Exhibit 99.2

Fourth Quarter 2023

	Page
Table of Contents
Summary
Supplemental Definitions		3
Company Profile		5
Condensed Consolidated Balance Sheets		6
Condensed Consolidated Statements of Operations		7
Highlights		8
Selected Property Data
Property Summary Net Operating Income		9
Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI		10
Leasing Activity		11
Commercial Property Detail		13
Portfolio Expirations and Vacates Summary		14
Tenant Lease Expirations		15
Largest Tenants and Portfolio Tenant Diversification by Industry		17
Capital Expenditures and Redevelopment Program		18
Observatory Summary		19
Financial information
FFO, Modified FFO, Core FFO, FAD and EBITDA		20
Consolidated Debt Analysis
Debt Summary		21
Debt Detail		22
Debt Maturities		23
Ground Leases		23

Forward-looking Statements

This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as “aims,” “anticipates,” “approximately,” “believes,” “contemplates,” “continues,” “estimates,” “expects,” “forecasts,” “hope,” “intends,” “may,” “plans,” “seeks,” “should,” “thinks,” “will,” “would” or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement.

Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, climate-related risks such as natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) a failure of conditions or performance regarding any event or transaction described herein; (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (v) changes in our business strategy; (vi) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (ix) declining real estate valuations and impairment charges; (x) termination of our ground leases; (xi) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xii) decreased rental rates or increased vacancy rates; (xiii) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xiv) difficulties in identifying and completing acquisitions; (xv) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvi) our failure to qualify as a REIT; (xvii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; and (xviii) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company’s future results, performance, or transactions, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2022 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

While forward-looking statements reflect the company’s good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this presentation speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this presentation, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the company (or to third parties making the forward-looking statements).

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Fourth Quarter 2023 Supplemental Definitions

Funds From Operations (“FFO”)

We compute 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 its 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 FFO”)

Modified FFO adds back an adjustment for any above or 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 FFO”)

Core FFO adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses and IPO litigation expense. 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 (“Core FAD”)

In addition to Core FFO, we present 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 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 (“NOI”) and Property Cash NOI

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

Same Store

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

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Fourth Quarter 2023 Supplemental Definitions

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, income taxes and depreciation. 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 our 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 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.

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Fourth Quarter 2023

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, the #1 attraction in the U.S. in Tripadvisor’s Travelers’ Choice Awards: Best of the Best for two consecutive years.

BOARD OF DIRECTORS

Anthony E. Malkin	Chairman and Chief Executive Officer
Thomas J. DeRosa	Director, Chair of the Compensation and Human Capital Committee
Steven J. Gilbert	Director, Lead Independent Director
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
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

Bank of America Merrill Lynch	Camille Bonnel	(416) 369-2140	camille.bonnel@bofa.com
BMO Capital Markets Corp.	John Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Michael Griffin	(212) 816-5871	michael.a.griffin@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949) 640-8780	dburzinski@greenstreetadvisors.com
KeyBanc Capital Markets	Todd Thomas	(917) 368-2286	tthomas@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646) 582-9251	arosivach@wolferesearch.com

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Fourth Quarter 2023 Condensed Consolidated Balance Sheets (unaudited and dollars in thousands)

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Assets
Commercial real estate properties, at cost:
Land	$	366,357		$	366,364		$	361,497		$	361,497		$	365,540
Development costs		8,178			8,178			8,204			8,178			8,166
Building and improvements		3,280,657			3,245,555			3,196,181			3,183,615			3,177,743
		3,655,192			3,620,097			3,565,882			3,553,290			3,551,449
Less: accumulated depreciation		(1,250,062	)		(1,217,967	)		(1,180,558	)		(1,162,923	)		(1,137,267	)
Commercial real estate properties, net		2,405,130			2,402,130			2,385,324			2,390,367			2,414,182
Assets held for sale		—			—			—			35,980			35,538
Cash and cash equivalents		346,620			353,999			315,357			272,648			264,434
Restricted cash		60,336			66,954			80,451			108,183			50,244
Tenant and other receivables		39,836			37,651			32,901			23,879			24,102
Deferred rent receivables		255,628			254,233			249,881			238,842			240,188
Prepaid expenses and other assets		98,167			82,918			98,986			57,891			98,114
Deferred costs, net		172,457			175,488			176,678			182,367			187,570
Acquired below-market ground leases, net		321,241			323,199			325,157			327,115			329,073
Right of use assets		28,439			28,496			28,554			28,612			28,670
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,219,333		$	4,216,547		$	4,184,768		$	4,157,363		$	4,163,594
Liabilities and Equity
Mortgage notes payable, net	$	877,388		$	878,757		$	880,592		$	882,142		$	883,705
Senior unsecured notes, net		973,872			973,819			973,768			973,714			973,659
Unsecured term loan facility, net		389,286			389,158			389,028			388,901			388,773
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		99,756			83,299			71,709			71,605			80,729
Acquired below-market leases, net		13,750			14,703			15,280			16,581			17,849
Ground lease liabilities		28,439			28,496			28,554			28,612			28,670
Deferred revenue and other liabilities		70,298			75,688			73,972			76,769			76,091
Tenants’ security deposits		35,499			39,307			40,253			35,111			25,084
Liabilities related to assets held for sale		—			—			—			6,862			5,943
Total liabilities		2,488,288			2,483,227			2,473,156			2,480,297			2,480,503
Total equity		1,731,045			1,733,320			1,711,612			1,677,066			1,683,091
Total liabilities and equity	$	4,219,333		$	4,216,547		$	4,184,768		$	4,157,363		$	4,163,594

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Fourth Quarter 2023 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts)

	Three Months Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Revenues
Rental revenue (1)	$	151,167		$	151,458		$	154,603		$	140,091		$	145,905
Observatory revenue		36,217			37,562			33,433			22,154			32,318
Third-party management and other fees		275			268			381			427			336
Other revenue and fees		5,223			2,238			2,125			1,950			2,714
Total revenues		192,882			191,526			190,542			164,622			181,273
Operating expenses
Property operating expenses		42,944			42,817			39,519			42,044			39,060
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		16,144			16,012			16,075			15,708			16,478
Observatory expenses		9,282			9,471			8,657			7,855			8,529
Real estate taxes		31,809			32,014			31,490			31,788			31,420
Depreciation and amortization		49,599			46,624			46,280			47,408			44,500
Total operating expenses		152,110			149,269			144,353			147,134			142,319
Total operating income		40,772			42,257			46,189			17,488			38,954
Other income (expense)
Interest income		4,740			4,462			3,339			2,595			2,804
Interest expense		(25,393	)		(25,382	)		(25,405	)		(25,304	)		(25,634	)
Gain (loss) on disposition of property		(2,497	)		—			13,565			15,696			6,818
Income before income taxes		17,622			21,337			37,688			10,475			22,942
Income tax (expense) benefit		(1,792	)		(1,409	)		(733	)		1,219			(1,322	)
Net income		15,830			19,928			36,955			11,694			21,620
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(5,670	)		(7,207	)		(14,049	)		(4,168	)		(7,947	)
Non-controlling interests in other partnerships		1			(111	)		(1	)		43			(28	)
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	9,111		$	11,560		$	21,854		$	6,519		$	12,595
Weighted average common shares outstanding
Basic		161,974			161,851			160,028			161,339			161,720
Diluted		267,003			266,073			264,196			265,197			265,370
Earnings per share attributable to common stockholders
Basic and diluted	$	0.06		$	0.07		$	0.14		$	0.04		$	0.08
Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035

Note:

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

	Three Months Ended
	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Rental Revenue
Base rent	$	134,467	$	133,228	$	138,808	$	124,782	$	131,745
Billed tenant expense reimbursement		16,700		18,230		15,795		15,309		14,160
Total rental revenue	$	151,167	$	151,458	$	154,603	$	140,091	$	145,905

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.

