Financial Performance - Net income for the three months ended September 30, 2025, was $13.6 million, a decrease of 40.1% compared to $22.8 million in the same period of 2024[134] - Total revenues for the three months ended September 30, 2025, were $197.7 million, a slight decrease of 0.9% from $199.6 million in the same period of 2024[134] - Operating income for the three months ended September 30, 2025, was $39.3 million, down 13.3% from $45.3 million in 2024[134] - Total revenues for the nine months ended September 30, 2025, were $569.046 million, a decrease of 0.2% compared to $570.321 million in 2024[140] - Operating income fell by 13.4% to $100.243 million in 2025 from $115.770 million in 2024[140] - Net income attributable to common unitholders decreased by 35.5% to $37.657 million in 2025 from $58.411 million in 2024[140] - Core FFO attributable to common unitholders for the nine months ended September 30, 2025, was $172.540 million, compared to $191.449 million for the same period in 2024, reflecting a decrease of 9.9%[186] Revenue Breakdown - Rental revenue increased by 3.5% to $158.4 million for the three months ended September 30, 2025, compared to $153.1 million in 2024[134] - Observatory revenue decreased by 8.5% to $36.0 million due to lower visitation levels, primarily from reduced international tourism[134] - Rental revenue increased by 1.5% to $466.492 million in 2025 from $459.469 million in 2024, driven by new lease commencements[140][141] - Observatory revenue decreased by 5.1% to $93.097 million in 2025 from $98.102 million in 2024, attributed to lower international tourism and adverse weather conditions[140][146] - The Observatory hosted 1,705,000 visitors for the nine months ended September 30, 2025, down 8.3% from 1,860,000 visitors in the same period of 2024[189] - Observatory revenue for the nine months ended September 30, 2025, was $93.1 million, a decrease of 5.1% from $98.1 million in the same period of 2024[189] Expenses and Costs - Property operating expenses increased by 2.2% to $46.96 million, attributed to higher repair and maintenance costs and acquisitions[134] - Real estate taxes rose by 3.9% to $33.24 million, driven by higher tax rates and property valuations[137] - Interest income decreased by 83.5% to $1.15 million, primarily due to a decrease in cash and cash equivalents[138] - Net operating income (NOI) for the nine months ended September 30, 2025, was $297.6 million, compared to $306.7 million in 2024[181] - As of September 30, 2025, the company expects to incur approximately $96.8 million in additional costs for tenant improvements and leasing commissions[170] Leasing Activity - Signed a total of 87,880 rentable square feet of new, renewal, and expansion leases during the quarter[132] - Total new leases signed decreased from 82 in 2024 to 51 in 2025, with total square feet leased dropping from 921,671 to 523,002[165] - Weighted average annualized cash rent per square foot for new and renewal leases increased by 3.37% from $66.69 in 2024 to $68.94 in 2025[165] - The percentage of new cash rent over previously escalated rents rose significantly from 3.3% in 2024 to 9.8% in 2025[165] - Total leasing commissions and tenant improvement costs per square foot increased from $77.20 in 2024 to $90.47 in 2025[165] Cash Flow and Liquidity - Net cash provided by operating activities increased by $4.3 million to $215.2 million in 2025, primarily due to changes in working capital[176] - Net cash used in investing activities decreased by $130.4 million to $188.1 million, attributed to a $31.7 million acquisition in 2025 compared to a $143.4 million acquisition in 2024[177] - Distributions to equity holders amounted to $32.4 million in 2025, up from $31.8 million in 2024[174] - The company had $154.1 million in cash and cash equivalents and $620.0 million available under its unsecured revolving credit facility as of September 30, 2025[149] Debt and Financial Position - Total consolidated indebtedness as of September 30, 2025, was approximately $2.1 billion, with a weighted average interest rate of 4.34%[149] - The weighted average interest rate on $2.1 billion of fixed-rate indebtedness outstanding was 4.34% per annum as of September 30, 2025[197] - The fair value of outstanding debt was approximately $2.0 billion, which was about $0.1 billion less than the book value as of September 30, 2025[198] - The company has interest rate SOFR swap and cap agreements with an aggregate notional value of $447.5 million, maturing between December 31, 2026, and November 1, 2033[196] Strategic Positioning - The company believes it is well-positioned with a diversified portfolio across office, retail, multifamily, and the Empire State Building Observatory, despite economic uncertainties[192] - The company has a well-positioned balance sheet with modest leverage and good access to liquidity, providing optionality in capital allocation decisions[193] - The company expects to generate positive cash flows from operations and plans to make quarterly distributions to securityholders[147] - As of September 30, 2025, the company was in compliance with all financial covenants related to its unsecured facilities, including a maximum total leverage of 32.1%[153] - The company has $497.9 million remaining of the authorized $500.0 million repurchase program for Class A common stock and operating partnership units[175]

Third 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 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) Indicate by check mark whether the registrant has su ...

Second Quarter 2025 This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with ...

