on early extinguishment of debt — (97) — — —

Gain on disposition of property — 21,848 — — 13,170

Income before income taxes 1,933 33,226 15,290 11,863 15,159

Income tax (expense) benefit 1,062 (1,054) (1,645) (478) 619

Net income 2,995 32,172 13,645 11,385 15,778

Net income attributable to non-controlling interests:

Non-controlling interests in the Operating Partnership (710) (11,446) (4,610) (3,815) (5,508)

Private perpetual preferred unit distributions (1,050) (1,050) (1,050) (1,051) (1,050)

Net income attributable to common stockholders $ 1,235 $ 19,676 $ 7,985 $ 6,519 $ 9,220

Weighted average common shares outstanding

Basic 170,673 168,693 169,250 168,368 167,181

Diluted 269,348 270,328 270,357 269,951 269,529

Earnings per share attributable to common stockholders

Basic $ 0.01 $ 0.12 $ 0.05 $ 0.04 $ 0.06

Diluted $ 0.01 $ 0.12 $ 0.05 $ 0.04 $ 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 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Base rent $ 144,296 $ 138,956 $ 136,371 $ 133,987 $ 136,096

Billed tenant expense reimbursement 21,809 20,765 22,039 19,553 18,446

Total rental revenue $ 166,105 $ 159,721 $ 158,410 $ 153,540 $ 154,542

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

First 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 to FFO, Modified FFO, and Core FFO March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Net Income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778

Preferred unit distributions (1,050) (1,050) (1,050) (1,051) (1,050)

Real estate depreciation and amortization 49,292 49,689 46,741 46,921 47,871

Gain on disposition of property — (21,848) — — (13,170)

FFO attributable to common stockholders and the Operating Partnership 51,237 58,963 59,336 57,255 49,429

Amortization of below-market ground lease 1,958 1,958 1,957 1,958 1,958

Modified FFO attributable to common stockholders and the Operating Partnership 53,195 60,921 61,293 59,213 51,387

Interest expense associated with property in receivership — — — — 647

Loss on early extinguishment of debt — 97 — — —

IPO litigation expense(1)

— 632 — — —

Core FFO attributable to common stockholders and the Operating Partnership $ 53,195 $ 61,650 $ 61,293 $ 59,213 $ 52,034

Total weighted average shares and Operating Partnership units

Basic 268,792 266,825 266,963 266,899 267,073

Diluted 269,348 270,328 270,357 269,951 269,529

FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ 0.19 $ 0.22 $ 0.22 $ 0.21 $ 0.19

Diluted $ 0.19 $ 0.22 $ 0.22 $ 0.21 $ 0.18

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ 0.20 $ 0.23 $ 0.23 $ 0.22 $ 0.19

Diluted $ 0.20 $ 0.23 $ 0.23 $ 0.22 $ 0.19

Core FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ 0.20 $ 0.23 $ 0.23 $ 0.22 $ 0.19

Diluted $ 0.20 $ 0.23 $ 0.23 $ 0.22 $ 0.19

(1) Included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

Reconciliation of Core FFO to Core FAD

Core FFO $ 53,195 $ 61,650 $ 61,293 $ 59,213 $ 52,034

Add:

Amortization of deferred financing costs 1,262 1,172 1,082 1,080 1,094

Non-real estate depreciation and amortization 927 877 874 880 908

Amortization of non-cash compensation expense 5,872 6,807 6,484 6,900 4,980

Amortization of loss on interest rate derivative 1,385 1,386 1,385 1,386 1,386

Deduct:

Straight-line rental revenues, above/below market rent, and other non-cash adjustments (8,201) (5,380) (5,832) (4,913) (6,407)

Corporate capital expenditures (264) (772) (218) (234) (83)

Tenant improvements - second generation (13,159) (21,406) (15,979) (36,890) (39,304)

Building improvements - second generation (4,765) (4,704) (5,571) (7,868) (5,770)

Leasing commissions - second generation (3,722) (8,730) (3,144) (7,605) (7,629)

Core FAD $ 32,530 $ 30,900 $ 40,374 $ 11,949 $ 1,209

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Net income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778

Interest expense 28,137 25,880 25,189 25,126 26,938

Interest expense associated with property in receivership — — — — 647

Income tax expense (benefit) (1,062) 1,054 1,645 478 (619)

Depreciation and amortization 50,219 50,566 47,615 47,802 48,779

EBITDA 80,289 109,672 88,094 84,791 91,523

Gain on disposition of property — (21,848) — — (13,170)

Adjusted EBITDA $ 80,289 $ 87,824 $ 88,094 $ 84,791 $ 78,353

Page 8

First Quarter 2026

Highlights

(unaudited and dollars and shares in thousands, except per share amounts)

Three Months Ended

Office and Retail Metrics: March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total rentable square footage(1)

8,340,647 8,324,766 8,603,750 8,611,559 8,617,292

Percent occupied (1)(2)

88.2 % 90.3 % 90.0 % 89.2 % 87.9 %

Percent leased (1)(3)

93.2 % 93.6 % 92.6 % 93.1 % 92.5 %

Multifamily Metrics:

Total number of units 743 743 743 743 732

Percent occupied 96.4 % 97.8 % 98.6 % 98.6 % 99.0 %

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:

