Empire State Realty OP, L.P.
For the period ended Nov 2, 2026. Filed Nov 2, 2026.
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Nov 2, 2026 · Filed Nov 2, 2026
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Contents
EX-99.2 · Note:
Note:
(1) Assets held for sale consist of 1359 Broadway, which was sold subsequent to quarter-end.
Third Quarter 2026
Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | |
| Revenues | |||||
| Rental revenue (1) | $161,966 | $165,166 | $166,105 | $159,721 | $158,410 |
| Observatory revenue | 26,808 | 24,225 | 18,510 | 35,232 | 36,037 |
| Lease termination fees | — | — | 1,356 | — | — |
| Third-party management and other fees | 277 | 268 | 277 | 240 | 404 |
| Other revenue and fees | 4,002 | 7,240 | 4,077 | 4,031 | 2,879 |
| Total revenues | 193,053 | 196,899 | 190,325 | 199,224 | 197,730 |
| Operating expenses | |||||
| Property operating expenses | 46,497 | 47,774 | 47,744 | 47,817 | 46,957 |
| Ground rent expenses | 447 | 1,506 | 2,331 | 2,332 | 2,331 |
| General and administrative expenses | 17,174 | 25,123 | 18,093 | 18,474 | 18,743 |
| Observatory expenses | 11,204 | 11,795 | 7,868 | 10,787 | 9,510 |
| Real estate taxes | 35,259 | 32,912 | 34,613 | 33,842 | 33,241 |
| Goodwill impairment charge | — | 166,113 | — | — | — |
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 |
| Total operating expenses | 157,242 | 335,612 | 160,868 | 163,818 | 158,397 |
| Total operating income (loss) | 35,811 | (138,713) | 29,457 | 35,406 | 39,333 |
| Other income (expense) | |||||
| Interest income | 967 | 1,575 | 613 | 1,949 | 1,146 |
| Interest expense | (27,883) | (27,805) | (28,137) | (25,880) | (25,189) |
| Loss on early extinguishment of debt | — | — | — | (97) | — |
| Gain (loss) on disposition of property | (1,125) | 124,622 | — | 21,848 | — |
| Income (Loss) before income taxes | 7,770 | (40,321) | 1,933 | 33,226 | 15,290 |
| Income tax (expense) benefit | (1,875) | 767 | 1,062 | (1,054) | (1,645) |
| Net income (loss) | 5,895 | (39,554) | 2,995 | 32,172 | 13,645 |
| Non-controlling interests in the Operating Partnership | (1,763) | 14,782 | (710) | (11,446) | (4,610) |
| Private perpetual preferred unit distributions | (1,050) | (1,051) | (1,050) | (1,050) | (1,050) |
| Net income (loss) attributable to common stockholders | $3,082 | $(25,823) | $1,235 | $19,676 | $7,985 |
| Weighted average common shares outstanding | |||||
| Basic | 171,157 | 171,039 | 170,673 | 168,693 | 169,250 |
| Diluted | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 |
| Earnings per share attributable to common stockholders | |||||
| Basic | $0.02 | $(0.15) | $0.01 | $0.12 | $0.05 |
| Diluted | $0.02 | $(0.15) | $0.01 | $0.12 | $0.05 |
| Dividends per share | $0.035 | $0.035 | $0.035 | $0.035 | $0.035 |
Note:
(1) The following table reflects the components of rental revenue:
| Three Months Ended | |||||
|---|---|---|---|---|---|
| Rental Revenue | September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 |
| Base rent | $138,440 | $142,888 | $144,296 | $138,956 | $136,371 |
| Billed tenant expense reimbursement | 23,526 | 22,278 | 21,809 | 20,765 | 22,039 |
| Total rental revenue | $161,966 | $165,166 | $166,105 | $159,721 | $158,410 |
The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.
Third Quarter 2026
FFO, Modified FFO, Core FFO, Core FAD and EBITDA
(unaudited and in thousands, except per share amounts)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| Reconciliation of Net Income (Loss) to FFO, Modified FFO, and Core FFO | September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 |
| Net Income (loss) | $5,895 | $(39,554) | $2,995 | $32,172 | $13,645 |
| Preferred unit distributions | (1,050) | (1,051) | (1,050) | (1,050) | (1,050) |
| Real estate depreciation and amortization | 45,700 | 49,463 | 49,292 | 49,689 | 46,741 |
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — |
| FFO attributable to common stockholders and the Operating Partnership | 51,670 | (115,764) | 51,237 | 58,963 | 59,336 |
| Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 |
| Modified FFO attributable to common stockholders and the Operating Partnership | 52,096 | (114,515) | 53,195 | 60,921 | 61,293 |
| Severance expenses(1) | 637 | 5,536 | — | — | — |
| Loss on early extinguishment of debt | — | — | — | 97 | — |
| Goodwill impairment charge | — | 166,113 | — | — | — |
| IPO litigation expense(1) | — | — | — | 632 | — |
| Core FFO attributable to common stockholders and the Operating Partnership | $52,733 | $57,134 | $53,195 | $61,650 | $61,293 |
| Total weighted average shares and Operating Partnership units | |||||
| Basic | 269,064 | 268,947 | 268,792 | 266,825 | 266,963 |
| Diluted | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 |
| FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||
| Basic | $0.19 | $(0.43) | $0.19 | $0.22 | $0.22 |
| Diluted | $0.19 | $(0.43) | $0.19 | $0.22 | $0.22 |
| Modified FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||
| Basic | $0.19 | $(0.43) | $0.20 | $0.23 | $0.23 |
| Diluted | $0.19 | $(0.43) | $0.20 | $0.23 | $0.23 |
| Core FFO attributable to common stockholders and the Operating Partnership per share and unit | |||||
| Basic | $0.20 | $0.21 | $0.20 | $0.23 | $0.23 |
| Diluted | $0.20 | $0.21 | $0.20 | $0.23 | $0.23 |
(1) Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.