```markdown [PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%201.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Q1 2025 net income was **$15.8 million**, total assets decreased to **$4.11 billion**, and operating cash flow increased to **$83.1 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$4.11 billion** from **$4.51 billion** as of March 31, 2025, with total liabilities at **$2.33 billion** due to debt repayments Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$4,114,380** | **$4,510,287** | | Cash and cash equivalents | $187,823 | $385,465 | | Commercial real estate properties, net | $2,518,498 | $2,512,460 | | Contract asset | $— | $170,419 | | **Total Liabilities** | **$2,328,505** | **$2,728,325** | | Senior unsecured notes, net | $1,097,212 | $1,197,061 | | Unsecured revolving credit facility | $— | $120,000 | | Debt associated with property in receivership | $— | $177,667 | | **Total Capital** | **$1,785,875** | **$1,781,962** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 net income increased to **$15.8 million** (from **$10.2 million**) due to a **$13.2 million** property gain, with total revenues at **$180.1 million** Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per unit) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $180,066 | $181,179 | | Rental revenue | $154,542 | $153,882 | | Observatory revenue | $23,161 | $24,596 | | Total Operating Income | $25,788 | $31,063 | | Gain on disposition of property | $13,170 | $— | | **Net Income** | **$15,778** | **$10,215** | | Net Income Attributable to Common Unitholders | $14,728 | $9,161 | | **Basic Earnings Per Unit** | **$0.06** | **$0.03** | | **Diluted Earnings Per Unit** | **$0.05** | **$0.03** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 operating cash flow was **$83.1 million**, but financing activities used **$233.0 million** for debt repayments, leading to a **$191.9 million** net cash decrease Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $83,146 | $70,926 | | Net cash used in investing activities | $(42,063) | $(71,269) | | Net cash used in financing activities | $(232,973) | $(21,302) | | **Net decrease in cash** | **$(191,890)** | **$(21,645)** | - Major financing activities in Q1 2025 included a **$100.0 million** repayment of senior unsecured notes and a **$120.0 million** repayment of the unsecured revolving credit facility[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business, a **$13.2 million** property gain, **$100 million** senior note repayment, **$500 million** share repurchase availability, and segment NOI changes - As of March 31, 2025, the company's portfolio comprised approximately **7.9 million** rentable square feet of office space, **0.8 million** rentable square feet of retail space, and **732** residential units[24](index=24&type=chunk) - On February 5, 2025, the consensual foreclosure of First Stamford Place was completed, releasing the company from the senior mortgage obligation and recognizing a gain of **$13.2 million** from the deconsolidation of the related entity[36](index=36&type=chunk)[37](index=37&type=chunk) - On March 27, 2025, the Series A senior unsecured notes with an aggregate principal of **$100.0 million** matured and were repaid[51](index=51&type=chunk) - The company's share repurchase program, authorized through December 31, 2025, had **$500.0 million** remaining available as of March 31, 2025[90](index=90&type=chunk) - The company's two reportable segments are Real Estate and Observatory, with the Real Estate segment generating **$91.2 million** in Net Operating Income (NOI) and the Observatory segment incurring a Net Operating Loss of **$0.1 million** for Q1 2025[113](index=113&type=chunk)[116](index=116&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reported Q1 2025 net income of **$14.7 million** and Core FFO of **$52.0 million**, with strong liquidity (**$187.8 million** cash) and **$2.1 billion** total debt, confident in its diversified portfolio [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q1 2025 total revenues were **$180.1 million** (down **0.6%**), with net income rising to **$15.0 million** due to a **$13.2 million** property gain Revenue and Income Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | Change % | | :--- | :--- | :--- | :--- | | Total Revenues | $180,066 | $181,179 | (0.6)% | | Observatory Revenue | $23,161 | $24,596 | (5.8)% | | Rental Revenue | $154,542 | $153,882 | 0.4% | | Gain on disposition of property | $13,170 | $— | N/A | | **Net Income** | **$15,778** | **$10,215** | 54.5% | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, liquidity included **$187.8 million** cash and **$620.0 million** credit facility availability, with **$2.1 billion** total debt at **4.30%** weighted average interest - At March 31, 2025, liquidity included **$187.8 million** in cash and **$620.0 million** available under the unsecured revolving credit facility[137](index=137&type=chunk) - Total consolidated indebtedness was **$2.1 billion**, with a weighted average interest rate of **4.30%** and a weighted average maturity of **5.3 years**, with no mortgage debt maturities until April 2026[137](index=137&type=chunk)[142](index=142&type=chunk) Financial Covenant Compliance as of March 31, 2025 | Financial Covenant | Required | Actual | In Compliance | | :--- | :--- | :--- | :--- | | Maximum total leverage | < 60% | 32.4 % | Yes | | Maximum secured leverage | < 40% | 12.1 % | Yes | | Minimum fixed charge coverage | > 1.50x | 2.9x | Yes | | Minimum unencumbered interest coverage | > 1.75x | 4.4x | Yes | | Maximum unsecured leverage | < 60% | 24.2 % | Yes | [Non-GAAP Financial Measures (NOI, FFO)](index=33&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 NOI was **$91.1 million** (down from **$92.9 million**), and Core FFO was **$52.0 million** (down from **$56.5 million**) Reconciliation to Core FFO (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $15,778 | $10,215 | | FFO attributable to common unitholders | $49,429 | $54,018 | | Modified FFO attributable to common unitholders | $51,387 | $55,976 | | **Core FFO attributable to common unitholders** | **$52,034** | **$56,529** | Reconciliation to NOI (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $15,778 | $10,215 | | **Net operating income** | **$91,076** | **$92,851** | [Outlook](index=36&type=section&id=Outlook) ESRT is well-positioned despite economic uncertainty, with diversified income streams, a modernized NYC portfolio, strong balance sheet, and no near-term debt maturities - The company believes it is in a good competitive position with diversified drivers of income across office, retail, multifamily, and the Empire State Building Observatory[180](index=180&type=chunk) - The business is supported by a well-positioned balance sheet, modest leverage, good access to liquidity, and the absence of near-term debt maturities[181](index=181&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) Primary market risk is interest rate changes, mitigated by **$2.1 billion** fixed-rate debt at **4.30%** and **$448.5 million** in interest rate swaps/caps - As of March 31, 2025, the weighted average interest rate on the **$2.1 billion** of fixed-rate indebtedness was **4.30%** per annum[185](index=185&type=chunk) - The company has interest rate swap and cap agreements with an aggregate notional value of **$448.5 million** to manage interest rate risk on floating-rate debt[184](index=184&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[188](index=188&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[189](index=189&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Legal proceedings, detailed in Note 9, include an ongoing arbitration dispute with former investors, which the company believes is meritless - For a description of legal proceedings, the report refers to Note 9 of the financial statements[190](index=190&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors were reported from the Annual Report on Form 10-K for the year ended December 31, 2024 - As of March 31, 2025, there have been no material changes to the risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024[191](index=191&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered equity sales or Q1 2025 repurchases occurred under the **$500 million** program, though **$2.1 million** of stock was repurchased subsequently - There were no repurchases of equity securities during the three months ended March 31, 2025, with **$500.0 million** remaining available under the repurchase authorization as of that date[193](index=193&type=chunk) - Subsequent to March 31, 2025, through May 7, 2025, ESRT repurchased **$2.1 million** of its Class A common stock at a weighted average price of **$6.90** per share[193](index=193&type=chunk) [Item 6. Exhibits](index=39&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and XBRL data files ```

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 ...

