Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Q1 2026 Earnings Presentation
35 slides from Empire State Realty Trust's earnings presentation, Apr 30, 2026
Slide 1: Investor Presentation April 2026
treet Collection jamsburg, Brooklyn EMPIRE STATE REALTY TRUST * », = A ES. yaar Investor a J Sees ead Presentation April 2026 Empire Lounge at ESB CLA at One Grand Central Place ‘sux Empire State Building
Slide 2: Contents
Contents ESRT’s Transformation Quarterly Highlights ESRT Overview ESRT Property Sector Highlights Key Takeaways Appendix
Slide 3: ESRT's Transformation
ESRT’s Transformation
Slide 4: Strategic Leadership Actions
ESRT’s TRANSFORMATION Strategic Leadership Actions Addressed management succession with key hires and internal promotions Anthony E. Malkin Chairman & Chief Executive Officer 37 years with ESRT 37 years in industry A.B. from Harvard College Christina Chiu President Promoted to President 2024 6 years
Slide 5: Portfolio Transformation
ESRT’s TRANSFORMATION Portfolio Transformation ESRT EMPIRE STATE Exited growth challenged suburban office markets Recognized no taxable gain on any sale through 103] transactions Transitioned to 100% NYC portfolio with superior growth and better relationship of revenue to capital expense $1.1B acqui
Slide 6: Transitioned to NYC Pure Play with Stronger Cash Flow
Zz ESRT’s TRANSFORMATION Transitioned to NYC Pure Play with Stronger Cash Flow Tax-Efficient, Superior Growth Recycled Out of Higher-CAPEX, Lower-Growth Suburban Assets Acquired High-Quality NYC Office/Retail/Multifamily Merritt View 10 Bank Street ANNTDRYEOR att © Westport Retail ‘500 Mamaroneck No
Slide 7: Strategic Capital Allocation and Proactive Balance Sheet Management
Dn ESRT’s TRANSFORMATION Strategic Capital Allocation and Proactive Balance Sheet Management * Constant portfolio reassessment to uncover capital recycle opportunities to grow cash flow and improve portfolio quality + Assess opportunistic share repurchases (>$300M since 2020) Strong and Flexible Bal
Slide 8: Sharper Focused, Pure NYC Play
Dn ESRT’s TRANSFORMATION Sharper Focused, Pure NYC Play $1.1B of NYC acquisitions since 2021 130 Mercer Street Nerina Sixth Street Collection Multifamily * High-quality mixed-use office and retail asset in prime SoHo location * Compelling risk adjusted return: Downside protection from in-place lease
Slide 9: Plan for Growth
Zz ESRT’s TRANSFORMATION Plan for Growth Operate more efficiently: Expect to exit 2026 with lower run-rate G&A (down ~5-10% vs. 2025 baseline) Maximize occupancy and lease economics in Manhattan Office portfolio following a period of significant lease-up (+600 bps since 2021) Deliver continued resil
Slide 10: Quarterly Highlights
Quarterly Highlights 10
Slide 11: 2026 Guidance
• • • SS Property Cash NOI (1.5%) to +2.0% • ~($0.03) FFO and ~(270 bps) SS NOI impact from temporary downtime related to previously disclosed FDIC expiration, which is re-leased • 2026 year-end occupancy 90-92% • • • • • • • • • • • • • •
Slide 12: ESRT Overview
ESRT Overview 12
Slide 13: Why ESRT?
