EX-99.2 3 a3q25supplement.htm EX-99.2

Third Quarter 2025

Table of Content | Page
Summary |
Supplemental Definitions | 3
Company Profile | 5
Condensed Consolidated Balance Sheets | 6
Condensed Consolidated Statements of Operations | 7
FFO, Modified FFO, Core FFO, FAD and EBITDA | 8
Highlights | 9
Selected Property Data |
Property Summary Net Operating Income | 10
Same Store Net Operating Income | 11
Leasing Activity | 12
Commercial Property Detail | 14
Portfolio Expirations and Vacates Summary | 15
Tenant Lease Expirations | 16
Largest Tenants and Portfolio Tenant Diversification by Industry | 18
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program | 19
Observatory Summary | 20
Financial information |
Consolidated Debt Analysis |
Debt Summary | 21
Debt Detail | 22
Debt Maturities | 23
Ground Leases | 23

Forward-looking Statements
This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.
Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).
Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.
While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).
Page 2

Third Quarter 2025
Supplemental Definitions

Funds From Operations
We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
Modified Funds From Operations
Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.
Core Funds From Operations
Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
Core Funds Available for Distribution
In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end
Page 3

Third Quarter 2025
Supplemental Definitions

of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of September 30, 2025, Same Store excludes the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
Page 4

Third Quarter 2025

COMPANY PROFILE |  |

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.

BROAD OF DIRECTORS |
Anthony E. Malkin | Chairman and Chief Executive Officer
Steven J. Gilbert | Director, Lead Independent Director, Chair of the Compensation Committee
S. Michael Giliberto | Director, Chair of the Audit Committee
Patricia S. Han | Director
Grant H. Hill | Director
R. Paige Hood | Director, Chair of the Finance Committee
George L. W. Malkin | Director
James D. Robinson IV | Director, Chair of the Nominating and Corporate Governance Committee
Christina Van Tassell | Director
Hannah Yang | Director

EXECUTIVE MANAGEMENT |
Anthony E. Malkin | Chairman and Chief Executive Officer
Christina Chiu | President
Thomas P. Durels | Executive Vice President, Real Estate
Steve Horn | Executive Vice President, Chief Financial Officer & Chief Accounting Officer

COMPANY INFORMATION |  |
Corporate Headquarters | Investor Relations | New York Stock Exchange
111 West 33rd Street, 12th Floor | IR@esrtreit.com | Trading Symbol: ESRT
New York, NY 10120 |  |
www.esrtreit.com |  |
(212) 687-8700 |  |

RESEARCH COVERAGE |  |  |
BMO Capital Markets Corp. | John Kim | (212) 885-4115 | jp.kim@bmo.com
BTIG | Thomas Catherwood | (212) 738-6140 | tcatherwood@btig.com
Citi | Seth Bergey | (212) 816-2066 | seth.bergey@citi.com
Evercore ISI | Steve Sakwa | (212) 446-9462 | steve.sakwa@evercoreisi.com
Green Street Advisors | Dylan Burzinski | (949) 640-8780 | dburzinski@greenstreetadvisors.com
Wells Fargo Securities, LLC | Blaine Heck | (443) 263-6529 | blaine.heck@wellsfargo.com
Wolfe Research | Ally Yaseen | (646) 582-9253 | ayaseen@wolferesearch.com

Page 5

| Third Quarter 2025
Condensed Consolidated Balance Sheet
(unaudited and dollars in thousands)

Assets | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Commercial real estate properties, at cost | $ | 3,940,755 |  |  | $ | 3,903,950 |  |  | $ | 3,825,422 |  |  | $ | 3,786,653 |  |  | $ | 3,667,687 |
Less: accumulated depreciation | (1,381,726) |  |  | (1,341,144) |  |  | (1,306,924) |  |  | (1,274,193) |  |  | (1,241,454) |
Commercial real estate properties, net | 2,559,029 |  |  | 2,562,806 |  |  | 2,518,498 |  |  | 2,512,460 |  |  | 2,426,233 |
Contract asset(1) | — |  |  | — |  |  | — |  |  | 170,419 |  |  | 168,687 |
Cash and cash equivalents | 154,113 |  |  | 94,643 |  |  | 187,823 |  |  | 385,465 |  |  | 421,896 |
Restricted cash | 43,642 |  |  | 42,084 |  |  | 49,589 |  |  | 43,837 |  |  | 48,023 |
Tenant and other receivables | 27,416 |  |  | 28,124 |  |  | 29,071 |  |  | 31,427 |  |  | 34,068 |
Deferred rent receivables | 259,070 |  |  | 255,272 |  |  | 252,299 |  |  | 247,754 |  |  | 244,448 |
Prepaid expenses and other assets | 58,679 |  |  | 85,083 |  |  | 64,233 |  |  | 101,852 |  |  | 81,758 |
Deferred costs, net | 177,307 |  |  | 181,694 |  |  | 181,802 |  |  | 183,987 |  |  | 176,720 |
Acquired below-market ground leases, net | 307,537 |  |  | 309,495 |  |  | 311,452 |  |  | 313,410 |  |  | 315,368 |
Right of use assets | 28,007 |  |  | 28,070 |  |  | 28,134 |  |  | 28,197 |  |  | 28,257 |
Goodwill | 491,479 |  |  | 491,479 |  |  | 491,479 |  |  | 491,479 |  |  | 491,479 |
Total assets | $ | 4,106,279 |  |  | $ | 4,078,750 |  |  | $ | 4,114,380 |  |  | $ | 4,510,287 |  |  | $ | 4,436,937 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Mortgage notes payable, net | $ | 691,046 |  |  | $ | 691,440 |  |  | $ | 691,816 |  |  | $ | 692,176 |  |  | $ | 692,989 |
Senior unsecured notes, net | 1,097,498 |  |  | 1,097,355 |  |  | 1,097,212 |  |  | 1,197,061 |  |  | 1,196,911 |
Unsecured term loan facility, net | 268,959 |  |  | 268,883 |  |  | 268,807 |  |  | 268,731 |  |  | 268,655 |
Unsecured revolving credit facility | — |  |  | — |  |  | — |  |  | 120,000 |  |  | 120,000 |
Debt associated with property in receivership | — |  |  | — |  |  | — |  |  | 177,667 |  |  | 177,667 |
Accrued interest associated with property in receivership | — |  |  | — |  |  | — |  |  | 5,433 |  |  | 3,511 |
Accounts payable and accrued expenses | 111,732 |  |  | 104,315 |  |  | 135,298 |  |  | 132,016 |  |  | 81,443 |
Acquired below-market leases, net | 15,875 |  |  | 17,081 |  |  | 18,306 |  |  | 19,497 |  |  | 14,702 |
Ground lease liabilities | 28,007 |  |  | 28,070 |  |  | 28,134 |  |  | 28,197 |  |  | 28,257 |
Deferred revenue and other liabilities | 64,191 |  |  | 55,343 |  |  | 61,888 |  |  | 62,639 |  |  | 70,766 |
Tenants' security deposits | 30,751 |  |  | 27,015 |  |  | 27,044 |  |  | 24,908 |  |  | 24,715 |
Total liabilities | 2,308,059 |  |  | 2,289,502 |  |  | 2,328,505 |  |  | 2,728,325 |  |  | 2,679,616 |
Total equity | 1,798,220 |  |  | 1,789,248 |  |  | 1,785,875 |  |  | 1,781,962 |  |  | 1,757,321 |
Total liabilities and equity | $ | 4,106,279 |  |  | $ | 4,078,750 |  |  | $ | 4,114,380 |  |  | $ | 4,510,287 |  |  | $ | 4,436,937 |

Note:
(1) This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place.
Page 6

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

| Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Revenues |  |  |  |  |  |  |  |  |
Rental revenue (1) | $ | 158,410 |  |  | $ | 153,540 |  |  | $ | 154,542 |  |  | $ | 155,127 |  |  | $ | 153,117 |
Observatory revenue | 36,037 |  |  | 33,899 |  |  | 23,161 |  |  | 38,275 |  |  | 39,382 |
Lease termination fees | — |  |  | 464 |  |  | — |  |  | — |  |  | 4,771 |
Third-party management and other fees | 404 |  |  | 408 |  |  | 431 |  |  | 258 |  |  | 271 |
Other revenue and fees | 2,879 |  |  | 2,939 |  |  | 1,932 |  |  | 3,942 |  |  | 2,058 |
Total revenues | 197,730 |  |  | 191,250 |  |  | 180,066 |  |  | 197,602 |  |  | 199,599 |
Operating expenses |  |  |  |  |  |  |  |  |
Property operating expenses | 46,957 |  |  | 44,880 |  |  | 45,060 |  |  | 46,645 |  |  | 45,954 |
Ground rent expenses | 2,331 |  |  | 2,332 |  |  | 2,331 |  |  | 2,332 |  |  | 2,331 |
General and administrative expenses | 18,743 |  |  | 18,685 |  |  | 16,940 |  |  | 17,870 |  |  | 18,372 |
Observatory expenses | 9,510 |  |  | 9,822 |  |  | 8,118 |  |  | 9,730 |  |  | 9,715 |
Real estate taxes | 33,241 |  |  | 32,607 |  |  | 33,050 |  |  | 32,720 |  |  | 31,982 |
Depreciation and amortization | 47,615 |  |  | 47,802 |  |  | 48,779 |  |  | 45,365 |  |  | 45,899 |
Total operating expenses | 158,397 |  |  | 156,128 |  |  | 154,278 |  |  | 154,662 |  |  | 154,253 |
Total operating income | 39,333 |  |  | 35,122 |  |  | 25,788 |  |  | 42,940 |  |  | 45,346 |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest income | 1,146 |  |  | 1,867 |  |  | 3,786 |  |  | 5,068 |  |  | 6,960 |
Interest expense | (25,189) |  |  | (25,126) |  |  | (26,938) |  |  | (27,380) |  |  | (27,408) |
Interest expense associated with property in receivership | — |  |  | — |  |  | (647) |  |  | (1,921) |  |  | (1,922) |
Gain on disposition of property | — |  |  | — |  |  | 13,170 |  |  | 1,237 |  |  | 1,262 |
Income before income taxes | 15,290 |  |  | 11,863 |  |  | 15,159 |  |  | 19,944 |  |  | 24,238 |
Income tax (expense) benefit | (1,645) |  |  | (478) |  |  | 619 |  |  | (1,151) |  |  | (1,442) |
Net income | 13,645 |  |  | 11,385 |  |  | 15,778 |  |  | 18,793 |  |  | 22,796 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Non-controlling interests in the Operating Partnership | (4,610) |  |  | (3,815) |  |  | (5,508) |  |  | (6,575) |  |  | (8,205) |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,051) |  |  | (1,050) |  |  | (1,050) |  |  | (1,050) |
Net income attributable to common stockholders | $ | 7,985 |  |  | $ | 6,519 |  |  | $ | 9,220 |  |  | $ | 11,168 |  |  | $ | 13,541 |
Weighted average common shares outstanding |  |  |  |  |  |  |  |  |
Basic | 169,250 |  |  | 168,368 |  |  | 167,181 |  |  | 166,671 |  |  | 164,880 |
Diluted | 270,357 |  |  | 269,951 |  |  | 269,529 |  |  | 270,251 |  |  | 269,613 |
Earnings per share attributable to common stockholders |  |  |  |  |  |  |  |  |
Basic | $ | 0.05 |  |  | $ | 0.04 |  |  | $ | 0.06 |  |  | $ | 0.07 |  |  | $ | 0.08 |
Diluted | $ | 0.05 |  |  | $ | 0.04 |  |  | $ | 0.05 |  |  | $ | 0.07 |  |  | $ | 0.08 |
Dividends per share | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |

