– Net Income Per Fully Diluted Share of $0.05 –

– Core FFO Per Fully Diluted Share of $0.19 –

– Signed 231,000 Rentable Square Feet of Leases –

– $0.8B of Liquidity, No Floating Rate Debt Exposure –

– 2025 Outlook Unchanged –

NEW YORK, April 29, 2025--(BUSINESS WIRE)--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 that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year– in Tripadvisor’s 2024 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 first quarter 2025. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

Net Income of $0.05 per share. Core Funds From Operations ("Core FFO") of $0.19 per share, compared to $0.21 per share in the first quarter 2024. Same-Store Property Cash Net Operating Income ("NOI"), which excludes lease termination fees, decreased 1.9% year-over-year. The first quarter change was primarily attributed to increases in operating expenses and real estate taxes and a decrease from the $1.5 million non-recurring revenue items recognized in the first quarter of 2024. These reductions in NOI were partially offset by higher cash rental revenue and tenant reimbursement income. Adjusted for non-recurring items, first quarter Same-Store Property Cash NOI increased +0.4%. Signed approximately 229 thousand rentable square feet of office leases. In our Manhattan office portfolio, blended leasing spreads were +10.4%, the 15th consecutive quarter of positive leasing spreads. The Manhattan office portfolio is 93.0% leased and the total commercial portfolio is 92.5% leased as of March 31, 2025. The Manhattan office portfolio is 88.1% occupied and the total commercial portfolio is 87.9% occupied as of March 31, 2025. The Company’s leased percentage and occupancy guidance for the year remains unchanged. Consistent with the Company’s comments in the last earnings call, net absorption contracted sequentially in the first quarter and the Company expects occupancy and leased percentage to increase by year-end. Empire State Building Observatory generated NOI of $15.0 million.

Story Continues

Property Operations

As of March 31, 2025, the Company’s property portfolio contained 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units, which were occupied and leased as shown below.

March 31, 20251  December 31, 20241  March 31, 2024 Percent occupied:  Total commercial portfolio  87.9%  88.6%  87.9% Total office  87.5%  88.4%  87.7% Manhattan office  88.1%  89.0%  89.3% Total retail  91.2%  90.4%  89.8%  Percent leased (includes signed leases not commenced): Total commercial portfolio  92.5%  93.5%  91.4% Total office  92.3%  93.5%  91.5% Manhattan office  93.0%  94.2%  93.2% Total retail  94.1%  94.1%  91.0% Total multifamily portfolio  99.0%  98.5%  97.1%  1 All occupancy and leased percentages exclude broadcasting and storage space. March 31, 2025 and December 31, 2024 exclude First Stamford Place.

Leasing

The tables that follow summarize leasing activity for the first quarter of 2025. During this period, the Company signed 20 leases that totaled 230,548 square feet with an average lease duration of 8.4 years.

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  19  229,367  66.43  9.6% Retail  1  1,181  193.00  5.0% Total Overall  20  230,548  67.08  9.5%  Manhattan Office Portfolio Manhattan Office Portfolio  Leases executed  Square

footage executed  Average cash rent psf – leases executed  % of new cash rent over / under previously escalated rents New Office  7  43,184  69.13  3.5% Renewal Office  11  177,328  66.62  12.3% Total Office  18  220,512  67.11  10.4%

Leasing Activity Highlights

An 11-year 77,382 square foot renewal lease with Gerson Lehrman Group, Inc. at One Grand Central Place. A 10-year 39,069 square foot renewal and expansion lease with Workday, Inc. at the Empire State Building. An 8-year 33,392 square foot renewal and expansion lease with Carolina Herrera at 501 7th Avenue.

Balance Sheet

The Company had $0.8 billion of total liquidity as of March 31, 2025, which was comprised of $188 million of cash, plus $620 million available under its revolving credit facility. During the quarter, the $100 million 3.93% Series A unsecured notes and the $120 million balance on the revolving credit facility were repaid. At March 31, 2025, the Company had total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.30%. At March 31, 2025, the Company’s ratio of net debt to adjusted EBITDA was 5.2x.

Share Repurchases

Subsequent to the end of the first quarter and through April 28, 2025, the Company repurchased $2.1 million of common stock at a weighted average price of $6.92 per share. The stock repurchase program began in March 2020 and through April 28, 2025, approximately $296 million has been repurchased at a weighted average price of $8.17 per share.

Dividend

On March 31, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first 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 March 31, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the first quarter of 2025 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2025 Earnings Outlook

The Company provides 2025 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 2025

Guidance 2024

Actual

Results Comments Earnings  Core FFO Per Fully Diluted Share $0.86 to $0.89 $0.95

($0.91 ex non-recurring items) 2024 FFO included approximately $0.04 of one-time items and lease termination income 2025 includes ~$0.05 from multifamily assets Commercial Property Drivers  Commercial Occupancy at year-end 89% to 91% 88.6%  SS Property Cash NOI

(excluding lease termination fees) -2.0% to +1.5% 5.2% Assumes positive revenue y/y growth Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes 2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items Observatory Drivers  Observatory NOI $97M to $102M $99.5M Reflects average quarterly expenses of ~$9 to 10M

Low  High Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership  $0.26  $0.29 Add:  Impairment Charge  0.00  0.00 Real Estate Depreciation & Amortization  0.64  0.64 Less:  Private Perpetual Distributions  0.02  0.02 Gain on Disposal of Real Estate, net  0.05  0.05 FFO Attributable to Common Stockholders and the Operating Partnership  $0.83  $0.86 Add:  Amortization of Below Market Ground Lease  0.03  0.03 Core FFO Attributable to Common Stockholders and the Operating Partnership  $0.86  $0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including 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, April 30, 2025 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 and 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 May 7, 2025, 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 13750574.

