Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Investor Day (2015)
98 slides from Empire State Realty Trust's investor day presentation, 2015
Slide 1: Empire State Realty Trust
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Slide 5: Chairman and Chief Executive Officer
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Slide 6: Investor Highlights
Investor Highlights >» Pure-play Manhattan and greater New York metropolitan area >» Embedded, derisked growth >» Redevelopment of irreplaceable properties >» Best-in-class balance sheet >» Experienced and proven management team EMPIRE STATE REALTY TRUST
Slide 7: Delivered On Our Promises
Delivered On Our Promises OCTOBER 2, 2013 (IPO) THROUGH MARCH 30, 2015 >» Executed on > Initiated in-house redevelopment program property management, leasing and marketing » Executed on leasing at >» Demonstrated sustained above market spreads observatory performance >» Closed acquisitions >» Transf
Slide 8: Internal & External Opportunities
Internal & External Opportunities SEVERAL YEARS OF EMBEDDED, DERISKED GROWTH TO COME Internal Growth Irreplaceable assets in prime locations with several years of embedded, derisked growth to come EMPIRE STATE REALTY TRUST Redevelopment External P Growth Consolidate, Patient, diligent, redevelop and
Slide 9: President and Chief Operating Officer
PRESIDENT AND CHIEF OPERATING OFFICER » Four sons, aged 21, 19, 16 and 13 » Black Lab named Lola » Love to cook family recipe spaghetti sauce “On a Saturday afternoon in June 2008, Johnny Damon sets record as first Yankee to go 6 for 6 at Yankee Stadium and leads team to victory over Royals” REALTY
Slide 10: Operational Leadership
Operational Leadership >» Partner with Chief Executive Officer >» Assist Chief Financial Officer with to lead ESRT balance sheet management >» Manage day to day operations >» Deliver the team for transaction across business lines opportunities >» Engage with investors >» Pursue external growth initi
Slide 11: Speakers and Schedule
Speakers: 9:15am Anthony E. Malkin, Lunch: 12:30pm John B. Kessler, Q&A: 12:45pm Property Tours: Thomas P. Durels 1:30 – 4:15pm Ryan O. Kass, C. Peter Sjolund, Jeffrey H. Newman, Jean-Yves Ghazi, Anthony E. Malkin, David A. Karp,
Slide 12: Executive Vice President and Director of Leasing and Operations
EXECUTIVE VICE PRESIDENT AND DIRECTOR OF LEASING AND OPERATIONS REALTY TRUST » 2 daughters, 24 and 23, a son 20 >» One daughter following in family real estate footsteps “Watching 11 year old daughter do a 360 dunk on the floor of MSG during half time at Knicks game (on a kids’ height hoop)” “Steppi
Slide 13: Delivered On Promises
Delivered On Promises » 785,000 SF of leasing >» 31.5% spreads achieved on new Manhattan office leases Bulb BrightRoll || Johnson Y) ( eevee’ Controls Company data and filings as of December 31, 2014. EMPIRE STATE REALTY TRUST 2014 » $50,000 SF of redevelopment delivered » Signed larger leases for l
Slide 14: Delivered On Promises: 2015 First Quarter Highlights
