Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Q2 2025 Earnings Presentation
30 slides from Empire State Realty Trust's earnings presentation, Jul 24, 2025
Slide 1: Empire State Realty Trust Investor Presentation July 2025
EMPIRE STATE REALTY TRUST Investor Presentation July 2025 Empire Lounge at ESB CLA at One Grand Central Place Empire State Building
Slide 2: Contents
Quarterly Highlights ESRT Overview Contents ESRT Property Sector Highlights Meet the Team: ESRT Management Conclusion Appendix
Slide 3: 2Q25 Highlights
ESRT HIGHLIGHTS 2Q25 Highlights Core FFO per share of $0.22 * Same-Store Property Cash NOI adjusted for non-recurring items -3.0% year-over-year and full-year guidance unchanged at +0.5-4.0% * 2025 FFO guidance revised to $0.83-$0.86 from $0.86-$0.89 * -$0.03 revision due to lower Observatory NOI gu
Slide 4: ESRT Overview: Why ESRT?
Zz ESRT OVERVIEW Why ESRT? ° Pure play NYC REIT with high quality and diverse income streams and strong operating performance * Office, Observatory, Retail, Multifamily * Favorable supply picture across multiple sectors Empire State MOne-Grand Building Central Place 250 W. 57st * NYC is the internat
Slide 5: • • • • • • • 56% • • 25% • • •
• • • • • • • 56% • • 25% • • • • • • • 12% 2% 5% • • • • • • • • 5 | 30
Slide 6: Company Priorities
Dn COMPANY PRIORITIES Laser Focused on Shareholder Value * Strong and flexible balance sheet * Tenants and brokers screen for landlords notone Manage Our with financial stability Lease Space eae Balance * Maintain capital allocation discipline (Commercial) Sheet * On offense to pursue acquisitions t
Slide 7: Competitive Advantages: Strong and Flexible Balance Sheet
COMPETITIVE ADVANTAGES Strong and Flexible Balance Sheet Flexibility * Lowest leverage among NYC peers * No floating rate debt exposure * Well-laddered debt maturity schedule Net Debt / Adj. EBITDA2 ESRT Peers* Secured Debt %3 8.6x 62% 5.6x 34% ESRT Peers* Optionality * Operating runway * Capital re
Slide 8: Enhanced Portfolio Quality and Cash Flows Through Capital Recycling
Dn COMPETITIVE ADVANTAGES Enhanced Portfolio Quality and Cash Flows Through Capital Recycling Recy g and Investing Bui * Sold 5 suburban assets since early 2022 aggregating 1.5M * Post-Recycling Estimated NOI Composition square feet ig a Stronger NYC Portfolio 2019 TTM NOI Pre-COVID and BEFORE * Red
Slide 9: Portfolio Transformation Complete
Zz COMPETITIVE ADVANTAGES Portfolio Transformation Complete ~$1B invested to create top of tier assets which are fully modernized, amenitized, energy efficient AFTER REDEVELOPMENT AFTER REDEVELOPMENT AFTER REDEVELOPMENT Interactive Museum Experience In Gueuing Area
Slide 10: Manhattan Office: Positive Supply/Demand Dynamic
OFFICE Manhattan Office (56% NOI) Positive Supply/Demand Dynamic Drives Rent Growth Favorable Supply Picture Positive Tenant Demand * Multi-year period of low supply is likely based on low construction activity and long development timetables * ESRT rental price points are meaningfully below those r
Slide 11: Contractual Rents from Leasing Activity
De OFFICE Contractual Rents from Leasing Activity * 2025 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% o21K $50 81.0% 8
Slide 12: Target the Deepest Segment of the Market
De OFFICE Target the Deepest Segment of the Market ESRT’s Top of Tier Assets satisfy the deepest pool of demand in the market by size, location, and price Attractive price point with Serves the deepest pool of our high-quality offering demand in the market All Deals 1@23 - 2Q259 Starting % of Total
Slide 13: Icon Description automatically generated
• • • Icon Description automatically generated 13 | 30
Slide 14: Virtual Tour
Virtual Tour ✓ Icon Description automatically generated • • • • • • • • ✓ • • • • • Icon Description automatically generated 14 | 30
Slide 15: A con picture containing text, sign Icon
