ESRT

NEW YORK, August 05, 2026--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company"), today announced that its Board of Directors has declared a dividend of $0.035 per share for the third quarter of 2026, payable to holders of the Company’s Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.’s ("ESRO") Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units. The Board of Directors has declared a dividend of $0.15 per unit for the third quarter of 2026, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the third quarter of 2026, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units. The dividends will be payable in cash on September 30, 2026, to stockholders or unitholders, as applicable, of record at the close of business on September 15, 2026. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the "World's Most Famous Building," features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT’s portfolio is comprised of approximately 7.5 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the federal securities laws. 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 those safe harbor provisions. You can identify these statements by use of words such as "aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company’s filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise. Category: FINANCIAL View source version on businesswire.com: https://www.businesswire.com/news/home/20260805512215/en/ Contacts Investors Empire State Realty Trust Investor Relations (212) [email protected]

Empire State Realty Trust (NYSE:ESRT) reported stronger office leasing and continued multifamily growth in the second quarter of 2026, while lower visitation at the Empire State Building Observation Deck weighed on results and prompted the company to reduce its full-year core FFO outlook. Chairman and Chief Executive Officer Tony Malkin said the property portfolio, which represents about 80% of net operating income, delivered strong performance. The commercial portfolio was 94.9% leased at quarter-end, while the company completed several capital-allocation transactions during the period. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The Empire State Building Observation Deck generated approximately $12.4 million of NOI during the second quarter, down from $24.1 million a year earlier. Revenue totaled $24.2 million, while expenses were $11.8 million. Visitation declined about 28.5% year over year, although revenue per capita increased 1.6% after excluding gift shop license fees. Malkin attributed much of the decline to changes in the composition of visitors, particularly reduced international and budget-conscious travel and weakness in attraction pass programs. Historically, more than 60% of Observation Deck visitors were international, he said. More recently, domestic visitors represented more than 60% of visitors during the company’s second-highest traffic week of 2026. → Microsoft Just Flipped the AI Spending Narrative Overnight The company said one pass-program operator went out of business in 2025, and pass-program visitors declined 45% from 2024 year-to-date levels to 2026 year-to-date levels. Malkin said Empire State Realty’s visitation decline has been greater than the broader attraction market because of its historical exposure to international visitors and pass programs. “The biggest change has been the mix of international to domestic, or more importantly, the gutting of the bargain international traveler and the really tremendous decline in our pass program partners,” Malkin said during the question-and-answer session. → Carrier Earnings Could Send the Stock to a New All-Time High Management said it has begun a broad reevaluation of the Observatory business model, including its online marketing approach as consumer search behavior shifts toward artificial intelligence-based search. The company plans to reinvest in the business over the long term while seeking to convert its global brand recognition into revenue through new and existing channels. For 2026, Empire State Realty updated its core FFO guidance range to $0.75 to $0.79 per diluted share. CFO Steve Horn said the outlook uses $55 million of full-year Observation Deck NOI and assumes no improvement in current visitation trends, with expenses similar to first-half levels. The revised assumption represents a $0.13 impact to core FFO compared with prior guidance, partially offset by lower income taxes, higher non-cash rent and real estate tax abatements. Empire State Realty signed 382,000 square feet of leases in the second quarter, including more than 250,000 square feet of new leases, its highest new-leasing volume since the fourth quarter of 2021. The company’s comparable commercial lease percentage rose to 94.9% from 93.8% in the first quarter, excluding the disposed 250 West 57th Street property from both periods. Manhattan office mark-to-market spreads were 17.8%, marking the company’s 20th consecutive quarter of positive spreads. Ryan Kass, executive vice president, co-head of real estate and chief revenue officer, said new leases had an average duration of 12 years. Notable transactions included United Talent Agency’s 101,000-square-foot, 16-year office lease at the Empire State Building. Kass said the deal addresses the company’s largest expiration of 2026, approximately 70,000 square feet, as the prior tenant is expected to vacate in October. Infinium Wall Systems signed a 29,000-square-foot office lease at 1359 Broadway. Instacart signed a 26,000-square-foot office lease at 111 West 33rd Street, which became 100% leased in July. Landmark Management signed a 12,000-square-foot full-floor lease at One Grand Central Place at an average rent of $89, a record for a new transaction at that building. Alfred Dunner renewed 59,000 square feet at 1333 Broadway. The company maintained its year-end commercial occupancy assumption of 90% to 92%. Its leasing and negotiation pipeline totaled 200,000 square feet. Kass said the company has one full floor available at the Empire State Building and has brought an 80,000-square-foot duplex block at One Grand Central Place to market. Multifamily net rents increased 8% during the quarter, and the portfolio was nearly 98% occupied, according to Kass. During the quarter, Empire State Realty completed the sale of 250 West 57th Street for $275 million, including the buyer’s assumption of $180 million in mortgage debt. President Christina Chiu said the sale recycled capital into the company’s prior acquisition of 130 Mercer Street in SoHo without recognizing a taxable gain. The company also acquired the land beneath 111 West 33rd Street and 1400 Broadway for an aggregate $110 million, or about $65 per square foot. The ground leases had below-market annual rent of $1.4 million. Chiu said the transaction reduces FFO but creates a permanent and material increase in real estate value by converting leasehold interests into owned real estate. After quarter-end, the company announced a $245 million unsecured delayed-draw term loan maturing in 2032. Proceeds are expected to be drawn in January 2027 to repay existing debt, including the line of credit. Net debt to trailing 12-month adjusted EBITDA was approximately 6.6 times at the end of the second quarter, and the company said it has no unaddressed debt maturities until January 2028. Horn said second-quarter core FFO was $0.21 per diluted share. Same-store property cash NOI, excluding lease termination fees, increased 3.3% year over year, largely due to about $4 million in prior-period real estate tax abatements. Adjusted for non-recurring items, same-store property cash NOI declined 3.2%, reflecting higher free rent and operating expenses, partly offset by tenant reimbursement income. Empire State Realty Trust, Inc is a publicly traded real estate investment trust (REIT) focused on the ownership, management and operation of office and retail properties. The company's portfolio features the iconic Empire State Building in Midtown Manhattan, alongside a diversified collection of commercial assets situated throughout Manhattan, Brooklyn and select markets in Upstate New York. By offering premium office space and street-level retail, Empire State Realty Trust positions itself as a landlord of choice for corporate tenants, retailers and experiential brands seeking high-profile addresses. Established through a spin-off of assets in early 2013, Empire State Realty Trust consolidated a mix of landmark and Class A properties, creating scale in one of the world's most competitive real estate markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Empire State Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Office leasing reached its highest level since 2021, driven by a flight-to-quality trend where demand is concentrated in modernized, transit-oriented assets owned by well-capitalized landlords. The Observation Deck underperformed due to a significant 45% decline in pass program visitors, which historically catered to budget-conscious international travelers now facing geopolitical and economic pressures. Management is pivoting the Observatory business model to address a shift in visitor demographics, with domestic visitors now