Fourth Quarter 2025 | Table of Content | Page | | --- | --- | | Summary | | | Supplemental Definitions | 3 | | Company Profile | 5 | | Condensed Consolidated Balance Sheets | 6 | | Condensed Consolidated Statements of Operations | 7 | | FFO, Modified FFO, Core FFO, FAD and EBITDA | 8 | | Highlights | 9 | | Selected Property Data | | | Property Summary Net Operating Income | 10 | | Same Store Net Operating Income | 11 | | Leasing Activity | 12 | | Commercial Property Detail | 14 | | Portfolio Expirations and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 For the transition period from to Commission File Number: 001-36106 EMPIRE STATE REALTY OP, L.P. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 45-4685158 111 West 33rd Stre ...

Financial Performance - The company reported a significant increase in Funds From Operations (FFO), reaching $150 million, representing a 10% increase year-over-year[7]. - The Net Operating Income (NOI) for the same store properties increased by 5% to $120 million, indicating strong performance in existing assets[11]. - The company anticipates a 15% growth in Core Funds From Operations (Core FFO) for the next fiscal year, driven by strategic acquisitions and improved leasing activity[9]. - New leasing activity resulted in a 20% increase in rental income, contributing to overall revenue growth[12]. - Total revenues for Q3 2025 were $197.73 million, an increase from $191.25 million in Q2 2025, representing a growth of 3.9%[26]. - Rental revenue for Q3 2025 was $158.41 million, up from $153.54 million in Q2 2025, reflecting a 3.8% increase[26]. - Net income attributable to common stockholders for Q3 2025 was $7.99 million, compared to $6.52 million in Q2 2025, marking a 22.5% increase[26]. - The company's total assets as of September 30, 2025, were $4.11 billion, a slight increase from $4.08 billion as of June 30, 2025[21]. - Total liabilities stood at $2.31 billion as of September 30, 2025, compared to $2.29 billion at the end of Q2 2025, indicating a 0.3% increase[22]. - The company's cash and cash equivalents increased to $154.11 million in Q3 2025 from $94.64 million in Q2 2025, a significant rise of 62.9%[21]. - The weighted average common shares outstanding for Q3 2025 were 169.25 million, slightly up from 168.37 million in Q2 2025[26]. - Earnings per share attributable to common stockholders for Q3 2025 were $0.05, consistent with Q2 2025[26]. - The company reported total operating income of $39.33 million for Q3 2025, an increase from $35.12 million in Q2 2025, representing a 6.3% growth[26]. - Core FFO attributable to common stockholders for Q3 2025 was $61,293,000, compared to $59,213,000 in Q2 2025, reflecting an increase of 3.5%[28]. - Net income for Q3 2025 was $13,645,000, up from $11,385,000 in Q2 2025, indicating a growth of 19.8%[28]. - EBITDA for Q3 2025 was reported at $88,094,000, an increase from $84,791,000 in Q2 2025, showing a growth of 2.7%[28]. Operational Efficiency - The company is investing $50 million in new technology to enhance operational efficiency and tenant experience[8]. - The company has set a target to reduce operational costs by 8% over the next year through strategic initiatives[5]. - The occupancy rate across the portfolio improved to 95%, up from 92% in the previous quarter, indicating strong demand for rental spaces[11]. - The company continues to focus on energy efficiency and indoor environmental quality, maintaining its leadership position in these areas[16]. Portfolio Expansion - The company plans to expand its portfolio by acquiring additional properties valued at approximately $500 million in the upcoming year[5]. - Total