Empire State Realty Trust (NYSE: ESRT) shifts to all-NYC portfolio in 2025

Q: How did Empire State Realty Trust (ESRT) perform financially in Q4 2025?

Empire State Realty Trust reported net income of $0.12 per fully diluted share in Q4 2025. Core FFO per fully diluted share was $0.23. Same-store property cash NOI excluding lease termination fees grew 0.9%, supported by higher base rent and tenant reimbursements despite higher utilities and real estate taxes.

Q: What were Empire State Realty Trust’s full-year 2025 earnings and Core FFO?

For 2025, ESRT generated net income of $0.25 per fully diluted share and Core FFO of $0.87 per fully diluted share. These compared with $0.28 and $0.95, respectively, in 2024, reflecting modest revenue growth but higher expenses and lower contributions from certain non-recurring 2024 revenue items.

Q: How strong were Empire State Realty Trust’s occupancy and leasing metrics in 2025?

At December 31, 2025, ESRT’s office occupancy was 89.9% and total commercial portfolio occupancy was 90.3%. The company signed 458,473 square feet of commercial leases in Q4 2025, including 333,451 square feet of office, with blended office leasing spreads of +6.4%, marking the eighteenth consecutive positive quarter.

Q: What portfolio transactions did ESRT complete in 2025?

ESRT completed $417 million of all‑cash acquisitions of well-located office and retail assets in 2025, including the $386.0 million purchase of 130 Mercer Street in SoHo. It also sold its last suburban office asset, Metro Center in Stamford, Connecticut, making its commercial portfolio entirely New York City-based.

Q: What is Empire State Realty Trust’s balance sheet and leverage position at year-end 2025?

At December 31, 2025, ESRT had approximately $2.4 billion of total debt and $0.6 billion of liquidity, including $133 million of cash and $475 million of revolver capacity. Net debt to adjusted EBITDA was 6.3x. The company reports no unaddressed debt maturities until March 2027.

Q: What 2026 guidance did Empire State Realty Trust provide?

For 2026, ESRT guided Core FFO per fully diluted share to $0.85–$0.89 versus $0.87 in 2025 and targeted year-end commercial occupancy of 90%–92%. It expects same-store property cash NOI excluding lease termination fees between –1.5% and +2.0% and Observatory NOI between $87 million and $92 million.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Empire State Realty Trust reported steady but mixed results for the fourth quarter and full year 2025 while reshaping its portfolio and balance sheet. Net income was $0.12 per fully diluted share in the fourth quarter and $0.25 for 2025. Core FFO per fully diluted share was $0.23 in the quarter and $0.87 for the year, down from $0.24 and $0.95 in 2024.

Same-store property cash NOI excluding lease termination fees rose 0.9% in the fourth quarter but declined 2.0% for the year; adjusted for non‑recurring 2024 items, it increased 3.4% for the quarter and 0.6% for the year. Office occupancy was 89.9%, and total commercial occupancy 90.3% at December 31, 2025. The Empire State Building Observatory generated NOI of $24.4 million in the fourth quarter and $90.1 million for the year.

The company completed $417 million of all‑cash acquisitions in 2025, including the $386.0 million purchase of 130 Mercer Street in SoHo, and exited its last suburban office property, making the commercial portfolio 100% New York City. ESRT issued $175 million of senior unsecured notes, upsized a term loan by $245 million to 2031, and ended the year with about $0.6 billion of liquidity and net debt to adjusted EBITDA of 6.3x. It repurchased $8.1 million of common stock in 2025, paid a quarterly dividend of $0.035 per share, and guided 2026 Core FFO per fully diluted share to $0.85–$0.89 with year‑end commercial occupancy of 90%–92%.

Insights

ESRT delivered stable cash flow, rotated fully into NYC assets, and extended its debt profile, but Core FFO dipped versus 2024.

Empire State Realty Trust showed largely flat top-line performance with some pressure on earnings. Total 2025 revenue was $768.3 million versus $767.9 million in 2024, while net income attributable to common stockholders declined to $43.4M from $47.4M. Diluted EPS slipped to $0.25 from $0.28, and diluted Core FFO per share fell to $0.87 from $0.95, reflecting higher expenses and lower Observatory and lease-termination contributions.

Operationally, the core portfolio metrics were resilient. Same-store property cash NOI excluding lease termination fees increased 0.9% in Q4 but declined 2.0% for 2025; adjusting for roughly $2M and $7M of non-recurring 2024 items, it improved 3.4% in the quarter and 0.6% for the year. Commercial occupancy reached 90.3% with office at 89.9%, and office leasing spreads were positive at +6.4%, supporting rent roll quality. The Observatory generated NOI of $24.4M in Q4 and $90.1M for the year, a key earnings pillar.

Strategically, ESRT completed $417M of all-cash acquisitions of high-quality New York office and retail, highlighted by the $386.0M Scholastic Building, and sold its last suburban office asset, making the commercial portfolio 100% New York City. On the balance sheet, total debt was about $2.4B with net debt to adjusted EBITDA of 6.3x. The company issued $175M of senior unsecured notes at 5.47% and upsized a term loan by $245M, both maturing in 2031, and reported no unaddressed debt maturities until March 2027, alongside roughly $0.6B of liquidity.

For 2026, guidance calls for Core FFO per fully diluted share of $0.85–$0.89 versus $0.87 in 2025 and year-end commercial occupancy of 90–92%. The outlook embeds a roughly ($0.03) per-share headwind and about 270 basis points of same-store NOI impact from temporary downtime tied to an FDIC lease expiration that has been re-leased, as well as a 2–4% year-over-year increase in operating expenses and real estate taxes. Observatory NOI is projected at $87–$92M, close to the $90M delivered in 2025. Subsequent filings may refine how acquisitions, expense trends, and Observatory performance track against these assumptions.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

02/17/2026 - 04:57 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2026

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

001-36105

37-1645259

(State or other Jurisdiction
of Incorporation)

(Commission

File Number)

(I.R.S. Employer
Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-36106

45-4685158

(State or other Jurisdiction
of Incorporation)

(Commission

File Number)

(I.R.S. Employer
Identification No.)


111 West 33rd Street,	12th Floor
New York,	New York	10120
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 687-8700

n/a

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share

ESRT

The New York Stock Exchange

Empire State Realty OP, L.P.

Series ES Operating Partnership Units

ESBA

NYSE Arca, Inc.

Series 60 Operating Partnership Units

OGCP

NYSE Arca, Inc.

Series 250 Operating Partnership Units

FISK

NYSE Arca, Inc.

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

Emerging growth company ☐

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


Item 2.02.			Results of Operations and Financial Condition.

On February 17, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the fourth quarter 2025. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.


Item 7.01.			Regulation FD Disclosure

Fourth Quarter 2025 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the fourth quarter 2025 and made available on its website certain supplemental information relating thereto.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Press Release announcing financial results for the fourth quarter 2025
99.2			Supplemental report
104			Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

Funds From Operations

measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this 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

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

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of December 31, 2025, Same Store excludes

our multifamily properties, Metro Center, Stamford, CT, which was disposed in December 2025, 130 Mercer, SoHo, NY, which was acquired in December 2025, the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025. Prior period Same Store NOI has been adjusted to reflect properties added or removed to 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 the Company’s pro-rata share of gross debt less cash and cash equivalents divided by the Company’s pro-rata share of trailing twelve months Adjusted EBITDA. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.

Other Definitions

"fully diluted basis" means all outstanding shares of our Class A common stock at the time indicated plus shares of Class A common stock that may be issuable upon the exchange of operating partnership units on a one-for-one basis and shares of Class A common stock issuable upon the conversion of Class B common stock on a one-for-one basis, which is not the same meaning of "full diluted" under generally accepted accounting principles in the United States of America ("GAAP").

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: February 17, 2026			EMPIRE STATE REALTY TRUST, INC. (Registrant) By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: February 17, 2026			EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EMPIRE STATE REALTY TRUST ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

– Net Income Per Fully Diluted Share of $0.12 in 4Q and $0.25 in 2025 –

– Core FFO Per Fully Diluted Share of $0.23 in 4Q and $0.87 in 2025 –

– $417M of All-Cash Acquisitions of Well-Located, High-Quality Assets in 2025 –

– Exited Suburban Commercial Assets and Transitioned to 100% NYC Portfolio –

– Provides 2026 Outlook –

New York, New York, February 17, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the fourth quarter of 2025 and the full year. All per share amounts are on a fully diluted basis, where applicable.

Fourth Quarter and Full Year 2025 Recent Highlights

•Net Income of $0.12 per share for the fourth quarter of 2025 and $0.25 per share for the full year.

•Core Funds From Operations (“Core FFO”) of $0.23 per share for the fourth quarter of 2025 and $0.87 per share for the full year, compared to $0.24 per share and $0.95 per share for the same respective periods in 2024.

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 0.9% for the fourth quarter and decreased 2.0% for the full year as compared to the same periods in 2024. The fourth quarter change was primarily attributed to increases in base rent and tenant reimbursement income. These higher revenues were partially offset by increases in utility costs and real estate taxes. Adjusted for approximately $2 million and $7 million of non-recurring items, which predominately consisted of revenue items recognized in the fourth quarter of 2024 and full year 2024, respectively, Same-Store Property Cash NOI increased by 3.4% and 0.6%, respectively.