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

| Three Months Ended
Rental Revenue | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Base rent | $ | 136,371 |  |  | $ | 133,987 |  |  | $ | 136,096 |  |  | $ | 135,629 |  |  | $ | 132,492 |
Billed tenant expense reimbursement | 22,039 |  |  | 19,553 |  |  | 18,446 |  |  | 19,498 |  |  | 20,625 |
Total rental revenue | $ | 158,410 |  |  | $ | 153,540 |  |  | $ | 154,542 |  |  | $ | 155,127 |  |  | $ | 153,117 |

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.
Page 7

| Third Quarter 2025
FFO, Modified FFO, Core FFO, Core FAD and EBITDA
(unaudited and in thousands, except per share amounts)

| Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Net Income | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |  |  | $ | 18,793 |  |  | $ | 22,796 |
Preferred unit distributions | (1,050) |  |  | (1,051) |  |  | (1,050) |  |  | (1,050) |  |  | (1,050) |
Real estate depreciation and amortization | 46,741 |  |  | 46,921 |  |  | 47,871 |  |  | 44,386 |  |  | 44,871 |
Gain on disposition of property | — |  |  | — |  |  | (13,170) |  |  | (1,237) |  |  | (1,262) |
FFO attributable to common stockholders and the Operating Partnership | 59,336 |  |  | 57,255 |  |  | 49,429 |  |  | 60,892 |  |  | 65,355 |
Amortization of below-market ground lease | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |
Modified FFO attributable to common stockholders and the Operating Partnership | 61,293 |  |  | 59,213 |  |  | 51,387 |  |  | 62,850 |  |  | 67,313 |
Interest expense associated with property in receivership | — |  |  | — |  |  | 647 |  |  | 1,921 |  |  | 1,922 |
Core FFO attributable to common stockholders and the Operating Partnership | $ | 61,293 |  |  | $ | 59,213 |  |  | $ | 52,034 |  |  | $ | 64,771 |  |  | $ | 69,235 |
Total weighted average shares and Operating Partnership units |  |  |  |  |  |  |  |  |
Basic | 266,963 |  |  | 266,899 |  |  | 267,073 |  |  | 264,798 |  |  | 264,787 |
Diluted | 270,357 |  |  | 269,951 |  |  | 269,529 |  |  | 270,251 |  |  | 269,613 |
FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.19 |  |  | $ | 0.23 |  |  | $ | 0.25 |
Diluted | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.18 |  |  | $ | 0.23 |  |  | $ | 0.24 |
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |  |  | $ | 0.24 |  |  | $ | 0.25 |
Diluted | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |  |  | $ | 0.23 |  |  | $ | 0.25 |
Core FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |  |  | $ | 0.24 |  |  | $ | 0.26 |
Diluted | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |  |  | $ | 0.24 |  |  | $ | 0.26 |

Reconciliation of Core FFO to Core FAD |  |  |  |  |  |  |  |  |
Core FFO | $ | 61,293 |  |  | $ | 59,213 |  |  | $ | 52,034 |  |  | $ | 64,771 |  |  | $ | 69,235 |
Add: |  |  |  |  |  |  |  |  |
Amortization of deferred financing costs | 1,082 |  |  | 1,080 |  |  | 1,094 |  |  | 1,099 |  |  | 1,110 |
Non-real estate depreciation and amortization | 874 |  |  | 880 |  |  | 908 |  |  | 979 |  |  | 1,029 |
Amortization of non-cash compensation expense | 6,484 |  |  | 6,900 |  |  | 4,980 |  |  | 6,107 |  |  | 5,752 |
Amortization of loss on interest rate derivative | 1,385 |  |  | 1,386 |  |  | 1,386 |  |  | 1,386 |  |  | 1,386 |
Deduct: |  |  |  |  |  |  |  |  |
Straight-line rental revenues, above/below market rent, and other non-cash adjustments | (5,832) |  |  | (4,913) |  |  | (6,407) |  |  | (5,044) |  |  | (3,082) |
Corporate capital expenditures | (218) |  |  | (234) |  |  | (83) |  |  | (226) |  |  | (121) |
Tenant improvements - second generation | (15,979) |  |  | (36,890) |  |  | (39,304) |  |  | (45,969) |  |  | (17,149) |
Building improvements - second generation | (5,571) |  |  | (7,868) |  |  | (5,770) |  |  | (9,377) |  |  | (7,838) |
Leasing commissions - second generation | (3,144) |  |  | (7,605) |  |  | (7,629) |  |  | (10,769) |  |  | (3,753) |
Core FAD | $ | 40,374 |  |  | $ | 11,949 |  |  | $ | 1,209 |  |  | $ | 2,957 |  |  | $ | 46,569 |

Reconciliation of Net Income to EBITDA and Adjusted EBITDA |  |  |  |  |  |  |  |
Net income | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |  |  | $ | 18,793 |  |  | $ | 22,796 |
Interest expense | 25,189 |  |  | 25,126 |  |  | 26,938 |  |  | 27,380 |  |  | 27,408 |
Interest expense associated with property in receivership | — |  |  | — |  |  | 647 |  |  | 1,921 |  |  | 1,922 |
Income tax expense (benefit) | 1,645 |  |  | 478 |  |  | (619) |  |  | 1,151 |  |  | 1,442 |
Depreciation and amortization | 47,615 |  |  | 47,802 |  |  | 48,779 |  |  | 45,365 |  |  | 45,899 |
EBITDA | 88,094 |  |  | 84,791 |  |  | 91,523 |  |  | 94,610 |  |  | 99,467 |
Gain on disposition of property | — |  |  | — |  |  | (13,170) |  |  | (1,237) |  |  | (1,262) |
Adjusted EBITDA | $ | 88,094 |  |  | $ | 84,791 |  |  | $ | 78,353 |  |  | $ | 93,373 |  |  | $ | 98,205 |

Page 8

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

| Three Months Ended
Office and Retail Metrics: | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Total rentable square footage(1) | 8,603,750 |  |  | 8,611,559 |  |  | 8,617,292 |  |  | 8,616,284 |  |  | 8,592,481 |
Percent occupied (1)(2) | 90.0 | % |  | 89.2 | % |  | 87.9 | % |  | 88.6 | % |  | 89.1 | %
Percent leased (1)(3) | 92.6 | % |  | 93.1 | % |  | 92.5 | % |  | 93.5 | % |  | 93.4 | %
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees: |  |  |  |  |  |  |  |  |
Manhattan office portfolio | $ | 64,715 |  |  | $ | 63,589 |  |  | $ | 61,548 |  |  | $ | 64,110 |  |  | $ | 65,069 |
Greater New York office portfolio | 1,244 |  |  | 1,393 |  |  | 1,584 |  |  | 1,769 |  |  | 1,651 |
Retail portfolio | 2,171 |  |  | 2,298 |  |  | 2,433 |  |  | 2,472 |  |  | 2,431 |
Total Same Store Property Cash NOI | $ | 68,130 |  |  | $ | 67,280 |  |  | $ | 65,565 |  |  | $ | 68,351 |  |  | $ | 69,151 |
Multifamily Metrics: |  |  |  |  |  |  |  |  |
Multifamily Cash NOI | $ | 5,284 |  |  | $ | 5,173 |  |  | $ | 4,643 |  |  | $ | 4,168 |  |  | $ | 4,506 |
Total number of units | 743 |  |  | 743 |  |  | 732 |  |  | 732 |  |  | 732 |
Percent occupied | 98.6 | % |  | 98.6 | % |  | 99.0 | % |  | 98.5 | % |  | 96.8 | %
Observatory Metrics: |  |  |  |  |  |  |  |  |
Observatory NOI | $ | 26,527 |  |  | $ | 24,077 |  |  | $ | 15,043 |  |  | $ | 28,545 |  |  | $ | 29,667 |
Number of visitors (4) | 648,000 |  |  | 629,000 |  |  | 428,000 |  |  | 718,000 |  |  | 727,000 |
Change in visitors year-over-year | (10.9) | % |  | (2.9) | % |  | (11.8) | % |  | 1.0 | % |  | (2.2) | %
Ratios: |  |  |  |  |  |  |  |  |
Debt to Total Market Capitalization (5) | 48.2 | % |  | 46.9 | % |  | 47.8 | % |  | 44.0 | % |  | 42.3 | %
Net Debt to Total Market Capitalization (5) | 46.3 | % |  | 45.8 | % |  | 45.4 | % |  | 39.5 | % |  | 37.5 | %
Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 50.3 | % |  | 49.0 | % |  | 49.8 | % |  | 45.7 | % |  | 44.0 | %
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 48.5 | % |  | 47.8 | % |  | 47.5 | % |  | 41.4 | % |  | 39.3 | %
Debt to Adjusted EBITDA (6) | 6.0x |  | 5.8x |  | 5.8x |  | 6.4x |  | 6.4x
Net Debt to Adjusted EBITDA (6) | 5.6x |  | 5.6x |  | 5.2x |  | 5.3x |  | 5.2x
Core FFO Payout Ratio (7) | 16 | % |  | 16 | % |  | 19 | % |  | 15 | % |  | 14 | %
Core FAD Payout Ratio | 24 | % |  | 82 | % |  | 805 | % |  | 324 | % |  | 21 | %
Core FFO per share - diluted | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |  |  | $ | 0.24 |  |  | $ | 0.26 |
Diluted weighted average shares | 270,357 |  |  | 269,951 |  |  | 269,529 |  |  | 270,251 |  |  | 269,613 |
Class A common stock price at quarter end | $ | 7.66 |  |  | $ | 8.09 |  |  | $ | 7.82 |  |  | $ | 10.32 |  |  | $ | 11.08 |
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 (8) | 1.8 | % |  | 1.7 | % |  | 1.8 | % |  | 1.4 | % |  | 1.3 | %
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 | 168,970 |  |  | 168,301 |  |  | 167,094 |  |  | 166,405 |  |  | 165,507 |
Class B common stock (9) | 972 |  |  | 975 |  |  | 976 |  |  | 978 |  |  | 981 |
Operating partnership units | 108,674 |  |  | 109,308 |  |  | 110,662 |  |  | 106,768 |  |  | 107,664 |
Total common stock and operating partnership units outstanding (10) | 278,616 |  |  | 278,584 |  |  | 278,732 |  |  | 274,151 |  |  | 274,152 |