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Fourth Quarter 2023 Highlights (unaudited and dollars and shares in thousands, except per share amounts)

	Three Months Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Office and Retail Metrics:
Total rentable square footage		9,359,219			9,361,656			9,356,165			9,637,356			9,661,065
Percent occupied (1)		86.3	%		87.0	%		86.8	%		86.7	%		85.2	%
Percent leased (2)		90.6	%		90.5	%		90.3	%		89.4	%		88.6	%
Same Store Property Cash Net Operating Income (NOI):
Manhattan office portfolio	$	66,897		$	61,985		$	62,800		$	58,227		$	61,913
Greater New York office portfolio		5,206			3,982			4,291			3,121			3,731
Retail portfolio		1,791			1,752			1,609			512			753
Total Same Store Property Cash NOI	$	73,894		$	67,719		$	68,700		$	61,860		$	66,397
Multifamily Metrics:
Multifamily Cash NOI (4)	$	4,032		$	4,837		$	3,756		$	3,499		$	2,848
Total number of units		727			727			721			721			721
Percent occupied		98.1	%		97.1	%		97.4	%		97.2	%		96.3	%
Observatory Metrics:
Observatory NOI	$	26,935		$	28,091		$	24,776		$	14,299		$	23,789
Number of visitors (3)		711,000			743,000			666,000			443,000			660,000
Change in visitors year-over-year		7.7	%		8.2	%		16.2	%		64.7	%		83.3	%
Ratios at ESRT pro-rata share: (4)
Debt to Total Market Capitalization (5)		45.2	%		49.7	%		51.4	%		54.8	%		54.0	%
Net Debt to Total Market Capitalization (5)		41.1	%		45.4	%		47.6	%		51.6	%		50.9	%
Debt and Perpetual Preferred Units to Total Market Capitalization (5)		47.0	%		51.7	%		53.5	%		56.9	%		56.1	%
Net Debt and Perpetual Preferred Units to Total Market Capitalization (5)		43.0	%		47.6	%		49.8	%		53.9	%		53.1	%
Debt to Adjusted EBITDA (6)		6.4x			6.6x			6.7x			6.6x			6.5x
Net Debt to Adjusted EBITDA (6)		5.4x			5.5x			5.8x			5.7x			5.7x
Core FFO Payout Ratio (7)		14	%		14	%		14	%		20	%		16	%
Core FAD Payout Ratio (8)		35	%		23	%		29	%		83	%		23	%
Core FFO per share - diluted	$	0.25		$	0.25		$	0.26		$	0.16		$	0.22
Diluted weighted average shares		267,003			266,073			264,196			265,197			265,370
Class A common stock price at quarter end	$	9.69		$	8.04		$	7.49		$	6.49		$	6.74
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)		1.4	%		1.7	%		1.9	%		2.2	%		2.1	%
Series 2013 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		162,062			161,346			159,843			160,340			160,140
Class B common stock (10)		984			987			988			989			990
Operating partnership units		107,900			108,618			110,087			110,618			109,905
Total common stock and operating partnership units outstanding (11)		270,946			270,951			270,918			271,947			271,035

Notes:

(1) Based on leases signed and commenced as of end of period.

(2) Represents occupancy and includes signed leases not commenced.

(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) Calculated to include ESRT’s pro-rata 90% share of NOI, debt, interest, EBITDA and FFO at its joint venture properties.

(5) Market capitalization represents the sum of (i) Company’s common stock per share price as of December 31, 2023 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2023; (ii) the number of Series 2014 perpetual preferred units at December 31, 2023 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2023 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2023.

(6) Calculated based on trailing 12 months Adjusted EBITDA.

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

(8) Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD Payout Ratio. We made this modification above to the calculation of Core FAD Payout Ratio for the other periods presented; in our previous supplemental reports prior to this change, the Core FAD Payout Ratios were 27%, 33%, 97%, and 23% for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, respectively.

(9) Based on the closing price per share of Class A common stock on December 31, 2023.

(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 8

Fourth Quarter 2023 Property Summary - Same Store ⁽¹⁾ Net Operating Income (“NOI”) by Quarter (unaudited and dollars in thousands)

	Twelve Months Ended			Three Months Ended
	December 31, 2023			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Same Store Portfolio
Revenues	$	570,559		$	146,857		$	144,331		$	147,806		$	131,565		$	138,097
Operating expenses		(284,765	)		(72,397	)		(73,074	)		(68,653	)		(70,641	)		(67,132	)
Same store property NOI		285,794			74,460			71,257			79,153			60,924			70,965
Straight-line rent		(18,960	)		(1,990	)		(4,900	)		(11,742	)		(328	)		(5,896	)
Above/below-market rent revenue amortization		(2,492	)		(534	)		(595	)		(669	)		(694	)		(630	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees	$	272,173		$	73,894		$	67,719		$	68,700		$	61,860		$	66,397
Percent change over prior year		2.2	%		11.3	%		8.8	%		1.1	%		(11.4	)%		(3.3	)%
Property cash NOI	$	272,173		$	73,894		$	67,719		$	68,700		$	61,860		$	66,397
Lease termination fees		—			—			—			—			—			—
Total same store property cash NOI	$	272,173		$	73,894		$	67,719		$	68,700		$	61,860		$	66,397
Same Store Manhattan Office(2)
Revenues	$	517,516		$	133,207		$	130,888		$	133,986		$	119,435		$	125,014
Operating expenses		(257,353	)		(65,750	)		(66,294	)		(61,601	)		(63,708	)		(60,332	)
Same store property NOI		260,163			67,457			64,594			72,385			55,727			64,682
Straight-line rent		(15,593	)		(1,984	)		(3,971	)		(10,874	)		1,236			(4,097	)
Above/below-market rent revenue amortization		(2,492	)		(534	)		(595	)		(669	)		(694	)		(630	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI - excluding lease termination fees		249,909			66,897			61,985			62,800			58,227			61,913
Lease termination fees		—			—			—			—			—			—
Total same store property cash NOI	$	249,909		$	66,897		$	61,985		$	62,800		$	58,227		$	61,913
Same Store Greater New York Metropolitan Area Office
Revenues	$	40,370		$	10,064		$	9,902		$	10,325		$	10,079		$	10,617
Operating expenses		(20,917	)		(4,978	)		(5,127	)		(5,384	)		(5,428	)		(5,196	)
Same store property NOI		19,453			5,086			4,775			4,941			4,651			5,421
Straight-line rent		(2,853	)		120			(793	)		(650	)		(1,530	)		(1,690	)
Above/below-market rent revenue amortization		—			—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		16,600			5,206			3,982			4,291			3,121			3,731
Lease termination fees		—			—			—			—			—			—
Total same store property cash NOI	$	16,600		$	5,206		$	3,982		$	4,291		$	3,121		$	3,731
Same Store Retail
Revenues	$	12,673		$	3,586		$	3,541		$	3,495		$	2,051		$	2,466
Operating expenses		(6,495	)		(1,669	)		(1,653	)		(1,668	)		(1,505	)		(1,604	)
Same store property NOI		6,178			1,917			1,888			1,827			546			862
Straight-line rent		(514	)		(126	)		(136	)		(218	)		(34	)		(109	)
Above/below-market rent revenue amortization		—			—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—			—
Total same store property cash NOI - excluding lease termination fees		5,664			1,791			1,752			1,609			512			753
Lease termination fees		—			—			—			—			—			—
Total same store property cash NOI	$	5,664		$	1,791		$	1,752		$	1,609		$	512		$	753

