EX-99.2 3 a1q26supplement.htm EX-99.2

First Quarter 2026

Table of Contents | 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
Incremental 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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.
Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
Page 2

First Quarter 2026
Supplemental Definitions

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

First Quarter 2026
Supplemental Definitions

Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of March 31, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025 and Metro Center, Stamford, CT, which was disposed in December 2025. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
Page 4

First Quarter 2026

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. The Company is a recognized leader in energy efficiency and indoor environmental quality.

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

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

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

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

Page 5

| First Quarter 2026
Condensed Consolidated Balance Sheet
(unaudited and dollars in thousands)

Assets | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Real estate properties, at cost | $ | 4,267,420 |  |  | $ | 4,205,907 |  |  | $ | 3,940,755 |  |  | $ | 3,903,950 |  |  | $ | 3,825,422 |
Less: accumulated depreciation | (1,400,827) |  |  | (1,366,829) |  |  | (1,381,726) |  |  | (1,341,144) |  |  | (1,306,924) |
Real estate properties, net | 2,866,593 |  |  | 2,839,078 |  |  | 2,559,029 |  |  | 2,562,806 |  |  | 2,518,498 |
Cash and cash equivalents | 68,820 |  |  | 132,657 |  |  | 154,113 |  |  | 94,643 |  |  | 187,823 |
Restricted cash | 37,326 |  |  | 33,854 |  |  | 43,642 |  |  | 42,084 |  |  | 49,589 |
Tenant and other receivables | 23,667 |  |  | 22,063 |  |  | 27,416 |  |  | 28,124 |  |  | 29,071 |
Deferred rent receivables | 261,275 |  |  | 255,270 |  |  | 259,070 |  |  | 255,272 |  |  | 252,299 |
Prepaid expenses and other assets | 62,849 |  |  | 93,355 |  |  | 58,679 |  |  | 85,083 |  |  | 64,233 |
Deferred costs, net | 262,212 |  |  | 267,682 |  |  | 177,307 |  |  | 181,694 |  |  | 181,802 |
Acquired below-market ground leases, net | 303,621 |  |  | 305,579 |  |  | 307,537 |  |  | 309,495 |  |  | 311,452 |
Right of use assets | 27,882 |  |  | 27,944 |  |  | 28,007 |  |  | 28,070 |  |  | 28,134 |
Goodwill | 491,479 |  |  | 491,479 |  |  | 491,479 |  |  | 491,479 |  |  | 491,479 |
Total assets | $ | 4,405,724 |  |  | $ | 4,468,961 |  |  | $ | 4,106,279 |  |  | $ | 4,078,750 |  |  | $ | 4,114,380 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Mortgage notes payable, net | $ | 621,392 |  |  | $ | 619,269 |  |  | $ | 691,046 |  |  | $ | 691,440 |  |  | $ | 691,816 |
Senior unsecured notes, net | 1,270,909 |  |  | 1,270,668 |  |  | 1,097,498 |  |  | 1,097,355 |  |  | 1,097,212 |
Unsecured term loan facility, net | 336,972 |  |  | 336,794 |  |  | 268,959 |  |  | 268,883 |  |  | 268,807 |
Unsecured revolving credit facility | 90,000 |  |  | 145,000 |  |  | — |  |  | — |  |  | — |
Accounts payable and accrued expenses | 111,918 |  |  | 120,150 |  |  | 111,732 |  |  | 104,315 |  |  | 135,298 |
Acquired below-market leases, net | 37,948 |  |  | 39,767 |  |  | 15,875 |  |  | 17,081 |  |  | 18,306 |
Ground lease liabilities | 27,882 |  |  | 27,944 |  |  | 28,007 |  |  | 28,070 |  |  | 28,134 |
Deferred revenue and other liabilities | 57,601 |  |  | 59,901 |  |  | 64,191 |  |  | 55,343 |  |  | 61,888 |
Tenants' security deposits | 26,964 |  |  | 27,276 |  |  | 30,751 |  |  | 27,015 |  |  | 27,044 |
Total liabilities | 2,581,586 |  |  | 2,646,769 |  |  | 2,308,059 |  |  | 2,289,502 |  |  | 2,328,505 |
Total equity | 1,824,138 |  |  | 1,822,192 |  |  | 1,798,220 |  |  | 1,789,248 |  |  | 1,785,875 |
Total liabilities and equity | $ | 4,405,724 |  |  | $ | 4,468,961 |  |  | $ | 4,106,279 |  |  | $ | 4,078,750 |  |  | $ | 4,114,380 |

Page 6

| First Quarter 2026
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)

| Three Months Ended
| March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Revenues |  |  |  |  |  |  |  |  |
Rental revenue (1) | $ | 166,105 |  |  | $ | 159,721 |  |  | $ | 158,410 |  |  | $ | 153,540 |  |  | $ | 154,542 |
Observatory revenue | 18,510 |  |  | 35,232 |  |  | 36,037 |  |  | 33,899 |  |  | 23,161 |
Lease termination fees | 1,356 |  |  | — |  |  | — |  |  | 464 |  |  | — |
Third-party management and other fees | 277 |  |  | 240 |  |  | 404 |  |  | 408 |  |  | 431 |
Other revenue and fees | 4,077 |  |  | 4,031 |  |  | 2,879 |  |  | 2,939 |  |  | 1,932 |
Total revenues | 190,325 |  |  | 199,224 |  |  | 197,730 |  |  | 191,250 |  |  | 180,066 |
Operating expenses |  |  |  |  |  |  |  |  |
Property operating expenses | 47,744 |  |  | 47,817 |  |  | 46,957 |  |  | 44,880 |  |  | 45,060 |
Ground rent expenses | 2,331 |  |  | 2,332 |  |  | 2,331 |  |  | 2,332 |  |  | 2,331 |
General and administrative expenses | 18,093 |  |  | 18,474 |  |  | 18,743 |  |  | 18,685 |  |  | 16,940 |
Observatory expenses | 7,868 |  |  | 10,787 |  |  | 9,510 |  |  | 9,822 |  |  | 8,118 |
Real estate taxes | 34,613 |  |  | 33,842 |  |  | 33,241 |  |  | 32,607 |  |  | 33,050 |
Depreciation and amortization | 50,219 |  |  | 50,566 |  |  | 47,615 |  |  | 47,802 |  |  | 48,779 |
Total operating expenses | 160,868 |  |  | 163,818 |  |  | 158,397 |  |  | 156,128 |  |  | 154,278 |
Total operating income | 29,457 |  |  | 35,406 |  |  | 39,333 |  |  | 35,122 |  |  | 25,788 |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest income | 613 |  |  | 1,949 |  |  | 1,146 |  |  | 1,867 |  |  | 3,786 |
Interest expense | (28,137) |  |  | (25,880) |  |  | (25,189) |  |  | (25,126) |  |  | (26,938) |
Interest expense associated with property in receivership | — |  |  | — |  |  | — |  |  | — |  |  | (647) |
Loss on early extinguishment of debt | — |  |  | (97) |  |  | — |  |  | — |  |  | — |
Gain on disposition of property | — |  |  | 21,848 |  |  | — |  |  | — |  |  | 13,170 |
Income before income taxes | 1,933 |  |  | 33,226 |  |  | 15,290 |  |  | 11,863 |  |  | 15,159 |
Income tax (expense) benefit | 1,062 |  |  | (1,054) |  |  | (1,645) |  |  | (478) |  |  | 619 |
Net income | 2,995 |  |  | 32,172 |  |  | 13,645 |  |  | 11,385 |  |  | 15,778 |
Net income attributable to non-controlling interests: |  |  |  |  |  |  |  |  |
Non-controlling interests in the Operating Partnership | (710) |  |  | (11,446) |  |  | (4,610) |  |  | (3,815) |  |  | (5,508) |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,050) |  |  | (1,050) |  |  | (1,051) |  |  | (1,050) |
Net income attributable to common stockholders | $ | 1,235 |  |  | $ | 19,676 |  |  | $ | 7,985 |  |  | $ | 6,519 |  |  | $ | 9,220 |
Weighted average common shares outstanding |  |  |  |  |  |  |  |  |
Basic | 170,673 |  |  | 168,693 |  |  | 169,250 |  |  | 168,368 |  |  | 167,181 |
Diluted | 269,348 |  |  | 270,328 |  |  | 270,357 |  |  | 269,951 |  |  | 269,529 |
Earnings per share attributable to common stockholders |  |  |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 0.12 |  |  | $ | 0.05 |  |  | $ | 0.04 |  |  | $ | 0.06 |
Diluted | $ | 0.01 |  |  | $ | 0.12 |  |  | $ | 0.05 |  |  | $ | 0.04 |  |  | $ | 0.05 |
Dividends per share | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |

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

| Three Months Ended
Rental Revenue | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Base rent | $ | 144,296 |  |  | $ | 138,956 |  |  | $ | 136,371 |  |  | $ | 133,987 |  |  | $ | 136,096 |
Billed tenant expense reimbursement | 21,809 |  |  | 20,765 |  |  | 22,039 |  |  | 19,553 |  |  | 18,446 |
Total rental revenue | $ | 166,105 |  |  | $ | 159,721 |  |  | $ | 158,410 |  |  | $ | 153,540 |  |  | $ | 154,542 |