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, 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: 001-36106 EMPIRE STATE REALTY OP, L.P. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

Exhibit 99.2 Fourth Quarter 2024 | 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 Ex ...

[Forward-looking Statements](index=2&type=section&id=Forward-looking%20Statements) Forward-looking statements are not guarantees of future performance and are based on current information, subject to substantial risks and uncertainties[3](index=3&type=chunk)[22](index=22&type=chunk)[93](index=93&type=chunk) [Supplemental Definitions](index=3&type=section&id=Supplemental%20Definitions) [Funds From Operations (FFO)](index=3&type=section&id=Funds%20From%20Operations%20%28FFO%29) FFO is a NAREIT-defined non-GAAP financial measure, outlining its calculation, utility for investors in understanding REIT performance, and inherent limitations - FFO is a **non-GAAP measure** defined by NAREIT, excluding depreciation, gains/losses from property sales, and other items from GAAP net income, useful for comparing REIT performance but limited as it doesn't capture property value changes or capital expenditures[4](index=4&type=chunk)[123](index=123&type=chunk) [Modified Funds From Operations (Modified FFO)](index=3&type=section&id=Modified%20Funds%20From%20Operations%20%28Modified%20FFO%29) Modified FFO is a supplemental measure that adjusts traditional FFO by adding back the amortization of above or below-market ground leases, useful for evaluating operating performance due to its non-cash accounting treatment - Modified FFO adjusts traditional FFO by adding back above or below-market ground lease amortization, considered **useful for evaluating operating performance** due to non-cash accounting treatment[23](index=23&type=chunk)[95](index=95&type=chunk) [Core Funds From Operations (Core FFO)](index=3&type=section&id=Core%20Funds%20From%20Operations%20%28Core%20FFO%29) Core FFO is an important supplemental measure of operating performance, refining Modified FFO by excluding non-recurring items such as loss on early extinguishment of debt, acquisition expenses, and severance expenses - Core FFO further adjusts Modified FFO by excluding non-recurring items like loss on early extinguishment of debt, acquisition expenses, and severance expenses, providing a **supplemental measure of operating performance**[5](index=5&type=chunk)[124](index=124&type=chunk) [Core Funds Available for Distribution (Core FAD)](index=3&type=section&id=Core%20Funds%20Available%20for%20Distribution%20%28Core%20FAD%29) Core FAD is a supplemental disclosure to Core FFO, incorporating adjustments for non-real estate depreciation, deferred financing costs, non-cash compensation, and deducting straight-line rent, market rent adjustments, and recurring capital improvements, to provide insight into the company's ability to fund dividends - Core FAD is derived from Core FFO by adding non-real estate depreciation/amortization, deferred financing costs, non-cash compensation, and deducting straight-line rent, market rent adjustments, and recurring capital improvements, serving as a **supplemental disclosure for dividend funding ability**[24](index=24&type=chunk)[96](index=96&type=chunk) [Net Operating Income (NOI) and Property Cash NOI](index=3&type=section&id=Net%20Operating%20Income%20%28NOI%29%20and%20Property%20Cash%20NOI) This section defines Net Operating Income (NOI) as a non-GAAP measure for evaluating property performance by excluding financing costs, depreciation, and general and administrative expenses, and introduces Property Cash NOI, which further excludes non-cash rental revenues and straight-line ground rent expense, offering a cash-based view of property-level operating performance - NOI is a **non-GAAP measure** used to evaluate property performance by excluding financing costs, depreciation, and G&A. Property Cash NOI further excludes non-cash rental revenues and straight-line ground rent expense, offering a **cash-based view of operating performance** at the property level[6](index=6&type=chunk)[25](index=25&type=chunk)[97](index=97&type=chunk) [Same Store](index=4&type=section&id=Same%20Store) The 'Same Store' definition ensures meaningful comparisons of Net Operating Income (NOI) across periods by including properties owned throughout the entire comparative period and excluding recent acquisitions, dispositions, properties held-for-sale, those in receivership, and multifamily properties - "Same Store" refers to properties owned throughout the entire comparative period, excluding recent acquisitions, dispositions, properties held-for-sale, those in receivership, and multifamily properties, to ensure **meaningful period-over-period NOI comparisons**[7](index=7&type=chunk)[98](index=98&type=chunk) [EBITDA and Adjusted EBITDA](index=5&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) This section defines EBITDA as net income adjusted for interest expense, income taxes, and depreciation/amortization, serving as an indicator of the company's ability to incur and service debt, with Adjusted EBITDA further refining this by adding back impairment charges