Notes:
(1) Rentable square footage, occupied percentage, and leased percentage are updated to exclude approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment.
(2) Based on leases signed and commenced as of end of period. Added in the quarter ended December 31, 2024, for all comparative periods percent occupied excludes storage and broadcasting space.
(3) Represents occupancy and includes signed leases not commenced. Added in the quarter ended December 31, 2024, for all comparative periods 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 September 30, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of September 30, 2025, (ii) the number of Series 2014 perpetual preferred units at September 30, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at September 30, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of September 30, 2025.
(6) Calculated based on trailing 12 months Adjusted EBITDA. For the periods ended March 31, 2025, December 31, 2024, and September 30, 2024 excludes trailing 12 months Adjusted EBITDA of $2 million, $5 million, and $9 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025.
(7) Represents the amount of Core FFO paid out in distributions.
(8) Based on the closing price per share of Class A common stock on September 30, 2025.
(9) 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.
(10) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.
Page 9

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

| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Same Store Portfolio(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 148,211 |  |  | $ | 143,776 |  |  | $ | 143,916 |  |  | $ | 146,969 |  |  | $ | 145,501 |  |  | $ | 435,903 |  |  | $ | 426,411 |
Operating expenses | (77,041) |  |  | (74,612) |  |  | (74,891) |  |  | (76,317) |  |  | (75,596) |  |  | (226,544) |  |  | (215,844) |
Same store property NOI | 71,170 |  |  | 69,164 |  |  | 69,025 |  |  | 70,652 |  |  | 69,905 |  |  | 209,359 |  |  | 210,567 |
Straight-line rent | (4,387) |  |  | (3,213) |  |  | (4,831) |  |  | (3,782) |  |  | (2,184) |  |  | (12,431) |  |  | (7,289) |
Above/below-market rent revenue amortization | (610) |  |  | (629) |  |  | (587) |  |  | (477) |  |  | (528) |  |  | (1,826) |  |  | (1,658) |
Below-market ground lease amortization | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 5,873 |  |  | 5,874 |
Total same store property cash NOI - excluding lease termination fees | $ | 68,130 |  |  | $ | 67,280 |  |  | $ | 65,565 |  |  | $ | 68,351 |  |  | $ | 69,151 |  |  | $ | 200,975 |  |  | $ | 207,494 |
Percent change over prior year | (1.5) | % |  | (5.9) | % |  | (1.9) | % |  | (2.9) | % |  | 5.2 | % |  | (3.1) | % |  | 4.6 | %
Total same store property cash NOI - excluding lease termination fees | $ | 68,130 |  |  | $ | 67,280 |  |  | $ | 65,565 |  |  | $ | 68,351 |  |  | $ | 69,151 |  |  | $ | 200,975 |  |  | $ | 207,494 |
Lease termination fees | — |  |  | 464 |  |  | — |  |  | — |  |  | 4,771 |  |  | 464 |  |  | 4,771 |
Total same store property cash NOI | $ | 68,130 |  |  | $ | 67,744 |  |  | $ | 65,565 |  |  | $ | 68,351 |  |  | $ | 73,922 |  |  | $ | 201,439 |  |  | $ | 212,265 |
Same Store Manhattan Office(1),(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 140,613 |  |  | $ | 136,543 |  |  | $ | 136,408 |  |  | $ | 139,380 |  |  | $ | 138,060 |  |  | $ | 413,564 |  |  | $ | 405,159 |
Operating expenses | (73,102) |  |  | (71,336) |  |  | (71,598) |  |  | (73,062) |  |  | (72,287) |  |  | (216,036) |  |  | (205,933) |
Same store property NOI | 67,511 |  |  | 65,207 |  |  | 64,810 |  |  | 66,318 |  |  | 65,773 |  |  | 197,528 |  |  | 199,226 |
Straight-line rent | (4,143) |  |  | (2,947) |  |  | (4,633) |  |  | (3,689) |  |  | (2,134) |  |  | (11,723) |  |  | (7,297) |
Above/below-market rent revenue amortization | (610) |  |  | (629) |  |  | (587) |  |  | (477) |  |  | (528) |  |  | (1,826) |  |  | (1,658) |
Below-market ground lease amortization | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 5,873 |  |  | 5,874 |
Total same store property cash NOI - excluding lease termination fees | 64,715 |  |  | 63,589 |  |  | 61,548 |  |  | 64,110 |  |  | 65,069 |  |  | 189,852 |  |  | 196,145 |
Lease termination fees | — |  |  | 464 |  |  | — |  |  | — |  |  | 4,771 |  |  | 464 |  |  | 4,771 |
Total same store property cash NOI | $ | 64,715 |  |  | $ | 64,053 |  |  | $ | 61,548 |  |  | $ | 64,110 |  |  | $ | 69,840 |  |  | $ | 190,316 |  |  | $ | 200,916 |
Same Store Greater New York Metropolitan Area Office(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 3,516 |  |  | $ | 2,985 |  |  | $ | 3,154 |  |  | $ | 3,213 |  |  | $ | 3,060 |  |  | $ | 9,655 |  |  | $ | 9,223 |
Operating expenses | (2,214) |  |  | (1,551) |  |  | (1,606) |  |  | (1,572) |  |  | (1,612) |  |  | (5,371) |  |  | (4,862) |
Same store property NOI | 1,302 |  |  | 1,434 |  |  | 1,548 |  |  | 1,641 |  |  | 1,448 |  |  | 4,284 |  |  | 4,361 |
Straight-line rent | (58) |  |  | (41) |  |  | 36 |  |  | 128 |  |  | 203 |  |  | (63) |  |  | 498 |
Above/below-market rent revenue amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Below-market ground lease amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total same store property cash NOI - excluding lease termination fees | 1,244 |  |  | 1,393 |  |  | 1,584 |  |  | 1,769 |  |  | 1,651 |  |  | 4,221 |  |  | 4,859 |
Lease termination fees | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total same store property cash NOI | $ | 1,244 |  |  | $ | 1,393 |  |  | $ | 1,584 |  |  | $ | 1,769 |  |  | $ | 1,651 |  |  | $ | 4,221 |  |  | $ | 4,859 |
Same Store Retail(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 4,082 |  |  | $ | 4,248 |  |  | $ | 4,354 |  |  | $ | 4,376 |  |  | $ | 4,381 |  |  | $ | 12,684 |  |  | $ | 12,029 |
Operating expenses | (1,725) |  |  | (1,725) |  |  | (1,687) |  |  | (1,683) |  |  | (1,697) |  |  | (5,137) |  |  | (5,049) |
Same store property NOI | 2,357 |  |  | 2,523 |  |  | 2,667 |  |  | 2,693 |  |  | 2,684 |  |  | 7,547 |  |  | 6,980 |
Straight-line rent | (186) |  |  | (225) |  |  | (234) |  |  | (221) |  |  | (253) |  |  | (645) |  |  | (490) |
Above/below-market rent revenue amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Below-market ground lease amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total same store property cash NOI - excluding lease termination fees | 2,171 |  |  | 2,298 |  |  | 2,433 |  |  | 2,472 |  |  | 2,431 |  |  | 6,902 |  |  | 6,490 |
Lease termination fees | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total same store property cash NOI | $ | 2,171 |  |  | $ | 2,298 |  |  | $ | 2,433 |  |  | $ | 2,472 |  |  | $ | 2,431 |  |  | $ | 6,902 |  |  | $ | 6,490 |

Notes:
(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.
(2) Includes 475,442 rentable square feet of retail space in the Company's nine Manhattan office properties.
Page 10

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

| Three Months Ended |  | Nine Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Net income | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |  |  | $ | 18,793 |  |  | $ | 22,796 |  |  | $ | 40,808 |  |  | $ | 61,566 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses | 18,743 |  |  | 18,685 |  |  | 16,940 |  |  | 17,870 |  |  | 18,372 |  |  | 54,368 |  |  | 52,364 |
Depreciation and amortization | 47,615 |  |  | 47,802 |  |  | 48,779 |  |  | 45,365 |  |  | 45,899 |  |  | 144,196 |  |  | 139,453 |
Interest expense | 25,189 |  |  | 25,126 |  |  | 26,938 |  |  | 27,380 |  |  | 27,408 |  |  | 77,253 |  |  | 77,859 |
Interest expense associated with property in receivership | — |  |  | — |  |  | 647 |  |  | 1,921 |  |  | 1,922 |  |  | 647 |  |  | 2,550 |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 553 |
Income tax expense (benefit) | 1,645 |  |  | 478 |  |  | (619) |  |  | 1,151 |  |  | 1,442 |  |  | 1,504 |  |  | 1,537 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on disposition of property | — |  |  | — |  |  | (13,170) |  |  | (1,237) |  |  | (1,262) |  |  | (13,170) |  |  | (12,065) |
Third-party management and other fees | (404) |  |  | (408) |  |  | (431) |  |  | (258) |  |  | (271) |  |  | (1,243) |  |  | (912) |
Interest income | (1,146) |  |  | (1,867) |  |  | (3,786) |  |  | (5,068) |  |  | (6,960) |  |  | (6,799) |  |  | (16,230) |
Net operating income | 105,287 |  |  | 101,201 |  |  | 91,076 |  |  | 105,917 |  |  | 109,346 |  |  | 297,564 |  |  | 306,675 |
Straight-line rent | (4,688) |  |  | (3,748) |  |  | (5,283) |  |  | (4,045) |  |  | (2,277) |  |  | (13,719) |  |  | (7,238) |
Above/below-market rent revenue amortization | (821) |  |  | (840) |  |  | (798) |  |  | (674) |  |  | (476) |  |  | (2,459) |  |  | (1,503) |
Below-market ground lease amortization | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 1,958 |  |  | 5,873 |  |  | 5,874 |
Total cash NOI - including Observatory and lease termination fees | 101,735 |  |  | 98,571 |  |  | 86,953 |  |  | 103,156 |  |  | 108,551 |  |  | 287,259 |  |  | 303,808 |
Less: Observatory NOI | (26,527) |  |  | (24,077) |  |  | (15,043) |  |  | (28,545) |  |  | (29,667) |  |  | (65,647) |  |  | (70,998) |
Less: cash NOI from non-Same Store properties | (7,078) |  |  | (6,750) |  |  | (6,345) |  |  | (6,260) |  |  | (4,962) |  |  | (20,173) |  |  | (20,545) |
Total Same Store property cash NOI - including lease termination fees | 68,130 |  |  | 67,744 |  |  | 65,565 |  |  | 68,351 |  |  | 73,922 |  |  | 201,439 |  |  | 212,265 |
Less: Lease termination fees | — |  |  | (464) |  |  | — |  |  | — |  |  | (4,771) |  |  | (464) |  |  | (4,771) |
Total Same Store property cash NOI - excluding Observatory and lease termination fees | $ | 68,130 |  |  | $ | 67,280 |  |  | $ | 65,565 |  |  | $ | 68,351 |  |  | $ | 69,151 |  |  | $ | 200,975 |  |  | $ | 207,494 |
Multifamily NOI |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 10,080 |  |  | $ | 9,846 |  |  | $ | 9,646 |  |  | $ | 9,322 |  |  | $ | 9,140 |  |  | $ | 29,572 |  |  | $ | 26,773 |
Operating expenses | (4,786) |  |  | (4,665) |  |  | (4,993) |  |  | (5,145) |  |  | (4,623) |  |  | (14,444) |  |  | (13,410) |
NOI | 5,294 |  |  | 5,181 |  |  | 4,653 |  |  | 4,177 |  |  | 4,517 |  |  | 15,128 |  |  | 13,363 |
Straight-line rent | (68) |  |  | (67) |  |  | (67) |  |  | (67) |  |  | (69) |  |  | (202) |  |  | (280) |
Above/below-market rent revenue amortization | 58 |  |  | 59 |  |  | 57 |  |  | 58 |  |  | 58 |  |  | 174 |  |  | 173 |
Cash NOI | $ | 5,284 |  |  | $ | 5,173 |  |  | $ | 4,643 |  |  | $ | 4,168 |  |  | $ | 4,506 |  |  | $ | 15,100 |  |  | $ | 13,256 |

