Slide 1: Investor Presentation October 2023
Best of the Best 2022 +2023 ed Sets" EMPIRE STATE REALTY TRUST Investor Presentation October 2023 Empire State Building ‘One Grand Central Placé Capco at ESB Mee Observatory
Slide 2: Contents
ESRT Overview Company Priorities ———— Competitive Advantages Cc Flight To Quality ontents Contracted Rents and Tenant Expansions Strong and Flexible Balance Sheet ESRT Property Sector Highlights Office ESB Observatory Retail Multifamily Meet the Team: ESRT Management Sustainability Leadership Append
Slide 3: Why ESRT?
Zz ESRT OVERVIEW Why ESRT? ° NYC is the international capital of the world © Resilient, vibrant, irreplicable Empire State © Pure play NYC REIT Building ° Office, Observatory, Retail, Multifamily ° Competitive advantages * Debt levels low, interest rates fixed, diverse income es streams, sustainabil
Slide 4: ▪ ▪ ▪ ▪ ▪ ▪ ▪ 66% ▪ ▪ ▪ ▪ 24% ▪
▪ ▪ ▪ ▪ ▪ ▪ ▪ 66% ▪ ▪ ▪ ▪ 24% ▪ ▪ ▪ 2% 4% 4% ▪ ▪ ▪ ▪ ▪ ▪
Slide 5: Company Priorities
Dn COMPANY PRIORITIES Laser Focused on Shareholder Value = Execute on capital allocation goals v Recycle capital opportunistically Manage Our Lease Space Balance Y On offense amidst capital markets dislocation 87.0% Sheet Y Occupancy Occupancy y y Buybacks Y = Maintain balance sheet flexibility 3Q 2
Slide 6: Competitive Advantages
Dn COMPETITIVE ADVANTAGES Flight to Top Quality Space within Rental Price Tier ESRT Outperforms Peers * Proven Leasing Results Increased NYC office leased rate +250 bps y/y in 3Q23 to 91.9% Increased NYC office occupancy +310 bps y/y in 3Q23 to 87.8% Achieved +11% positive mark to market NYC office
Slide 7: Contracted Rents & Tenant Expansions
Dn COMPETITIVE ADVANTAGES Contracted Rents & Tenant Expansions * Limited near-term lease expiration ° Locked-in pipeline of signed leases * Proven record of existing with upside to in-place rents not commenced & free rent burn tenant expansions Upcoming Lease Expirations SLNC and Free-Rent Burn-Off>
Slide 8: Strong & Flexible Balance Sheet
Dn COMPETITIVE ADVANTAGES Strong & Flexible Balance Sheet ° No floating rate debt exposure Net Debt / Adj. EBITDAS ESRT Peers’ No significant maturity until 2025 Commercial portfolio 100% owned Weighted average interest rate = 3.9% No complex JVs or capital structure Secured Debt %S 8.7x 64% 5.5x 39
Slide 9: Prime Locations Near Mass Transit
WA6THST 2 = g E AGTH ST a W4STHST TIMES SQUARE/ W 45TH ST ~ OFFICE WAATHST THEATER DISTRICT Gam MIDTOWN . . W 43RD ST TERMINAL EAST Prime Locations v20c cm Q8@ *@R8W C060 @ eCe0Ce AUTHORITY 06060 BRYANT Near Mass Transit mean a 1400 BROADWAY " ° Majority of our portfolio is located within W 39TH ST
Slide 10: Office: Robust Amenity Offering
10 Zz OFFICE Robust Amenity Offering 60 usable terraces * Proximity to mass transit 24 food and beverage * Restaurants, leisure, options shopping Fitness / Wellness facilities ° Broadway Plaza Town Halls * Madison Square Park Tenant Lounges ° Central Park Enhance underutilized concourse & rooftop sp
Slide 11: Listen to Our Tenants
1 OFFICE Listen to Our Tenants Linked in Lifé at PROGYNY THRIVES AT 1333 BROADWAY "The reaction of our own employees, “There really wasn’t anything | can think of “We grew beyond anybody’s candidates, prospects and customers that we that we weren’t able to do that we needed. expectations. The only w
Slide 12: Attractive price point with our high-quality offering
Attractive price point with our Serves the deepest pool of high-quality offering demand in the market
Slide 13: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix “A” quality buildings attract “A” quality tenants 13 Technology, Media and Advertising mFinance, Insurance, Real Estate mConsumer Goods mOther lm Professional Services Legal Services mNon-Profit Linked) = Expedia 3" _—iCapital UNIVERSAL MUSIC GRouP a shutterstoc
Slide 14: ESB Observatory: Proven Performer & Resilient
Dn ESB OBSERVATORY Proven Performer & Resilient Significant upside to NYC tourism recovery ° #1 Tripadvisor Attraction in the U.S. (2023 & 2022)!° * Inflation hedge ° “World’s Most Famous Building” * $165M renovation complete ° Top Uber tourist attraction in the world" * High margin operating busine
Slide 15: Retail Portfolio Highlights
RETAIL . Brand New 3-Story Starbucks Reserve Portfol 10 at the Empire State Building Highlights % of % of Ret: Top 10 Retail Tenants’? Annual Square Retail FE Footage ° 94% national retailers / . SEPHORA 1.5% 17% government entities 2 © TARGET 10.2% 12.4% * Everyday retailers 3. URBAN OUTFITTERS 8.7