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

| First Quarter 2026
FFO, Modified FFO, Core FFO, Core FAD and EBITDA
(unaudited and in thousands, except per share amounts)

| Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Net Income | $ | 2,995 |  |  | $ | 32,172 |  |  | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |
Preferred unit distributions | (1,050) |  |  | (1,050) |  |  | (1,050) |  |  | (1,051) |  |  | (1,050) |
Real estate depreciation and amortization | 49,292 |  |  | 49,689 |  |  | 46,741 |  |  | 46,921 |  |  | 47,871 |
Gain on disposition of property | — |  |  | (21,848) |  |  | — |  |  | — |  |  | (13,170) |
FFO attributable to common stockholders and the Operating Partnership | 51,237 |  |  | 58,963 |  |  | 59,336 |  |  | 57,255 |  |  | 49,429 |
Amortization of below-market ground lease | 1,958 |  |  | 1,958 |  |  | 1,957 |  |  | 1,958 |  |  | 1,958 |
Modified FFO attributable to common stockholders and the Operating Partnership | 53,195 |  |  | 60,921 |  |  | 61,293 |  |  | 59,213 |  |  | 51,387 |
Interest expense associated with property in receivership | — |  |  | — |  |  | — |  |  | — |  |  | 647 |
Loss on early extinguishment of debt | — |  |  | 97 |  |  | — |  |  | — |  |  | — |
IPO litigation expense(1) | — |  |  | 632 |  |  | — |  |  | — |  |  | — |
Core FFO attributable to common stockholders and the Operating Partnership | $ | 53,195 |  |  | $ | 61,650 |  |  | $ | 61,293 |  |  | $ | 59,213 |  |  | $ | 52,034 |
Total weighted average shares and Operating Partnership units |  |  |  |  |  |  |  |  |
Basic | 268,792 |  |  | 266,825 |  |  | 266,963 |  |  | 266,899 |  |  | 267,073 |
Diluted | 269,348 |  |  | 270,328 |  |  | 270,357 |  |  | 269,951 |  |  | 269,529 |
FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.19 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.19 |
Diluted | $ | 0.19 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.18 |
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.20 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |
Diluted | $ | 0.20 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |
Core FFO attributable to common stockholders and the Operating Partnership per share and unit |  |  |  |  |  |  |  |  |
Basic | $ | 0.20 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |
Diluted | $ | 0.20 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |

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

Reconciliation of Core FFO to Core FAD |  |  |  |  |  |  |  |  |
Core FFO | $ | 53,195 |  |  | $ | 61,650 |  |  | $ | 61,293 |  |  | $ | 59,213 |  |  | $ | 52,034 |
Add: |  |  |  |  |  |  |  |  |
Amortization of deferred financing costs | 1,262 |  |  | 1,172 |  |  | 1,082 |  |  | 1,080 |  |  | 1,094 |
Non-real estate depreciation and amortization | 927 |  |  | 877 |  |  | 874 |  |  | 880 |  |  | 908 |
Amortization of non-cash compensation expense | 5,872 |  |  | 6,807 |  |  | 6,484 |  |  | 6,900 |  |  | 4,980 |
Amortization of loss on interest rate derivative | 1,385 |  |  | 1,386 |  |  | 1,385 |  |  | 1,386 |  |  | 1,386 |
Deduct: |  |  |  |  |  |  |  |  |
Straight-line rental revenues, above/below market rent, and other non-cash adjustments | (8,201) |  |  | (5,380) |  |  | (5,832) |  |  | (4,913) |  |  | (6,407) |
Corporate capital expenditures | (264) |  |  | (772) |  |  | (218) |  |  | (234) |  |  | (83) |
Tenant improvements - second generation | (13,159) |  |  | (21,406) |  |  | (15,979) |  |  | (36,890) |  |  | (39,304) |
Building improvements - second generation | (4,765) |  |  | (4,704) |  |  | (5,571) |  |  | (7,868) |  |  | (5,770) |
Leasing commissions - second generation | (3,722) |  |  | (8,730) |  |  | (3,144) |  |  | (7,605) |  |  | (7,629) |
Core FAD | $ | 32,530 |  |  | $ | 30,900 |  |  | $ | 40,374 |  |  | $ | 11,949 |  |  | $ | 1,209 |

Reconciliation of Net Income to EBITDA and Adjusted EBITDA |  |  |  |  |  |  |  |
Net income | $ | 2,995 |  |  | $ | 32,172 |  |  | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |
Interest expense | 28,137 |  |  | 25,880 |  |  | 25,189 |  |  | 25,126 |  |  | 26,938 |
Interest expense associated with property in receivership | — |  |  | — |  |  | — |  |  | — |  |  | 647 |
Income tax expense (benefit) | (1,062) |  |  | 1,054 |  |  | 1,645 |  |  | 478 |  |  | (619) |
Depreciation and amortization | 50,219 |  |  | 50,566 |  |  | 47,615 |  |  | 47,802 |  |  | 48,779 |
EBITDA | 80,289 |  |  | 109,672 |  |  | 88,094 |  |  | 84,791 |  |  | 91,523 |
Gain on disposition of property | — |  |  | (21,848) |  |  | — |  |  | — |  |  | (13,170) |
Adjusted EBITDA | $ | 80,289 |  |  | $ | 87,824 |  |  | $ | 88,094 |  |  | $ | 84,791 |  |  | $ | 78,353 |

Page 8

| First Quarter 2026
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)

| Three Months Ended
Office and Retail Metrics: | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Total rentable square footage(1) | 8,340,647 |  |  | 8,324,766 |  |  | 8,603,750 |  |  | 8,611,559 |  |  | 8,617,292 |
Percent occupied (1)(2) | 88.2 | % |  | 90.3 | % |  | 90.0 | % |  | 89.2 | % |  | 87.9 | %
Percent leased (1)(3) | 93.2 | % |  | 93.6 | % |  | 92.6 | % |  | 93.1 | % |  | 92.5 | %
Multifamily Metrics: |  |  |  |  |  |  |  |  |
Total number of units | 743 |  |  | 743 |  |  | 743 |  |  | 743 |  |  | 732 |
Percent occupied | 96.4 | % |  | 97.8 | % |  | 98.6 | % |  | 98.6 | % |  | 99.0 | %
Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees: |  |  |  |  |  |  |  |  |
Office portfolio | $ | 64,606 |  |  | $ | 64,863 |  |  | $ | 64,715 |  |  | $ | 63,589 |  |  | $ | 61,548 |
Retail portfolio | 4,516 |  |  | 4,338 |  |  | 4,136 |  |  | 3,950 |  |  | 4,136 |
Multifamily portfolio | 5,068 |  |  | 5,128 |  |  | 5,284 |  |  | 5,173 |  |  | 4,643 |
Total Same Store Property Cash NOI, excluding lease termination fees | $ | 74,190 |  |  | $ | 74,329 |  |  | $ | 74,135 |  |  | $ | 72,712 |  |  | $ | 70,327 |
Observatory Metrics: |  |  |  |  |  |  |  |  |
Observatory NOI | $ | 10,642 |  |  | $ | 24,445 |  |  | $ | 26,527 |  |  | $ | 24,077 |  |  | $ | 15,043 |
Number of visitors (4) | 350,000 |  |  | 618,000 |  |  | 648,000 |  |  | 629,000 |  |  | 428,000 |
Change in visitors year-over-year | (18.2) | % |  | (13.9) | % |  | (10.9) | % |  | (2.9) | % |  | (11.8) | %
Ratios: |  |  |  |  |  |  |  |  |
Debt to Total Market Capitalization (5) | 60.0 | % |  | 55.7 | % |  | 48.2 | % |  | 46.9 | % |  | 47.8 | %
Net Debt to Total Market Capitalization (5) | 59.2 | % |  | 54.3 | % |  | 46.3 | % |  | 45.8 | % |  | 45.4 | %
Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 62.2 | % |  | 57.8 | % |  | 50.3 | % |  | 49.0 | % |  | 49.8 | %
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 61.6 | % |  | 56.4 | % |  | 48.5 | % |  | 47.8 | % |  | 47.5 | %
Debt to Adjusted EBITDA (6) | 6.5x |  | 6.7x |  | 6.0x |  | 5.8x |  | 5.8x
Net Debt to Adjusted EBITDA (6) | 6.3x |  | 6.3x |  | 5.6x |  | 5.6x |  | 5.2x
Core FFO Payout Ratio (7) | 18 | % |  | 16 | % |  | 16 | % |  | 16 | % |  | 19 | %
Core FAD Payout Ratio (8) | 30 | % |  | 32 | % |  | 24 | % |  | 82 | % |  | 805 | %
Core FFO per share - diluted | $ | 0.20 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.19 |
Diluted weighted average shares | 269,348 |  |  | 270,328 |  |  | 270,357 |  |  | 269,951 |  |  | 269,529 |
Class A common stock price at quarter end | $ | 5.20 |  |  | $ | 6.52 |  |  | $ | 7.66 |  |  | $ | 8.09 |  |  | $ | 7.82 |
Dividends declared and paid per share | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |  |  | $ | 0.035 |
Dividends per share - annualized | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.14 |
Dividend yield (9) | 2.7 | % |  | 2.1 | % |  | 1.8 | % |  | 1.7 | % |  | 1.8 | %
Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) | 1,560 |  |  | 1,560 |  |  | 1,560 |  |  | 1,560 |  |  | 1,560 |
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) | 4,664 |  |  | 4,664 |  |  | 4,664 |  |  | 4,664 |  |  | 4,664 |
Class A common stock | 171,089 |  |  | 169,523 |  |  | 168,970 |  |  | 168,301 |  |  | 167,094 |
Class B common stock (10) | 970 |  |  | 972 |  |  | 972 |  |  | 975 |  |  | 976 |
Operating partnership units | 110,971 |  |  | 107,225 |  |  | 108,674 |  |  | 109,308 |  |  | 110,662 |
Total common stock and operating partnership units outstanding (11) | 283,030 |  |  | 277,720 |  |  | 278,616 |  |  | 278,584 |  |  | 278,732 |