Delivered On Promises 2015 FIRST QUARTER HIGHLIGHTS AINTB 78,3561s- New lease Empire State Building 11,3345 New lease 112 W. 34th Street ap 34,192s- | OnDeck> 78,787 Foot Locker naw. 2a" Stee 1400 Broadnay eda, 26,782sF ||) wendy 21,;401s New lease Empire State Building New lease Empire State Buildi
Slide 15: Pure Play Manhattan and Greater New York Metropolitan Area
PURE PLAY MANHATTAN AND GREATER NEW YORK METROPOLITAN AREA 10.0 Million Total Rentable 9.3 Million Rentable Square Feet Square Feet of Office Space Company data and filings as of December 31, 2014. EMPIRE STATE 15
Slide 16: Varied Tenant Base
Varied Tenant Base DIVERSIFICATION BY INDUSTRY Consumer Goods 22.4% Non-Profit 2.6% >. Media and Advertising | 3.4% EMPIRE STATE REALTY TRUST Technology | Finance, 5.1% surance, _ Real Estate 18.2% Legal Services 4.3% Retail 13.4% Professional Services 11.4% Industry diversification by annualized fu
Slide 17: Tenant Lease Expirations
Tenant Lease Expirations MANHATTAN OFFICE PORTFOLIO 50.7% 11.5% 11.6% 6.3% 7.0% 6.5% 5.4% 10% ee a Available = SLNC 2015 2016 2017 2018 2019 Thereafter Company data and filings as of December 31, 2014. EMPIRE STATE 7 REALTY TRUST
Slide 18: Total Revenue
Total 2014 k Observatory $111.5 19% Ravenue Total Revenue Manhattan $593.2 GNYM Office $74.5 12% $ in millions Company data as of December 31, 2014. EMPIRE STATE REALTY TRUST Office $344.5 58%
Slide 19: Derisked Growth In Current Portfolio
Derisked Growth In Current Portfolio SIGNIFICANT EMBEDDED GROWTH POTENTIAL Signed Redevelopment leases not opportunit commenced pe ’ Retail Lease up of opportunity vacant space EMPIRE STATE 19 REALTY TRUST
Slide 20: Signed Leases Not Commenced
Signed Leases Not Commenced 12/3114 New Anticipated Incremental Tenant SF Escalated Annual Commencement Annual Annual Rent Rent Date Revenue SLNC Q1-2015 OnDeck Capital! 78,787 $1.44M $4.26M Mar. 2015-Jan. 2016 $2.82 M Media General 26,782 0.00 M 153M Apr. 2015 153M HNTB 78,361 0.00 M 4.47M Oct. 201
Slide 21: Embedded Growth On Re-Leasing
Embedded Growth On Re-LeasiIng WITHIN MANHATTAN OFFICE PORTFOLIO Lease-up of ESRT’s available space Strong re-leasing spreads’ Manhattan office submarket avg. occupancy’ All leases YTD 2014 New leases YTD 2014 Managing rent roll to execute repositioning strategy ESB 112 W. 34th 250 W.57th 1350 B'Way
Slide 22: Superior Leasing Spreads
Superior Leasing Spreads COMPARED TO PEER GROUP 25.0% 23.4% 20.0% 15.0% 10.0% 5.0% 0.0% 2014 Manhattan office leasing spreads HB ESRT Peer Group Company data and filings as of December 31, 2014. Peer group includes SL Green and Vornado Realty Trust. EMPIRE STATE 2» REALTY TRUST
Slide 23: Manhattan Office Mark to Market
Manhattan Office Mark to Market CURRENT 2015 MARKET RENT VS. CURRENT FULLY ESCALATED RENT Current fully escalated rent PSF! Leased square feet expiring Weighted average starting rent PSF2 Embedded growth 2015 $ 42.15 822,968 $ 53.00 25.8% 2016 $ 43.48 384,803 $ 55.00 26.5% 2017 $ 45.84 522,870 $ 55.