Office portfolio $ 64,606 $ 64,863 $ 64,715 $ 63,589 $ 61,548

Retail portfolio 4,516 4,338 4,136 3,950 4,136

Multifamily portfolio 5,068 5,128 5,284 5,173 4,643

Total Same Store Property Cash NOI, excluding lease termination fees $ 74,190 $ 74,329 $ 74,135 $ 72,712 $ 70,327

Observatory Metrics:

Observatory NOI $ 10,642 $ 24,445 $ 26,527 $ 24,077 $ 15,043

Number of visitors (4)

350,000 618,000 648,000 629,000 428,000

Change in visitors year-over-year (18.2) % (13.9) % (10.9) % (2.9) % (11.8) %

Ratios:

Debt to Total Market Capitalization (5)

60.0 % 55.7 % 48.2 % 46.9 % 47.8 %

Net Debt to Total Market Capitalization (5)

59.2 % 54.3 % 46.3 % 45.8 % 45.4 %

Debt and Perpetual Preferred Units to

Total Market Capitalization (5)

62.2 % 57.8 % 50.3 % 49.0 % 49.8 %

Net Debt and Perpetual Preferred Units to

Total Market Capitalization (5)

61.6 % 56.4 % 48.5 % 47.8 % 47.5 %

Debt to Adjusted EBITDA (6)

6.5x 6.7x 6.0x 5.8x 5.8x

Net Debt to Adjusted EBITDA (6)

6.3x 6.3x 5.6x 5.6x 5.2x

Core FFO Payout Ratio (7)

18 % 16 % 16 % 16 % 19 %

Core FAD Payout Ratio (8)

30 % 32 % 24 % 82 % 805 %

Core FFO per share - diluted $ 0.20 $ 0.23 $ 0.23 $ 0.22 $ 0.19

Diluted weighted average shares 269,348 270,328 270,357 269,951 269,529

Class A common stock price at quarter end $ 5.20 $ 6.52 $ 7.66 $ 8.09 $ 7.82

Dividends declared and paid per share $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.035

Dividends per share - annualized $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14

Dividend yield (9)

2.7 % 2.1 % 1.8 % 1.7 % 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 171,089 169,523 168,970 168,301 167,094

Class B common stock (10)

970 972 972 975 976

Operating partnership units 110,971 107,225 108,674 109,308 110,662

Total common stock and operating partnership units

outstanding (11)

283,030 277,720 278,616 278,584 278,732

Notes:

(1) Rentable square footage, occupied percentage, and leased percentage excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped, 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.

(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

First Quarter 2026

Property Summary - Same Store NOI

(unaudited and dollars in thousands)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Same Store Portfolio(1)

Revenues $ 160,290 $ 159,453 $ 157,665 $ 153,495 $ 153,318

Operating expenses (82,424) (82,104) (80,035) (78,195) (78,831)

Same store property NOI 77,866 77,349 77,630 75,300 74,487

Straight-line rent (5,018) (4,156) (4,631) (3,707) (5,319)

Above/below-market rent revenue amortization (616) (822) (821) (839) (799)

Below-market ground lease amortization 1,958 1,958 1,957 1,958 1,958

Total same store property cash NOI - excluding lease termination fees $ 74,190 $ 74,329 $ 74,135 $ 72,712 $ 70,327

Percent change over prior year 5.5 % 2.0 % 2.3 % (2.4) % 0.4 %

Total same store property cash NOI - excluding lease termination fees $ 74,190 $ 74,329 $ 74,135 $ 72,712 $ 70,327

Lease termination fees 1,356 — — 464 —

Total same store property cash NOI $ 75,546 $ 74,329 $ 74,135 $ 73,176 $ 70,327

Same Store Office(1),(2)

Revenues $ 143,199 $ 142,004 $ 140,613 $ 136,543 $ 136,408

Operating expenses (75,477) (74,883) (73,102) (71,336) (71,598)

Same store property NOI 67,722 67,121 67,511 65,207 64,810

Straight-line rent (4,601) (3,605) (4,143) (2,947) (4,633)

Above/below-market rent revenue amortization (473) (611) (610) (629) (587)

Below-market ground lease amortization 1,958 1,958 1,957 1,958 1,958

Total same store property cash NOI - excluding lease termination fees 64,606 64,863 64,715 63,589 61,548

Lease termination fees 1,356 — — 464 —

Total same store property cash NOI $ 65,962 $ 64,863 $ 64,715 $ 64,053 $ 61,548

Same Store Retail(1)

Revenues $ 7,149 $ 7,294 $ 6,972 $ 7,106 $ 7,264

Operating expenses (2,046) (2,200) (2,147) (2,194) (2,240)

Same store property NOI 5,103 5,094 4,825 4,912 5,024

Straight-line rent (388) (487) (420) (693) (619)

Above/below-market rent revenue amortization (199) (269) (269) (269) (269)

Below-market ground lease amortization — — — — —

Total same store property cash NOI - excluding lease termination fees 4,516 4,338 4,136 3,950 4,136

Lease termination fees — — — — —

Total same store property cash NOI $ 4,516 $ 4,338 $ 4,136 $ 3,950 $ 4,136

Same Store Multifamily(1),(3)

Revenues $ 9,942 $ 10,155 $ 10,080 $ 9,846 $ 9,646

Operating expenses (4,901) (5,021) (4,786) (4,665) (4,993)