and (gain) loss on property disposition - EBITDA is calculated as net income plus interest expense, income taxes, and depreciation/amortization, providing an **indicator of debt incurrence and service ability**. Adjusted EBITDA further adds back impairment charges and (gain) loss on property disposition[27](index=27&type=chunk)[99](index=99&type=chunk) [Net Debt to Adjusted EBITDA](index=5&type=section&id=Net%20Debt%20to%20Adjusted%20EBITDA) Net Debt to Adjusted EBITDA is defined as the company's pro-rata share of gross debt less cash and cash equivalents, divided by its pro-rata share of trailing twelve months Adjusted EBITDA, used by management to assess overall financial flexibility, capital structure, and leverage - Net Debt to Adjusted EBITDA is computed as pro-rata gross debt less cash and cash equivalents divided by pro-rata trailing twelve months Adjusted EBITDA, used by management to **assess financial flexibility, capital structure, and leverage**[8](index=8&type=chunk)[114](index=114&type=chunk) [Company Profile](index=5&type=section&id=Company%20Profile) [Company Overview](index=6&type=section&id=Company%20Overview) Empire State Realty Trust (ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized office, retail, and multifamily assets, with its flagship Empire State Building Observatory recognized as a top global attraction and the company noted for its energy efficiency - Empire State Realty Trust (ESRT) is a NYC-focused REIT owning and operating modernized office, retail, and multifamily assets, with the Empire State Building Observatory recognized as the **1 Attraction in the World by Tripadvisor in 2024**[101](index=101&type=chunk) [Board of Directors](index=6&type=section&id=BOARD%20OF%20DIRECTORS) The Board of Directors comprises ten members, including the Chairman and CEO, an independent lead director, and chairs for the Compensation, Audit, Finance, and Nominating & Corporate Governance Committees, ensuring diverse oversight - The Board of Directors includes Anthony E. Malkin (Chairman and CEO), Thomas J. DeRosa (Director, Chair of Compensation Committee), Steven J. Gilbert (Lead Independent Director), S. Michael Giliberto (Chair of Audit Committee), Patricia S. Han, Grant H. Hill, R. Paige Hood (Chair of Finance Committee), James D. Robinson IV (Chair of Nominating and Corporate Governance Committee), Christina Van Tassell, and Hannah Yang[9](index=9&type=chunk)[28](index=28&type=chunk) [Executive Management](index=6&type=section&id=EXECUTIVE%20MANAGEMENT) The executive management team includes the Chairman and Chief Executive Officer, Executive Vice President of Real Estate, and Executive Vice President, Chief Financial Officer & Chief Accounting Officer, leading the company's strategic and operational functions - Key executive management includes Anthony E. Malkin (Chairman and Chief Executive Officer), Christina Chiu (Executive Vice President, Real Estate), Thomas P. Durels (Executive Vice President, Chief Financial Officer & Chief Accounting Officer), and Steve Horn[9](index=9&type=chunk)[102](index=102&type=chunk) [Company Information](index=6&type=section&id=COMPANY%20INFORMATION) The company's corporate headquarters are located in New York City, and its shares are traded on the New York Stock Exchange under the symbol ESRT, with investor relations contact details and research coverage information provided - ESRT's corporate headquarters are at 111 West 33rd Street, 12th Floor, New York, NY 10120, with its trading symbol **ESRT** on the New York Stock Exchange[29](index=29&type=chunk)[102](index=102&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets provide a snapshot of the company's financial position, showing total assets, liabilities, and equity, along with key components like cash, mortgage notes, and senior unsecured notes, for the second quarter of 2024 compared to the previous quarter Condensed Consolidated Balance Sheets (June 30, 2024 vs. March 31, 2024) | Metric | June 30, 2024 (thousands) | March 31, 2024 (thousands) | | :----- | :------------------------ | :------------------------- | | Total Assets | $4,433,250 | $4,190,587 | | Total Liabilities | $2,682,034 | $2,465,853 | | Total Equity | $1,751,216 | $1,724,734 | | Cash and cash equivalents | $535,533 | $333,573 | | Mortgage notes payable, net | $700,348 | $876,497 | | Senior unsecured notes, net | $1,196,831 | $973,926 | | Debt associated with property in receivership | $177,667 | $- | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations detail the company's financial performance, including total revenues, operating expenses, net income, and earnings per share, for the three months ended June 30, 2024, and comparative periods Condensed Consolidated Statements of Operations (Three Months Ended June 30, 2024 vs. March 31, 2024) | Metric | June 30, 2024 (thousands) | March 31, 2024 (thousands) | | :----- | :------------------------ | :------------------------- | | Total revenues | $189,543 | $181,179 | | Total operating expenses | $150,182 | $150,116 | | Total operating income | $39,361 | $31,063 | | Net income | $28,555 | $10,215 | | Net income attributable to common stockholders | $17,071 | $5,661 | | Basic and