Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Q3 2025 Earnings Presentation
28 slides from Empire State Realty Trust's earnings presentation, Oct 30, 2025
Slide 1: Empire State Realty Trust Investor Presentation October 2025
Sixth Street Collection jamsburg, Brooklyn EMPIRE STATE REALTY TRUST Investor Presentation October 2025 Empire Lounge at ESB CLA at One Grand Central Place ‘sux Empire State Building
Slide 2: Contents
Quarterly Highlights ESRT Overview Contents ESRT Property Sector Highlights Meet the Team: ESRT Management Conclusion Appendix
Slide 3: 3Q25 Highlights
ESRT HIGHLIGHTS 3Q25 Highlights Core FFO per share of $0.23 * Same-Store Property Cash NOI adjusted for non-recurring items +1.1% year-over-year and full-year guidance unchanged at +0.5-4.0% * Core FAD $40.4M vs. $11.9M last quarter, driven by reduced CAPEX * 2025 FFO guidance unchanged at $0.83-$0.
Slide 4: ESRT Overview: Why ESRT?
Zz ESRT OVERVIEW Why ESRT? * Unique, high-quality NYC portfolio that benefits from live, * Fortress balance sheet work, play and visit * Top-tier office products at optimal price points in the market's deepest * Diverse income streams: Office, Observatory, Retail, Multifamily segment * International
Slide 5: • • • • • • • • 56% • • 25% • •
• • • • • • • • 56% • • 25% • • • • • • • 12% 2% • 5% • • • • • 5 | 28
Slide 6: Company Priorities
Dn COMPANY PRIORITIES Laser Focused on Shareholder Value * Strong and flexible balance sheet * Landlord financial stability is key for tenants Manage Our and brokers 89%-91% * Maintain capital allocation discipline Lease Space psn eee * On offense to pursue investments that create value Y 4 * Repurc
Slide 7: Competitive Advantages: Strong and Flexible Balance Sheet
Dn COMPETITIVE ADVANTAGES Strong and Flexible Balance Sheet Flexibility Optionality * Lowest leverage among NYC peers * Operational runway * No floating rate debt exposure * Recycle capital ° Well-laddered debt maturity schedule * External growth * Repurchase shares Well-Laddered Debt Maturity Sched
Slide 8: Enhanced Portfolio Quality Through Recycle of Capital
Dn COMPETITIVE ADVANTAGES Enhanced Portfolio Quality Through Recycle of Capital Recycled and Invested Built a S' er NYC Portfolio * Sold 5 suburban assets since early 2022 (1.5M square feet) * Post-Recycled Estimated NOI Composition * Redeployed proceeds tax efficiently through acquisition of ~$675M
Slide 9: Office: Manhattan Office Supply/Demand Dynamic
OFFICE Manhattan Office (56% NOI) Positive Supply/Demand Dynamic Drives Rent Growth Favorable Supply/Demand Picture Positive Operating Performance * Low availability in high-quality buildings * Manhattan office portfolio is 93.1% leased * Outlook is for multi-year period of limited supply based on l
Slide 10: Office: Contractual Upside to Cash NOI
De OFFICE Contractual Upside to Cash NOI * 2025 occupancy guidance (89%-91%) implies ~700 bps of lease-up since 4Q21 * Locked in pipeline of signed leases not commenced and free rent burn off Strong Lease-Up Execution Cumulative SLNC and Free Rent Burn Off? $70 95.0% ‘94.2% $60 93.0% ozIK $50 81.0%
Slide 11: Prime Locations, Well-Located
Prime Locations, Well-Located Near Mass Transit One-Seat Commute All properties are near mass transit and majority are one-seat commutes A Campus Portfolio Proximity creates valuable synergies and shared amenities Aligned with Tenant Priorities Transit proximity and amenities drive office space deci
Slide 12: Virtual Tour
Virtual Tour ✓ Icon Description automatically generated • • • • • • • • ✓ • • • • • Icon Description automatically generated 12 | 28
Slide 13: A con picture containing text, sign Icon
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Slide 14: Over Million Square Feet of Tenant Expansions
OFFICE Over 3 Million Square Feet of Tenant Expansions “We are thrilled to continue to expand at the iconic Empire State Building, a Cumulative Growth from Tenant Expansions! reflection of our growth and commitment to New York City. This is a space that Workday [ee - 26 49 90 108 132 165 204 217 252