Same store property NOI 5,041 5,134 5,294 5,181 4,653

Straight-line rent (29) (64) (68) (67) (67)

Above/below-market rent revenue amortization 56 58 58 59 57

Below-market ground lease amortization — — — — —

Total same store property cash NOI - excluding lease termination fees 5,068 5,128 5,284 5,173 4,643

Lease termination fees — — — — —

Total same store property cash NOI $ 5,068 $ 5,128 $ 5,284 $ 5,173 $ 4,643

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 472,724 rentable square feet of retail space in nine 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

First Quarter 2026

Same Store NOI

(unaudited and dollars in thousands)

Three Months Ended

Reconciliation of Net Income to Cash NOI and Same Store Cash NOI March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Net income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778

Add:

General and administrative expenses 18,093 18,474 18,743 18,685 16,940

Depreciation and amortization 50,219 50,566 47,615 47,802 48,779

Interest expense 28,137 25,880 25,189 25,126 26,938

Interest expense associated with property in receivership — — — — 647

Loss on early extinguishment of debt — 97 — — —

Income tax expense (benefit) (1,062) 1,054 1,645 478 (619)

Less:

Gain on disposition of property — (21,848) — — (13,170)

Third-party management and other fees (277) (240) (404) (408) (431)

Interest income (613) (1,949) (1,146) (1,867) (3,786)

Net operating income 97,492 104,206 105,287 101,201 91,076

Straight-line rent (7,209) (4,320) (4,688) (3,748) (5,283)

Above/below-market rent revenue amortization (670) (737) (821) (840) (798)

Below-market ground lease amortization 1,958 1,958 1,957 1,958 1,958

Total cash NOI - including Observatory and lease termination fees 91,571 101,107 101,735 98,571 86,953

Less: Observatory NOI (10,642) (24,445) (26,527) (24,077) (15,043)

Less: cash NOI from non-Same Store properties (5,383) (2,333) (1,073) (1,318) (1,583)

Total Same Store property cash NOI - including lease termination fees 75,546 74,329 74,135 73,176 70,327

Less: Lease termination fees (1,356) — — (464) —

Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 74,190 $ 74,329 $ 74,135 $ 72,712 $ 70,327

Page 11

First Quarter 2026

Property Summary - Leasing Activity by Quarter

(unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total Office and Retail Portfolio(1)

Total leases executed 11 27 16 22 20

Weighted average lease term 12.2 years 6.7 years 8.1 years 9.9 years 8.4 years

Average free rent period 13.9 months 2.9 months 6.0 months 7.6 months 7.8 months

Office

Total square footage executed 90,687 333,451 71,859 221,776 229,367

Average starting cash rent psf - leases executed $ 59.46 $ 73.63 $ 69.97 $ 71.21 $ 66.43

Previously escalated cash rents psf $ 55.66 $ 69.20 $ 67.33 $ 63.50 $ 60.63

Percentage of new cash rent over previously escalated rents 6.8 % 6.4 % 3.9 % 12.1 % 9.6 %

Retail

Total square footage executed 22,797 125,022 16,021 10,332 1,181

Average starting cash rent psf - leases executed $ 135.49 $ 81.43 $ 128.33 $ 268.92 $ 193.00

Previously escalated cash rents psf $ 137.03 $ 83.81 $ 145.48 $ 316.28 $ 183.74

Percentage of new cash rent over previously escalated rents (1.1) % (2.8) % (11.8) % (15.0) % 5.0 %

Total Office and Retail Portfolio

Total square footage executed 113,484 458,473 87,880 232,108 230,548

Average starting cash rent psf - leases executed $ 74.73 $ 75.61 $ 80.61 $ 80.01 $ 67.08

Previously escalated cash rents psf $ 72.01 $ 72.90 $ 81.57 $ 74.75 $ 61.27

Percentage of new cash rent over previously escalated rents 3.8 % 3.7 % (1.2) % 7.0 % 9.5 %

Leasing commission costs per square foot $ 32.21 $ 21.53 $ 33.24 $ 31.62 $ 22.39

Tenant improvement costs per square foot 104.97 33.61 59.60 86.85 47.92

Total LC and TI per square foot(2)

$ 137.18 $ 55.14 $ 92.84 $ 118.47 $ 70.31

Total LC and TI per square foot per year of weighted average lease term $ 11.24 $ 8.25 $ 11.48 $ 11.93 $ 8.34

Occupancy(3),(4)

88.2 % 90.3 % 90.0 % 89.2 % 87.9 %

Manhattan Office Portfolio

Total leases executed 9 18 14 18 18

Office - New Leases

Total square footage executed 83,397 106,311 26,430 202,499 43,184

Average starting cash rent psf - leases executed $ 58.54 $ 70.97 $ 68.56 $ 72.28 $ 69.13

Previously escalated cash rents psf $ 55.27 $ 62.55 $ 67.69 $ 63.11 $ 66.77

Percentage of new cash rent over previously escalated rents 5.9 % 13.5 % 1.3 % 14.5 % 3.5 %

Office - Renewal Leases(1)

Current Renewals 7,290 14,542 30,907 19,277 177,328

Early Renewals — 212,598 14,522 — —

Total square footage executed 7,290 227,140 45,429 19,277 177,328

Average starting cash rent psf - leases executed $ 70.00 $ 74.88 $ 70.80 $ 59.97 $ 66.62