Notes:
(1) Rentable square footage, occupied percentage, and leased percentage excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6 th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant.
(2) Based on leases signed and commenced as of end of period. Percent occupied excludes storage and broadcasting space.
(3) Represents occupancy and includes signed leases not commenced. Percent leased excludes storage and broadcasting space.
(4) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(5) Market capitalization represents the sum of (i) Company's common stock per share price as of period end multiplied by the total outstanding number of shares of common stock and operating partnership units as of period end, (ii) the number of Series 2014 perpetual preferred units at period end multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at period end multiplied by $13.52, and (iv) our outstanding indebtedness as of period end.
(6) Calculated based on trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement.
(7) Represents the amount of Core FFO paid out in distributions.
(8) Quarterly Core FAD may fluctuate significantly due to the timing of capital expenditures and leasing commission costs.
(9) Based on the closing price per share of Class A common stock as of the period end.
(10) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.
(11) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.
Page 9

| First Quarter 2026
Property Summary - Same Store NOI
(unaudited and dollars in thousands)

| Three Months Ended |  |
| March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  |  |  |
Same Store Portfolio(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 160,290 |  |  | $ | 159,453 |  |  | $ | 157,665 |  |  | $ | 153,495 |  |  | $ | 153,318 |  |  |  |  |
Operating expenses | (82,424) |  |  | (82,104) |  |  | (80,035) |  |  | (78,195) |  |  | (78,831) |  |  |  |  |
Same store property NOI | 77,866 |  |  | 77,349 |  |  | 77,630 |  |  | 75,300 |  |  | 74,487 |  |  |  |  |
Straight-line rent | (5,018) |  |  | (4,156) |  |  | (4,631) |  |  | (3,707) |  |  | (5,319) |  |  |  |  |
Above/below-market rent revenue amortization | (616) |  |  | (822) |  |  | (821) |  |  | (839) |  |  | (799) |  |  |  |  |
Below-market ground lease amortization | 1,958 |  |  | 1,958 |  |  | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  |  |  |
Total same store property cash NOI - excluding lease termination fees | $ | 74,190 |  |  | $ | 74,329 |  |  | $ | 74,135 |  |  | $ | 72,712 |  |  | $ | 70,327 |  |  |  |  |
Percent change over prior year | 5.5 | % |  | 2.0 | % |  | 2.3 | % |  | (2.4) | % |  | 0.4 | % |  |  |  |
Total same store property cash NOI - excluding lease termination fees | $ | 74,190 |  |  | $ | 74,329 |  |  | $ | 74,135 |  |  | $ | 72,712 |  |  | $ | 70,327 |  |  |  |  |
Lease termination fees | 1,356 |  |  | — |  |  | — |  |  | 464 |  |  | — |  |  |  |  |
Total same store property cash NOI | $ | 75,546 |  |  | $ | 74,329 |  |  | $ | 74,135 |  |  | $ | 73,176 |  |  | $ | 70,327 |  |  |  |  |
Same Store Office(1),(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 143,199 |  |  | $ | 142,004 |  |  | $ | 140,613 |  |  | $ | 136,543 |  |  | $ | 136,408 |  |  |  |  |
Operating expenses | (75,477) |  |  | (74,883) |  |  | (73,102) |  |  | (71,336) |  |  | (71,598) |  |  |  |  |
Same store property NOI | 67,722 |  |  | 67,121 |  |  | 67,511 |  |  | 65,207 |  |  | 64,810 |  |  |  |  |
Straight-line rent | (4,601) |  |  | (3,605) |  |  | (4,143) |  |  | (2,947) |  |  | (4,633) |  |  |  |  |
Above/below-market rent revenue amortization | (473) |  |  | (611) |  |  | (610) |  |  | (629) |  |  | (587) |  |  |  |  |
Below-market ground lease amortization | 1,958 |  |  | 1,958 |  |  | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  |  |  |
Total same store property cash NOI - excluding lease termination fees | 64,606 |  |  | 64,863 |  |  | 64,715 |  |  | 63,589 |  |  | 61,548 |  |  |  |  |
Lease termination fees | 1,356 |  |  | — |  |  | — |  |  | 464 |  |  | — |  |  |  |  |
Total same store property cash NOI | $ | 65,962 |  |  | $ | 64,863 |  |  | $ | 64,715 |  |  | $ | 64,053 |  |  | $ | 61,548 |  |  |  |  |
Same Store Retail(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 7,149 |  |  | $ | 7,294 |  |  | $ | 6,972 |  |  | $ | 7,106 |  |  | $ | 7,264 |  |  |  |  |
Operating expenses | (2,046) |  |  | (2,200) |  |  | (2,147) |  |  | (2,194) |  |  | (2,240) |  |  |  |  |
Same store property NOI | 5,103 |  |  | 5,094 |  |  | 4,825 |  |  | 4,912 |  |  | 5,024 |  |  |  |  |
Straight-line rent | (388) |  |  | (487) |  |  | (420) |  |  | (693) |  |  | (619) |  |  |  |  |
Above/below-market rent revenue amortization | (199) |  |  | (269) |  |  | (269) |  |  | (269) |  |  | (269) |  |  |  |  |
Below-market ground lease amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total same store property cash NOI - excluding lease termination fees | 4,516 |  |  | 4,338 |  |  | 4,136 |  |  | 3,950 |  |  | 4,136 |  |  |  |  |
Lease termination fees | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total same store property cash NOI | $ | 4,516 |  |  | $ | 4,338 |  |  | $ | 4,136 |  |  | $ | 3,950 |  |  | $ | 4,136 |  |  |  |  |
Same Store Multifamily(1),(3) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 9,942 |  |  | $ | 10,155 |  |  | $ | 10,080 |  |  | $ | 9,846 |  |  | $ | 9,646 |  |  |  |  |
Operating expenses | (4,901) |  |  | (5,021) |  |  | (4,786) |  |  | (4,665) |  |  | (4,993) |  |  |  |  |
Same store property NOI | 5,041 |  |  | 5,134 |  |  | 5,294 |  |  | 5,181 |  |  | 4,653 |  |  |  |  |
Straight-line rent | (29) |  |  | (64) |  |  | (68) |  |  | (67) |  |  | (67) |  |  |  |  |
Above/below-market rent revenue amortization | 56 |  |  | 58 |  |  | 58 |  |  | 59 |  |  | 57 |  |  |  |  |
Below-market ground lease amortization | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total same store property cash NOI - excluding lease termination fees | 5,068 |  |  | 5,128 |  |  | 5,284 |  |  | 5,173 |  |  | 4,643 |  |  |  |  |
Lease termination fees | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total same store property cash NOI | $ | 5,068 |  |  | $ | 5,128 |  |  | $ | 5,284 |  |  | $ | 5,173 |  |  | $ | 4,643 |  |  |  |  |

Notes:
(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.
(2) Includes 472,724 rentable square feet of retail space in nine of the Company’s Same Store office properties.
(3) Includes 25,887 rentable square feet of retail space in the Company’s multifamily properties.
Page 10

| First Quarter 2026
Same Store NOI
(unaudited and dollars in thousands)

| Three Months Ended |  |
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  |  |  |
Net income | $ | 2,995 |  |  | $ | 32,172 |  |  | $ | 13,645 |  |  | $ | 11,385 |  |  | $ | 15,778 |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses | 18,093 |  |  | 18,474 |  |  | 18,743 |  |  | 18,685 |  |  | 16,940 |  |  |  |  |
Depreciation and amortization | 50,219 |  |  | 50,566 |  |  | 47,615 |  |  | 47,802 |  |  | 48,779 |  |  |  |  |
Interest expense | 28,137 |  |  | 25,880 |  |  | 25,189 |  |  | 25,126 |  |  | 26,938 |  |  |  |  |
Interest expense associated with property in receivership | — |  |  | — |  |  | — |  |  | — |  |  | 647 |  |  |  |  |
Loss on early extinguishment of debt | — |  |  | 97 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Income tax expense (benefit) | (1,062) |  |  | 1,054 |  |  | 1,645 |  |  | 478 |  |  | (619) |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on disposition of property | — |  |  | (21,848) |  |  | — |  |  | — |  |  | (13,170) |  |  |  |  |
Third-party management and other fees | (277) |  |  | (240) |  |  | (404) |  |  | (408) |  |  | (431) |  |  |  |  |
Interest income | (613) |  |  | (1,949) |  |  | (1,146) |  |  | (1,867) |  |  | (3,786) |  |  |  |  |
Net operating income | 97,492 |  |  | 104,206 |  |  | 105,287 |  |  | 101,201 |  |  | 91,076 |  |  |  |  |
Straight-line rent | (7,209) |  |  | (4,320) |  |  | (4,688) |  |  | (3,748) |  |  | (5,283) |  |  |  |  |
Above/below-market rent revenue amortization | (670) |  |  | (737) |  |  | (821) |  |  | (840) |  |  | (798) |  |  |  |  |
Below-market ground lease amortization | 1,958 |  |  | 1,958 |  |  | 1,957 |  |  | 1,958 |  |  | 1,958 |  |  |  |  |
Total cash NOI - including Observatory and lease termination fees | 91,571 |  |  | 101,107 |  |  | 101,735 |  |  | 98,571 |  |  | 86,953 |  |  |  |  |
Less: Observatory NOI | (10,642) |  |  | (24,445) |  |  | (26,527) |  |  | (24,077) |  |  | (15,043) |  |  |  |  |
Less: cash NOI from non-Same Store properties | (5,383) |  |  | (2,333) |  |  | (1,073) |  |  | (1,318) |  |  | (1,583) |  |  |  |  |
Total Same Store property cash NOI - including lease termination fees | 75,546 |  |  | 74,329 |  |  | 74,135 |  |  | 73,176 |  |  | 70,327 |  |  |  |  |
Less: Lease termination fees | (1,356) |  |  | — |  |  | — |  |  | (464) |  |  | — |  |  |  |  |
Total Same Store property cash NOI - excluding Observatory and lease termination fees | $ | 74,190 |  |  | $ | 74,329 |  |  | $ | 74,135 |  |  | $ | 72,712 |  |  | $ | 70,327 |  |  |  |  |