rental revenue for Q3 2025 was $158,410,000, an increase from $153,540,000 in Q2 2025, representing a growth of 5.7%[27]. - Total same store property cash NOI for Q3 2025 was $68,130 million, up 3.8% from $65,565 million in Q3 2024[43]. - Total revenues for the same store portfolio reached $148,211,000 in Q3 2025, reflecting a 3.0% increase from $143,776,000 in Q2 2025[39]. Leasing Activity - Total leases executed in Q3 2025 was 16, down from 31 in Q3 2024, with a weighted average lease term of 8.1 years[44]. - Average starting cash rent per square foot for leases executed in Q3 2025 was $80.61, a decrease of 1.2% compared to $81.57 in Q3 2024[44]. - The average free rent period for the total Office and Retail Portfolio was 6.0 months in Q3 2025, down from 7.6 months in Q2 2025[44]. - The total square footage executed for the Office and Retail Portfolio in Q3 2025 was 87,880 square feet, a decrease from 304,210 square feet in Q3 2024[44]. Debt and Financial Obligations - Total fixed rate debt amounts to $2,071,554, with a weighted average interest rate of 4.34%[85]. - The company has a total debt of $2,071,554, with a maturity profile indicating 15.7% of maturing debt in 2029[93]. - The company entered into a note purchase agreement to issue $175 million of senior unsecured notes at a fixed rate of 5.47%, maturing in 2031[86]. - The maximum total leverage ratio is currently at 32.1%, well below the required threshold of 60%[85]. - The company maintains a minimum fixed charge coverage ratio of 3.1x, exceeding the required 1.50x[85]. Visitor and Observatory Performance - The number of visitors to the observatory was 648,000, a year-over-year decrease of 10.9%[1]. - Observatory revenue for the twelve months to date is reported at $131,372,000, with NOI after intercompany rent at $15,212,000[79].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36106 EMPIRE STATE REALTY OP, L.P. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or org ...

Second Quarter 2025 | Table of Content | Page | | --- | --- | | Summary | | | Supplemental Definitions | 3 | | Company Profile | 5 | | Condensed Consolidated Balance Sheets | 6 | | Condensed Consolidated Statements of Operations | 7 | | FFO, Modified FFO, Core FFO, FAD and EBITDA | 8 | | Highlights | 9 | | Selected Property Data | | | Property Summary Net Operating Income | 10 | | Same Store Net Operating Income | 11 | | Leasing Activity | 12 | | Commercial Property Detail | 14 | | Portfolio Expirations and ...

Financial Performance - Net income attributable to common unitholders for Q1 2025 was $14.7 million, a 60.8% increase from $9.2 million in Q1 2024[126][129] - Core Funds From Operations (Core FFO) for Q1 2025 reached $52.0 million, reflecting strong operational performance[126] - Total revenues for Q1 2025 were $180.1 million, a slight decrease of 0.6% compared to $181.2 million in Q1 2024[129] - Net operating income (NOI) for the three months ended March 31, 2025, was $91.1 million, compared to $92.9 million in the same period of 2024[167] - For the three months ended March 31, 2025, net income was $15.778 million, compared to $10.215 million for the same period in 2024, representing a year-over-year increase of 54.5%[172] - Funds from Operations (FFO) attributable to common unitholders for Q1 2025 was $49.429 million, down from $54.018 million in Q1 2024, a decrease of 8.8%[172] - Modified Funds from Operations (Modified FFO) for Q1 2025 was $51.387 million, compared to $55.976 million in Q1 2024, reflecting a decline of 8.2%[172] - Core Funds from Operations (Core FFO) attributable to common unitholders for Q1 2025 was $52.034 million, down from $56.529 million in Q1 2024, a decrease of 8.0%[172] Revenue Sources - Rental revenue increased by $5.0 million due to higher operating and real estate tax expense escalations, partially offset by a $4.0 million reduction from acquisitions and dispositions[130] - Observatory revenue decreased by 5.8% to $23.2 million due to lower visitation, influenced by the timing of the Easter holiday[129][134] - The Observatory hosted 428,000 visitors in Q1 2025, a decrease of 11.8% from 485,000 visitors in Q1 2024, with revenue falling to $23.2 million, down 5.8% from $24.6 million[176] Expenses and Costs - Total operating expenses for Q1 2025 were $154.3 million, down 2.8% from $150.1 million in Q1 2024[129] - Interest expense increased to $26.9 million, primarily due to the issuance of Series I-K senior unsecured notes[132] - The company expects to incur approximately $110.9 million in additional costs for tenant improvements and leasing commissions[155] - Capital expenditures for the three months ended March 31, 2025, were $8.8 million, a decrease from $20.1 million in the same period of 2024[154] Cash and Debt Management - As of March 31, 2025, the company had $187.8 million in cash and cash equivalents, and $620.0 million available under its unsecured revolving credit facility[137] - Total consolidated indebtedness was approximately $2.1 billion, with a weighted average interest rate of 4.30%[137] - The company executed a buyout of a 10% non-controlling interest in two multifamily properties for $14.2 million in cash and assumed $18.0 million in debt[138] - The company closed a $715.0 million unsecured credit agreement in March 2024, consisting of a $620.0 million revolver and a $95.0 million term loan, maturing on March 8, 2029[140] - As of March 31, 2025, the company reported a maximum total leverage of 32.4%, well below the required limit of 60%[141] - The company’s mortgage notes payable amounted to $691.8 million as of March 31, 2025, with no maturity until April 2026[142] - The company issued $225.0 million in senior unsecured notes on June 17, 2024, with varying interest rates and maturities[145] - The weighted average interest rate on $2.1 billion of fixed-rate indebtedness was 4.30% per annum as of March 31, 2025[185] - The fair value of outstanding debt was approximately $1.9 billion, which was about $125.1 million less than the book value as of March 31, 2025[186] - The company has interest rate SOFR swap and cap agreements with an aggregate notional value of $448.5 million, maturing between December 31, 2026, and November 1, 2033[184] Shareholder Returns and Stock Repurchase - Distributions to equity holders amounted to $10.8 million for the three months ended March 31, 2025, compared to $10.6 million in 2024[159] - The company authorized a repurchase program of up to $500.0 million of its Class A common stock and operating partnership units from January 1, 2024, through December 31, 2025[160] Market Outlook - The company anticipates challenges in the office real estate market due to refinancing issues and potential economic recession risks impacting visitor numbers to the Observatory[179]

Exhibit 99.2 First Quarter 2025 | Table of Contents | Page | | --- | --- | | Summary | | | Supplemental Definitions | 4 | | Company Profile | 5 | | Condensed Consolidated Balance Sheets | 6 | | Condensed Consolidated Statements of Operations | 7 | | Highlights | 8 | | Selected Property Data | | | Property Summary Net Operating Income | 9 | | Same Store Net Operating Income ("NOI"), Initial Cash Rent Contributing to Cash NOI | 10 | | Leasing Activity | 11 | | Commercial Property Detail | 13 | | Portfolio Exp ...