Previously escalated cash rents psf $ 60.19 $ 72.31 $ 67.11 $ 67.51 $ 59.35

Percentage of new cash rent over previously escalated rents 16.3 % 3.6 % 5.5 % (11.2) % 12.3 %

Total Manhattan Office Portfolio

Total square footage executed 90,687 333,451 71,859 221,776 220,512

Average starting cash rent psf - leases executed $ 59.46 $ 73.63 $ 69.97 $ 71.21 $ 67.11

Previously escalated cash rents psf $ 55.66 $ 69.20 $ 67.33 $ 63.50 $ 60.80

Percentage of new cash rent over previously escalated rents 6.8 % 6.4 % 3.9 % 12.1 % 10.4 %

Leasing commission costs per square foot $ 23.49 $ 14.38 $ 20.16 $ 28.97 $ 22.47

Tenant improvement costs per square foot 105.06 36.36 47.79 89.60 49.50

Total LC and TI per square foot(2)

$ 128.55 $ 50.74 $ 67.95 $ 118.57 $ 71.97

Total LC and TI per square foot per year of weighted average lease term $ 12.30 $ 10.01 $ 10.76 $ 11.79 $ 8.41

Occupancy(3),(4)

87.9 % 89.9 % 90.3 % 89.5 % 88.1 %

(Table continued on next page)

Page 12

First Quarter 2026

Property Summary - Leasing Activity by Quarter - (Continued)

(unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Retail Portfolio

Total leases executed 2 9 2 4 1

Total square footage executed 22,797 125,022 16,021 10,332 1,181

Average starting cash rent psf - leases executed $ 135.49 $ 81.43 $ 128.33 $ 268.92 $ 193.00

Previously escalated cash rents psf $ 137.03 $ 83.81 $ 145.48 $ 316.28 $ 183.74

Percentage of new cash rent over previously escalated rents (1.1) % (2.8) % (11.8) % (15.0) % 5.0 %

Leasing commission costs per square foot $ 66.91 $ 40.58 $ 91.92 $ 88.59 $ 63.04

Tenant improvement costs per square foot 104.62 26.29 112.59 27.88 —

Total LC and TI per square foot(2)

$ 171.53 $ 66.87 $ 204.51 $ 116.47 $ 63.04

Total LC and TI per square foot per year of weighted average lease term $ 8.95 $ 6.09 $ 12.74 $ 16.15 $ 6.25

Occupancy(3),(4)

91.2 % 94.4 % 92.8 % 91.7 % 91.2 %

Multifamily Portfolio

Percent occupied 96.4 % 97.8 % 98.6 % 98.6 % 99.0 %

Total number of units 743 743 743 743 732

Notes:

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

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

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

(4) As applicable, excludes approximately 15,000 square feet of 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, which will be redeveloped, 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.

Page 13

First 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 (8)

The Empire State Building Penn Station -Times Sq. South 2,710,631 88.4 % 96.1 % $ 174,606,185 $ 73.43 146

One Grand Central Place Grand Central 1,243,797 83.1 % 91.1 % 68,200,625 66.09 113

250 West 57th Street Columbus Circle - West Side 476,847 82.9 % 84.2 % 27,545,350 69.80 29

501 Seventh Avenue Penn Station -Times Sq. South 458,767 76.0 % 84.2 % 19,862,426 56.85 13

Broadway Campus

1400 Broadway (9)

Penn Station -Times Sq. South 917,281 92.9 % 96.8 % 54,675,770 64.22 17

111 West 33rd Street (10)

Penn Station -Times Sq. South 639,629 94.8 % 94.8 % 43,822,663 72.26 21

1359 Broadway Penn Station -Times Sq. South 456,634 86.3 % 86.3 % 24,043,818 61.17 29

1350 Broadway (11)

Penn Station -Times Sq. South 384,128 96.8 % 97.8 % 22,786,320 61.41 50

1333 Broadway Penn Station -Times Sq. South 297,126 89.8 % 89.8 % 15,760,696 59.09 11

Total Broadway Campus 2,694,798 92.5 % 93.9 % 161,089,267 64.73 128

Total/Weighted Average Office Properties 7,584,840 87.9 % 93.0 % 451,303,853 67.94 429

Retail Properties (8)

North Sixth Street Collection(12)

Williamsburg - Brooklyn 87,355 85.0 % 97.5 % 11,067,378 149.06 15

The Empire State Building Penn Station -Times Sq. South 85,455 52.8 % 77.6 % 5,712,959 126.52 10