representing over 60% of traffic compared to a historical minority. Strategic capital recycling was highlighted by the sale of 250 West 57th Street to fund the acquisition of 130 Mercer Street, effectively deferring taxable gains while upgrading portfolio quality. The acquisition of land beneath two Broadway properties for $110 million was executed to convert leasehold interests into fee-simple ownership, aimed at long-term value creation despite immediate FFO dilution. Sustainability initiatives continue to serve as a primary differentiator for the portfolio, directly supporting tenant retention and record-setting rents in specific assets like One Grand Central Place. Full-year 2026 FFO guidance was revised to $0.75-$0.79, utilizing a conservative $55 million Observatory NOI assumption that projects no near-term improvement in visitation levels. Management is implementing a fresh channel-by-channel marketing approach for the Observatory, specifically adapting online presence to transition from traditional search engine optimization to AI-driven search. Commercial occupancy is projected to reach 90% to 92% by year-end, supported by a healthy 200,000 square foot leasing pipeline and the delivery of space to major tenants like LinkedIn. Operating expenses are expected to be mitigated by a targeted 5% to 10% reduction in run-rate G&A by the end of 2026, with quarterly G&A projected at approximately $17 million. Future capital allocation will remain disciplined, focusing on opportunistic share repurchases and potential dispositions of non-core assets like 1359 Broadway to enhance long-term cash flow per share. The company secured a $245 million unsecured delayed draw term loan maturing in 2032 to proactively address debt maturities through January 2028. Same-store property cash NOI was impacted by a 270 basis point drag from temporary downtime associated with the FDIC lease expiration, though the space has already been re-leased. The collapse of a major pass program operator in 2025 created a structural headwind for the Observatory's traditional international visitor funnel. Real estate tax abatements of approximately $4 million provided a one-time benefit to same-store property cash NOI during the second quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributed the decline primarily to the 'doing of the bargain international traveler' and a massive drop in sales from pass program partners. While all New York attractions saw declines, ESRT's drop was larger due to its prior dominance in the international budget-conscious segment. AI is being utilized internally to adapt marketing for the Observatory as traditional SEO becomes less effective. On the leasing side, AI tenants are actively taking supply off the market, which management believes provides an opportunity to push rents for high-quality space. Management declined to speculate on a future sale or monetization of the Empire State Building Observatory. The current strategic focus is exclusively on 'fixing the business' and adapting the model to current market realities before considering alternative structures.

This article first appeared on GuruFocus. Core FFO: $0.21 per diluted share for Q2 2026. Same-Store Property Cash NOI Growth: Increased 3.3% year-over-year, excluding lease termination fees; decreased 3.2% when adjusted for nonrecurring items. Observation Deck NOI: $12.4 million in Q2 2026, compared to $24.1 million in the prior year period. Observation Deck Revenue: $24.2 million in Q2 2026. Observation Deck Expenses: $11.8 million in Q2 2026. Observation Deck Visitation: Decreased approximately 28.5% year-over-year. Observation Deck Revenue Per Capita: Increased approximately 1.6% year-over-year, excluding gift shop license fees. Core FAD (Funds Available for Distribution): Approximately $16.2 million in Q2 2026, up from $11.9 million in the prior year period. Commercial Portfolio Lease Percentage: 94.9% at quarter end. Leasing Volume: Signed 382,000 square feet in Q2 2026, including over 250,000 square feet of new leases. Mark-to-Market Spreads (Manhattan Office): 17.8% in Q2 2026. Average Lease Duration (New Leases): 12 years. Multifamily Net Rents: Increased 8%. Multifamily Occupancy: Almost 98%. 2026 Core FFO Guidance Range: $0.75 to $0.79 per diluted share. Observation Deck NOI Assumption (Full Year 2026): $55 million. Year-End Occupancy Guidance (Commercial Portfolio): 90% to 92%. Same-Store Property Cash NOI Growth Guidance: Negative 1.5% to positive 2%. G&A Run Rate Guidance: Expected to decline to approximately $17 million per quarter in the second half of 2026. Warning! GuruFocus has detected 7 Warning Signs with ESRT. Is ESRT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong office leasing performance with 382,000 square feet signed in Q2 2026, including over 250,000 square feet of new leases, the highest since Q4 2021. 20th consecutive quarter of positive mark-to-market spreads in Manhattan office, demonstrating sustained pricing power. Commercial portfolio leased at 94.9%, with occupancy expected to increase by year-end 2026. Successful capital recycling through sale of 250 West 57th Street and acquisition of land beneath 111 West 33rd Street and 1400 Broadway, enhancing long-term value. Multifamily portfolio performing well with 8% net rent growth and nearly 98% occupancy. Observation deck NOI dropped significantly to $12.4 million in Q2 2026 from $24.1 million a year ago, with visitation down 28.5% year-over-year. Core FFO guidance reduced to $0.75-$0.79 per share, assuming no improvement in observation deck visitation levels. Same-store property cash NOI declined 3.2% year-over-year, excluding nonrecurring items, due to higher free rent and operating expenses. Significant headwinds from pass program visitors, with a 45% decline from 2024 to 2026 year-to-date, driven by international budget traveler weakness. Uncertainty in observation deck recovery due to geopolitical factors, shift to domestic visitors, and competitive pressures from other attractions. Q: On the Observatory, can you separate what changes have been aside from international tourists, such as ticket pricing, competition, or bad weather, that resulted in the second quarter's performance?A: (Anthony Malkin, Chairman and CEO) The biggest change has been the mix shift from international to domestic, specifically the decline of the budget international traveler and a tremendous decline in our pass program partners. While attractions in New York have generally seen declines, we declined more than others, primarily due to our exposure to these two sectors. We have work to do and new learnings in place, particularly regarding how we appear online, but the biggest item is the change in the budget traveler path to New York and the pass programs. Q: In the guidance, there's no assumed improvement in visitation levels. What did you see in June and July, and did you see any pickup in visitors recently?A: (Anthony Malkin, Chairman and CEO) We don't have much more to add. Our last week was our second highest week in the year for traffic. Interestingly, we saw no bump from the World Cup; it was a distraction. The $55 million NOI framework is based on business continuing as it has been through the end of the year, but we don't want to hold ourselves to that as we lack confidence in the current visibility. Q: On the office side, leasing spreads were positive and occupancy is up, yet cash same-store NOI was negative excluding one-time items. When does the free rent burn-off start to impact same-store growth positively?A: (Stephen Horn, CFO) You start to see some of that flow through. At the Williamsburg portfolio, free rent at H&M burned off during the quarter. On the office side, increases in operating expenses like utility costs are materially offset by higher tenant reimbursement income. However, we had a drag from FDIC downtime of about 230 basis points. LinkedIn takes occupancy for that space this year and begins cash flowing early next year. Q: Can you expand on your thoughts on how you might improve the Observatory business, including the shift to AI search?A: (Anthony Malkin, Chairman and CEO) We will provide updates as our work progresses. We are very focused on our marketing efforts and execution to align with the changing landscape from search engine optimization to AI. This is a new skill set, and we have good work underway to adapt. Aside from that, we have a fantastic brand, and our focus is on moving that brand towards revenue and converting customers. Q: What is your appetite for additional dispositions or share repurchases?A: (Christina Chiu, President and COO) We look at share repurchases as a strategic part of capital allocation, but it won't be the only primary factor. We continue to look at capital recycling within the portfolio. Where there are opportunities to generate more value and good cash flow growth, we would consider it. (Anthony Malkin, Chairman and CEO) It is public knowledge that 1359 Broadway is on the market now. Q: You mentioned historically international travel was around 60% focused on low-budget travelers through pass programs, and more recently it was 60% domestic. Is that a function of shrinking international, and