| Reconciliation of Core FFO to Core FAD | |||||
|---|---|---|---|---|---|
| Core FFO | $52,733 | $57,134 | $53,195 | $61,650 | $61,293 |
| Add: | |||||
| Amortization of deferred financing costs | 1,083 | 1,111 | 1,262 | 1,172 | 1,082 |
| Non-real estate depreciation and amortization | 961 | 926 | 927 | 877 | 874 |
| Amortization of non-cash compensation expense | 5,547 | 7,755 | 5,872 | 6,807 | 6,484 |
| Amortization of loss on interest rate derivative | 1,215 | 1,311 | 1,385 | 1,386 | 1,385 |
| Deduct: | |||||
| Straight-line rental revenues, above/below market rent, and other non-cash adjustments | (7,999) | (13,044) | (8,201) | (5,380) | (5,832) |
| Corporate capital expenditures | (363) | (210) | (264) | (772) | (218) |
| Tenant improvements - second generation | (1,427) | (24,720) | (13,159) | (21,406) | (15,979) |
| Building improvements - second generation | (5,637) | (2,676) | (4,765) | (4,704) | (5,571) |
| Leasing commissions - second generation | (4,913) | (11,435) | (3,722) | (8,730) | (3,144) |
| Core FAD | $41,200 | $16,152 | $32,530 | $30,900 | $40,374 |
| Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | |||||
|---|---|---|---|---|---|
| Net income (loss) | $5,895 | $(39,554) | $2,995 | $32,172 | $13,645 |
| Interest expense | 27,883 | 27,805 | 28,137 | 25,880 | 25,189 |
| Income tax expense (benefit) | 1,875 | (767) | (1,062) | 1,054 | 1,645 |
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 |
| EBITDA | 82,314 | 37,873 | 80,289 | 109,672 | 88,094 |
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — |
| Goodwill impairment charge | — | 166,113 | — | — | — |
| Adjusted EBITDA | $83,439 | $79,364 | $80,289 | $87,824 | $88,094 |
Third Quarter 2026
Highlights
(unaudited and dollars and shares in thousands, except per share amounts)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| Office and Retail Metrics: | September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 |
| Total rentable square footage (1) | 7,312,282 | 7,801,494 | 8,340,647 | 8,324,766 | 8,603,750 |
| Percent occupied (1)(2) | 92.3% | 89.4% | 88.2% | 90.3% | 90.0% |
| Percent leased (1)(3) | 95.6% | 94.9% | 93.2% | 93.6% | 92.6% |
| Multifamily Metrics: | |||||
| Total number of units | 743 | 743 | 743 | 743 | 743 |
| Percent occupied | 97.1% | 97.7% | 96.4% | 97.8% | 98.6% |
| Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees: | |||||
| Office portfolio | $56,804 | $56,363 | $55,321 | $55,902 | $56,906 |
| Retail portfolio | 4,482 | 4,588 | 4,516 | 4,338 | 4,136 |
| Multifamily portfolio | 5,381 | 5,217 | 5,068 | 5,128 | 5,284 |
| Total Same Store Property Cash NOI, excluding lease termination fees | $66,667 | $66,168 | $64,905 | $65,368 | $66,326 |
| Observatory Metrics: | |||||
| Observatory NOI, excluding intercompany rent | $15,604 | $12,430 | $10,642 | $24,445 | $26,527 |
| Number of visitors (4) | 481,000 | 450,000 | 350,000 | 618,000 | 648,000 |
| Change in visitors year-over-year | (25.8)% | (28.5)% | (18.2)% | (13.9)% | (10.9)% |
| Ratios: | |||||
| Debt to Total Market Capitalization (5) | 65.0% | 58.0% | 60.0% | 55.7% | 48.2% |
| Net Debt to Total Market Capitalization (5) | 64.1% | 57.1% | 59.2% | 54.3% | 46.3% |
| Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 67.5% | 60.3% | 62.2% | 57.8% | 50.3% |
| Net Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 66.7% | 59.4% | 61.6% | 56.4% | 48.5% |
| Debt to Adjusted EBITDA (6) | 7.0x | 6.8x | 6.5x | 6.7x | 6.0x |
| Net Debt to Adjusted EBITDA (6) | 6.7x | 6.6x | 6.3x | 6.3x | 5.6x |
| Core FFO Payout Ratio (7) | 19% | 17% | 18% | 16% | 16% |
| Core FAD Payout Ratio (8) | 24% | 60% | 30% | 32% | 24% |
| Core FFO per share - diluted | $0.20 | $0.21 | $0.20 | $0.23 | $0.23 |
| Diluted weighted average shares | 270,115 | 268,947 | 269,348 | 270,328 | 270,357 |
| Class A common stock price at quarter-end | $4.03 | $5.41 | $5.20 | $6.52 | $7.66 |
| Dividends declared and paid per share | $0.035 | $0.035 | $0.035 | $0.035 | $0.035 |
| Dividends per share - annualized | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 |
| Dividend yield (9) | 3.5% | 2.6% | 2.7% | 2.1% | 1.8% |
| Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 |
| Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) | 4,664 | 4,664 | 4,664 | 4,664 | 4,664 |
| Class A common stock | 167,344 | 171,790 | 171,089 | 169,523 | 168,970 |
| Class B common stock (10) | 966 | 968 | 970 | 972 | 972 |
| Operating partnership units | 109,310 | 110,470 | 110,971 | 107,225 | 108,674 |
| Total common stock and operating partnership units outstanding (11) | 277,620 | 283,228 | 283,030 | 277,720 | 278,616 |
Notes:
(1) Rentable square footage, percent occupied, and percent leased excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6 th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
(2) Based on leases signed and commenced as of end of period. Percent occupied excludes storage and broadcasting space.