Page 11

| Third Quarter 2025
Property Summary - Leasing Activity by Quarter
(unaudited)

| Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Total Office and Retail Portfolio(1) |  |  |  |  |  |  |  |  |
Total leases executed | 16 |  | 22 |  | 20 |  | 20 |  | 31
Weighted average lease term | 8.1 years |  | 9.9 years |  | 8.4 years |  | 8.0 years |  | 7.0 years
Average free rent period | 6.0 months |  | 7.6 months |  | 7.8 months |  | 5.7 months |  | 5.2 months
Office |  |  |  |  |  |  |  |  |
Total square footage executed | 71,859 |  |  | 221,776 |  |  | 229,367 |  |  | 378,913 |  |  | 291,418 |
Average starting cash rent psf - leases executed | $ | 69.97 |  |  | $ | 71.21 |  |  | $ | 66.43 |  |  | $ | 78.40 |  |  | $ | 70.11 |
Previously escalated cash rents psf | $ | 67.33 |  |  | $ | 63.50 |  |  | $ | 60.63 |  |  | $ | 71.03 |  |  | $ | 68.34 |
Percentage of new cash rent over previously escalated rents | 3.9 | % |  | 12.1 | % |  | 9.6 | % |  | 10.4 | % |  | 2.6 | %
Retail |  |  |  |  |  |  |  |  |
Total square footage executed | 16,021 |  |  | 10,332 |  |  | 1,181 |  |  | — |  |  | 12,792 |
Average starting cash rent psf - leases executed | $ | 128.33 |  |  | $ | 268.92 |  |  | $ | 193.00 |  |  | $ | — |  |  | $ | 203.88 |
Previously escalated cash rents psf | $ | 145.48 |  |  | $ | 316.28 |  |  | $ | 183.74 |  |  | $ | — |  |  | $ | 332.35 |
Percentage of new cash rent over previously escalated rents | (11.8) | % |  | (15.0) | % |  | 5.0 | % |  | — |  |  | (38.7) | %
Total Office and Retail Portfolio |  |  |  |  |  |  |  |  |
Total square footage executed | 87,880 |  |  | 232,108 |  |  | 230,548 |  |  | 378,913 |  |  | 304,210 |
Average starting cash rent psf - leases executed | $ | 80.61 |  |  | $ | 80.01 |  |  | $ | 67.08 |  |  | $ | 78.40 |  |  | $ | 75.74 |
Previously escalated cash rents psf | $ | 81.57 |  |  | $ | 74.75 |  |  | $ | 61.27 |  |  | $ | 71.03 |  |  | $ | 79.44 |
Percentage of new cash rent over previously escalated rents | (1.2) | % |  | 7.0 | % |  | 9.5 | % |  | 10.4 | % |  | (4.7) | %
Leasing commission costs per square foot | $ | 33.24 |  |  | $ | 31.62 |  |  | $ | 22.39 |  |  | $ | 21.73 |  |  | $ | 19.67 |
Tenant improvement costs per square foot | 59.60 |  |  | 86.85 |  |  | 47.92 |  |  | 49.46 |  |  | 42.90 |
Total LC and TI per square foot(2) | $ | 92.84 |  |  | $ | 118.47 |  |  | $ | 70.31 |  |  | $ | 71.19 |  |  | $ | 62.57 |
Total LC and TI per square foot per year of weighted average lease term | $ | 11.48 |  |  | $ | 11.93 |  |  | $ | 8.34 |  |  | $ | 8.89 |  |  | $ | 8.94 |
Occupancy(3),(4) | 90.0 | % |  | 89.2 | % |  | 87.9 | % |  | 88.6 | % |  | 89.1 | %

Manhattan Office Portfolio |  |  |  |  |  |  |  |  |
Total leases executed | 14 |  | 18 |  | 18 |  | 18 |  | 25
Office - New Leases |  |  |  |  |  |  |  |  |
Total square footage executed | 26,430 |  |  | 202,499 |  |  | 43,184 |  |  | 184,258 |  |  | 130,688 |
Average starting cash rent psf - leases executed | $ | 68.56 |  |  | $ | 72.28 |  |  | $ | 69.13 |  |  | $ | 71.07 |  |  | $ | 66.07 |
Previously escalated cash rents psf | $ | 67.69 |  |  | $ | 63.11 |  |  | $ | 66.77 |  |  | $ | 59.54 |  |  | $ | 63.21 |
Percentage of new cash rent over previously escalated rents | 1.3 | % |  | 14.5 | % |  | 3.5 | % |  | 19.4 | % |  | 4.5 | %
Office - Renewal Leases(1) |  |  |  |  |  |  |  |  |
Current Renewals | 30,907 |  |  | 19,277 |  |  | 177,328 |  |  | 10,178 |  |  | 53,622 |
Early Renewals | 14,522 |  |  | — |  |  | — |  |  | 172,286 |  |  | 105,019 |
Total square footage executed | 45,429 |  |  | 19,277 |  |  | 177,328 |  |  | 182,464 |  |  | 158,641 |
Average starting cash rent psf - leases executed | $ | 70.80 |  |  | $ | 59.97 |  |  | $ | 66.62 |  |  | $ | 86.98 |  |  | $ | 73.11 |
Previously escalated cash rents psf | $ | 67.11 |  |  | $ | 67.51 |  |  | $ | 59.35 |  |  | $ | 83.14 |  |  | $ | 72.24 |
Percentage of new cash rent over previously escalated rents | 5.5 | % |  | (11.2) | % |  | 12.3 | % |  | 4.6 | % |  | 1.2 | %
Total Manhattan Office Portfolio |  |  |  |  |  |  |  |  |
Total square footage executed | 71,859 |  |  | 221,776 |  |  | 220,512 |  |  | 366,722 |  |  | 289,329 |
Average starting cash rent psf - leases executed | $ | 69.97 |  |  | $ | 71.21 |  |  | $ | 67.11 |  |  | $ | 78.99 |  |  | $ | 69.93 |
Previously escalated cash rents psf | $ | 67.33 |  |  | $ | 63.50 |  |  | $ | 60.80 |  |  | $ | 71.28 |  |  | $ | 68.16 |
Percentage of new cash rent over previously escalated rents | 3.9 | % |  | 12.1 | % |  | 10.4 | % |  | 10.8 | % |  | 2.6 | %
Leasing commission costs per square foot | $ | 20.16 |  |  | $ | 28.97 |  |  | $ | 22.47 |  |  | $ | 21.85 |  |  | $ | 17.40 |
Tenant improvement costs per square foot | 47.79 |  |  | 89.60 |  |  | 49.50 |  |  | 47.96 |  |  | 42.82 |
Total LC and TI per square foot(2) | $ | 67.95 |  |  | $ | 118.57 |  |  | $ | 71.97 |  |  | $ | 69.81 |  |  | $ | 60.22 |
Total LC and TI per square foot per year of weighted average lease term | $ | 10.76 |  |  | $ | 11.79 |  |  | $ | 8.41 |  |  | $ | 8.66 |  |  | $ | 8.67 |
Occupancy(3) | 90.3 | % |  | 89.5 | % |  | 88.1 | % |  | 89.0 | % |  | 89.6 | %

(Table continued on next page)
Page 12

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

| Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Retail Portfolio |  |  |  |  |  |  |  |  |
Total leases executed | 2 |  | 4 |  | 1 |  | — |  |  | 5
Total square footage executed | 16,021 |  |  | 10,332 |  |  | 1,181 |  |  | — |  |  | 12,792 |
Average starting cash rent psf - leases executed | $ | 128.33 |  |  | $ | 268.92 |  |  | $ | 193.00 |  |  | $ | — |  |  | $ | 203.88 |
Previously escalated cash rents psf | $ | 145.48 |  |  | $ | 316.28 |  |  | $ | 183.74 |  |  | $ | — |  |  | $ | 332.35 |
Percentage of new cash rent over previously escalated rents | (11.8) | % |  | (15.0) | % |  | 5.0 | % |  | — |  |  | (38.7) | %
Leasing commission costs per square foot | $ | 91.92 |  |  | $ | 88.59 |  |  | $ | 63.04 |  |  | $ | — |  |  | $ | 74.25 |
Tenant improvement costs per square foot | 112.59 |  |  | 27.88 |  |  | — |  |  | — |  |  | 51.72 |
Total LC and TI per square foot(2) | $ | 204.51 |  |  | $ | 116.47 |  |  | $ | 63.04 |  |  | $ | — |  |  | $ | 125.97 |
Total LC and TI per square foot per year of weighted average lease term | $ | 12.74 |  |  | $ | 16.15 |  |  | $ | 6.25 |  |  | $ | — |  |  | $ | 14.73 |
Occupancy(3),(4) | 92.8 | % |  | 91.7 | % |  | 91.2 | % |  | 90.4 | % |  | 91.1 | %

Multifamily Portfolio |  |  |  |  |  |  |  |  |
Percent occupied | 98.6 | % |  | 98.6 | % |  | 99.0 | % |  | 98.5 | % |  | 96.8 | %
Total number of units | 743 |  | 743 |  | 732 |  | 732 |  | 732

Notes:
(1) Early Renewals include leases which 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) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment.
Page 13

| Third Quarter 2025
Commercial Property Detail
(unaudited)