Slide 24: Vacant Office Space
Vacant Office Space MANHATTAN OFFICE PORTFOLIO Current vacancy 692,000 SF Weighted average starting rent $55 PSF Prebuilt 168,000 SF 24% Whitebox / Demo 153,000 SF 22% Broadcasting 8,000 SF _ 1% Storage 44,000 SF 7% Other Developed 54,000 SF Undeveloped 8% 265,000 SF 38% Weighted average starting re
Slide 25: Vacant Office Space: Empire State Building
Vacant Office Space EMPIRE STATE BUILDING Current vacancy 246,000 SF Weighted average starting rent $58 PSF Prebuilt 70,000 SF 28% Whitebox / Demo oa EMPIRE STATE 11% REALTY TRUST Broadcasting 8,000 SF Storage np1000 Se 3% 21,000 SF 49% 9% Weighted average starting rent is management's estimate for
Slide 26: Redevelopment Opportunity
Redevelooment Opportunity EMBEDDED, DERISKED GROWTH Tenant space to be redeveloped Empire State Building 600,000 SF Balance of Manhattan office portfolio 1,600,000 SF Total 2,200,000 SF 500,000 400,000 300,000 200,000 100,000 (SF) 10) Probable Renovations of Undeveloped Space through 2020 440,000 SF
Slide 27: Defining the Retail Opportunity
Defining the Retail Opportunity CREATING VALUE AT STREET LEVEL 4 LOEWS CINEPLEX 728,000 SF of total retail space SHAKE <> 93.2% occupied SHACK SS SCHWAB Walzrecns JPMorgan G 51.5% positive spreads on 18,166 SF of leasing in 2014 URBAN = « ANN TAYLOR @UTFITTERS S x atat 15 high traffic locations on .
Slide 28: Dynamic Street Market
Dynamic 34 Street Market $2.0 billion in annual retail sales in the district 100 million pedestrians per year 4,000 pedestrians per hour at peak Improving co- tenancy with international brands Macy’s $400 million store renovation EMPIRE STATE REALTY TRUST KIMOCYS wom Steps to the world's #1 grossing
Slide 29: Retail Mark to Market
Retail Mark to Market CURRENT 2015 MARKET RENT VS. CURRENT FULLY ESCALATED RENT Current fully escalated rent PSF! Leased square feet expiring Weighted average starting rent PSF2 Embedded growth Vacant N/A 24,319 $172 - $199 N/A 2015 $96.59 26,163 $214 - $267 149.0% 2016 $76.64 58,664 $241 - $291 247
Slide 30: Derisked Growth In Current Portfolio
Derisked Growth In Current Portfolio SIGNIFICANT EMBEDDED GROWTH POTENTIAL Signed Redevelopment leases not opportunit commenced pe ’ Retail Lease up of opportunity vacant space EMPIRE STATE 50 REALTY TRUST
Slide 31: Senior Vice President and Director of Leasing and Marketing
SENIOR VICE PRESIDENT AND DIRECTOR OF LEASING AND MARKETING >» Met wife at freshman orientation at Cornell >» Two year old boy/girl twins » Passion for travel and cooking “Old Yankee Stadium and Bronx Botanical Gardens (where | got married)” REALTY TRUST
Slide 32: Compelling Value Proposition
Compelling Value Proposition HIGHLY ATTRACTIVE TO PROSPECTIVE TENANTS > Irreplaceable locations % com >» Convenient access to mass oa transit 90909. am Ai ama [weet | wom ° _ >» Renovated buildings >» Modern, energy efficient 2 2 : tenant spaces “ee o * js erica >» Varied inventory of % pre-builts a
Slide 33: Varied Tenant Base
Varied Tenant DIVERSIFIED BY INDUSTRY shutterstsck || Linked[f]. | ses" lesa, = OnDeck> || jl IPREO Non-Profit 2.6% HNTB GCG [eke) mars Interpublic Group 3.4% 4% Technology 5.1% KOHES xMCC\S COTY Legal Services 4.3% 0) nson 4 BULOVA saaon Ml Industry diversification by annualized fully escalated ren
Slide 34: Creating Full Floor Availabilities
Creating Full Floor Availabilities ADJACENT SPACES CONSOLIDATED OVER TIME Floors 55-58 originally had 42 tenants Adjacent tenants are grouped by lease expiration dates Spaces are vacated as expired leases are not renewed Floors 55-58 leased to only 2 tenants 34