Page 11

| First Quarter 2026
Property Summary - Leasing Activity by Quarter
(unaudited)

| Three Months Ended
| March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Total Office and Retail Portfolio(1) |  |  |  |  |  |  |  |  |
Total leases executed | 11 |  | 27 |  | 16 |  | 22 |  | 20
Weighted average lease term | 12.2 years |  | 6.7 years |  | 8.1 years |  | 9.9 years |  | 8.4 years
Average free rent period | 13.9 months |  | 2.9 months |  | 6.0 months |  | 7.6 months |  | 7.8 months
Office |  |  |  |  |  |  |  |  |
Total square footage executed | 90,687 |  |  | 333,451 |  |  | 71,859 |  |  | 221,776 |  |  | 229,367 |
Average starting cash rent psf - leases executed | $ | 59.46 |  |  | $ | 73.63 |  |  | $ | 69.97 |  |  | $ | 71.21 |  |  | $ | 66.43 |
Previously escalated cash rents psf | $ | 55.66 |  |  | $ | 69.20 |  |  | $ | 67.33 |  |  | $ | 63.50 |  |  | $ | 60.63 |
Percentage of new cash rent over previously escalated rents | 6.8 | % |  | 6.4 | % |  | 3.9 | % |  | 12.1 | % |  | 9.6 | %
Retail |  |  |  |  |  |  |  |  |
Total square footage executed | 22,797 |  |  | 125,022 |  |  | 16,021 |  |  | 10,332 |  |  | 1,181 |
Average starting cash rent psf - leases executed | $ | 135.49 |  |  | $ | 81.43 |  |  | $ | 128.33 |  |  | $ | 268.92 |  |  | $ | 193.00 |
Previously escalated cash rents psf | $ | 137.03 |  |  | $ | 83.81 |  |  | $ | 145.48 |  |  | $ | 316.28 |  |  | $ | 183.74 |
Percentage of new cash rent over previously escalated rents | (1.1) | % |  | (2.8) | % |  | (11.8) | % |  | (15.0) | % |  | 5.0 | %
Total Office and Retail Portfolio |  |  |  |  |  |  |  |  |
Total square footage executed | 113,484 |  |  | 458,473 |  |  | 87,880 |  |  | 232,108 |  |  | 230,548 |
Average starting cash rent psf - leases executed | $ | 74.73 |  |  | $ | 75.61 |  |  | $ | 80.61 |  |  | $ | 80.01 |  |  | $ | 67.08 |
Previously escalated cash rents psf | $ | 72.01 |  |  | $ | 72.90 |  |  | $ | 81.57 |  |  | $ | 74.75 |  |  | $ | 61.27 |
Percentage of new cash rent over previously escalated rents | 3.8 | % |  | 3.7 | % |  | (1.2) | % |  | 7.0 | % |  | 9.5 | %
Leasing commission costs per square foot | $ | 32.21 |  |  | $ | 21.53 |  |  | $ | 33.24 |  |  | $ | 31.62 |  |  | $ | 22.39 |
Tenant improvement costs per square foot | 104.97 |  |  | 33.61 |  |  | 59.60 |  |  | 86.85 |  |  | 47.92 |
Total LC and TI per square foot(2) | $ | 137.18 |  |  | $ | 55.14 |  |  | $ | 92.84 |  |  | $ | 118.47 |  |  | $ | 70.31 |
Total LC and TI per square foot per year of weighted average lease term | $ | 11.24 |  |  | $ | 8.25 |  |  | $ | 11.48 |  |  | $ | 11.93 |  |  | $ | 8.34 |
Occupancy(3),(4) | 88.2 | % |  | 90.3 | % |  | 90.0 | % |  | 89.2 | % |  | 87.9 | %

Manhattan Office Portfolio |  |  |  |  |  |  |  |  |
Total leases executed | 9 |  | 18 |  | 14 |  | 18 |  | 18
Office - New Leases |  |  |  |  |  |  |  |  |
Total square footage executed | 83,397 |  |  | 106,311 |  |  | 26,430 |  |  | 202,499 |  |  | 43,184 |
Average starting cash rent psf - leases executed | $ | 58.54 |  |  | $ | 70.97 |  |  | $ | 68.56 |  |  | $ | 72.28 |  |  | $ | 69.13 |
Previously escalated cash rents psf | $ | 55.27 |  |  | $ | 62.55 |  |  | $ | 67.69 |  |  | $ | 63.11 |  |  | $ | 66.77 |
Percentage of new cash rent over previously escalated rents | 5.9 | % |  | 13.5 | % |  | 1.3 | % |  | 14.5 | % |  | 3.5 | %
Office - Renewal Leases(1) |  |  |  |  |  |  |  |  |
Current Renewals | 7,290 |  |  | 14,542 |  |  | 30,907 |  |  | 19,277 |  |  | 177,328 |
Early Renewals | — |  |  | 212,598 |  |  | 14,522 |  |  | — |  |  | — |
Total square footage executed | 7,290 |  |  | 227,140 |  |  | 45,429 |  |  | 19,277 |  |  | 177,328 |
Average starting cash rent psf - leases executed | $ | 70.00 |  |  | $ | 74.88 |  |  | $ | 70.80 |  |  | $ | 59.97 |  |  | $ | 66.62 |
Previously escalated cash rents psf | $ | 60.19 |  |  | $ | 72.31 |  |  | $ | 67.11 |  |  | $ | 67.51 |  |  | $ | 59.35 |
Percentage of new cash rent over previously escalated rents | 16.3 | % |  | 3.6 | % |  | 5.5 | % |  | (11.2) | % |  | 12.3 | %
Total Manhattan Office Portfolio |  |  |  |  |  |  |  |  |
Total square footage executed | 90,687 |  |  | 333,451 |  |  | 71,859 |  |  | 221,776 |  |  | 220,512 |
Average starting cash rent psf - leases executed | $ | 59.46 |  |  | $ | 73.63 |  |  | $ | 69.97 |  |  | $ | 71.21 |  |  | $ | 67.11 |
Previously escalated cash rents psf | $ | 55.66 |  |  | $ | 69.20 |  |  | $ | 67.33 |  |  | $ | 63.50 |  |  | $ | 60.80 |
Percentage of new cash rent over previously escalated rents | 6.8 | % |  | 6.4 | % |  | 3.9 | % |  | 12.1 | % |  | 10.4 | %
Leasing commission costs per square foot | $ | 23.49 |  |  | $ | 14.38 |  |  | $ | 20.16 |  |  | $ | 28.97 |  |  | $ | 22.47 |
Tenant improvement costs per square foot | 105.06 |  |  | 36.36 |  |  | 47.79 |  |  | 89.60 |  |  | 49.50 |
Total LC and TI per square foot(2) | $ | 128.55 |  |  | $ | 50.74 |  |  | $ | 67.95 |  |  | $ | 118.57 |  |  | $ | 71.97 |
Total LC and TI per square foot per year of weighted average lease term | $ | 12.30 |  |  | $ | 10.01 |  |  | $ | 10.76 |  |  | $ | 11.79 |  |  | $ | 8.41 |
Occupancy(3),(4) | 87.9 | % |  | 89.9 | % |  | 90.3 | % |  | 89.5 | % |  | 88.1 | %

(Table continued on next page)
Page 12

| First Quarter 2026
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)

| Three Months Ended
| March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Retail Portfolio |  |  |  |  |  |  |  |  |
Total leases executed | 2 |  | 9 |  | 2 |  | 4 |  |  | 1 |
Total square footage executed | 22,797 |  |  | 125,022 |  |  | 16,021 |  |  | 10,332 |  |  | 1,181 |
Average starting cash rent psf - leases executed | $ | 135.49 |  |  | $ | 81.43 |  |  | $ | 128.33 |  |  | $ | 268.92 |  |  | $ | 193.00 |
Previously escalated cash rents psf | $ | 137.03 |  |  | $ | 83.81 |  |  | $ | 145.48 |  |  | $ | 316.28 |  |  | $ | 183.74 |
Percentage of new cash rent over previously escalated rents | (1.1) | % |  | (2.8) | % |  | (11.8) | % |  | (15.0) | % |  | 5.0 | %
Leasing commission costs per square foot | $ | 66.91 |  |  | $ | 40.58 |  |  | $ | 91.92 |  |  | $ | 88.59 |  |  | $ | 63.04 |
Tenant improvement costs per square foot | 104.62 |  |  | 26.29 |  |  | 112.59 |  |  | 27.88 |  |  | — |
Total LC and TI per square foot(2) | $ | 171.53 |  |  | $ | 66.87 |  |  | $ | 204.51 |  |  | $ | 116.47 |  |  | $ | 63.04 |
Total LC and TI per square foot per year of weighted average lease term | $ | 8.95 |  |  | $ | 6.09 |  |  | $ | 12.74 |  |  | $ | 16.15 |  |  | $ | 6.25 |
Occupancy(3),(4) | 91.2 | % |  | 94.4 | % |  | 92.8 | % |  | 91.7 | % |  | 91.2 | %

Multifamily Portfolio |  |  |  |  |  |  |  |  |
Percent occupied | 96.4 | % |  | 97.8 | % |  | 98.6 | % |  | 98.6 | % |  | 99.0 | %
Total number of units | 743 |  | 743 |  | 743 |  | 743 |  | 732

Notes:
(1) Includes Early Renewals which are leases that were signed over two years prior to the lease expiration.
(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.
(3) All occupancy rates exclude broadcasting and storage space.
(4) As applicable, excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6 th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant.
Page 13

| First Quarter 2026
Commercial Property Detail
(unaudited)