•Office occupancy of 89.9% and total commercial portfolio occupancy of 90.3%.

•Signed 458,473 rentable square feet of commercial leases, inclusive of 333,451 rentable square feet of office leases, in the fourth quarter. Signed 1,009,009 rentable square feet of commercial leases, inclusive of 847,598 square feet of Manhattan office leases, in the full year 2025.

•In the office portfolio, blended leasing spreads were +6.4% in the fourth quarter, the 18th consecutive quarter of positive leasing spreads.

•Empire State Building Observatory generated NOI of $24.4 million in the fourth quarter and $90.1 million for the full year.

•Completed the previously announced all-cash acquisition of 130 Mercer Street (555-557 Broadway, “The Scholastic Building”), located in the SoHo submarket of Manhattan, for a purchase price of $386.0 million.

•Completed the disposition of the last suburban office asset, Metro Center, in Stamford, Connecticut and repaid the related mortgage debt of $71.6 million. The Company’s commercial portfolio is now 100% New York City.

•Issued $175 million of senior unsecured notes in a private placement transaction.

•Closed on a $245 million upsize and extension of our unsecured term loan credit facility that will now mature in 2031, inclusive of extensions. The Company now has no unaddressed debt maturity until March 2027.

•Repurchased approximately $6.0 million of common stock in the fourth quarter, $8.1 million in the full year 2025.

Property Operations1

As of December 31, 2025, the Company’s operating portfolio comprised 7.6 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.


		December 31, 20252, 3	September 30, 20252	December 31, 20242
Percent occupied:
	Total commercial portfolio	90.3%	90.0%	88.6%
	Office	89.9%	89.7%	88.4%


	Retail	94.4%	92.8%	90.4%

Percent leased (includes signed leases not commenced):
	Total commercial portfolio	93.6%	92.6%	93.5%
	Office	93.5%	92.4%	93.5%


	Retail	95.3%	94.7%	94.1%
	Total multifamily portfolio	97.8%	98.6%	98.5%

1 Excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street and 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.

2 All occupancy and leased percentages exclude broadcasting and storage space.

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

Leasing

The tables that follow summarize leasing activity for the fourth quarter of 2025. During this period, the Company signed 27 leases that totaled 458,473 square feet with an average lease duration of 6.7 years. Average lease duration was 11.6 years for new leases executed in the fourth quarter.

Total Portfolio


Total Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
Office	18	333,451	73.63	6.4	%
Retail	9	125,022	81.43	(2.8)	%
Total Overall	27	458,473	75.61	3.7	%

Office Portfolio


Office Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
New Office	12	106,311	70.97	13.5	%
Renewal Office	6	227,140	74.88	3.6	%
Total Office	18	333,451	73.63	6.4	%

Leasing Activity Highlights

•A 10-Year 46,437 square foot early renewal retail lease with TJ Maxx at 250 West 57th Street.

•A 7-year 41,835 square foot early renewal office lease with Nespresso at 111 West 33rd Street.

•A 16-year 35,629 square foot expansion office lease and a 170,763 square foot 1-year early renewal at 1400 Broadway with Burlington Stores, Inc. which represents footprint growth of over 20% and aligns the leases to a coterminous expiration in 2042.

Balance Sheet

The Company had $0.6 billion of total liquidity as of December 31, 2025, which was comprised of $133 million of cash, plus $475 million available under its revolving credit facility. At December 31, 2025, the Company had total debt outstanding of approximately $2.4 billion at a weighted average interest rate of 4.48%. At December 31, 2025, the Company’s ratio of net debt to adjusted EBITDA was 6.3x. The Company’s balance sheet supported $417 million of all-cash acquisitions of well-located, high-quality office and retail assets in 2025.

In the fourth quarter, the Company issued $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031. The Company also closed on a $245 million upsize and extension of its unsecured term loan credit facility that will now mature in 2031, inclusive of extensions. Through the execution of interest rate swap agreements, the Company fixed its interest rate on this facility at 4.51%. The Company now has no unaddressed debt maturity until March 2027.

Portfolio Transaction Activity

In the fourth quarter, the Company completed the previously announced all-cash acquisition of 130 Mercer Street (555-557 Broadway, the “Scholastic Building”) for a purchase price of $386.0 million. The property is located in the SoHo submarket of Manhattan and is comprised of approximately 368,000 square feet of office and 28,000 square feet of prime retail. This follows the $31.0 million all-cash acquisition of a prime retail asset located at 86-90 North 6th Street in Williamsburg, Brooklyn completed in the second quarter.

In the fourth quarter, the company also completed the disposition of its last suburban office asset, Metro Center, in Stamford, Connecticut, and repaid the related mortgage debt of $71.6 million. The Company’s commercial portfolio is now 100% New York City.

Share Repurchases

During the fourth quarter, the Company repurchased $6.0 million of common stock at a weighted average price of $6.73 per share. For the full year, the Company repurchased $8.1 million of common stock at a weighted average price of $6.78 per share.

Dividend

On December 31, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the fourth quarter of 2025 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On December 31, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the fourth quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2026 Earnings Outlook

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


Key Assumptions	2026 Guidance	2025 Actual Results	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.85 to $0.89	$0.87	• 2026 assumes ~($0.03) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Property Assumptions
Commercial Occupancy at year-end	90% to 92%	90.3%
SS Property Cash NOI (excluding lease termination fees)	-1.5% to +2.0%	+0.6% (ex-one-time items)	• Assumes positive y/y revenue growth • Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes • 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Observatory Drivers
Observatory NOI	$87M to $92M	$90M	• Reflects average quarterly expenses of ~$10M


	Low	High
Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	$0.19	$0.23
Add:
Impairment Charge	0.00	0.00
Real Estate Depreciation & Amortization	0.65	0.65
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.00	0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$0.82	$0.86
Add:
Amortization of Below Market Ground Lease	0.03	0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.85	$0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Wednesday, February 18, 2026 at 12:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of ESRT’s website. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until March 4, 2026, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13757582.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of December 31, 2025, ESRT’s operating portfolio is comprised of approximately 7.6 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. The Company also owns two properties that are being redeveloped with approximately 0.4 million rentable square feet of office space and 43 thousand rentable square feet of retail space. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

changes in the New York City office, retail 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, 2024 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com


Empire State Realty Trust, Inc.
Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Three Months Ended December 31,
	2025		2024
Revenues
Rental revenue	$	159,721	$	155,127
Observatory revenue	35,232		38,275
Lease termination fees	—		—
Third-party management and other fees	240		258
Other revenue and fees	4,031		3,942
Total revenues	199,224		197,602
Operating expenses
Property operating expenses	47,817		46,645
Ground rent expenses	2,332		2,332
General and administrative expenses	18,474		17,870
Observatory expenses	10,787		9,730
Real estate taxes	33,842		32,720
Depreciation and amortization	50,566		45,365
Total operating expenses	163,818		154,662
Total operating income	35,406		42,940
Other income (expense):
Interest income	1,949		5,068
Interest expense	(25,880)		(27,380)
Interest expense associated with property in receivership	—		(1,921)
Loss on early extinguishment of debt	(97)		—
Gain on disposition of properties	21,848		1,237
Income before income taxes	33,226		19,944
Income tax expense	(1,054)		(1,151)
Net income	32,172		18,793
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership	(11,446)		(6,575)

Preferred unit distributions	(1,050)		(1,050)
Net income attributable to common stockholders	$	19,676	$	11,168
Total weighted average shares
Basic	168,693		166,671
Diluted	270,328		270,251
Earnings per share attributable to common stockholders
Basic and Diluted	$	0.12	$	0.07


Empire State Realty Trust, Inc.
Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Year ended December 31,
	2025		2024
Revenues
Rental revenue	$	626,213	$	614,596
Observatory revenue	128,329		136,377
Lease termination fees	464		4,771
Third-party management and other fees	1,483		1,170
Other revenue and fees	11,781		11,009
Total revenues	768,270		767,923
Operating expenses
Property operating expenses	184,714		179,175
Ground rent expenses	9,326		9,326
General and administrative expenses	72,842		70,234
Observatory expenses	38,237		36,834
Real estate taxes	132,740		128,826
Depreciation and amortization	194,762		184,818
Total operating expenses	632,621		609,213
Total operating income	135,649		158,710
Other income (expense):
Interest income	8,748		21,298
Interest expense	(103,133)		(105,239)
Interest expense associated with property in receivership	(647)		(4,471)
Loss on early extinguishment of debt	(97)		(553)
Gain on disposition of properties	35,018		13,302
Income before income taxes	75,538		83,047
Income tax expense	(2,558)		(2,688)
Net income	72,980		80,359
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership	(25,379)		(28,713)
Non-controlling interests in other partnerships	—		(4)
Preferred unit distributions	(4,201)		(4,201)
Net income attributable to common stockholders	$	43,400	$	47,441
Total weighted average shares
Basic	168,539		164,902
Diluted	270,040		269,019
Earnings per share attributable to common stockholders
Basic	$	0.26	$	0.29
Diluted	$	0.25	$	0.28


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Three Months Ended December 31,
	2025		2024

Net income	$	32,172	$	18,793

Preferred unit distributions	(1,050)		(1,050)
Real estate depreciation and amortization	49,689		44,386
Gain on disposition of properties	(21,848)		(1,237)
FFO attributable to common stockholders and Operating Partnership units	58,963		60,892

Amortization of below-market ground leases	1,958		1,958
Modified FFO attributable to common stockholders and Operating Partnership units	60,921		62,850

Interest expense associated with property in receivership	—		1,921
Loss on early extinguishment of debt	97		—
IPO litigation expense4	632		—
Core FFO attributable to common stockholders and Operating Partnership units	$	61,650	$	64,771

Total weighted average shares and Operating Partnership units
Basic	266,825		264,798
Diluted	270,328		270,251

FFO per share
Basic	$	0.22	$	0.23
Diluted	$	0.22	$	0.23

Modified FFO per share
Basic	$	0.23	$	0.24
Diluted	$	0.23	$	0.23

Core FFO per share
Basic	$	0.23	$	0.24
Diluted	$	0.23	$	0.24

4Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.


Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Year ended December 31,
	2025		2024

Net income	$	72,980	$	80,359
Non-controlling interests in other partnerships	—		(4)
Preferred unit distributions	(4,201)		(4,201)
Real estate depreciation and amortization	191,222		180,513
Gain on disposition of properties	(35,018)		(13,302)
FFO attributable to common stockholders and Operating Partnership units	224,983		243,365

Amortization of below-market ground leases	7,831		7,831
Modified FFO attributable to common stockholders and Operating Partnership units	232,814		251,196

Interest expense associated with property in receivership	647		4,471
Loss on early extinguishment of debt	97		553
IPO litigation expense5	632		—
Core FFO attributable to common stockholders and Operating Partnership units	$	234,190	$	256,220

Total weighted average shares and Operating Partnership units
Basic	266,939		264,706
Diluted	270,040		269,019

FFO per share
Basic	$	0.84	$	0.92
Diluted	$	0.83	$	0.90

Modified FFO per share
Basic	$	0.87	$	0.95
Diluted	$	0.86	$	0.93

Core FFO per share
Basic	$	0.88	$	0.97
Diluted	$	0.87	$	0.95

5 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.


Empire State Realty Trust, Inc.
Consolidated Balance Sheets
(unaudited and amounts in thousands)

	December 31, 2025		December 31, 2024
Assets
Commercial real estate properties, at cost	$	4,205,907	$	3,786,653
Less: accumulated depreciation	(1,366,829)		(1,274,193)
Commercial real estate properties, net	2,839,078		2,512,460
Contract asset6	—		170,419
Cash and cash equivalents	132,657		385,465
Restricted cash	33,854		43,837
Tenant and other receivables	22,063		31,427
Deferred rent receivables	255,270		247,754
Prepaid expenses and other assets	93,355		101,852
Deferred costs, net	267,682		183,987
Acquired below market ground leases, net	305,579		313,410
Right of use assets	27,944		28,197
Goodwill	491,479		491,479
Total assets	$	4,468,961	$	4,510,287

Liabilities and equity
Mortgage notes payable, net	$	619,269	$	692,176
Senior unsecured notes, net	1,270,668		1,197,061
Unsecured term loan facility, net	336,794		268,731
Unsecured revolving credit facility	145,000		120,000
Debt associated with property in receivership	—		177,667
Accrued interest associated with property in receivership	—		5,433
Accounts payable and accrued expenses	120,150		132,016
Acquired below market leases, net	39,767		19,497
Ground lease liabilities	27,944		28,197
Deferred revenue and other liabilities	59,901		62,639
Tenants’ security deposits	27,276		24,908
Total liabilities	2,646,769		2,728,325
Total equity	1,822,192		1,781,962
Total liabilities and equity	$	4,468,961	$	4,510,287

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




			Fourth Quarter 2025


Table of Content			Page
Summary
Supplemental Definitions			3
Company Profile			5
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
FFO, Modified FFO, Core FFO, FAD and EBITDA			8
Highlights			9
Selected Property Data
Property Summary Net Operating Income			10
Same Store Net Operating Income			11
Leasing Activity			12
Commercial Property Detail			14
Portfolio Expirations and Vacates Summary			15
Tenant Lease Expirations			16
Largest Tenants and Portfolio Tenant Diversification by Industry			18
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.

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 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, 2024 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



			Fourth Quarter 2025
			Supplemental Definitions

Funds From Operations

We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Core Funds From Operations

Core Funds Available for Distribution

Net Operating Income and Property Cash NOI

Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

Page 3



			Fourth Quarter 2025
			Supplemental Definitions

of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter, properties placed in receivership, and our multifamily properties. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of December 31, 2025, Same Store excludes our multifamily properties, Metro Center, Stamford, CT, which was disposed in December 2025, 130 Mercer, SoHo, NY, which was acquired in December 2025, the North Sixth Street Collection, which comprised four acquisitions that occurred between September 2023 and June 2025, and First Stamford Place, Stamford, CT which was placed into receivership in May 2024 and title subsequently transferred to the lender in February 2025. Prior period Same Store NOI has been adjusted to reflect properties added or removed to Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4




			Fourth Quarter 2025


COMPANY PROFILE


BROAD OF DIRECTORS

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


EXECUTIVE MANAGEMENT

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


COMPANY INFORMATION

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


RESEARCH COVERAGE


BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Seth Bergey	(212) 816-2066	seth.bergey@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949) 640-8780	dburzinski@greenstreetadvisors.com

Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Ally Yaseen	(646) 582-9253	ayaseen@wolferesearch.com

Page 5


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


Assets	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024




Commercial real estate properties, at cost	$	4,205,907	$	3,940,755	$	3,903,950	$	3,825,422	$	3,786,653
Less: accumulated depreciation	(1,366,829)		(1,381,726)		(1,341,144)		(1,306,924)		(1,274,193)
Commercial real estate properties, net	2,839,078		2,559,029		2,562,806		2,518,498		2,512,460
Contract asset(1)	—		—		—		—		170,419
Cash and cash equivalents	132,657		154,113		94,643		187,823		385,465
Restricted cash	33,854		43,642		42,084		49,589		43,837
Tenant and other receivables	22,063		27,416		28,124		29,071		31,427
Deferred rent receivables	255,270		259,070		255,272		252,299		247,754
Prepaid expenses and other assets	93,355		58,679		85,083		64,233		101,852
Deferred costs, net	267,682		177,307		181,694		181,802		183,987
Acquired below-market ground leases, net	305,579		307,537		309,495		311,452		313,410
Right of use assets	27,944		28,007		28,070		28,134		28,197
Goodwill	491,479		491,479		491,479		491,479		491,479
Total assets	$	4,468,961	$	4,106,279	$	4,078,750	$	4,114,380	$	4,510,287


Liabilities and Equity
Mortgage notes payable, net	$	619,269	$	691,046	$	691,440	$	691,816	$	692,176
Senior unsecured notes, net	1,270,668		1,097,498		1,097,355		1,097,212		1,197,061
Unsecured term loan facility, net	336,794		268,959		268,883		268,807		268,731
Unsecured revolving credit facility	145,000		—		—		—		120,000
Debt associated with property in receivership	—		—		—		—		177,667
Accrued interest associated with property in receivership	—		—		—		—		5,433
Accounts payable and accrued expenses	120,150		111,732		104,315		135,298		132,016
Acquired below-market leases, net	39,767		15,875		17,081		18,306		19,497
Ground lease liabilities	27,944		28,007		28,070		28,134		28,197
Deferred revenue and other liabilities	59,901		64,191		55,343		61,888		62,639
Tenants' security deposits	27,276		30,751		27,015		27,044		24,908
Total liabilities	2,646,769		2,308,059		2,289,502		2,328,505		2,728,325
Total equity	1,822,192		1,798,220		1,789,248		1,785,875		1,781,962
Total liabilities and equity	$	4,468,961	$	4,106,279	$	4,078,750	$	4,114,380	$	4,510,287

Note:

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

Page 6


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


	Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Revenues
Rental revenue (1)	$	159,721	$	158,410	$	153,540	$	154,542	$	155,127
Observatory revenue	35,232		36,037		33,899		23,161		38,275
Lease termination fees	—		—		464		—		—
Third-party management and other fees	240		404		408		431		258
Other revenue and fees	4,031		2,879		2,939		1,932		3,942
Total revenues	199,224		197,730		191,250		180,066		197,602
Operating expenses
Property operating expenses	47,817		46,957		44,880		45,060		46,645
Ground rent expenses	2,332		2,331		2,332		2,331		2,332
General and administrative expenses	18,474		18,743		18,685		16,940		17,870
Observatory expenses	10,787		9,510		9,822		8,118		9,730
Real estate taxes	33,842		33,241		32,607		33,050		32,720
Depreciation and amortization	50,566		47,615		47,802		48,779		45,365
Total operating expenses	163,818		158,397		156,128		154,278		154,662
Total operating income	35,406		39,333		35,122		25,788		42,940
Other income (expense)
Interest income	1,949		1,146		1,867		3,786		5,068
Interest expense	(25,880)		(25,189)		(25,126)		(26,938)		(27,380)
Interest expense associated with property in receivership	—		—		—		(647)		(1,921)
Loss on early extinguishment of debt	(97)		—		—		—		—
Gain on disposition of property	21,848		—		—		13,170		1,237
Income before income taxes	33,226		15,290		11,863		15,159		19,944
Income tax (expense) benefit	(1,054)		(1,645)		(478)		619		(1,151)
Net income	32,172		13,645		11,385		15,778		18,793
Net income attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership	(11,446)		(4,610)		(3,815)		(5,508)		(6,575)