Slide 15: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix Prime top of tier assets attract top quality tenants Linkedfi BOOKING HOLDINGS Bo°oo mTechnology, Media and Advertising SKANSKA FRAGCMEN mFinance, Insurance, Real Estate m Consumer Products. mOther JCDecaux Professional Services H NTB iC Legal Services Non-Profi
Slide 16: ESB Observatory
OBSERVATORY ESB Observatory (25% NOl) Resilient performer across economic cycles House of the Dragon ELE ESO aims) Activation (June) * “World’s Most Famous Building” * High operating margin * Top Uber tourist attraction in the world! * Inflation hedge * 486B Media Impressions * Top 10 searched ‘Buck
Slide 17: Top Retail Tenants
% of Annual % of Retail Top 10 Retail Tenants1 Annual Square Retail FER Footage 1. 2. 3. • 4. • 5. • 6. starbucks reserve online shop Cheap - OFF 62% starbucks reserve online shop Cheap - OFF 62% 7. • 8. 9. • 10. Icon Description automatically generated 17 | 28
Slide 18: Prime Retail Portfolio on North 6th Street
De RETAIL Prime Retail Portfolio on North 6th Street with Strong Upside Prospects $250M Portfolio Upside Opportunities Investment Thesis * Strategic, unencumbered, prime retail portfolio * Significant mark-to-market upside over * High-foot traffic, prime locations ; ; time 0 * Fully leased, with exc
Slide 19: Strength of North 6th Street Market
19 De RETAIL Strength of North 6 Street Market High growth retail destination Williamsburg has emerged as a breakout retail submarket in NYC; Bedford "L" train station has the 2nd highest annual ridership in Brooklyn, and weekend traffic exceeds weekday numbers. 125K 36% Within one mile over the las
Slide 20: Multifamily
MULTIFAMILY MULTIFAMILY (5% NOI) Low vacancy and minimal new supply supports rental growth 20 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 loung
Slide 21: Meet the Team: ESRT Management
Chairman & President Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Chief Executive Officer Real Estate Chief Financial Officer, Chief Co-Head of Real Estate, Chief Co-Head of Real Estate, Chief Accounting Officer Revenue Officer Operating Off
Slide 22: Key Takeaways
Key Takeaways High-quality, well-leased NYC-focused portfolio with rent growth Unique NYC Portfolio Diversified NYC portfolio aligned with “live, work, play, visit” trends across office, retail, multifamily, and the Empire State Building Observatory. Strong Balance Sheet Flexibility to pursue capita
Slide 23: Appendix
Appendix 23 Sustainability Leadership Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 24: Sustainability Leadership
✓ Real Estate Roundtable Sustainability Policy Advisory Committee (chair & committee member) ▪ ✓ NYC Mayor’s Carbon Challenge ✓ REBNY Sustainability Committee ▪ ✓ NAREIT Real Estate Sustainability Committee ✓ Urban Green Board of Directors ▪ ▪ ▪ ▪ ▪ ▪ • • • 24 | 28
Slide 25: Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Reconciliation of Net Income to Cash NOI and September 30, June 30, March 31, December 31, September 30, Same Store Cash NOI1 2025 2025 2025 2024 2024 Net income $ 13,645 $ 11,385 $ 15,778 $ 18,793 $ 22,796 Add: General and administrative expenses 18,743 18,685 16,940 17,870 18,372 Depreciation and
Slide 26: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
1 Three Months Ended Twelve Months September 30, June 30, March 31, December 31, to Date 2025 2025 2025 2024 Rental revenue $ 542,083 $ 136,371 $ 133,987 $ 136,096 $ 135,629 Tenant expense reimbursement 79,536 22,039 19,553 18,446 19,498 Deduct: Straight-line rental revenues (17,764) (4,688) (3,748)
Slide 27: Footnotes
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Slide 28: Disclaimer
Disclaimer 28 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 statemen
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