diluted EPS | $0.10 | $0.03 | | Dividends per share | $0.035 | $0.035 | - Rental revenue for Q2 2024 was **$152,470 thousand**, slightly down from **$153,882 thousand** in Q1 2024. Observatory revenue increased significantly to **$34,124 thousand** in Q2 2024 from **$24,596 thousand** in Q1 2024[31](index=31&type=chunk) [Highlights](index=9&type=section&id=Highlights) Key Financial and Operational Highlights (June 30, 2024 vs. March 31, 2024) | Metric | June 30, 2024 | March 31, 2024 | | :----- | :------------ | :------------- | | Total rentable square footage | 8,549,496 | 9,332,569 | | Percent occupied | 88.5% | 87.6% | | Percent leased | 92.6% | 91.1% | | Total Same Store Property Cash NOI | $71,507 | $66,836 | | Multifamily Cash NOI | $4,533 | $4,217 | | Observatory NOI | $25,166 | $16,165 | | Observatory visitors | 648,000 | 485,000 | | Net Debt to Adjusted EBITDA | 5.1x | 5.3x | | Core FFO Payout Ratio | 15% | 17% | | Core FAD Payout Ratio | 30% | 109% | | Core FFO per share - diluted | $0.24 | $0.21 | | Class A common stock price at quarter end | $9.38 | $10.13 | | Dividends declared and paid per share | $0.035 | $0.035 | - Total rentable square footage decreased from **9,332,569** in Q1 2024 to **8,549,496** in Q2 2024[33](index=33&type=chunk) - Observatory visitors increased by **33.6% QoQ**, from **485,000** in Q1 2024 to **648,000** in Q2 2024, though year-over-year change was **-2.7%**[33](index=33&type=chunk) [Property Performance & Leasing](index=9&type=section&id=Property%20Performance%20%26%20Leasing) [Property Summary - Net Operating Income (NOI)](index=9&type=section&id=Property%20Summary%20-%20Net%20Operating%20Income%20%28NOI%29) This section provides a detailed breakdown of Net Operating Income (NOI) and Cash NOI for the company's properties, including Same Store, Manhattan Office, Greater New York Office, Retail, and Multifamily portfolios, highlighting the adjustments from net income to these non-GAAP measures [Same Store Net Operating Income (NOI) and Initial Cash Rent](index=10&type=section&id=Same%20Store%20Net%20Operating%20Income%20%28%22NOI%22%29%2C%20Initial%20Cash%20Rent%20Contributing%20to%20Cash%20NOI) Same Store Property Cash NOI (excluding lease termination fees) (thousands) | Portfolio | June 30, 2024 | March 31, 2024 | YoY Change (Q2 2024 vs Q2 2023) | | :-------- | :------------ | :------------- | :------------------------------ | | Total Same Store Property Cash NOI | $71,507 | $66,836 | 7.4% | | Same Store Manhattan Office | $67,165 | $63,911 | 7.0% | | Same Store Greater New York Metropolitan Area Office | $1,825 | $1,383 | -15.8% | | Same Store Retail | $2,517 | $1,542 | 56.4% | Initial Cash Rent Contributing to Cash NOI from Burn-off of Free Rent and Signed Leases not Commenced (thousands) | Expected Cash Commencement | 2024 | 2025 | 2026 | 2027 | 2028 | | :----------------------- | :--- | :--- | :--- | :--- | :--- | | Third quarter 2024 | $2,722 | $6,656 | $6,656 | $6,538 | $6,019 | | Fourth quarter 2024 | $331 | $5,007 | $5,007 | $4,997 | $4,746 | | Total | $3,053 | $19,132 | $34,848 | $46,583 | $46,095 | [Multifamily NOI](index=12&type=section&id=Multifamily%20NOI) Multifamily NOI (thousands) | Metric | June 30, 2024 | March 31, 2024 | | :----- | :------------ | :------------- | | Revenues | $9,161 | $8,472 | | Operating expenses | $(4,578) | $(4,209) | | NOI | $4,583 | $4,263 | | Cash NOI | $4,533 | $4,217 | - Multifamily NOI figures are presented at **100% ownership** starting Q2 2024, following the acquisition of non-controlling interest in joint venture properties on March 28, 2024. Prior periods reflect ESRT's pro-rata **90% share**[109](index=109&type=chunk) [Leasing Activity](index=11&type=section&id=Leasing%20Activity) This section details the company's leasing performance, including total leases executed, weighted average lease terms, average free rent periods, and key financial metrics like average starting cash rent per square foot and leasing commission/tenant improvement costs for office and retail portfolios [Leasing Activity by Quarter](index=14&type=section&id=Leasing%20Activity%20by%20Quarter) Total Office and Retail Portfolio Leasing Activity (Q2 2024 vs. Q1 2024) | Metric | June 30, 2024 | March 31, 2024 | | :----- | :------------ | :------------- | | Total leases executed | 35 | 25 | | Weighted average lease term | 7.0 years | 7.9 years | | Average free rent period | 7.4 months | 7.9 months | | Total square footage executed | 271,981 | 369,720 | | Average starting cash rent psf - leases executed | $67.41 | $66.27 | | Percentage of new cash rent over previously escalated rents | 2.7% | 4.9% | | Total LC and TI per square foot | $84.56 | $85.99 | | Total LC and TI per square foot per year of weighted average lease term | $12.14 | $10.92 | | Occupancy | 88.5% | 87.6% | - For Manhattan Office Portfolio, new leases' average starting cash rent psf was **$67.44** (Q2 2024), a **4.8% increase** over previously escalated rents. Renewal leases saw a **(2.4)% decrease**[110](index=110&type=chunk) - Retail Portfolio new cash rent over previously escalated rents was **21.5%** in Q2 2024, a significant increase from **5.5%** in Q1 2024[111](index=111&type=chunk) [Commercial