Property Name | Location or Sub-Market |  | Rentable Square Feet (1) |  | Percent Occupied (2),(3) |  | Percent Leased (3),(4) |  | Annualized Rent (5) |  | Annualized Rent per Occupied Square Foot (6) |  | Number of Leases (7)
Office (8) |  |  |  |  |  |  |  |  |  |  |  |  |
The Empire State Building | Penn Station -Times Sq. South |  | 2,710,631 |  |  | 88.4 | % |  | 96.1 | % |  | $ | 174,606,185 |  |  | $ | 73.43 |  |  | 146
One Grand Central Place | Grand Central |  | 1,243,797 |  |  | 83.1 | % |  | 91.1 | % |  | 68,200,625 |  |  | 66.09 |  |  | 113
250 West 57th Street | Columbus Circle - West Side |  | 476,847 |  |  | 82.9 | % |  | 84.2 | % |  | 27,545,350 |  |  | 69.80 |  |  | 29
501 Seventh Avenue | Penn Station -Times Sq. South |  | 458,767 |  |  | 76.0 | % |  | 84.2 | % |  | 19,862,426 |  |  | 56.85 |  |  | 13
Broadway Campus |  |  |  |  |  |  |  |  |  |  |  |  |
1400 Broadway (9) | Penn Station -Times Sq. South |  | 917,281 |  |  | 92.9 | % |  | 96.8 | % |  | 54,675,770 |  |  | 64.22 |  |  | 17
111 West 33rd Street (10) | Penn Station -Times Sq. South |  | 639,629 |  |  | 94.8 | % |  | 94.8 | % |  | 43,822,663 |  |  | 72.26 |  |  | 21
1359 Broadway | Penn Station -Times Sq. South |  | 456,634 |  |  | 86.3 | % |  | 86.3 | % |  | 24,043,818 |  |  | 61.17 |  |  | 29
1350 Broadway (11) | Penn Station -Times Sq. South |  | 384,128 |  |  | 96.8 | % |  | 97.8 | % |  | 22,786,320 |  |  | 61.41 |  |  | 50
1333 Broadway | Penn Station -Times Sq. South |  | 297,126 |  |  | 89.8 | % |  | 89.8 | % |  | 15,760,696 |  |  | 59.09 |  |  | 11
Total Broadway Campus |  |  | 2,694,798 |  |  | 92.5 | % |  | 93.9 | % |  | 161,089,267 |  |  | 64.73 |  |  | 128
Total/Weighted Average Office Properties |  | 7,584,840 |  |  | 87.9 | % |  | 93.0 | % |  | 451,303,853 |  |  | 67.94 |  |  | 429
Retail Properties (8) |  |  |  |  |  |  |  |  |  |  |  |  |
North Sixth Street Collection(12) | Williamsburg - Brooklyn |  | 87,355 |  |  | 85.0 | % |  | 97.5 | % |  | 11,067,378 |  |  | 149.06 |  |  | 15
The Empire State Building | Penn Station -Times Sq. South |  | 85,455 |  |  | 52.8 | % |  | 77.6 | % |  | 5,712,959 |  |  | 126.52 |  |  | 10
One Grand Central Place | Grand Central |  | 70,780 |  |  | 100.0 | % |  | 100.0 | % |  | 8,711,268 |  |  | 123.08 |  |  | 12
250 West 57th Street | Columbus Circle - West Side |  | 63,443 |  |  | 94.8 | % |  | 94.8 | % |  | 9,411,484 |  |  | 156.43 |  |  | 7
1542 Third Avenue | Upper East Side |  | 58,161 |  |  | 100.0 | % |  | 100.0 | % |  | 3,097,164 |  |  | 53.25 |  |  | 4
10 Union Square East | Union Square |  | 58,049 |  |  | 88.2 | % |  | 88.2 | % |  | 8,131,204 |  |  | 158.79 |  |  | 8
1010 Third Avenue | Upper East Side |  | 28,243 |  |  | 100.0 | % |  | 100.0 | % |  | 3,077,783 |  |  | 108.98 |  |  | 1
501 Seventh Avenue | Penn Station - Times Sq. South |  | 27,213 |  |  | 89.4 | % |  | 89.4 | % |  | 1,810,632 |  |  | 74.44 |  |  | 8
77 West 55th Street | Midtown |  | 25,388 |  |  | 100.0 | % |  | 100.0 | % |  | 2,081,126 |  |  | 81.97 |  |  | 3
561 10th Avenue | Hudson Yards |  | 11,822 |  |  | 100.0 | % |  | 100.0 | % |  | 1,783,483 |  |  | 150.86 |  |  | 2
298 Mulberry Street | NoHo |  | 10,365 |  |  | 100.0 | % |  | 100.0 | % |  | 1,984,904 |  |  | 191.50 |  |  | 1
345 East 94th Street | Upper East Side |  | 3,700 |  |  | 100.0 | % |  | 100.0 | % |  | 276,126 |  |  | 74.63 |  |  | 1
Broadway Campus |  |  |  |  |  |  |  |  |  |  |  |  |
112 West 34th Street(10) | Penn Station -Times Sq. South |  | 93,057 |  |  | 100.0 | % |  | 100.0 | % |  | 26,022,498 |  |  | 279.64 |  |  | 4
1333 Broadway | Penn Station -Times Sq. South |  | 67,001 |  |  | 100.0 | % |  | 100.0 | % |  | 10,507,517 |  |  | 156.83 |  |  | 4
1359 Broadway | Penn Station -Times Sq. South |  | 29,247 |  |  | 99.4 | % |  | 99.4 | % |  | 2,273,059 |  |  | 78.16 |  |  | 5
1350 Broadway (11) | Penn Station -Times Sq. South |  | 19,511 |  |  | 100.0 | % |  | 100.0 | % |  | 4,140,247 |  |  | 212.20 |  |  | 6
1400 Broadway (9) | Penn Station -Times Sq. South |  | 17,017 |  |  | 100.0 | % |  | 100.0 | % |  | 2,094,293 |  |  | 123.07 |  |  | 7
Total Broadway Campus |  |  | 225,833 |  |  | 99.9 | % |  | 99.9 | % |  | 45,037,614 |  |  | 199.57 |  |  | 26
Total/Weighted Average Retail Properties |  | 755,807 |  |  | 91.2 | % |  | 95.4 | % |  | 102,183,125 |  |  | 148.26 |  |  | 98
Portfolio Total |  |  | 8,340,647 |  |  | 88.2 | % |  | 93.2 | % |  | $ | 553,486,978 |  |  | $ | 75.49 |  |  | 527

Notes:
(1) Excludes (i) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(2) Based on leases signed and commenced as of March 31, 2026.
(3) Percent occupied and percent leased exclude 109,961 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of March 31, 2026.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of March 31, 2026 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped. As of March 31, 2026, the percent occupied and percent leased were 70.6%, which was comprised of 68.3% for office space and 100% for retail space.
(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years (expiring December 31, 2063).
(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years (expiring June 10, 2077).
(11) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).
(12) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment. As of March 31, 2026, the percent occupied and percent leased were 0% and 49.5%, respectively. In addition, excludes approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant.
Page 14

| First Quarter 2026
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)

| Actual |  | Forecast (1) |  | Forecast (1) |  | Forecast (1)
| Three Months Ended |  |  |  |
Total Office and Retail Portfolio (2),(3) | March 31, 2026 |  | June 30, 2026 |  | September 30, 2026 |  | December 31, 2026 |  | Apr. to Dec. 2026 |  | Full Year 2027
Total expirations | 145,253 |  |  | 108,505 |  |  | 85,465 |  |  | 168,884 |  |  | 362,854 |  |  | 603,425 |
Less: broadcasting | — |  |  | (906) |  |  | (511) |  |  | — |  |  | (1,417) |  |  | (7,247) |
Office and retail expirations | 145,253 |  |  | 107,599 |  |  | 84,954 |  |  | 168,884 |  |  | 361,437 |  |  | 596,178 |
Renewals & relocations (4) | 71,644 |  |  | 41,402 |  |  | 38,290 |  |  | 3,889 |  |  | 83,581 |  |  | 56,904 |
New leases (5) | 16,893 |  |  | 32,571 |  |  | 3,429 |  |  | 16,321 |  |  | 52,321 |  |  | 59,869 |
Vacates (6) | 56,716 |  |  | 33,626 |  |  | 37,177 |  |  | 138,235 |  |  | 209,038 |  |  | 315,331 |
Unknown (7) | — |  |  | — |  |  | 6,058 |  |  | 10,439 |  |  | 16,497 |  |  | 164,074 |
Total Office and Retail Portfolio expirations and vacates | 145,253 |  |  | 107,599 |  |  | 84,954 |  |  | 168,884 |  |  | 361,437 |  |  | 596,178 |
Office Portfolio (3) |  |  |  |  |  |  |  |  |  |  |
Total expirations | 139,815 |  |  | 108,505 |  |  | 74,305 |  |  | 168,531 |  |  | 351,341 |  |  | 588,945 |
Less: broadcasting | — |  |  | (906) |  |  | (511) |  |  | — |  |  | (1,417) |  |  | (7,247) |
Office expirations | 139,815 |  |  | 107,599 |  |  | 73,794 |  |  | 168,531 |  |  | 349,924 |  |  | 581,698 |
Renewals & relocations (4) | 71,644 |  |  | 41,402 |  |  | 38,290 |  |  | 3,889 |  |  | 83,581 |  |  | 50,128 |
New leases (5) | 11,455 |  |  | 32,571 |  |  | — |  |  | 16,321 |  |  | 48,892 |  |  | 59,869 |
Vacates (6) | 56,716 |  |  | 33,626 |  |  | 29,446 |  |  | 138,235 |  |  | 201,307 |  |  | 307,627 |
Unknown (7) | — |  |  | — |  |  | 6,058 |  |  | 10,086 |  |  | 16,144 |  |  | 164,074 |
Total expirations and vacates | 139,815 |  |  | 107,599 |  |  | 73,794 |  |  | 168,531 |  |  | 349,924 |  |  | 581,698 |
Retail Portfolio |  |  |  |  |  |  |  |  |  |  |
Retail expirations | 5,438 |  |  | — |  |  | 11,160 |  |  | 353 |  |  | 11,513 |  |  | 14,480 |
Renewals & relocations (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,776 |
New leases (5) | 5,438 |  |  | — |  |  | 3,429 |  |  | — |  |  | 3,429 |  |  | — |
Vacates (6) | — |  |  | — |  |  | 7,731 |  |  | — |  |  | 7,731 |  |  | 7,704 |
Unknown (7) | — |  |  | — |  |  | — |  |  | 353 |  |  | 353 |  |  | — |
Total expirations and vacates | 5,438 |  |  | — |  |  | 11,160 |  |  | 353 |  |  | 11,513 |  |  | 14,480 |

Notes:
(1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.
(2) Any lease on month-to-month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.
(3) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.
(4) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2026; and tenants who move within a building or within the Company's portfolio.
(5) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.
(6) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
(7) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.
Page 15

| First Quarter 2026
Tenant Lease Expirations
(unaudited)

