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MarketScreener Homepage  >  Equities  >  Nyse  >  Empire State Realty Trust, Inc.    ESRT

EMPIRE STATE REALTY TRUST, INC.

(ESRT)
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Empire State Realty Trust : EMPIRESTATE REALTY TRUST Supplemental Operating and Financial Data June 30, 2020

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08/01/2020 | 01:06pm EDT

EMPIRE STATE REALTY TRUST

Supplemental Operating

and Financial Data

June 30, 2020

Second Quarter 2020

Table of Contents

Page

Summary

Company Profile………………………………………………………………………………….……………………………………

3

Financial Highlights………………..……………………………………………………………………………….……………………

4

Selected Property Data

Property Summary Net Operating Income………………………………………………………………………..…………………

5

Net Operating Income and Initial Free Rent Burn-Off………………………………………………………………………..……

6

Leasing Activity………………………………………..…………………………………………………………………………………

7

Portfolio Expirations and Vacates Summary…………………………………………………………………………………………

9

Property Detail…………………………………….……………………………………………………………..………………………

10

Tenant Lease Expirations………………………………………………………………………………………………….…………

11

Largest Tenants and Portfolio Tenant Diversification by Industry…………………………………………………………………

14

Capital Expenditures and Redevelopment Program………………………………………………………………………..………

15

Observatory Summary…………………………………………………………..……………………………………………………

16

Financial information

Condensed Consolidated Balance Sheets…………………………………………………………..………………………………

17

Condensed Consolidated Statements of Operations……………………………………………..…………………………………

18

Core FFO, Modified FFO, FFO, FAD and EBITDA……………………………………………………………………………….…

19

Consolidated Debt Analysis

Debt Summary……………………………………………………………………………….…………………………………

20

Debt Detail……………………………………………………………………………...…………………………………………

21

Debt Maturities………………………………………………………………….………………………………………………

22

Ground Leases…………………………………………………………………………………………………………………… 22

Supplemental Definitions………………………………………………………………………………………………………….……

23

Forward-looking Statements

This presentation includes "forward looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases.

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to businesses that have suffered significant declines in revenues as a result of mandatory business shut-downs,"shelter-in-place" or "stay-at-home" orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company's tenants, particularly retail, and the Observatory recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company's tenants to make rent and other payments or honor other commitments, including such tenants' ability to pay rent following the termination of temporary governmental assistance and benefits programs, (d) government moratoriums and/or limits (including temporary closure of certain court systems) which directly or indirectly abridge the enforcement of lease obligations and related guarantees, (e) the potential impact on the Company's human capital management, including restrained productivity associated with work-from-home and risks associated with employees returning to the office, (f) international and national disruption of travel and tourism with a resulting decline in Observatory visitors, and (g) macroeconomic conditions, such as a disruption of, or lack of access to, the capital markets, and general volatility adversely impacting the market price of the Company's Class A common stock and publicly-traded partnership units of the Operating Partnership; (ii) resolution of legal proceedings involving the Company; (iii) reduced demand for office or retail space, including as a result of the COVID-19 pandemic; (iv) changes in our business strategy; (v) changes in technology and market competition that affect utilization of our office, retail, broadcast or other facilities; (vi) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events and/or currency exchange rates, which may cause a decline in Observatory visitors; (vii) defaults on, early terminations of, or non-renewal of, leases by tenants; (viii) increases in the Company's borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) declining real estate valuations and impairment charges; (x) termination or expiration of our ground leases; (xi) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xii) decreased rental rates or increased vacancy rates; (xiii) our failure to redevelop and reposition properties, or to execute any newly planned capital project successfully or on the anticipated timeline or at the anticipated costs; (xiv) difficulties in identifying properties to acquire and completing acquisitions; (xv) risks related to our development projects (including our Metro Tower development site) and capital projects, including the cost of construction delays and cost overruns; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; and (xviii) environmental uncertainties and risks related to adverse weather conditions, rising sea levels and natural disasters.

For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward- looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Page 2

Second Quarter 2020

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building.

BOARD OF DIRECTORS

Anthony E. Malkin

Chairman and Chief Executive Officer

William H. Berkman

Director, Chair of Finance Committee (will leave the Board of Directors on July 31, 2020)

Leslie D. Biddle

Director

Thomas J. DeRosa

Director

Steven J. Gilbert

Director, Lead Director

S. Michael Giliberto

Director, Chair of Audit Committee

Patricia S. Han

Director

R. Paige Hood

Director (will join the Board of Directors on August 1, 2020)

James D. Robinson IV

Director, Chair of Compensation and Nominating/Corporate Governance Committees

EXECUTIVE MANAGEMENT

Anthony E. Malkin

Chairman, President and Chief Executive Officer

Christina Chiu

Executive Vice President and Chief Financial Officer

Thomas P. Durels

Executive Vice President, Real Estate

Thomas N. Keltner, Jr.

Executive Vice President, General Counsel and Secretary

COMPANY INFORMATION

Corporate Headquarters

Investor Relations

New York Stock Exchange

111 West 33rd Street, 12th Floor

Greg Faje

Trading Symbol: ESRT

New York, NY 10120

IR@empirestaterealtytrust.com

www.empirestaterealtytrust.com

(212) 687-8700

RESEARCH COVERAGE

Bank of America Merrill Lynch

James Feldman

(646) 855-5808

james.feldman@baml.com

BMO Capital Markets Corp.

John Kim

(212) 885-4115

jp.kim@bmo.com

BTIG

Thomas Catherwood

(212) 738-6140

tcatherwood@btig.com

Citi

Michael Bilerman

(212) 816-1383

michael.bilerman@citi.com

Emmanuel Korchman

(212) 816-1382

emmanuel.korchman@citi.com

Evercore ISI

Steve Sakwa

(212) 446-9462

steve.sakwa@evercoreisi.com

Green Street Advisors

Daniel Ismail

(949) 640-8780

dismail@greenstreetadvisors.com

Goldman Sachs

Richard Skidmore

(801) 741-5459

richard.skidmore@gs.com

KeyBanc Capital Markets

Jordan Sadler

(917) 368-2280

jsadler@key.com

Craig Mailman

(917) 368-2316

cmailman@key.com

Wells Fargo Securities, LLC

Blaine Heck

(443) 263-6529

blaine.heck@wellsfargo.com

Page 3

Second Quarter 2020 Financial Highlights (unaudited and dollars in thousands, except per share amounts)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

Selected Items:

2020

2020

2019

2019

2019

Revenue

$

141,030

$

170,224

$

194,933

$

192,873

$

176,244

Net income (loss)

$

(19,618)

$

8,288

$

28,720

$

26,784

$

18,930

Cash net operating income (1)

$

78,368

$

81,528

$

103,992

$

98,757

$

93,737

Core funds from operations ("Core FFO") (1)

$

39,498

$

53,712

$

74,935

$

71,810

$

64,476

Core funds available for distribution ("Core FAD") (1)

$

37,786

$

37,738

$

41,903

$

54,650

$

48,235

Core FFO per share - diluted

$

0.14

$

0.18

$

0.25

$

0.24

$

0.22

Diluted weighted average shares

283,384,000

292,645,000

296,852,000

298,151,000

298,131,000

Dividends declared and paid per share

$

0.105

$

0.105

$

0.105

$

0.105

$

0.105

Portfolio Statistics:

Number of properties

20

20

20

20

20

Total rentable square footage

10,132,492

10,135,413

10,138,057

10,134,495

10,134,435

Percent occupied (2)

85.6%

88.7%

88.6%

89.4%

90.2%

Percent leased (3)

89.6%

91.1%

91.2%

91.7%

92.2%

Observatory Metrics:

Number of visitors (4)

-

422,000

894,000

1,042,000

968,000

Change in visitors year over year

N/A

(29.8%)

(5.5%)

(10.7%)

(7.7%)

Observatory revenues (5)

$

86

$

19,544

$

37,730

$

37,575

$

32,895

Change in revenues year over year

N/A

(5.0%)

9.2%

(6.6%)

(6.6%)

Ratios:

Consolidated Debt to Total Market Capitalization (6)

54.3%

47.8%

28.2%

27.7%

29.8%

Consolidated Net Debt to Total Market Capitalization (6)

43.7%

35.5%

25.2%

24.1%

23.6%

Consolidated Debt and Perpetual Preferred Units to

Total Market Capitalization (6)

56.2%

49.5%

29.7%

28.2%

30.2%

Consolidated Net Debt and Perpetual Preferred Units to

Total Market Capitalization (6)

46.1%

37.6%

26.8%

24.5%

24.0%

Consolidated Debt to EBITDA (7)

