Forward-looking Statements Forward-looking statements are not guarantees of future performance and are based on current information, subject to substantial risks and uncertainties32293 Supplemental Definitions Funds From Operations (FFO) 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 expenditures4123 Modified Funds From Operations (Modified FFO) 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 treatment2395 Core Funds From Operations (Core FFO) 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 performance5124 Core Funds Available for Distribution (Core FAD) 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 ability2496 Net Operating Income (NOI) and Property Cash NOI 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 level62597 Same Store 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 comparisons798 EBITDA and Adjusted EBITDA 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 disposition2799 Net Debt to Adjusted EBITDA 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 leverage8114 Company Profile Company Overview 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 2024101 Board of Directors 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 Yang928 Executive Management 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 Horn9102 Company Information 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 Exchange29102 Financial Statements Condensed Consolidated Balance Sheets 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 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 202431 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 202433 - 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 Property Performance & Leasing Property Summary - Net Operating Income (NOI) 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 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 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% share109 Leasing Activity 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 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)% decrease110 - Retail Portfolio new cash rent over previously escalated rents was 21.5% in Q2 2024, a significant increase from 5.5% in Q1 2024111 Commercial Property Detail 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% leased112 Portfolio Expirations and Vacates Summary 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 portfolio118 Tenant Lease Expirations 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 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 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 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 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 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 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 rent45 Portfolio Tenant Diversification by Industry - 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 Services4670 Capital Expenditures and Redevelopment Program 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 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 - 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)4872 Observatory Operations Observatory Summary 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 period73 Financial Information (Non-GAAP & Debt) FFO, Modified FFO, Core FFO, FAD and EBITDA 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 202451 - 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 ratios1476 Consolidated Debt Analysis 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 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 - 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 - 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 option8089 Debt Maturities 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 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 escalations89
Empire State Realty OP(FISK) - 2024 Q2 - Quarterly Results