what are the pricing differences?A: (Anthony Malkin, Chairman and CEO) We are an aspirational brand, and the budget-conscious traveler from Europe was the primary customer for these pass programs. That's where we have seen the biggest drop. Our position within the pass programs has not changed, but they have sold many fewer passes. European inbound budget travel is greatly reduced due to war and energy issues. We are happy to see our growth into domestic channels, and it is up to us to execute on other available sales channels. Q: Strategically, would you like to grow traditional office, retail, and multifamily to shrink the contribution from the Observatory?A: (Anthony Malkin, Chairman and CEO) We view the Observatory as a key component of our business that needs work. Headwinds may turn to tailwinds in the future. (Christina Chiu, President and COO) We look at New York City office, retail, and multifamily, reflected in over $1 billion of transactions completed. The Observatory is a strong business with great margins going through a period impacted by international budget-conscious travelers. A few periods of weakness don't deter our long-term view. We are not saying we are acquiring more Observatories, but we will try to grow that contribution along with shifting our portfolio to better quality and cash flow growth. Q: Can you clarify whether the pass program weakness is a direct result of weakness in international tourism or are they differentiated?A: (Christina Chiu, President and COO) They are somewhat intertwined. The pass program channel aggregates attractions, and the Empire State Building has traditionally been a leader. Pass programs cater largely to international and budget-conscious travelers. Because of our dominance, we have more exposure. When that component of our business experiences more weakness due to intertwined factors, that is where we see more of the challenge. We will look to recover those areas and expand the opportunity set for generating cash flows. Q: What are your thoughts on AI demand in the market? Are you well-positioned to benefit from new leasing from AI tenants?A: (Ryan Kass, SVP, Director of Leasing and Marketing) AI has not impacted our portfolio negatively. Our tenants are making long-term commitments, and most transactions we are working on are expansions. The number of AI tenants in the market and deals completed year-to-date exceed 2025. This demand takes supply off the table, giving us an opportunity to push rents. We focus on getting the right tenant that will be there long-term with a high likelihood for expansion. Q: Longer term, once a recovery happens in the Observatory business, could this ever be an asset you decide to monetize?A: (Anthony Malkin, Chairman and CEO) That's still early in the game. Our view right now is to focus on fixing the business. We are just going to get the business fixed and go on from there. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

– Net Loss Per Fully Diluted Share of $(0.15) – – Core FFO Per Fully Diluted Share of $0.21 – – Leased Over 380,000 Square Feet – – Completed Disposition of 250 West 57th Street for $275M – – Acquired Land Under Two Broadway Campus Assets for $110M – – Updates 2026 Core FFO Range – NEW YORK, July 29, 2026--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the "World's Most Famous Building," features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter of 2026. All per share amounts are on a fully diluted basis, where applicable. Second Quarter and Recent Highlights Net Loss of $(0.15) per share. Results include the following items that are excluded from Core Funds From Operations: non-cash goodwill impairment charge of $166.1 million related to our Observatory reporting unit, a $124.6 million gain on the disposition of 250 West 57th Street, and $5.5 million of one-time severance costs included in general and administrative expenses. Core Funds From Operations ("Core FFO") of $0.21 per share. Same-Store Property Cash Net Operating Income ("NOI"), excluding lease termination fees, increased 3.3% year-over-year. The increase was primarily attributed to the receipt of approximately $4.0 million of non-recurring real estate tax abatements, related to prior periods. Adjusted for the non-recurring items, Same-Store Property Cash NOI decreased by 3.2%. This change was primarily attributed to increases in free rent and operating expenses, partially offset by an increase in tenant reimbursement income. The total commercial portfolio was 94.9% leased and 89.4% occupied as of June 30, 2026. Signed 381,799 rentable square feet of commercial leases, inclusive of 363,968 rentable square feet of office leases. In the office portfolio, blended leasing spreads were +17.8%, the 20th consecutive quarter of positive leasing spreads. Empire State Building Observation Deck generated NOI of $12.4 million, with continued impact from reduced international tourism and weakness in the pass program channel. Completed the disposition of 250 West 57th Street for $275 million, which includes the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain. Completed the acquisition of the land under the Company’s 111 West 33rd Street and 1400 Broadway properties for an aggregate price of $110 million, as previously announced. Subsequent to quarter-end, closed on a $245 million unsecured delayed draw term loan that matures in 2032. The Company has no unaddressed debt maturity until January 2028. Property Operations1 As of June 30, 2026, the Company’s property portfolio comprised 7.1 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below. Leasing The tables that follow summarize leasing activity for the second quarter of 2026. During this period, the Company signed 21 leases that totaled 381,799 square feet with an average lease duration of 9.7 years. Average lease duration was 12.0 years for new leases executed in the second quarter. Total Portfolio Office Portfolio Leasing Activity Highlights 16-year 100,948 square foot new office lease with United Talent Agency at Empire State Building. 13-year 28,741 square foot new office lease with Infinium Wall Systems at 1359 Broadway. 8-year 26,134 square foot new office lease with Instacart at 111 West 33rd Street, which is 100% leased as of July 2026. 11-year 12,168 square foot new office lease with Landmark Management at One Grand Central Place. 6-year 59,121 square foot renewal office lease with Alfred Dunner at 1333 Broadway. Balance Sheet The Company had $0.5 billion of total liquidity as of June 30, 2026, which was comprised of $86 million of cash, plus $445 million available under its revolving credit facility. At June 30, 2026, the Company had total debt outstanding of approximately $2.2 billion at a weighted average interest rate of 4.70%. At June 30, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.6x. Subsequent to quarter-end, the Company closed on a $245 million unsecured delayed draw term loan that matures in 2032. Term loan proceeds are expected to be drawn in January 2027 and used to repay existing debt. The Company has no unaddressed debt maturity until January 2028. Portfolio Transaction Activity The Company completed the disposition of 250 West 57th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain. The Company completed the acquisition of the land under its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 and 38 years, respectively, for an aggregate price of $110 million, as previously announced. The transaction enhances the long-term value of the Company’s high-quality portfolio and was funded with balance sheet liquidity. Dividend On June 30, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the second quarter of 2026 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the "Operating Partnership"). On June 30, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the second quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively. Updated 2026 Core FFO Given the uncertain operating environment and limited visibility into near-term performance trends for the Observation Deck, the Company utilizes $55 Million of NOI for the Core FFO range, which assumes no improvement to current visitation levels. More details will be provided on tomorrow’s call. The table below presents a range of potential Core FFO per share outcomes based on key building blocks for the property business and the Observation Deck. These outcomes exclude the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity. The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition), our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Investor Presentation Update The Company has posted on the "Investors" section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations. Webcast and Conference Call Details Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 30, 2026 at 12:00 pm Eastern time. The webcast will be available in the "Investors" section of ESRT’s website. To listen to the live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. Starting shortly after the call until August 13, 2026, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13761043. The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the "Investors" section of ESRT’s website. The Company uses, and intends to continue to use, the "Investors" page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the "Investors" page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the "World's Most Famous Building," features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT’s portfolio is comprised of approximately 7.5 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Forward-Looking Statements This press release 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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as "anticipate," "believe," "expect," "intend," "plan," "project," "estimate," "may," "will," "should," "would," and similar expressions. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729680604/en/ Contacts Investors and Media Empire State Realty Trust Investor Relations (212) [email protected]