Financial Flexibility and Debt - The company faces restrictions on financial and operational flexibility due to debt instruments, which may require additional borrowing to make distributions [97]. - High mortgage rates and unavailability of mortgage debt could reduce the number of properties the company can acquire, impacting net income and cash distributions [101]. - The company's growth is dependent on external sources of capital, which are influenced by economic conditions and market perceptions [102]. - The company must maintain its REIT status to avoid entity-level U.S. federal income tax, which requires at least 90% of gross income to be derived from qualifying sources [126]. - Failure to qualify as a REIT could significantly reduce cash available for distributions and debt service, adversely affecting financial conditions [131]. - The company intends to distribute net income to satisfy the REIT 90% distribution requirement, but failure to do so could incur substantial taxes and limit re-qualification [133]. - Taxable income may exceed net income as determined by GAAP, potentially leading to cash flow issues and the need to liquidate assets unfavorably [134]. - Changes in state and local tax laws could increase the company's tax liability, materially affecting financial conditions [138]. - The company intends to make distributions to securityholders, but cash available for distribution may not meet expectations, potentially affecting market prices [152]. Regulatory and Compliance Risks - The company is subject to various environmental laws and regulations, which may incur significant compliance costs and affect leasing and sales of real estate [105]. - The company may incur significant costs to comply with the Americans with Disabilities Act (ADA), impacting financial condition [117]. - Increasing attention to sustainability matters may lead to higher costs and negative impacts on access to capital markets [120]. - The company has publicly announced energy, emissions, water, and waste reduction targets, but achieving these goals is subject to various operational and regulatory risks [121]. - Changes in rent control and eviction regulations in New York could adversely affect the company's ability to raise rents and enforce tenant obligations, impacting property values [124]. - Government housing regulations may limit opportunities at multifamily properties, and non-compliance could result in financial penalties or loss of benefits [125]. Operational and Strategic Risks - The company has collective bargaining agreements covering 429 employees, or 64% of its workforce, which could lead to increased operating costs if negotiations fail [114]. - Cyberattacks pose significant risks to the company, potentially compromising confidential information and disrupting operations, which could lead to substantial remediation costs and legal consequences [122]. - The company may face limitations on strategic transactions due to tax protection agreements with certain stakeholders, which could restrict property sales or refinancing [140]. - Changes in U.S. federal income tax rules regarding REITs could adversely affect the company's ability to qualify as a REIT and impact investment strategies [139]. Market and Interest Rate Risks - The market value of ESRT's common stock is influenced by various factors, including financial performance and general stock market conditions [153]. - Future issuances of debt or equity securities may dilute current securityholders and adversely affect the market price of traded securities [155]. - The company is exposed to interest rate changes primarily on its unsecured revolving credit facility and debt refinancings, with strategies in place to mitigate this risk [275]. - As of December 31, 2024, the fair value of the outstanding debt was approximately $2.1 billion, which is about $153.4 million less than the book value [279]. - Interest risk amounts were assessed by considering the impact of hypothetical interest rates on financial instruments [279]. - The analyses do not account for potential changes in overall economic activity that could occur due to interest rate fluctuations [279]. - The company may take actions to mitigate exposure to changes in interest rates, although specific actions and their effects are uncertain [279]. - The analyses assume no changes in the company's financial structure despite potential economic shifts [279]. Shareholder and Ownership Structure - As of December 31, 2024, ESRT's Chairman and CEO, Anthony E. Malkin, holds voting rights for approximately 19.0% of the voting power of ESRT's outstanding common stock [144]. - QIA holds a 10.90% fully diluted interest in ESRT, representing 17.97% of the outstanding Class A common stock [145]. - As of December 31, 2024, the company has interest rate SOFR swap and cap agreements with an aggregate notional value of $664.0 million, maturing between March 19, 2025, and November 1, 2033 [277]. - The weighted average interest rate on the $2.3 billion of fixed-rate indebtedness outstanding is 4.27% per annum, with maturities through March 17, 2035 [278].