8.0x

7.3x

4.8x

4.6x

5.3x

Consolidated Net Debt to EBITDA (7)

5.2x

4.4x

4.1x

3.8x

3.9x

Interest Coverage Ratio

2.6x

4.3x

5.0x

4.8x

4.4x

Core FFO Payout Ratio (8)

83%

61%

43%

45%

50%

Core FAD Payout Ratio (9)

86%

87%

76%

59%

66%

Class A common stock price at quarter end

$

7.00

$

8.96

$

13.96

$

14.27

$

14.81

Average closing price

$

7.72

$

12.24

$

14.04

$

14.12

$

15.48

Dividends per share - annualized

$

0.42

$

0.42

$

0.42

$

0.42

$

0.42

Dividend yield (10)

6.0%

4.7%

3.0%

2.9%

2.8%

Series 2013 Private Perpetual Preferred Units outstanding

($16.62 liquidation value)

1,560,360

1,560,360

1,560,360

1,560,360

1,560,360

Series 2019 Private Perpetual Preferred Units outstanding

($13.52 liquidation value)

4,664,038

4,664,038

4,610,383

-

-

Class A common stock

172,332,358

176,112,860

180,877,597

179,131,090

176,991,123

Class B common stock

1,014,221

1,015,149

1,016,799

1,018,463

1,029,782

Operating partnership units

117,475,995

120,548,216

117,757,653

124,107,019

126,870,876

Total common stock and operating partnership units

outstanding (11)

290,822,574

297,676,225

299,652,049

304,256,572

304,891,781

Notes:

  1. Represents non-GAAP financial measures. For a discussion on what these metrics represent and why the Company presents them, see page 23 and for a reconciliation of these metrics to net income, see pages 5 and 19.
  2. Based on leases signed and commenced as of end of period.
  3. Represents occupancy and includes signed leases not commenced.
  4. Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
  5. Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. See page 16.
  6. Market capitalization represents the sum of (i) Company's common stock per share price as of June 30, 2020 multiplied by the total outstanding number of shares of common stock and operating partnership units as of June 30, 2020; (ii) the number of Series 2014 perpetual preferred units at June 30, 2020 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at June 30, 2020 multiplied by $13.52, and (iv) our outstanding indebetedness as of June 30, 2020.
  7. Calculated based on trailing 12 months EBITDA.
  8. Represents the amount of Core FFO paid out in distributions.
  9. Represents the amount of Core FAD paid out in distributions.
  10. Based on the closing price per share of Class A common stock on June 30, 2020.
  11. As of June 30, 2020, the Company has had conversions from operating partnership units and Class B common shares to Class A common shares totaling
    58.2 million shares or approximately $407 million at a closing share price of $7.00. This represents a 71% increase in the number of Class A shares since the IPO.

Page 4

Second Quarter 2020 Property Summary - Same Store Net Operating Income ("NOI") by Quarter (unaudited and dollars in thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2020

2020

2019

2019

2019

Same Store Total Portfolio

Revenues

$

139,610

$

150,123

$

155,664

$

152,633

$

142,655

Operating expenses

(61,661)

(73,053)

(76,051)

(79,824)

(70,826)

Same store property NOI

77,949

77,070

79,613

72,809

71,829

Straight-line rent

2,710

(8,193)

(6,276)

(5,174)

(3,203)

Above/below-market rent revenue amortization

(1,366)

(908)

(1,530)

(1,682)

(1,745)

Below-market ground lease amortization

1,958

1,958

1,958

1,957

1,958

Total same store property cash NOI -

excluding lease termination fees

$

81,251

$

69,927

$

73,765

$

67,910

$

68,839

Percent increase over prior year

18.0%

4.8%

6.9%

2.0%

0.2%

Property cash NOI

$

81,251

$

69,927

$

73,765

$

67,910

$

68,839

Observatory cash NOI

(3,916)

11,390

28,987

28,486

24,535

Lease termination fees

1,033

211

1,240

2,361

363

Total portfolio same store cash NOI

$

78,368

$

81,528

$

103,992

$

98,757

$

93,737

Same Store Manhattan Office Portfolio (1)

Revenues

$

119,445

$

128,909

$

132,672

$

130,214

$

120,249

Operating expenses

(52,619)

(62,670)

(65,509)

(68,516)

(60,152)

Same store property NOI

66,826

66,239

67,163

61,698

60,097

Straight-line rent

1,774

(8,338)

(6,705)

(5,319)

(4,163)

Above/below-market rent revenue amortization

(1,366)

(908)

(1,530)

(1,682)

(1,745)

Below-market ground lease amortization

1,958

1,958

1,958

1,957

1,958

Total same store property cash NOI -

excluding lease termination fees

69,192

58,951

60,886

56,654

56,147

Lease termination fees

863

159

995

835

301

Total same store property cash NOI

$

70,055

$

59,110

$

61,881

$

57,489

$

56,448

Same Store Greater New York

Metropolitan Area Office Portfolio

Revenues

$

16,529

$

16,915

$

18,771

$

18,137

$

17,798

Operating expenses

(7,230)

(8,479)

(8,663)

(9,373)

(8,784)

Same store property NOI

9,299

8,436

10,108

8,764

9,014

Straight-line rent

331

12

285

(42)

655

Above/below-market rent revenue amortization

-

-

-

-

-

Below-market ground lease amortization

-

-

-

-

-

Total same store property cash NOI -

excluding lease termination fees

9,630

8,448

10,393

8,722

9,669

Lease termination fees

170

52

245

710

62

Total same store property cash NOI

$

9,800

$

8,500

$

10,638

$

9,432

$

9,731

Same Store Standalone Retail Portfolio

Revenues

$

3,636

$

4,299

$

4,221

$

4,282

$

4,608

Operating expenses

(1,812)

(1,904)

(1,879)

(1,935)

(1,890)

Same store property NOI

1,824

2,395

2,342

2,347

2,718

Straight-line rent

605

133

144

187

305

Above/below-market rent revenue amortization

-

-

-

-

-

Below-market ground lease amortization

-

-

-

-

-

Total same store property cash NOI -

excluding lease termination fees

2,429

2,528

2,486

2,534

3,023

Lease termination fees

-

-

-

816

-

Total same store property cash NOI

$

2,429

$

2,528

$

2,486

$

3,350

$

3,023

Note:

  1. Includes 506,452 rentable square feet of retail space in the Company's nine Manhattan office properties.

Page 5

Second Quarter 2020 Net Operating Income ("NOI"), Initial Free Rent Burn-Offand Signed Leases Not Commenced (unaudited and dollars in thousands)

Three Months Ended

Reconciliation of Net Income to NOI and Cash NOI

June 30,

March 31,

December 31,

September 30,

June 30,

2020

2020

2019

2019

2019

Net income (loss)

$

(19,618)

$

8,288

$

28,720

$

26,784

$

18,930

Add:

General and administrative expenses

18,149

15,951

16,618

14,421

15,998

Depreciation and amortization

52,783

46,093

46,409

44,260

44,821

Interest expense

23,928

19,704

18,534

19,426

20,597

Income tax expense (benefit)

(2,450)

(382)

1,210

1,338

611

Impairment charges

4,101

-

-

-

-

Less:

Third-party management and other fees

(301)

(346)

(299)

(304)

(331)

Interest income

(1,526)

(637)

(1,352)

(2,269)

(3,899)

Net operating income

75,066

88,671

109,840

103,656

96,727

Straight-line rent

2,710

(8,193)

(6,276)

(5,174)

(3,203)

Above/below-market rent revenue amortization

(1,366)

(908)

(1,530)

(1,682)

(1,745)

Below-market ground lease amortization

1,958

1,958

1,958

1,957

1,958

Total cash NOI - including Observatory and lease termination income

78,368

81,528

103,992

98,757

93,737

Less: Observatory NOI

3,916

(11,390)

(28,987)

(28,486)

(24,535)

Less: Lease termination income

(1,033)

(211)

(1,240)

(2,361)

(363)

Total property cash NOI - excluding Observatory and lease termination

income

$

81,251

$

69,927

$

73,765

$

67,910

$

68,839

Burn-off of Free Rent and Signed Leases Not Commenced

Incremental

Base Cash Rent Contributing to Cash NOI in the Following Years

Annual

Total Portfolio

Revenue

2020

2021

2022

2023

Commenced leases in free rent period

$

10,991

$

4,485

$

10,991

$

10,991

$

10,991

Signed leases not commenced

31,450

138

10,027

26,613

28,965

Total

$

42,441

$

4,623

$

21,018

$

37,604

$

39,956

Commenced leases in free rent period

Incremental

Square

Cash

Annual

Base Cash Rent Contributing to Cash NOI in the Following Years

Feet

Rent Date

Revenue

2020

2021

2022

2023

Third quarter 2020 - 14 leases

156,180

Jul. 2020 -

$

9,218

$

3,685

(1)

$

9,218

$

9,218

$

9,218

Sept. 2020

Fourth quarter 2020 - 3 leases

20,841

Oct. 2020 -

1,030

158

1,030

1,030

1,030

Dec. 2020

First quarter 2021 - 1 lease

2,652

Jan. 2021 -

681

611

681

681

681

Mar. 2021

Second quarter 2021 - 1 lease

2,578

Apr. 2021 -

62

31

62

62

62

Jun. 2021

$

10,991

$

4,485

$

10,991

$

10,991

$

10,991

Signed leases not commenced ("SLNC")

Expected Base Rent

Incremental

Square

Commencement

Annual

Base Cash Rent Contributing to Cash NOI in the Following Years

Tenant

Feet

GAAP

Cash

Revenue (2)

2020

2021

2022

2023

Winged Keel Group, Inc.

