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1. Like Simon Property Group (SPG) for New York City office buildings and retail, anchored by the iconic Empire State Building.

2. Think of it as a 'Marriott for office buildings' in Manhattan, owning and managing a portfolio of commercial properties, including the world-famous Empire State Building.

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• Office Space Leasing: Leasing modern, amenity-rich office spaces primarily in Manhattan and the greater New York metropolitan area.
• Retail Space Leasing: Providing prime street-level and in-building retail spaces for lease to diverse businesses.
• Empire State Building Observatory: Operating a premier global tourist attraction offering immersive experiences and panoramic city views from its observation decks.

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Empire State Realty Trust (ESRT) primarily leases office and retail space across its portfolio, including the iconic Empire State Building. Consequently, its major customers are other companies rather than individuals.

Some of ESRT's significant customer companies include:

• Microsoft Corporation (NASDAQ: MSFT) (via its LinkedIn subsidiary)
• Burlington Stores, Inc. (NYSE: BURL)
• Expedia Group, Inc. (NASDAQ: EXPE)
• Bank of America Corporation (NYSE: BAC)
• Workday, Inc. (NASDAQ: WDAY)
• Shiseido Co. Ltd. (TYO: 4911) (via its Shiseido Americas subsidiary)

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• Consolidated Edison (ED)
• Otis Worldwide Corporation (OTIS)
• Johnson Controls International plc (JCI)

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Anthony E. Malkin, Chairman and Chief Executive Officer

Mr. Malkin joined ESRT's predecessor entities in 1989 and has been a leader in existing building energy efficiency retrofits, notably at the Empire State Building. He led the development of standards for energy-efficient office tenant installations, known as the Tenant Energy Optimization Program. He was a key figure in establishing the REIT structure in 2011 and guiding the company's initial public offering (IPO) in 2013. Mr. Malkin received a bachelor's degree cum laude from Harvard College.

Christina Chiu, President

Ms. Chiu was appointed President of Empire State Realty Trust in early 2024. She joined ESRT in May 2020 as Executive Vice President, Chief Financial Officer, and was subsequently appointed to Chief Operating Officer & Chief Financial Officer in December 2022. Prior to joining ESRT, Ms. Chiu had an 18-year career at Morgan Stanley, where she served as Managing Director and Chief Operating Officer of the Global Listed Real Assets Investing business. In this role, she was responsible for business development and capital raising efforts, institutional investor and consultant relationships, oversight of the day-to-day investing business, and the execution of strategic initiatives. She began her career as a real estate investment banking analyst, working on both principal investing and strategic advisory transactions.

Steve Horn, Executive Vice President, Chief Financial Officer and Chief Accounting Officer

Mr. Horn was promoted to Executive Vice President, Chief Financial Officer and Chief Accounting Officer in February 2024. He joined ESRT in 2020 as Senior Vice President, Chief Accounting Officer. Before joining ESRT, Mr. Horn spent 11 years as an auditor at Ernst & Young. He holds both a bachelor's and master's degree in accounting from Michigan State University.

Thomas Durels, Executive Vice President, Real Estate

Mr. Durels is responsible for all of Empire State Realty Trust's real estate activities, including leasing, property redevelopment, management, and construction. He received a bachelor's degree in Mechanical Engineering from Lehigh University.

Thomas N. Keltner, Jr., Executive Vice President, General Counsel and Secretary

Mr. Keltner serves as Executive Vice President, General Counsel, and Secretary of Empire State Realty Trust, a position he has held since 1997. He joined Malkin Holdings LLC, a predecessor entity, in 1978 and was responsible for leading a legal staff in transaction, compliance, and litigation matters. He was a partner and general counsel at a private real estate company for 42 years before it went public as Empire State Realty Trust, which he helped to take public.

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The key risks to Empire State Realty Trust (ESRT) are primarily linked to its concentrated portfolio, the challenging New York City office market, and its financial leverage.

1. Concentration Risk (Geographic and Asset-Specific)
   Empire State Realty Trust's business is highly concentrated in New York City, particularly Manhattan, with a significant portion of its revenue dependent on key assets like the Empire State Building and its Observatory. This geographic and asset-specific concentration exposes the company to substantial risk from economic downturns, shifts in local market dynamics, and fluctuations in tourism in the region. For instance, the Empire State Building alone accounted for nearly a third of the REIT's overall rents in 2020.
2. Vulnerability to Office Space Demand Fluctuations and Competition
   The New York City office market is characterized by intense competition and ongoing impacts from hybrid work models, which continue to affect commercial real estate demand. ESRT faces challenges in maintaining high occupancy rates and leasing its extensive office and retail spaces at favorable terms, which can directly impair its Funds From Operations (FFO). Manhattan's office occupancy rates averaged 61.5% as of Q4 2023, reflecting a tough operating environment.
3. High Debt Levels and Financial Performance
   Empire State Realty Trust carries a notable debt load, with a debt-to-equity ratio of approximately 1.14:1 as of the third quarter of 2025, and 1.40 in 2024. This significant leverage, coupled with reported negative financial performance for the quarter ending June 2025 and a low Return on Capital Employed (ROCE) of 4.36%, indicates financial risk. The reliance on debt, especially when not generating sufficient returns, could severely impact the company's ability to sustain or grow earnings if borrowing challenges or tighter credit conditions arise.