Slide 35: Redevelopment Timeframe
Demolition and abatement Pipe replacement (ESB only) Construction Total EMPIRE STATE REALTY TRUST Redevelooment Timeframe Months to Complete Whitebox Prebuilt 2 months 2 months 0-1 month 0-1 month 2-3 months 3-4 months 4-6 months 5-7 months 35
Slide 36: Case Study: GLG Before
Case Study: GLG BEFORE
Slide 37: Case Study: GLG After
Case Study: GLG AFTER
Slide 38: Tenant Installations
Tenant Installations
Slide 39: Select Opportunities: Office
1 > > > Select Opportunities OFFICE 2 full floor availabilities of 310,000 SF 5 available now 7 to be delivered during the year Gan Located at ESB, 250 W. 57th St., 12 W. 34th Early successes 325,000 SF of new pre-builts > > St., 1359 Broadway, and 1400 Broadway 168,000 SF currently available OnDeck
Slide 40: Diversity of Inventory: Full Floors
Diversity of Inventory FULL FLOORS
Slide 41: Pre-Builts
PRE-BUILTS
Slide 42: Select Opportunities: Retail
Select Opportunities RETAIL 112 w. 34" st. » 35,866 SF including 7,718 SF at street level 250 W. 57th St. >» 6,967 SF including 4,699 SF at street level ESB >» 41,180 SF of multilevel retail including 20,449 SF at street level that starts to become available in 2015 Broadway Buildings > 15,189 SF al
Slide 43: Senior Vice President of Design and Construction
SENIOR VICE PRESIDENT OF DESIGN AND CONSTRUCTION » $5 years in the industry (all in NY metro area) = \ » Graduated Rutgers University - College of Engineering >» Celebrated 25th wedding anniversary “Walking through Central Park in the snow with my wife and three children” REALTY TRUST
Slide 44: Redevelopment Program: Empire State Building
Redevelooment Program EMPIRE STATE BUILDING Lobby restoration and upgrade Renovate observatory areas Energy efficient retrofits New tenant only conference center New tenant only fitness center New restaurant Concourse reconfiguration Tower lighting Renovate restrooms Elevator modernization and shaft
Slide 45: Redevelopment Program: Balance of Manhattan Office Portfolio
Redevelooment Program BALANCE OF MANHATTAN OFFICE PORTFOLIO Lobby renovations Renovate and provide cooling to corridors Renovate restrooms New windows or curtain wall Elevator modernization Facade restoration/roof replacements Replace and upgrade fire alarm and security systems Upgrade electrical di
Slide 46: Redevelopment Capital Expenditures
Redevelooment Capital Exoenditures NEARING SUBSTANTIAL COMPLETION OF COMMON AREA RENOVATIONS Addl. Spend on Manhattan Office (2015-2016) $75-115 million 14% EMPIRE STATE Spent to Date REALTY TRUST $594 million 86% Company data and filings as of December 31, 2014. EMPIRE STATE 46 REALTY TRUST
Slide 47: Empire State Building
EMPIRE STATE ”
Slide 48: Modernizing Irreplaceable Assets
Modernizing Irreplaceable Assets EMPIRE STATE 48 REALTY TRUST
Slide 49: Modernizing Irreplaceable Assets
Modernizing Irreplaceable Assets abu
Slide 50: Modernizing Irreplaceable Assets
Modernizing Irreplaceable Assets 4 ACPI Stat BUILDING ELENESS CENTEL 2 a i ae gil | = 4 ie batt tos ort —— ll — — — is EMPIRE STATE 50 REALTY TRUST
Slide 51: Tenant Space Redevelopment
Tenant Space Redevelooment TYPICAL COSTS PER SQUARE FOOT Type Cost Total base building $35-65 PSF Market rate tenant allowance $60-70 PSF Commission $23-27 PSF Total costs for redevelopment All tenant improvement and commission ranges are based on typical 10-year lease. EMPIRE STATE REALTY TRUST $11