12,724

Jan. 2021

Mar. 2022

$

920

$

-

$

-

$

761

$

920

Uber Technologies, Inc.

32,927

Jan. 2021

May 2021

2,300

-

1,530

2,300

2,300

Concord Music Group, Inc.

46,329

Jan. 2021

Nov. 2021

2,870

-

396

2,870

2,870

Kaplan Hecker & Fink LLP

26,997

Feb. 2021

Mar. 2021

2,000

-

1,576

2,000

2,000

First Republic Bank

14,430

Jul. 2021

Jul. 2021

2,040

-

1,016

2,040

2,040

Starbucks Corporation

22,916

Feb. 2022

Feb. 2022

900

-

-

820

900

LinkedIn Corporation:

LinkedIn Corporation

52,939

May 2021

Jan. 2022

3,870

-

-

3,854

3,870

LinkedIn Corporation

52,666

Nov. 2021

Nov. 2021

3,840

-

630

3,840

3,840

LinkedIn Corporation

52,574

Jul. 2022

Jul. 2022

3,840

-

-

1,908

3,840

LinkedIn Corporation

30,283

Dec. 2022

Oct. 2023

670

-

-

-

165

Target

32,579

June 2024

Oct. 2024

1,980

-

-

-

-

Other SLNC

98,037

Jul. 2020 -

Aug. 2020-

6,220

138

4,879

6,220

6,220

Apr. 2021

Sept. 2021

Total

475,401

$

31,450

$

138

$

10,027

$

26,613

$

28,965

Notes:

  1. As an example, the 2020 amount represents cash revenue contributing from the cash rent commencement date of July 2020 through December 2020. The full annual amount is realized in 2021.
  2. Reflects new annual rent less annual rent from existing tenant in the space.

Page 6

Second Quarter 2020 Property Summary - Leasing Activity by Quarter (unaudited)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

Total Portfolio

2020

2020

2019

2019

2019

Total leases executed

19

35

47

25

55

Weighted average lease term

6.1 years

6.8 years

8.6 years

10.7 years

6.4 years

Average free rent period

4.4 months

4.1 months

5.3 months

6.9 months

2.8 months

Office

Total square footage executed

99,229

117,481

313,027

374,256

228,346

Average cash rent psf - leases executed

$

52.82

$

57.29

$

59.74

$

62.83

$

59.13

Previously escalated cash rents psf

$

51.40

$

52.43

$

54.02

$

51.10

$

51.72

Percentage of new cash rent over previously escalated rents

2.8%

9.3%

10.6%

23.0%

14.3%

Retail

Total square footage executed

14,202

31,662

32,579

14,430

32,706

Average cash rent psf - leases executed

$

145.58

$

101.03

$

122.78

$

141.68

$

71.52

Previously escalated cash rents psf

$

158.58

$

108.81

$

60.79

$

104.66

$

72.08

Percentage of new cash rent over previously escalated rents

(8.2%)

(7.1%)

102.0%

35.4%

(0.8%)

Total Portfolio

Total square footage executed

113,431

149,143

345,606

388,686

261,052

Average cash rent psf - leases executed

$

64.43

$

66.58

$

65.68

$

65.76

$

61.25

Previously escalated cash rents psf

$

64.82

$

64.40

$

54.66

$

53.09

$

54.58

Percentage of new cash rent over previously escalated rents

-0.6%

3.4%

20.2%

23.9%

12.2%

Leasing commission costs per square foot

$

13.52

$

20.19

$

19.84

$

23.75

$

15.61

Tenant improvement costs per square foot

21.68

100.79

55.65

65.59

47.06

Total LC and TI per square foot (2)

$

35.20

$

120.98

$

75.49

$

89.34

$

62.67

Occupancy

85.6%

88.7%

88.6%

89.4%

90.2%

Manhattan Office Portfolio (1)

Total leases executed

13

26

36

18

40

Office - New Leases

Total square footage executed

24,859

63,153

170,247

266,769

119,235

Average cash rent psf - leases executed

$

66.94

$

62.78

$

64.82

$

71.36

$

65.08

Previously escalated cash rents psf

$

61.55

$

52.56

$

52.12

$

53.83

$

53.26

Percentage of new cash rent over previously escalated rents

8.7%

19.4%

24.4%

32.6%

22.2%

Office - Renewal Leases

Total square footage executed

27,123

30,712

54,345

18,826

56,211

Average cash rent psf - leases executed

$

58.35

$

60.20

$

66.62

$

53.83

$

62.37

Previously escalated cash rents psf

$

58.39

$

60.02

$

66.27

$

53.64

$

55.88

Percentage of new cash rent over previously escalated rents

-0.1%

0.3%

0.5%

0.4%

11.6%

Retail - New and Renewal Leases

Total square footage executed

10,702

26,432

-

14,430

3,711

Average cash rent psf - leases executed

$

149.50

$

76.73

$

-

$

141.68

$

405.41

Previously escalated cash rents psf

$

150.16

$

103.75

$

-

$

104.66

$

317.25

Percentage of new cash rent over previously escalated rents

(0.4%)

(0)

0.0%

35.4%

27.8%

Total Manhattan Office Portfolio

Total square footage executed

62,684

120,297

224,592

300,025

179,157

Average cash rent psf - leases executed

$

77.32

$

65.19

$

65.26

$

73.64

$

71.28

Previously escalated cash rents psf

$

75.31

$

65.71

$

55.54

$

56.26

$

59.55

Percentage of new cash rent over previously escalated rents

2.7%

-0.8%

17.5%

30.9%

19.7%

Leasing commission costs per square foot

$

19.84

$

20.57

$

19.81

$

28.93

$

20.53

Tenant improvement costs per square foot

39.23

107.77

70.39

78.31

56.60

Total LC and TI per square foot (2)

$

59.07

$

128.34

$

90.20

$

107.24

$

77.13

Occupancy

86.8%

89.8%

89.7%

89.6%

90.6%

Page 7

Second Quarter 2020

Property Summary - Leasing Activity by Quarter - (Continued)

(unaudited)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2020

2020

2019

2019

2019

Greater New York Metropolitan Area Office Portfolio

Total leases executed

5

7

10

7

12

Total square footage executed

47,247

23,616

88,435

88,661

52,900

Average cash rent psf - leases executed

$

42.21

$

38.85

$

45.73

$

39.08

$

42.30

Previously escalated cash rents psf

$

42.04

$

42.23

$

50.15

$

42.36

$

43.82

Percentage of new cash rent over previously escalated rents

0.4%

(8.0%)

(8.8%)

(7.7%)

(3.5%)

Leasing commission costs per square foot

$

5.78

$

7.34

$

8.00

$

6.22

$

6.05

Tenant improvement costs per square foot

-

51.56

26.02

22.53

37.37

Total LC and TI per square foot (2)

$

5.78

$

58.90

$

34.02

$

28.75

$

43.42

Occupancy

79.1%

83.0%

83.0%

88.0%

87.8%

Standalone Retail Portfolio

Total leases executed

1

2

1

-

3

Total square footage executed

3,500

5,230

32,579

-

28,995

Average cash rent psf - leases executed

$

133.59

$

223.86

$

122.78

$

-

$

28.78

Previously escalated cash rents psf

$

184.31

$

134.41

$

60.79

$

-

$

40.70

Percentage of new cash rent over previously escalated rents

(27.5%)

66.5%

102.0%

0.0%

(29.3%)

Leasing commission costs per square foot

$

4.71

$

69.53

$

52.21

$

-

$

2.68

Tenant improvement costs per square foot

-

162.60

34.47

-

5.79

Total LC and TI per square foot (2)

$

4.71

$

232.13

$

86.68

$

-

$

8.47

Occupancy

95.2%

95.2%

93.7%

93.7%

93.7%

Notes:

  1. Includes 506,452 rentable square feet of retail space in the Company's nine Manhattan office properties.
  2. Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.