Notes:

(1) Excludes 10 Bank Street, White Plains, NY, 69-97 and 103-107 Main Street, Westport, CT, and 500 Mamaroneck Ave, Harrison, NY, which were sold in December 2022, February 2023, and April 2023, respectively, Williamsburg retail in New York City, NY which was acquired in September 2023, and multifamily properties.

(2) Includes 498,682 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 9

Fourth Quarter 2023 Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI (unaudited and dollars in thousands)

	Twelve Months Ended			Three Months Ended
	December 31, 2023			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Net income	$	84,407		$	15,830		$	19,928		$	36,955		$	11,694		$	21,620
Add:
General and administrative expenses		63,939			16,144			16,012			16,075			15,708			16,478
Depreciation and amortization		189,911			49,599			46,624			46,280			47,408			44,500
Interest expense		101,484			25,393			25,382			25,405			25,304			25,634
Income tax expense (benefit)		2,715			1,792			1,409			733			(1,219	)		1,322
Less:
(Gain) loss on disposition of property		(26,764	)		2,497			—			(13,565	)		(15,696	)		(6,818	)
Third-party management and other fees		(1,351	)		(275	)		(268	)		(381	)		(427	)		(336	)
Interest income		(15,136	)		(4,740	)		(4,462	)		(3,339	)		(2,595	)		(2,804	)
Net operating income		399,205			106,240			104,625			108,163			80,177			99,596
Straight-line rent		(19,563	)		(2,133	)		(5,015	)		(11,859	)		(556	)		(6,029	)
Above/below-market rent revenue amortization		(2,415	)		(483	)		(554	)		(675	)		(703	)		(622	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total cash NOI - including Observatory and lease termination fees		385,058			105,582			101,013			97,587			80,876			94,903
Less: Observatory NOI		(94,101	)		(26,935	)		(28,091	)		(24,776	)		(14,299	)		(23,789	)
Less: cash NOI from non-Same Store properties		(18,784	)		(4,753	)		(5,203	)		(4,111	)		(4,717	)		(4,717	)
Total Same Store property cash NOI - including lease termination fees		272,173			73,894			67,719			68,700			61,860			66,397
Less: Lease termination fees		—			—			—			—			—			—
Total Same Store property cash NOI - excluding Observatory and lease termination fees	$	272,173		$	73,894		$	67,719		$	68,700		$	61,860		$	66,397
Multifamily NOI(1)
Revenues	$	32,669		$	8,345		$	8,581		$	8,119		$	7,624		$	6,251
Operating expenses		(16,218	)		(4,268	)		(3,683	)		(4,254	)		(4,013	)		(3,345	)
NOI		16,451			4,077			4,898			3,865			3,611			2,906
Straight-line rent		(408	)		(102	)		(103	)		(101	)		(102	)		(64	)
Above/below-market rent revenue amortization		81			57			42			(8	)		(10	)		6
Cash NOI	$	16,124		$	4,032		$	4,837		$	3,756		$	3,499		$	2,848

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

	Square Feet		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement					2024		2025		2026		2027		2028
First quarter 2024		314,994	$	17,360	$	15,533	$	15,895	$	15,443	$	14,733	$	11,748
Second quarter 2024		192,860		14,241		9,432		14,241		14,241		14,241		14,241
Third quarter 2024		41,056		2,672		954		2,672		2,672		2,672		2,672
Fourth quarter 2024		81,756		3,577		819		3,577		3,577		3,577		3,516
First quarter 2025		36,590		2,491		—		2,251		2,491		2,491		2,491
Second quarter 2025		154,756		9,321		—		6,128		9,321		9,321		9,321
Third quarter 2025		19,671		1,274		—		587		1,274		1,274		1,274
Fourth quarter 2025		21,262		1,318		—		330		1,318		1,318		1,318
First quarter 2027		52,116		3,231		—		—		—		3,152		3,231
First quarter 2028		25,132		1,785		—		—		—		—		1,784
		940,193	$	57,270	$	26,738	$	45,681	$	50,337	$	52,779	$	51,596
	Incremental Annual		Initial Annual		Initial Cash Rent Contributing to Cash NOI in the Following Years
4Q 2023	Cash Rent (2)		Cash Rent		2024		2025		2026		2027		2028
Commenced leases in free rent period	$	25,418	$	29,246	$	21,871	$	27,738	$	27,328	$	26,619	$	23,572
Signed leases not commenced		25,264		28,024		4,867		17,943		23,009		26,160		28,024
	$	50,682	$	57,270	$	26,738	$	45,681	$	50,337	$	52,779	$	51,596

Notes:

(1) Calculated to include ESRT’s pro-rata 90% share at its joint venture properties.

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

Page 10

Fourth Quarter 2023 Property Summary - Leasing Activity by Quarter (unaudited)