NEW YORK, June 25, 2026--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company"), today announced that it will release its second quarter 2026 financial results on Wednesday, July 29, 2026, after the close of markets on the New York Stock Exchange. A conference call will be held on Thursday, July 30, 2026, at 12:00 p.m. Eastern Time. During the conference call, the Company’s officers will review second quarter performance, discuss recent events and conduct a question-and-answer period. The earnings release, supplemental and investor presentation will be available prior to the quarterly conference call on the Company's website, www.esrtreit.com, under "Quarterly Results" in the "Investors" section. Webcast The conference call will also be available in the "Investors" section of the Company’s website at www.esrtreit.com. To listen to a live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 14 days on the Company’s website. To Participate in the Telephone Conference Call: Dial in at least five minutes prior to start time.Domestic: 1-877-407-3982International: 1-201-493-6780 Conference Call Playback:Domestic: 1-844-512-2921International: 1-412-317-6671Passcode: 13761043The playback can be accessed through August 13, 2026 About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the "World's Most Famous Building," features its iconic Observation Deck, ranked the #1 Top Attraction in the United States in Tripadvisor’s 2026 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Source: Empire State Realty Trust, Inc. Category: Earnings View source version on businesswire.com: https://www.businesswire.com/news/home/20260625375074/en/ Contacts Investors Empire State Realty Trust Investor Relations (212) [email protected]

NEW YORK, May 15, 2026--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company"), today announced that its Board of Directors has declared a dividend of $0.035 per share for the second quarter of 2026, payable to holders of the Company’s Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.’s ("ESRO") Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units. The Board of Directors has declared a dividend of $0.15 per unit for the second quarter of 2026, payable to holders of ESRO’s Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the second quarter of 2026, payable to holders of ESRO’s Series 2019 Private Perpetual Preferred Units. The dividends will be payable in cash on June 30, 2026, to stockholders or unitholders, as applicable, of record at the close of business on June 15, 2026. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the "World's Most Famous Building," features its iconic Observation Deck, ranked the #1 Top Attraction in New York City for the fifth consecutive year in Tripadvisor’s 2026 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the federal securities laws. 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 those safe harbor provisions. You can identify these statements by use of words such as "aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company’s filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise. Category: FINANCIAL View source version on businesswire.com: https://www.businesswire.com/news/home/20260515967198/en/ Contacts Investors Empire State Realty Trust Investor Relations (212) 850-2678 [email protected]

Image source: The Motley Fool. April 30, 2026 Chairman, President, and Chief Executive Officer — Anthony E. Malkin Executive Vice President, Chief Financial Officer, and Chief Operating Officer — Christina Chiu Executive Vice President, Leasing — Ryan Kass Executive Vice President, Chief Accounting Officer, and Treasurer — Stephen V. Horn Need a quote from a Motley Fool analyst? Email [email protected] Anthony E. Malkin: Good afternoon, everyone. Yesterday, we reported Empire State Realty Trust, Inc.'s first quarter results. We began the year with solid earnings, steady execution across our portfolio, and continued contribution from the Observatory. We acquired a high-quality retail asset on North 6th Street with recycled investment as part of our concentrated effort to reallocate our balance sheet capacity towards growth, and completed financings which address our debt maturities all the way into 2028 and maintain balance sheet flexibility. Today's environment presents a wide range of macroeconomic outcomes, some of which could adversely affect our business. That said, as we have said consistently, we do not seek to predict the weather. We have an arc. From that arc, we operate from a position of strength and with great latitude. We derive our revenue from diverse income streams and a broad tenant base. A substantial portion of our revenue is from long-term leases, and we maintain high leased percentages, all supported by our balance sheet. We navigate freely and act decisively when opportunities arise. Pages five through nine of our investor presentation available at esrtreit.com highlight our ongoing program to trade into opportunities which provide better prospects for growth at our desired capitalization and levels of risk. Cash flow growth is key to our focus. The Manhattan office leasing environment remained healthy and active for our top-of-tier product. Tenant demand is strong and diverse, availability of high-quality space remains limited, and there is no new construction at our price point. Ryan will provide highlights on occupancy, leased percentage, and what we expect to achieve by year end. Much has been written about AI as a disruptor of office demand. In New York City, our leasing pipeline remains active, tour volume is strong, and tenants across industries continue to make long-term commitments to high-quality space. Office leases executed this quarter averaged over 10.5 years in term. Our commercial portfolio is 93.2% leased. Our leasing pipeline is healthy, and we expect occupancy gains for the full year. We are delighted to have leased the first floor at our 130 Mercer Street acquisition and have a strong pipeline of leases in negotiation which will hit in February, about which Ryan will speak. We achieved our nineteenth consecutive quarter of positive mark-to-market rent spreads in our Manhattan office portfolio, which reflects sustained demand for our best-in-class buildings. We continue to see an upward trajectory in net effective rents, and our portfolio is well positioned to deliver strong operating performance. Our iconic Empire State Building Observatory deck remains a market leader and a meaningful contributor to cash flow. NOI was $10.6 million in the first quarter, our seasonally lightest quarter. Revenue per capita increased approximately 1% year over year excluding gift shop license fees. Visitation from international and budget-conscious tourists, centric pass programs, remains soft and impacted our results. Against this backdrop, we focus on our domestic and direct sales program which support higher revenue per visitor and better margin performance while we await the return of our traditional international demand. Empire State Realty Trust, Inc. has been a leader in sustainability for more than a decade. The Empire State Building was the first building in New York State to achieve LEED version 5 Platinum status. We focus on measurable business outcomes which drive energy savings, operational efficiency, and high-performance buildings for our tenants and reduce risk for our shareholders and stakeholders. Our sustainability leadership attracts tenants and is part of their satisfaction when they renew and/or expand. Our entire organization remains laser focused on the company's five priorities: lease space, sell tickets to our Empire State Building observation deck experience, manage our balance sheet, identify growth opportunities, and achieve our sustainability goals. These priorities are directly aligned with long-term shareholder value creation. Christina, Ryan, and Steve will provide more detail on our results and outlook. Christina? Christina Chiu: Thanks, Jane. I will provide an update on our Observatory business and capital markets activity, which includes a high-quality retail acquisition on North 6th Street as part of our capital recycling and $184 million of financings that result in no unaddressed debt maturities until 2028. Our iconic Empire State Building Observatory continues to be a highly differentiated