Page 8

Second Quarter 2020

Total Portfolio Expirations and Vacates Summary

(unaudited and in square feet)

Three Months Ended

Actual

Actual

Forecast (1)

Forecast (1)

Forecast (1)

Full Year

Total Portfolio (2)

March 31,

June 30,

September 30,

December 31,

Jul. to Dec.

2021

2020

2020

2020

2020

2020

Total expirations

92,373

393,584

151,647

157,192

308,839

664,552

Less: broadcasting

(906)

(906)

(906)

(753)

(1,659)

(1,049)

Office and retail expirations

91,467

392,678

150,741

156,439

307,180

663,503

Renewal & relocations (3)

35,005

76,411

30,059

75,012

105,071

210,354

Short-term renewals (4)

-

3,024

-

-

-

-

New leases (5)

2,286

171,834

9,367

12,850

22,217

23,247

Tenant vacates (6)

30,445

97,727

101,043

39,228

140,271

289,929

Intentional vacates (7)

23,731

43,682

3,024

3,625

6,649

9,265

Holdover (8)

-

-

-

-

-

-

Unknown (9)

-

-

7,248

25,724

32,972

130,708

Total Portfolio expirations and vacates

91,467

392,678

150,741

156,439

307,180

663,503

Manhattan Office Portfolio

Total expirations

53,312

256,551

136,248

115,390

251,638

406,943

Less: broadcasting

(906)

(906)

(906)

(753)

(1,659)

(1,049)

Office expirations

52,406

255,645

135,342

114,637

249,979

405,894

Renewal & relocations (3)

16,958

15,141

19,802

55,816

75,618

88,596

Short-term renewals (4)

-

3,024

-

-

-

-

New leases (5)

2,286

164,520

9,367

12,850

22,217

23,247

Tenant vacates (6)

27,106

36,715

95,901

31,334

127,235

222,006

Intentional vacates (7)

6,056

36,245

3,024

3,625

6,649

9,265

Holdover (8)

-

-

-

-

-

-

Unknown (9)

-

-

7,248

11,012

18,260

62,780

Total expirations and vacates

52,406

255,645

135,342

114,637

249,979

405,894

Greater New York Metropolitan Area Office Portfolio

Office expirations

17,148

126,162

15,399

32,237

47,636

234,433

Renewal & relocations (3)

13,809

57,836

10,257

17,525

27,782

110,215

Short-term renewals (4)

-

-

-

-

-

-

New leases (5)

-

7,314

-

-

-

-

Tenant vacates (6)

3,339

61,012

5,142

-

5,142

56,455

Intentional vacates (7)

-

-

-

-

-

-

Holdover (8)

-

-

-

-

-

-

Unknown (9)

-

-

-

14,712

14,712

67,763

Total expirations and vacates

17,148

126,162

15,399

32,237

47,636

234,433

Retail Portfolio

Retail expirations

21,913

10,871

-

9,565

9,565

23,176

Renewal & relocations (3)

4,238

3,434

-

1,671

1,671

11,543

Short-term renewals (4)

-

-

-

-

-

-

New leases (5)

-

-

-

-

-

-

Tenant vacates (6)

-

-

-

7,894

7,894

11,468

Intentional vacates (7)

17,675

7,437

-

-

-

-

Holdover (8)

-

-

-

-

-

-

Unknown (9)

-

-

-

-

-

165

Total expirations and vacates

21,913

10,871

-

9,565

9,565

23,176

Notes:

  1. These forecasts, which are subject to change, are based on management's expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.
  2. Any lease on month to month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.
  3. For forecasted periods, "Renewals" assume tenants renew their existing leases in all or a portion of their current spaces, and "Relocations" assume tenants move within a building or within the Company's portfolio.
  4. Represents tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2020.
  5. For forecasted periods, "New Leases" represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. The lease commencement dates are provided on page 6. There may be downtime between the lease expiration and the new lease commencement.
  6. For forecasted periods, "Tenant Vacates" assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option.
  7. For forecasted periods, "Intentional Vacates" assumes the Company decides not to renew tenant at the end of their existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
  8. Holdover represents a tenant that remains in its space, paying rent after the expiration of its lease, but is not anticipated to continue doing so on a monthly basis. These tenants may reappear in forecast periods in 2020.
  9. For forecasted periods, "Unknown" represents tenants' existing leases which do not fall into any of the above categories: Renewals & Relocations, New Leases, Tenant Vacates or Intentional Vacates and tenants' whose intention is unknown.

Page 9

Second Quarter 2020

Property Detail

(unaudited)

Annualized

Rentable

Percent

Annualized

Rent

Number of

per Occupied

Property Name

Location or Sub-Market

Square Feet (1)

Occupied (2)

Rent (3)

Square Foot (4)

Leases (5)

Manhattan Office Properties - Office

The Empire State Building (6)

Penn Station -Times Sq. South

2,710,823

87.6%

$

144,394,079

$

60.84

162

One Grand Central Place

Grand Central

1,247,764

86.6%

64,361,553

59.55

180

1400 Broadway (8)

Penn Station -Times Sq. South

916,834

89.7%

44,415,793

54.04

25

111 West 33rd Street (9)

Penn Station -Times Sq. South

641,133

97.5%

38,209,981

61.15

23

250 West 57th Street

Columbus Circle - West Side

474,119

71.2%

20,956,696

62.08

37

501 Seventh Avenue

Penn Station -Times Sq. South

461,652

82.8%

18,897,823

49.46

29

1359 Broadway

Penn Station -Times Sq. South

455,873

95.1%

23,884,943

55.07

32

1350 Broadway (10)

Penn Station -Times Sq. South

372,955

83.2%

18,442,460

59.46

54

1333 Broadway

Penn Station -Times Sq. South

292,835

77.1%

12,261,924

54.28

8

Manhattan Office Properties - Office

7,573,988

87.0%

385,825,252

58.54

550

Manhattan Office Properties - Retail

The Empire State Building (7)

Penn Station -Times Sq. South

99,572

46.7%

11,214,102

240.94

11

One Grand Central Place

Grand Central

68,732

79.0%

6,594,878

121.45

13

1400 Broadway (8)

Penn Station -Times Sq. South

20,176

77.2%

2,050,919

131.71

7

112 West 34th Street (9)

Penn Station -Times Sq. South

90,132

100.0%

23,273,069

258.21

4

250 West 57th Street

Columbus Circle - West Side

67,927

100.0%

10,316,195

151.87

8

501 Seventh Avenue

Penn Station -Times Sq. South

33,632

87.3%

2,028,797

69.11

8

1359 Broadway

Penn Station -Times Sq. South

27,506

92.9%

1,912,176

74.79

5

1350 Broadway (10)

Penn Station -Times Sq. South

31,774

95.6%

7,238,797

238.20

5

1333 Broadway

Penn Station -Times Sq. South

67,001

100.0%

9,330,744

139.26

4

Manhattan Office Properties - Retail

506,452

84.3%

73,959,677

173.29

65

Sub-Total/Weighted Average

8,080,440

86.8%

459,784,929

65.52

615

Manhattan Office Properties - Office and Retail

Greater New York Metropolitan Area Office

Properties

First Stamford Place (11)

Stamford, CT

778,848

84.9%

28,785,770

43.54

45

Metro Center

Stamford, CT

287,929

71.6%

11,856,164

57.52

23

383 Main Avenue

Norwalk, CT

260,546

54.1%

4,173,619

29.59

21

500 Mamaroneck Avenue

Harrison, NY

287,157

81.1%

7,031,746

30.19

29

10 Bank Street

White Plains, NY

232,084

94.5%

8,011,993

36.53

35

Sub-Total/Weighted Average Greater New York

1,846,564

79.1%

59,859,292

40.98

153

Metropolitan Area Office Properties

Standalone Retail Properties

10 Union Square

Union Square

57,984

94.7%

6,696,820

121.98

11

1542 Third Avenue

Upper East Side

56,250

100.0%

4,160,189

73.96

4

1010 Third Avenue

Upper East Side

44,662

100.0%

3,612,691

80.89

2

77 West 55th Street

Midtown

25,388

100.0%

2,824,593

111.26

3

69-97 Main Street

Westport, CT

16,874

59.7%

1,143,384

113.49

3

103-107 Main Street

Westport, CT

4,330

100.0%

776,442

179.32

1

Sub-Total/Weighted Average Standalone

205,488

95.2%

19,214,118

98.23

24

Retail Properties

Portfolio Total

10,132,492

85.6%

$

538,858,339

$

62.13

792

Total/Weighted Average Office Properties

9,420,552

85.5%

$

445,684,544

$

55.36

703

Total/Weighted Average Retail Properties

711,940

87.4%

93,173,795

149.70

89

Portfolio Total

10,132,492

85.6%

$

538,858,339

$

62.13

792

Notes:

  1. Excludes (i) 193,895 square feet of space across the Company's portfolio attributable to building management use and tenant amenities and (ii) 79,613 square feet of space attributable to the Company's observatory.
  2. Based on leases signed and commenced as of June 30, 2020.
  3. Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
  4. Represents annualized rent under leases commenced as of June 30, 2020 divided by occupied square feet.
  5. Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
  6. Includes 38,912 rentable square feet of space leased by the Company's broadcasting tenants.
  7. Includes 5,300 rentable square feet of space leased by WDFG North America, a licensee of the Company's observatory.
  8. Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 43 years (expiring December 31, 2063).
  9. Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 57 years (expiring May 31, 2077).
  10. Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 30 years (expiring July 31, 2050).
  11. First Stamford Place consists of three buildings.