	Three Months Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Total Office and Retail Portfolio
Total leases executed		19			21			31			19			29
Weighted average lease term		11.1 years			8.6 years			7.9 years			9.1 years			5 years
Average free rent period		13.5 months			10.5 months			7.2 months			8.6 months			4.6 months
Office
Total square footage executed		156,444			245,292			326,150			201,145			142,828
Average starting cash rent psf - leases executed	$	63.40		$	66.71		$	64.27		$	57.11		$	55.46
Previously escalated cash rents psf	$	59.93		$	60.28		$	56.20		$	54.89		$	55.10
Percentage of new cash rent over previously escalated rents		5.8	%		10.7	%		14.4	%		4.1	%		0.7	%
Retail
Total square footage executed		7,452			3,187			10,164			912			1,498
Average starting cash rent psf - leases executed	$	189.20		$	169.44		$	122.70		$	39.47		$	262.60
Previously escalated cash rents psf	$	288.16		$	169.31		$	178.14		$	65.79		$	416.07
Percentage of new cash rent over previously escalated rents		(34.3	%)		0.1	%		(31.1	%)		(40.0	%)		(36.9	%)
Total Office and Retail Portfolio
Total square footage executed		163,896			248,479			336,314			202,057			144,326
Average starting cash rent psf - leases executed	$	69.98		$	68.03		$	66.10		$	57.03		$	57.66
Previously escalated cash rents psf	$	71.87		$	61.68		$	60.03		$	54.94		$	58.93
Percentage of new cash rent over previously escalated rents		(2.6	%)		10.3	%		10.1	%		3.8	%		(2.2	%)
Leasing commission costs per square foot	$	28.52		$	19.53		$	17.34		$	20.90		$	13.60
Tenant improvement costs per square foot	$	96.54			91.09			64.40			83.02			41.12
Total LC and TI per square foot (1)	$	125.06		$	110.62		$	81.74		$	103.92		$	54.72
Occupancy		86.3	%		87.0	%		86.8	%		86.7	%		85.2	%
Manhattan Office Portfolio
Total leases executed		14			18			25			15			22
Office - New Leases
Total square footage executed		96,341			78,305			156,949			168,335			75,182
Average starting cash rent psf - leases executed	$	62.26		$	65.59		$	66.35		$	57.42		$	62.95
Previously escalated cash rents psf	$	59.54		$	59.89		$	48.93		$	54.71		$	58.78
Percentage of new cash rent over previously escalated rents		4.6	%		9.5	%		35.6	%		4.9	%		7.1	%
Office - Renewal Leases
Total square footage executed		38,676			157,133			151,361			14,929			17,658
Average starting cash rent psf - leases executed	$	66.23		$	68.79		$	62.55		$	62.44		$	63.87
Previously escalated cash rents psf	$	60.91		$	61.68		$	63.79		$	63.90		$	65.80
Percentage of new cash rent over previously escalated rents		8.7	%		11.5	%		(1.9	%)		(2.3	%)		(2.9	%)
Total Manhattan Office Portfolio
Total square footage executed		135,017			235,438			308,310			183,264			92,840
Average starting cash rent psf - leases executed	$	63.40		$	67.73		$	64.48		$	57.83		$	63.12
Previously escalated cash rents psf	$	59.93		$	61.08		$	56.23		$	55.46		$	60.11
Percentage of new cash rent over previously escalated rents		5.8	%		10.9	%		14.7	%		4.3	%		5.0	%
Leasing commission costs per square foot	$	28.27		$	18.54		$	17.02		$	21.88		$	15.54
Tenant improvement costs per square foot		103.30			93.00			64.58			81.92			48.72
Total LC and TI per square foot (1)	$	131.57		$	111.54		$	81.60		$	103.80		$	64.26
Occupancy		87.3	%		87.8	%		87.6	%		87.8	%		86.0	%

Page 11

Fourth Quarter 2023 Property Summary - Leasing Activity by Quarter - (Continued) (unaudited)

	Three Months Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Greater New York Metropolitan Area Office Portfolio
Total leases executed		2			2			3			3			5
Total square footage executed		21,427			9,854			17,840			17,881			49,988
Average starting cash rent psf - leases executed		N/A	(2)	$	42.53		$	50.55		$	43.98		$	40.26
Previously escalated cash rents psf		N/A	(2)	$	41.00		$	54.38		$	44.33		$	45.15
Percentage of new cash rent over previously escalated rents		N/A	(2)		3.7	%		(7.1	%)		(0.8	%)		(10.8	%)
Leasing commission costs per square foot	$	16.38		$	9.35		$	16.48		$	11.86		$	6.31
Tenant improvement costs per square foot		80.55			34.49			81.70			98.47			25.53
Total LC and TI per square foot (1)	$	96.93		$	43.84		$	98.18		$	110.33		$	31.84
Occupancy		76.6	%		79.3	%		79.2	%		80.6	%		80.2	%
Retail Portfolio
Total leases executed		3			1			3			1			2
Total square footage executed		7,452			3,187			10,164			912			1,498
Average starting cash rent psf - leases executed	$	189.20		$	169.44		$	122.70		$	39.47		$	262.60
Previously escalated cash rents psf	$	288.16		$	169.31		$	178.14		$	65.79		$	416.07
Percentage of new cash rent over previously escalated rents		(34.3	%)		0.1	%		(31.1	%)		(40.0	%)		(36.9	%)
Leasing commission costs per square foot	$	67.66		$	123.73		$	28.28		$	—		$	136.80
Tenant improvement costs per square foot		20.18			125.00			28.40			—			90.32
Total LC and TI per square foot (1)	$	87.84		$	248.73		$	56.68		$	—		$	227.12
Occupancy		90.4	%		90.4	%		90.7	%		86.7	%		86.5	%
Multifamily Portfolio
Percent occupied		98.1	%		97.1	%		97.4	%		97.2	%		96.3	%
Total number of units		727			727			721			721			721

Notes:

(1) 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 were actually paid.

(2) Leases on spaces that have been vacant for more than two years are not included in the calculation of leasing spreads. The average starting cash rent psf for these two leases was $42.06.

Page 12

Fourth Quarter 2023 Commercial Property Detail (unaudited)

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Percent Leased (3)			Annualized Rent (4)		Annualized Rent per Occupied Square Foot (5)		Number of Leases (6)
Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South		2,713,783		84.6	%		91.8	%	$	149,146,291	$	64.98		144
One Grand Central Place	Grand Central		1,241,235		85.2	%		90.7	%		64,495,396		61.01		148
1400 Broadway (7)	Penn Station -Times Sq. South		917,281		100.0	%		100.0	%		51,543,523		56.19		20
111 West 33rd Street (8)	Penn Station -Times Sq. South		639,496		94.2	%		95.7	%		40,779,657		67.68		21
250 West 57th Street	Columbus Circle - West Side		472,707		80.6	%		84.5	%		23,990,288		62.98		28
501 Seventh Avenue	Penn Station -Times Sq. South		461,209		88.4	%		88.4	%		20,432,035		50.09		19
1359 Broadway	Penn Station -Times Sq. South		456,004		83.5	%		91.4	%		22,376,656		58.75		32
1350 Broadway (9)	Penn Station -Times Sq. South		372,599		85.5	%		86.4	%		19,076,631		59.90		50
1333 Broadway	Penn Station -Times Sq. South		296,349		84.4	%		94.4	%		14,545,148		58.12		13
Office - Manhattan			7,570,663		87.3	%		92.1	%		406,385,625		61.47		475
Office - Greater New York Metropolitan Area
First Stamford Place (10)	Stamford, CT		781,731		78.7	%		82.3	%		26,691,177		43.38		48
Metro Center	Stamford, CT		281,510		70.9	%		70.9	%		10,914,848		54.71		20
Office - Greater New York Metropolitan Area			1,063,241		76.6	%		79.3	%		37,606,025		46.15		68
Total/Weighted Average Office Properties			8,633,904		86.0	%		90.5	%		443,991,650		59.79		543
Retail Properties
112 West 34th Street (8)	Penn Station -Times Sq. South		93,057		100.0	%		100.0	%		24,825,569		266.78		4
The Empire State Building	Penn Station -Times Sq. South		90,670		71.9	%		76.4	%		7,032,389		107.93		10
One Grand Central Place	Grand Central		68,733		99.4	%		99.4	%		8,977,805		131.41		12
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		10,155,485		151.57		4
250 West 57th Street	Columbus Circle - West Side		65,526		91.4	%		91.4	%		9,111,860		152.07		7
10 Union Square	Union Square		58,006		91.9	%		91.9	%		8,181,304		153.49		10
1542 Third Avenue	Upper East Side		56,135		100.0	%		100.0	%		2,542,042		45.28		4
1010 Third Avenue	Upper East Side		38,235		100.0	%		100.0	%		3,460,188		90.50		2
501 Seventh Avenue	Penn Station -Times Sq. South		35,859		50.8	%		59.6	%		1,310,333		71.94		5
1350 Broadway (9)	Penn Station -Times Sq. South		30,710		77.8	%		77.8	%		5,962,833		249.70		5
1359 Broadway	Penn Station -Times Sq. South		29,247		83.0	%		100.0	%		1,668,652		68.73		5
561 10th Avenue	Hudson Yards		28,266		100.0	%		100.0	%		2,007,748		71.03		3
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		1,978,407		77.93		3
1400 Broadway (7)	Penn Station -Times Sq. South		17,879		78.2	%		78.2	%		1,538,836		110.07		6
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,802,507		173.90		1
Williamsburg Retail	Brooklyn		6,538		100.0	%		100.0	%		1,158,422		177.18		3
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		263,134		71.12		1
Total/Weighted Average Retail Properties			725,315		90.4	%		92.1	%		91,977,514		140.27		85
Portfolio Total			9,359,219		86.3	%		90.6	%	$	535,969,164	$	66.32		628

Notes:

(1) Excludes (i) 189,148 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 83,190 square feet of space attributable to the Company’s Observatory.