One Grand Central Place Grand Central 70,780 100.0 % 100.0 % 8,711,268 123.08 12

250 West 57th Street Columbus Circle - West Side 63,443 94.8 % 94.8 % 9,411,484 156.43 7

1542 Third Avenue Upper East Side 58,161 100.0 % 100.0 % 3,097,164 53.25 4

10 Union Square East Union Square 58,049 88.2 % 88.2 % 8,131,204 158.79 8

1010 Third Avenue Upper East Side 28,243 100.0 % 100.0 % 3,077,783 108.98 1

501 Seventh Avenue Penn Station - Times Sq. South 27,213 89.4 % 89.4 % 1,810,632 74.44 8

77 West 55th Street Midtown 25,388 100.0 % 100.0 % 2,081,126 81.97 3

561 10th Avenue Hudson Yards 11,822 100.0 % 100.0 % 1,783,483 150.86 2

298 Mulberry Street NoHo 10,365 100.0 % 100.0 % 1,984,904 191.50 1

345 East 94th Street Upper East Side 3,700 100.0 % 100.0 % 276,126 74.63 1

Broadway Campus

112 West 34th Street(10)

Penn Station -Times Sq. South 93,057 100.0 % 100.0 % 26,022,498 279.64 4

1333 Broadway Penn Station -Times Sq. South 67,001 100.0 % 100.0 % 10,507,517 156.83 4

1359 Broadway Penn Station -Times Sq. South 29,247 99.4 % 99.4 % 2,273,059 78.16 5

1350 Broadway (11)

Penn Station -Times Sq. South 19,511 100.0 % 100.0 % 4,140,247 212.20 6

1400 Broadway (9)

Penn Station -Times Sq. South 17,017 100.0 % 100.0 % 2,094,293 123.07 7

Total Broadway Campus 225,833 99.9 % 99.9 % 45,037,614 199.57 26

Total/Weighted Average Retail Properties 755,807 91.2 % 95.4 % 102,183,125 148.26 98

Portfolio Total 8,340,647 88.2 % 93.2 % $ 553,486,978 $ 75.49 527

Notes:

(1) Excludes (i) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of March 31, 2026.

(3) Percent occupied and percent leased exclude 109,961 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of March 31, 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 March 31, 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, which will be redeveloped. As of March 31, 2026, the percent occupied and percent leased were 70.6%, which was comprised of 68.3% for office space and 100% for retail space.

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

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years (expiring June 10, 2077).

(11) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).

(12) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment. As of March 31, 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

First Quarter 2026

Total Portfolio Expirations and Vacates Summary

(unaudited and in square feet)

Actual

Forecast (1)

Three Months Ended

Total Office and Retail Portfolio (2),(3)

March 31,

2026 June 30,

2026 September 30,

2026 December 31,

2026 Apr. to Dec.

2026 Full Year

2027

Total expirations 145,253 108,505 85,465 168,884 362,854 603,425

Less: broadcasting — (906) (511) — (1,417) (7,247)

Office and retail expirations 145,253 107,599 84,954 168,884 361,437 596,178

Renewals & relocations (4)

71,644 41,402 38,290 3,889 83,581 56,904

New leases (5)

16,893 32,571 3,429 16,321 52,321 59,869

Vacates (6)

56,716 33,626 37,177 138,235 209,038 315,331

Unknown (7)

— — 6,058 10,439 16,497 164,074

Total Office and Retail Portfolio expirations and vacates 145,253 107,599 84,954 168,884 361,437 596,178

Office Portfolio (3)

Total expirations 139,815 108,505 74,305 168,531 351,341 588,945

Less: broadcasting — (906) (511) — (1,417) (7,247)

Office expirations 139,815 107,599 73,794 168,531 349,924 581,698

Renewals & relocations (4)

71,644 41,402 38,290 3,889 83,581 50,128

New leases (5)

11,455 32,571 — 16,321 48,892 59,869

Vacates (6)

56,716 33,626 29,446 138,235 201,307 307,627

Unknown (7)

— — 6,058 10,086 16,144 164,074

Total expirations and vacates 139,815 107,599 73,794 168,531 349,924 581,698

Retail Portfolio

Retail expirations 5,438 — 11,160 353 11,513 14,480

Renewals & relocations (4)

— — — — — 6,776

New leases (5)

5,438 — 3,429 — 3,429 —

Vacates (6)

— — 7,731 — 7,731 7,704

Unknown (7)

— — — 353 353 —

Total expirations and vacates 5,438 — 11,160 353 11,513 14,480

Notes:

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

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

(3) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

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

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

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

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

Page 15

First 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 — 735,226 8.4 % $ — — % $ —

Signed leases not commenced 21 422,667 4.8 % — — % —

1Q 2026(5)

6 28,097 0.3 % 1,829,659 0.3 % 65.12

2Q 2026 9 87,620 1.0 % 5,353,130 0.9 % 61.09

3Q 2026 17 85,465 1.0 % 5,337,339 0.9 % 62.45

4Q 2026 19 168,884 1.9 % 10,776,899 1.8 % 63.81

Total 2026 51 370,066 4.2 % 23,297,027 3.9 % 62.95

1Q 2027 15 66,318 0.8 % 5,417,896 0.9 % 81.70

2Q 2027 16 119,136 1.4 % 9,109,476 1.6 % 76.46

3Q 2027 21 111,856 1.3 % 7,299,226 1.2 % 65.26

4Q 2027 23 306,115 3.5 % 17,350,219 3.0 % 56.68

Total 2027 75 603,425 7.0 % 39,176,817 6.7 % 64.92

2028 61 846,215 9.6 % 53,480,888 9.1 % 63.20

2029 69 749,143 8.5 % 66,799,536 11.4 % 89.17

2030 56 697,606 8.0 % 53,301,011 9.1 % 76.41

2031 44 255,036 2.9 % 29,332,212 5.0 % 115.01

2032 29 381,443 4.3 % 29,574,319 5.1 % 77.53

2033 43 323,709 3.7 % 28,469,104 4.9 % 87.95

2034 24 383,835 4.4 % 36,569,739 6.2 % 95.27

2035 25 467,738 5.3 % 33,617,488 5.7 % 71.87

2036 24 949,178 10.8 % 72,002,712 12.3 % 75.86

Thereafter 32 1,587,129 18.1 % 119,825,000 20.6 % 75.50

Total 554 8,772,416 100.0 % $ 585,445,853 100.0 % $ 76.89

Office Properties(1), (6)