Private perpetual preferred unit distributions	(1,050)		(1,050)		(1,051)		(1,050)		(1,050)
Net income attributable to common stockholders	$	19,676	$	7,985	$	6,519	$	9,220	$	11,168

Weighted average common shares outstanding
Basic	168,693		169,250		168,368		167,181		166,671
Diluted	270,328		270,357		269,951		269,529		270,251

Earnings per share attributable to common stockholders
Basic	$	0.12	$	0.05	$	0.04	$	0.06	$	0.07
Diluted	$	0.12	$	0.05	$	0.04	$	0.05	$	0.07

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	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Base rent	$	138,956	$	136,371	$	133,987	$	136,096	$	135,629
Billed tenant expense reimbursement	20,765		22,039		19,553		18,446		19,498
Total rental revenue	$	159,721	$	158,410	$	153,540	$	154,542	$	155,127

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


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


	Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO, and Core FFO	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Net Income	$	32,172	$	13,645	$	11,385	$	15,778	$	18,793

Preferred unit distributions	(1,050)		(1,050)		(1,051)		(1,050)		(1,050)
Real estate depreciation and amortization	49,689		46,741		46,921		47,871		44,386
Gain on disposition of property	(21,848)		—		—		(13,170)		(1,237)
FFO attributable to common stockholders and the Operating Partnership	58,963		59,336		57,255		49,429		60,892
Amortization of below-market ground lease	1,958		1,957		1,958		1,958		1,958
Modified FFO attributable to common stockholders and the Operating Partnership	60,921		61,293		59,213		51,387		62,850
Interest expense associated with property in receivership	—		—		—		647		1,921
Loss on early extinguishment of debt	97		—		—		—		—
IPO litigation expense(1)	632		—		—		—		—
Core FFO attributable to common stockholders and the Operating Partnership	$	61,650	$	61,293	$	59,213	$	52,034	$	64,771

Total weighted average shares and Operating Partnership units
Basic	266,825		266,963		266,899		267,073		264,798
Diluted	270,328		270,357		269,951		269,529		270,251

FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.22	$	0.22	$	0.21	$	0.19	$	0.23
Diluted	$	0.22	$	0.22	$	0.21	$	0.18	$	0.23

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.23	$	0.23	$	0.22	$	0.19	$	0.24
Diluted	$	0.23	$	0.23	$	0.22	$	0.19	$	0.23
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.23	$	0.23	$	0.22	$	0.19	$	0.24
Diluted	$	0.23	$	0.23	$	0.22	$	0.19	$	0.24

(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	$	61,650	$	61,293	$	59,213	$	52,034	$	64,771
Add:
Amortization of deferred financing costs	1,172		1,082		1,080		1,094		1,099
Non-real estate depreciation and amortization	877		874		880		908		979
Amortization of non-cash compensation expense	6,807		6,484		6,900		4,980		6,107
Amortization of loss on interest rate derivative	1,386		1,385		1,386		1,386		1,386
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments	(5,380)		(5,832)		(4,913)		(6,407)		(5,044)
Corporate capital expenditures	(772)		(218)		(234)		(83)		(226)
Tenant improvements - second generation	(21,406)		(15,979)		(36,890)		(39,304)		(45,969)
Building improvements - second generation	(4,704)		(5,571)		(7,868)		(5,770)		(9,377)
Leasing commissions - second generation	(8,730)		(3,144)		(7,605)		(7,629)		(10,769)
Core FAD	$	30,900	$	40,374	$	11,949	$	1,209	$	2,957


Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	32,172	$	13,645	$	11,385	$	15,778	$	18,793
Interest expense	25,880		25,189		25,126		26,938		27,380
Interest expense associated with property in receivership	—		—		—		647		1,921
Income tax expense (benefit)	1,054		1,645		478		(619)		1,151
Depreciation and amortization	50,566		47,615		47,802		48,779		45,365
EBITDA	109,672		88,094		84,791		91,523		94,610
Gain on disposition of property	(21,848)		—		—		(13,170)		(1,237)
Adjusted EBITDA	$	87,824	$	88,094	$	84,791	$	78,353	$	93,373

Page 8


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


	Three Months Ended
Office and Retail Metrics:	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total rentable square footage(1)	8,324,766			8,603,750			8,611,559			8,617,292			8,616,284
Percent occupied (1)(2)	90.3		%	90.0		%	89.2		%	87.9		%	88.6		%
Percent leased (1)(3)	93.6		%	92.6		%	93.1		%	92.5		%	93.5		%

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:
Office portfolio	$	64,863		$	64,715		$	63,589		$	61,548		$	64,110
Retail portfolio	2,297			2,171			2,298			2,433			2,472
Total Same Store Property Cash NOI, excluding lease termination fees	$	67,160		$	66,886		$	65,887		$	63,981		$	66,582

Multifamily Metrics:
Multifamily Cash NOI	$	5,128		$	5,284		$	5,173		$	4,643		$	4,168
Total number of units	743			743			743			732			732
Percent occupied	97.8		%	98.6		%	98.6		%	99.0		%	98.5		%

Observatory Metrics:
Observatory NOI	$	24,445		$	26,527		$	24,077		$	15,043		$	28,545
Number of visitors (4)	618,000			648,000			629,000			428,000			718,000
Change in visitors year-over-year	(13.9)		%	(10.9)		%	(2.9)		%	(11.8)		%	1.0		%
Ratios:
Debt to Total Market Capitalization (5)	55.7		%	48.2		%	46.9		%	47.8		%	44.0		%
Net Debt to Total Market Capitalization (5)	54.3		%	46.3		%	45.8		%	45.4		%	39.5		%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)	57.8		%	50.3		%	49.0		%	49.8		%	45.7		%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)	56.4		%	48.5		%	47.8		%	47.5		%	41.4		%
Debt to Adjusted EBITDA (6)	6.7x			6.0x			5.8x			5.8x			6.4x
Net Debt to Adjusted EBITDA (6)	6.3x			5.6x			5.6x			5.2x			5.3x
Core FFO Payout Ratio (7)	16		%	16		%	16		%	19		%	15		%
Core FAD Payout Ratio (8)	32		%	24		%	82		%	805		%	324		%
Core FFO per share - diluted	$	0.23		$	0.23		$	0.22		$	0.19		$	0.24
Diluted weighted average shares	270,328			270,357			269,951			269,529			270,251
Class A common stock price at quarter end	$	6.52		$	7.66		$	8.09		$	7.82		$	10.32
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)	2.1		%	1.8		%	1.7		%	1.8		%	1.4		%
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	169,523			168,970			168,301			167,094			166,405
Class B common stock (10)	972			972			975			976			978
Operating partnership units	107,225			108,674			109,308			110,662			106,768
Total common stock and operating partnership units outstanding (11)	277,720			278,616			278,584			278,732			274,151

Notes:

(1) Rentable square footage, occupied percentage, and leased percentage excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street and 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,

(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 December 31, 2025 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2025, (ii) the number of Series 2014 perpetual preferred units at December 31, 2025 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2025 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2025.

(6) Calculated based on trailing 12 months Adjusted EBITDA. For the period ended December 31, 2025, includes an implied annualized adjusted EBITDA for 130 Mercer, derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement, and excludes the trailing 12 months Adjusted EBITDA of approximately $5 million relating to Metro Center, Stamford CT, which was disposed in December 2025. For the periods ended March 31, 2025 and December 31, 2024, excludes trailing 12 months Adjusted EBITDA of $2 million and $5 million, respectively, relating to First Stamford Place, Stamford CT, which was placed into receivership at the end of May 2024 and title subsequently transferred to the lender in February 2025.

(7) Represents the amount of Core FFO paid out in distributions.

(8) 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 on December 31, 2025.

(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


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


	Three Months Ended															Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Same Store Portfolio(1)
Revenues	$	146,403		$	144,695		$	140,791		$	140,762		$	143,756		$	572,651		$	560,944
Operating expenses	(76,597)			(74,827)			(73,061)			(73,285)			(74,745)			(297,770)			(285,727)
Same store property NOI	69,806			69,868			67,730			67,477			69,011			274,881			275,217
Straight-line rent	(3,993)			(4,329)			(3,172)			(4,867)			(3,910)			(16,361)			(11,697)
Above/below-market rent revenue amortization	(611)			(610)			(629)			(587)			(477)			(2,437)			(2,135)
Below-market ground lease amortization	1,958			1,957			1,958			1,958			1,958			7,831			7,832
Total same store property cash NOI - excluding lease termination fees	$	67,160		$	66,886		$	65,887		$	63,981		$	66,582		$	263,914		$	269,217

Percent change over prior year	0.9		%	(0.9)		%	(5.4)		%	(2.2)		%	(3.1)		%	(2.0)		%	5.3		%

Total same store property cash NOI - excluding lease termination fees	$	67,160		$	66,886		$	65,887		$	63,981		$	66,582		$	263,914		$	269,217
Lease termination fees	—			—			464			—			—			464			4,771
Total same store property cash NOI	$	67,160		$	66,886		$	66,351		$	63,981		$	66,582		$	264,378		$	273,988