(3) Represents occupancy and includes signed leases not commenced. Percent leased excludes storage and broadcasting space.
(4) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.
(5) Market capitalization represents the sum of (i) Company's common stock per share price as of period end multiplied by the total outstanding number of shares of common stock and operating partnership units as of period end, (ii) the number of Series 2014 perpetual preferred units at period end multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at period end multiplied by $13.52, and (iv) our outstanding indebtedness as of period end.
(6) Calculated based on trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement.
(7) Represents the amount of Core FFO paid out in distributions.
(8) Quarterly Core FAD may fluctuate significantly due to the timing of capital expenditures and leasing commission costs.
(9) Based on the closing price per share of Class A common stock as of the period end.
(10) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.
(11) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.
Third Quarter 2026
Property Summary - Same Store NOI
(unaudited and dollars in thousands)
| Three Months Ended · Nine Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | September 30,2026 | September 30,2025 | |
| Same Store Portfolio(1) | |||||||
| Revenues | $147,715 | $149,029 | $144,100 | $142,448 | $141,703 | $440,844 | $416,301 |
| Operating expenses | (75,389) | (73,013) | (75,887) | (74,348) | (72,384) | (224,289) | (214,765) |
| Same store property NOI | 72,326 | 76,016 | 68,213 | 68,100 | 69,319 | 216,555 | 201,536 |
| Straight-line rent | (5,662) | (10,683) | (4,650) | (3,868) | (4,129) | (20,995) | (12,345) |
| Above/below-market rent revenue amortization | (423) | (414) | (616) | (822) | (821) | (1,453) | (2,459) |
| Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 |
| Total same store property cash NOI - excluding lease termination fees | $66,667 | $66,168 | $64,905 | $65,368 | $66,326 | $197,740 | $192,605 |
| Percent change over prior year | 0.5% | 3.1% | 4.5% | 1.5% | 3.0% | 2.7% | 0.5% |
| Total same store property cash NOI - excluding lease termination fees | $66,667 | $66,168 | $64,905 | $65,368 | $66,326 | $197,740 | $192,605 |
| Lease termination fees | — | — | 1,356 | — | — | 1,356 | 464 |
| Total same store property cash NOI | $66,667 | $66,168 | $66,261 | $65,368 | $66,326 | $199,096 | $193,069 |
| Same Store Office(1),(2) | |||||||
| Revenues | $129,910 | $131,784 | $127,009 | $124,999 | $124,651 | $388,703 | $365,387 |
| Operating expenses | (67,987) | (65,977) | (68,940) | (67,127) | (65,451) | (202,904) | (193,740) |
| Same store property NOI | 61,923 | 65,807 | 58,069 | 57,872 | 59,200 | 185,799 | 171,647 |
| Straight-line rent | (5,269) | (10,390) | (4,233) | (3,317) | (3,641) | (19,892) | (10,411) |
| Above/below-market rent revenue amortization | (276) | (303) | (473) | (611) | (610) | (1,052) | (1,826) |
| Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 |
| Total same store property cash NOI - excluding lease termination fees | 56,804 | 56,363 | 55,321 | 55,902 | 56,906 | 168,488 | 165,283 |
| Lease termination fees | — | — | 1,356 | — | — | 1,356 | 464 |
| Total same store property cash NOI | $56,804 | $56,363 | $56,677 | $55,902 | $56,906 | $169,844 | $165,747 |
| Same Store Retail(1) | |||||||
| Revenues | $7,453 | $7,299 | $7,149 | $7,294 | $6,972 | $21,901 | $21,342 |
| Operating expenses | (2,394) | (2,277) | (2,046) | (2,200) | (2,147) | (6,717) | (6,581) |
| Same store property NOI | 5,059 | 5,022 | 5,103 | 5,094 | 4,825 | 15,184 | 14,761 |
| Straight-line rent | (377) | (271) | (388) | (487) | (420) | (1,036) | (1,732) |
| Above/below-market rent revenue amortization | (200) | (163) | (199) | (269) | (269) | (562) | (807) |
| Amortization of below-market ground leases | — | — | — | — | — | — | — |
| Total same store property cash NOI - excluding lease termination fees | 4,482 | 4,588 | 4,516 | 4,338 | 4,136 | 13,586 | 12,222 |
| Total same store property cash NOI | $4,482 | $4,588 | $4,516 | $4,338 | $4,136 | $13,586 | $12,222 |
| Same Store Multifamily(1),(3) | |||||||
| Revenues | $10,352 | $9,946 | $9,942 | $10,155 | $10,080 | $30,240 | $29,572 |
| Operating expenses | (5,008) | (4,759) | (4,901) | (5,021) | (4,786) | (14,668) | (14,444) |
| Same store property NOI | 5,344 | 5,187 | 5,041 | 5,134 | 5,294 | 15,572 | 15,128 |
| Straight-line rent | (16) | (22) | (29) | (64) | (68) | (67) | (202) |
| Above/below-market rent revenue amortization | 53 | 52 | 56 | 58 | 58 | 161 | 174 |
| Amortization of below-market ground leases | — | — | — | — | — | — | — |
| Total same store property cash NOI - excluding lease termination fees | 5,381 | 5,217 | 5,068 | 5,128 | 5,284 | 15,666 | 15,100 |
| Total same store property cash NOI | $5,381 | $5,217 | $5,068 | $5,128 | $5,284 | $15,666 | $15,100 |
Notes:
(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.