Available — 670,944 8.4 % $ — — % $ —

Signed leases not commenced 17 384,114 4.8 % — — % —

1Q 2026(5)

6 28,097 0.4 % 1,829,659 0.4 % 65.12

2Q 2026 9 87,620 1.1 % 5,353,130 1.1 % 61.09

3Q 2026 15 74,305 0.9 % 4,584,522 1.0 % 61.70

4Q 2026 18 168,531 2.1 % 10,776,899 2.3 % 63.95

Total 2026 48 358,553 4.5 % 22,544,210 4.8 % 62.88

1Q 2027 13 55,298 0.7 % 3,901,139 0.8 % 70.55

2Q 2027 15 115,963 1.5 % 7,919,601 1.7 % 68.29

3Q 2027 21 111,856 1.4 % 7,299,226 1.5 % 65.26

4Q 2027 22 305,828 3.8 % 17,293,016 3.7 % 56.54

Total 2027 71 588,945 7.4 % 36,412,982 7.7 % 61.83

2028 57 834,805 10.5 % 51,681,310 11.0 % 61.91

2029 56 622,687 7.8 % 41,762,526 8.9 % 67.07

2030 45 667,138 8.4 % 45,989,878 9.8 % 68.94

2031 33 180,322 2.3 % 13,310,864 2.8 % 73.82

2032 23 344,120 4.3 % 25,776,777 5.5 % 74.91

2033 28 264,794 3.3 % 17,389,134 3.7 % 65.67

2034 16 343,747 4.3 % 25,518,088 5.4 % 74.24

2035 20 458,489 5.8 % 32,110,175 6.8 % 70.03

2036 17 873,421 11.0 % 67,003,413 14.2 % 76.71

Thereafter 18 1,360,527 17.2 % 92,178,792 19.4 % 67.75

Total Office properties 449 7,952,606 100.0 % $ 471,678,149 100.0 % $ 68.38

(Table continued on next page)

Page 16

First Quarter 2026

Tenant Lease Expirations

(unaudited)

Retail Properties(1)

Available — 64,282 7.8 % $ — — % $ —

Signed leases not commenced 4 38,553 4.7 % — — % —

1Q 2026(5)

— — — % — — % —

2Q 2026 — — — % — — % —

3Q 2026 2 11,160 1.4 % 752,817 0.7 % 67.46

4Q 2026(7)

1 353 0.1 % — — % —

Total 2026 3 11,513 1.5 % 752,817 0.7 % 65.39

1Q 2027 2 11,020 1.3 % 1,516,757 1.3 % 137.64

2Q 2027 1 3,173 0.4 % 1,189,875 1.0 % 375.00

3Q 2027 — — — % — — % —

4Q 2027 1 287 0.1 % 57,203 0.1 % 199.31

Total 2027 4 14,480 1.8 % 2,763,835 2.4 % 190.87

2028 4 11,410 1.4 % 1,799,578 1.6 % 157.72

2029 13 126,456 15.4 % 25,037,010 22.0 % 197.99

2030 11 30,468 3.7 % 7,311,133 6.4 % 239.96

2031 11 74,714 9.1 % 16,021,348 14.1 % 214.44

2032 6 37,323 4.6 % 3,797,542 3.3 % 101.75

2033 15 58,915 7.2 % 11,079,970 9.7 % 188.07

2034 8 40,088 4.9 % 11,051,651 9.7 % 275.68

2035 5 9,249 1.1 % 1,507,313 1.3 % 162.97

2036 7 75,757 9.2 % 4,999,299 4.4 % 65.99

Thereafter 14 226,602 27.6 % 27,646,208 24.4 % 122.00

Total retail properties 105 819,810 100.0 % $ 113,767,704 100.0 % $ 158.68

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

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

(3) Excludes (i) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

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

(5) Represents leases that are included in occupancy as of March 31, 2026 and expire on March 31, 2026.

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

(7) Includes a percentage rent lease with no annualized rent.

Page 17

First 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)

LinkedIn(8)

Empire State Building Apr. 2026 - Aug. 2036 9.7 years 423,544 4.89 % $ 34,439,476 5.88 %

2. Flagstar Bank 1400 Broadway Aug. 2039 13.4 years 313,109 3.62 % 19,845,211 3.39 %

3. Scholastic Inc. 130 Mercer Dec. 2040 14.8 years 221,952 2.56 % 18,208,375 3.11 %

4. Sephora USA, Inc. 112 West 34th Street, 130 Mercer Jan. 2029 - Jan. 2034 4.8 years 21,834 0.25 % 16,975,537 2.90 %

5. Centric Brands Inc. Empire State Building Oct. 2028 2.6 years 252,929 2.92 % 14,852,143 2.54 %

6. Institutional Capital Network, Inc. One Grand Central Place Dec. 2041 15.8 years 154,050 1.78 % 11,212,343 1.92 %

7. Burlington Merchandising Corporation 1400 Broadway Dec. 2042 16.8 years 170,763 1.97 % 10,880,524 1.86 %

PVH Corp(9)

501 Seventh Avenue Jun. 2026 - Oct. 2028 2.4 years 186,721 2.16 % 10,813,298 1.85 %

9. Macy's 111 West 33rd Street May 2030 4.2 years 131,117 1.51 % 9,774,137 1.67 %

10. Coty Inc. Empire State Building Jan. 2030 3.8 years 157,892 1.82 % 9,695,067 1.66 %

11. Target Corporation 112 West 34th St., 10 Union Square East Jan. 2038 11.8 years 81,340 0.94 % 9,629,963 1.64 %

12.