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The permanent structural shift towards remote and hybrid work models poses a significant threat to Empire State Realty Trust's core office property portfolio. This trend, accelerated by recent global events, reduces the overall demand for physical office space, leading to increased vacancy rates, downward pressure on rental income, and potentially decreased property valuations, particularly for older assets that may not offer the amenities sought by companies attempting to lure employees back to the office.

Additionally, the ongoing evolution of the retail landscape, driven by the continued rise of e-commerce and changing consumer shopping behaviors, presents an emerging threat to ESRT's retail holdings. This shift necessitates retailers to rethink their physical footprints, often leading to reduced demand for traditional storefronts, increased tenant turnover, and pressure on rental rates.

Furthermore, increasingly stringent environmental, social, and governance (ESG) regulations, particularly local carbon emission mandates for large buildings like New York City's Local Law 97, represent a clear emerging threat. For a portfolio comprising numerous older, large assets, compliance with these evolving standards requires substantial capital investment in building upgrades and retrofits, which can impact profitability and asset values if not effectively managed.

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Empire State Realty Trust (ESRT) primarily operates in the commercial real estate sector, focusing on office and retail properties, and also generates revenue from the Empire State Building Observatory. Their addressable markets are predominantly within Manhattan and the greater New York metropolitan area.

Office Properties Market

• The total office space across New York City's five boroughs is approximately 730 million square feet. The majority of this, about 600 million square feet (82%), is located in Manhattan.
• In the first half of 2025, office sales in Manhattan reached $3.5 billion.
• Manhattan's office market experienced 23.2 million square feet of leased space during the first nine months of 2025.

Retail Properties Market

• Manhattan's retail real estate market saw a sales volume of $1.5 billion in 2024, encompassing 1.4 million total square feet.
• Retail sales in Manhattan totaled $1.3 billion in the first half of 2025.
• The aggregate retail leasing activity in Manhattan for the four quarters ending Q1 2025 was 3.5 million square feet.

Empire State Building Observatory

• The Empire State Building Observatory attracts approximately 2.8 million annual visitors.
• For the full year 2024, the Observatory generated $99.5 million in net operating income.

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Expected Drivers of Future Revenue Growth for Empire State Realty Trust (ESRT)

Empire State Realty Trust (ESRT) is poised for future revenue growth over the next 2-3 years, driven by several key factors across its diversified portfolio:

1. Continued Improvement in Office Occupancy and Positive Rent Spreads: ESRT has consistently demonstrated strong leasing momentum, evidenced by multiple consecutive quarters of increased leased percentages and positive mark-to-market rent spreads within its Manhattan office portfolio. Management aims to further increase commercial occupancy, with a year-end 2025 target of 89-91%. The company anticipates double-digit mark-to-market upside on expiring in-place rents for 2026 (16.4%), 2027 (9.7%), and 2028 (15%), which is expected to boost net operating income. The focus on modern, amenitized office spaces continues to attract and retain high-quality tenants, contributing to increased rental income.
2. Growth in Empire State Building Observatory Revenue: The Empire State Building Observatory remains a significant and lucrative contributor to ESRT's revenue. Despite some previous fluctuations, the Observatory generated positive net operating income of $30 million in Q3 2024, marking a 6% year-over-year increase. For Q3 2025, revenue per capita increased by 2.7% year-over-year. Management continues to implement improvements and strategies to attract visitors, positioning the Observatory as a resilient asset and a strong cash flow generator.
3. Strategic Retail Acquisitions and Strong Multifamily Performance: ESRT's strategic expansion into high-value retail corridors, such as the acquisition of prime retail assets on North 6th Street in Williamsburg, is expected to contribute to revenue growth. This acquisition, largely completed in Q3 2024, is projected to increase its initial yield to over 6% by 2027. Additionally, the company's multifamily portfolio consistently performs well, benefiting from strong market fundamentals and ongoing property improvements, which supports steady rental income and occupancy rates.