(2) Based on leases signed and commenced as of December 31, 2023.

(3) Includes occupied space plus leases signed but not commenced as of December 31, 2023.

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

(5) Represents annualized rent under leases commenced as of December 31, 2023 divided by occupied square feet.

(6) 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.

(7) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 40 years (expiring December 31, 2063).

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 54 years (expiring May 31, 2077).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 27 years (expiring July 31, 2050).

(10) First Stamford Place consists of three buildings.

Page 13

Fourth Quarter 2023 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)

	Actual		Forecast (1)
	Three Months Ended		Three Months Ended
	December 31, 2023		March 31, 2024			June 30, 2024		September 30, 2024			December 31, 2024		Full Year 2024			Full Year 2025
Total Office and Retail Portfolio (2)
Total expirations		205,619		188,726			114,707		125,180			150,609		579,222			594,946
Less: broadcasting		—		(906	)		—		(511	)		—		(1,417	)		—
Office and retail expirations		205,619		187,820			114,707		124,669			150,609		577,805			594,946
Renewals & relocations (3)		51,704		80,714			34,787		32,024			43,464		190,989			87,685
New leases (4)		50,828		25,651			4,115		2,998			6,738		39,502			119,226
Vacates (5)		103,087		72,064			72,271		75,649			52,219		272,203			139,521
Unknown (6)		—		9,391			3,534		13,998			48,188		75,111			248,514
Total Office and Retail Portfolio expirations and vacates		205,619		187,820			114,707		124,669			150,609		577,805			594,946
Manhattan Office Portfolio
Total expirations		186,007		150,009			114,707		103,587			130,047		498,350			495,292
Less: broadcasting		—		(906	)		—		(511	)		—		(1,417	)		—
Office expirations		186,007		149,103			114,707		103,076			130,047		496,933			495,292
Renewals & relocations (3)		34,632		65,235			34,787		21,728			43,464		165,214			57,630
New leases (4)		50,828		25,651			4,115		2,998			6,738		39,502			119,226
Vacates (5)		100,547		52,347			72,271		64,352			41,690		230,660			106,311
Unknown (6)		—		5,870			3,534		13,998			38,155		61,557			212,125
Total expirations and vacates		186,007		149,103			114,707		103,076			130,047		496,933			495,292
Greater New York Metropolitan Area Office Portfolio
Office expirations		3,168		14,017			—		20,689			20,562		55,268			76,903
Renewals & relocations (3)		628		8,628			—		9,805			—		18,433			23,777
New leases (4)		—		—			—		—			—		—			—
Vacates (5)		2,540		2,540			—		10,884			10,529		23,953			16,737
Unknown (6)		—		2,849			—		—			10,033		12,882			36,389
Total expirations and vacates		3,168		14,017			—		20,689			20,562		55,268			76,903
Retail Portfolio
Retail expirations		16,444		24,700			—		904			—		25,604			22,751
Renewals & relocations (3)		16,444		6,851			—		491			—		7,342			6,278
New leases (4)		—		—			—		—			—		—			—
Vacates (5)		—		17,177			—		413			—		17,590			16,473
Unknown (6)		—		672			—		—			—		672			—
Total expirations and vacates		16,444		24,700			—		904			—		25,604			22,751

Notes:

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

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

(3) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2024; and tenants who move within a building or within the Company’s portfolio.

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

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

(6) For forecasted periods, “Unknown” represents tenants whose intentions are unknown.

Page 14

Fourth Quarter 2023 Tenant Lease Expirations (unaudited)

					Percent of
			Rentable		Portfolio								Annualized
	Number		Square		Rentable					Percent of			Rent Per
	of Leases		Feet		Square Feet			Annualized		Annualized			Rentable
	Expiring (1)		Expiring (2)		Expiring			Rent (3)		Rent			Square Foot
Total Office and Retail Lease Expirations
Available		—		875,777		9.4	%	$	—		0.0	%	$	—
Signed leases not commenced		28		402,268		4.3	%		—		0.0	%		—
4Q 2023 (4)		15		143,627		1.5	%		7,522,786		1.4	%		52.38
Total 2023		15		143,627		1.5	%		7,522,786		1.4	%		52.38
1Q 2024		21		119,175		1.3	%		8,359,089		1.6	%		70.14
2Q 2024		13		114,707		1.2	%		5,798,621		1.1	%		50.55
3Q 2024		17		125,180		1.3	%		7,181,398		1.3	%		57.37
4Q 2024		38		150,609		1.6	%		8,736,094		1.6	%		58.01
Total 2024		89		509,671		5.4	%		30,075,202		5.6	%		59.01
2025		85		594,946		6.4	%		40,363,625		7.5	%		67.84
2026		72		628,943		6.7	%		37,384,704		7.0	%		59.44
2027		87		713,569		7.6	%		47,192,095		8.8	%		66.14
2028		63		945,077		10.1	%		52,486,474		9.8	%		55.54
2029		50		981,952		10.5	%		73,521,837		13.7	%		74.87
2030		38		745,546		8.0	%		50,024,340		9.3	%		67.10
2031		23		174,491		1.9	%		20,214,026		3.8	%		115.85
2032		29		368,694		3.9	%		26,223,606		4.9	%		71.13
2033		29		329,711		3.5	%		21,332,708		4.0	%		64.70
Thereafter		48		1,944,947		20.8	%		129,627,761		24.2	%		66.65
Total		656		9,359,219		100.0	%	$	535,969,164		100.0	%	$	66.32
Manhattan Office Properties (5)
Available		—		597,862		7.9	%	$	—		0.0	%	$	—
Signed leases not commenced		20		362,213		4.8	%		—		0.0	%
4Q 2023 (4)		12		124,643		1.6	%		7,044,490		1.7	%		56.52
Total 2023		12		124,643		1.6	%		7,044,490		1.7	%		56.52
1Q 2024		14		82,998		1.1	%		5,229,107		1.3	%		63.00
2Q 2024		13		114,707		1.5	%		5,798,621		1.4	%		50.55
3Q 2024		13		103,587		1.4	%		6,394,857		1.6	%		61.73
4Q 2024		36		130,047		1.7	%		7,781,812		1.9	%		59.84
Total 2024		76		431,339		5.7	%		25,204,397		6.2	%		58.43
2025		67		495,292		6.5	%		32,205,906		7.9	%		65.02
2026		57		485,929		6.4	%		29,511,170		7.3	%		60.73
2027		71		600,450		7.9	%		36,782,006		9.1	%		61.26
2028		47		854,943		11.3	%		47,465,773		11.7	%		55.52
2029		35		738,291		9.8	%		44,821,337		11.0	%		60.71
2030		27		599,150		7.9	%		37,243,747		9.2	%		62.16
2031		12		86,541		1.1	%		6,076,449		1.5	%		70.21
2032		21		334,698		4.4	%		23,105,190		5.7	%		69.03
2033		15		141,599		1.9	%		8,587,282		2.1	%		60.65
Thereafter		35		1,717,713		22.8	%		108,337,878		26.6	%		63.07
Total Manhattan office properties		495		7,570,663		100.0	%	$	406,385,625		100.0	%	$	61.47