component of our platform, characterized by low capital intensity, strong operating margin, and dynamic pricing capability that helps mitigate inflationary pressures over time. We recognize we are in a period of heightened uncertainty with the potential for macro risks and geopolitical tensions to weigh on economic growth and tourism. As Tony mentioned, the first quarter is historically our seasonally lightest, which makes it difficult to draw meaningful conclusions from results this early in the year. The balance of the year typically represents approximately 85% of our annual NOI, with approximately 60% coming from the second half of the year. Our focus remains on the levers within our control: run the operations well, cultivate our brand, enhance the guest experience, broaden our marketing reach, control expenses, and be transparent with the market as external factors play out. Longer term, the Observatory has proven resilient through cycles and has attractive cash flow characteristics. CapEx is low, and a high proportion of NOI flows directly to our bottom line. Shifting to our investment activity, at the end of the first quarter, we acquired 4155 North 6th Street, a newly constructed, currently vacant prime retail asset at the corner of 10th and North 6th Street in Williamsburg, for $46 million, comprising approximately 22,000 square feet. This acquisition, together with our purchase of 80–90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center without recognition of a taxable gain. In aggregate, we exited our last suburban commercial property and reinvested in approximately 37,000 square feet of prime retail on North 6th Street: one redevelopment asset on a strategic corner anchored by a key long-term lease we executed last year and one newly developed asset ready for lease. Our North 6th Street portfolio now totals 124,000 square feet and continues to perform strongly and in line with our expectations. These transactions reflect our strategy, as outlined on pages five through nine of our investor presentation, to rotate capital into opportunities with stronger growth prospects at our desired capitalization and risk profile. We built this position over approximately 2.5 years for roughly $300 million, all without leverage, which uniquely positions us to curate tenant mix, drive leasing momentum, and enhance long-term value across our holding. We built on Empire State Realty Trust, Inc.'s core strength in urban retail and achieved meaningful scale. We now own a dominant position and control four key street-corner locations in a sought-after, supply-constrained, and otherwise fragmented ownership market with a premium mix of tenants and significant mark-to-market opportunity over time. On our balance sheet, year to date, we have executed $184 million of financing. In mid-April, we announced the issuance of $130 million of senior notes in a private placement at a rate of 5.99% which will fund in mid-July and mature in 2032. Proceeds will be used toward paydown of existing debt, including our line of credit. We also closed on a $53.5 million mortgage refinancing for 10 Union Square East. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50 million loan that matured on April 1, 2026. With these financings, we have no unaddressed debt maturity until January 2028. Our balance sheet is a key strength. From our continued proactive approach to balance sheet management, we have enhanced flexibility and durability, reduced risk, and are in a position to capitalize on attractive investment opportunities as they emerge. We maintain ample liquidity, lower leverage versus sector peers at 6.3 times net debt to adjusted EBITDA, and a well-laddered debt maturity schedule providing significant financial flexibility. Our 100% owned asset portfolio with limited secured debt also provides capital structure optionality. We continue to underwrite new investments across New York City office, retail, and multifamily, evaluate strategic capital recycle opportunities that are accretive to long-term cash flow growth, and assess opportunistic share repurchases. New York City's strength is its underlying property fundamentals, and Empire State Realty Trust, Inc. is a pure-play New York City REIT aligned with live, work, play, and visit demand drivers. We continue to look for ways to further enhance the quality of our portfolio and grow cash flows through disciplined, value-driven capital allocation. I will now turn the call over to Ryan to review our leasing activity. Ryan Kass: Thanks, Christina. Good afternoon, everyone. In the first quarter, we signed 113,000 square feet of new and renewal leases. The average lease term for office transactions during the quarter was 10 years. We currently have approximately 280,000 square feet of leases in negotiation, up from the 170,000 square feet we cited in our fourth quarter call, and tour activity continues to be robust. In today's bifurcated market of haves and have-nots, Empire State Realty Trust, Inc. firmly is in the have category. Demand continues to concentrate in high-quality, modernized, amenitized, transit-oriented buildings owned by well-capitalized landlords with proven operating platforms. Our best-in-class portfolio enables us to capture this demand as reflected in our leasing pipeline. Last quarter, we highlighted that we will see fluctuations in our lease percentage during the year due to known move-outs. We also said that due to our number of larger space availabilities—we have 29 spaces to lease today, of which 16 are full floor—our lease percentage changes will likely be lumpy. Importantly, we remain confident in our year-end occupancy guidance of 90% to 92%. We started the year at 93.6% leased. We have approximately 210,000 square feet of known vacates through the balance of the year, and our present leasing plan will more than cover those vacates, and we will end the year above the year's starting number. Our office portfolio is currently 93% leased, which marks the thirteenth consecutive quarter above 90%. As of today, approximately 15% of our available office space is held off market for consolidation into larger availabilities. The first quarter marked our nineteenth consecutive quarter of positive mark-to-market lease spreads in our Manhattan office portfolio, underscoring our sustained pricing power. We achieved mark-to-market spreads of 6.8% in Manhattan office, which demonstrates our ability to grow rents and lock in long-term cash flow. Average lease duration was 12.2 years across the commercial portfolio. Notable leases signed during the quarter include a 13-year, 60,000-square-foot new office lease with Steve Madden for the entire third and fourth floors at 501 Seventh Avenue, and a 20-year, 22,000-square-foot retail renewal lease with JPMorgan at 1 Grand Place. New York City's leasing market remains strong and provides a favorable backdrop for execution. Demand is broad-based across industries, including finance, professional services, TAMI, and consumer products. Subsequent to quarter end, in April, we signed a 10.5-year, 38,000-square-foot new office lease for the entire third floor at 130 Mercer with a financial services tenant. This brings our lease percentage from 70% at acquisition to 80%, and we have two full floors left to lease. We launched our marketing campaign in January and are encouraged by the early traction, which supports our underwriting and is ahead of completion of our planned capital improvement. Activity remains strong, supported by the scarcity of institutional-quality space in the supply-constrained submarket. We are pleased to see our business plan take hold. Lastly, our multifamily portfolio continues to deliver solid performance. Same-store NOI increased 9% year over year, and net rents increased 6%. We ended the quarter at 96.4% occupied due to the vacancies in units which rolled out of 421a at Hudson Landing during the slower winter months, and we are now over 98% leased. Thank you. I will now turn the call over to Steve. Steve? Stephen V. Horn: Thanks, Ryan. For the first quarter of 2026, we reported core FFO of $0.20 per diluted share. Same-store property cash NOI, excluding lease termination fees, increased 5.5% year over year. The increase was primarily attributed to growth in base rent and tenant reimbursement income, as well as approximately $3 million of nonrecurring items recognized in the first quarter of 2026, which predominantly consisted of lease modification revenue and insurance recoveries. These increases were partially offset by operating expense growth. Adjusted for these nonrecurring items, same-store property cash NOI increased 1.3%. Our observation deck generated approximately $10.6 million of NOI in the first quarter, which is generally our lightest quarter. Excluding the gift shop, this represents a year-over-year decline of approximately $3.5 million. As discussed last quarter, the timing of gift shop revenue will be more heavily weighted to the fourth quarter due to a COVID-era license amendment that both reduced our fixed payments and lowered the thresholds for percentage-based payments to us. This provides us with upside tied to the recovery of international