Zz ESRT OVERVIEW Why ESRT? * Unique, high-quality NYC portfolio that benefits from live, * Strong and flexible balance sheet work, play, visit * Top-tier office products at optimal price points in the market's * Complementary income streams: Office, Observatory, Retail, deepest segment Multifamily *
Slide 14: • • • • • • • • • 57% • • 21% •
• • • • • • • • • 57% • • 21% • • • 17% • • 5% • • • • • • • •
Slide 15: Company Priorities
Dn COMPANY PRIORITIES Laser Focused on Shareholder Value Manage Our Balance Sheet Vv 90%-92% Lease Space 88.2% Occupancy Vv [Occupancy (Commercial Commercial) * Strong and flexible balance sheet * Landlord financial stability is key for tenants and brokers * Maintain capital allocation discipline *
Slide 16: Competitive Advantages: Balance Sheet Maintenance
COMPETITIVE ADVANTAGES Balance Sheet Maintenance Net Debt / Adj. EBITDA™ 6.3x vs. Peers? 9.0x Secured Debt %? 27% vs. Peers? 62% Flexibility Lowest leverage among NYC peers Well-laddered debt maturity schedule Limited secured debt High-quality unencumbered assets 100% owned asset portfolio Optionali
Slide 17: Enhanced Portfolio Quality Through Capital Recycling
| COMPETITIVE ADVANTAGES Enhanced Portfolio Quality Through Capital Recycling Capital Recycling Strategy Portfolio Transformation Transitioned to 100% NYC Sold 6 suburban assets (1.8M SF) in 2022-25 | Redeployed into NYC multifamily and retail Cumulative CAPEX Reduction (2025-2030E') ~$130M Cumulati
Slide 18: ESRT Property Sector Highlights
ESRT Property Sector Highlights 18
Slide 19: Office
OFFICE Prime Locations, Well-Located oo oo Near Mass Transit i nem aR SENHA 5 cau One-Seat Commute aaa: saoanway Z . tae, e ROOFTOP LOUNGE All properties are near mass transit and majority are oon em ° TIT WEST 33RD STREET Jf ERURESTE one-seat commutes mse o ow o CHELSEA vou " eo o oo - oO i=] A Cam
Slide 20: Virtual Tour
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Slide 22: Why Tenants Choose ESRT
OFFICE Why Tenants Choose ESRT “When clients find out we’re in the Empire State Building, the meeting location stops being a question. They want to come to us. It’s the type of office where ‘meet me here’ feels like an invitation, not a request. Visitors pull out their phones the moment they step in
Slide 23: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix Prime top of tier assets attract top quality tenants! 23 Technology, Media and Advertising mFinance, Insurance, Real Estate m Consumer Products. mOther Professional Services Legal Services Non-Profit Linked iCapital KEARNEY Eee RO ee NESPRESSO. soonme _shutterst
Slide 24: Observatory
OBSERVATORY Resilient performer across economic cycles Brand Power (2025) House of the Dragon | Mercedes-AMG PETRONAS Fl and * “World's Most Famous Building” * High operating margin Activation WhatsApp Activation * Top Uber tourist attraction in the world! * Inflation hedge * 326B Media Impressions
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Slide 26: Prime Retail Portfolio on North 6th Street
RETAIL - . . Prime Retail Portfolio on North 6th Street ~$300M Portfolio (Acquisition Value) | Upside Opportunities Investment Thesis * Built on ESRT’s core strength in urban retail * Significant mark-to-market over time * High-foot traffic, prime locations * Achieved scale in a supply-constrained m
Slide 27: Multifamily
MULTIFAMILY Multifamily Low vacancy and minimal new supply supports rental growth 27 eae Mulberry Street Mulberry St. & East Houston St. * Subway lines: B, D, F,M&6 * 96 Units, 100% free market * Studio, 1BR, 2BR * Retail space leased to CVS * 24-hour doorman, fitness center, resident lounge, roof d
Slide 28: Key Takeaways
Key Takeaways High-quality, well-leased NYC portfolio with rent growth 28 Unique NYC Portfolio Strong Balance Sheet Favorable Supply Picture Aligned Management Sustainability Leadership Pure play NYC portfolio aligned with “live, work, play, visit” trends across office, retail, multifamily, and the
Slide 29: Appendix
Appendix 29 Experienced and Aligned Management Sustainability Leadership Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 30: Meet the Team
Dn MEET THE TEAM Experienced and Aligned Management Management team has a deep understanding of NYC market, real estate and capital markets vd ath Anthony E. Malkin Christina Chiu Thomas P. Durels Steve Horn Ryan Kass Jackie Renton Chairman & President Executive Vice Executive Vice Executive Vice Ex
Slide 31: Sustainability Leadership
Sustainability Leadership ra Our Chairman and CEO, Anthony E. Malkin is a recognized leader on sustainability initiatives for our local and national community Chairman of the Real Estate Roundtable Sustainability Policy Advisory Committee Was sole commercial owner member of NYC's Dept of Buildings L
Slide 32: Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Reconciliation of Net Income to Cash NOI and March 31, December 31, September 30, June 30, March 31, Same Store Cash NOI 1 2026 2025 2025 2025 2025 Net income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778 Add: General and administrative expenses 18,093 18,474 18,743 18,685 16,940 Depreciation and amor
Slide 33: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
1 Three Months Ended Twelve Months March 31, December 31, September 30, June 30, to Date 2026 2025 2025 2025 Rental revenue $ 553,610 $ 144,296 $ 138,956 $ 136,371 $ 133,987 Tenant expense reimbursement 84,166 21,809 20,765 22,039 19,553 Deduct: Straight-line rental revenues (19,965) (7,209) (4,320)
Slide 34: Footnotes
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Slide 35: Disclaimer
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-l
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