Page 15

Fourth Quarter 2023 Tenant Lease Expirations (unaudited)

					Percent of
			Rentable		Portfolio								Annualized
	Number		Square		Rentable					Percent of			Rent Per
	of Leases		Feet		Square Feet			Annualized		Annualized			Rentable
	Expiring (1)		Expiring (2)		Expiring			Rent (3)		Rent			Square Foot
Greater New York Metropolitan Area Office Properties
Available		—		220,593		20.7	%	$	—		0.0	%	$	—
Signed leases not commenced		3		27,802		2.5	%		—		0.0	%		—
4Q 2023 (4)		2		2,540		0.2	%		63,701		0.2	%		25.08
Total 2023		2		2,540		0.2	%		63,701		0.2	%		25.08
1Q 2024		3		11,477		1.1	%		547,643		1.5	%		47.72
2Q 2024		—		—		0.0	%		—		0.0	%		—
3Q 2024		2		20,689		1.9	%		721,050		1.9	%		34.85
4Q 2024		2		20,562		1.9	%		954,282		2.5	%		46.41
Total 2024		7		52,728		5.0	%		2,222,975		5.9	%		42.16
2025		13		76,903		7.2	%		3,597,773		9.6	%		46.78
2026		8		71,784		6.8	%		3,508,404		9.3	%		48.87
2027		10		58,730		5.5	%		2,801,695		7.5	%		47.70
2028		11		84,915		8.0	%		3,735,230		9.9	%		43.99
2029		5		128,271		12.1	%		5,907,668		15.7	%		46.06
2030		4		78,033		7.3	%		3,562,425		9.5	%		45.65
2031		2		16,560		1.6	%		843,885		2.2	%		50.96
2032(6)		1		—		0.0	%		6,180		0.0	%		—
2033		3		151,754		14.3	%		7,494,005		19.9	%		49.38
Thereafter		2		92,628		8.8	%		3,862,084		10.3	%		41.69
Total greater New York metropolitan area office properties		71		1,063,241		100.0	%	$	37,606,025		100.0	%	$	46.15
Retail Properties
Available		—		57,322		7.9	%	$	—		0.0	%	$	—
Signed leases not commenced		5		12,253		1.7	%		—		0.0	%		—
4Q 2023 (4)		1		16,444		2.3	%		414,595		0.5	%		25.21
Total 2023		1		16,444		2.3	%		414,595		0.5	%		25.21
1Q 2024		4		24,700		3.4	%		2,582,339		2.8	%		104.55
2Q 2024		—		—		0.0	%		—		0.0	%		—
3Q 2024		2		904		0.1	%		65,491		0.1	%		72.45
4Q 2024		—		—		0.0	%		—		0.0	%		—
Total 2024		6		25,604		3.5	%		2,647,830		2.9	%		103.41
2025		5		22,751		3.1	%		4,559,946		5.0	%		200.43
2026		7		71,230		9.8	%		4,365,130		4.7	%		61.28
2027		6		54,389		7.5	%		7,608,394		8.3	%		139.89
2028		5		5,219		0.7	%		1,285,471		1.4	%		246.31
2029		10		115,390		15.9	%		22,792,832		24.8	%		197.53
2030		7		68,363		9.4	%		9,218,168		10.0	%		134.84
2031		9		71,390		9.8	%		13,293,692		14.5	%		186.21
2032		7		33,996		4.7	%		3,112,236		3.4	%		91.55
2033		11		36,358		5.0	%		5,251,421		5.7	%		144.44
Thereafter		11		134,606		18.7	%		17,427,798		18.8	%		129.47
Total retail properties		90		725,315		100.0	%	$	91,977,514		100.0	%	$	140.27

Notes:

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

(2) Excludes (i) 189,148 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 83,190 square feet of space attributable to the Company’s Observatory.

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

(4) Represents leases that are included in occupancy as of December 31, 2023 and expire on December 31, 2023.

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

(6) Represents a telecom lease with no square footage.

Page 16

Fourth Quarter 2023 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited)

				Weighted				Percent of
				Average		Total		Portfolio					Percent of
				Remaining		Occupied		Rentable					Portfolio
		Lease		Lease		Square		Square			Annualized		Annualized
20 Largest Tenants	Property	Expiration (1)		Term(2)		Feet (3)		Feet (4)			Rent (5)		Rent (6)
1. LinkedIn	Empire State Building		Aug. 2036		12.7 years		501,409		5.4	%	$	33,465,435		6.2	%
2. Flagstar Bank	1400 Broadway		Aug. 2039		15.7 years		313,109		3.3	%		18,285,046		3.4	%
3. Centric Brands Inc.	Empire State Building		Oct. 2028		4.8 years		221,365		2.4	%		11,952,833		2.2	%
4. PVH Corp.	501 Seventh Avenue		Oct. 2028		4.8 years		237,281		2.5	%		11,519,383		2.1	%
5. Sephora	112 West 34th Street		Jan. 2029		5.1 years		11,334		0.1	%		10,533,585		2.0	%
6. Target	112 West 34th St., 10 Union Sq.		Jan. 2038		14.1 years		81,340		0.9	%		9,341,224		1.7	%
7. Coty Inc.	Empire State Building		Jan. 2030		6.1 years		156,187		1.7	%		8,497,458		1.6	%
8. Macy’s	111 West 33rd Street		May 2030		6.4 years		131,117		1.4	%		8,451,562		1.6	%
9. Urban Outfitters	1333 Broadway		Sept. 2029		5.8 years		56,730		0.6	%		8,185,595		1.5	%
10. Li & Fung	1359 Broadway, ESB		Oct. 2027 - Oct. 2028		4.5 years		149,061		1.6	%		7,954,806		1.5	%
11. Footlocker	112 West 34th Street		Sept. 2031		7.8 years		34,192		0.4	%		7,745,828		1.4	%
12. Federal Deposit Insurance Corp.	Empire State Building		Dec. 2025		2.0 years		119,226		1.3	%		7,578,004		1.4	%
13. HNTB Corporation	Empire State Building		Feb. 2029		5.2 years		105,143		1.1	%		7,000,733		1.3	%
14. Institutional Capital Network, Inc.	One Grand Central Place		Feb. 2024 - Oct. 2035		10.6 years		94,331		1.0	%		6,351,680		1.2	%
15. The Michael J. Fox Foundation	111 West 33rd Street		Nov. 2029		5.9 years		86,492		0.9	%		6,267,495		1.2	%
16. Shutterstock	Empire State Building		Apr. 2029		5.3 years		104,386		1.1	%		6,096,096		1.1	%
17. Fragomen	1400 Broadway		Feb. 2035		11.2 years		107,680		1.2	%		5,959,656		1.1	%
18. Burlington Merchandising Corp.	1400 Broadway		Jan. 2038		14.1 years		102,898		1.1	%		5,932,832		1.1	%
19. ASCAP	250 West 57th Street		Aug. 2034		10.7 years		87,943		0.9	%		5,384,628		1.0	%
20. Duane Reade	ESB, 1350 Broadway		May 2025 - Sept. 2027		2.5 years		39,142		0.4	%		4,941,165		0.9	%
Total							2,740,366		29.3	%	$	191,445,044		35.5	%

Notes:

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

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

(3) Based on leases signed and commenced as of December 31, 2023.