Acon picture containing text, sign Icon Icon Icon Icon Description Descriptionautomatically automatically generated generated Description automatically generated Description automatically generated Description automatically generated Description automatically generated — — — — — 15 | 30
Slide 16: Why Tenants Choose ESRT Properties
De OFFICE Why Tenants Choose ESRT Properties “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 90 108 182 165 204 217 252 258 277
Slide 17: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix Prime top of tier assets attract top quality tenants 17 Technology, Media and Advertising mFinance, Insurance, Real Estate mConsumer Goods mOther Professional Services Legal Services Non-Profit BOOKING HOLDINGS go°oo SKANSKA HNTB Surlington Linkedf]} iCapital KE
Slide 18: ESB Observatory
OBSERVATORY ESB Observatory (25% NOl) Resilient performer across economic cycles i House of the Dragon Media Impact (2024) Activation (June) * “World’s Most Famous Building” * High operating margin * Top Uber tourist attraction in the world! * Inflation hedge * 486B Media Impressions * Top 10 search
Slide 19: Top Retail Tenants
% of Annual % of Retail Top 10 Retail Tenants14 Annual Square Retail FER Footage 1. 2. 3. • 4. • 5. • 6. 7. • 8. starbucks reserve online shop Cheap - OFF 62% starbucks reserve online shop Cheap - OFF 62% 9. • 10. Icon Description automatically generated 19 | 30
Slide 20: North Sixth Street Enhances Long-Term Growth Profile
De RETAIL North 6 Street Enhances ESRT’s Long-Term Growth Profile Attractive Upside: Assembled ~$250M portfolio on North 6* Street * Acquisitions funded all-cash * Closed on 86-90 North 6" St. for $31M in 2Q; strategic redevelopment Investment Strategy: * Supply constrained, high population density
Slide 21: Strength of the Williamsburg Market
21 RETAIL Strength of the Williamsburg Market Dynamic destination retail neighborhood specially created by zoning Y Population Density® Daytime population of 125,000 people 158,000 residents live within one mile 36% Population Growth within a mile over last decade 5.4% additional growth projected th
Slide 22: Multifamily
MULTIFAMILY MULTIFAMILY (5% NOI) 22 Low vacancy and minimal new supply supports pricing power —_— = 1 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, reside
Slide 23: Meet the Team
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 Chairman & Chief Executive President Officer 5 years with ESRT 37 years with ESRT 23 years in industry 37 years in industry B.S. f
Slide 24: Conclusion
Conclusion Well leased NYC-focused portfolio that is growing rents and benefits from a favorable supply picture 24 Unique NYC-focused portfolio comprised of modernized office assets; defensively positioned retail with upside; well-located, well-amenitized multifamily assets; iconic Empire State Buil
Slide 25: Appendix
Appendix 25 Sustainability Leadership Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 26: Sustainability Leadership
Sustainability Leadership Our Chairman and CEO, Anthony E. Malkin is a recognized leader on E 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
Slide 27: Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
Reconciliation of Net Income to Cash NOI and June 30, March 31, December 31, September 30, June 30, Same Store Cash NOI 18 2025 2025 2024 2024 2024 Net income $ 11,385 $ 15,778 $ 18,793 $ 22,796 $ 28,555 Add: General and administrative expenses 18,685 16,940 17,870 18,372 18,020 Depreciation and amo
Slide 28: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months Ended 19 Twelve Months June 30, March 31, December 31, September 30, to Date 2025 2025 2024 2024 Rental revenue $ 538,204 $ 133,987 $ 136,096 $ 135,629 $ 132,492 Tenant expense reimbursement 78,122 19,553 18,446 19,498 20,625 Deduct: Straight-line rental revenues (15,353) (3,748) (5,283
Slide 29: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Slide 30: Disclaimer
Disclaimer 30 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
Empire State Realty Trust — Q2 2025 Earnings Presentation on 6ix