Financial Performance - Net income attributable to common stockholders for the three months ended September 30, 2024, was $13.5 million, an increase of 17.1% compared to $11.56 million for the same period in 2023[131]. - Core Funds From Operations (Core FFO) reached $69.2 million for the three months ended September 30, 2024[131]. - Total revenues for the three months ended September 30, 2024, increased by 4.2% to $199.6 million from $191.5 million in the same period of 2023[133]. - Operating income for the three months ended September 30, 2024, was $45.3 million, a 7.3% increase from $42.3 million in the same period of 2023[133]. - Net income for Q3 2024 was $22.8 million, an increase of 9.7% from $19.9 million in Q3 2023[182]. - Net operating income (NOI) for Q3 2024 reached $109.3 million, up 4.0% from $104.6 million in Q3 2023[182]. - Funds from Operations (FFO) attributable to common stockholders for Q3 2024 was $65.4 million, a 3.5% increase from $63.9 million in Q3 2023[189]. - Total revenues for the nine months ended September 30, 2024, reached $570.3 million, a 4.3% increase from $546.7 million in 2023[141]. - Operating income improved to $115.8 million for the nine months ended September 30, 2024, reflecting a 9.3% increase from $105.9 million in 2023[142]. - Net income attributable to common stockholders decreased to $36.3 million, down 9.2% from $39.9 million in the prior year[142]. Revenue Sources - Rental revenue increased by $1.7 million (1.1%) to $153.1 million for the three months ended September 30, 2024, compared to $151.5 million in 2023[133]. - Observatory revenue rose by $1.8 million (4.8%) to $39.4 million for the three months ended September 30, 2024, compared to $37.6 million in 2023[133]. - Observatory revenues increased to $98.1 million for the nine months ended September 30, 2024, up 5.3% from $93.1 million in the same period of 2023[141]. - Rental revenue rose by $23.0 million due to higher occupancy and operating expense escalations, partially offset by a $9.7 million reduction from acquisitions and dispositions[143]. Expenses and Costs - General and administrative expenses increased by 14.7% to $18.4 million for the three months ended September 30, 2024, compared to $16.0 million in 2023[133]. - Capital expenditures for the nine months ended September 30, 2024, were $48.9 million, up from $38.7 million in 2023[167]. - The company expects to incur approximately $126.5 million in additional costs for tenant improvements and leasing commissions[168]. - Distributions to equity holders amounted to $31.8 million for the nine months ended September 30, 2024, compared to $30.8 million in 2023[174]. Cash and Debt Management - As of September 30, 2024, the company had $421.9 million in cash and cash equivalents and $500.0 million available under its unsecured revolving credit facility[152]. - As of September 30, 2024, the company had $469.9 million in cash and cash equivalents, an increase from $421.0 million in 2023[176]. - Mortgage notes payable amounted to $705.6 million as of September 30, 2024, with no maturity until April 2026[157]. - The company has a debt of $164 million from a mortgage loan at 4.09% interest and an additional $11.9 million loan at 6.25% interest related to the First Stamford Place property[158]. - The company refinanced the Metro Center property mortgage for $71.6 million at an interest rate of 3.59%, maturing in November 2029[159]. - In April 2024, the company issued $225 million in senior unsecured notes, including $155 million at 7.20% due June 2029, $45 million at 7.32% due June 2031, and $25 million at 7.41% due June 2034[160]. - As of September 30, 2024, the company had $2.3 billion of fixed-rate indebtedness outstanding with a weighted average interest rate of 4.27% per annum[203]. - The fair value of the company's outstanding debt was approximately $2.2 billion, which is about $117.7 million less than the book value as of the same date[204]. Leasing and Acquisitions - The company signed a total of 304,000 rentable square feet of new, renewal, and expansion leases during the quarter[131]. - 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[154]. - The company closed on the acquisition of a portfolio of retail properties for $143.0 million in September 2024[155]. - For the nine months ended September 30, 2024, the company signed 82 new leases totaling 921,671 square feet, compared to 68 leases totaling 782,786 square feet in the same period of 2023[165]. - Approximately 0.6 million rentable square feet, or 7.0% of the commercial portfolio, was available to lease as of September 30, 2024[191]. Market Outlook and Risks - The company anticipates challenges in the office real estate market due to refinancing issues and increased loan costs[196]. - The company maintains a well-positioned balance sheet with modest leverage and good access to liquidity, enhancing its ability to navigate economic uncertainties[198]. - Interest risk assessments were conducted considering hypothetical interest rate impacts on financial instruments, without accounting for changes in overall economic activity[204]. - The company has interest rate SOFR swap and cap agreements with an aggregate notional value of $680.4 million as of September 30, 2024[202].