Total Office and Retail Lease Expirations(1) | Number of Leases Expiring(2) |  | Rentable Square Feet Expiring(3) |  | Percent of Portfolio Rentable Square Feet Expiring |  | Annualized Rent(4) |  | Percent of Annualized Rent |  | Annualized Rent Per Rentable Square Foot
Available | — |  |  | 735,226 |  |  | 8.4 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 21 |  |  | 422,667 |  |  | 4.8 | % |  | — |  |  | — | % |  | — |
1Q 2026(5) | 6 |  |  | 28,097 |  |  | 0.3 | % |  | 1,829,659 |  |  | 0.3 | % |  | 65.12 |
2Q 2026 | 9 |  |  | 87,620 |  |  | 1.0 | % |  | 5,353,130 |  |  | 0.9 | % |  | 61.09 |
3Q 2026 | 17 |  |  | 85,465 |  |  | 1.0 | % |  | 5,337,339 |  |  | 0.9 | % |  | 62.45 |
4Q 2026 | 19 |  |  | 168,884 |  |  | 1.9 | % |  | 10,776,899 |  |  | 1.8 | % |  | 63.81 |
Total 2026 | 51 |  |  | 370,066 |  |  | 4.2 | % |  | 23,297,027 |  |  | 3.9 | % |  | 62.95 |
1Q 2027 | 15 |  |  | 66,318 |  |  | 0.8 | % |  | 5,417,896 |  |  | 0.9 | % |  | 81.70 |
2Q 2027 | 16 |  |  | 119,136 |  |  | 1.4 | % |  | 9,109,476 |  |  | 1.6 | % |  | 76.46 |
3Q 2027 | 21 |  |  | 111,856 |  |  | 1.3 | % |  | 7,299,226 |  |  | 1.2 | % |  | 65.26 |
4Q 2027 | 23 |  |  | 306,115 |  |  | 3.5 | % |  | 17,350,219 |  |  | 3.0 | % |  | 56.68 |
Total 2027 | 75 |  |  | 603,425 |  |  | 7.0 | % |  | 39,176,817 |  |  | 6.7 | % |  | 64.92 |
2028 | 61 |  |  | 846,215 |  |  | 9.6 | % |  | 53,480,888 |  |  | 9.1 | % |  | 63.20 |
2029 | 69 |  |  | 749,143 |  |  | 8.5 | % |  | 66,799,536 |  |  | 11.4 | % |  | 89.17 |
2030 | 56 |  |  | 697,606 |  |  | 8.0 | % |  | 53,301,011 |  |  | 9.1 | % |  | 76.41 |
2031 | 44 |  |  | 255,036 |  |  | 2.9 | % |  | 29,332,212 |  |  | 5.0 | % |  | 115.01 |
2032 | 29 |  |  | 381,443 |  |  | 4.3 | % |  | 29,574,319 |  |  | 5.1 | % |  | 77.53 |
2033 | 43 |  |  | 323,709 |  |  | 3.7 | % |  | 28,469,104 |  |  | 4.9 | % |  | 87.95 |
2034 | 24 |  |  | 383,835 |  |  | 4.4 | % |  | 36,569,739 |  |  | 6.2 | % |  | 95.27 |
2035 | 25 |  |  | 467,738 |  |  | 5.3 | % |  | 33,617,488 |  |  | 5.7 | % |  | 71.87 |
2036 | 24 |  |  | 949,178 |  |  | 10.8 | % |  | 72,002,712 |  |  | 12.3 | % |  | 75.86 |
Thereafter | 32 |  |  | 1,587,129 |  |  | 18.1 | % |  | 119,825,000 |  |  | 20.6 | % |  | 75.50 |
Total | 554 |  |  | 8,772,416 |  |  | 100.0 | % |  | $ | 585,445,853 |  |  | 100.0 | % |  | $ | 76.89 |

Office Properties(1), (6) |  |  |  |  |  |  |  |  |  |  |
Available | — |  |  | 670,944 |  |  | 8.4 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 17 |  |  | 384,114 |  |  | 4.8 | % |  | — |  |  | — | % |  | — |
1Q 2026(5) | 6 |  |  | 28,097 |  |  | 0.4 | % |  | 1,829,659 |  |  | 0.4 | % |  | 65.12 |
2Q 2026 | 9 |  |  | 87,620 |  |  | 1.1 | % |  | 5,353,130 |  |  | 1.1 | % |  | 61.09 |
3Q 2026 | 15 |  |  | 74,305 |  |  | 0.9 | % |  | 4,584,522 |  |  | 1.0 | % |  | 61.70 |
4Q 2026 | 18 |  |  | 168,531 |  |  | 2.1 | % |  | 10,776,899 |  |  | 2.3 | % |  | 63.95 |
Total 2026 | 48 |  |  | 358,553 |  |  | 4.5 | % |  | 22,544,210 |  |  | 4.8 | % |  | 62.88 |
1Q 2027 | 13 |  |  | 55,298 |  |  | 0.7 | % |  | 3,901,139 |  |  | 0.8 | % |  | 70.55 |
2Q 2027 | 15 |  |  | 115,963 |  |  | 1.5 | % |  | 7,919,601 |  |  | 1.7 | % |  | 68.29 |
3Q 2027 | 21 |  |  | 111,856 |  |  | 1.4 | % |  | 7,299,226 |  |  | 1.5 | % |  | 65.26 |
4Q 2027 | 22 |  |  | 305,828 |  |  | 3.8 | % |  | 17,293,016 |  |  | 3.7 | % |  | 56.54 |
Total 2027 | 71 |  |  | 588,945 |  |  | 7.4 | % |  | 36,412,982 |  |  | 7.7 | % |  | 61.83 |
2028 | 57 |  |  | 834,805 |  |  | 10.5 | % |  | 51,681,310 |  |  | 11.0 | % |  | 61.91 |
2029 | 56 |  |  | 622,687 |  |  | 7.8 | % |  | 41,762,526 |  |  | 8.9 | % |  | 67.07 |
2030 | 45 |  |  | 667,138 |  |  | 8.4 | % |  | 45,989,878 |  |  | 9.8 | % |  | 68.94 |
2031 | 33 |  |  | 180,322 |  |  | 2.3 | % |  | 13,310,864 |  |  | 2.8 | % |  | 73.82 |
2032 | 23 |  |  | 344,120 |  |  | 4.3 | % |  | 25,776,777 |  |  | 5.5 | % |  | 74.91 |
2033 | 28 |  |  | 264,794 |  |  | 3.3 | % |  | 17,389,134 |  |  | 3.7 | % |  | 65.67 |
2034 | 16 |  |  | 343,747 |  |  | 4.3 | % |  | 25,518,088 |  |  | 5.4 | % |  | 74.24 |
2035 | 20 |  |  | 458,489 |  |  | 5.8 | % |  | 32,110,175 |  |  | 6.8 | % |  | 70.03 |
2036 | 17 |  |  | 873,421 |  |  | 11.0 | % |  | 67,003,413 |  |  | 14.2 | % |  | 76.71 |
Thereafter | 18 |  |  | 1,360,527 |  |  | 17.2 | % |  | 92,178,792 |  |  | 19.4 | % |  | 67.75 |
Total Office properties | 449 |  |  | 7,952,606 |  |  | 100.0 | % |  | $ | 471,678,149 |  |  | 100.0 | % |  | $ | 68.38 |

(Table continued on next page)

Page 16

| First Quarter 2026
Tenant Lease Expirations
(unaudited)

Retail Properties(1) |  |  |  |  |  |  |  |  |  |  |
Available | — |  |  | 64,282 |  |  | 7.8 | % |  | $ | — |  |  | — | % |  | $ | — |
Signed leases not commenced | 4 |  |  | 38,553 |  |  | 4.7 | % |  | — |  |  | — | % |  | — |
1Q 2026(5) | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
2Q 2026 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
3Q 2026 | 2 |  |  | 11,160 |  |  | 1.4 | % |  | 752,817 |  |  | 0.7 | % |  | 67.46 |
4Q 2026(7) | 1 |  |  | 353 |  |  | 0.1 | % |  | — |  |  | — | % |  | — |
Total 2026 | 3 |  |  | 11,513 |  |  | 1.5 | % |  | 752,817 |  |  | 0.7 | % |  | 65.39 |
1Q 2027 | 2 |  |  | 11,020 |  |  | 1.3 | % |  | 1,516,757 |  |  | 1.3 | % |  | 137.64 |
2Q 2027 | 1 |  |  | 3,173 |  |  | 0.4 | % |  | 1,189,875 |  |  | 1.0 | % |  | 375.00 |
3Q 2027 | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
4Q 2027 | 1 |  |  | 287 |  |  | 0.1 | % |  | 57,203 |  |  | 0.1 | % |  | 199.31 |
Total 2027 | 4 |  |  | 14,480 |  |  | 1.8 | % |  | 2,763,835 |  |  | 2.4 | % |  | 190.87 |
2028 | 4 |  |  | 11,410 |  |  | 1.4 | % |  | 1,799,578 |  |  | 1.6 | % |  | 157.72 |
2029 | 13 |  |  | 126,456 |  |  | 15.4 | % |  | 25,037,010 |  |  | 22.0 | % |  | 197.99 |
2030 | 11 |  |  | 30,468 |  |  | 3.7 | % |  | 7,311,133 |  |  | 6.4 | % |  | 239.96 |
2031 | 11 |  |  | 74,714 |  |  | 9.1 | % |  | 16,021,348 |  |  | 14.1 | % |  | 214.44 |
2032 | 6 |  |  | 37,323 |  |  | 4.6 | % |  | 3,797,542 |  |  | 3.3 | % |  | 101.75 |
2033 | 15 |  |  | 58,915 |  |  | 7.2 | % |  | 11,079,970 |  |  | 9.7 | % |  | 188.07 |
2034 | 8 |  |  | 40,088 |  |  | 4.9 | % |  | 11,051,651 |  |  | 9.7 | % |  | 275.68 |
2035 | 5 |  |  | 9,249 |  |  | 1.1 | % |  | 1,507,313 |  |  | 1.3 | % |  | 162.97 |
2036 | 7 |  |  | 75,757 |  |  | 9.2 | % |  | 4,999,299 |  |  | 4.4 | % |  | 65.99 |
Thereafter | 14 |  |  | 226,602 |  |  | 27.6 | % |  | 27,646,208 |  |  | 24.4 | % |  | 122.00 |
Total retail properties | 105 |  |  | 819,810 |  |  | 100.0 | % |  | $ | 113,767,704 |  |  | 100.0 | % |  | $ | 158.68 |

Notes:
(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.
(2) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(3) Excludes (i) 174,578 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5) Represents leases that are included in occupancy as of March 31, 2026 and expire on March 31, 2026.
(6) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(7) Includes a percentage rent lease with no annualized rent.
Page 17

| First Quarter 2026
20 Largest Tenants and Portfolio Tenant Diversification by Industry
(unaudited)