Page 10

Second Quarter 2020

Tenant Lease Expirations

(unaudited)

Percent of

Rentable

Portfolio

Annualized

Number

Square

Rentable

Percent of

Rent Per

of Leases

Feet

Square Feet

Annualized

Annualized

Rentable

Total Lease Expirations

Expiring (1)

Expiring (2)

Expiring

Rent (3)

Rent

Square Foot

Available

-

1,049,673

10.4%

$

-

0.0%

$

-

Signed leases not commenced

20

409,505

4.0%

-

0.0%

-

2Q

2020 (4)

18

44,240

0.4%

2,333,535

0.4%

52.75

3Q

2020

25

138,777

1.4%

7,746,282

1.4%

55.82

4Q

2020

26

157,192

1.6%

8,860,222

1.6%

56.37

Total 2020

69

340,209

3.4%

18,940,039

3.5%

55.67

1Q

2021

29

101,390

1.0%

7,360,756

1.4%

72.60

2Q

2021

26

190,934

1.9%

10,407,336

1.9%

54.51

3Q

2021

29

175,016

1.7%

10,513,171

2.0%

60.07

4Q

2021

23

197,212

1.9%

9,719,605

1.8%

49.29

Total 2021

107

664,552

6.6%

38,000,868

7.1%

57.18

2022

113

585,348

5.8%

37,573,202

7.0%

64.19

2023

98

745,946

7.4%

45,377,311

8.4%

60.83

2024

83

802,770

7.9%

49,111,946

9.1%

61.18

2025

79

495,458

4.9%

36,608,261

6.8%

73.89

2026

56

711,228

7.0%

38,367,583

7.1%

53.95

2027

51

561,392

5.5%

33,552,189

6.2%

59.77

2028

29

1,027,220

10.1%

56,308,691

10.4%

54.82

2029

35

872,679

8.6%

61,482,785

11.4%

70.45

2030

30

684,251

6.8%

42,839,350

8.0%

62.61

Thereafter

42

1,182,261

11.6%

80,696,114

15.0%

68.26

Total

812

10,132,492

100.0%

$

538,858,339

100.0%

$

62.13

8,673,314

538,858,339

Manhattan Office Properties (5)

Available

-

642,118

8.5%

$

-

0.0%

$

-

Signed leases not commenced

12

341,554

4.5%

-

0.0%

-

2Q

2020 (4)

11

19,047

0.3%

1,042,311

0.3%

54.72

3Q

2020

21

130,386

1.7%

7,346,551

1.9%

56.34

4Q

2020

19

115,390

1.5%

5,678,215

1.5%

49.21

Total 2020

51

264,823

3.5%

14,067,077

3.6%

53.12

1Q

2021

15

45,272

0.6%

2,631,836

0.7%

58.13

2Q

2021

20

132,908

1.8%

7,174,891

1.9%

53.98

3Q

2021

16

105,093

1.4%

6,647,359

1.7%

63.25

4Q

2021

16

123,670

1.6%

6,819,779

1.8%

55.14

Total 2021

67

406,943

5.4%

23,273,865

6.0%

57.19

2022

82

392,965

5.2%

23,410,732

6.1%

59.57

2023

74

542,101

7.2%

32,107,846

8.3%

59.23

2024

61

572,265

7.6%

34,054,763

8.8%

59.51

2025

48

315,198

4.2%

19,963,407

5.2%

63.34

2026

38

529,346

7.0%

30,335,692

7.9%

57.31

2027

38

431,669

5.7%

24,619,080

6.4%

57.03

2028

19

944,700

12.5%

52,381,828

13.6%

55.45

2029

23

629,599

8.3%

36,800,046

9.5%

58.45

2030

19

583,922

7.7%

33,866,762

8.8%

58.00

Thereafter

30

976,785

12.7%

60,944,154

15.8%

62.39

Total Manhattan office properties

562

7,573,988

100.0%

$

385,825,252

100.0%

$

58.54

Notes:

  1. If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).
  2. Excludes (i) 193,895 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 square feet of space attributable to the Company's observatory.
  3. Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
  4. Represents leases that are included in occupancy as of June 30, 2020 and expire on June 30, 2020.
  5. Excludes (i) retail space in the Company's Manhattan office properties and (ii) the Empire State Building broadcasting licenses and observatory operations.

Page 11

Second Quarter 2020

Tenant Lease Expirations

(unaudited)

Percent of

Rentable

Portfolio

Annualized

Greater New York Metropolitan

Number

Square

Rentable

Percent of

Rent Per

of Leases

Feet

Square Feet

Annualized

Annualized

Rentable

Area Office Properties

Expiring (1)

Expiring (2)

Expiring

Rent (3)

Rent

Square Foot

Available

-

360,539

19.5%

$

-

0.0%

$

-

Signed leases not commenced

4

25,420

1.4%

-

0.0%

-

2Q

2020 (4)

4

14,322

0.8%

703,269

1.2%

49.10

3Q

2020

4

8,391

0.5%

399,731

0.7%

47.64

4Q

2020

5

32,237

1.7%

1,331,790

2.2%

41.31

Total 2020

13

54,950

3.0%

2,434,790

4.1%

41.31

1Q

2021

10

42,800

2.3%

2,129,575

3.6%

49.76

2Q

2021

4

55,035

3.0%

2,896,037

4.8%

52.62

3Q

2021

11

63,354

3.4%

2,676,591

4.5%

42.25

4Q

2021

7

73,542

4.0%

2,899,826

4.8%

39.43

Total 2021

32

234,731

12.7%

10,602,029

17.7%

45.17

2022

22

133,636

7.2%

5,003,416

8.4%

37.00

2023

15

157,542

8.5%

7,190,914

12.0%

37.44

2024

12

205,193

11.1%

9,244,116

15.4%

45.05

2025

23

142,935

7.7%

4,964,266

8.3%

34.73

2026

11

113,471

6.1%

3,876,004

6.5%

34.16

2027

8

73,457

4.0%

2,507,401

4.2%

34.13

2028

6

74,533

4.0%

2,696,619

4.5%

36.18

2029

6

144,998

7.9%

5,796,456

9.7%

39.98

2030

4

36,578

2.0%

1,795,169

3.0%

49.08

Thereafter

1

88,581

4.9%

3,748,112

6.2%

42.31

Total greater New York metropolitan area office

properties

157

1,846,564

100.0%

$

59,859,292

100.0%

$

40.98

Retail Properties

Available

-

47,016

6.6%

$

-

0.0%

$

-

Signed leases not commenced

4

42,531

6.0%

-

0.0%

-

2Q

2020 (4)

3

10,871

1.5%

587,955

0.6%

54.08

3Q

2020

-

-

0.0%

-

0.0%

-

4Q

2020

2

9,565

1.3%

1,850,217

2.0%

193.44

Total 2020

5

20,436

2.9%

2,438,172

2.6%

119.43

1Q

2021

4

13,318

1.9%

2,599,345

2.8%

195.18

2Q

2021

2

2,991

0.4%

336,408

0.4%

112.47

3Q

2021

2

6,569

0.9%

1,189,221

1.3%

181.04

4Q

2021

-

-

0.0%

-

0.0%

-

Total 2021

8

22,878

3.2%

4,124,974

4.4%

180.30

2022

9

58,747

8.3%

9,159,054

9.8%

155.91

2023

9

46,303

6.5%

6,078,551

6.5%

131.28

2024

10

25,312

3.6%

5,813,067

6.2%

229.66

2025

8

37,325

5.2%

11,680,588

12.5%

312.94

2026

7

68,411

9.6%

4,155,887

4.5%

60.75

2027

5

56,266

7.9%

6,425,708

6.9%

114.20

2028

4

7,987

1.1%

1,230,244

1.3%

154.03

2029

6

98,082

13.8%

18,886,283

20.3%

192.56

2030

7

63,751

9.0%

7,177,419

7.7%

112.59

Thereafter

11

116,895

16.3%

16,003,848

17.3%

136.91

Total retail properties

93

711,940

100.0%

$

93,173,795

100.0%

$

149.70

Notes:

622,393

  1. If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).
  2. Excludes (i) 193,895 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 79,613 square feet of space attributable to the Company's observatory.
  3. Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
  4. Represents leases that are included in occupancy as of June 30, 2020 and expire on June 30, 2020.