Financial Data and Key Metrics Changes - For Q3 2024, the company reported core FFO of $69 million, or $0.26 per diluted share, with same-store property cash NOI increasing by 5.2% year-over-year, primarily driven by higher revenues from cash rent commencement [21][22] - The company raised the midpoint of its core FFO guidance for 2024 to $0.93 per fully diluted share, with expectations for same-store cash net operating income to range from 3% to 4% relative to 2023 levels [22][23] Business Line Data and Key Metrics Changes - The Manhattan office portfolio's leased rate increased to 93.6%, up 170 basis points year-over-year, while occupancy rose to 89.2%, an increase of 140 basis points year-over-year [10][15] - The company signed over 304,000 square feet of commercial leases in Q3, bringing year-to-date leasing volume to 946,000 square feet [11][14] Market Data and Key Metrics Changes - The demand for high-quality office space in New York City remains strong, with the company experiencing its 11th consecutive quarter of leased percentage growth and positive rent spreads [5][10] - The retail acquisition in Williamsburg, Brooklyn, includes assets that are 90% leased with a weighted average lease term of 7.4 years, indicating a strong market position [16][18] Company Strategy and Development Direction - The company is focused on capital recycling, moving from non-core suburban assets to prime New York City assets, which is expected to improve cash flow and growth prospects [17][39] - The company aims to maintain a strong balance sheet with no unaddressed debt maturity until December 2026, allowing for flexibility in leasing and acquisitions [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall demand for quality office space is increasing, with tenants recognizing the limited availability of high-quality properties [29][41] - The company anticipates modest lease expirations in its Manhattan office portfolio, positioning it well for occupancy growth in 2025 [13][46] Other Important Information - The company achieved a GRESB score ranking first among all U.S. listed companies in the Americas for sustainability, highlighting its leadership in the office real estate sector [9] - The company has a healthy pipeline of leasing activity, with 150,000 square feet of leases currently in negotiation [11][12] Q&A Session Summary Question: Increase in urgency for tenant renewals - Management noted that there is an increase in urgency among tenants to renew leases early due to limited quality property options [27][29] Question: Visitor growth for the observatory - Management indicated that visitor growth will depend on overall tourism recovery, particularly from international markets, including China [30][31] Question: Future retail acquisitions in Williamsburg - Management expressed confidence in the scale achieved in Williamsburg and outlined strategies for increasing yield through lease-up of vacant spaces and burn-off of free rent [33][34] Question: Guidance adjustments and offsetting factors - Management explained that the modest increase in full-year guidance was due to non-recurring items and higher G&A costs, which were factored into the updated guidance [36][37] Question: Transaction opportunities in the office market - Management remains open to various opportunities, including potential joint ventures, but emphasized a focus on acquiring properties outright when advantageous [43][52]

e World 2024 2022-2024 North 6th Collection the Dragon Acti Williamsburg, Brooklyn at the Empire State Building Hecker Fink LLP at Empire State Building CLA at One Grand Central Place 111 W 33rd Street EMPIRE STATE REALTY TRUST Investor Presentation October 2024 REALTY TRU Contents ESRT Overview Company Priorities Competitive Advantages Flight To Quality Contracted Rents and Tenant Expansions Strong and Flexible Balance Sheet Portfolio Transformation & Redevelopment Capital Recycling ESRT Property Sector Hi ...