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 that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 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 March 31, 2025, ESRT’s portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. 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 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, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) 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; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) 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, 2024 and any additional factors that may be contained in any filing we make with the SEC.

While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this press release 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 press release, 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).

Empire State Realty Trust, Inc. Condensed Consolidated Statements of Operations (unaudited and amounts in thousands, except per share data)  Three Months Ended March 31, 2025    2024  Revenues  Rental revenue  $ 154,542   $ 153,882  Observatory revenue   23,161    24,596  Lease termination fees   —    —  Third-party management and other fees   431    265  Other revenue and fees   1,932    2,436  Total revenues   180,066    181,179  Operating expenses  Property operating expenses   45,060    45,060  Ground rent expenses   2,331    2,331  General and administrative expenses   16,940    15,972  Observatory expenses   8,118    8,431  Real estate taxes   33,050    32,241  Depreciation and amortization   48,779    46,081  Total operating expenses   154,278    150,116  Total operating income   25,778    31,063  Other income (expense):  Interest income   3,786    4,178  Interest expense   (26,938 )   (25,128 ) Interest expense associated with property in receivership   (647 )   —  Loss on early extinguishment of debt   —    (553 ) Gain on disposition of property   13,170    —  Income before income taxes   15,159    9,560  Income tax benefit   619    655  Net income   15,778    10,215  Net income attributable to non-controlling interests:  Non-controlling interest in the Operating Partnership   (5,508 )   (3,500 ) Non-controlling interests in other partnerships   —    (4 ) Preferred unit distributions   (1,050 )   (1,050 ) Net income attributable to common stockholders  $ 9,220   $ 5,661  Total weighted average shares  Basic   167,181    163,491  Diluted   269,529    267,494  Earnings per share attributable to common stockholders  Basic  $ 0.06   $ 0.03  Diluted  $ 0.05   $ 0.03

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 March 31, 2025    2024   Net income  $ 15,778   $ 10,215  Non-controlling interests in other partnerships   —    (4 ) Preferred unit distributions   (1,050 )   (1,050 ) Real estate depreciation and amortization   47,871    44,857  Gain on disposition of property   (13,170 )   —  FFO attributable to common stockholders and Operating Partnership units   49,429    54,018   Amortization of below-market ground leases   1,958    1,958  Modified FFO attributable to common stockholders and Operating Partnership units   51,387    55,976   Interest expense associated with property in receivership   647    —  Loss on early extinguishment of debt   —    553  Core FFO attributable to common stockholders and Operating Partnership units  $ 52,034   $ 56,529   Total weighted average shares and Operating Partnership units  Basic   267,073    264,562  Diluted   269,529    267,494   FFO per share  Basic  $ 0.19   $ 0.20  Diluted  $ 0.18   $ 0.20   Modified FFO per share  Basic  $ 0.19   $ 0.21  Diluted  $ 0.19   $ 0.21   Core FFO per share  Basic  $ 0.19   $ 0.21  Diluted  $ 0.19   $ 0.21

Empire State Realty Trust, Inc. Condensed Consolidated Balance Sheets (unaudited and amounts in thousands)  March 31,

2025  December 31,

2024 Assets  Commercial real estate properties, at cost  $ 3,825,422   $ 3,786,653  Less: accumulated depreciation   (1,306,924 )   (1,274,193 ) Commercial real estate properties, net   2,518,498    2,512,460  Contract asset2   —    170,419  Cash and cash equivalents   187,823    385,465  Restricted cash   49,589    43,837  Tenant and other receivables   29,071    31,427  Deferred rent receivables   252,299    247,754  Prepaid expenses and other assets   64,233    101,852  Deferred costs, net   181,802    183,987  Acquired below market ground leases, net   311,452    313,410  Right of use assets   28,134    28,197  Goodwill   491,479    491,479  Total assets  $ 4,114,380   $ 4,510,287   Liabilities and equity  Mortgage notes payable, net  $ 691,816   $ 692,176  Senior unsecured notes, net   1,097,212    1,197,061  Unsecured term loan facility, net   268,807    268,731  Unsecured revolving credit facility   —    120,000  Debt associated with property in receivership   —    177,667  Accrued interest associated with property in receivership   —    5,433  Accounts payable and accrued expenses   135,298    132,016  Acquired below market leases, net   18,306    19,497  Ground lease liabilities   28,134    28,197  Deferred revenue and other liabilities   61,888    62,639  Tenants’ security deposits   27,044    24,908  Total liabilities   2,328,505    2,728,325  Total equity   1,785,875    1,781,962  Total liabilities and equity  $ 4,114,380   $ 4,510,287   2 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.

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Contacts

Investors and Media 
Empire State Realty Trust Investor Relations 
(212) 850-2678
[email protected]

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