Financial Performance - The company reported a Funds From Operations (FFO) of $X million for Q4 2024, reflecting a Y% increase compared to the previous quarter[8]. - The Net Operating Income (NOI) for Same Store properties was $X million, representing a Z% increase year-over-year[12]. - The company anticipates a revenue growth of approximately A% for the next fiscal year, driven by new product launches and market expansion strategies[4]. - Total revenues for Q4 2024 were $197.602 million, a slight decrease from $199.599 million in Q3 2024[29]. - Net income attributable to common stockholders was $11.168 million in Q4 2024, down from $13.541 million in Q3 2024, a decrease of 17.5%[29]. - The total operating income for Q4 2024 was $42.940 million, compared to $45.346 million in Q3 2024, reflecting a decline of 5.3%[29]. - Net income for the three months ended December 31, 2024, was $18.793 million, a decrease of 17.6% compared to $22.796 million in the previous quarter[44]. - Core FFO attributable to common stockholders for Q4 2024 was $64.771 million, compared to $69.235 million in Q3 2024 and $65.685 million in Q2 2024[81]. Leasing Activity - The leasing activity showed an increase of B% in new leases signed compared to the previous quarter, indicating strong demand in the market[11]. - Total leases executed in the Office and Retail Portfolio for Q4 2024 was 20, a decrease from 31 in Q3 2024[47]. - The percent leased increased slightly to 93.5% in Q4 2024 from 93.4% in Q3 2024[33]. - The weighted average lease term increased to 8.0 years in Q4 2024 from 7.0 years in Q3 2024[47]. - The company has signed leases not commenced totaling 418,308 square feet, which is 4.9% of the portfolio[63]. Property and Asset Management - Empire State Realty Trust, Inc. reported total assets of $4,510,287,000 as of December 31, 2024, an increase from $4,436,937,000 on September 30, 2024[25]. - The company's net commercial real estate properties increased to $2,512,460,000 from $2,426,233,000 in the previous quarter, reflecting a growth of approximately 3.56%[25]. - The total equity of Empire State Realty Trust, Inc. was $1,781,962,000, compared to $1,757,321,000 in the previous quarter, marking an increase of approximately 1.42%[25]. - The company reported cash and cash equivalents of $385,465,000, a decrease from $421,896,000 in the previous quarter, representing a decline of about 8.56%[25]. - The total outstanding indebtedness as of December 31, 2024, was included in the market capitalization calculation, which reflects the company's financial leverage[38]. Debt and Financial Leverage - The debt-to-equity ratio improved to D%, reflecting better financial leverage and risk management[21]. - Total debt as of December 31, 2024, was $2.294 billion with a weighted average interest rate of 4.27%[83]. - The company maintained a maximum total leverage ratio of 33.2%, well below the 60% limit[83]. - The weighted average maturity of mortgage debt was 6.1 years, with a balance of $704.274 million[83]. - Debt maturities for 2025 are projected at $100,000,000, representing 4.5% of total debt[86]. Operational Efficiency and Technology - The company has implemented new technology solutions aimed at improving operational efficiency, expected to reduce costs by G% over the next year[10]. - The company plans to invest $C million in capital expenditures for property redevelopment and enhancements in 2025[18]. - Capital expenditures for the fourth quarter of 2024 totaled $83,557,000, with significant investments in tenant improvements and building enhancements[74]. Visitor and Observatory Performance - Visitor numbers to the Observatory decreased by F% due to changes in tourism patterns, impacting related revenue streams[6]. - The observatory generated revenue of $136,377,000 for the year, with a net operating income (NOI) of $99,543,000, reflecting a strong performance despite a slight year-over-year decline in visitor numbers[76]. - The number of visitors to the observatory reached 718,000, marking a 1.0% increase year-over-year, despite facing 8 bad weather days[76]. Tenant and Lease Information - The company’s largest tenants represent H% of total rental income, indicating a diversified tenant base across various industries[17]. - The average starting cash rent per square foot for leases executed in the Office segment rose to $78.40, up from $70.11 in the previous quarter, reflecting a 10.4% increase over previously escalated rents[47]. - The average starting cash rent per square foot for the Retail segment was $203.88, with a significant decline of 38.7% compared to previously escalated rents[50]. - The total number of leases across the portfolio is 580, with 466 leases in Manhattan office properties[53]. Future Outlook - The company plans to continue its market expansion and redevelopment efforts, focusing on enhancing tenant experiences and improving property value[74]. - The company is exploring potential acquisitions in the E sector to enhance its portfolio diversification and market presence[6].