Page 12

Second Quarter 2020

Tenant Lease Expirations

(unaudited)

Percent of

Rentable

Portfolio

Annualized

Number

Square

Rentable

Percent of

Rent Per

Empire State Building Office (1)

of Leases

Feet

Square Feet

Annualized

Annualized

Rentable

Expiring (2)

Expiring (3)

Expiring

Rent (4) (5)

Rent

Square Foot

Available

-

153,048

5.6%

$

-

0.0%

$

-

Signed leases not commenced

2

184,393

6.8%

-

0.0%

-

2Q

2020 (6)

2

1,853

0.1%

41,203

0.0%

22.24

3Q

2020

5

24,519

0.9%

1,553,026

1.1%

63.66

4Q

2020

6

37,592

1.4%

1,994,228

1.4%

53.05

Total 2020

13

63,964

2.4%

3,588,457

2.5%

56.10

1Q

2021

1

2,488

0.1%

210,704

0.1%

84.69

2Q

2021

13

81,328

3.0%

4,247,655

2.9%

52.23

3Q

2021

3

16,066

0.6%

1,167,452

0.8%

72.67

4Q

2021

2

7,903

0.3%

502,354

0.3%

63.56

Total 2021

19

107,785

4.0%

6,128,165

4.2%

56.86

2022

21

114,522

4.2%

7,259,805

5.0%

63.39

2023

25

112,852

4.2%

7,600,136

5.3%

67.35

2024

18

227,351

8.4%

14,867,651

10.3%

65.40

2025

14

106,823

3.9%

7,113,073

4.9%

66.59

2026

9

122,685

4.5%

7,604,968

5.3%

61.99

2027

9

35,511

1.3%

2,082,393

1.4%

58.64

2028

5

545,722

20.1%

30,642,139

21.2%

56.15

2029

7

282,020

10.4%

17,247,180

11.9%

61.16

2030

5

206,489

7.6%

11,085,358

7.7%

53.68

Thereafter

17

447,658

16.6%

29,174,754

20.3%

65.17

Total Empire State Building office

164

2,710,823

100.0%

$ 144,394,079

100.0%

$

60.84

2,373,382

Annualized

Percent of

Annualized

Expense

Annualized

Annualized

Empire State Building Broadcasting Licenses and Leases

Base Rent (7)

Reimbursements

Rent (4)

Rent

2Q

2020 (6)

$

31,710

$

12,618

$

44,328

0.3%

3Q

2020

-

-

-

0.0%

4Q

2020

99,320

31,621

130,941

0.9%

Total 2020

131,030

44,239

175,269

1.2%

1Q

2021

-

-

-

0.0%

2Q

2021

-

44,482

44,482

0.3%

3Q

2021

-

-

-

0.0%

4Q

2021

-

-

-

0.0%

Total 2021

-

44,482

44,482

0.3%

2022

1,719,156

429,802

2,148,958

15.0%

2023

283,668

42,987

326,655

2.3%

2024

65,000

21,360

86,360

0.6%

2025

1,571,830

186,453

1,758,283

12.3%

2026

807,668

74,589

882,257

6.2%

2027

787,969

75,972

863,941

6.0%

2028

248,614

17,946

266,560

1.9%

2029

-

-

-

0.0%

2030

463,507

96,589

560,096

3.9%

Thereafter

6,394,911

786,033

7,180,944

50.3%

Total Empire State Building broadcasting licenses and leases

$

12,473,353

$

1,820,452

$

14,293,805

100.0%

Notes:

  1. Excludes retail space, broadcasting licenses and observatory operations.
  2. If a lease has two different expiration dates, it is considered to be two leases (for the purpose of lease count and square footage).
  3. Excludes 52,508 rentable square feet of space attributable to building management use.
  4. Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
  5. Includes approximately $6.1 million of annualized rent related to physical space occupied by broadcasting tenants for their broadcasting operations. Does not include license fees charged to broadcasting tenants.
  6. Represents leases that are included in occupancy as of June 30, 2020 and expire on June 30, 2020.
  7. Represents license fees for the use of the Empire State Building mast and base rent for physical space occupied by broadcasting tenants.

Page 13

Second Quarter 2020 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited)

Weighted

Percent of

Average

Total

Portfolio

Percent of

Remaining

Occupied

Rentable

Portfolio

20 Largest Tenants

Lease

Lease

Square

Square

Annualized

Annualized

Property

Expiration (1)

Term(2)

Feet (3)

Feet (4)

Rent (5)

Rent (6)

1.

Global Brands Group

ESB, 1333 B'Way

Oct. 2023 - Oct. 2028

7.6 years

668,942

6.4%

$ 36,558,903

6.8%

2.

LinkedIn

ESB

Aug. 2036

16.2 years

312,947

3.0%

18,330,896

3.4%

3.

PVH Corp.

501

Seventh Avenue

Oct. 2028

8.4 years

237,281

2.3%

11,716,228

2.2%

4.

Sephora

112

West 34th Street

Jan. 2029

8.6 years

11,334

0.1%

10,468,996

1.9%

5.

Coty

ESB

Jan. 2030

9.6 years

156,970

1.5%

8,022,839

1.5%

6.

Macy's

111

West 33rd Street

May 2030

9.9 years

131,117

1.3%

7,813,096

1.4%

7.

Li & Fung

1359 Broadway

Oct. 2021 - Oct. 2027

3.8 years

149,436

1.4%

7,701,934

1.4%

8.

Signature Bank

1333 & 1400 Broadway

Jul. 2030 - Apr. 2035

14.3 years

124,884

1.2%

7,540,459

1.4%

9.

Federal Deposit Insurance Corp.

ESB

Dec. 2024

4.5 years

119,226

1.1%

7,511,238

1.4%

10.

Urban Outfitters

1333 Broadway

Sept. 2029

9.3 years

56,730

0.5%

7,367,374

1.4%

11.

The Interpublic Group of Co's, Inc.

111

West 33rd St & 1400 B'way

Jul. 2024 - Feb. 2025

4.3 years

128,296

1.2%

7,232,743

1.3%

12.

Footlocker

112

West 34th Street

Sept. 2031

11.3 years

34,192

0.3%

6,898,262

1.3%

13.

Duane Reade/Walgreen's

ESB, 1350 B'Way, 250 West 57th

Feb. 2021 - Sept. 2027

4.4 years

47,541

0.5%

6,704,508

1.2%

14.

HNTB Corporation

ESB

Feb. 2029

8.7 years

105,143

1.0%

6,629,258

1.2%

15.

Legg Mason

First Stamford Place

Sept. 2024

4.3 years

137,583

1.3%

6,409,614

1.1%

16.

WDFG North America

ESB

Dec. 2025

5.5 years

5,300

0.1%

6,037,484

1.1%

17.

Shutterstock

ESB

Apr. 2029

8.8 years

104,386

1.0%

5,938,370

1.1%

18.

Fragomen

1400 Broadway

Feb. 2035

14.7 years

107,680

1.0%

5,922,400

1.1%

19.

The Michael J. Fox Foundation

111

West 33rd Street

Nov. 2029

9.4 years

86,492

0.8%

5,390,818

1.0%

20.

ASCAP

250

West 57th Street

Aug. 2034

14.2 years

87,943

0.8%

5,345,814

1.0%

Total

2,813,423

26.8%

$ 185,541,234

34.2%

Notes:

  1. Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.
  2. Represents the weighted average lease term, based on annualized rent.
  3. Based on leases signed and commenced as of June 30, 2020.
  4. Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.
  5. Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
  6. Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Consumer Goods

Finance, Insurance

and Real Estate

19.1%

17.6%

Other

4.7%

Broadcast

1.0%

Healthcare

1.9%

Government

Entity

Non-profit

1.9%

4.1%

Arts &

Entertainment

Media and Advertising

Legal Services

Technology

2.4%

5.0%

10.8%

4.6%

Professional Services

9.9%

Retail 17.0%

Page 14

Second Quarter 2020

Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

Capital expenditures

2020

2020

2019

2019

2019

Tenant improvements - first generation

$

4,562

$

4,913

$

22,479

$

17,639

$

17,255

Tenant improvements - second generation

5,243

8,151

12,581

8,734

10,513

Leasing commissions - first generation

1,272

4,001

578

574

4,742

Leasing commissions - second generation

2,048

3,347

13,244

2,651

3,016

Building improvements - first generation

358

8,379

14,457

10,988

12,910

Building improvements - second generation

8,075

3,846

6,556

4,931

6,296

Observatory capital project (1)

829

1,175

17,574

18,185

14,539

Development (2)

525

811

-

-

-

Total

$

22,912

$

34,623

$

87,469

$

63,702

$

69,271

Note:

(1)

Total Observatory capital project spent-to-date was $157.4 million as of

June 30, 2020.