20 Largest Tenants(1) | Property |  | Lease Expiration(2) |  | Weighted Average Remaining Lease Term(3) |  | Total Occupied Square Feet(4) |  | Percent of Portfolio Rentable Square Feet(5) |  | Annualized Rent(6) |  | Percent of Portfolio Annualized Rent(7)
1. | LinkedIn(8) | Empire State Building |  | Apr. 2026 - Aug. 2036 |  | 9.7 years |  | 423,544 |  |  | 4.89 | % |  | $ | 34,439,476 |  |  | 5.88 | %
2. | Flagstar Bank | 1400 Broadway |  | Aug. 2039 |  | 13.4 years |  | 313,109 |  |  | 3.62 | % |  | 19,845,211 |  |  | 3.39 | %
3. | Scholastic Inc. | 130 Mercer |  | Dec. 2040 |  | 14.8 years |  | 221,952 |  |  | 2.56 | % |  | 18,208,375 |  |  | 3.11 | %
4. | Sephora USA, Inc. | 112 West 34th Street, 130 Mercer |  | Jan. 2029 - Jan. 2034 |  | 4.8 years |  | 21,834 |  |  | 0.25 | % |  | 16,975,537 |  |  | 2.90 | %
5. | Centric Brands Inc. | Empire State Building |  | Oct. 2028 |  | 2.6 years |  | 252,929 |  |  | 2.92 | % |  | 14,852,143 |  |  | 2.54 | %
6. | Institutional Capital Network, Inc. | One Grand Central Place |  | Dec. 2041 |  | 15.8 years |  | 154,050 |  |  | 1.78 | % |  | 11,212,343 |  |  | 1.92 | %
7. | Burlington Merchandising Corporation | 1400 Broadway |  | Dec. 2042 |  | 16.8 years |  | 170,763 |  |  | 1.97 | % |  | 10,880,524 |  |  | 1.86 | %
8. | PVH Corp(9) | 501 Seventh Avenue |  | Jun. 2026 - Oct. 2028 |  | 2.4 years |  | 186,721 |  |  | 2.16 | % |  | 10,813,298 |  |  | 1.85 | %
9. | Macy's | 111 West 33rd Street |  | May 2030 |  | 4.2 years |  | 131,117 |  |  | 1.51 | % |  | 9,774,137 |  |  | 1.67 | %
10. | Coty Inc. | Empire State Building |  | Jan. 2030 |  | 3.8 years |  | 157,892 |  |  | 1.82 | % |  | 9,695,067 |  |  | 1.66 | %
11. | Target Corporation | 112 West 34th St., 10 Union Square East |  | Jan. 2038 |  | 11.8 years |  | 81,340 |  |  | 0.94 | % |  | 9,629,963 |  |  | 1.64 | %
12. | Li & Fung(10) | 1359 Broadway, ESB |  | Oct. 2027 - Oct. 2028 |  | 2.3 years |  | 149,061 |  |  | 1.72 | % |  | 9,049,465 |  |  | 1.55 | %
13. | Foot Locker, Inc. | 112 West 34th Street |  | Sep. 2031 |  | 5.5 years |  | 34,192 |  |  | 0.40 | % |  | 8,630,727 |  |  | 1.47 | %
14. | URBAN OUTFITTERS | 1333 Broadway |  | Sep. 2029 |  | 3.5 years |  | 56,730 |  |  | 0.66 | % |  | 8,489,236 |  |  | 1.45 | %
15. | Shutterstock, Inc. | Empire State Building |  | Apr. 2029 |  | 3.1 years |  | 108,937 |  |  | 1.26 | % |  | 7,840,724 |  |  | 1.34 | %
16. | HNTB Corporation(11) | Empire State Building |  | Jun. 2027 - Sep. 2034 |  | 7.9 years |  | 86,211 |  |  | 1.00 | % |  | 7,671,996 |  |  | 1.31 | %
17. | Fragomen | 1400 Broadway |  | Feb. 2035 |  | 8.9 years |  | 107,680 |  |  | 1.24 | % |  | 7,186,662 |  |  | 1.23 | %
18. | The Michael J. Fox Foundation | 111 West 33rd Street |  | Nov. 2029 |  | 3.7 years |  | 86,492 |  |  | 1.00 | % |  | 6,669,977 |  |  | 1.14 | %
19. | ASCAP | 250 West 57th Street |  | Aug. 2034 |  | 8.4 years |  | 87,943 |  |  | 1.02 | % |  | 6,277,484 |  |  | 1.07 | %
20. | Kohl's | 1400 Broadway |  | May 2029 |  | 3.2 years |  | 91,775 |  |  | 1.06 | % |  | 5,279,222 |  |  | 0.90 | %
| Total |  |  |  |  |  |  | 2,924,272 |  |  | 33.78 | % |  | $ | 233,421,567 |  |  | 39.88 | %

Portfolio Tenant Diversification by Industry (based on annualized rent)(1)
Notes:
(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.
(2) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
(3) Represents the weighted average lease term based on annualized rent.
(4) Based on leases signed and commenced as of March 31, 2026.
(5) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
(6) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(7) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.
(8) Includes 40,781 square feet of expiries by December 31, 2027, none of which has been re-leased as of March 31, 2026.
(9) Includes 14,717 square feet of expiries by December 31, 2027, which has been re-leased.
(10) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been re-leased.
(11) Includes 7,850 square feet of expiries by December 31, 2027, none of which has been re-leased as of March 31, 2026.
Page 18

| First Quarter 2026
Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program
(unaudited and dollars in thousands)

Incremental Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced (1)

|  | Square |  | Incremental Annual |  | Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
Expected Cash Commencement |  | Feet |  | Cash Rent |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
Second quarter 2026 |  | 248,793 |  |  | $ | 17,028 |  |  | $ | 11,014 |  |  | $ | 16,899 |  |  | $ | 16,677 |  |  | $ | 16,629 |  |  | $ | 16,629 |
Third quarter 2026 |  | 179,932 |  |  | 11,974 |  |  | 5,446 |  |  | 11,974 |  |  | 11,923 |  |  | 11,821 |  |  | 11,821 |
Fourth quarter 2026 |  | 233,787 |  |  | 15,862 |  |  | 1,802 |  |  | 15,862 |  |  | 15,862 |  |  | 15,862 |  |  | 15,862 |
First quarter 2027 |  | 70,655 |  |  | 5,602 |  |  | — |  |  | 4,866 |  |  | 5,602 |  |  | 5,602 |  |  | 5,602 |
Second quarter 2027 |  | 51,726 |  |  | 2,951 |  |  | — |  |  | 2,224 |  |  | 2,951 |  |  | 2,951 |  |  | 2,978 |
Third quarter 2027 |  | 204,116 |  |  | 16,873 |  |  | — |  |  | 6,380 |  |  | 16,873 |  |  | 16,873 |  |  | 16,873 |
Fourth quarter 2027 |  | 45,512 |  |  | 3,985 |  |  | — |  |  | 655 |  |  | 3,985 |  |  | 3,985 |  |  | 3,985 |
First quarter 2028 |  | 9,030 |  |  | 677 |  |  | — |  |  | — |  |  | 568 |  |  | 677 |  |  | 677 |
Second quarter 2028 |  | 99,613 |  |  | 3,109 |  |  | — |  |  | — |  |  | 2,141 |  |  | 3,109 |  |  | 3,109 |
|  | 1,143,164 |  |  | $ | 78,061 |  |  | $ | 18,262 |  |  | $ | 58,860 |  |  | $ | 76,582 |  |  | $ | 77,509 |  |  | $ | 77,536 |

|  | Initial Annual |  | Incremental Annual |  | Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
1Q 2026 |  | Cash Rent |  | Cash Rent |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
Commenced leases in free rent period |  | $ | 45,969 |  |  | $ | 43,849 |  |  | $ | 17,534 |  |  | $ | 43,027 |  |  | $ | 43,338 |  |  | $ | 43,298 |  |  | $ | 43,298 |
Signed leases not commenced |  | 39,474 |  |  | 34,212 |  |  | 728 |  |  | 15,833 |  |  | 33,244 |  |  | 34,211 |  |  | 34,238 |
|  | $ | 85,443 |  |  | $ | 78,061 |  |  | $ | 18,262 |  |  | $ | 58,860 |  |  | $ | 76,582 |  |  | $ | 77,509 |  |  | $ | 77,536 |

| Three Months Ended
Capital expenditures | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Tenant improvements - first generation | $ | 138 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 39 |  |  | $ | 174 |
Tenant improvements - second generation | 13,159 |  |  | 21,406 |  |  | 15,979 |  |  | 36,890 |  |  | 39,304 |
Leasing commissions - first generation | — |  |  | 1,387 |  |  | — |  |  | — |  |  | — |
Leasing commissions - second generation | 3,722 |  |  | 8,730 |  |  | 3,144 |  |  | 7,605 |  |  | 7,629 |
Building improvements - first generation | 2,507 |  |  | 2,556 |  |  | 1,094 |  |  | 236 |  |  | — |
Building improvements - second generation | 4,765 |  |  | 4,704 |  |  | 5,571 |  |  | 7,868 |  |  | 5,770 |
Non-recurring capital improvements | 3,102 |  |  | 8,499 |  |  | 14,495 |  |  | 8,934 |  |  | 2,910 |
Total | $ | 27,393 |  |  | $ | 47,282 |  |  | $ | 40,312 |  |  | $ | 61,572 |  |  | $ | 55,787 |

Notes:
(1) Reflects contractual cash rent assumptions based on in-place leases and do not represent guidance or projections of future financial performance.
(2) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.
Page 19

| First Quarter 2026
Observatory Summary
(unaudited and dollars in thousands)

|  | Twelve Months to Date |  | Three Months Ended
Observatory NOI |  |  | March 31, 2026 |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Observatory revenue (1) |  | $ | 123,678 |  |  | $ | 18,510 |  |  | $ | 35,232 |  |  | $ | 36,037 |  |  | $ | 33,899 |  |  | $ | 23,161 |
Observatory expenses |  | 37,987 |  |  | 7,868 |  |  | 10,787 |  |  | 9,510 |  |  | 9,822 |  |  | 8,118 |
NOI |  | 85,691 |  |  | 10,642 |  |  | 24,445 |  |  | 26,527 |  |  | 24,077 |  |  | 15,043 |
Intercompany rent expense (2) |  | 73,967 |  |  | 12,821 |  |  | 20,295 |  |  | 20,185 |  |  | 20,666 |  |  | 15,160 |
NOI after intercompany rent |  | $ | 11,724 |  |  | $ | (2,179) |  |  | $ | 4,150 |  |  | $ | 6,342 |  |  | $ | 3,411 |  |  | $ | (117) |
Observatory Metrics |  |  |  |  |  |  |  |  |  |  |  |
Number of visitors (3) |  |  |  | 350,000 |  |  | 618,000 |  |  | 648,000 |  |  | 629,000 |  |  | 428,000 |
Change in visitors year-over-year |  |  |  | (18.2) | % |  | (13.9) | % |  | (10.9) | % |  | (2.9) | % |  | (11.8) | %
Number of bad weather days ("BWD") (4) |  |  |  | 15 |  | 15 |  | 6 |  | 21 |  | 13