Slide 52: Prebuilt
Prebuilt TYPICAL COSTS PER SQUARE FOOT Type Cost Total base building $35-65 PSF Turn-key buildout $110-120 PSF Commission $14-19 PSF Total costs for redevelopment $159-204 PSF All tenant improvement and commission ranges are based on typical 5-year lease. EMPIRE STATE REALTY TRUST
Slide 53: Sustainability Measures Matrix
Sustainability Measures Matrix ESB One Grand 1400 n2 250 1333 1350 Central Place Broadway W 34th St W 57th St Broadway Broadway Whole Building Energy Retrofit Analysis x x x x x x x (Replicate ESB Model) Whole Building Energy Retrofit Implementation x x x x x x x Low-e window retrofit x x x x x x x
Slide 54: Sustainability Measures Matrix
Sustainability Measures Matrix Whole Building Energy Retrofit Analysis (Replicate ESB Model) Whole Building Energy Retrofit Implementation Low-e window retrofit High Performance Tenant Installation Required per Lease Submetering of All New Tenant Spaces Ut ies Billed by Submetering (as installed) Bu
Slide 55: The Empire State Building: Creating Value Through Sustainability
The Empire State Building CREATING VALUE THROUGH SUSTAINABILITY Skanska energy savings of 57% | Coty saves $1 million over lease term Utility costs represent the third largest component of tenant expenses after salaries and rent 16 14 Annual savings of Demand control ventilation $4 4 M 12 6,514 insu
Slide 56: Senior Vice President Leasing and Marketing
SENIOR VICE PRESIDENT LEASING AND MARKETING » Bachelor’s degree from University of Pennsylvania and JD from George Washington University » Tennis and piano player » Met wife while living and working in Manhattan » Two children daughter, 24, and son, 19 “Attending Mets World Series victories at Shea
Slide 57: Greater NY Metropolitan Portfolio
Greater NY Metropolitan Portfolio MANHATTAN QUALITY ASSETS AND TENANTS >» Best assets located near major transportation hubs >» 91.2% occupied >» Full amenities >» Low capital expenditure requirements >» Captures Manhattan-based tenants that relocate or open satellite offices EMPIRE STATE 57 REALTY
Slide 58: Westport Norwalk Stamford
Highway Metro-North Railroad 66-99 Main St › Metro-North Train Westport 103-107 Main St 684 › Stop Norwalk › 95 287 Stamford White Plains Harrison ~30 miles to Midtown Manhattan First Stamford Place Metro Center 383 Main Avenue Office Standalone Retail 10 Bank Street 500 Mamaroneck Avenue
Slide 59: Tenant Lease Expirations
Tenant Lease Expirations GREATER NY METROPOLITAN PORTFOLIO u! Q THOMSON is bp CRAN E. ElizabethArden REED ELSEVIER AEST 45.2% 14.3% 14.3% 7.1% 7.8% 17% om 4.0% () ; peu — Available SLNC 2015 2016 2017 2018 2019 Thereafter Company data and filings as of December 31, 2014. EMPIRE STATE 59 REALTY TRUST
Slide 60: Director of the Empire State Building Observatory
REALTY TRUST “A DIRECTOR OF THE EMPIRE STATE BUILDING OBSERVATORY » Best spot for quality reflection: the 103rd floor of ESB, it helps put things in perspective » Empire State Grill and Bar - nothing beats our brand new restaurant “When not walking on the beaches with my wife: blowing bubbles 60’ un
Slide 61: Observatory
)BSERVATORy
Slide 62: Slide 62
Slide 63: Source: NYC & Company
Source: NYC & Company. 9/11 63
Slide 64: Performance vs. Currency Swings
Performance vs. Currency Swings Observatory Annual Revenue (millions) $111.5 $78.9 $80.6 $72.2 $71.6 80.0% 60.0% 40.0% 20.0% 0.0% Q001 2005 2006 2007 2008 2009 2010 2011 2012 201 2002 -20.0% -40.0% Pound == Euro =—=Real = Yuan Company data and filings as of December 31, 2014. Currency data from Bloo