(2) Includes 380,034 rentable square feet of retail space in seven of the Company’s Same Store office properties.
(3) Includes 25,887 rentable square feet of retail space in the Company’s multifamily properties.
Third Quarter 2026
Same Store NOI
(unaudited and dollars in thousands)
| Three Months Ended · Nine Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI | September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | September 30,2026 | September 30,2025 |
| Net income (loss) | $5,895 | $(39,554) | $2,995 | $32,172 | $13,645 | $(30,664) | $40,808 |
| Add: | |||||||
| General and administrative expenses | 17,174 | 25,123 | 18,093 | 18,474 | 18,743 | 60,390 | 54,368 |
| Depreciation and amortization | 46,661 | 50,389 | 50,219 | 50,566 | 47,615 | 147,269 | 144,196 |
| Interest expense | 27,883 | 27,805 | 28,137 | 25,880 | 25,189 | 83,825 | 77,253 |
| Interest expense associated with property in receivership | — | — | — | — | — | — | 647 |
| Loss on early extinguishment of debt | — | — | — | 97 | — | — | — |
| Goodwill impairment charge | — | 166,113 | — | — | — | 166,113 | — |
| Income tax expense (benefit) | 1,875 | (767) | (1,062) | 1,054 | 1,645 | 46 | 1,504 |
| Less: | |||||||
| Loss (gain) on disposition of property | 1,125 | (124,622) | — | (21,848) | — | (123,497) | (13,170) |
| Third-party management and other fees | (277) | (268) | (277) | (240) | (404) | (822) | (1,243) |
| Interest income | (967) | (1,575) | (613) | (1,949) | (1,146) | (3,155) | (6,799) |
| Net operating income | 99,369 | 102,644 | 97,492 | 104,206 | 105,287 | 299,505 | 297,564 |
| Straight-line rent | (7,287) | (12,340) | (7,209) | (4,320) | (4,688) | (26,836) | (13,719) |
| Above/below-market rent revenue amortization | (394) | (384) | (670) | (737) | (821) | (1,448) | (2,459) |
| Amortization of below-market ground leases | 426 | 1,249 | 1,958 | 1,958 | 1,957 | 3,633 | 5,873 |
| Total cash NOI - including Observatory and lease termination fees | 92,114 | 91,169 | 91,571 | 101,107 | 101,735 | 274,854 | 287,259 |
| Less: Observatory NOI, excluding intercompany rent | (15,604) | (12,430) | (10,642) | (24,445) | (26,527) | (38,676) | (65,647) |
| Less: cash NOI from non-Same Store properties | (9,843) | (12,571) | (14,668) | (11,294) | (8,882) | (37,082) | (28,543) |
| Total Same Store property cash NOI - including lease termination fees | 66,667 | 66,168 | 66,261 | 65,368 | 66,326 | 199,096 | 193,069 |
| Less: Lease termination fees | — | — | (1,356) | — | — | (1,356) | (464) |
| Total Same Store property cash NOI - excluding Observatory and lease termination fees | $66,667 | $66,168 | $64,905 | $65,368 | $66,326 | $197,740 | $192,605 |
Third Quarter 2026
Property Summary - Leasing Activity by Quarter
(unaudited)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | |
| Total Office and Retail Portfolio(1) | |||||
| Total leases executed | 27 | 21 | 11 | 27 | 16 |
| Weighted average lease term | 8.1 years | 9.7 years | 12.2 years | 6.7 years | 8.1 years |
| Average free rent period | 5.7 months | 9.5 months | 13.9 months | 2.9 months | 6.0 months |
| Office | |||||
| Total square footage executed | 170,608 | 363,968 | 90,687 | 333,451 | 71,859 |
| Average starting cash rent psf - leases executed | $73.12 | $72.75 | $59.46 | $73.63 | $69.97 |
| Previously escalated cash rents psf | $66.53 | $61.75 | $55.66 | $69.20 | $67.33 |
| Percentage of new cash rent over previously escalated rents | 9.9% | 17.8% | 6.8% | 6.4% | 3.9% |
| Retail | |||||
| Total square footage executed | 18,869 | 17,831 | 22,797 | 125,022 | 16,021 |
| Average starting cash rent psf - leases executed | $221.79 | $502.26 | $135.49 | $81.43 | $128.33 |
| Previously escalated cash rents psf | $257.72 | $677.47 | $137.03 | $83.81 | $145.48 |
| Percentage of new cash rent over previously escalated rents | (13.9)% | (25.9)% | (1.1)% | (2.8)% | (11.8)% |
| Total Office and Retail Portfolio | |||||
| Total square footage executed | 189,477 | 381,799 | 113,484 | 458,473 | 87,880 |
| Average starting cash rent psf - leases executed | $87.93 | $95.04 | $74.73 | $75.61 | $80.61 |
