Empire State Realty Trust

Annualized

Rentable · Percent · Percent · Rent per

Square · Occupied · Leased · Annualized · Occupied · Number of

Property Name · Location or Sub-Market · Feet (1) · (2),(3) · (3),(4) · Rent (5) · Square Foot (6) · 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

(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).

• Risks Relating to Our Properties
• We face various risks related to our ground leases, including those arising from breach, expiration and eminent domain proceedings, and we have no permanent economic interest in the land or improvements at such properties.
• We are exposed to risks associated with property development.
• Significant inflation could adversely affect our business and financial results.
• We may not be able to control our operating costs, or our expenses may remain constant or increase even if income from our properties decreases.
• We are exposed to risks from third-party property management services.
• Risks Related to Our Non-Real Estate Operations
• The Observatory operations at the Empire State Building may be negatively impacted by geopolitical factors, competition, adverse weather, and changes in tourist trends.
• The broadcasting operations at the Empire State Building are not traditional real estate operations, and competition and changes in the broadcasting of signals over air may subject us to additional risks.
• The impairment of a significant portion of goodwill could negatively affect our results of operations and financial condition.
• Risks Relating to Acquisitions and Dispositions
• We may be unable to identify and successfully complete acquisitions, and completed acquisitions may expose us to additional risks.
• We may acquire properties through tax deferred contribution transactions, which could result in securityholder dilution and limit our ability to sell such assets.
• If we are unable to sell, dispose of or refinance one or more properties in the future, we may be unable to realize our investment objectives.
• We may incur taxable capital gain on the disposition of assets due to the failure to comply with Section 1031 of the Code.
• Risks Relating to Our Indebtedness and Liquidity
• Our debt, the cost of our debt and limitations in our loan documents could adversely affect us.
• Our debt includes restrictions on our financial and operational flexibility and distributions.
• Mortgages expose us to foreclosure and loss of our investment in a mortgaged property.
• High mortgage rates and/or unavailability of mortgage debt may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our net income and the amount of cash distributions.
• Our growth depends on external sources of capital that are outside of our control.
• Risks Relating to Disaster Recovery and Business Continuity
• Natural disasters and physical climate risk could adversely impact our area and business.
• Some of our potential losses may not be covered by insurance.
• We may incur significant costs to comply with environmental laws, and environmental contamination may impair our ability to lease and/or sell real estate.
• We may incur significant costs to comply with environmental laws, for example New York City’s Local Law 97.
• Risks Relating to Human Capital Management
• The departure of any of our key personnel could materially and adversely affect us.
• Our Chairman and Chief Executive Officer has outside business interests that take his time and attention away from us, which could materially and adversely affect us.
• Our failure to maintain satisfactory labor relations could materially and adversely affect us.
• Risks Relating to Legal Compliance, Sustainability and Cybersecurity
• Failure to maintain effective internal control over financial reporting could result in loss of investor confidence and adversely impact our stock price.
• We face risks associated with our tenants being designated “Prohibited Persons” by OFAC and similar requirements.
• We may incur significant costs to comply with the ADA and similar laws.
• We may become subject to litigation, which could have a material adverse effect on our financial condition.
• Stakeholder attention to sustainability matters may impact our business.
• Cyberattacks and any failure to comply with related laws could negatively impact us.
• The adoption of or changes in rent regulation, tenant protection and eviction laws in New York could adversely affect our residential operations and property values.
• Government housing regulations may limit opportunities at the multifamily properties in which we invest, and failure to comply with resident qualification requirements or to extend such programs upon expiration may result in financial penalties or loss of benefits.
• Risks Related to Our Organization and Structure
• If our board revokes our REIT election or we fail to remain qualified as a REIT, we may be required to pay U.S. federal income taxes at corporate rates, which may cause adverse consequences to our securityholders.
• Failure to qualify as a domestically controlled REIT could subject our non-U.S. securityholders to adverse U.S. federal income tax consequences.
• Complying with the REIT requirements may cause us to forego and/or liquidate otherwise attractive investments or borrow funds and we may be subject to tax.
• If our operating partnership is treated as a corporation for U.S. federal income tax purposes, we will cease to qualify as a REIT.
• If we are unable to continue to lease the Empire State Building Observatory to a TRS or to maintain our broadcast licenses, in each case in a manner consistent with the IRS ruling that we have received, we would be required to restructure our operations in a manner that could adversely affect the value of our stock.
• Our TRSs are subject to U.S. federal, state and local income tax, there are limits on our ability to own TRSs, and a failure to comply with the limits would jeopardize our REIT qualification and may result in the application of a 100% excise tax.
• Our state and local taxes could increase due to property tax rate changes, reassessment and/or changes in state and local tax laws, which could materially and adversely affect us.
• U.S. federal, state and local legislative, judicial or regulatory tax changes could have a material adverse effect on our shareholders and us.
• Tax consequences to holders of our operating partnership units and tax protection agreements triggered upon a sale or refinancing of our properties could limit our ability either to sell certain properties or engage in a strategic transaction.
• Holders of our Class B common stock have a significant vote in matters submitted to a vote of our securityholders.
• The concentration of our voting power may adversely affect the ability of new investors to influence our policies.
• Conflicts of interest exist or could arise in the future between the interests of our securityholders and OP unit holders.
• Our rights and the rights of our securityholders to take action against our directors and officers are limited, which could limit your recourse in the event of actions not in your best interest.
• Limits on changes in control may discourage takeover attempts beneficial to securityholders.
• Risks Related to our Common Stock and Traded OP Units
• Our cash available for distribution may not be sufficient to make distributions at expected levels, and the market price of shares of our common stock and traded OP units could be adversely affected by our level of cash distributions.
• Changes in market conditions could adversely affect the market price of our Common Stock and traded OP Units.
• The future exercise of registration rights may adversely affect the market price of our common stock.
• Future issuances of debt or equity securities or preferred units may be dilutive to current securityholders and may materially adversely affect the market price of our traded securities.