Property Name | Location or Sub-Market |  | Rentable Square Feet (1) |  | Percent Occupied (2),(3) |  | Percent Leased (3),(4) |  | Annualized Rent (5) |  | Annualized Rent per Occupied Square Foot (6) |  | Number of Leases (7)
Office - Manhattan |  |  |  |  |  |  |  |  |  |  |  |  |
The Empire State Building | Penn Station -Times Sq. South |  | 2,711,335 |  |  | 91.3 | % |  | 95.9 | % |  | $ | 169,632,539 |  |  | $ | 69.15 |  |  | 144
One Grand Central Place | Grand Central |  | 1,224,687 |  |  | 87.2 | % |  | 93.7 | % |  | 68,290,259 |  |  | 64.18 |  |  | 124
1400 Broadway (8) | Penn Station -Times Sq. South |  | 917,281 |  |  | 94.5 | % |  | 94.5 | % |  | 54,992,292 |  |  | 63.50 |  |  | 18
111 West 33rd Street (9) | Penn Station -Times Sq. South |  | 639,595 |  |  | 94.3 | % |  | 94.3 | % |  | 42,729,471 |  |  | 70.87 |  |  | 22
250 West 57th Street | Columbus Circle - West Side |  | 476,831 |  |  | 82.9 | % |  | 82.9 | % |  | 28,114,437 |  |  | 71.24 |  |  | 29
1359 Broadway | Penn Station -Times Sq. South |  | 456,634 |  |  | 86.0 | % |  | 86.0 | % |  | 23,469,839 |  |  | 59.79 |  |  | 28
501 Seventh Avenue | Penn Station -Times Sq. South |  | 455,432 |  |  | 89.2 | % |  | 89.2 | % |  | 22,538,410 |  |  | 55.52 |  |  | 15
1350 Broadway (10) | Penn Station -Times Sq. South |  | 384,128 |  |  | 93.6 | % |  | 95.4 | % |  | 22,757,995 |  |  | 63.53 |  |  | 48
1333 Broadway | Penn Station -Times Sq. South |  | 297,126 |  |  | 89.8 | % |  | 89.8 | % |  | 15,462,025 |  |  | 57.97 |  |  | 11
Office - Manhattan |  |  | 7,563,049 |  |  | 90.3 | % |  | 93.1 | % |  | 447,987,267 |  |  | 65.84 |  |  | 439
Office - Greater New York Metropolitan Area |  |  |  |  |  |  |  |  |  |  |  |
Metro Center | Stamford, CT |  | 282,176 |  |  | 72.3 | % |  | 72.3 | % |  | 11,903,524 |  |  | 58.36 |  |  | 20
Office - Greater New York Metropolitan Area |  | 282,176 |  |  | 72.3 | % |  | 72.3 | % |  | 11,903,524 |  |  | 58.36 |  |  | 20
Total/Weighted Average Office Properties |  | 7,845,225 |  |  | 89.7 | % |  | 92.4 | % |  | 459,890,791 |  |  | 65.62 |  |  | 459
Retail Properties |  |  |  |  |  |  |  |  |  |  |  |  |
112 West 34th Street (9) | Penn Station -Times Sq. South |  | 93,057 |  |  | 100.0 | % |  | 100.0 | % |  | 25,256,270 |  |  | 271.41 |  |  | 4
The Empire State Building | Penn Station -Times Sq. South |  | 88,143 |  |  | 79.0 | % |  | 79.0 | % |  | 8,064,475 |  |  | 115.80 |  |  | 12
North Sixth Street Collection (11) | Williamsburg - Brooklyn |  | 87,355 |  |  | 91.2 | % |  | 91.2 | % |  | 11,300,830 |  |  | 141.82 |  |  | 16
One Grand Central Place | Grand Central |  | 70,810 |  |  | 79.6 | % |  | 100.0 | % |  | 6,916,328 |  |  | 122.67 |  |  | 11
1333 Broadway | Penn Station -Times Sq. South |  | 67,001 |  |  | 100.0 | % |  | 100.0 | % |  | 10,305,521 |  |  | 153.81 |  |  | 4
250 West 57th Street | Columbus Circle - West Side |  | 63,443 |  |  | 93.2 | % |  | 93.2 | % |  | 8,608,308 |  |  | 145.65 |  |  | 6
1542 Third Avenue | Upper East Side |  | 58,161 |  |  | 100.0 | % |  | 100.0 | % |  | 3,093,298 |  |  | 53.19 |  |  | 4
10 Union Square | Union Square |  | 58,049 |  |  | 88.2 | % |  | 88.2 | % |  | 7,962,960 |  |  | 155.51 |  |  | 8
1359 Broadway | Penn Station -Times Sq. South |  | 29,247 |  |  | 99.4 | % |  | 99.4 | % |  | 2,250,533 |  |  | 77.39 |  |  | 5
1010 Third Avenue | Upper East Side |  | 28,243 |  |  | 100.0 | % |  | 100.0 | % |  | 3,077,783 |  |  | 108.98 |  |  | 1
501 Seventh Avenue | Penn Station -Times Sq. South |  | 27,213 |  |  | 89.4 | % |  | 89.4 | % |  | 1,592,710 |  |  | 65.48 |  |  | 8
77 West 55th Street | Midtown |  | 25,388 |  |  | 100.0 | % |  | 100.0 | % |  | 2,112,538 |  |  | 83.21 |  |  | 3
1350 Broadway (10) | Penn Station -Times Sq. South |  | 19,511 |  |  | 100.0 | % |  | 100.0 | % |  | 4,140,068 |  |  | 212.19 |  |  | 6
1400 Broadway (8) | Penn Station -Times Sq. South |  | 17,017 |  |  | 100.0 | % |  | 100.0 | % |  | 2,078,326 |  |  | 122.13 |  |  | 7
561 10th Avenue | Hudson Yards |  | 11,822 |  |  | 100.0 | % |  | 100.0 | % |  | 1,626,620 |  |  | 137.59 |  |  | 2
298 Mulberry Street | NoHo |  | 10,365 |  |  | 100.0 | % |  | 100.0 | % |  | 1,986,316 |  |  | 191.64 |  |  | 1
345 East 94th Street | Upper East Side |  | 3,700 |  |  | 100.0 | % |  | 100.0 | % |  | 261,359 |  |  | 70.64 |  |  | 1
Total/Weighted Average Retail Properties |  | 758,525 |  |  | 92.8 | % |  | 94.7 | % |  | 100,634,243 |  |  | 143.01 |  |  | 99
Portfolio Total |  |  | 8,603,750 |  |  | 90.0 | % |  | 92.6 | % |  | $ | 560,525,034 |  |  | $ | 72.68 |  |  | 558

Notes:
(1) Excludes (i) 201,165 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 September 30, 2025.
(3) Percent occupied and percent leased exclude 110,918 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of September 30, 2025.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of September 30, 2025 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8) 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).
(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years (expiring June 10, 2077).
(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050).
(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment.
Page 14

| Third Quarter 2025
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)

| Actual |  | Forecast (1) |  | Forecast (1)
| Three Months Ended |  |
Total Office and Retail Portfolio (2) | September 30, 2025 |  | December 31, 2025 |  | March 31, 2026 |  | June 30, 2026 |  | September 30, 2026 |  | December 31, 2026 |  | Full Year 2026
Total expirations | 59,360 |  |  | 186,516 |  |  | 143,591 |  |  | 32,122 |  |  | 109,224 |  |  | 227,041 |  |  | 511,978 |
Less: broadcasting | (511) |  |  | (906) |  |  | — |  |  | — |  |  | (511) |  |  | — |  |  | (511) |
Office and retail expirations | 58,849 |  |  | 185,610 |  |  | 143,591 |  |  | 32,122 |  |  | 108,713 |  |  | 227,041 |  |  | 511,467 |
Renewals & relocations (3) | 15,615 |  |  | 13,046 |  |  | 50,806 |  |  | 3,859 |  |  | 42,024 |  |  | 12,539 |  |  | 109,228 |
New leases (4) | — |  |  | 133,458 |  |  | 11,455 |  |  | — |  |  | — |  |  | 16,321 |  |  | 27,776 |
Vacates (5) | 43,234 |  |  | 38,753 |  |  | 73,588 |  |  | 28,263 |  |  | 52,868 |  |  | 133,066 |  |  | 287,785 |
Unknown (6) | — |  |  | 353 |  |  | 7,742 |  |  | — |  |  | 13,821 |  |  | 65,115 |  |  | 86,678 |
Total Office and Retail Portfolio expirations and vacates | 58,849 |  |  | 185,610 |  |  | 143,591 |  |  | 32,122 |  |  | 108,713 |  |  | 227,041 |  |  | 511,467 |
Manhattan Office Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
Total expirations | 54,281 |  |  | 185,049 |  |  | 138,153 |  |  | 32,122 |  |  | 74,305 |  |  | 176,993 |  |  | 421,573 |
Less: broadcasting | (511) |  |  | (906) |  |  | — |  |  | — |  |  | (511) |  |  | — |  |  | (511) |
Office and retail expirations | 53,770 |  |  | 184,143 |  |  | 138,153 |  |  | 32,122 |  |  | 73,794 |  |  | 176,993 |  |  | 421,062 |
Renewals & relocations (3) | 15,615 |  |  | 13,046 |  |  | 50,806 |  |  | 3,859 |  |  | 41,533 |  |  | 10,868 |  |  | 107,066 |
New leases (4) | — |  |  | 133,458 |  |  | 11,455 |  |  | — |  |  | — |  |  | 16,321 |  |  | 27,776 |
Vacates (5) | 38,155 |  |  | 37,639 |  |  | 68,150 |  |  | 28,263 |  |  | 18,440 |  |  | 133,066 |  |  | 247,919 |
Unknown (6) | — |  |  | — |  |  | 7,742 |  |  | — |  |  | 13,821 |  |  | 16,738 |  |  | 38,301 |
Total expirations and vacates | 53,770 |  |  | 184,143 |  |  | 138,153 |  |  | 32,122 |  |  | 73,794 |  |  | 176,993 |  |  | 421,062 |
Greater New York Metropolitan Area Office Portfolio |  |  |  |  |  |  |  |  |  |  |  |
Office expirations | 5,079 |  |  | — |  |  | — |  |  | — |  |  | 23,268 |  |  | — |  |  | 23,268 |
Renewals & relocations (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
New leases (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vacates (5) | 5,079 |  |  | — |  |  | — |  |  | — |  |  | 23,268 |  |  | — |  |  | 23,268 |
Unknown (6) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total expirations and vacates | 5,079 |  |  | — |  |  | — |  |  | — |  |  | 23,268 |  |  | — |  |  | 23,268 |
Retail Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |
Office expirations | — |  |  | 1,467 |  |  | 5,438 |  |  | — |  |  | 11,651 |  |  | 50,048 |  |  | 67,137 |
Renewals & relocations (3) | — |  |  | — |  |  | — |  |  | — |  |  | 491 |  |  | 1,671 |  |  | 2,162 |
New leases (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vacates (5) | — |  |  | 1,114 |  |  | 5,438 |  |  | — |  |  | 11,160 |  |  | — |  |  | 16,598 |
Unknown (6) | — |  |  | 353 |  |  | — |  |  | — |  |  | — |  |  | 48,377 |  |  | 48,377 |
Total expirations and vacates | — |  |  | 1,467 |  |  | 5,438 |  |  | — |  |  | 11,651 |  |  | 50,048 |  |  | 67,137 |

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) 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 2025 and 2026; and tenants who move within a building or within the Company's portfolio.
(4) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.
(5) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
(6) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.
Page 15

| Third Quarter 2025
Tenant Lease Expirations
(unaudited)