Slide 65: Ticket Mix
Ticket Mix ACTIVELY MANAGE TICKET MIX TO MAXIMIZE MARGINS Senior Child . Pricing Adult i" Direct sales at re . . Main Deck Only (86th FI 32.00 29.00 26.00 full price is ain Deck Only (eth Floon . . $ Main Deck Only (86th Floor) Express $55.00 $55.00 $55.00 largest source Main Deck + Top Deck (86th &
Slide 66: Ticket Mix: Sales Partnerships
Ticket Mix SALES PARTNERSHIPS Hop on/off buses MRAM > RI > eS Student tour operators AERA BAUCE GR (RSE PE) eT ESB Observatory featured via partners in key countries including China, Australia, India, Germany EASY SIGHTSEEING IN NEW YORK: 1 PASS TO SEE 80 NY ATTRACTIONS. New York Pass Is a tourist c
Slide 67: Who Visits The Observatory
Who Visits The Observatory IT’S NOT ALL FOREIGNERS, GRANDPARENTS AND PARENTS WITH CHILDREN International vs. Domestic: 59% International, 41% Domestic Domestic 41% Age Group: 54% 18-34 years old International Male vs. Female: 59% 56% Female, 44% Male Top 6 inbound Se countries: ZS )+|) = <>} England
Slide 68: Visitor Experience Improvement
Visitor Experience Improvement HEAVY SPEND BY PREDECESSOR 2005 2010S 2013 Visitor path moved : i Launched i i Upgraded from lobby to i H sustainability i H sustainability second floor H i exhibit H i exhibit 200 2014 2008 i i Launched Dare Launched : Relocated gift operations to Dream exhibit : mult
Slide 69: Focus On Yield and Efficiency
Focus On Yield and Efficiency EFFICIENT MOVEMENT THROUGH THE ENTIRE EMPIRE STATE BUILDING EXPERIENCE 1024 Floor 36% Dwell time Observation deck 49% 80* Floor Dare to dream 4% 2d Floor Sustainability 10% Showtime sales 1% Throughput and sales EMPIRE STATE 69 REALTY TRUST
Slide 70: Capacity Utilization
Capacity Utilization INCREASE CUSTOMER TRAFFIC IN NON-PEAK PERIODS Initiatives Select 2010 vs. 2014 Results >» Educated trade partners >» Increased visitation by » 7% in Q2 >» Developed special programs > Reduced reliance on peak to increase off-peak visitation time-of-day visits by 4%, through incr
Slide 71: Midtown Day vs. Downtown Day
MIDTOWN DAY VS. DOWNTOWN DAY TWO SEPARATE DAYS Midtown Day Walking Time 1. Macy’s / Herald Square 5. Madison Square Park / Eataly 6 minutes 7 minutes . 2. Bryant Park 6. Theatre district 11 minutes 19 minutes 3. Madison Square Garden 7. Times Square Restaurants / 8 minutes Retail / Clubs 4. Radio Ci
Slide 72: Effect Of Weather On Admissions
Effect Of Weather On Admissions EFFECT OF BAD WEATHER DAYS ON DECEMBER ADMISSIONS (Admissions) Overall Monthly Admissions vs. Bad Weather Days (ays) 360,000 14 350,000 12 340,000 10 330,000 8 320,000 6 310,000 4 300,000 290,000 2 280,000 ) Dec 2011 Dec 2012 Dec 2013 Dec 2014 ==Bad Weather Days EMPIR
Slide 73: Source: NYC & Company
Source: NYC & Company. 9/11 73
Slide 74: Chairman and Chief Executive Officer
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Slide 75: Public Relations and Branding
Public Relations and Branding A TRULY UNIQUE ASSET 2014 in Review 13,500 PLACEMENTS EMPIRE STATE “ype REALTY TRUST $396 million+ AD VALUE EQUIVALENCY eROABEn 11.75 billion 34% IMPRESSIONS EMPIRE STATE 75 REALTY TRUST
Slide 76: Social Media
Facebook Countries by most fans: >» United States >» India >» Mexico EMPIRE STATE REALTY TRUST Social Media Twitter Countries by most followers: » United States » United Kingdom >» Argentina Instagram Countries by most followers: > United States >» Philippines >» United Kingdom Pinterest Countries b
Slide 77: Public Relations and Branding