Same Store Office(1),(2)
Revenues	$	142,004		$	140,613		$	136,543		$	136,408		$	139,380		$	555,568		$	544,539
Operating expenses	(74,883)			(73,102)			(71,336)			(71,598)			(73,062)			(290,919)			(278,995)
Same store property NOI	67,121			67,511			65,207			64,810			66,318			264,649			265,544
Straight-line rent	(3,605)			(4,143)			(2,947)			(4,633)			(3,689)			(15,328)			(10,986)
Above/below-market rent revenue amortization	(611)			(610)			(629)			(587)			(477)			(2,437)			(2,135)
Below-market ground lease amortization	1,958			1,957			1,958			1,958			1,958			7,831			7,832
Total same store property cash NOI - excluding lease termination fees	64,863			64,715			63,589			61,548			64,110			254,715			260,255
Lease termination fees	—			—			464			—			—			464			4,771
Total same store property cash NOI	$	64,863		$	64,715		$	64,053		$	61,548		$	64,110		$	255,179		$	265,026












Same Store Retail(1)
Revenues	$	4,399		$	4,082		$	4,248		$	4,354		$	4,376		$	17,083		$	16,405
Operating expenses	(1,714)			(1,725)			(1,725)			(1,687)			(1,683)			(6,851)			(6,732)
Same store property NOI	2,685			2,357			2,523			2,667			2,693			10,232			9,673
Straight-line rent	(388)			(186)			(225)			(234)			(221)			(1,033)			(711)
Above/below-market rent revenue amortization	—			—			—			—			—			—			—
Below-market ground lease amortization	—			—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees	2,297			2,171			2,298			2,433			2,472			9,199			8,962
Lease termination fees	—			—			—			—			—			—			—
Total same store property cash NOI	$	2,297		$	2,171		$	2,298		$	2,433		$	2,472		$	9,199		$	8,962

Notes:

(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.

(2) Includes 475,442 rentable square feet of retail space in the Company's nine Same Store office properties.

Page 10


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


	Three Months Ended										Twelve Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Net income	$	32,172	$	13,645	$	11,385	$	15,778	$	18,793	$	72,980	$	80,359
Add:
General and administrative expenses	18,474		18,743		18,685		16,940		17,870		72,842		70,234
Depreciation and amortization	50,566		47,615		47,802		48,779		45,365		194,762		184,818
Interest expense	25,880		25,189		25,126		26,938		27,380		103,133		105,239
Interest expense associated with property in receivership	—		—		—		647		1,921		647		4,471
Loss on early extinguishment of debt	97		—		—		—		—		97		553
Income tax expense (benefit)	1,054		1,645		478		(619)		1,151		2,558		2,688
Less:
Gain on disposition of property	(21,848)		—		—		(13,170)		(1,237)		(35,018)		(13,302)
Third-party management and other fees	(240)		(404)		(408)		(431)		(258)		(1,483)		(1,170)
Interest income	(1,949)		(1,146)		(1,867)		(3,786)		(5,068)		(8,748)		(21,298)
Net operating income	104,206		105,287		101,201		91,076		105,917		401,770		412,592
Straight-line rent	(4,320)		(4,688)		(3,748)		(5,283)		(4,045)		(18,039)		(11,283)
Above/below-market rent revenue amortization	(737)		(821)		(840)		(798)		(674)		(3,196)		(2,177)
Below-market ground lease amortization	1,958		1,957		1,958		1,958		1,958		7,831		7,832
Total cash NOI - including Observatory and lease termination fees	101,107		101,735		98,571		86,953		103,156		388,366		406,964
Less: Observatory NOI	(24,445)		(26,527)		(24,077)		(15,043)		(28,545)		(90,092)		(99,543)
Less: cash NOI from non-Same Store properties	(9,502)		(8,322)		(8,143)		(7,929)		(8,029)		(33,896)		(33,433)
Total Same Store property cash NOI - including lease termination fees	67,160		66,886		66,351		63,981		66,582		264,378		273,988
Less: Lease termination fees	—		—		(464)		—		—		(464)		(4,771)
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	67,160	$	66,886	$	65,887	$	63,981	$	66,582	$	263,914	$	269,217

Multifamily NOI
Revenues	$	10,155	$	10,080	$	9,846	$	9,646	$	9,322	$	39,727	$	36,095
Operating expenses	(5,021)		(4,786)		(4,665)		(4,993)		(5,145)		(19,465)		(18,555)
NOI	5,134		5,294		5,181		4,653		4,177		20,262		17,540
Straight-line rent	(64)		(68)		(67)		(67)		(67)		(266)		(347)
Above/below-market rent revenue amortization	58		58		59		57		58		232		231
Cash NOI	$	5,128	$	5,284	$	5,173	$	4,643	$	4,168	$	20,228	$	17,424

Page 11


			Fourth Quarter 2025
			Property Summary - Leasing Activity by Quarter
			(unaudited)


	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total Office and Retail Portfolio(1)
Total leases executed	27			16			22			20			20
Weighted average lease term	6.7 years			8.1 years			9.9 years			8.4 years			8.0 years
Average free rent period	2.9 months			6.0 months			7.6 months			7.8 months			5.7 months

Office
Total square footage executed	333,451			71,859			221,776			229,367			378,913
Average starting cash rent psf - leases executed	$	73.63		$	69.97		$	71.21		$	66.43		$	78.40
Previously escalated cash rents psf	$	69.20		$	67.33		$	63.50		$	60.63		$	71.03
Percentage of new cash rent over previously escalated rents	6.4		%	3.9		%	12.1		%	9.6		%	10.4		%

Retail
Total square footage executed	125,022			16,021			10,332			1,181			—
Average starting cash rent psf - leases executed	$	81.43		$	128.33		$	268.92		$	193.00		$	—
Previously escalated cash rents psf	$	83.81		$	145.48		$	316.28		$	183.74		$	—
Percentage of new cash rent over previously escalated rents	(2.8)		%	(11.8)		%	(15.0)		%	5.0		%	—		%

Total Office and Retail Portfolio
Total square footage executed	458,473			87,880			232,108			230,548			378,913
Average starting cash rent psf - leases executed	$	75.61		$	80.61		$	80.01		$	67.08		$	78.40
Previously escalated cash rents psf	$	72.90		$	81.57		$	74.75		$	61.27		$	71.03
Percentage of new cash rent over previously escalated rents	3.7		%	(1.2)		%	7.0		%	9.5		%	10.4		%

Leasing commission costs per square foot	$	21.53		$	33.24		$	31.62		$	22.39		$	21.73
Tenant improvement costs per square foot	33.61			59.60			86.85			47.92			49.46
Total LC and TI per square foot(2)	$	55.14		$	92.84		$	118.47		$	70.31		$	71.19
Total LC and TI per square foot per year of weighted average lease term	$	8.25		$	11.48		$	11.93		$	8.34		$	8.89
Occupancy(3),(4)	90.3		%	90.0		%	89.2		%	87.9		%	88.6		%


Manhattan Office Portfolio
Total leases executed	18			14			18			18			18

Office - New Leases
Total square footage executed	106,311			26,430			202,499			43,184			184,258
Average starting cash rent psf - leases executed	$	70.97		$	68.56		$	72.28		$	69.13		$	71.07
Previously escalated cash rents psf	$	62.55		$	67.69		$	63.11		$	66.77		$	59.54
Percentage of new cash rent over previously escalated rents	13.5		%	1.3		%	14.5		%	3.5		%	19.4		%

Office - Renewal Leases(1)
Current Renewals	14,542			30,907			19,277			177,328			10,178
Early Renewals	212,598			14,522			—			—			172,286
Total square footage executed	227,140			45,429			19,277			177,328			182,464
Average starting cash rent psf - leases executed	$	74.88		$	70.80		$	59.97		$	66.62		$	86.98
Previously escalated cash rents psf	$	72.31		$	67.11		$	67.51		$	59.35		$	83.14
Percentage of new cash rent over previously escalated rents	3.6		%	5.5		%	(11.2)		%	12.3		%	4.6		%

Total Manhattan Office Portfolio
Total square footage executed	333,451			71,859			221,776			220,512			366,722
Average starting cash rent psf - leases executed	$	73.63		$	69.97		$	71.21		$	67.11		$	78.99
Previously escalated cash rents psf	$	69.20		$	67.33		$	63.50		$	60.80		$	71.28
Percentage of new cash rent over previously escalated rents	6.4		%	3.9		%	12.1		%	10.4		%	10.8		%

Leasing commission costs per square foot	$	14.38		$	20.16		$	28.97		$	22.47		$	21.85
Tenant improvement costs per square foot	36.36			47.79			89.60			49.50			47.96
Total LC and TI per square foot(2)	$	50.74		$	67.95		$	118.57		$	71.97		$	69.81
Total LC and TI per square foot per year of weighted average lease term	$	10.01		$	10.76		$	11.79		$	8.41		$	8.66
Occupancy(3),(4)	89.9		%	90.3		%	89.5		%	88.1		%	89.0		%

(Table continued on next page)

Page 12


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


	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Retail Portfolio
Total leases executed	9			2			4			1			—
Total square footage executed	125,022			16,021			10,332			1,181			—
Average starting cash rent psf - leases executed	$	81.43		$	128.33		$	268.92		$	193.00		$	—
Previously escalated cash rents psf	$	83.81		$	145.48		$	316.28		$	183.74		$	—
Percentage of new cash rent over previously escalated rents	(2.8)		%	(11.8)		%	(15.0)		%	5.0		%	—

Leasing commission costs per square foot	$	40.58		$	91.92		$	88.59		$	63.04		$	—
Tenant improvement costs per square foot	26.29			112.59			27.88			—			—
Total LC and TI per square foot(2)	$	66.87		$	204.51		$	116.47		$	63.04		$	—
Total LC and TI per square foot per year of weighted average lease term	$	6.09		$	12.74		$	16.15		$	6.25		$	—
Occupancy(3),(4)	94.4		%	92.8		%	91.7		%	91.2		%	90.4		%


Multifamily Portfolio
Percent occupied	97.8	%	98.6	%	98.6	%	99.0	%	98.5	%
Total number of units	743		743		743		732		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 space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street and 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.