Property Detail](index=13&type=section&id=Commercial%20Property%20Detail) This section provides a detailed overview of the company's commercial properties, including Manhattan Office, Greater New York Office, and Retail portfolios, listing rentable square footage, percent leased, annualized rent, and the number of leases for each property Commercial Property Portfolio Summary (as of June 30, 2024) | Property Type | Rentable Square Feet | Percent Leased | Annualized Rent | Annualized Rent per Square Foot Occupied | Number of Leases | | :------------ | :------------------- | :------------- | :-------------- | :--------------------------------------- | :--------------- | | Office - Manhattan | 7,570,303 | 93.3% | $432,127,080 | $64.27 | 470 | | Office - Greater New York Metropolitan Area | 281,985 | 73.3% | $11,279,809 | $56.54 | 19 | | Retail Properties | 697,208 | 93.5% | $91,330,936 | $141.85 | 84 | | **Portfolio Total** | **8,549,496** | **92.6%** | **$534,737,825** | **$70.67** | **573** | - The Empire State Building is the largest property with **2,713,930 rentable square feet** and **93.4% leased**[112](index=112&type=chunk) [Portfolio Expirations and Vacates Summary](index=14&type=section&id=Portfolio%20Expirations%20and%20Vacates%20Summary) This section provides a summary of actual and forecasted lease expirations and vacates for the total office and retail portfolio, as well as breakdowns for Manhattan Office, Greater New York Office, and Retail properties, including renewals, new leases, and unknown intentions Total Office and Retail Portfolio Expirations and Vacates (Square Feet) | Period | Total Expirations | Renewals & Relocations | New Leases | Vacates | Unknown | | :----- | :---------------- | :--------------------- | :--------- | :------ | :------ | | Q2 2024 (Actual) | 121,378 | 18,004 | 70,641 | 32,733 | - | | Q3 2024 (Forecast) | 181,889 | 55,822 | 24,260 | 101,807 | - | | Q4 2024 (Forecast) | 143,199 | 19,094 | 6,738 | 102,443 | 14,924 | | Full Year 2025 (Forecast) | 559,315 | 111,712 | 141,747 | 170,712 | 135,144 | - For Q2 2024, new leases executed (**70,641 sq ft**) significantly exceeded renewals (**18,004 sq ft**) and vacates (**32,733 sq ft**) for the total office and retail portfolio[118](index=118&type=chunk) [Tenant Lease Expirations](index=15&type=section&id=Tenant%20Lease%20Expirations) This section provides a detailed schedule of lease expirations for the company's office and retail portfolios, broken down by year and property type, including rentable square feet expiring, percentage of portfolio, and annualized rent [Total Office and Retail Lease Expirations](index=19&type=section&id=Total%20Office%20and%20Retail%20Lease%20Expirations) Total Office and Retail Lease Expirations (as of June 30, 2024) | Year | Rentable Square Feet Expiring | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent | Percent of Annualized Rent | | :--- | :---------------------------- | :------------------------------------------------- | :-------------- | :------------------------- | | 2024 | 326,505 | 3.9% | $18,848,590 | 3.5% | | 2025 | 559,315 | 6.5% | $40,561,749 | 7.5% | | 2026 | 588,107 | 6.9% | $36,918,071 | 6.9% | | 2027 | 700,719 | 8.2% | $48,983,013 | 9.2% | | 2028 | 937,982 | 11.0% | $54,913,877 | 10.3% | | Thereafter | 1,822,843 | 21.2% | $125,458,340 | 23.5% | | **Total** | **8,549,496** | **100.0%** | **$534,737,827** | **100.0%** | [Manhattan Office Properties Lease Expirations](index=19&type=section&id=Manhattan%20Office%20Properties%20Lease%20Expirations) Manhattan Office Properties Lease Expirations (as of June 30, 2024) | Year | Rentable Square Feet Expiring | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent | Percent of Annualized Rent | | :--- | :---------------------------- | :------------------------------------------------- | :-------------- | :------------------------- | | 2024 | 309,122 | 4.2% | $17,873,187 | 4.2% | | 2025 | 512,140 | 6.8% | $34,515,963 | 8.0% | | 2026 | 493,118 | 6.5% | $31,080,105 | 7.2% | | 2027 | 624,784 | 8.3% | $40,146,523 | 9.3% | | 2028 | 921,448 | 12.2% | $53,020,553 | 12.3% | | Thereafter | 1,694,074 | 22.3% | $110,629,355 | 25.5% | | **Total** | **7,570,303** | **100.0%** | **$432,127,080** | **100.0%** | [Greater New York Metropolitan Area Office Portfolio Lease Expirations](index=20&type=section&id=Greater%20New%20York%20Metropolitan%20Area%20Office%20Portfolio%20Lease%20Expirations) Greater New York Metropolitan Area Office Portfolio Lease Expirations (as of June 30, 2024) | Year | Rentable Square Feet Expiring | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent | Percent of Annualized Rent | | :--- | :---------------------------- | :------------------------------------------------- | :-------------- | :------------------------- | | 2024 | 2,540 | 0.9% | $63,500 | 0.6% | | 2025 | 23,304 | 8.3% | $1,398,587 | 12.4% | | 2026 | 23,268 | 8.3% | $1,395,039 | 12.4% | | 2027 | 21,546 | 7.6% | $1,214,780 | 10.8% | | 2028 | 11,480 | 4.1% | $635,538 | 5.6% | | Thereafter | 63,173 | 22.5% | $3,480,347 | 30.8% | | **Total** | **281,985** | **100.0%** | **$11,279,809** | **100.0%** | [Retail Properties Lease