Schedule III—Real Estate and Accumulated Depreciation

(amounts in thousands)



				Initial Cost to the Company				Cost Capitalized Subsequent to Acquisition			Gross Amount at which Carried at 12/31/15
Development	Type	Encumbrances		Land		Building & Improvements		Improvements		Carrying Costs	Land		Buildings & Improvements		Total		Accumulated Depreciation			Date of Construction	Date Acquired	Life on which depreciation in latest income statement is computed
112 West 34th Street, New York, NY	office / retail	$	91,330	$	13,630	$	244,461	$	8,458	n/a	$	13,630	$	252,919	$	266,549	$	(13,201	)	1954	2014	various
1400 Broadway, New York, NY	office / retail	82,335		—		96,338		13,654		—	—		109,992		109,992		(11,089		)	1930	2014	various
1333 Broadway, New York, NY	office / retail	72,279		91,435		120,190		4,194		n/a	91,435		124,384		215,819		(9,590		)	1915	2013	various
1350 Broadway, New York, NY	office / retail	40,249		—		102,518		13,921		n/a	—		116,439		116,439		(9,166		)	1929	2013	various
250 West 57th Street, New York, NY	office/ retail	—		2,117		5,041		78,271		n/a	2,117		83,312		85,429		(24,183		)	1921	1953	various
501 Seventh Avenue, New York, NY	office/ retail	—		1,100		2,600		88,954		n/a	1,100		91,554		92,654		(33,046		)	1923	1950	various
1359 Broadway, New York, NY	office/ retail	—		1,233		1,809		48,882		n/a	1,233		50,691		51,924		(18,602		)	1924	1953	various
350 Fifth Avenue (Empire State Building), New York, NY	office/ retail	—		21,551		38,934		612,896		n/a	21,551		651,830		673,381		(106,166		)	1930	2013	various
One Grand Central Place, New York, NY	office/ retail	—		7,240		17,490		181,597		n/a	7,222		199,105		206,327		(76,822		)	1930	1954	various
First Stamford Place, Stamford, CT	office	237,695		22,952		122,739		43,691		n/a	24,862		164,520		189,382		(64,896		)	1986	2001	various
One Station Place, Stamford, CT (Metro Center)	office	97,494		5,313		28,602		11,271		n/a	5,313		39,873		45,186		(25,724		)	1987	1984	various
383 Main Avenue, Norwalk, CT	office	29,135		2,262		12,820		12,811		n/a	2,262		25,631		27,893		(9,963		)	1985	1994	various
500 Mamaroneck Avenue, Harrison, NY	office	—		4,571		25,915		16,239		n/a	4,571		42,154		46,725		(18,290		)	1987	1999	various
10 Bank Street, White Plains, NY	office	32,053		5,612		31,803		12,914		n/a	5,612		44,717		50,329		(17,258		)	1989	1999	various
10 Union Square, New York, NY	retail	20,145		5,003		12,866		1,535		n/a	5,003		14,401		19,404		(6,555		)	1987	1996	various
1542 Third Avenue, New York, NY	retail	18,106		2,239		15,266		389		n/a	2,239		15,655		17,894		(6,503		)	1991	1999	various
1010 Third Avenue, New York, NY and 77 West 55th Street, New York, NY	retail	26,840		4,462		15,817		774		n/a	4,462		16,591		21,053		(7,315		)	1962	1998	various
69-97 Main Street, Westport, CT	retail	—		2,782		15,766		918		n/a	2,782		16,684		19,466		(5,513		)	1922	2003	various
103-107 Main Street, Westport, CT	retail	—		1,243		7,043		158		n/a	1,260		7,184		8,444		(1,702		)	1900	2006	various
Property for development at the Transportation Hub in Stamford CT	land	—		4,542		—		7,498		—	12,040				12,040		—			n/a	n/a	n/a
Totals		$	747,661	$	199,287	$	918,018	$	1,159,025	—	$	208,694	$	2,067,636	$	2,276,330	$	(465,584	)

Empire State Realty OP, L.P. and Empire State Realty OP, L.P. Predecessor

Notes to Schedule III—Real Estate and Accumulated Depreciation

(amounts in thousands)

1. Reconciliation of Investment Properties

The changes in our investment properties for the years ended December 31, 2015, 2014 and 2013 are as follows:



	2015			2014			2013
Balance, beginning of year	$	2,139,863		$	1,649,423		$	939,330
Acquisition of new properties	—			354,429			607,779
Improvements	156,754			143,315			130,346
Distribution of real property to owners prior to the formation transactions	—			—			(16,345		)
Disposals	(20,287		)	(7,304		)	(11,687		)
Balance, end of year	$	2,276,330		$	2,139,863		$	1,649,423

The unaudited aggregate cost of investment properties for federal income tax purposes as of December 31, 2015 was $1,964,637.

2. Reconciliation of Accumulated Depreciation

The changes in our accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 are as follows:



	2015			2014			2013
Balance, beginning of year	$	377,552		$	295,351		$	257,091
Depreciation expense	108,319			89,505			49,947
Disposals	(20,287		)	(7,304		)	(11,687		)
Balance, end of year	$	465,584		$	377,552		$	295,351

Depreciation of investment properties reflected in the combined statements of operations is calculated over the estimated original lives of the assets as follows:



Buildings		39 years
Building improvements		39 years or useful life
Tenant improvements		Term of related lease