Page 13


			Fourth Quarter 2025
			Commercial Property Detail
			(unaudited)


Property Name	Location or Sub-Market	Rentable Square Feet (1)	Percent Occupied (2),(3)		Percent Leased (3),(4)		Annualized Rent (5)		Annualized Rent per Occupied Square Foot (6)		Number of Leases (7)
Office (8)
The Empire State Building	Penn Station -Times Sq. South	2,711,351	91.8	%	96.0	%	$	172,538,871	$	69.96	148
One Grand Central Place	Grand Central	1,227,813	84.6	%	93.1	%	66,643,364		64.30		116
1400 Broadway (9)	Penn Station -Times Sq. South	917,281	92.9	%	96.8	%	54,120,027		63.57		17
111 West 33rd Street (10)	Penn Station -Times Sq. South	639,629	93.1	%	94.3	%	42,126,994		70.69		21
250 West 57th Street	Columbus Circle - West Side	476,847	82.9	%	84.2	%	28,124,627		71.27		28
1359 Broadway	Penn Station -Times Sq. South	456,634	87.1	%	87.1	%	23,777,747		59.87		29
501 Seventh Avenue	Penn Station -Times Sq. South	455,432	89.2	%	89.2	%	22,687,884		55.89		15
1350 Broadway (11)	Penn Station -Times Sq. South	384,128	93.4	%	94.2	%	22,468,237		62.74		48
1333 Broadway	Penn Station -Times Sq. South	297,126	89.8	%	89.8	%	15,463,555		57.98		11
Total/Weighted Average Office Properties		7,566,241	89.9	%	93.5	%	447,951,306		66.14		433







Retail Properties (8)
112 West 34th Street (10)	Penn Station -Times Sq. South	93,057	100.0	%	100.0	%	26,022,498		279.64		4
The Empire State Building	Penn Station -Times Sq. South	88,143	78.3	%	78.3	%	7,989,316		115.79		11
North Sixth Street Collection (12)	Williamsburg - Brooklyn	87,355	91.2	%	97.5	%	11,408,527		143.17		16
One Grand Central Place	Grand Central	70,810	100.0	%	100.0	%	8,673,298		122.49		12
1333 Broadway	Penn Station -Times Sq. South	67,001	100.0	%	100.0	%	10,507,517		156.83		4
250 West 57th Street	Columbus Circle - West Side	63,443	93.2	%	94.8	%	9,237,589		156.30		6
1542 Third Avenue	Upper East Side	58,161	100.0	%	100.0	%	3,093,298		53.19		4
10 Union Square	Union Square	58,049	88.2	%	88.2	%	7,962,960		155.51		8
1359 Broadway	Penn Station -Times Sq. South	29,247	99.4	%	99.4	%	2,250,533		77.39		5
1010 Third Avenue	Upper East Side	28,243	100.0	%	100.0	%	3,077,783		108.98		1
501 Seventh Avenue	Penn Station -Times Sq. South	27,213	85.3	%	85.3	%	1,656,260		71.37		7
77 West 55th Street	Midtown	25,388	100.0	%	100.0	%	2,112,538		83.21		3
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	%	2,078,883		122.17		7
561 10th Avenue	Hudson Yards	11,822	100.0	%	100.0	%	1,626,620		137.59		2
298 Mulberry Street	NoHo	10,365	100.0	%	100.0	%	1,986,316		191.64		1
345 East 94th Street	Upper East Side	3,700	100.0	%	100.0	%	261,359		70.64		1
Total/Weighted Average Retail Properties		758,525	94.4	%	95.3	%	104,085,542		145.30		98

Portfolio Total		8,324,766	90.3	%	93.6	%	$	552,036,848	$	73.71	531

Notes:

(1) Excludes (i) 186,226 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 December 31, 2025.

(3) Percent occupied and percent leased exclude 109,456 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of December 31, 2025.

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

(6) Represents annualized rent under leases commenced as of December 31, 2025 divided by occupied square feet.

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

(8) 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 December 31, 2025, 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 25 years (expiring July 31, 2050).

(12) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment. As of December 31, 2025, the percent occupied and percent leased were 0% and 49.5%, respectively.

Page 14


			Fourth Quarter 2025
			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)	December 31, 2025	March 31, 2026	June 30, 2026	September 30, 2026	December 31, 2026 (3)	Full Year 2026 (3)	Full Year 2027
Total expirations	185,590	146,179	35,775	85,465	172,261	439,680	637,739
Less: broadcasting	—	(906)	—	(511)	—	(1,417)	(7,247)
Office and retail expirations	185,590	145,273	35,775	84,954	172,261	438,263	630,492

Renewals & relocations (4)	16,968	55,233	601	47,502	16,647	119,983	68,287
New leases (5)	137,212	16,893	3,179	—	16,321	36,393	79,530
Vacates (6)	31,410	72,200	28,342	25,633	123,435	249,610	335,271
Unknown (7)	—	947	3,653	11,819	15,858	32,277	147,404
Total Office and Retail Portfolio expirations and vacates	185,590	145,273	35,775	84,954	172,261	438,263	630,492

Office Portfolio
Total expirations	184,123	140,741	35,775	74,305	172,261	423,082	577,734
Less: broadcasting	—	(906)	—	(511)	—	(1,417)	(7,247)
Office expirations	184,123	139,835	35,775	73,794	172,261	421,665	570,487

Renewals & relocations (4)	16,615	55,233	601	47,502	16,647	119,983	39,828
New leases (5)	137,212	11,455	3,179	—	16,321	30,955	55,688
Vacates (6)	30,296	72,200	28,342	14,473	123,435	238,450	334,984
Unknown (7)	—	947	3,653	11,819	15,858	32,277	139,987
Total expirations and vacates	184,123	139,835	35,775	73,794	172,261	421,665	570,487










Retail Portfolio
Retail expirations	1,467	5,438	—	11,160	—	16,598	60,005

Renewals & relocations (4)	353	—	—	—	—	—	28,459
New leases (5)	—	5,438	—	—	—	5,438	23,842
Vacates (6)	1,114	—	—	11,160	—	11,160	287
Unknown (7)	—	—	—	—	—	—	7,417
Total expirations and vacates	1,467	5,438	—	11,160	—	16,598	60,005

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


			Fourth Quarter 2025
			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	—	680,169	7.8	%	$	—	—	%	$	—
Signed leases not commenced	20	282,664	3.2	%	—		—	%	—



4Q 2025(5)	7	137,688	1.6	%	8,983,175		1.5	%	65.24
Total 2025	7	137,688	1.6	%	8,983,175		1.5	%	65.24
1Q 2026	14	145,253	1.7	%	9,008,950		1.5	%	62.02
2Q 2026	8	35,775	0.4	%	2,240,819		0.4	%	62.64
3Q 2026	17	85,465	1.0	%	5,296,123		0.9	%	61.97
4Q 2026	19	172,261	2.0	%	10,781,429		1.8	%	62.59
Total 2026	58	438,754	5.1	%	27,327,321		4.6	%	62.28
2027	77	637,739	7.3	%	43,493,933		7.4	%	68.20
2028	61	861,251	9.9	%	52,878,916		9.1	%	61.40
2029	67	744,680	8.5	%	65,659,565		11.2	%	88.17
2030	55	697,240	8.0	%	52,285,897		9.0	%	74.99
2031	41	246,641	2.8	%	28,524,653		4.9	%	115.65
2032	30	383,114	4.4	%	29,289,194		5.0	%	76.45
2033	39	294,059	3.4	%	26,057,091		4.5	%	88.61
2034	25	385,204	4.4	%	35,475,299		6.1	%	92.09
2035	24	466,371	5.3	%	32,847,860		5.6	%	70.43
Thereafter	53	2,479,235	28.3	%	181,172,820		31.1	%	73.08
Total	557	8,734,809	100.0	%	$	583,995,724	100.0	%	$	75.14


Office Properties(1), (6)
Available	—	637,194	6.9	%	$	—	—	%	$	—
Signed leases not commenced	17	268,943	3.6	%	—		—	%	—