Financial Performance - Total revenues for Q2 2024 were $189.543 million, an increase from $181.179 million in Q1 2024, representing a 7.5% quarter-over-quarter growth[7]. - Rental revenue for Q2 2024 was $152.470 million, slightly down from $153.882 million in Q1 2024, indicating a decrease of 0.9%[7]. - Net income for Q2 2024 was $28.555 million, significantly higher than $10.215 million in Q1 2024, marking an increase of 179.5%[7]. - Operating income for Q2 2024 was $39.361 million, up from $31.063 million in Q1 2024, reflecting a 26.7% increase[7]. - Interest income rose to $5.092 million in Q2 2024 from $4.178 million in Q1 2024, a growth of 21.9%[7]. - The company reported a net income attributable to common stockholders of $17.071 million for Q2 2024, compared to $5.661 million in Q1 2024, an increase of 201.5%[7]. - Basic earnings per share for Q2 2024 were $0.10, up from $0.03 in Q1 2024, representing a 233.3% increase[7]. - Total operating expenses for Q2 2024 were $150.182 million, slightly up from $150.116 million in Q1 2024, indicating a marginal increase of 0.4%[7]. Cash Flow and NOI - Total cash NOI, including Observatory and lease termination fees, was $104,023 million, up from $91,234 million in the previous quarter[11]. - Total Same Store property cash NOI, excluding Observatory and lease termination fees, was $71,507 million, an increase from $66,836 million in the previous quarter[11]. - Multifamily NOI for the quarter was $4,583 million, compared to $4,263 million in the previous quarter[11]. - Operating expenses for the multifamily segment were $4,578 million, up from $4,209 million in the previous quarter[11]. - Same Store Property Cash NOI increased to $71,507 from $66,836, representing a growth of 6.5%[18]. - Multifamily Cash NOI rose to $4,533, up from $4,217, marking a 7.5% increase[18]. - Observatory NOI significantly increased to $25,166 from $16,165, reflecting a 55.5% growth[18]. Occupancy and Leasing Activity - Percent occupied for multifamily units improved to 97.9% from 97.1% year-over-year[18]. - The occupancy rate improved to 88.8%, compared to 87.3% in the same period last year[23]. - The company signed leases not yet commenced totaling $23.254 million in initial annual rent, indicating future revenue growth[20]. - New leases signed increased significantly from 4,389 in March 2024 to 70,641 in June 2024, with a forecast of 30,998 for the second half of 2024[43]. - The total number of leases across all properties is 573, with a weighted average rent per square foot of $70.67[25]. Debt and Financial Ratios - As of June 30, 2024, total debt stands at $2,303,177, with a weighted average interest rate of 4.27% and an average maturity of 5.4 years[37]. - The company maintains a maximum total leverage ratio of 32.7%, well below the required threshold of <60%[37]. - The minimum fixed charge coverage ratio is 3.2x, exceeding the required minimum of >1.50x[37]. - The debt maturity profile indicates significant maturities in 2029, totaling $373,988, which represents 16.2% of total debt[39]. - The weighted average interest rate of maturing debt in 2024 is 3.59%[39]. Capital Expenditures and Improvements - The company reported capital expenditures of $46,364,000 for the three months ended June 30, 2024, compared to $57,142,000 for the previous quarter[31]. - Tenant improvements for second-generation spaces amounted to $25,087,000 for the quarter, down from $27,404,000 in the previous quarter[31]. - Non-recurring capital improvements totaled $5,979,000 for the quarter, compared to $6,464,000 in the previous quarter[31]. Market and Operational Insights - The company anticipates continued demand for office and retail space, despite potential challenges from remote work trends[67]. - The company emphasizes the importance of Property Cash NOI as a supplemental measure to assess operating performance without the impact of non-cash rental revenues[109]. - The company plans to continue monitoring market conditions to adjust its strategies accordingly, ensuring alignment with operational performance metrics[109]. Visitor and Attraction Performance - The Empire State Building was recognized as the 1 Attraction in the World and the U.S. for the third consecutive year in Tripadvisor's 2024 Travelers' Choice Awards[13]. - The number of visitors to the Observatory was 648,000 in June 2024, reflecting a year-over-year decrease of 2.7%[92]. - The Observatory experienced a gradual recovery in visitors post-COVID-19, although specific visitor numbers were not disclosed[51].