Li & Fung(10)

1359 Broadway, ESB Oct. 2027 - Oct. 2028 2.3 years 149,061 1.72 % 9,049,465 1.55 %

13. Foot Locker, Inc. 112 West 34th Street Sep. 2031 5.5 years 34,192 0.40 % 8,630,727 1.47 %

14. URBAN OUTFITTERS 1333 Broadway Sep. 2029 3.5 years 56,730 0.66 % 8,489,236 1.45 %

15. Shutterstock, Inc. Empire State Building Apr. 2029 3.1 years 108,937 1.26 % 7,840,724 1.34 %

16.

HNTB Corporation(11)

Empire State Building Jun. 2027 - Sep. 2034 7.9 years 86,211 1.00 % 7,671,996 1.31 %

17. Fragomen 1400 Broadway Feb. 2035 8.9 years 107,680 1.24 % 7,186,662 1.23 %

18. The Michael J. Fox Foundation 111 West 33rd Street Nov. 2029 3.7 years 86,492 1.00 % 6,669,977 1.14 %

19. ASCAP 250 West 57th Street Aug. 2034 8.4 years 87,943 1.02 % 6,277,484 1.07 %

20. Kohl's 1400 Broadway May 2029 3.2 years 91,775 1.06 % 5,279,222 0.90 %

Total 2,924,272 33.78 % $ 233,421,567 39.88 %

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 will be redeveloped.

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

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

(4) Based on leases signed and commenced as of March 31, 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 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of March 31, 2026.

(9) Includes 14,717 square feet of expiries by December 31, 2027, which has been re-leased.

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

(11) Includes 7,850 square feet of expiries by December 31, 2027, none of which has been re-leased as of March 31, 2026.

Page 18

First 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 and Signed Leases not Commenced (1)

Square Incremental Annual

Incremental Cash Rent(2) Contributing to Cash NOI

in the Following Years

Expected Cash Commencement Feet Cash Rent 2026 2027 2028 2029 2030

Second quarter 2026 248,793 $ 17,028 $ 11,014 $ 16,899 $ 16,677 $ 16,629 $ 16,629

Third quarter 2026 179,932 11,974 5,446 11,974 11,923 11,821 11,821

Fourth quarter 2026 233,787 15,862 1,802 15,862 15,862 15,862 15,862

First quarter 2027 70,655 5,602 — 4,866 5,602 5,602 5,602

Second quarter 2027 51,726 2,951 — 2,224 2,951 2,951 2,978

Third quarter 2027 204,116 16,873 — 6,380 16,873 16,873 16,873

Fourth quarter 2027 45,512 3,985 — 655 3,985 3,985 3,985

First quarter 2028 9,030 677 — — 568 677 677

Second quarter 2028 99,613 3,109 — — 2,141 3,109 3,109

1,143,164 $ 78,061 $ 18,262 $ 58,860 $ 76,582 $ 77,509 $ 77,536

Initial Annual Incremental Annual

Incremental Cash Rent(2) Contributing to Cash NOI

in the Following Years

1Q 2026 Cash Rent Cash Rent 2026 2027 2028 2029 2030

Commenced leases in free rent period $ 45,969 $ 43,849 $ 17,534 $ 43,027 $ 43,338 $ 43,298 $ 43,298

Signed leases not commenced 39,474 34,212 728 15,833 33,244 34,211 34,238

$ 85,443 $ 78,061 $ 18,262 $ 58,860 $ 76,582 $ 77,509 $ 77,536

Three Months Ended

Capital expenditures March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Tenant improvements - first generation $ 138 $ — $ 29 $ 39 $ 174

Tenant improvements - second generation 13,159 21,406 15,979 36,890 39,304

Leasing commissions - first generation — 1,387 — — —

Leasing commissions - second generation 3,722 8,730 3,144 7,605 7,629

Building improvements - first generation 2,507 2,556 1,094 236 —

Building improvements - second generation 4,765 4,704 5,571 7,868 5,770

Non-recurring capital improvements 3,102 8,499 14,495 8,934 2,910

Total $ 27,393 $ 47,282 $ 40,312 $ 61,572 $ 55,787

Notes:

(1) Reflects contractual cash rent assumptions based on in-place leases and do not represent guidance or projections of future financial performance.

