Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Q4 2025 Earnings Presentation
38 slides from Empire State Realty Trust's earnings presentation, Feb 18, 2026
Slide 1: Investor Presentation
treet Collection jamsburg, Brooklyn EMPIRE STATE REALTY TRUST * », = A ES. yaar Investor a J Sees ead Presentation February 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: Chairman & Chief Executive Officer
Chairman & President Executive Vice President, Executive Vice President, Executive Vice President, Chief Executive Officer Chief Financial Officer, Chief Co-Head and Chief Revenue Co-Head and Chief Operating Accounting Officer Officer of Real Estate Officer of Real Estate 4 | 38
Slide 5: Exited growth challenged suburban office markets
Exited growth challenged suburban office markets Recognized no taxable gain on any sale Acquired NYC assets projected to generate through 1031 transactions approximately Transitioned to NYC assets with superior growth vs. suburban assets sold and better relationship of revenue to capital expense $1.
Slide 6: ESRT's Transformation
Zz ESRT’s TRANSFORMATION Transitioned to NYC Pure Play with Stronger Cash Flow Tax-Efficient, Superior Growth Recycled Out of Higher-CAPEX, Lower-Growth Acquired High-Quality NYC Office/Retail/Multifamily Suburban Assets Merritt View 10 Bank Street ANNTDRYEOR att © Westport Retail ‘500 Mamaroneck No
Slide 7: Constant portfolio reassessment to uncover capital recycle opportunities
• Constant portfolio reassessment to uncover capital recycle opportunities to and • Assess (>$300M since 2020) Address maturities and position ESRT for Ability to act decisively when growth; No unaddressed maturities until 100% owned asset portfolio, investment opportunities arise; March 2027 limite
Slide 8: Expanded into Multifamily with 3 high-quality NYC assets
• High-quality mixed-use asset in prime • Expanded into Multifamily with 3 high-quality SoHo location NYC assets • Compelling risk adjusted return: Downside • Majority free-market units protection from in-place leases, upside from • Low vacancy and minimal new supply support successful leasing renta
Slide 9: Operate more efficiently
• 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 resilient bottom-line performance at Obs
Slide 10: Quarterly Highlights
Quarterly Highlights 10
Slide 11: 2026 FFO guidance
• 2026 FFO guidance $0.85-$0.89 • 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% vs. 90.3% at 4Q25 • Expect to exit 2026 with lower run-rate
Slide 12: ESRT Overview
ESRT Overview 12
Slide 13: Unique, high-quality NYC portfolio
• Unique, high-quality NYC portfolio that benefits from live, work, play, visit • Strong, flexible balance sheet • Diverse income streams: Office, Observatory, Retail, Multifamily • Top-tier office products at optimal price points in the market's deepest segment • International capital of the world
Slide 14: 7.9M SF Manhattan portfolio
• 7.9M SF Manhattan portfolio • Low availability in top of tier, well-located buildings • Modern, amenitized, energy efficient, healthy buildings • No new supply at ESRT rental price point due to high costs • Central locations near mass transit / majority one-seat of new construction commute • Upwar
Slide 15: Strong and flexible balance sheet
• Strong and flexible balance sheet • Landlord financial stability is key for tenants and brokers • Maintain capital allocation discipline ▪ Sd • On offense to pursue investments that create value • Recycle capital to improve portfolio quality • Repurchase shares opportunistically • Globally recogni
Slide 16: Lowest leverage among NYC peers
• Lowest leverage among NYC peers • Operational runway • Well-laddered debt maturity schedule • Recycle capital • Limited secured debt • External growth • High-quality unencumbered pool • Repurchase shares • 100% owned asset portfolio 8.6x 6.3x ESRT Peers 3 3 16 | 38
Slide 17: Competitive Advantages
Dn COMPETITIVE ADVANTAGES Enhanced Portfolio Quality Through Recycle of Capital * Constant portfolio reassessment to uncover recycle opportunities that grow cash flow and improve portfolio quality * Exited lower growth commercial suburban markets and transitioned to 100% NYC * Sold 6 suburban assets
Slide 18: SoHo asset profile
• ~368k sf of office and ~28k sf of prime retail space • Stable in-place cash flow with growth • Upside from lease-up of vacant office space • One of a kind SoHo office with unique physical characteristics; • Unlevered mid-5% initial cash yield at 70% leased • Supply constrained market with high dem
Slide 19: ESRT Property Sector Highlights