visitation. Revenue per capita increased by approximately 1% year over year excluding the aforementioned gift shop revenue. Turning to funds available for distribution, core FAD for the first quarter was approximately $33 million, up significantly from approximately $1 million in the first quarter of 2025 and above the $31 million we generated in the fourth quarter of 2025, despite the first quarter being seasonally light for the observation deck. This improvement reflects our meaningful reduction in FAD CapEx, which was approximately $22 million this quarter as compared to $53 million in the first quarter of 2025. As a reminder, the elevated levels of CapEx in 2024 and early 2025 reflected spend related to a significant lease-up we executed since 2021, which drove our commercial portfolio to over 93% leased today. Lastly, our guidance for full year 2026 remains unchanged. This concludes our prepared remarks. We will now open the call for questions. Operator: We will now be conducting a question and answer session. One moment please while we poll for your questions. Our first questions come from the line of Manus Ibekwe with Evercore. Please proceed with your questions. Manus Ibekwe: Yes, great. Thanks for taking the question. Christina, maybe starting with you. If you could touch a little bit on the opportunities you see in the market for 2026 that you are currently looking at underwriting. Obviously, I understand you cannot talk about details, but would be interested to get an update with a little bit more detail on the opportunity set that you are observing right now. Anthony E. Malkin: Could you repeat that question? We did not understand. Christina Chiu: 2026. Okay. Anthony E. Malkin: Yeah. Christina Chiu: Yeah. I think one thing that we have long discussed is we have been surprised by the lack of distress. We were hoping for more of a basis reset. We do sense that more recap opportunities may come online. A lot of the extensions of loans have already taken place, and the question will be, at some point, you have to deal with the maturity wall and predominant extension. So that can be a source. And in other instances, we look for opportunities where people are either at the end of fund life, want to wrap up their investment, and we can be part of the solution. As I mentioned, we continue to actively look at office, retail, and multifamily. And we will look for situations where we can extract and add value and be able to generate good return. Manus Ibekwe: Got it. Perfect. Thank you. And maybe one follow-up question on an item that was mentioned in the prepared remarks in terms of the 15% of space that is available that is held back for further consolidation of space. I was wondering if you could clarify a little on the leasing strategy there and how we should think about timing. Ryan Kass: When we spoke previously, that number was actually higher at roughly 20%. Because of the success of the Steve Madden transaction, and also we have been able to bring the portion of the One Grand Central large-block space online, we have been able to bring that down to 15%. There are four or five large blocks and full floors that we work to create over the next weeks to months, and that space will come online as quickly as possible. Manus Ibekwe: Okay. Thank you. That is it for me. Operator: Our next questions come from the line of Blaine Matthew Heck with Wells Fargo. Please proceed with your questions. Blaine Matthew Heck: You all have done a particularly good job of leasing spec or prebuilt suites within your portfolio over the past few years. So I wanted to ask whether there was a significant difference in demand for that type of space versus full floors. It just seems as though you are leaning a little bit more towards full floors with your existing vacancy, but maybe I am reading that wrong. Ryan Kass: The prebuilt portion of our portfolio is doing extremely well. Right now, we have single-digit prebuilt available, and we are actively showing it, in offers, and continuing to negotiate on those plans. What we do is, for every space, every floor, we have a master plan for the building and the floor, and we evaluate everything on a case-by-case basis—what will yield the best ROI for the portfolio. What we have found is right now, based on the current market demands and the conditions of the spaces, it makes sense to move forward with some of the consolidations that we spoke about previously. Christina Chiu: And I think I would not read too much into the commentary. At 130 Mercer, we happen to have three full floors, one of which we executed on leasing a full floor. So we seek to optimize availability. The common link in our leasing activity is we provide top-tier space in our price point and emphasize service, quality, and the experience at this segment of the market, and we provide that whether it is full floor or in prebuilt spaces. Ryan Kass: Agreed. And when we look at it, it is a healthy mix within our current pipeline of that 280,000 square feet. The prebuilts also act as a great opportunity to build a relationship and work with our tenants long term to renew and expand them, and that is a testament to the over 3 million square feet of expansions that we have done in the portfolio over time. Blaine Matthew Heck: Got it. Thanks. That is very helpful commentary. And then second, can you just talk a little bit more about the strategic rationale of buying a vacant retail property at this point versus maybe continuing to reinvest in your existing portfolio through share buybacks? Was that just more of a function of needing to reinvest your proceeds for the 1031 exchange? Christina Chiu: Yeah, sure. As we have mentioned, in our capital allocation, buybacks are definitely a part of the consideration. Very specifically, on the last two North 6th Street acquisitions, that represented a deployment of the Metro Center assets. If you think about it, we wanted to avoid recognition of gain, which would be leakage of proceeds. We wanted to exit out of a market where, although there can be rental and tenant demand, it requires meaningful CapEx and fundamentally does not have rent growth. In contrast, North 6th Street provides a combination of both current yield as well as outlook for continued cash flow growth over time, especially as that corridor continues to strengthen amid strong underlying property fundamentals and great demographics. So for us, that was a very specific capital recycling trade. It does not mean we will no longer do share buybacks. It is something that is most beneficial for shareholders if we were to deploy in that manner. And, separately, we have great liquidity where we can also do share buybacks over time. Blaine Matthew Heck: Okay. Great. Thank you. Operator: Our next questions come from the line of Seth Eugene Bergey with Citi. Please proceed with your questions. Seth Eugene Bergey: I just wanted to go back to the Observatory. With visitation trends down about 18% for the first quarter, I understand it is a seasonally weakest quarter, but what gives you confidence to achieve the guide for the rest of the year, and any color you can add on what you are seeing in April? Anthony E. Malkin: Of course, we update by quarter, so we appreciate your question for April. What we have seen to date is, in our slowest period, an impact from factors which are, we believe, significant to the market in general. We are aware that other attractions have done poorly in the first quarter. We have folks who disclose, and we have other folks through whom we have either information sharing or access to information. As we go forward, 85% of the year is in front of us, and so that is really where we hang our hat. Let us see what happens in this quarter. If you recall last year, we did look at things after the second quarter on the basis of what was accomplished there. What we see at this point is we still have a war on. We still have reduced travel into the U.S. We still have significant disruption in delivery of things like aviation fuel and gasoline and diesel for both people to travel internationally and locally. We are keeping a close eye on things. We think that changes there could drive changes in general for the year. It is not correct for us to make a change based on 15% of the year to date. We will keep a strong weather eye. Seth Eugene Bergey: Great. And then maybe just as a follow-up on 130 Mercer, now that you have executed some additional leasing on the building, how does the project compare to your initial underwriting? Ryan Kass: Overall, the lease is supportive of our underwriting. Net effective rents are in the high 90s for the transaction that we just completed. TIs are consistent, and the free rent is a little bit better. The transaction occurred faster than we had underwritten, and it is before the start of our capital improvement program. We launched the marketing in June. We are encouraged by the early traction and, again, completing a transaction ahead of our planned capital improvements. Activity is strong. There is scarcity of institutional-quality space down there. We are a differentiator for our large floor plate, the amenities, our financial stability, and our