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

Page 19

First Quarter 2026

Observatory Summary

(unaudited and dollars in thousands)

Twelve Months to Date Three Months Ended

Observatory NOI March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Observatory revenue (1)

$ 123,678 $ 18,510 $ 35,232 $ 36,037 $ 33,899 $ 23,161

Observatory expenses 37,987 7,868 10,787 9,510 9,822 8,118

NOI 85,691 10,642 24,445 26,527 24,077 15,043

Intercompany rent expense (2)

73,967 12,821 20,295 20,185 20,666 15,160

NOI after intercompany rent $ 11,724 $ (2,179) $ 4,150 $ 6,342 $ 3,411 $ (117)

Observatory Metrics

Number of visitors (3)

350,000 618,000 648,000 629,000 428,000

Change in visitors year-over-year (18.2) % (13.9) % (10.9) % (2.9) % (11.8) %

Number of bad weather days ("BWD") (4)

15 15 6 21 13

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, the fixed license fee was $970, $1,904, $1,904, $1,904 and $1,904, respectively.

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

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

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

Page 20

First Quarter 2026

Debt Summary

(unaudited and dollars in thousands)

March 31, 2026

Weighted Average

Debt Summary Balance

Interest Rate (1)

Maturity (Years)

Mortgage debt $ 631,550 3.84 % 5.9

Senior unsecured notes 1,275,000 4.86 % 4.5

Unsecured term loan facilities (2)

340,000 4.54 % 4.3

Unsecured revolving credit facility (3)

50,000 4.91 % 2.9

Total fixed rate debt 2,296,550 4.53 % 4.8

Unsecured term loan facilities (4)

— — —

Unsecured revolving credit facility (3)

40,000 5.14 % 2.9

Total variable rate debt 40,000 5.14 % 2.9

Total debt 2,336,550 4.54 % 4.8

Deferred financing costs, net (12,070)

Debt discount (5,207)

Total $ 2,319,273

Available Capacity Facility

Outstanding at March 31, 2026

Letters of Credit Available Capacity

Unsecured revolving credit facility (5)

$ 620,000 $ 90,000 $ — $ 530,000

Covenant Summary Required Current Quarter In Compliance

Maximum Total Leverage (6)

< 60% 36.3 % Yes

Maximum Secured Leverage (7)

< 40% 10.1 % Yes

Minimum Fixed Charge Coverage > 1.50x 2.8x Yes

Minimum Unencumbered Interest Coverage > 1.75x 3.8x Yes

Maximum Unsecured Leverage (8)

< 60% 35.0 % 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, or the current variable rate of the revolving credit facility.

(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 through December 31, 2026.

(4) As of March 31, 2026, each of our unsecured term loan facilities is 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

First 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 % 32,860 1/5/2028 30 years

250 West 57th Street 2.83 % 180,000 12/1/2030 Interest only

1333 Broadway 4.21 % 160,000 2/5/2033 Interest only

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% 5,496 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% 11,594 11/1/2033 30 years

Total fixed rate mortgage debt 631,550

Unsecured revolving credit facility SOFR plus 1.40% 90,000 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:

Series B 4.09 % 125,000 3/27/2027 Interest only

Series D 4.08 % 115,000 1/22/2028 Interest only

Series I 7.20 % 155,000 6/17/2029 Interest only

Series E 4.26 % 160,000 3/22/2030 Interest only

Series C 4.18 % 125,000 3/27/2030 Interest only

Series L 5.47 % 175,000 1/7/2031 Interest only

Series J 7.32 % 45,000 6/17/2031 Interest only

Series G 3.61 % 100,000 3/17/2032 Interest only

Series F 4.44 % 175,000 3/22/2033 Interest only

Series K 7.41 % 25,000 6/17/2034 Interest only

Series H 3.73 % 75,000 3/17/2035 Interest only

Total / weighted average debt 4.54 % 2,336,550

Deferred financing costs, net (12,070)

Debt discount (5,207)

Total $ 2,319,273

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

First Quarter 2026

Debt Maturities and Ground Lease Commitments

(unaudited and dollars in thousands)

Year

Maturities (1)

Amortization Total Percentage of Total Debt Weighted Average Interest Rate of Maturing Debt

2026 $ — $ 2,997 $ 2,997 0.1 % — %

2027 155,000 4,276 159,276 6.8 % 4.13 %

2028 146,091 3,555 149,646 6.4 % 4.06 %

2029 340,000 3,890 343,890 14.7 % 6.01 %

2030 508,600 4,511 513,111 22.0 % 3.71 %

2031 465,000 3,283 468,283 20.0 % 5.06 %

2032 100,000 3,591 103,591 4.4 % 3.61 %

2033 439,007 3,249 442,256 19.0 % 4.23 %

2034 25,000 — 25,000 1.1 % 7.41 %

2035 75,000 — 75,000 3.2 % 3.73 %

2036 53,500 — 53,500 2.3 % 5.33 %

Total debt $ 2,307,198 $ 29,352 2,336,550 100.0 % 4.54 %

Deferred financing costs, net (12,070)

Debt discount (5,207)

Total $ 2,319,273

Ground Lease Commitments (2)

Year

1350 Broadway (3)

1400 Broadway (4)

111 West 33rd Street (5)

Total

2026 $ 70 $ 506 $ 551 $ 1,127

2027 72 675 735 1,482

2028 72 675 735 1,482

2029 72 675 735 1,482

2030 72 675 735 1,482

Thereafter 1,410 22,275 34,116 57,801

$ 1,768 $ 25,481 $ 37,607 $ 64,856

Notes:

(1) Assumes extension options are exercised for the term loans and revolving credit facility.

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

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years.

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

(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years.

Page 23

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

+ References

No definition available.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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