Slide 16: Multifamily Portfolio
MULTIFAMILY Multifamily Portfolio Benefits from strong NYC residential demand 16 298 Mulberry Street = Mulberry St. & East Houston St. = Subway lines: B,D,F,M, & 6 = 96 Units, 100% free-market = Studio, IBR, 2BR = Retail space leased to CVS = 24-hour doorman, fitness center, laundry room, parking. R
Slide 17: Meet the Team
De MEET THE TEAM Experienced and Aligned Management Management team has a deep understanding of NYC market, real estate and capital markets Anthony E. Malkin Christina Chiu Thomas P. Durels Chairman, President & Executive Vice President, Executive Vice President, Chief Executive Officer Chief Operat
Slide 18: Sustainability Leadership
Dn COMPETITIVE ADVANTAGES Sustainability Leadership FRAMEWORKS AND CERTIFICATIONS seletes SBTI target validation TARGETS aligned with 1.5 C trajectory REDUCED EMISSIONS A 43% in our entire portfolio since 2009 oy atthe Empire 54 % State Building Beecas Ranked 15 1 ' PURCHASED WIND RECs of 115 Americ
Slide 19: Focus on ESG Initiatives
Dn COMPETITIVE ADVANTAGES Focus on ESG Initiatives 19 Env mental AWARDED AS A LEADER POA wy Bess Se x EMISSIONS 2 OF ALL NYC-BASED PLATINUM = REITS 14 ON TRACK WITH SECTOR LEADING TARGETS * 100% renewable wind powered commercial portfolio + Net-zero commitment for carbon emissions at ESB by 2030 and
Slide 20: Conclusion
Conclusion 20 Unique NYC-focused portfolio comprised of modernized office assets; everyday retail in high foot traffic locations; well-located, well-amenitized multifamily assets; iconic Empire State Building Observatory Experience Well-positioned balance sheet affords flexibility to pursue capital
Slide 21: Appendix
Appendix 21 Overview Sustainability Scorecard Achievements and Leadership Social Responsibility Governance Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 22: Sustainability Overview
SUSTAINABILITY Overview Energy Efficiency & Emissions Reductions = Alignment with Science Based Targets initiative (SBTi) 1.5-degree scenario = Commitment to net-zero carbon emissions at the Empire State Building by 2030 and the commercial portfolio by 2035 = 100% of commercial portfolio electricity
Slide 23: Learn more about IEQ
Learn more about IEQ – Click Play Below
Slide 24: Sustainability Achievements & Leadership
SUSTAINABILITY Achievements & Leadership Achievements 2023 5-Star 92 Public GRESB Rating: 1stin Disclosure: peer group 96 # Scored the Lowest Emissions of all NYC-based REITs highest per Green Street® Policy Leadership at National State and City Levels 24 Our Chairman, President Z and CEO, Anthony E
Slide 25: Social Responsibility
In support of, Ce - Social Responsibility BROW ERMENT Exley UN Women and the UiSlooa compoct ote WE SUPPORT iaeral ec sled Investment in Human Capital Supplier Diversity Initiatives Implemented ™ Included in the 2022 and 2023 = Actively engage with our employees on policy and | i I Bloomberg Gender-
Slide 26: Governance
FC Governance Board Diversity ™ 40% Underrepresented / Female & 60% Non-Diverse Board Practices ™ Balance of continuity (3 directors since 2013 IPO) and refreshment with 6 new directors since 2017 ™ Focused on enhanced diversity and refreshment with 5 independent diverse directors appointed since 20
Slide 27: Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Three Months Ended Reconciliation of Net Income to Cash NOI and September 30, June 30, March 31, December 31, September 30, Same Store Cash NOI20 2023 2023 2023 2022 2022 Net income $ 19,928 $ 36,955 $ 11,694 $ 21,620 $ 10,118 Add: General and administrative expenses 16,012 16,075 15,708 16,478 15,7
Slide 28: Reconciliation of Revenue, EBITDA and Adjusted EBITDA
21 Three Months Ended Twelve Months to Date 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Rental revenue 528,563 133,228 138,808 124,782 131,745 Tenant expense reimbursement 63,494 18,230 15,795 15,309 14,160 Deduct: Straight-line rental revenues (23,459) (5,015) (11,859) (556) (6,029) Above/below-market
Slide 29: Footnotes
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Slide 30: Disclaimer
Disclaimer 30 This presentation includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “aims,” “anticipates,” "approximately," "believes," “contemplates,” "continues," “estimates,” "expects," "