service. So, excited. Seth Eugene Bergey: Great. Thank you. Operator: Our next questions come from the line of Dylan Robert Burzinski with Green Street. Please proceed with your questions. Dylan Robert Burzinski: Hi, guys. I joined late, so I might have missed it. But did you share the yield-on-cost estimates for the recent retail acquisition? Christina Chiu: You missed it because we did not say it. On North 6th Street, we have said for our portfolio—the other assets we acquired—we acquired at high 4s to 5%, and we expected to be around 6%. That includes lease-up of some vacancy and delivery of storefronts under development. Given this is a lease-up—newly built, newly constructed, and ready for lease—we would expect yields higher than that, and we will provide more as we continue to make more progress. This is more of a value-add as compared to other existing income properties. Dylan Robert Burzinski: And just maybe going back to you being opportunistic on acquisitions in terms of property type. As you look at the market today, are you seeing more opportunities within any given property type? I know in the past it was likely office, but given office fundamentals in New York continue to be very strong, is that changing at all? Just trying to get your sense for what you are seeing in terms of opportunities out there today. Anthony E. Malkin: What we hear more about today is different capital structures have begun to reach the end of the road. There was the wall of maturities, there were extensions—kick the can down the road—and now we hear more about situations where the capital structure is broken, people do not want to put more money in, and they look to resolution. Most of what we hear about is in office. Different situations which we have seen and on which we have passed have come back. We will keep our eyes open. Interestingly enough, there is really more debt out there than there is equity, and the debt tends to end up getting involved or needing to be involved at more of equity-type returns and equity-type risks. We do not think that really works for a lot of these assets. So again, we keep our eyes open and remain omnivorous opportunivores. Dylan Robert Burzinski: Great. Thanks for the color, Tony. Operator: We will now turn the call back over to Anthony E. Malkin, Chairman and CEO, for closing remarks. Anthony E. Malkin: Thanks, everybody, for joining us today. At Empire State Realty Trust, Inc., we remain focused on a clear and consistent set of priorities: lease our space, drive Observatory performance, maintain a strong and flexible balance sheet, reallocate capital towards growth, and maintain our leadership in sustainability. These priorities keep the organization focused and aligned as we drive the business forward. With our high-quality portfolio and strong financial foundation, we are well positioned to execute in the quarters ahead and create long-term value for our stakeholders. Again, thanks for your participation in the call today. We look forward to the chance to meet with many of you at non-deal road shows, conferences, and property tours in the months ahead. Onward and upward. Operator: Ladies and gentlemen, thank you so much. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day. Before you buy stock in Empire State Realty Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Empire State Realty Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $496,797!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,282,815!* Now, it’s worth noting Stock Advisor’s total average return is 979% — a market-crushing outperformance compared to 200% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of April 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Empire State Realty Trust. The Motley Fool has a disclosure policy. Empire State (ESRT) Q1 2026 Earnings Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: April 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Empire State Realty Trust Inc (NYSE:ESRT) reported solid earnings for the first quarter of 2026, with steady execution across its portfolio. The company acquired a high-quality retail asset on North 6th Street, enhancing its growth prospects and maintaining balance sheet flexibility. ESRT's commercial portfolio is 93.2% leased, with a healthy leasing pipeline and expected occupancy gains for the full year. The Empire State Building Observatory remains a market leader, contributing significantly to cash flow with strong operating margins. ESRT has no unaddressed debt maturities until 2028, providing financial flexibility and reduced risk. Visitation to the Empire State Building Observatory from international tourists remains soft, impacting results. The first quarter is seasonally the lightest, making it difficult to draw meaningful conclusions from early-year results. Operating expenses have grown, partially offsetting increases in same-store property cash NOI. The company faces macroeconomic uncertainties and geopolitical tensions that could weigh on economic growth and tourism. There is a significant amount of available office space held back for consolidation, which may affect leasing strategy and timing. Warning! GuruFocus has detected 8 Warning Signs with ESRT. Is ESRT fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on the opportunities you see in the market for 2026? A: (Christina, SVP) We have been surprised by the lack of distress in the market. We sense more recap opportunities may arise as loan extensions have already taken place. We continue to actively look at office, retail, and multifamily opportunities where we can add value and generate good returns. Q: Could you clarify the leasing strategy for the 15% of space held back for consolidation? A: (Ryan, Leasing) Previously, this number was higher at 20%. Due to successful transactions, we've reduced it to 15%. We are working to create large blocks and full floors, which will come online as quickly as possible. Q: Is there a significant difference in demand for pre-built suites versus full floors? A: (Ryan, Leasing) Our pre-built portion is doing extremely well, with single-digit availability. We evaluate each space for the best ROI. Currently, market demands and space conditions favor some consolidations. Q: What is the strategic rationale for buying a vacant retail property versus reinvesting in your existing portfolio? A: (Christina, SVP) The North 6th Street acquisitions were part of a capital recycling strategy to avoid taxable gains and exit markets with low rent growth. This area offers current yield and potential cash flow growth, aligning with our strategy. Q: With visitation down 18% for the first quarter, what gives you confidence in achieving the guide for the rest of the year? A: (Tony, CEO) We are aware of broader market impacts and have seen other attractions perform poorly. With 85% of the year ahead, we remain focused on monitoring changes and maintaining our guidance. Q: How does the recent leasing at 130 Mercer compare to your initial underwriting? A: (Ryan, Leasing) The lease supports our underwriting with rents in the high 90s. The transaction occurred faster than expected and before our capital improvement program, indicating strong market demand. Q: Did you share the yield on cost estimates for the recent retail acquisition? A: (Christina, SVP) We expect yields higher than the high fours to five range for our portfolio, given this is a lease-up opportunity. We will provide more details as progress continues. Q: Are you seeing more opportunities within any specific property type in the current market? A: (Tony, CEO) We hear more about broken capital structures, particularly in office spaces. We remain open to opportunities and are aware of situations where debt is involved at equity-type returns. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ESRT reported Core FFO of $0.20 and continued strong office leasing: same-store cash NOI rose 5.5% y/y (or 1.3% after ~ of nonrecurring items), the commercial portfolio is ~93% leased, the company signed 113,000 sq ft in Q1 with ~280,000 sq ft in negotiation, and Manhattan mark-to-market spreads were 6.8% (19th consecutive positive quarter). The Empire State Building observatory generated $10.6m of NOI in Q1 but saw an approximate $3.5m decline ex‑gift shop due to softer international and pass‑program demand; management stressed observatory earnings are back‑loaded in the year and is monitoring trends before changing guidance. ESRT completed capital recycling and balance‑sheet moves, buying a $46m Williamsburg retail asset to bring its N 6th St portfolio to 124,000 sq ft, and executed $184m of financings (including $130m senior notes at 5.99% and a $53.5m mortgage), leaving no unaddressed maturities until January 2028 and net debt/adjusted EBITDA of 6.3x. Interested in Empire State Realty Trust, Inc.? Here are five stocks we like better. Empire State Realty Trust (NYSE:ESRT) opened 2026 with what Chairman and CEO Tony Malkin described as “solid earnings” and “steady execution across our portfolio,” supported by continued cash flow from the Empire State Building observatory and an active Manhattan office leasing market for the company’s “top-of-tier product.” During the company’s first-quarter 2026 earnings call, management also detailed a retail acquisition in Williamsburg funded through capital recycling, recent financing activity that pushed out near-term maturities, and leasing progress at 130 Mercer Street. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Chief Financial Officer Stephen Horn said Empire State Realty Trust reported Core FFO of $0.20 per diluted share for the first quarter. Same-store property cash NOI excluding lease termination fees increased 5.5% year-over-year, though Horn noted results included about $3 million of non-recurring items—primarily lease modification revenue and insurance recoveries. Adjusted for those items, same-store property cash NOI increased 1.3%, partially offset by higher operating expenses. On leasing, EVP and Chief Revenue Officer Ryan Kass said the company signed 113,000 square feet of new and renewal leases in the quarter, with office transactions averaging 10.5 years in term. Kass said ESRT had approximately 280,000 square feet of leases in negotiation, up from 170,000 square feet discussed on the prior quarter’s call, while “tour activity continues to be robust.” → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Malkin said ESRT’s commercial portfolio was 93.2% leased and that the company expects occupancy gains for the full year. Kass added the office portfolio was 93% leased, marking the 13th consecutive quarter above 90%, and reiterated the company’s confidence in year-end occupancy guidance of 90% to 92%. Kass also outlined expected move-outs, saying ESRT has about 210,000 square feet of known vacates through the rest of the year but expects its leasing plan “will more than cover those vacates.” Pricing remained positive, according to management. Malkin said ESRT achieved its 19th consecutive quarter of positive mark-to-market rent spreads in the Manhattan office portfolio. Kass quantified the first-quarter mark-to-market spreads at 6.8% and said average lease duration was 12.2 years across the commercial portfolio. → Is Oracle Undervalued as Cloud Growth Accelerates? Notable leasing activity cited on the call included: Steve Madden: a 13-year, 60,000-square-foot new office lease for the entire third and fourth floors at 501 Seventh Avenue. JPMorgan: a 20-year, 22,000-square-foot retail renewal lease at One Grand Central Place. Kass also addressed the company’s strategy of holding some space off-market to create larger blocks. He said roughly 15% of available office space is currently held off-market for consolidation into larger availabilities, down from about 20% previously due to leasing progress including the Steve Madden transaction. Management highlighted leasing progress at 130 Mercer Street, a property ESRT acquired with initial vacancy. Malkin said the company leased the first floor and had a pipeline expected to convert in the second quarter. Kass said that subsequent to quarter end, in April, ESRT signed a 10.5-year, 38,000-square-foot new office lease for the entire third floor with a financial services tenant. Kass said the building’s lease percentage moved from 70% at acquisition to 80%, leaving two full floors to lease. Asked how the April lease compared with underwriting, Kass said the transaction was supportive, citing rents “in the high $90s,” tenant improvements consistent with expectations, and a “little bit better” pre-rent. He also said the lease was signed faster than underwritten and before the start of the planned capital improvement program, noting early traction following a marketing launch. The Empire State Building observatory remained a key cash flow contributor, though first-quarter results reflected what management described as a seasonally light period and softer tourism trends. Malkin said first-quarter observatory NOI was $10.6 million, calling it the company’s “seasonally lightest quarter.” Horn similarly said the observation deck generated about $10.6 million of NOI in the quarter. Horn said that excluding the gift shop, observatory NOI declined by approximately $3.5 million year-over-year. Malkin said revenue per capita increased about 1% year-over-year, excluding gift shop license fees, but results were impacted by soft visitation from “international and budget-conscious tourists-centric pass programs.” President Christina Chiu emphasized the weighting of observatory earnings later in the year, saying the balance of the year typically represents about 85% of annual NOI, with approximately 60% coming in the second half. She also pointed to the business’s “low capital intensity, strong operating margins, and dynamic pricing capability.” In response to a question about confidence in full-year expectations given early visitation trends, Malkin said the company updates quarterly and was reluctant to adjust expectations based on roughly 15% of the year. He cited ongoing geopolitical and travel-related disruptions, including reduced travel into the U.S., and said management would keep “a strong weather eye” as the year progresses. Chiu said ESRT acquired 4155 N 6th St, a newly constructed, currently vacant retail asset in Williamsburg, for $46 million. The property comprises approximately 22,000 square feet and sits at the corner of 10th and N 6th Street. She said the acquisition, along with the company’s mid-2025 purchase of 8690 N 6th St, completed the redeployment of investment capacity from the company’s December 2025 disposition of Metro Center “without recognition of a taxable gain.” In aggregate, Chiu said ESRT exited its last suburban commercial property and reinvested in about 37,000 square feet of prime retail on N 6th Street. ESRT’s N 6th Street portfolio now totals 124,000 square feet, which Chiu said continues to perform “strongly and in line with our expectations.” She said the company built the N 6th Street position over about 2.5 years for roughly $300 million, “all without leverage,” to enhance control over tenant mix and leasing momentum. Asked about the decision to buy a vacant retail property versus share repurchases, Chiu said the N 6th Street acquisitions were a specific capital recycling trade tied to the Metro Center sale and aimed at avoiding taxable gain “leakage of proceeds.” She said the company views buybacks as part of its capital allocation considerations and added the company has liquidity to conduct repurchases over time. On expected returns, Chiu said ESRT has previously indicated its N 6th Street portfolio was acquired in the “high fours to five” range and expects it “to be around six” with lease-up and storefront delivery. For the newly acquired vacant asset, she said ESRT would expect “yields higher than that” given the lease-up opportunity, and that the company would provide more detail as progress continues. On financing, Chiu said ESRT executed $184 million of financings year to date. The company announced $130 million of senior unsecured notes in a private placement at a rate of 5.99%, expected to fund in mid-July and mature in 2032, with proceeds used to pay down existing debt including the line of credit. ESRT also closed a $53.5 million mortgage refinancing for 10 Union Square East, a 10-year interest-only loan at a fixed rate of 5.3% replacing a $50 million loan that matured April 1, 2026. Chiu said the financings leave ESRT with no unaddressed debt maturity until January 2028. She also cited net debt to adjusted EBITDA of 6.3x and emphasized a “well-laddered debt maturity schedule.” Horn said Core FAD in the first quarter was approximately $33 million, up from about $1 million in the first quarter of 2025 and above $31 million in the fourth quarter of 2025. Horn attributed the improvement primarily to a reduction in FAD capital expenditures, which were about $22 million in the quarter compared with $53 million a year earlier, following elevated spending tied to prior lease-up activity. Horn said ESRT’s full-year 2026 guidance remained unchanged. In closing remarks, Malkin said ESRT remained focused on five priorities: leasing space, driving observatory performance, maintaining a strong and flexible balance sheet, reallocating capital toward growth, and maintaining sustainability leadership. He added the company believes it is “well-positioned to execute in the quarters ahead and create long-term value for our stakeholders.” Empire State Realty Trust, Inc is a publicly traded real estate investment trust (REIT) focused on the ownership, management and operation of office and retail properties. The company's portfolio features the iconic Empire State Building in Midtown Manhattan, alongside a diversified collection of commercial assets situated throughout Manhattan, Brooklyn and select markets in Upstate New York. By offering premium office space and street-level retail, Empire State Realty Trust positions itself as a landlord of choice for corporate tenants, retailers and experiential brands seeking high-profile addresses. Established through a spin-off of assets in early 2013, Empire State Realty Trust consolidated a mix of landmark and Class A properties, creating scale in one of the world's most competitive real estate markets. The article "Empire State Realty Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.