Empire State Realty Trust, Inc. · NYSE:ESRT
Empire State Realty Trust — Q2 2026 Earnings Presentation
28 slides from Empire State Realty Trust's earnings presentation, Jul 30, 2026
Slide 1: Empire State Realty Trust Investor Presentation July 2026
EMPIRE STATE REALTY TRUST Investor Presentation July 2026 Empire Lounge at ESB CLA at One Grand Central Place Empire State Building
Slide 2: Contents
Contents Recent Highlights ESRT Overview ESRT Property Sector Highlights Key Takeaways Appendix
Slide 3: Recent Highlights
Recent Highlights
Slide 4: ESRT Highlights
ESRT HIGHLIGHTS 2Q26 Highlights Core FFO per share of $0.21 * Same-Store Property Cash NOI +3.3% year-over-year and (-3.2%) adjusted for non-recurring items due primarily to higher free rent and operating expenses Updated 2026 Core FFO per share of $0.75-$0.79 * SS Property Cash NOI (-1.5%) to +2.0%
Slide 5: ESRT Overview
ESRT Overview
Slide 6: ESRT Overview
Zz ESRT OVERVIEW Why ESRT? * Unique, high-quality NYC portfolio that benefits from live, work, play, visit * Complementary income streams: Office, ESB Observation Deck, Retail, Multifamily * NYC is the international capital of the world * NYC is an irreplaceable market that is resilient, vibrant, wi
Slide 7: Office, ESB Observation Deck, Retail, Multifamily
• • • • 5% 18% • • • 57% 20% • • • • Office ESB Observation Deck Retail Multifamily • • •
Slide 8: Company Priorities
De COMPANY PRIORITIES Laser Focused on Shareholder Value Four priorities to drive long-term cash flow growth and value creation Optimize ESBOD Cash Flow Manage Our Balance Sheet Achieve Sustainability Goals * Best-in-class portfolio » Globally recognized » Financial stability is key » Recognized sus
Slide 9: Competitive Advantages: Balance Sheet
Dn COMPETITIVE ADVANTAGES Balance Sheet Maintenance Net Debt / Adj. EBITDA! Flexibility Optionality 6.6% vs. peers? 9.2x » Lowest leverage among NYC peers * Operational runway * Well-laddered debt maturity schedule * Recycle capital * Limited secured debt * External growth Secured Debt %2 * High-qua
Slide 10: Competitive Advantages: Strategic Capital Recycling
Dn COMPETITIVE ADVANTAGES Strategic Capital Recycling to Improve Cash Flow Transformed and Upgraded Portfolio Transitioned to 100% NYC — Sold 6 suburban assets (1.8M SF) in 2022-25 | Redeployed into NYC multifamily and retail - Sold 250 West 57th Street in 2026 | Redeployed into 130 Mercer Cumulativ
Slide 11: ESRT Property Sector Highlights
ESRT Property Sector Highlights nN
Slide 12: Prime Locations, Well-Located Near Mass Transit
0000 THEATER EAST DistRICT por aan" gs RIVER Del Sy °° $8850 0008 © 90900 1400 BROADWAY. ONE GRAND CENTRAL PLACE [SOT SEVENTH AVENUE ‘LOUNGE AND TOWN HALL CONFERENCE CENTER Prime Locations, Well-Located = YARDS Near Mass Transit ven UB LEVEL AMET] ava. o Li °o @ One-Seat Commute me CHEISEA aa All pr
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Slide 15: Office: Why Tenants Choose ESRT
De OFFICE Why Tenants Choose ESRT "Our move to one of New York City’s most iconic landmarksis a reflection of UTA's continued growth and our long-term commitment to New Yorkasa global epicenter of culture, creativity, and business... This new office reflects We 288 62h Me ok Toe tke Pam Sam Sou seu
Slide 16: ESB Observation Deck
Observation Deck annual y, Tripadvisor Z Best of the Best Le ESB Observation Deck Empire State Building Observation Deck Iconic Brand, Challenging Operating Environment Attraction #1] the US ‘ ‘ House of the Mercedes-AMG PETRONAS * Globally recognized attraction and strong brand Brand Power Dragon A
Slide 17: Office: Strong & Diverse Tenant Mix
De OFFICE Strong & Diverse Tenant Mix Prime top of tier assets attract top quality tenants! Technology, Media and Advertising mFinance, Insurance, Real Estate m Consumer Products. mOther Professional Services Legal Services Non-Profit 17 Linked [J iCapital KEARNEY SOL Ss ‘ESPRESSO. JANEIRQ instacart
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Slide 19: Retail: Prime Retail Portfolio on North 6th Street
De RETAIL Prime Retail Portfolio on North 6th Street in Williamsburg, Brooklyn ~$300M Portfolio (Acquisition Value) Built on ESRT’s core strength in urban retail Achieved scale in a supply-constrained market Strategic, unencumbered, prime assets Four key street corner locations Premium tenant mix |
Slide 20: Multifamily
MULTIFAMILY Multifamily 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 lounge, roof d
Slide 21: Key Takeaways
Key Takeaways High-quality, well-leased NYC portfolio with rent growth 21 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 22: Appendix
Appendix 22 Experienced and Aligned Management Sustainability Leadership Reconciliation of Non-GAAP Measures Footnotes Disclaimer
Slide 23: 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 Anthony E. Malkin Chairman & Chief Executive Officer 38 years with ESRT 38 years in industry AB. from Harvard College 23 Christina Chiu President 6 years with E
Slide 24: 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 25: Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI
Reconciliation of Net Income (Loss) to Cash NOI and June 30, March 31, December 31, September 30, June 30, Same Store Cash NOI 1 2026 2026 2025 2025 2025 Net income (loss) $ (39,554) $ 2,995 $ 32,172 $ 13,645 $ 11,385 Add: General and administrative expenses 25,123 18,093 18,474 18,743 18,685 Deprec
Slide 26: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
1 Three Months Ended Twelve Months June 30, March 31, December 31, September 30, to Date 2026 2026 2025 2025 Rental revenue $ 562,511 $ 142,888 $ 144,296 $ 138,956 $ 136,371 Tenant expense reimbursement 86,891 22,278 21,809 20,765 22,039 Deduct: Straight-line rental revenues (28,557) (12,340) (7,209
Slide 27: Footnotes
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Slide 28: Forward-looking statements 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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