4Q 2025(5)	6	137,335	1.8	%	8,947,459		2.0	%	65.15
Total 2025	6	137,335	1.8	%	8,947,459		2.0	%	65.15
1Q 2026	13	139,815	1.8	%	8,608,950		1.9	%	61.57
2Q 2026	8	35,775	0.5	%	2,240,819		0.5	%	62.64
3Q 2026	15	74,305	1.0	%	4,543,359		1.0	%	61.14
4Q 2026	19	172,261	2.3	%	10,781,429		2.4	%	134.23
Total 2026	55	422,156	5.6	%	26,174,557		5.8	%	133.68
2027	71	577,734	7.6	%	35,215,245		7.9	%	60.95
2028	57	849,841	11.2	%	51,044,781		11.4	%	60.06
2029	55	619,338	8.2	%	40,904,165		9.1	%	66.05
2030	44	666,742	8.8	%	45,008,542		10.0	%	67.51
2031	30	171,927	2.3	%	12,659,300		2.8	%	73.63
2032	23	344,120	4.5	%	25,255,254		5.6	%	73.39
2033	25	236,815	3.1	%	15,284,089		3.4	%	64.54
2034	16	343,749	4.5	%	24,217,107		5.4	%	70.45
2035	20	458,489	6.1	%	31,568,132		7.0	%	68.85
Thereafter	34	2,199,624	25.8	%	152,046,970		29.6	%	147.60
Total Office properties	453	7,934,007	100.0	%	$	468,325,601	100.0	%	$	66.64

(Table continued on next page)

Page 16


			Fourth Quarter 2025
			Tenant Lease Expirations
			(unaudited)


Retail Properties(1)
Available	—	42,975	4.7	%	$	—	—	%	$	—
Signed leases not commenced	3	13,721	0.9	%	—		—	%	—



4Q 2025(5)	1	353	—	%	35,716		—	%	101.18
Total 2025	1	353	—	%	35,716		—	%	101.18
1Q 2026	1	5,438	0.7	%	400,000		0.4	%	73.56
2Q 2026	—	—	—	%	—		—	%	—
3Q 2026	2	11,160	1.5	%	752,764		0.7	%	67.45
4Q 2026	—	—	—	%	—		—	%	—
Total 2026	3	16,598	2.2	%	1,152,764		1.1	%	69.45
2027	6	60,005	7.9	%	8,278,688		8.0	%	137.97
2028	4	11,410	1.5	%	1,834,135		1.8	%	160.75
2029	12	125,342	16.5	%	24,755,400		23.8	%	197.50
2030	11	30,498	4.0	%	7,277,355		7.0	%	238.62
2031	11	74,714	9.8	%	15,865,353		15.2	%	212.35
2032	7	38,994	5.1	%	4,033,940		3.9	%	103.45
2033	14	57,244	5.8	%	10,773,002		6.6	%	448.40
2034	9	41,455	3.6	%	11,258,192		3.4	%	666.25
2035	4	7,882	1.0	%	1,279,728		1.2	%	162.36
Thereafter	19	279,611	37.0	%	29,125,850		28.0	%	104.17
Total retail properties	104	800,802	100.0	%	$	115,670,123	100.0	%	$	155.45

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) 186,226 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 December 31, 2025 and expire on December 31, 2025.

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

Page 17


			Fourth Quarter 2025
			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	Feb. 2026 - Aug. 2036	9.8 years	423,544	4.91	%	$	32,128,364	5.50	%
2.	Flagstar Bank	1400 Broadway	Aug. 2039	13.7 years	313,109	3.63	%	19,654,839		3.37	%
3.	Scholastic Inc.(9)	130 Mercer	Dec. 2040	15.0 years	221,952	2.57	%	18,208,375		3.12	%
4.	Sephora USA, Inc.	112 West 34th Street, 130 Mercer	Jan. 2029 - Jan. 2034	5.0 years	21,834	0.25	%	16,975,537		2.91	%
5.	Centric Brands Inc.	Empire State Building	Oct. 2028	2.8 years	252,929	2.93	%	14,521,493		2.49	%
6.	PVH Corp.(10)	501 Seventh Avenue	Jan. 2026 - Oct. 2028	2.2 years	237,281	2.75	%	13,447,768		2.30	%
7.	Institutional Capital Network, Inc.	One Grand Central Place	Dec. 2041	16.0 years	154,050	1.79	%	11,007,947		1.88	%
8.	Burlington Merchandising Corporation	1400 Broadway	Dec. 2042	17.0 years	170,763	1.98	%	10,761,521		1.84	%
9.	Target Corporation	112 West 34th St., 10 Union Sq.	Jan. 2038	12.1 years	81,340	0.94	%	9,585,195		1.64	%
10.	Macy's	111 West 33rd Street	May 2030	4.4 years	131,117	1.52	%	9,530,585		1.63	%
11.	Coty Inc.	Empire State Building	Jan. 2030	4.1 years	157,892	1.83	%	9,422,377		1.61	%
12.	Foot Locker, Inc.	112 West 34th Street	Sep. 2031	5.8 years	34,192	0.40	%	8,630,727		1.48	%
13.	URBAN OUTFITTERS	1333 Broadway	Sep. 2029	3.8 years	56,730	0.66	%	8,489,236		1.45	%
14.	Li & Fung(11)	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	2.5 years	149,061	1.73	%	8,237,563		1.41	%
15.	FDIC(12)	Empire State Building	Dec. 2025	0.0 years	119,226	1.38	%	7,823,959		1.34	%
16.	Shutterstock, Inc.	Empire State Building	Apr. 2029	3.3 years	108,937	1.26	%	7,625,255		1.31	%
17.	Fragomen	1400 Broadway	Feb. 2035	9.2 years	107,680	1.25	%	7,122,842		1.22	%
18.	The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	3.9 years	86,492	1.00	%	6,555,874		1.12	%
19.	ASCAP	250 West 57th Street	Aug. 2034	8.7 years	87,943	1.02	%	6,481,430		1.11	%
20.	HNTB Corporation	Empire State Building	Sep. 2034	8.8 years	78,361	0.91	%	5,683,260		0.97	%
	Total				2,994,433	34.71	%	$	231,894,147	39.70	%

Notes:

Portfolio Tenant Diversification by Industry (based on annualized rent)(1)

(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 December 31, 2025.

(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 December 31, 2025.

(9) Includes 210,676 square feet of office space with annualized rent of $17,907,460 and 11,276 square feet of storage space.

(10) Includes 50,560 square feet of expiries by December 31, 2027, none of which has been re-leased as of December 31, 2025.

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

(12) Tenant’s 119,226 square feet has been pre-leased.

Page 18


			Fourth Quarter 2025
			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
First quarter 2026	82,327	$	6,502	$	5,909	$	6,217	$	5,882	$	5,646	$	4,739
Second quarter 2026	160,742	8,599		5,557		8,599		8,599		8,599		8,599
Third quarter 2026	143,736	8,533		3,772		8,533		8,533		8,533		8,533
Fourth quarter 2026	183,652	11,647		1,326		11,647		11,647		11,647		11,647
First quarter 2027	94,358	7,535		—		7,011		7,535		7,535		7,535
Second quarter 2027	51,726	2,951		—		2,224		2,951		2,951		2,978
Third quarter 2027	47,460	2,840		—		1,244		2,840		2,840		2,840
Fourth quarter 2027	59,455	4,553		—		796		4,553		4,553		4,553
First quarter 2028	34,162	2,462		—		—		2,404		2,462		2,462
Second quarter 2028	39,610	1,018		—		—		764		1,018		1,018
Third quarter 2028	24,212	77		—		—		26		77		77
Second quarter 2029	25,212	91		—		—		—		53		91
	946,652	$	56,808	$	16,564	$	46,271	$	55,734	$	55,914	$	55,072


	Initial Annual		Incremental Annual		Incremental Cash Rent(2) Contributing to Cash NOI in the Following Years
4Q 2025	Cash Rent		Cash Rent			2026		2027		2028		2029		2030
Commenced leases in free rent period	$	37,349	$	31,820		$	14,647	$	31,820	$	31,820	$	31,584	$	30,677
Signed leases not commenced	35,191		24,988			1,917		14,451		23,914		24,330		24,395
	$	72,540	$	56,808		$	16,564	$	46,271	$	55,734	$	55,914	$	55,072


	Three Months Ended
Capital expenditures	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Tenant improvements - first generation	$	—	$	29	$	39	$	174	$	2,744
Tenant improvements - second generation (3)	21,406		15,979		36,890		39,304		45,969
Leasing commissions - first generation	1,387		—		—		—		98
Leasing commissions - second generation	8,730		3,144		7,605		7,629		10,769
Building improvements - first generation	2,556		1,094		236		—		180
Building improvements - second generation	4,704		5,571		7,868		5,770		9,377
Non-recurring capital improvements	8,499		14,495		8,934		2,910		14,420
Total	$	47,282	$	40,312	$	61,572	$	55,787	$	83,557

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.

(3) The period ended December 31, 2024 includes a tenant improvement allowance of approximately $23.5 million related to certain leases signed in 2018 and 2021.

Page 19


			Fourth Quarter 2025
			Observatory Summary
			(unaudited and dollars in thousands)


	Twelve Months to Date		Three Months Ended
Observatory NOI			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Observatory revenue (1)	$	128,329	$	35,232		$	36,037		$	33,899		$	23,161		$	38,275
Observatory expenses	38,237		10,787			9,510			9,822			8,118			9,730
NOI	90,092		24,445			26,527			24,077			15,043			28,545
Intercompany rent expense (2)	76,306		20,295			20,185			20,666			15,160			22,969
NOI after intercompany rent	$	13,786	$	4,150		$	6,342		$	3,411		$	(117)		$	5,576

Observatory Metrics
Number of visitors (3)			618,000			648,000			629,000			428,000			718,000
Change in visitors year over year			(13.9)		%	(10.9)		%	(2.9)		%	(11.8)		%	1.0		%
Number of bad weather days ("BWD") (4)			15			6			21			13			8

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, the fixed license fee was $1,904, $1,904, $1,904, $1,904 and $1,855, respectively.