| Previously escalated cash rents psf | $85.57 | $93.69 | $72.01 | $72.90 | $81.57 |
| Percentage of new cash rent over previously escalated rents | 2.8% | 1.4% | 3.8% | 3.7% | (1.2)% |
| Leasing commission costs per square foot | $24.27 | $34.18 | $32.21 | $21.53 | $33.24 |
| Tenant improvement costs per square foot | 53.05 | 85.35 | 104.97 | 33.61 | 59.60 |
| Total LC and TI per square foot(2) | $77.32 | $119.53 | $137.18 | $55.14 | $92.84 |
| Total LC and TI per square foot per year of weighted average lease term | $9.51 | $12.34 | $11.24 | $8.25 | $11.48 |
| Occupancy(3),(4) | 92.3% | 89.4% | 88.2% | 90.3% | 90.0% |
| Manhattan Office Portfolio | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total leases executed | 21 | 17 | 9 | 18 | 14 | |||
| Office - New Leases | ||||||||
| Total square footage executed | 125,239 | 252,344 | 83,397 | 106,311 | 26,430 | |||
| Average starting cash rent psf - leases executed | $73.37 | $74.26 | $58.54 | $70.97 | $68.56 | |||
| Previously escalated cash rents psf | $63.15 | $63.97 | $55.27 | $62.55 | $67.69 | |||
| Percentage of new cash rent over previously escalated rents | 16.2% | 16.1% | 5.9% | 13.5% | 1.3% | |||
| Office - Renewal Leases(1) | ||||||||
| Current Renewals | 19,334 | 111,624 | 7,290 | 14,542 | 30,907 | |||
| Early Renewals | 26,035 | — | — | 212,598 | 14,522 | |||
| Total square footage executed | 45,369 | 111,624 | 7,290 | 227,140 | 45,429 | |||
| Average starting cash rent psf - leases executed | $72.43 | $69.87 | $70.00 | $74.88 | $70.80 | |||
| Previously escalated cash rents psf | $75.87 | $57.47 | $60.19 | $72.31 | $67.11 | |||
| Percentage of new cash rent over previously escalated rents | (4.5)% | 21.6% | 16.3% | 3.6% | 5.5% | |||
| Total Manhattan Office Portfolio | ||||||||
| Total square footage executed | 170,608 | 363,968 | 90,687 | 333,451 | 71,859 | |||
| Average starting cash rent psf - leases executed | $73.12 | $72.75 | $59.46 | $73.63 | $69.97 | |||
| Previously escalated cash rents psf | $66.53 | $61.75 | $55.66 | $69.20 | $67.33 | |||
| Percentage of new cash rent over previously escalated rents | 9.9% | 17.8% | 6.8% | 6.4% | 3.9% | |||
| Leasing commission costs per square foot | $21.50 | $30.09 | $23.49 | $14.38 | $20.16 | |||
| Tenant improvement costs per square foot | 58.91 | 88.96 | 105.06 | 36.36 | 47.79 | |||
| Total LC and TI per square foot(2) | $80.41 | $119.05 | $128.55 | $50.74 | $67.95 | |||
| Total LC and TI per square foot per year of weighted average lease term | $10.39 | $12.23 | $12.30 | $10.01 | $10.76 | |||
| Occupancy(3),(4) | 91.9% | 89.1% | 87.9% | 89.9% | 90.3% | |||
(Table continued on next page)
Third Quarter 2026
Property Summary - Leasing Activity by Quarter - (Continued)
(unaudited)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| September 30,2026 | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | |
| Retail Portfolio | |||||
| Total leases executed | 6 | 4 | 2 | 9 | 2 |
| Total square footage executed | 18,869 | 17,831 | 22,797 | 125,022 | 16,021 |
| Average starting cash rent psf - leases executed | $221.79 | $502.26 | $135.49 | $81.43 | $128.33 |
| Previously escalated cash rents psf | $257.72 | $677.47 | $137.03 | $83.81 | $145.48 |
| Percentage of new cash rent over previously escalated rents | (13.9)% | (25.9)% | (1.1)% | (2.8)% | (11.8)% |
| Leasing commission costs per square foot | $49.33 | $117.64 | $66.91 | $40.58 | $91.92 |
| Tenant improvement costs per square foot | — | 11.81 | 104.62 | 26.29 | 112.59 |
| Total LC and TI per square foot(2) | $49.33 | $129.45 | $171.53 | $66.87 | $204.51 |
| Total LC and TI per square foot per year of weighted average lease term | $4.21 | $14.92 | $8.95 | $6.09 | $12.74 |
| Occupancy(3),(4) | 96.6% | 92.8% | 91.2% | 94.4% | 92.8% |
| Multifamily Portfolio | |||||
|---|---|---|---|---|---|
| Percent occupied | 97.1% | 97.7% | 96.4% | 97.8% | 98.6% |
| Total number of units | 743 | 743 | 743 | 743 | 743 |
Notes:
(1) Includes Early Renewals which are leases that were signed over two years prior to the lease expiration.
(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.
(3) All occupancy rates exclude broadcasting and storage space.