Total Office and Retail Lease Expirations | Number of Leases Expiring(1) |  | Rentable Square Feet Expiring(2) |  | Percent of Portfolio Rentable Square Feet Expiring |  | Annualized Rent(3) |  | Percent of Annualized Rent |  | Annualized Rent Per Rentable Square Foot
Available | — |  |  | 670,147 |  |  | 7.8 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 15 |  |  | 221,593 |  |  | 2.6 | % |  | — |  |  | — | % |  | — |
3Q 2025(4) | 5 |  |  | 19,423 |  |  | 0.2 | % |  | 1,239,070 |  |  | 0.2 | % |  | 63.79 |
4Q 2025 | 15 |  |  | 185,590 |  |  | 2.2 | % |  | 12,120,435 |  |  | 2.2 | % |  | 65.31 |
Total 2025 | 20 |  |  | 205,013 |  |  | 2.4 | % |  | 13,359,505 |  |  | 2.4 | % |  | 65.16 |
1Q 2026 | 14 |  |  | 143,591 |  |  | 1.7 | % |  | 8,918,368 |  |  | 1.6 | % |  | 62.11 |
2Q 2026 | 7 |  |  | 32,122 |  |  | 0.4 | % |  | 1,993,327 |  |  | 0.4 | % |  | 62.05 |
3Q 2026 | 19 |  |  | 109,224 |  |  | 1.3 | % |  | 6,805,024 |  |  | 1.2 | % |  | 62.30 |
4Q 2026 | 21 |  |  | 227,041 |  |  | 2.6 | % |  | 12,175,916 |  |  | 2.2 | % |  | 53.63 |
Total 2026 | 61 |  |  | 511,978 |  |  | 6.0 | % |  | 29,892,635 |  |  | 5.4 | % |  | 58.39 |
2027 | 87 |  |  | 707,766 |  |  | 8.2 | % |  | 47,950,004 |  |  | 8.6 | % |  | 67.75 |
2028 | 62 |  |  | 868,524 |  |  | 10.1 | % |  | 52,901,567 |  |  | 9.4 | % |  | 60.91 |
2029 | 67 |  |  | 790,106 |  |  | 9.2 | % |  | 68,389,913 |  |  | 12.2 | % |  | 86.56 |
2030 | 61 |  |  | 786,711 |  |  | 9.1 | % |  | 59,638,049 |  |  | 10.6 | % |  | 75.81 |
2031 | 38 |  |  | 250,288 |  |  | 2.9 | % |  | 27,699,144 |  |  | 4.9 | % |  | 110.67 |
2032 | 31 |  |  | 388,724 |  |  | 4.5 | % |  | 29,373,989 |  |  | 5.2 | % |  | 75.57 |
2033 | 37 |  |  | 326,415 |  |  | 3.8 | % |  | 24,682,056 |  |  | 4.4 | % |  | 75.62 |
2034 | 23 |  |  | 370,764 |  |  | 4.3 | % |  | 27,764,941 |  |  | 5.0 | % |  | 74.89 |
2035 | 25 |  |  | 473,508 |  |  | 5.5 | % |  | 32,929,648 |  |  | 5.9 | % |  | 69.54 |
Thereafter | 46 |  |  | 2,032,213 |  |  | 23.6 | % |  | 145,943,583 |  |  | 26.0 | % |  | 71.82 |
Total | 573 |  |  | 8,603,750 |  |  | 100.0 | % |  | $ | 560,525,034 |  |  | 100.0 | % |  | $ | 72.68 |

Manhattan Office Properties(5) |  |  |  |  |  |  |  |  |  |  |
Available | — |  |  | 551,507 |  |  | 7.3 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 14 |  |  | 207,163 |  |  | 2.7 | % |  | — |  |  | — | % |  | — |
3Q 2025(4) | 5 |  |  | 19,423 |  |  | 0.3 | % |  | 1,239,070 |  |  | 0.3 | % |  | 63.79 |
4Q 2025 | 13 |  |  | 184,123 |  |  | 2.4 | % |  | 12,005,811 |  |  | 2.7 | % |  | 65.21 |
Total 2025 | 18 |  |  | 203,546 |  |  | 2.7 | % |  | 13,244,881 |  |  | 3.0 | % |  | 65.07 |
1Q 2026 | 13 |  |  | 138,153 |  |  | 1.8 | % |  | 8,518,368 |  |  | 1.9 | % |  | 61.66 |
2Q 2026 | 7 |  |  | 32,122 |  |  | 0.4 | % |  | 1,993,327 |  |  | 0.4 | % |  | 62.05 |
3Q 2026 | 15 |  |  | 74,305 |  |  | 1.0 | % |  | 4,539,380 |  |  | 1.0 | % |  | 61.09 |
4Q 2026 | 19 |  |  | 176,993 |  |  | 2.3 | % |  | 10,988,835 |  |  | 2.5 | % |  | 62.09 |
Total 2026 | 54 |  |  | 421,573 |  |  | 5.5 | % |  | 26,039,910 |  |  | 5.8 | % |  | 61.77 |
2027 | 77 |  |  | 626,215 |  |  | 8.3 | % |  | 38,508,279 |  |  | 8.6 | % |  | 61.49 |
2028 | 56 |  |  | 845,634 |  |  | 11.2 | % |  | 50,422,065 |  |  | 11.3 | % |  | 59.63 |
2029 | 53 |  |  | 653,047 |  |  | 8.6 | % |  | 43,151,129 |  |  | 9.6 | % |  | 66.08 |
2030 | 44 |  |  | 666,742 |  |  | 8.8 | % |  | 45,163,387 |  |  | 10.1 | % |  | 67.74 |
2031 | 26 |  |  | 160,544 |  |  | 2.1 | % |  | 11,716,975 |  |  | 2.6 | % |  | 72.98 |
2032 | 23 |  |  | 344,120 |  |  | 4.6 | % |  | 25,219,550 |  |  | 5.6 | % |  | 73.29 |
2033 | 22 |  |  | 218,722 |  |  | 2.9 | % |  | 14,083,014 |  |  | 3.1 | % |  | 64.39 |
2034 | 16 |  |  | 343,694 |  |  | 4.5 | % |  | 24,196,728 |  |  | 5.4 | % |  | 70.40 |
2035 | 20 |  |  | 458,489 |  |  | 6.1 | % |  | 31,420,015 |  |  | 7.0 | % |  | 68.53 |
Thereafter | 30 |  |  | 1,862,053 |  |  | 24.7 | % |  | 124,821,334 |  |  | 27.9 | % |  | 67.03 |
Total Manhattan office properties | 453 |  |  | 7,563,049 |  |  | 100.0 | % |  | $ | 447,987,267 |  |  | 100.0 | % |  | $ | 65.84 |

(Table continued on next page)
Page 16

| Third Quarter 2025
Tenant Lease Expirations
(unaudited)

Greater New York Metropolitan Area Office Portfolio | Number of Leases Expiring(1) |  | Rentable Square Feet Expiring(2) |  | Percent of Portfolio Rentable Square Feet Expiring |  | Annualized Rent(3) |  | Percent of Annualized Rent |  | Annualized Rent Per Rentable Square Foot
Available | — |  |  | 78,226 |  |  | 27.7 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
3Q 2025(4) | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
4Q 2025 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
Total 2025 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
1Q 2026 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
2Q 2026 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
3Q 2026 | 1 |  |  | 23,268 |  |  | 8.2 | % |  | 1,471,503 |  |  | 12.4 | % |  | 63.24 |
4Q 2026 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
Total 2026 | 1 |  |  | 23,268 |  |  | 8.2 | % |  | 1,471,503 |  |  | 12.4 | % |  | 63.24 |
2027 | 4 |  |  | 21,546 |  |  | 7.6 | % |  | 1,264,659 |  |  | 10.6 | % |  | 58.70 |
2028 | 2 |  |  | 11,480 |  |  | 4.1 | % |  | 662,232 |  |  | 5.6 | % |  | 57.69 |
2029 | 3 |  |  | 12,208 |  |  | 4.3 | % |  | 731,372 |  |  | 6.1 | % |  | 59.91 |
2030 | 5 |  |  | 42,827 |  |  | 15.2 | % |  | 2,525,635 |  |  | 21.2 | % |  | 58.97 |
2031 | 1 |  |  | 15,030 |  |  | 5.3 | % |  | 879,672 |  |  | 7.4 | % |  | 58.53 |
2032(6) | 2 |  |  | 7,281 |  |  | 2.6 | % |  | 381,961 |  |  | 3.2 | % |  | 52.46 |
2033 | 1 |  |  | 63,173 |  |  | 22.4 | % |  | 3,618,934 |  |  | 30.4 | % |  | 57.29 |
2034 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
2035 | 1 |  |  | 7,137 |  |  | 2.6 | % |  | 367,556 |  |  | 3.1 | % |  | 51.50 |
Thereafter | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
Total greater New York metropolitan area office portfolio | 20 |  |  | 282,176 |  |  | 100.0 | % |  | $ | 11,903,524 |  |  | 100.0 | % |  | $ | 58.36 |

Retail Properties |  |  |  |  |  |  |  |  |  |  |
Available | — |  |  | 40,414 |  |  | 5.3 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 1 |  |  | 14,430 |  |  | 1.9 | % |  | — |  |  | — | % |  | — |
3Q 2025(4) | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
4Q 2025 | 2 |  |  | 1,467 |  |  | 0.2 | % |  | 114,624 |  |  | 0.1 | % |  | 78.13 |
Total 2025 | 2 |  |  | 1,467 |  |  | 0.2 | % |  | 114,624 |  |  | 0.1 | % |  | 78.13 |
1Q 2026 | 1 |  |  | 5,438 |  |  | 0.7 | % |  | 400,000 |  |  | 0.4 | % |  | 73.56 |
2Q 2026 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
3Q 2026 | 3 |  |  | 11,651 |  |  | 1.5 | % |  | 794,141 |  |  | 0.8 | % |  | 68.16 |
4Q 2026 | 2 |  |  | 50,048 |  |  | 6.6 | % |  | 1,187,081 |  |  | 1.2 | % |  | 23.72 |
Total 2026 | 6 |  |  | 67,137 |  |  | 8.8 | % |  | 2,381,222 |  |  | 2.4 | % |  | 35.47 |
2027 | 6 |  |  | 60,005 |  |  | 7.9 | % |  | 8,177,066 |  |  | 8.1 | % |  | 136.27 |
2028 | 4 |  |  | 11,410 |  |  | 1.5 | % |  | 1,817,270 |  |  | 1.8 | % |  | 159.27 |
2029 | 11 |  |  | 124,851 |  |  | 16.5 | % |  | 24,507,412 |  |  | 24.4 | % |  | 196.29 |
2030 | 12 |  |  | 77,142 |  |  | 10.2 | % |  | 11,949,027 |  |  | 11.9 | % |  | 154.90 |
2031 | 11 |  |  | 74,714 |  |  | 9.8 | % |  | 15,102,497 |  |  | 15.0 | % |  | 202.14 |
2032 | 6 |  |  | 37,323 |  |  | 4.9 | % |  | 3,772,478 |  |  | 3.7 | % |  | 101.08 |
2033 | 14 |  |  | 44,520 |  |  | 5.9 | % |  | 6,980,108 |  |  | 6.9 | % |  | 156.79 |
2034 | 7 |  |  | 27,070 |  |  | 3.6 | % |  | 3,568,213 |  |  | 3.5 | % |  | 131.81 |
2035 | 4 |  |  | 7,882 |  |  | 1.0 | % |  | 1,142,077 |  |  | 1.1 | % |  | 144.90 |
Thereafter | 16 |  |  | 170,160 |  |  | 22.5 | % |  | 21,122,249 |  |  | 21.1 | % |  | 124.13 |
Total retail properties | 100 |  |  | 758,525 |  |  | 100.0 | % |  | $ | 100,634,243 |  |  | 100.0 | % |  | $ | 143.01 |