Public Relations and Branding A TRULY UNIQUE ASSET THE NATIONAL Se \Not just the tallest, but also the ENQUIRER techiest ~ Any Lani enact . as are f Le ng up Mantiattat ‘iia ‘ Mustang LEDs light up NYC for the Empire State Building Halloween light show, — 6 th Will & Kate will rule over ‘a M ash abl
Slide 78: March 2015
MARCH 2015 1.2 million Facebook fans, 27,400+ Twitter followers and 41,000 Instagram followers AmNY Four full page ads with ESB logo (Circulation: 335,900+, total 1,343,600) New York Spring Spectacular City Week announcement email (Circulation: 622,202) Prize mention on website (400,000 estimated im
Slide 79: June-July 2014
EMPIRE STATE JUNE-JULY 2014 IMPRESSIONS ORGANIC MENTIONS SportsCenter on ESPN (15.2 million followers) Mesut Ozil (9.11 million followers) ABC News (4.02 million followers) Good Morning America (2.61 million followers) U.S. Men’s Soccer Team (1.26 million followers) Sports Illustrated (1.04 million
Slide 80: Ford Mustang Anniversary
Ford Mustang 50 Anniversary APRIL 2014 103 million $31.7M MEDIA IMPRESSIONS AD VALUE >» CNN (16.2 million followers) >» BBC World (9.15 million followers) >» Huffington Post (5.4 million followers) » Associated Press (4.84 million followers) >» La Patilla, Venezuelan news outlet (4.63 million follow
Slide 81: January 2014
JANUARY 2014 IMPRESSIONS AD VALUE ESPN (17.1 million followers) National Football League (10.1 million followers) Rainn Wilson, actor (3.79 million followers) Drew Brees, New Orleans Saints quarterback (2.15 million followers) Seattle Seahawks (877,000+ followers) Fox Sports (703,000+ followers) Den
Slide 82: Prince William Visit
EMPIRE STATE Mayor De Blasio, Prince William, ESRT Chair / CEO > > British Monarchy has 1.47 million Facebook fans and 949,000+ Twitter followers, Clarence House has 442,000+ Twitter followers 52.6 million social media impressions generated from the lighting in honor of the Duke & Duchess’ visit 16.
Slide 83: Deep Roots and Unique Expertise in the World's Premier Office Market
DEEP ROOTS AND UNIQUE EXPERTISE IN THE WORLD’S PREMIER OFFICE MARKET
Slide 84: Patient, Diligent, Creative Pursuit of External Growth
ESRT IS PATIENT, DILIGENT, CREATIVE, AND CONSCIOUS OF CYCLES IN PURSUIT OF EXTERNAL GROWTH nay il Pee il eh nu : it ta
Slide 85: Executive Vice President, Chief Financial Officer & Treasurer
EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER » Brew my own beer » Avid tennis player and cyclist » Born and raised in San Fernando Valley, Southern California - an original “Valley Dude” » Married for 31 years with two sons out of college “Stand by the NY Rangers through good and ba
Slide 86: Strong and Flexible Capital Structure Supports Numerous Financing Options
STRONG AND FLEXIBLE CAPITAL STRUCTURE SUPPORTS NUMEROUS FINANCING OPTIONS EMPIRE STATE FINANCIAL STRATEGY Low leverage with significant capacity Access toa variety of forms of capital 86
Slide 87: Low Leverage
Slide 88: Fortress Balance Sheet
Slide 89: Unencumbering The Portfolio
Slide 90: Extending Maturities
Slide 91: Recent Refinancing
Slide 92: Pro Forma Debt Maturity
Slide 93: • • • • • • •
• • • • • • •
Slide 94: Superior Returns From Redevelopment
Slide 95: Building Blocks For Outlook
Slide 96: Delivered On Our Promises
Slide 97: Thank You
Slide 98: Forward-Looking Statements
We make forward-looking statements in this presentation within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely on them as predictions of future events. For these statements, we claim the pro