(4) As applicable, excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6 th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant. Beginning in Q3 2026, excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
Third Quarter 2026
Commercial Property Detail
(unaudited)
| Property Name · Location or Sub-Market · Rentable Square Feet (1) · Percent Occupied (2),(3) · Percent Leased (3),(4) · Annualized Rent (5) · Annualized Rent per Occupied Square Foot (6) · Number of Leases (7) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Office Properties (8),(9) | |||||||||||||
| The Empire State Building | Penn Station -Times Sq. South | 2,705,543 | 94.7% | 97.4% | $190,399,872 | $75.00 | 144 | ||||||
| One Grand Central Place | Grand Central | 1,246,331 | 90.6% | 92.6% | 75,583,492 | 67.08 | 114 | ||||||
| 501 Seventh Avenue | Penn Station -Times Sq. South | 458,001 | 67.8% | 81.0% | 17,658,299 | 57.02 | 9 | ||||||
| Broadway Campus | |||||||||||||
| 1400 Broadway | Penn Station -Times Sq. South | 917,281 | 92.9% | 98.3% | 54,883,654 | 64.46 | 17 | ||||||
| 111 West 33rd Street | Penn Station -Times Sq. South | 640,755 | 94.6% | 100.0% | 44,677,777 | 73.67 | 22 | ||||||
| 1350 Broadway (10) | Penn Station -Times Sq. South | 384,128 | 100.0% | 100.0% | 23,773,961 | 62.05 | 53 | ||||||
| 1333 Broadway | Penn Station -Times Sq. South | 297,126 | 89.8% | 89.8% | 15,729,894 | 58.97 | 10 | ||||||
| Total Broadway Campus | 2,239,290 | 94.2% | 98.0% | 139,065,286 | 65.98 | 102 | |||||||
| Total/Weighted Average Office Properties | 6,649,165 | 91.9% | 95.5% | 422,706,949 | 69.49 | 369 | |||||||
| Retail Properties (8),(9) | |||||||||||||
| North 6th Street Collection(11) | Williamsburg - Brooklyn | 87,355 | 97.5% | 97.5% | 13,540,582 | 159.02 | 17 | ||||||
| The Empire State Building | Penn Station -Times Sq. South | 85,455 | 77.6% | 77.6% | 7,669,029 | 115.65 | 11 | ||||||
| One Grand Central Place | Grand Central | 70,780 | 100.0% | 100.0% | 8,797,834 | 124.30 | 12 | ||||||
| 1542 Third Avenue | Upper East Side | 58,161 | 100.0% | 100.0% | 3,124,100 | 53.71 | 4 | ||||||
| 10 Union Square East | Union Square | 58,049 | 98.0% | 100.0% | 8,726,079 | 153.45 | 10 | ||||||
| 1010 Third Avenue | Upper East Side | 28,243 | 100.0% | 100.0% | 3,143,629 | 111.31 | 1 | ||||||
| 501 Seventh Avenue | Penn Station -Times Sq. South | 27,213 | 100.0% | 100.0% | 1,990,338 | 73.14 | 9 | ||||||
| 77 West 55th Street | Midtown | 25,388 | 100.0% | 100.0% | 2,272,765 | 89.52 | 3 | ||||||
| 561 10th Avenue | Hudson Yards | 11,822 | 100.0% | 100.0% | 1,866,062 | 157.85 | 2 | ||||||
| 298 Mulberry Street | NoHo | 10,365 | 100.0% | 100.0% | 2,002,467 | 193.20 | 1 | ||||||
| 345 East 94th Street | Upper East Side | 3,700 | 100.0% | 100.0% | 276,460 | 74.72 | 1 | ||||||
| Broadway Campus | |||||||||||||
| 112 West 34th Street | Penn Station -Times Sq. South | 93,057 | 100.0% | 100.0% | 26,183,540 | 281.37 | 4 | ||||||
| 1333 Broadway | Penn Station -Times Sq. South | 67,001 | 100.0% | 100.0% | 10,545,748 | 157.40 | 4 | ||||||
| 1350 Broadway (10) | Penn Station -Times Sq. South | 19,511 | 100.0% | 100.0% | 4,148,077 | 212.60 | 6 | ||||||
| 1400 Broadway | Penn Station -Times Sq. South | 17,017 | 100.0% | 100.0% | 2,105,005 | 123.70 | 7 | ||||||
| Total Broadway Campus | 196,586 | 100.0% | 100.0% | 42,982,370 | 218.64 | 21 | |||||||
| Total/Weighted Average Retail Properties | 663,117 | 96.6% | 96.8% | 96,391,715 | 150.47 | 92 | |||||||
| Portfolio Total | 7,312,282 | 92.3% | 95.6% | $519,098,664 | $77.21 | 461 | |||||||
Notes:
(1) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(2) Based on leases signed and commenced as of September 30, 2026.
(3) Percent occupied and percent leased exclude 95,165 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of September 30, 2026.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of September 30, 2026 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(8) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, that was not yet stabilized at the end of the quarter. As of September 30, 2026, the percent occupied was 70.6% and the percent leased was 80.6%, which was comprised of 68.3% occupied and 79.0% leased for office space and 100.0% occupied and leased for retail space.
(9) Excludes approximately 457,000 square feet of office space and 29,000 square feet of retail space related to 1359 Broadway, which was sold subsequent to quarter-end.
(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).
(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment. As of September 30, 2026, the percent occupied and percent leased were 0% and 49.5%, respectively. In addition, excludes approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant.