Expirations](index=20&type=section&id=Retail%20Properties%20Lease%20Expirations) Retail Properties Lease Expirations (as of June 30, 2024) | Year | Rentable Square Feet Expiring | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent | Percent of Annualized Rent | | :--- | :---------------------------- | :------------------------------------------------- | :-------------- | :------------------------- | | 2024 | 14,843 | 2.2% | $911,903 | 1.0% | | 2025 | 23,871 | 3.4% | $4,647,199 | 5.0% | | 2026 | 71,721 | 10.3% | $4,442,926 | 4.9% | | 2027 | 54,389 | 7.8% | $7,621,710 | 8.3% | | 2028 | 5,054 | 0.7% | $1,257,786 | 1.4% | | Thereafter | 128,769 | 18.5% | $14,828,985 | 16.4% | | **Total** | **697,208** | **100.0%** | **$91,330,937** | **100.0%** | [Largest Tenants and Portfolio Tenant Diversification by Industry](index=17&type=section&id=Largest%20Tenants%20and%20Portfolio%20Tenant%20Diversification%20by%20Industry) This section identifies the top 20 largest tenants by occupied square feet and annualized rent, and illustrates the diversification of the portfolio's tenant base across various industries based on annualized rent [20 Largest Tenants](index=21&type=section&id=20%20Largest%20Tenants) Top 5 Largest Tenants (as of June 30, 2024) | Tenant | Property | Lease Expiration | Weighted Average Remaining Lease Term | Total Occupied Square Feet | Percent of Portfolio Rentable Square Feet | Annualized Rent | Percent of Portfolio Annualized Rent | | :----- | :------- | :--------------- | :------------------------------------ | :------------------------- | :---------------------------------------- | :-------------- | :----------------------------------- | | LinkedIn | Empire State Building | Aug. 2036 | 12.2 years | 501,409 | 5.90% | $35,069,711 | 6.60% | | Flagstar Bank | 1400 Broadway | Aug. 2039 | 15.2 years | 313,109 | 3.70% | $18,792,986 | 3.50% | | Centric Brands Inc. | Empire State Building | Oct. 2028 | 4.3 years | 252,929 | 3.00% | $13,969,655 | 2.60% | | PVH Corp. | 501 Seventh Avenue | Oct. 2028 | 4.3 years | 237,281 | 2.80% | $12,302,889 | 2.30% | | Sephora | 112 West 34th Street | Jan. 2029 | 4.6 years | 11,334 | 0.10% | $10,543,956 | 2.00% | - The top 20 largest tenants collectively account for **33.1% of total occupied square feet** and **37.6% of portfolio annualized rent**[45](index=45&type=chunk) [Portfolio Tenant Diversification by Industry](index=22&type=section&id=Portfolio%20Tenant%20Diversification%20by%20Industry) - The portfolio shows diversification across industries, with significant portions in **Finance, Insurance and Real Estate (17.9%)**, **Consumer Goods (10.1%)**, and **Professional Services (3.5%)**. Other industries include Broadcast, Retail, Healthcare, Government, Non-profit, Technology, Arts & Entertainment, and Legal Services[46](index=46&type=chunk)[70](index=70&type=chunk) [Capital Expenditures and Redevelopment Program](index=18&type=section&id=Capital%20Expenditures%20and%20Redevelopment%20Program) This section outlines the company's capital expenditures for tenant improvements, leasing commissions, and building improvements, along with an inventory of current vacant space, indicating future leasing opportunities [Capital Expenditures](index=23&type=section&id=Capital%20expenditures) Capital Expenditures (thousands) | Category | June 30, 2024 | March 31, 2024 | | :------- | :------------ | :------------- | | Tenant improvements - second generation | $25,087 | $27,404 | | Leasing commissions - second generation | $3,807 | $9,730 | | Building improvements - second generation | $11,362 | $13,509 | | Non-recurring capital improvements | $5,979 | $6,464 | | **Total** | **$46,364** | **$57,142** | [Leasing Opportunity - Inventory of Current Vacant Space](index=23&type=section&id=Leasing%20Opportunity%20-%20Inventory%20of%20Current%20Vacant%20Space%20as%20of%20June%2030%2C%202024) - The total portfolio vacant space includes signed leases not commenced for Manhattan Office (**336,109 sq ft**), Greater New York Office (**7,137 sq ft**), and Retail Properties (**7,829 sq ft**)[48](index=48&type=chunk)[72](index=72&type=chunk) [Observatory Operations](index=19&type=section&id=Observatory%20Summary) [Observatory Summary](index=24&type=section&id=Observatory%20Summary) This section provides a summary of the Empire State Building Observatory's financial performance and key operational metrics, including revenue, expenses, NOI, visitor numbers, and the impact of bad weather days Observatory NOI and Metrics (thousands, except visitors) | Metric | June 30, 2024 | March 31, 2024 | YoY Change in Visitors (Q2 2024 vs Q2 2023) | | :----- | :------------ | :------------- | :------------------------------------------ | | Observatory revenue | $34,124 | $24,596 | | | Observatory expenses | $8,958 | $8,431 | | | NOI | $25,166 | $16,165 | | | NOI after intercompany rent | $4,186 | $98 | | | Number of visitors | 648,000 | 485,000 | (2.7)% | | Number of bad weather days | 8 | 17 | | - Observatory revenue increased significantly from **$24,596 thousand** in Q1 2024 to **$34,124 thousand** in Q2 2024, with visitor numbers rising from **485,000** to **648,000** over the same period[73](index=73&type=chunk) [Financial Information (Non-GAAP & Debt)](index=20&type=section&id=Financial%20information) [FFO, Modified FFO, Core FFO, FAD and EBITDA](index=20&type=section&id=FFO%2C%20Modified%20FFO%2C%20Core%20FFO%2C%20FAD%20and%20EBITDA) This section reconciles GAAP net income to key non-GAAP metrics: FFO, Modified FFO, Core FFO, Core FAD, and EBITDA, providing per-share amounts and highlighting adjustments for non-recurring items and non-cash expenses Reconciliation of Net Income to FFO, Modified FFO, Core FFO, Core FAD, and EBITDA (thousands, except per share) | Metric | June 30, 2024 | March 31, 2024 | | :----- | :------------ | :------------- | | Net Income | $28,555 | $10,215 | | FFO attributable to common stockholders and the Operating Partnership | $63,099 | $54,018 | | Modified FFO attributable to common stockholders and the Operating Partnership | $65,057 | $55,976 | | Core FFO attributable to common stockholders and the Operating Partnership | $65,685 | $56,529 | | Core FFO per share - diluted | $0.24 | $0.21 | | Core FAD | $32,521 | $8,846 | | EBITDA | $102,729 | $80,769 | | Adjusted EBITDA | $91,926 | $80,769 | - Core FAD significantly increased from **$8,846 thousand** in Q1 2024 to **$32,521 thousand** in Q2 2024[51](index=51&type=chunk) - Beginning Q4 2023, the deduction of other non-recurring capital improvements from Core FFO to arrive at Core FAD was **eliminated**, impacting comparative Core FAD payout ratios[14](index=14&type=chunk)[76](index=76&type=chunk) [Consolidated Debt Analysis](index=21&type=section&id=Consolidated%20Debt%20Analysis) This section provides a detailed overview of the company's debt structure, including a summary of debt types, weighted average interest rates, and maturities, along with a breakdown of individual debt instruments and their specific terms, and a schedule of future debt maturities and ground lease commitments [Debt Summary](index=27&type=section&id=Debt%20Summary) Debt Summary (thousands) | Debt Type | June 30, 2024 Balance | June 30, 2024 Weighted Interest Rate | June 30, 2024 Average Maturity (Years) | | :-------- | :-------------------- | :----------------------------------- | :------------------------------------- | | Mortgage debt | $713,177 | 3.64% | 5.8 | | Senior unsecured notes | $1,200,000 | 4.69% | 5.8 | | Unsecured term loan facilities | $270,000 | 4.19% | 3.3 | | Unsecured revolving credit facility | $120,000 | 4.04% | 4.7 | | **Total fixed rate debt** | **$2,303,177** | **4.27%** | **5.4** | Covenant Summary (as of June 30, 2024) | Covenant | Required | Current Quarter | In Compliance | | :------- | :------- | :-------------- | :------------ | | Maximum Total Leverage | <60% | 32.7% | Yes | | Maximum Secured Leverage | <40% | 11.1% | Yes | | Minimum Fixed Charge Coverage | >1.50x | 3.2x | Yes | | Minimum Unencumbered Interest Coverage | >1.75x | 5.6x | Yes | [Debt Detail](index=22&type=section&id=Debt%20Detail) - The company's debt portfolio includes various mortgage debts, unsecured term loan facilities, unsecured revolving credit facilities, and senior unsecured notes, with interest rates ranging from **2.83% to 7.41%**[86](index=86&type=chunk) - In July 2024, the Metro Center loan was refinanced to a new principal balance of **$72 million**, interest-only at **3.6%**, maturing November 2029 with a one-year extension option[80](index=80&type=chunk)[89](index=89&type=chunk) [Debt Maturities](index=23&type=section&id=Debt%20Maturities) Debt Maturity Profile (thousands) | Year | Maturities | Amortization | Total | Percentage of Total Debt | Weighted Average Interest Rate of Maturing Debt | | :--- | :--------- | :----------- | :---- | :----------------------- | :---------------------------------------------- | | 2024 | $77,675 | $2,827 | $80,502 | 3.5% | 3.59% | | 2025 | $100,000 | $3,664 | $103,664 | 4.5% | 3.93% | | 2026 | $225,000 | $3,957 | $228,957 | 9.9% | 4.06% | | 2027 | $155,000 | $4,276 | $159,276 | 6.9% | 4.13% | | 2028 | $146,092 | $3,556 | $149,648 | 6.5% | 4.06% | | 2029 | $370,000 | $3,988 | $373,988 | 16.2% | 5.42% | | 2030 | $508,600 | $4,413 | $513,013 | 22.3% | 3.67% | | Thereafter | $684,007 | $10,122 | $693,130 | 30.1% | 4.20% | | **Total debt** | **$2,266,374** | **$36,803** | **$2,303,177** | **100.0%** | **4.27%** | [Ground Lease Commitments](index=23&type=section&id=Ground%20Lease%20Commitments) Ground Lease Commitments (thousands) | Year | 1350 Broadway | 1400 Broadway | 111 West 33rd Street | Total | | :--- | :------------ | :------------ | :------------------- | :---- | | 2024 | $54 | $338 | $368 | $760 | | 2025 | $108 | $675 | $735 | $1,518 | | 2026 | $93 | $675 | $735 | $1,503 | | 2027 | $72 | $675 | $735 | $1,482 | | 2028 | $72 | $675 | $735 | $1,482 | | Thereafter | $1,584 | $23,625 | $35,586 | $60,795 | | **Total** | **$1,983** | **$26,663** | **$38,894** | **$67,540** | - The ground lease commitments have **no fair value market resets, no step-ups, and no escalations**[89](index=89&type=chunk)

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 March 31, 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: 001-36106 EMPIRE STATE REALTY OP, L.P. (Exact name of Registrant as specified in its charter) | Large accelerated filer | ☒ | Accelerated filer | ...