ESRT Property Sector Highlights 19
Slide 20: Upside from mark-to-market of leases
• Upside from mark-to-market of leases • Locked in pipeline of signed leases not commenced and free rent burn off 20 | 38
Slide 21: All properties are near mass transit
All properties are near mass transit and majority are one-seat commutes Proximity creates valuable synergies and shared amenities Transit proximity and amenities drive office space decisions 21 | 38
Slide 22: Virtual Tour
Virtual Tour ✓ Icon Description automatically generated • 60 usable terraces • 27 food and beverage options • Fitness/wellness facilities • Town halls/conference centers • Tenant lounges • Multi-sport court (basketball, pickleball) • Golf simulators • Rooftop lounges ✓ • Proximity to mass transit •
Slide 23: Customer testimonials
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Slide 24: Customer testimonials
“When clients find out we’re in the , the meeting location stops being a question. 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 and say, ‘I need a photo.’ When clients and colleagues come through, we’re b
Slide 25: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix Prime top of tier assets attract top quality tenants! 25 Technology, Media and Advertising mFinance, Insurance, Real Estate m Consumer Products. mOther Professional Services Legal Services Non-Profit Linked iCapital KEARNEY iE kday. NESPRESSO. M SCHOLASTIC JANEI
Slide 26: Observatory
OBSERVATORY ESB Observatory (22% NOI) Resilient performer across economic cycles House of the Dragon Mercedes-AMG PETRONAS F1 and [ELLE Ets si Activation WhatsApp Activation * “World’s Most Famous Building” * High operating margin * Top Uber tourist attraction in the world! * Inflation hedge * 325.6
Slide 27: Top Retail Tenants
% of Annual % of Retail Top 10 Retail Tenants1 Annual Square Retail FER Footage 1. 14.7% 2.9% 2. 8.3% 10.9% 3. 7.5% 4.6% • 4. 7.3% 7.6% • 5. 4.6% 6.3% • 6. 3.4% 1.8% starbucks reserve online shop Cheap - OFF 62% foot traffic starbucks reserve online shop Cheap - OFF 62% 7. 3.1% 2.9% • On or near 8.
Slide 28: Long-term optionality on capital structure
• • • • • • • • Long-term optionality on capital structure • • • • • Weekend ridership exceeds weekday ridership ESRT Owned
Slide 29: Williamsburg retail submarket
Williamsburg has emerged as a breakout retail submarket in NYC; Bedford "L" train station has the in Brooklyn, and weekend traffic exceeds weekday numbers. Daytime Population Population Growth Within one mile over the last decade High Income Multifamily Growth 49% households earn $100K+ annually Inc
Slide 30: Mulberry St. & East Houston St.
• Mulberry St. & East Houston St. • 94th Street and 1st Avenue • Just north of Hudson Yards & Manhattan West, 41st St. and 10th Ave. • Subway lines: B, D, F, M & 6 • 2nd Avenue Subway Q Line • 417 Units, majority free market • 96 Units, 100% free market • 208 Units, majority free market • Studio, 1B
Slide 31: Pure play NYC portfolio aligned with multifamily
Pure play NYC portfolio aligned with trends across office, retail, multifamily, and the Empire State Building Observatory Flexibility to pursue capital allocation initiatives that align with ESRT’s focus on Well-leased portfolio positioned for rental growth upside in a low supply environment with no
Slide 32: Appendix
Appendix 32 Experienced and Aligned Management Sustainability Leadership Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 33: 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 34: Our Chairman and CEO
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 Local Law 97 ✓ Impleme
Slide 35: Reconciliation of Net Income to Cash NOI
Reconciliation of Net Income to Cash NOI and December 31, September 30, June 30, March 31, December 31, Same Store Cash NOI 1 2025 2025 2025 2025 2024 Net income $ 32,172 $ 13,645 $ 11,385 $ 15,778 $ 18,793 Add: General and administrative expenses 18,474 18,743 18,685 16,940 17,870 Depreciation and
Slide 36: Three Months Ended Twelve Months to Date
1 Three Months Ended Twelve Months December 31, September 30, June 30, March 31, to Date 2025 2025 2025 2025 Rental revenue $ 545,410 $ 138,956 $ 136,371 $ 133,987 $ 136,096 Tenant expense reimbursement 80,803 20,765 22,039 19,553 18,446 Deduct: Straight-line rental revenues (18,039) (4,320) (4,688)
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Slide 38: This presentation contains forward-looking statements
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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