Notes:
(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, the fixed license fee was $970, $1,904, $1,904, $1,904 and $1,904, respectively.
(2) The Observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.
(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.
Page 20

| First Quarter 2026
Debt Summary
(unaudited and dollars in thousands)

|  | March 31, 2026 |  |
|  |  |  | Weighted Average |  |  |  |
Debt Summary |  | Balance |  | Interest Rate (1) |  | Maturity (Years) |  |  |  |  |  |
Mortgage debt |  | $ | 631,550 |  |  | 3.84 | % |  | 5.9 |  |  |  |  |  |
Senior unsecured notes |  | 1,275,000 |  |  | 4.86 | % |  | 4.5 |  |  |  |  |  |
Unsecured term loan facilities (2) |  | 340,000 |  |  | 4.54 | % |  | 4.3 |  |  |  |  |  |
Unsecured revolving credit facility (3) |  | 50,000 |  |  | 4.91 | % |  | 2.9 |  |  |  |  |  |
Total fixed rate debt |  | 2,296,550 |  |  | 4.53 | % |  | 4.8 |  |  |  |  |  |
Unsecured term loan facilities (4) |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Unsecured revolving credit facility (3) |  | 40,000 |  |  | 5.14 | % |  | 2.9 |  |  |  |  |  |
Total variable rate debt |  | 40,000 |  |  | 5.14 | % |  | 2.9 |  |  |  |  |  |
Total debt |  | 2,336,550 |  |  | 4.54 | % |  | 4.8 |  |  |  |  |  |
Deferred financing costs, net |  | (12,070) |  |  |  |  |  |  |  |  |  |  |
Debt discount |  | (5,207) |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 2,319,273 |  |  |  |  |  |  |  |  |  |  |

Available Capacity |  |  |  |  |  | Facility |  | Outstanding at March 31, 2026 |  | Letters of Credit |  | Available Capacity
Unsecured revolving credit facility (5) |  |  |  |  |  | $ | 620,000 |  |  | $ | 90,000 |  |  | $ | — |  |  | $ | 530,000 |

Covenant Summary |  |  |  |  |  | Required |  | Current Quarter |  | In Compliance
Maximum Total Leverage (6) |  |  |  |  |  | < 60% |  | 36.3 | % |  | Yes
Maximum Secured Leverage (7) |  |  |  |  |  | < 40% |  | 10.1 | % |  | Yes
Minimum Fixed Charge Coverage |  |  |  |  |  | > 1.50x |  | 2.8x |  | Yes
Minimum Unencumbered Interest Coverage |  |  |  |  |  | > 1.75x |  | 3.8x |  | Yes
Maximum Unsecured Leverage (8) |  |  |  |  |  | < 60% |  | 35.0 | % |  | Yes

Notes:
(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, including the effect of applicable treasury locks, the rates which are fixed under variable to fixed interest rate swap agreements, or the current variable rate of the revolving credit facility.
(2) SOFR is fixed at 2.56% for $175 million through December 31, 2026 and at 3.01% thereafter through maturity. In addition, SOFR is fixed at 3.31%, 3.23% and 3.25% for $95 million, $35 million and $35 million, respectively, through maturity.
(3) SOFR is fixed at 3.40% for $50 million through December 31, 2026.
(4) As of March 31, 2026, each of our unsecured term loan facilities is fixed under variable to fixed interest rate swap agreements.
(5) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.
(6) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.
(7) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.
(8) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.
Page 21

| First Quarter 2026
Debt Detail
(unaudited and dollars in thousands)

|  | Stated Interest Rate (%) |  | Principal Balance |  | Maturity Date |  | Amortization
1542 Third Avenue |  | 4.29 | % |  | $ | 30,000 |  |  | 5/1/2027 |  | Interest only
1010 Third Avenue & 77 West 55th St. |  | 4.01 | % |  | 32,860 |  |  | 1/5/2028 |  | 30 years
250 West 57th Street |  | 2.83 | % |  | 180,000 |  |  | 12/1/2030 |  | Interest only
1333 Broadway |  | 4.21 | % |  | 160,000 |  |  | 2/5/2033 |  | Interest only
10 Union Square East (1) |  | 5.33 | % |  | 53,500 |  |  | 4/1/2036 |  | Interest only
345 East 94th Street - Series A |  | 70% of SOFR plus 0.95% |  | 43,600 |  |  | 11/1/2030 |  | Interest only
345 East 94th Street - Series B |  | SOFR plus 2.24% |  | 5,496 |  |  | 11/1/2030 |  | 30 years
561 10th Avenue - Series A |  | 70% of SOFR plus 1.07% |  | 114,500 |  |  | 11/1/2033 |  | Interest only
561 10th Avenue - Series B |  | SOFR plus 2.45% |  | 11,594 |  |  | 11/1/2033 |  | 30 years
Total fixed rate mortgage debt |  |  |  | 631,550 |  |  |  |  |
Unsecured revolving credit facility |  | SOFR plus 1.40% |  | 90,000 |  |  | 3/8/2029 |  | Interest only
Unsecured term loan facility |  | SOFR plus 1.60% |  | 95,000 |  |  | 3/8/2029 |  | Interest only
Unsecured term loan facility |  | SOFR plus 1.60% |  | 245,000 |  |  | 1/15/2031 |  | Interest only
Senior unsecured notes: |  |  |  |  |  |  |  |
Series B |  | 4.09 | % |  | 125,000 |  |  | 3/27/2027 |  | Interest only
Series D |  | 4.08 | % |  | 115,000 |  |  | 1/22/2028 |  | Interest only
Series I |  | 7.20 | % |  | 155,000 |  |  | 6/17/2029 |  | Interest only
Series E |  | 4.26 | % |  | 160,000 |  |  | 3/22/2030 |  | Interest only
Series C |  | 4.18 | % |  | 125,000 |  |  | 3/27/2030 |  | Interest only
Series L |  | 5.47 | % |  | 175,000 |  |  | 1/7/2031 |  | Interest only
Series J |  | 7.32 | % |  | 45,000 |  |  | 6/17/2031 |  | Interest only
Series G |  | 3.61 | % |  | 100,000 |  |  | 3/17/2032 |  | Interest only
Series F |  | 4.44 | % |  | 175,000 |  |  | 3/22/2033 |  | Interest only
Series K |  | 7.41 | % |  | 25,000 |  |  | 6/17/2034 |  | Interest only
Series H |  | 3.73 | % |  | 75,000 |  |  | 3/17/2035 |  | Interest only
Total / weighted average debt |  | 4.54 | % |  | 2,336,550 |  |  |  |  |
Deferred financing costs, net |  |  |  | (12,070) |  |  |  |  |
Debt discount |  |  |  | (5,207) |  |  |  |  |
Total |  |  |  | $ | 2,319,273 |  |  |  |  |

Notes:
(1) Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%.
Page 22

| First Quarter 2026
Debt Maturities and Ground Lease Commitments
(unaudited and dollars in thousands)

Year |  | Maturities (1) |  | Amortization |  | Total |  | Percentage of Total Debt |  | Weighted Average Interest Rate of Maturing Debt
2026 |  | $ | — |  |  | $ | 2,997 |  |  | $ | 2,997 |  |  | 0.1 | % |  | — | %
2027 |  | 155,000 |  |  | 4,276 |  |  | 159,276 |  |  | 6.8 | % |  | 4.13 | %
2028 |  | 146,091 |  |  | 3,555 |  |  | 149,646 |  |  | 6.4 | % |  | 4.06 | %
2029 |  | 340,000 |  |  | 3,890 |  |  | 343,890 |  |  | 14.7 | % |  | 6.01 | %
2030 |  | 508,600 |  |  | 4,511 |  |  | 513,111 |  |  | 22.0 | % |  | 3.71 | %
2031 |  | 465,000 |  |  | 3,283 |  |  | 468,283 |  |  | 20.0 | % |  | 5.06 | %
2032 |  | 100,000 |  |  | 3,591 |  |  | 103,591 |  |  | 4.4 | % |  | 3.61 | %
2033 |  | 439,007 |  |  | 3,249 |  |  | 442,256 |  |  | 19.0 | % |  | 4.23 | %
2034 |  | 25,000 |  |  | — |  |  | 25,000 |  |  | 1.1 | % |  | 7.41 | %
2035 |  | 75,000 |  |  | — |  |  | 75,000 |  |  | 3.2 | % |  | 3.73 | %
2036 |  | 53,500 |  |  | — |  |  | 53,500 |  |  | 2.3 | % |  | 5.33 | %
Total debt |  | $ | 2,307,198 |  |  | $ | 29,352 |  |  | 2,336,550 |  |  | 100.0 | % |  | 4.54 | %
Deferred financing costs, net |  |  |  |  |  | (12,070) |  |  |  |  |
Debt discount |  |  |  |  |  | (5,207) |  |  |  |  |
Total |  |  |  |  |  | $ | 2,319,273 |  |  |  |  |

Ground Lease Commitments (2) |  |  |  |  |  |  |  |  |  |
Year |  |  |  | 1350 Broadway (3) |  | 1400 Broadway (4) |  | 111 West 33rd Street (5) |  | Total
2026 |  |  |  | $ | 70 |  |  | $ | 506 |  |  | $ | 551 |  |  | $ | 1,127 |
2027 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
2028 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
2029 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
2030 |  |  |  | 72 |  |  | 675 |  |  | 735 |  |  | 1,482 |
Thereafter |  |  |  | 1,410 |  |  | 22,275 |  |  | 34,116 |  |  | 57,801 |
|  |  |  | $ | 1,768 |  |  | $ | 25,481 |  |  | $ | 37,607 |  |  | $ | 64,856 |

Notes:
(1) Assumes extension options are exercised for the term loans and revolving credit facility.
(2) There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.
(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years.
(4) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years.
(5) Expires June 10, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years.
Page 23