(4) Represents the percentage of rentable square feet of the Company’s office and retail portfolios in the aggregate.

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

(6) Represents the percentage of annualized rent of the Company’s office and retail portfolios in the aggregate.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 17

Fourth Quarter 2023 Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Tenant improvements - first generation	$	—	$	—	$	—	$	—	$	6,024
Tenant improvements - second generation		28,817		18,047		19,823		23,919		8,867
Leasing commissions - first generation		125		203		98		—		—
Leasing commissions - second generation		5,706		2,319		4,370		4,114		4,721
Building improvements - first generation		—		—		—		—		2,530
Building improvements - second generation		12,102		7,425		8,879		11,050		5,945
Non-recurring capital improvements		4,420		5,226		3,935		1,561		892
Total	$	51,170	$	33,220	$	37,105	$	40,644	$	28,979

Leasing Opportunity - Inventory of Current Vacant Space as of December 31, 2023 (in square feet) (1)
Total Portfolio vacant space	1,278,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	362,000
Greater New York Office Properties SLNC	28,000
Retail Properties SLNC	12,000
Greater New York Office Properties	221,000
Retail Properties	57,000
Manhattan Office Properties	535,000
Manhattan Office Properties off market	20,000
Manhattan Office Properties other	43,000
Total	1,278,000

Notes:

(1) These estimates are based on the Company’s current budgets and are subject to change.

Page 18

Fourth Quarter 2023 Observatory Summary (unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Observatory revenue (1)	$	129,366	$	36,217		$	37,562		$	33,433		$	22,154		$	32,318
Observatory expenses		35,265		9,282			9,471			8,657			7,855			8,529
NOI		94,101		26,935			28,091			24,776			14,299			23,789
Intercompany rent expense (2)		80,514		21,545			22,113			20,942			15,914			18,204
NOI after intercompany rent	$	13,587	$	5,390		$	5,978		$	3,834		$	(1,615	)	$	5,585
Observatory Metrics
Number of visitors (3)				711,000			743,000			666,000			443,000			660,000
Change in visitors year over year				7.7	%		8.2	%		16.2	%		64.7	%		83.3	%
Number of bad weather days (“BWD”) (4)				11			10			12			15			20

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, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, the fixed license fee was $1,807, $1,807, $1,807, $1,807 and $1,200 respectively.

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

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

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

Annual Observatory NOI 2018 to 2023

Notes:

(1) The 102nd floor Observatory was closed for approximately nine months in 2019 for renovations.

(2) Due to the COVID-19 pandemic, the Observatory was closed on March 16, 2020. The 86th floor Observatory reopened on July 20, 2020 and the 102nd floor Observatory reopened on August 24, 2020.

(3) The Observatory continued to experience a gradual recovery in visitors due to the COVID-19 pandemic.

Page 19

Fourth Quarter 2023 Funds from Operations (“FFO”), Modified Funds From Operations (“Modified FFO”), Core Funds from Operations (“Core FFO”), Core Funds Available for Distribution (“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, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Net Income	$	15,830		$	19,928		$	36,955		$	11,694		$	21,620
Non-controlling interests in other partnerships		1			(111	)		(1	)		43			(28	)
Preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		48,548			45,174			44,887			46,024			43,076
(Gain) loss on sale of properties		2,497			—			(13,565	)		(15,696	)		(6,818	)
FFO attributable to common stockholders and the Operating Partnership		65,826			63,941			67,225			41,015			56,800
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		67,784			65,898			69,183			42,973			58,758
Core FFO attributable to common stockholders and the Operating Partnership	$	67,784		$	65,898		$	69,183		$	42,973		$	58,758
Total weighted average shares and Operating Partnership units
Basic		262,775			262,756			262,903			264,493			263,759
Diluted		267,003			266,073			264,196			265,197			265,370
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.25		$	0.24		$	0.26		$	0.16		$	0.22
Diluted	$	0.25		$	0.24		$	0.25		$	0.15		$	0.21
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.26		$	0.25		$	0.26		$	0.16		$	0.22
Diluted	$	0.25		$	0.25		$	0.26		$	0.16		$	0.22
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.26		$	0.25		$	0.26		$	0.16		$	0.22
Diluted	$	0.25		$	0.25		$	0.26		$	0.16		$	0.22
Reconciliation of Core FFO to Core FAD
Core FFO	$	67,784		$	65,898		$	69,183		$	42,973		$	58,758
Add:
Amortization of deferred financing costs		1,075			1,089			1,088			1,089			1,096
Non-real estate depreciation and amortization		1,077			1,298			1,248			1,237			1,285
Amortization of non-cash compensation expense		5,294			4,989			5,369			4,375			5,412
Amortization of loss on interest rate derivative		1,527			1,527			1,527			1,527			1,525
Deduct:
Straight-line rental revenues, above/below market rent, and other non-cash adjustments		(3,013	)		(5,569	)		(12,534	)		(1,259	)		(6,651	)
Corporate capital expenditures		(71	)		(90	)		(225	)		(270	)		(162	)
Tenant improvements - second generation		(28,817	)		(18,047	)		(19,823	)		(23,919	)		(8,867	)
Building improvements - second generation		(12,102	)		(7,425	)		(8,879	)		(11,050	)		(5,945	)
Leasing commissions - second generation		(5,706	)		(2,319	)		(4,370	)		(4,114	)		(4,721	)
Core FAD (1)	$	27,047		$	41,351		$	32,584		$	10,589		$	41,730
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	15,830		$	19,928		$	36,955		$	11,694		$	21,620
Interest expense		25,393			25,382			25,405			25,304			25,634
Income tax expense (benefit)		1,792			1,409			733			(1,219	)		1,322
Depreciation and amortization		49,599			46,624			46,280			47,408			44,500
EBITDA		92,614			93,343			109,373			83,187			93,076
(Gain) loss on sale of properties		2,497			—			(13,565	)		(15,696	)		(6,818	)
Adjusted EBITDA	$	95,111		$	93,343		$	95,808		$	67,491		$	86,258

(1) Beginning in the three months ended December 31, 2023, we have eliminated a deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD and the related Core FAD payout ratio. We made this modification to the calculation of Core FAD for the other periods presented; in our previous supplemental reports prior to this change, Core FAD was $35,922, $28,551, $9,028, and $40,838 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, respectively.