Third Quarter 2026
Total Portfolio Expirations and Vacates Summary
(unaudited and in square feet)
| Actual · Forecast (1) · Forecast (1) | |||||||
|---|---|---|---|---|---|---|---|
| Three Months Ended | |||||||
| Total Office and Retail Portfolio (2),(3) | September 30,2026 | December 31,2026 | March 31,2027 | June 30,2027 | September 30,2027 | December 31,2027 | Full Year 2027 |
| Total expirations | 171,701 | 65,527 | 54,429 | 70,706 | 84,791 | 166,548 | 376,474 |
| Less: broadcasting | (511) | — | (3,075) | (222) | (637) | (1,400) | (5,334) |
| Office and retail expirations | 171,190 | 65,527 | 51,354 | 70,484 | 84,154 | 165,148 | 371,140 |
| Renewals & relocations (4) | 41,369 | — | 4,263 | 5,273 | — | — | 9,536 |
| New leases (5) | 92,444 | 16,321 | 19,624 | 19,095 | 18,252 | 63,134 | 120,105 |
| Vacates (6) | 37,377 | 48,853 | 23,731 | 35,700 | 26,348 | 87,802 | 173,581 |
| Unknown (7) | — | 353 | 3,736 | 10,416 | 39,554 | 14,212 | 67,918 |
| Total Office and Retail Portfolio expirations and vacates | 171,190 | 65,527 | 51,354 | 70,484 | 84,154 | 165,148 | 371,140 |
| Office Portfolio (2),(3) | |||||||
| Total expirations | 160,541 | 65,174 | 47,012 | 70,706 | 84,791 | 166,261 | 368,770 |
| Less: broadcasting | (511) | — | (3,075) | (222) | (637) | (1,400) | (5,334) |
| Office expirations | 160,030 | 65,174 | 43,937 | 70,484 | 84,154 | 164,861 | 363,436 |
| Renewals & relocations (4) | 41,369 | — | 4,263 | 5,273 | — | — | 9,536 |
| New leases (5) | 86,252 | 16,321 | 19,624 | 19,095 | 18,252 | 63,134 | 120,105 |
| Vacates (6) | 32,409 | 48,853 | 16,314 | 35,700 | 26,348 | 87,515 | 165,877 |
| Unknown (7) | — | — | 3,736 | 10,416 | 39,554 | 14,212 | 67,918 |
| Total expirations and vacates | 160,030 | 65,174 | 43,937 | 70,484 | 84,154 | 164,861 | 363,436 |
| Retail Portfolio (2),(3) | |||||||
| Retail expirations | 11,160 | 353 | 7,417 | — | — | 287 | 7,704 |
| Renewals & relocations (4) | — | — | — | — | — | — | — |
| New leases (5) | 6,192 | — | — | — | — | — | — |
| Vacates (6) | 4,968 | — | 7,417 | — | — | 287 | 7,704 |
| Unknown (7) | — | 353 | — | — | — | — | — |
| Total expirations and vacates | 11,160 | 353 | 7,417 | — | — | 287 | 7,704 |
Notes:
(1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.
(2) Any lease on month-to-month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.
(3) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and was not yet stabilized at the end of the quarter. Excludes in-place leases at 1359 Broadway for forecast periods, as the property was disposed of subsequent to quarter-end.
(4) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2026 and 2027; and tenants who move within a building or within the Company's portfolio.
(5) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.
(6) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.
(7) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.
Third Quarter 2026
Tenant Lease Expirations
(unaudited)
| Total Office and Retail Lease Expirations(1) | Number of Leases Expiring(2) | Rentable Square Feet Expiring(3) | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent(4) | Percent of Annualized Rent | Annualized Rent Per Rentable Square Foot |
|---|---|---|---|---|---|---|
| Available | — | 451,718 | 5.8% | $— | —% | $— |
| Signed leases not commenced | 17 | 286,275 | 3.7% | — | —% | — |
| 3Q 2026(5) | 8 | 129,506 | 1.7% | 7,447,145 | 1.3% | 57.50 |
| 4Q 2026 | 12 | 65,527 | 0.8% | 4,396,480 | 0.8% | 67.09 |
| Total 2026 | 20 | 195,033 | 2.5% | 11,843,625 | 2.1% | 60.73 |
| 1Q 2027 | 12 | 54,429 | 0.7% | 4,142,965 | 0.8% | 76.12 |
| 2Q 2027 | 12 | 70,706 | 0.9% | 4,806,007 | 0.9% | 67.97 |
| 3Q 2027 | 16 | 84,791 | 1.1% | 5,614,741 | 1.0% | 66.22 |
| 4Q 2027 | 13 | 166,548 | 2.2% | 9,261,073 | 1.7% | 55.61 |
| Total 2027 | 53 | 376,474 | 4.9% | 23,824,786 | 4.4% | 63.28 |
| 2028 | 54 | 771,700 | 10.0% | 50,235,518 | 9.1% | 65.10 |
| 2029 | 64 | 723,996 | 9.3% | 55,854,152 | 10.1% | 77.15 |
| 2030 | 53 | 684,852 | 8.8% | 52,772,412 | 9.6% | 77.06 |
| 2031 | 49 | 270,885 | 3.5% | 28,779,255 | 5.2% | 106.24 |
| 2032 | 33 | 312,354 | 4.0% | 26,442,970 | 4.8% | 84.66 |
| 2033 | 37 | 316,798 | 4.1% | 27,777,612 | 5.0% | 87.68 |