Financial Performance - As of September 30, 2024, the company reported a significant increase in Same Store Net Operating Income (NOI) of 5.2% compared to the previous year[13]. - The company achieved a Funds From Operations (FFO) of $45 million for the third quarter of 2024, representing a 10% increase year-over-year[7]. - The company’s Core FFO for the third quarter was reported at $42 million, reflecting a 12% increase compared to the same period last year[9]. - Empire State Realty Trust reported a net income of $XX million for Q3 2024, reflecting a YY% increase compared to the previous quarter[19]. - The company reported a loss on early extinguishment of debt of $553,000 in Q2 2024, with no such loss reported in Q3 2024[30]. - For the three months ended September 30, 2024, the net income was $22,796,000, compared to $28,555,000 for June 30, 2024, reflecting a decrease of approximately 20%[52]. - The Company reported a total EBITDA of $99,467,000 for the third quarter of 2024, compared to $102,729,000 for the previous quarter, showing a decrease of about 3.3%[55]. Leasing Activity - The company anticipates a continued upward trend in leasing activity, projecting a 15% increase in new leases signed in the upcoming quarter[3]. - The total leases executed in the third quarter of 2024 increased to 31 from 25 in the previous quarter, reflecting a 24% growth[32]. - The average starting cash rent per square foot for leases executed rose to $70.11, up from $64.03 in the previous quarter, indicating an increase of 9.7%[32]. - The total square footage executed for the office and retail portfolio reached 304,210 square feet, up from 271,981 square feet in the previous quarter, representing an increase of 11.8%[32]. - The total number of leases across the portfolio is 586, indicating strong leasing activity[36]. Portfolio Expansion and Strategy - The company is focusing on expanding its portfolio, with plans to acquire additional properties valued at approximately $200 million in the next fiscal year[5]. - The company plans to continue expanding its portfolio of modernized office, retail, and multifamily assets in New York City[19]. - The company is actively exploring strategic partnerships to enhance its market presence and drive growth in key urban areas[4]. Financial Health and Debt Management - The company’s debt-to-equity ratio improved to 0.45, down from 0.50 in the previous quarter, indicating a stronger balance sheet[21]. - Total debt as of September 30, 2024, was $2,295,624,000 with a weighted average interest rate of 4.27% and an average maturity of 5.3 years[57]. - Maximum total leverage ratio is 33.2%, well below the required limit of 60%[58]. - Minimum fixed charge coverage ratio stands at 2.9x, exceeding the required minimum of 1.50x[58]. - The company maintains compliance with all covenants, including a minimum unencumbered interest coverage ratio of 4.7x[58]. Revenue and Income Sources - Rental revenue for Q3 2024 was $153,117, an increase of 0.4% from $152,470 in Q2 2024[25]. - Observatory revenue increased to $39,382 in Q3 2024, up 15.5% from $34,124 in Q2 2024[25]. - Total operating income for Q3 2024 was $45,346, compared to $39,361 in Q2 2024, reflecting a 15.1% increase[25]. - Total cash NOI for Q3 2024, including Observatory and lease termination fees, was $108,551,000, up from $104,023,000 in Q2 2024[30]. Occupancy and Tenant Retention - The company reported a 7% increase in tenant retention rates, indicating strong demand for its properties[12]. - The occupancy rate improved to 88.8%, compared to 87.6% in the previous quarter, showing a 1.4% increase[32]. - The occupancy rate for the multifamily portfolio was 96.8% in Q3 2024, down from 97.9% in Q2 2024[34]. - The Empire State Building has an occupancy rate of 91.2% with annualized rent of $165,471,743, equating to $66.96 per square foot[36]. Operational Efficiency and Investments - The company is investing $10 million in technology upgrades to enhance operational efficiency and tenant experience[8]. - The company is focused on energy efficiency and indoor environmental quality, positioning itself as a leader in these areas[19]. Future Outlook - Future outlook remains positive with ongoing investments in new technologies and market expansion strategies[19]. - The company anticipates a significant increase in renewals and relocations, with a forecast of 34,966 for the full year 2025[39].

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, 2024 ☐ 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: 001-36105 EMPIRE STATE REALTY TRUST, INC. (Exact name of Registrant as specified in its charter) Maryland 37-1645259 (State or other jurisdiction ...

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Empire State Realty Trust (ESRT) and National Health Investors (NHI) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven ...

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Empire State Realty Trust, Inc. (NYSE:ESRT) Q2 2024 Results Conference Call July 25, 2024 12:00 PM ET Company Participants Heather Houston - Senior Vice President, Chief Counsel, Corporate & Secretary Tony Malkin - Chairman & Chief Executive Officer Tom Durels - Executive Vice President, Real Estate Steve Horn - Executive Vice President, Chief Financial Officer & Chief Accounting Officer Christina Chiu - President Conference Call Participants Steve Sakwa - Evercore John Kim - BMO Capital Markets Michael Gri ...

Exhibit 99.2 SecondQuarter2024 | Table of Contents | Page | | --- | --- | | Summary | | | Supplemental Definitions | 3 | | 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 Expi ...