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

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

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

Page 20


			Fourth Quarter 2025
			Debt Summary
			(unaudited and dollars in thousands)


	December 31, 2025
			Weighted Average
Debt Summary	Balance		Interest Rate (1)		Maturity (Years)
Mortgage debt	$	629,011	3.64	%	5.3
Senior unsecured notes (2)	1,275,000		4.86	%	4.8
Unsecured term loan facilities (3)	340,000		4.44	%	4.5
Unsecured revolving credit facility (4)	50,000		4.81	%	3.2
Total fixed rate debt	2,294,011		4.46	%	4.8

Unsecured term loan facilities (5)	—		—		—
Unsecured revolving credit facility (4)	95,000		5.07	%	3.2
Total variable rate debt	95,000		5.07	%	3.2

Total debt	2,389,011		4.48	%	4.8
Deferred financing costs, net	(11,878)
Debt discount	(5,402)
Total	$	2,371,731


Available Capacity	Facility		Outstanding at December 31, 2025		Letters of Credit		Available Capacity
Unsecured revolving credit facility (6)	$	620,000	$	145,000	$	—	$	475,000

Covenant Summary

Required

Current Quarter

In Compliance

Maximum Total Leverage (7)

< 60%

36.4

Yes

Maximum Secured Leverage (8)

< 40%

10.2

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.0x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

4.4x

Yes

Maximum Unsecured Leverage (9)

< 60%

35.4

Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, the rate which are fixed under variable to fixed interest rate swap agreements, or the current variable rate of the revolving credit facility.

(2) In the fourth quarter, the Company issued $175 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.47% that matures in 2031.

(3) In the fourth quarter, the Company closed on a $245 million upsize and extension of its unsecured term loan credit facility that will now mature in 2031, inclusive of extensions. 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.

(4) In the fourth quarter of 2025, the Company drew $145 million on the unsecured revolving credit facility. SOFR is fixed at 3.40% for $50 million through December 31, 2026.

(5) As of December 31, 2025, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

(6) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.

(7) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.

(8) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.

(9) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

Page 21


			Fourth Quarter 2025
			Debt Detail
			(unaudited and dollars in thousands)


	Stated Interest Rate (%)		Principal Balance		Maturity Date	Amortization
10 Union Square	3.70	%	$	50,000	4/1/2026	Interest only
1542 Third Avenue	4.29	%	30,000		5/1/2027	Interest only
1010 Third Avenue & 77 West 55th St.	4.01	%	33,102		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
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%		5,704		11/1/2030	30 years
561 10th Avenue - Series A	70% of SOFR plus 1.07%		114,500		11/1/2033	Interest only
561 10th Avenue - Series B	SOFR plus 2.45%		12,105		11/1/2033	30 years
Total fixed rate mortgage debt			629,011

Unsecured term loan facility	SOFR plus 1.50%		245,000		1/15/2031	Interest only
Unsecured term loan facility	SOFR plus 1.50%		95,000		3/8/2029	Interest only
Unsecured revolving credit facility	SOFR plus 1.30%		145,000		3/8/2029	Interest only
Senior unsecured notes:
Series B	4.09	%	125,000		3/27/2027	Interest only
Series C	4.18	%	125,000		3/27/2030	Interest only
Series D	4.08	%	115,000		1/22/2028	Interest only
Series E	4.26	%	160,000		3/22/2030	Interest only
Series F	4.44	%	175,000		3/22/2033	Interest only
Series G	3.61	%	100,000		3/17/2032	Interest only
Series H	3.73	%	75,000		3/17/2035	Interest only
Series I	7.20	%	155,000		6/17/2029	Interest only
Series J	7.32	%	45,000		6/17/2031	Interest only
Series K	7.41	%	25,000		6/17/2034	Interest only
Series L	5.47	%	175,000		1/7/2031	Interest only
Total / weighted average debt	4.48	%	2,389,011
Deferred financing costs, net			(11,878)
Debt discount			(5,402)
Total			$	2,371,731

Page 22


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


Year	Maturities (1)		Amortization		Total		Percentage of Total Debt		Weighted Average Interest Rate of Maturing Debt
2026	$	50,000	$	3,958	$	53,958	2.3	%	3.70	%
2027	155,000		4,276		159,276		6.7	%	4.13	%
2028	146,091		3,555		149,646		6.3	%	4.06	%
2029	395,000		3,890		398,890		16.7	%	5.84	%
2030	508,600		4,511		513,111		21.5	%	3.67	%
2031	465,000		3,283		468,283		19.6	%	5.01	%
2032	100,000		3,591		103,591		4.3	%	3.61	%
2033	439,007		3,249		442,256		18.5	%	4.20	%
2034	25,000		—		25,000		1.0	%	7.41	%
2035	75,000		—		75,000		3.1	%	3.73	%

Total debt	$	2,358,698	$	30,313	2,389,011		100.0	%	4.48	%
Deferred financing costs, net					(11,878)
Debt discount					(5,402)
Total					$	2,371,731


Ground Lease Commitments (2)
Year	1350 Broadway (3)		1400 Broadway (4)		111 West 33rd Street (5)		Total
2026	$	93	$	675	$	735	$	1,503
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
	$	1,791	$	25,650	$	37,791	$	65,232

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 25 years.

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

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

Page 23

Source: View Original Filing on SEC EDGAR

FAQ

How did Empire State Realty Trust (ESRT) perform financially in Q4 2025?

Empire State Realty Trust reported net income of $0.12 per fully diluted share in Q4 2025. Core FFO per fully diluted share was $0.23. Same-store property cash NOI excluding lease termination fees grew 0.9%, supported by higher base rent and tenant reimbursements despite higher utilities and real estate taxes.

What were Empire State Realty Trust’s full-year 2025 earnings and Core FFO?

For 2025, ESRT generated net income of $0.25 per fully diluted share and Core FFO of $0.87 per fully diluted share. These compared with $0.28 and $0.95, respectively, in 2024, reflecting modest revenue growth but higher expenses and lower contributions from certain non-recurring 2024 revenue items.

How strong were Empire State Realty Trust’s occupancy and leasing metrics in 2025?

At December 31, 2025, ESRT’s office occupancy was 89.9% and total commercial portfolio occupancy was 90.3%. The company signed 458,473 square feet of commercial leases in Q4 2025, including 333,451 square feet of office, with blended office leasing spreads of +6.4%, marking the eighteenth consecutive positive quarter.

What portfolio transactions did ESRT complete in 2025?

ESRT completed $417 million of all‑cash acquisitions of well-located office and retail assets in 2025, including the $386.0 million purchase of 130 Mercer Street in SoHo. It also sold its last suburban office asset, Metro Center in Stamford, Connecticut, making its commercial portfolio entirely New York City-based.

How did the Empire State Building Observatory contribute to ESRT’s 2025 results?

The Empire State Building Observatory generated NOI of $24.4 million in Q4 2025 and $90.1 million for the full year. Observatory revenue for 2025 was $128.3 million, providing a significant recurring income stream alongside ESRT’s office, retail, and multifamily operations in New York City.

What is Empire State Realty Trust’s balance sheet and leverage position at year-end 2025?

At December 31, 2025, ESRT had approximately $2.4 billion of total debt and $0.6 billion of liquidity, including $133 million of cash and $475 million of revolver capacity. Net debt to adjusted EBITDA was 6.3x. The company reports no unaddressed debt maturities until March 2027.

What 2026 guidance did Empire State Realty Trust provide?

For 2026, ESRT guided Core FFO per fully diluted share to $0.85–$0.89 versus $0.87 in 2025 and targeted year-end commercial occupancy of 90%–92%. It expects same-store property cash NOI excluding lease termination fees between –1.5% and +2.0% and Observatory NOI between $87 million and $92 million.

Filing Exhibits & Attachments

6 documents

Empire State Realty Trust (NYSE: ESRT) shifts to all-NYC portfolio in 2025

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

FAQ

How did Empire State Realty Trust (ESRT) perform financially in Q4 2025?

What were Empire State Realty Trust’s full-year 2025 earnings and Core FFO?

How strong were Empire State Realty Trust’s occupancy and leasing metrics in 2025?

What portfolio transactions did ESRT complete in 2025?

How did the Empire State Building Observatory contribute to ESRT’s 2025 results?

What is Empire State Realty Trust’s balance sheet and leverage position at year-end 2025?

What 2026 guidance did Empire State Realty Trust provide?

Filing Exhibits & Attachments

Press Releases

Other Documents

Empire State Realty Trust (NYSE: ESRT) shifts to all-NYC portfolio in 2025

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and earnings analyst neutral

8-K Event Classification

FAQ

How did Empire State Realty Trust (ESRT) perform financially in Q4 2025?

What were Empire State Realty Trust’s full-year 2025 earnings and Core FFO?

How strong were Empire State Realty Trust’s occupancy and leasing metrics in 2025?

What portfolio transactions did ESRT complete in 2025?

How did the Empire State Building Observatory contribute to ESRT’s 2025 results?

What is Empire State Realty Trust’s balance sheet and leverage position at year-end 2025?

What 2026 guidance did Empire State Realty Trust provide?

Filing Exhibits & Attachments

Press Releases

Other Documents