| 2034 | 21 | 253,000 | 3.3% | 27,650,873 | 5.0% | 109.29 |
| 2035 | 18 | 369,216 | 4.8% | 26,713,957 | 4.8% | 72.35 |
| 2036 | 25 | 994,659 | 12.8% | 77,936,061 | 14.1% | 78.35 |
| Thereafter | 40 | 1,737,091 | 22.5% | 141,915,950 | 25.8% | 81.70 |
| Total | 484 | 7,744,051 | 100.0% | $551,747,171 | 100.0% | $78.75 |
| Office Properties(1), (6) | ||||||
|---|---|---|---|---|---|---|
| Available | — | 400,611 | 5.7% | $— | —% | $— |
| Signed leases not commenced | 15 | 278,596 | 4.0% | — | —% | — |
| 3Q 2026(5) | 7 | 121,109 | 1.7% | 6,816,718 | 1.5% | 56.29 |
| 4Q 2026 | 11 | 65,174 | 0.9% | 4,396,480 | 1.0% | 67.46 |
| Total 2026 | 18 | 186,283 | 2.6% | 11,213,198 | 2.5% | 60.19 |
| 1Q 2027 | 11 | 47,012 | 0.7% | 3,338,568 | 0.8% | 71.02 |
| 2Q 2027 | 12 | 70,706 | 1.0% | 4,806,007 | 1.1% | 67.97 |
| 3Q 2027 | 16 | 84,791 | 1.2% | 5,614,741 | 1.3% | 66.22 |
| 4Q 2027 | 12 | 166,261 | 2.4% | 9,203,770 | 2.1% | 55.36 |
| Total 2027 | 51 | 368,770 | 5.3% | 22,963,086 | 5.3% | 62.27 |
| 2028 | 50 | 760,290 | 10.8% | 48,417,142 | 10.9% | 63.68 |
| 2029 | 54 | 613,170 | 8.7% | 42,596,909 | 9.6% | 69.47 |
| 2030 | 43 | 660,150 | 9.4% | 46,422,755 | 10.5% | 70.32 |
| 2031 | 40 | 207,530 | 3.0% | 15,455,683 | 3.5% | 74.47 |
| 2032 | 26 | 271,858 | 3.9% | 21,400,526 | 4.8% | 78.72 |
| 2033 | 24 | 273,223 | 3.9% | 17,436,166 | 3.9% | 63.82 |
| 2034 | 13 | 214,652 | 3.1% | 15,807,249 | 3.6% | 73.64 |
| 2035 | 14 | 362,425 | 5.2% | 26,178,808 | 5.9% | 72.23 |
| 2036 | 17 | 914,556 | 13.0% | 72,029,358 | 16.3% | 78.76 |
| Thereafter | 22 | 1,504,817 | 21.4% | 103,212,637 | 23.2% | 68.59 |
| Total office properties | 387 | 7,016,931 | 100.0% | $443,133,517 | 100.0% | $69.92 |
(Table continued on next page)
Third Quarter 2026
Tenant Lease Expirations
(unaudited)
| Retail Properties(1) | Number of Leases Expiring(2) | Rentable Square Feet Expiring(3) | Percent of Portfolio Rentable Square Feet Expiring | Annualized Rent(4) | Percent of Annualized Rent | Annualized Rent Per Rentable Square Foot |
|---|---|---|---|---|---|---|
| Available | — | 51,107 | 7.0% | $— | —% | $— |
| Signed leases not commenced | 2 | 7,679 | 1.1% | — | —% | — |
| 3Q 2026(5) | 1 | 8,397 | 1.2% | 630,427 | 0.6% | 75.08 |
| 4Q 2026(7) | 1 | 353 | —% | — | —% | — |
| Total 2026 | 2 | 8,750 | 1.2% | 630,427 | 0.6% | 72.05 |
| 1Q 2027 | 1 | 7,417 | 1.0% | 804,397 | 0.7% | 108.45 |
| 2Q 2027 | — | — | —% | — | —% | — |
| 3Q 2027 | — | — | —% | — | —% | — |
| 4Q 2027 | 1 | 287 | —% | 57,303 | 0.1% | 199.66 |
| Total 2027 | 2 | 7,704 | 1.0% | 861,700 | 0.8% | 111.85 |
| 2028 | 4 | 11,410 | 1.6% | 1,818,376 | 1.7% | 159.37 |
| 2029 | 10 | 110,826 | 15.2% | 13,257,243 | 12.2% | 119.62 |
| 2030 | 10 | 24,702 | 3.4% | 6,349,657 | 5.8% | 257.05 |
| 2031 | 9 | 63,355 | 8.7% | 13,323,572 | 12.3% | 210.30 |
| 2032 | 7 | 40,496 | 5.6% | 5,042,444 | 4.6% | 124.52 |
| 2033 | 13 | 43,575 | 6.0% | 10,341,446 | 9.5% | 237.33 |
| 2034 | 8 | 38,348 | 5.3% | 11,843,624 | 10.9% | 308.85 |
| 2035 | 4 | 6,791 | 0.9% | 535,149 | 0.5% | 78.80 |
| 2036 | 8 | 80,103 | 11.0% | 5,906,703 | 5.4% | 73.74 |
| Thereafter | 18 | 232,274 | 32.0% | 38,703,313 | 35.7% | 166.63 |
| Total retail properties | 97 | 727,120 | 100.0% | $108,613,654 | 100.0% | $162.51 |
Notes:
(1) Includes December 2025 acquisition of 130 Mercer Street, which was not yet stabilized at the end of the quarter, June 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment, and March 2026 acquisition of 41-55 North 6 th Street, which is newly constructed and currently vacant. Excludes 1359 Broadway, which was sold subsequent to quarter-end.
(2) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.
(3) Excludes (i) 167,370 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,428 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.
(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5) Represents leases that are included in occupancy as of September 30, 2026 and expire on September 30, 2026.
(6) Excludes (i) retail space in the Company’s office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.
(7) Includes a percentage rent lease with no annualized rent.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.