(2)

Primarily represents design and engineering costs.

Tenant space redevelopment by square feet (3) (4)

- Future redevelopment (Empire State Building) - 140,000 square feet

- Future redevelopment (other Manhattan properties) - 330,000 square feet

- Redevelopment completed - 7,500,000 square feet

Inventory of vacant space (3)

- Developed - 560,000 square feet, 90%

- Undeveloped - 60,000 square feet, 10%

Inventory of undeveloped space (3)

- Vacant - 60,000 square feet, 13%

- Expires in 2020 - 80,000 square feet, 17%

- Expires in 2021 and thereafter - 330,000 square feet, 70%

Developed no square feet in the second quarter 2020 and 80,000 square feet as of June 30, 2020 YTD.

Leasing Opportunity - Inventory of Current Vacant Space as of June 30, 2020 (in square feet)

Total Portfolio vacant space

1,460,000

Signed leases not commenced ("SLNC"):

Manhattan Office Properties SLNC

342,000

Greater New York Office Properties SLNC

25,000

Retail Properties SLNC

43,000

Redeveloped Manhattan Office space

513,000

Greater New York Office Properties space

361,000

Retail Properties space

47,000

Undeveloped Manhattan Office space

42,000

Space held off market

41,000

Other

46,000

Total

1,460,000

Notes:

  1. These estimates are based on the Company's current budgets and are subject to change.
  2. Redevelopment program is for the Manhattan office assets only. Square footage based on market measurement. Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Permanent building use spaces, amenity spaces and broadcasting spaces are excluded.

Page 15

Second Quarter 2020 Observatory Summary (unaudited and dollars in thousands)

Three Months Ended

Twelve Months

June 30,

March 31,

December 31,

September 30,

June 30,

Observatory NOI

to Date

2020

2020 (1)

2019

2019

2019

Observatory revenue (2)

$

94,935

$

86

$

19,544

$

37,730

$

37,575

$

32,895

Observatory expenses

29,988

4,002

8,154

8,743

9,089

8,360

NOI

64,947

(3,916)

11,390

28,987

28,486

24,535

Intercompany rent expense (3)

62,546

4,053

11,536

23,715

23,242

21,491

NOI after intercompany rent

$

2,401

$

(7,969)

$

(146)

$

5,272

$

5,244

$

3,044

Observatory Metrics

Number of visitors (4)

-

422,000

894,000

1,042,000

968,000

Change in visitors year over year

N/A

(29.8%)

(5.5%)

(10.7%)

(7.7%)

Number of bad weather days during open days ("BWD") (5)

N/A

15

22

12

24

Days closed due to COVID-19

91

15

-

-

-

102nd floor revenue (6)

$

-

$

1,808

$

3,375

$

-

$

-

Notes:

  1. Due to the COVID-19 pandemic, the Observatory was closed on March16, 2020. The Observatory reopened on July 20, 2020.
  2. Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, the fixed license fee was $0, $1,314, $1,453, $1,453, and $1,453, respectively.
  3. The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.
  4. Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
  5. The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.
  6. Reflects revenues derived from the 102nd floor observatory which are included in total observatory revenues above.

Annual Observatory Revenues 2015 to 2019

$135,000

$130,000

$131,227

$128,769

$125,000

$127,118

$124,814

$120,000

$115,000

$110,000$112,172

$105,000

$100,000

2015

2016

2017

2018

2019 (1)

Note:

(1) The 102nd floor observatory was closed for approximately nine months in 2019 for renovations.

Page 16

Second Quarter 2020

Condensed Consolidated Balance Sheets

(unaudited and dollars in thousands)

June 30,

March 31,

December 31,

September 30,

June 30,

Assets

2020

2020

2019

2019

2019

Commercial real estate properties, at cost:

Land

$

201,196

$

201,196

$

201,196

$

201,196

$

201,196

Development costs

9,325

8,800

7,989

7,989

7,987

Building and improvements

2,914,528

2,913,312

2,900,248

2,830,353

2,784,472

3,125,049

3,123,308

3,109,433

3,039,538

2,993,655

Less: accumulated depreciation

(911,546)

(886,822)

(862,534)

(829,495)

(809,197)

Commercial real estate properties, net

2,213,503

2,236,486

2,246,899

2,210,043

2,184,458

Cash and cash equivalents

872,970

1,008,983

233,946

293,710

375,335

Restricted cash

58,878

36,881

37,651

36,609

38,043

Short term investments

-

-

-

-

150,000

Tenant and other receivables, net

29,800

22,549

25,423

29,287

31,264

Deferred rent receivables, net

226,444

229,154

220,960

214,685

209,510

Prepaid expenses and other assets

68,109

40,583

65,453

41,927

60,818

Deferred costs, net

211,356

218,578

228,150

223,698

228,782

Acquired below-market ground leases, net

348,651

350,609

352,566

354,524

356,482

Right of use assets

29,205

29,256

29,307

29,355

29,404

Goodwill

491,479

491,479

491,479

491,479

491,479

Total assets

$

4,550,395

$

4,664,558

$

3,931,834

$

3,925,317

$

4,155,575

Liabilities and Equity

Mortgage notes payable, net

$

603,974

$

604,763

$

605,542

$

606,313

$

607,072

Senior unsecured notes, net

973,053

973,002

798,392

798,347

1,047,939

Unsecured term loan facility, net

387,059

386,568

264,640

264,517

264,394

Unsecured revolving credit facility, net

546,778

546,436

-

-

-

Accounts payable and accrued expenses

104,992

142,315

143,786

143,201

131,842

Acquired below-market leases, net

35,170

37,623

39,679

42,655

45,651

Ground lease liabilties

29,205

29,256

29,307

29,355

29,404

Deferred revenue and other liabilities

62,996

64,176

72,015

68,742

48,858

Tenants' security deposits

51,130

30,543

30,560

31,841

32,383

Total liabilities

2,794,357

2,814,682

1,983,921

1,984,971

2,207,543

Total equity

1,756,038

1,849,876

1,947,913

1,940,346

1,948,032

Total liabilities and equity

$

4,550,395

$

4,664,558

$

3,931,834

$

3,925,317

$

4,155,575

Page 17

Second Quarter 2020 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2020

2020

2019

2019

2019

Revenues

Rental revenue (1)

$

137,999

$

148,113

$

151,701

$

150,225

$

141,071

Observatory revenue

86

19,544

37,730

37,575

32,895

Lease termination fees

1,033

211

1,240

2,361

363

Third party management and other fees

301

346

299

304

331

Other revenue and fees

1,611

2,010

3,963

2,408

1,584

Total revenues

141,030

170,224

194,933

192,873

176,244

Operating expenses

Property operating expenses

29,750

41,468

43,901

47,894

40,227

Ground rent expenses

2,332

2,331

2,332

2,331

2,332

General and administrative expenses

18,149

15,951

16,618

14,421

15,998

Observatory expenses

4,002

8,154

8,743

9,089

8,360

Real estate taxes

29,579

29,254

29,818

29,599

28,267

Impairment charge

4,101

(2)

-

-

-

-

Depreciation and amortization

52,783

46,093

46,409

44,260

44,821

Total operating expenses

140,696

143,251

147,821

147,594

140,005

Total operating income

334

26,973

47,112

45,279

36,239

Other income (expense)

Interest income

1,526

637

1,352

2,269

3,899

Interest expense

(23,928)

(19,618)

(18,534)

(19,426)

(20,597)

Loss on early extinguishment of debt

-

(86)

-

-

-

Income (loss) before income taxes

(22,068)

7,906

29,930

28,122

19,541

Income tax (expense) benefit

2,450

382

(1,210)

(1,338)

(611)

Net income (loss)

(19,618)

8,288

28,720

26,784

18,930

Perpetual preferred unit distributions

(1,047)

(1,050)

(1,041)

(234)

(234)

Net (income) loss attributable to non-controlling interests

7,872

(2,743)

(10,880)

(10,668)

(7,609)

Net income (loss) attributable to common stockholders

$

(12,793)

$

4,495

$

16,799

$

15,882

$

11,087

Weighted average common shares outstanding

Basic

175,433

181,741

180,166

178,352

176,796

Diluted

283,384

292,645

296,852

298,151

298,131

Net income (loss) per share attributable to common stockholders

Basic and diluted

$

(0.07)

$

0.02

$

0.09

$

0.09

$

0.06

Dividends per share

$

0.105

$

0.105

$

0.105

$

0.105

$

0.105

Notes:

(1) The following table reflects the components of rental revenue.