Notes:
(1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(2) Excludes (i) 201,165 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, (iii) square footage related to the Company's residential units, and (iv) approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment.
(3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(4) Represents leases that are included in occupancy as of September 30, 2025 and expire on September 30, 2025.
(5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(6) Includes a telecom lease with no square footage.
Page 17

| Third Quarter 2025
20 Largest Tenants and Portfolio Tenant Diversification by Industry
(unaudited)

20 Largest Tenants | Property |  | Lease Expiration(1) |  | Weighted Average Remaining Lease Term(2) |  | Total Occupied Square Feet(3) |  | Percent of Portfolio Rentable Square Feet(4) |  | Annualized Rent(5) |  | Percent of Portfolio Annualized Rent(6)
1. | LinkedIn(7) | Empire State Building |  | Feb. 2026 - Aug. 2036 |  | 10.1 years |  | 423,544 |  |  | 5.00 | % |  | $ | 31,179,290 |  |  | 5.56 | %
2. | Flagstar Bank | 1400 Broadway |  | Aug. 2039 |  | 13.9 years |  | 313,109 |  |  | 3.70 | % |  | 19,636,148 |  |  | 3.50 | %
3. | Centric Brands Inc. | Empire State Building |  | Oct. 2028 |  | 3.1 years |  | 252,929 |  |  | 3.00 | % |  | 14,255,159 |  |  | 2.54 | %
4. | PVH Corp.(8) | 501 Seventh Avenue |  | Jan. 2026 - Oct. 2028 |  | 2.4 years |  | 237,281 |  |  | 2.80 | % |  | 13,455,701 |  |  | 2.40 | %
5. | Institutional Capital Network, Inc.(9) | One Grand Central Place |  | Nov. 2027 - Dec. 2041 |  | 15.3 years |  | 154,050 |  |  | 1.80 | % |  | 11,004,747 |  |  | 1.96 | %
6. | Burlington Merchandising Corporation | 1400 Broadway |  | Dec. 2041 |  | 16.3 years |  | 170,763 |  |  | 2.00 | % |  | 10,754,111 |  |  | 1.92 | %
7. | Sephora USA, Inc. | 112 West 34th Street |  | Jan. 2029 |  | 3.3 years |  | 11,334 |  |  | 0.10 | % |  | 10,575,900 |  |  | 1.89 | %
8. | Target Corporation | 112 West 34th St., 10 Union Sq. |  | Jan. 2038 |  | 12.3 years |  | 81,340 |  |  | 1.00 | % |  | 9,578,241 |  |  | 1.71 | %
9. | Macy's | 111 West 33rd Street |  | May 2030 |  | 4.7 years |  | 131,117 |  |  | 1.50 | % |  | 9,520,794 |  |  | 1.70 | %
10. | Coty Inc. | Empire State Building |  | Jan. 2030 |  | 4.3 years |  | 157,892 |  |  | 1.90 | % |  | 9,422,377 |  |  | 1.68 | %
11. | URBAN OUTFITTERS | 1333 Broadway |  | Sep. 2029 |  | 4.0 years |  | 56,730 |  |  | 0.70 | % |  | 8,287,997 |  |  | 1.48 | %
12. | Li & Fung(10) | 1359 Broadway, ESB |  | Oct. 2027 - Oct. 2028 |  | 2.8 years |  | 149,061 |  |  | 1.80 | % |  | 8,230,130 |  |  | 1.47 | %
13. | Foot Locker, Inc. | 112 West 34th Street |  | Sep. 2031 |  | 6.0 years |  | 34,192 |  |  | 0.40 | % |  | 7,873,484 |  |  | 1.40 | %
14. | FDIC(11) | Empire State Building |  | Dec. 2025 |  | 0.3 years |  | 119,226 |  |  | 1.40 | % |  | 7,823,959 |  |  | 1.40 | %
15. | Shutterstock, Inc. | Empire State Building |  | Apr. 2029 |  | 3.6 years |  | 108,937 |  |  | 1.30 | % |  | 7,617,570 |  |  | 1.36 | %
16. | Fragomen | 1400 Broadway |  | Feb. 2035 |  | 9.4 years |  | 107,680 |  |  | 1.30 | % |  | 7,118,080 |  |  | 1.27 | %
17. | The Michael J. Fox Foundation | 111 West 33rd Street |  | Nov. 2029 |  | 4.2 years |  | 86,492 |  |  | 1.00 | % |  | 6,549,061 |  |  | 1.17 | %
18. | ASCAP | 250 West 57th Street |  | Aug. 2034 |  | 8.9 years |  | 87,943 |  |  | 1.00 | % |  | 6,476,281 |  |  | 1.16 | %
19. | HNTB Corporation | Empire State Building |  | Sep. 2034 |  | 9.0 years |  | 78,361 |  |  | 0.90 | % |  | 5,683,260 |  |  | 1.01 | %
20. | Kohl's Department Stores, Inc. | 1400 Broadway |  | May 2029 |  | 3.7 years |  | 91,775 |  |  | 1.10 | % |  | 5,181,788 |  |  | 0.92 | %
| Total |  |  |  |  |  |  | 2,853,756 |  |  | 33.70 | % |  | $ | 210,224,078 |  |  | 37.50 | %

Notes:
(1) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
(2) Represents the weighted average lease term based on annualized rent.
(3) Based on leases signed and commenced as of September 30, 2025.
(4) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.
(7) Includes 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.
(8) Includes 50,560 square feet of expiries by December 31, 2027, none of which has been re-leased as of September 30, 2025.
(9) Includes 12,826 square feet of expiries by December 31, 2027, which is temporary space that will be replaced with a 39,610 square feet full floor expansion that is anticipated to commence on June 1, 2028.
(10) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been pre-leased to a different tenant and is anticipated to commence on November 1, 2027.
(11) Tenant’s 119,226 square feet has been pre-leased with an estimated move-in date of November 1, 2026.
Portfolio Tenant Diversification by Industry (based on annualized rent)
Page 18

| Third Quarter 2025
Initial Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
(unaudited and dollars in thousands)

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

|  | Square |  | Initial Annual |  | Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement |  | Feet |  | Cash Rent |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Fourth quarter 2025 |  | 107,879 |  |  | $ | 8,232 |  |  | $ | 933 |  |  | $ | 8,232 |  |  | $ | 8,232 |  |  | $ | 8,129 |  |  | $ | 7,986 |
First quarter 2026 |  | 54,441 |  |  | 4,769 |  |  | — |  |  | 4,217 |  |  | 4,769 |  |  | 4,769 |  |  | 4,769 |
Second quarter 2026 |  | 145,893 |  |  | 10,571 |  |  | — |  |  | 6,619 |  |  | 10,571 |  |  | 10,571 |  |  | 10,571 |
Third quarter 2026 |  | 111,333 |  |  | 7,289 |  |  | — |  |  | 3,231 |  |  | 7,289 |  |  | 7,289 |  |  | 7,289 |
Fourth quarter 2026 |  | 132,369 |  |  | 8,535 |  |  | — |  |  | 857 |  |  | 8,535 |  |  | 8,535 |  |  | 8,535 |
First quarter 2027 |  | 94,358 |  |  | 7,535 |  |  | — |  |  | — |  |  | 6,867 |  |  | 7,535 |  |  | 7,535 |
Second quarter 2027 |  | 51,726 |  |  | 3,799 |  |  | — |  |  | — |  |  | 2,791 |  |  | 3,799 |  |  | 3,799 |
Third quarter 2027 |  | 14,430 |  |  | 1,750 |  |  | — |  |  | — |  |  | 580 |  |  | 1,750 |  |  | 1,750 |
Fourth quarter 2027 |  | 13,943 |  |  | 1,115 |  |  | — |  |  | — |  |  | 277 |  |  | 1,115 |  |  | 1,115 |
First quarter 2028 |  | 34,162 |  |  | 2,462 |  |  | — |  |  | — |  |  | — |  |  | 2,404 |  |  | 2,462 |
Third quarter 2028 |  | 24,212 |  |  | 1,453 |  |  | — |  |  | — |  |  | — |  |  | 481 |  |  | 1,453 |
First quarter 2029 |  | 39,610 |  |  | 3,093 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,585 |
Second quarter 2029 |  | 25,212 |  |  | 1,575 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 918 |
|  | 849,568 |  |  | $ | 62,178 |  |  | $ | 933 |  |  | $ | 23,156 |  |  | $ | 49,911 |  |  | $ | 56,377 |  |  | $ | 60,767 |

|  | Incremental Annual |  | Initial Annual |  | Initial Cash Rent Contributing to Cash NOI in the Following Years
3Q 2025 |  | Cash Rent (1) |  | Cash Rent |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Commenced leases in free rent period |  | $ | 26,611 |  |  | $ | 36,138 |  |  | $ | 904 |  |  | $ | 21,496 |  |  | $ | 36,138 |  |  | $ | 36,035 |  |  | $ | 35,892 |
Signed leases not commenced |  | 18,941 |  |  | 26,040 |  |  | 29 |  |  | 1,660 |  |  | 13,773 |  |  | 20,342 |  |  | 24,875 |
|  | $ | 45,552 |  |  | $ | 62,178 |  |  | $ | 933 |  |  | $ | 23,156 |  |  | $ | 49,911 |  |  | $ | 56,377 |  |  | $ | 60,767 |

| Three Months Ended
Capital expenditures | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Tenant improvements - first generation | $ | 29 |  |  | $ | 39 |  |  | $ | 174 |  |  | $ | 2,744 |  |  | $ | — |
Tenant improvements - second generation (2) | 15,979 |  |  | 36,890 |  |  | 39,304 |  |  | 45,969 |  |  | 17,149 |
Leasing commissions - first generation | — |  |  | — |  |  | — |  |  | 98 |  |  | 138 |
Leasing commissions - second generation | 3,144 |  |  | 7,605 |  |  | 7,629 |  |  | 10,769 |  |  | 3,753 |
Building improvements - first generation | 1,094 |  |  | 236 |  |  | — |  |  | 180 |  |  | 128 |
Building improvements - second generation | 5,571 |  |  | 7,868 |  |  | 5,770 |  |  | 9,377 |  |  | 7,838 |
Non-recurring capital improvements | 14,495 |  |  | 8,934 |  |  | 2,910 |  |  | 14,420 |  |  | 2,825 |
Total | $ | 40,312 |  |  | $ | 61,572 |  |  | $ | 55,787 |  |  | $ | 83,557 |  |  | $ | 31,831 |