Page 20

Fourth Quarter 2023 Debt Summary (unaudited and dollars in thousands)

	December 31, 2023										September 30, 2023
				ESRT		Weighted Average								ESRT		Weighted Average
				Pro-rata		Interest			Maturity					Pro-rata		Interest			Maturity
Debt Summary	Balance			Share		Rate			(Years)		Balance			Share		Rate			(Years)
Mortgage debt	$	891,998		$	873,887		3.77	%		6.0	$	893,945		$	875,775		3.77	%		6.3
Senior unsecured notes		975,000			975,000		4.05	%		6.2		975,000			975,000		4.05	%		6.4
Unsecured term loan facilities (1)		390,000			390,000		3.93	%		2.0		390,000			390,000		3.93	%		2.3
Total fixed rate debt		2,256,998			2,238,887		3.94	%		5.4		2,258,945			2,240,775		3.94	%		5.7
Unsecured term loan facilities (2)		—			—		—			—		—			—		—			—
Unsecured revolving credit facilities		—			—		—			1.3		—			—		—			1.5
Total variable rate debt		—			—		—			1.5		—			—		—			1.5
Total debt		2,256,998			2,238,887		3.94	%		5.4		2,258,945			2,240,775		3.94	%		5.7
Deferred financing costs, net		(9,488	)									(10,052	)
Debt discount		(6,964	)									(7,159	)
Total	$	2,240,546									$	2,241,734

Available Capacity	Facility		Outstanding at December 31, 2023		Letters of Credit		Available Capacity
Unsecured revolving credit facility (3)	$	850,000	$	—	$	—	$	850,000

Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage(4)		< 60	%		31.5	%		Yes
Maximum Secured Leverage (4)		< 40	%		12.3	%		Yes
Minimum Fixed Charge Coverage		> 1.50x			3.3x			Yes
Minimum Unencumbered Interest Coverage		> 1.75x			5.7x			Yes
Maximum Unsecured Leverage (4)		< 60	%		23.4	%		Yes

Notes:

(1) SOFR is fixed at 2.562% for $175 million and 2.626% for $215 million under variable to fixed interest rate swap agreements, through debt maturity.

(2) As of December 31, 2023, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

(3) The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in maximum aggregate principal balance to $1.5 billion under certain circumstances. This unsecured revolving credit facility matures in March 2025 with two additional six-month extension options.

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

Page 21

Fourth Quarter 2023 Debt Detail (unaudited and dollars in thousands)

	Stated Interest	Effective Interest			Principal			ESRT Pro-rata Share					Maturity
	Rate (%)	Rate (%) (1)			Balance			Percent			Amount		Date		Amortization
Metro Center	3.59%		3.67	%	$	80,070			100	%	$	80,070		11/5/2024		30 years
10 Union Square	3.70%		3.97	%		50,000			100	%		50,000		4/1/2026		Interest only
1542 Third Avenue	4.29%		4.53	%		30,000			100	%		30,000		5/1/2027		Interest only
First Stamford Place (2)	4.28%		4.73	%		175,860			100	%		175,860		7/1/2027		5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.	4.01%		4.21	%		34,958			100	%		34,958		1/5/2028		30 years
250 West 57th Street	2.83%		3.21	%		180,000			100	%		180,000		12/1/2030		Interest only
1333 Broadway	4.21%		4.29	%		160,000			100	%		160,000		2/5/2033		Interest only
345 East 94th Street - Series A	70% of SOFR plus 0.95%		3.56	%		43,600			90	%		39,240		11/1/2030		Interest only
345 East 94th Street - Series B	SOFR plus 2.24%		3.56	%		7,209			90	%		6,488		11/1/2030		30 years
561 10th Avenue - Series A	70% of SOFR plus 1.07%		3.85	%		114,500			90	%		103,050		11/1/2033		Interest only
561 10th Avenue - Series B	SOFR plus 2.45%		3.85	%		15,801			90	%		14,221		11/1/2033		30 years
Total fixed rate mortgage debt						891,998						873,887
Unsecured term loan facility	SOFR plus 1.20%		4.22	%		215,000			100	%		215,000		3/19/2025		Interest only
Unsecured revolving credit facility	SOFR plus 1.30%		—			—			100	%		—		3/31/2025		Interest only
Unsecured term loan facility	SOFR plus 1.50%		4.51	%		175,000			100	%		175,000		12/31/2026		Interest only
Senior unsecured notes:
Series A	3.93%		3.96	%		100,000			100	%		100,000		3/27/2025		Interest only
Series B	4.09%		4.12	%		125,000			100	%		125,000		3/27/2027		Interest only
Series C	4.18%		4.21	%		125,000			100	%		125,000		3/27/2030		Interest only
Series D	4.08%		4.11	%		115,000			100	%		115,000		1/22/2028		Interest only
Series E	4.26%		4.27	%		160,000			100	%		160,000		3/22/2030		Interest only
Series F	4.44%		4.45	%		175,000			100	%		175,000		3/22/2033		Interest only
Series G	3.61%		4.89	%		100,000			100	%		100,000		3/17/2032		Interest only
Series H	3.73%		5.00	%		75,000			100	%		75,000		3/17/2035		Interest only
Total / weighted average debt	3.94%		4.20	%		2,256,998					$	2,238,887
Deferred financing costs, net						(9,488	)
Debt discount						(6,964	)
Total					$	2,240,546

Notes:

(1) The effective interest rate is composed of the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(2) Represents a $164 million mortgage loan bearing interest at 4.09% and a $11.9 million mortgage loan bearing interest at 6.25%.

Page 22

Fourth Quarter 2023 Debt Maturities and Ground Lease Commitments (unaudited and dollars in thousands)

Year	Maturities (1)		Amortization		Total			ESRT Pro-rata Share		Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2024	$	77,675	$	8,861	$	86,536		$	86,288		3.9	%		3.59	%
2025		315,000		6,893		321,893			321,621		14.4	%		3.86	%
2026		225,000		7,330		232,330			232,033		10.4	%		3.98	%
2027		319,000		6,461		325,461			325,136		14.5	%		4.21	%
2028		146,092		3,556		149,648			149,292		6.7	%		4.06	%
2029		—		3,988		3,988			3,589		0.2	%		n/a
2030		508,600		4,413		513,013			508,212		22.7	%		3.67	%
2031		—		3,283		3,283			2,955		0.1	%		n/a
2032		100,000		3,591		103,591			103,231		4.6	%		3.61	%
2033		439,007		3,248		442,255			431,530		19.3	%		4.20	%
Thereafter		75,000		—		75,000			75,000		3.2	%		3.73	%
Total debt	$	2,205,374	$	51,624		2,256,998		$	2,238,887		100.0	%		3.94	%
Deferred financing costs, net						(9,488	)
Debt discount						(6,964	)
Total					$	2,240,546

Debt Maturity Profile ⁽²⁾

Ground Lease Commitments ⁽³⁾

Year	1350 Broadway (4)		1400 Broadway (5)		111 West 33rd Street (6)		Total
2024	$	108	$	675	$	735	$	1,518
2025		108		675		735		1,518
2026		93		675		735		1,503
2027		72		675		735		1,482
2028		72		675		735		1,482
Thereafter		1,584		23,625		35,586		60,795
	$	2,037	$	27,000	$	39,261	$	68,298

Notes:

(1) Assumes no extension options are exercised.

(2) The table reflects ESRT’s pro-rata share of debt maturities.

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

(4) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 27 years.

(5) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 40 years.

(6) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 54 years.

Page 23