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

Rental Revenue

2020

2020

2019

2019

2019

Base rent

$

122,374

$

130,577

$

130,234

$

129,098

$

125,170

Billed tenant expense reimbursement

15,625

17,536

21,467

21,127

15,901

Total rental revenue

$

137,999

$

148,113

$

151,701

$

150,225

$

141,071

The Company believes the preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company's performance.

  1. Reflects a $4.1 million non-cashwrite-off of prior capitalized expenditures on a combined heat and power generation project for the Empire State Building that has been rendered economically unfeasible due to New York City's new Local Law 97.

Page 18

Second Quarter 2020 Funds from Operations ("FFO"), Modified Funds From Operations ("Modified FFO"), Core Funds from Operations ("Core FFO"), Core Funds Available for Distribution ("Core FAD") and EBITDA (unaudited and in thousands, except per share amounts)

Reconciliation of Net Income to FFO, Modified FFO

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

and Core FFO

2020

2020

2019

2019

2019

Net Income (loss)

$

(19,618)

$

8,288

$

28,720

$

26,784

$

18,930

Preferred unit distributions

(1,047)

(1,050)

(1,041)

(234)

(234)

Real estate depreciation and amortization

51,096

44,430

45,298

43,303

43,822

Impairment charge

4,101

-

-

-

-

FFO attributable to common stockholders and

non-controlled interests

34,532

51,668

72,977

69,853

62,518

Amortization of below-market ground lease

1,958

1,958

1,958

1,957

1,958

Modified FFO attributable to common stockholders

and non-controlled interests

36,490

53,626

74,935

71,810

64,476

Loss on early extinguishment of debt

-

86

-

-

-

Severance expenses

3,008

-

-

-

-

Core FFO attributable to common stockholders and

non-controlled interests

$

39,498

$

53,712

$

74,935

$

71,810

$

64,476

Total weighted average shares and

Operating Partnership Units

Basic

283,384

292,645

296,852

298,151

298,131

Diluted

283,384

292,645

296,852

298,151

298,131

FFO attributable to common stockholders and

non-controlled interests per share

Basic

$

0.12

$

0.18

$

0.25

$

0.23

$

0.21

Diluted

$

0.12

$

0.18

$

0.25

$

0.23

$

0.21

Modified FFO attributable to common stockholders

and non-controlled interests per share

Basic

$

0.13

$

0.18

$

0.25

$

0.24

$

0.22

Diluted

$

0.13

$

0.18

$

0.25

$

0.24

$

0.22

Core FFO attributable to common stockholders and

non-controlled interests per share

Basic

$

0.14

$

0.18

$

0.25

$

0.24

$

0.22

Diluted

$

0.14

$

0.18

$

0.25

$

0.24

$

0.22

Reconciliation of Core FFO to Core FAD

Core FFO

$

39,498

$

53,712

$

74,935

$

71,810

$

64,476

Add:

Amortization of deferred financing costs

1,049

894

873

923

1,020

Non-real estate depreciation and amortization

1,686

1,664

1,110

958

998

Amortization of non-cash compensation expense

8,778

5,892

5,465

4,049

5,924

Amortization of debt discount

-

-

-

311

668

Amortization of loss on interest rate derivative

938

447

385

385

385

Deduct:

Straight-line rental revenues

2,710

(8,193)

(6,276)

(5,174)

(3,203)

Above/below-market rent revenue amortization

(1,366)

(908)

(1,530)

(1,682)

(1,745)

Corporate capital expenditures

(141)

(426)

(678)

(614)

(463)

Tenant improvements - second generation

(5,243)

(8,151)

(12,581)

(8,734)

(10,513)

Building improvements - second generation

(8,075)

(3,846)

(6,556)

(4,931)

(6,296)

Leasing commissions - second generation

(2,048)

(3,347)

(13,244)

(2,651)

(3,016)

Core FAD

$

37,786

$

37,738

$

41,903

$

54,650

$

48,235

Reconciliation of Net Income to EBITDA

Net income (loss)

$

(19,618)

$

8,288

$

28,720

$

26,784

$

18,930

Interest expense

23,928

19,618

18,534

19,426

20,597

Income tax expense (benefit)

(2,450)

(382)

1,210

1,338

611

Depreciation and amortization

52,783

46,093

46,409

44,260

44,821

EBITDA

54,643

73,617

94,873

91,808

84,959

Impairment charges

4,101

-

-

-

-

Adjusted EBITDA

$

58,744

$

73,617

$

94,873

$

91,808

$

84,959

Page 19

Second Quarter 2020 Debt Summary (unaudited and dollars in thousands)

June 30, 2020

March 31, 2020

Weighted Average

Weighted Average

Interest

Maturity

Interest

Maturity

Debt Summary

Balance

Rate

(Years)

Balance

Rate

(Years)

Fixed rate mortgage debt

$

608,871

4.10%

8.5

$

609,851

4.10%

8.8

Senior unsecured notes

975,000

4.10%

9.7

975,000

4.10%

9.9

Unsecured term loan facilities (1)

265,000

3.40%

5.1

390,000

3.70%

5.8

Total fixed rate debt

1,848,871

4.02%

8.6

1,974,851

4.02%

8.8

Unsecured term loan facilities

125,000

1.66%

6.5

-

-

-

Unsecured revolving credit facilities

550,000

1.26%

1.2

550,000

2.09%

1.4

Total variable rate debt (2)

675,000

1.34%

2.2

550,000

2.09%

1.4

Total debt

2,523,871

3.41%

6.9

2,524,851

3.60%

7.2

Deferred financing costs, net

(13,007)

(14,082)

Total

$

2,510,864

$ 2,510,769

Note:

(1) LIBOR is fixed at 2.1485% for $265 million under variable to fixed interest rate swap agreements.

Outstanding at

June 30,

Letters

Available

Available Capacity

Facility

2020

of Credit

Capacity

Unsecured revolving credit facility (1)

$ 1,100,000

$

550,000

$

-

$ 550,000

Current

In

Covenant Summary

Required

Quarter

Compliance

Maximum Total Leverage(2)

< 60%

34.2%

Yes

Maximum Secured Debt

< 40%

8.2%

Yes

Minimum Fixed Charge Coverage

> 1.50x

3.3x

Yes

Minimum Unencumbered Interest Coverage

> 1.75x

5.7x

Yes

Maximum Unsecured Leverage

< 60%

30.6%

Yes

Notes:

  1. The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in maximum aggregate principal balance to $2.0 billion under certain circumstances. This unsecured revolving credit facility matures in August 2021 with two additional six-month extension options.
  2. Represents the ratio of total indebtedness to total asset value as defined and determined in accordance with the credit facility agreement.

Page 20

Second Quarter 2020 Debt Detail (unaudited and dollars in thousands)

Stated

Effective

Interest

Interest

Principal

Maturity

Fixed rate mortgage debt:

Rate (%)

Rate (%) (1)

Balance

Date

Amortization

Metro Center

3.59%

3.66%

$

88,526

11/5/2024

30 years

10 Union Square

3.70%

3.97%

50,000

4/1/2026

Interest only

1542 Third Avenue

4.29%

4.53%

30,000

5/1/2027

Interest only

First Stamford Place (2)

4.28%

4.75%

180,000

7/1/2027

5 years interest only;

30 years thereafter

1010 Third Avenue and 77 West 55th Street

4.01%

4.20%

37,868

1/5/2028

30 years

10 Bank Street

4.23%

4.36%

32,477

6/1/2032

25 years

383 Main Avenue

4.44%

4.55%

30,000

6/30/2032

5 years interest only;

30 years thereafter

1333 Broadway

4.21%

4.29%

160,000

2/5/2033

Interest only

Total mortgage debt

608,871

Unsecured revolving credit facility

LIBOR plus 1.10%

2.17%

550,000

8/29/2021

Interest only

Unsecured term loan facility

LIBOR plus 1.20%

3.61%

215,000

3/19/2025

Interest only

Unsecured term loan facility

LIBOR plus 1.50%

2.98%

175,000

12/31/2026

Interest only

Senior unsecured notes:

Ser