Notes:
(1) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.
(2) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.
Page 19

| Third Quarter 2025
Observatory Summary
(unaudited and dollars in thousands)

|  | Twelve Months to Date |  | Three Months Ended
Observatory NOI |  |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Observatory revenue (1) |  | $ | 131,372 |  |  | $ | 36,037 |  |  | $ | 33,899 |  |  | $ | 23,161 |  |  | $ | 38,275 |  |  | $ | 39,382 |
Observatory expenses |  | 37,180 |  |  | 9,510 |  |  | 9,822 |  |  | 8,118 |  |  | 9,730 |  |  | 9,715 |
NOI |  | 94,192 |  |  | 26,527 |  |  | 24,077 |  |  | 15,043 |  |  | 28,545 |  |  | 29,667 |
Intercompany rent expense (2) |  | 78,980 |  |  | 20,185 |  |  | 20,666 |  |  | 15,160 |  |  | 22,969 |  |  | 23,461 |
NOI after intercompany rent |  | $ | 15,212 |  |  | $ | 6,342 |  |  | $ | 3,411 |  |  | $ | (117) |  |  | $ | 5,576 |  |  | $ | 6,206 |
Observatory Metrics |  |  |  |  |  |  |  |  |  |  |  |
Number of visitors (3) |  |  |  | 648,000 |  |  | 629,000 |  |  | 428,000 |  |  | 718,000 |  |  | 727,000 |
Change in visitors year over year |  |  |  | (10.9) | % |  | (2.9) | % |  | (11.8) | % |  | 1.0 | % |  | (2.2) | %
Number of bad weather days ("BWD") (4) |  |  |  | 6 |  | 21 |  | 13 |  | 8 |  | 8

Notes:
(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, the fixed license fee was $1,904, $1,904, $1,904, $1,855 and $1,855, respectively.
(2) The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.
(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.
Annual Observatory NOI 2018 to 2024
Notes:
(1) The 102nd floor Observatory was closed for approximately nine months in 2019 for renovations.
(2) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020.
Page 20

| Third Quarter 2025
Debt Summary
(unaudited and dollars in thousands)

|  | September 30, 2025 |  |
|  |  |  | Weighted Average |  |  |  |
Debt Summary |  | Balance |  | Interest Rate (1) |  | Maturity (Years) |  |  |  |  |  |
Mortgage debt |  | $ | 701,554 |  |  | 3.64 | % |  | 5.5 |  |  |  |  |  |
Senior unsecured notes (2) |  | 1,100,000 |  |  | 4.76 | % |  | 4.9 |  |  |  |  |  |
Unsecured term loan facilities (3) |  | 270,000 |  |  | 4.43 | % |  | 2.0 |  |  |  |  |  |
Total fixed rate debt |  | 2,071,554 |  |  | 4.34 | % |  | 4.8 |  |  |  |  |  |
Unsecured term loan facilities (4) |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Unsecured revolving credit facility |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Total variable rate debt |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Total debt |  | 2,071,554 |  |  | 4.34 | % |  | 4.8 |  |  |  |  |  |
Deferred financing costs, net |  | (8,453) |  |  |  |  |  |  |  |  |  |  |
Debt discount |  | (5,598) |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 2,057,503 |  |  |  |  |  |  |  |  |  |  |

Available Capacity |  |  |  |  |  | Facility |  | Outstanding at September 30, 2025 |  | Letters of Credit |  | Available Capacity
Unsecured revolving credit facility (5) |  |  |  |  |  | $ | 620,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 620,000 |

Covenant Summary |  |  |  |  |  | Required |  | Current Quarter |  | In Compliance
Maximum Total Leverage (6) |  |  |  |  |  | < 60% |  | 32.1 | % |  | Yes
Maximum Secured Leverage (7) |  |  |  |  |  | < 40% |  | 11.7 | % |  | Yes
Minimum Fixed Charge Coverage |  |  |  |  |  | > 1.50x |  | 3.1x |  | Yes
Minimum Unencumbered Interest Coverage |  |  |  |  |  | > 1.75x |  | 4.9x |  | Yes
Maximum Unsecured Leverage (8) |  |  |  |  |  | < 60% |  | 25.2 | % |  | Yes

Notes:
(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt or the rate which are fixed under variable to fixed interest rate swap agreements.
(2) In October, the Company entered into a note purchase agreement to issue $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031. The private placement is scheduled to fund on December 18, 2025.
(3) SOFR is fixed at 2.56% for $175 million through maturity and 3.31% for $95 million through maturity.
(4) As of September 30, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.
(5) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.
(6) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.
(7) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.
(8) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.
Page 21

| Third Quarter 2025
Debt Detail
(unaudited and dollars in thousands)

|  | Stated Interest Rate (%) |  | Principal Balance |  | Maturity Date |  | Amortization
10 Union Square |  | 3.70 | % |  | $ | 50,000 |  |  | 4/1/2026 |  | Interest only
1542 Third Avenue |  | 4.29 | % |  | 30,000 |  |  | 5/1/2027 |  | Interest only
1010 Third Avenue & 77 West 55th St. |  | 4.01 | % |  | 33,343 |  |  | 1/5/2028 |  | 30 years
Metro Center |  | 3.59 | % |  | 71,600 |  |  | 11/5/2029 |  | Interest only
250 West 57th Street |  | 2.83 | % |  | 180,000 |  |  | 12/1/2030 |  | Interest only
1333 Broadway |  | 4.21 | % |  | 160,000 |  |  | 2/5/2033 |  | Interest only
345 East 94th Street - Series A |  | 70% of SOFR plus 0.95% |  | 43,600 |  |  | 11/1/2030 |  | Interest only
345 East 94th Street - Series B |  | SOFR plus 2.24% |  | 5,907 |  |  | 11/1/2030 |  | 30 years
561 10th Avenue - Series A |  | 70% of SOFR plus 1.07% |  | 114,500 |  |  | 11/1/2033 |  | Interest only
561 10th Avenue - Series B |  | SOFR plus 2.45% |  | 12,604 |  |  | 11/1/2033 |  | 30 years
Total fixed rate mortgage debt |  |  |  | 701,554 |  |  |  |  |
Unsecured term loan facility |  | SOFR plus 1.50% |  | 175,000 |  |  | 12/31/2026 |  | Interest only
Unsecured term loan facility |  | SOFR plus 1.50% |  | 95,000 |  |  | 3/8/2029 |  | Interest only
Unsecured revolving credit facility |  | SOFR plus 1.30% |  | — |  |  | 3/8/2029 |  | Interest only
Senior unsecured notes: |  |  |  |  |  |  |  |
Series B |  | 4.09 | % |  | 125,000 |  |  | 3/27/2027 |  | Interest only
Series C |  | 4.18 | % |  | 125,000 |  |  | 3/27/2030 |  | Interest only
Series D |  | 4.08 | % |  | 115,000 |  |  | 1/22/2028 |  | Interest only
Series E |  | 4.26 | % |  | 160,000 |  |  | 3/22/2030 |  | Interest only
Series F |  | 4.44 | % |  | 175,000 |  |  | 3/22/2033 |  | Interest only
Series G |  | 3.61 | % |  | 100,000 |  |  | 3/17/2032 |  | Interest only
Series H |  | 3.73 | % |  | 75,000 |  |  | 3/17/2035 |  | Interest only
Series I |  | 7.20 | % |  | 155,000 |  |  | 6/17/2029 |  | Interest only
Series J |  | 7.32 | % |  | 45,000 |  |  | 6/17/2031 |  | Interest only
Series K |  | 7.41 | % |  | 25,000 |  |  | 6/17/2034 |  | Interest only
Total / weighted average debt |  | 4.34 | % |  | 2,071,554 |  |  |  |  |
Deferred financing costs, net |  |  |  | (8,453) |  |  |  |  |
Debt discount |  |  |  | (5,598) |  |  |  |  |
Total |  |  |  | $ | 2,057,503 |  |  |  |  |

Page 22

| Third Quarter 2025
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)

Year |  | Maturities (1) |  | Amortization |  | Total |  | Percentage of Total Debt |  | Weighted Average Interest Rate of Maturing Debt
2025 |  | $ | — |  |  | $ | 944 |  |  | $ | 944 |  |  | 0.1 | % |  | N/A
2026 |  | 225,000 |  |  | 3,957 |  |  | 228,957 |  |  | 11.1 | % |  | 4.06 | %
2027 |  | 155,000 |  |  | 4,276 |  |  | 159,276 |  |  | 7.7 | % |  | 4.13 | %
2028 |  | 146,091 |  |  | 3,555 |  |  | 149,646 |  |  | 7.2 | % |  | 4.06 | %
2029 |  | 321,600 |  |  | 3,890 |  |  | 325,490 |  |  | 15.7 | % |  | 5.72 | %
2030 |  | 508,600 |  |  | 4,511 |  |  | 513,111 |  |  | 24.8 | % |  | 3.67 | %
2031 |  | 45,000 |  |  | 3,283 |  |  | 48,283 |  |  | 2.3 | % |  | 7.32 | %
2032 |  | 100,000 |  |  | 3,591 |  |  | 103,591 |  |  | 5.0 | % |  | 3.61 | %
2033 |  | 439,007 |  |  | 3,249 |  |  | 442,256 |  |  | 21.3 | % |  | 4.20 | %
2034 |  | 25,000 |  |  | — |  |  | 25,000 |  |  | 1.2 | % |  | 7.41 | %
2035 |  | 75,000 |  |  | — |  |  | 75,000 |  |  | 3.6 | % |  | 3.73 | %
Total debt |  | $ | 2,040,298 |  |  | $ | 31,256 |  |  | 2,071,554 |  |  | 100.0 | % |  | 4.34 | %
Deferred financing costs, net |  |  |  |  |  | (8,453) |  |  |  |  |
Debt discount |  |  |  |  |  | (5,598) |  |  |  |  |
Total |  |  |  |  |  | $ | 2,057,503 |  |  |  |  |

Ground Lease Commitments (2) |  |  |  |  |  |  |  |  |  |
Year |  |  |  | 1350 Broadway (3) |  | 1400 Broadway (4) |  | 111 West 33rd Street (5) |  | Total
2025 |  |  |  | $ | 27 |  |  | $ | 169 |  |  | $ | 184 |  |  | $ | 380 |
2026 |  |  |  | 93 |  |  | 675 |  |  | 735 |  |  | 1,503 |
2027 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
2028 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
2029 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
Thereafter |  |  |  | 1,482 |  |  | 22,950 |  |  | 34,851 |  |  | 59,283 |
|  |  |  | $ | 1,818 |  |  | $ | 25,819 |  |  | $ | 37,975 |  |  | $ | 65,612 |

Notes:
(1) Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(2) There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.
(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years.
(4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years.
(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 52 years.
Page 23