Financial Performance - Net income attributable to common stockholders for the three months ended March 31, 2024, was $5.7 million, a decrease of 13.2% compared to the same period in 2023[137]. - For the three months ended March 31, 2024, net income was $10,215,000, a decrease of 12.6% from $11,694,000 in the same period of 2023[182]. - Core Funds From Operations (Core FFO) for the same period was $56.5 million, attributable to common stockholders and the operating partnership[137]. - Funds from Operations (FFO) attributable to common stockholders was $54,018,000, representing a 31.7% increase from $41,015,000 in the prior year[188]. - Modified FFO attributable to common stockholders rose to $55,976,000, an increase of 30.2% compared to $42,973,000 in 2023[188]. - Core FFO attributable to common stockholders reached $56,529,000, up 31.5% from $42,973,000 in the same quarter of 2023[188]. - Net operating income (NOI) increased to $92,851,000, up 15.9% from $80,177,000 year-over-year[182]. Revenue and Leasing - Total revenues increased by 10.1% to $181.2 million for the three months ended March 31, 2024, compared to $164.6 million in the same period of 2023[140]. - The commercial portfolio was 91.1% leased, while the Manhattan office portfolio was 92.7% leased as of March 31, 2024[139]. - The company signed a total of 248,108 rentable square feet of new, renewal, and expansion leases during the three months ended March 31, 2024[139]. - Observatory revenues increased by 11.0% to $24.6 million for the three months ended March 31, 2024, driven by increased visitation and revenue per visitor[145]. - The Observatory hosted 485,000 visitors in Q1 2024, a 9% increase from 443,000 visitors in Q1 2023, with revenue rising to $24.6 million, an 11% increase from $22.2 million[191]. Cash and Debt Management - The company had $333.6 million in cash and cash equivalents and $500.0 million available under its unsecured revolving credit facility as of March 31, 2024[148]. - Total consolidated indebtedness outstanding was approximately $2.2 billion with a weighted average interest rate of 3.97% as of March 31, 2024[148]. - Mortgage notes payable amounted to $876.5 million as of March 31, 2024, with the next maturity due in November 2024[153]. - The weighted average interest rate on $2.2 billion of fixed-rate indebtedness was 3.97% per annum as of March 31, 2024[200]. - The fair value of outstanding debt was approximately $2.0 billion, which was about $210.6 million less than the book value as of March 31, 2024[201]. - As of March 31, 2024, the company reported a maximum total leverage of 34.7%, well below the required limit of 60%[152]. Capital Expenditures and Future Plans - Capital expenditures for the three months ended March 31, 2024, totaled $20.1 million, an increase from $12.9 million in the same period of 2023[165]. - The company expects to incur approximately $125.2 million in additional costs for tenant improvements and leasing commissions[166]. - The company plans to issue $225 million in senior unsecured notes, including $155 million of 7.20% Series I Green Guaranteed Senior Notes due June 17, 2029[156]. Economic Environment and Challenges - The company is navigating an uncertain economic environment with concerns about the commercial real estate market and potential impacts on visitor numbers to the Observatory[194]. - Net cash provided by operating activities decreased by $15.5 million to $70.9 million due to changes in working capital[174]. - Distributions to equity holders amounted to $10.6 million for the three months ended March 31, 2024, compared to $9.7 million for the same period in 2023[172]. Acquisitions and Investments - The company closed on the acquisition of a Williamsburg retail property for a purchase price of $26.4 million on September 14, 2023[150]. - The company executed a buyout of a partner's 10% interest in two multifamily properties for $14.2 million in cash and assumed $18.0 million of in-place debt[150].

Empire State Realty Trust, Inc. (NYSE:ESRT) Q1 2024 Earnings Conference Call April 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 ISI John Kim - BMO Capital Markets Micha ...

EMPIRE STATE REALTY TRUST Contents 2 | 29 Why ESRT? ® Pure play NYC REIT with multiple drivers of upside ° Competitive advantages ® ESRT puts points on the board with performance 3 | 28 MPIRE STATE Office, Observatory, Retail and Multifamily COMPANY PRIORITIES 5 | 29 · Read more in ESRT's Sustainability Report STAR WARS Activation at the Empire State Building Kaplan Hecker & Fink LLP at Empire State Building CLA at One Grand Central Place 111 W 33d Street Observatory ESRT Overview Company Priorities Competi ...

Exhibit 99.2 FirstQuarter2024 | Table of Contents | Page | | --- | --- | | Summary | | | Supplemental Definitions | 2 | | 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 Expir ...

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Empire State Realty Trust (ESRT) and Omega Healthcare Investors (OHI) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnin ...

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it will release its first quarter 2024 financial results on Wednesday, April 24, 2024, after the close of markets on the New York Stock Exchange. A conference call will be held on Thursday, April 25, 2024, at 12:00 p.m. Eastern Time.During the conference call, the Company’s officers will review first quarter performance, discuss recent events and conduct a question-and-answer period. The earnings re ...

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Empire State Realty Trust (ESRT) and Sunstone Hotel Investors (SHO) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and esti ...

David Henderson/iStock via Getty Images Background Empire State Realty Trust, Inc. (NYSE:ESRT) is a US-based REIT operating mostly rental office space in Manhattan, New York City. Its most famous asset is the namesake Empire State Building, a landmark of the Big Apple. The trust owns several more buildings: It owns dozens of locations within the office, retail and residential spaces. Most buildings are situated in Manhattan or adjacent metro areas. For its most recent quarterly earnings reported, Empire ...

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Empire State Realty Trust (ESRT) and Sunstone Hotel Investors (SHO) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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) (State or other jurisdiction of incorporation or orga ...