Empire State Realty Trust Announces Fourth Quarter 2015 Results

NEW YORK, February 22, 2016 — Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today reported its operational and financial results for the fourth quarter of 2015.

“We are pleased with our strong fourth quarter and full year 2015 results, including a 9% increase in full year Core FFO per share, which reflect the successful execution of our strategy to consolidate, redevelop and re-lease space to larger, higher credit quality tenants. During 2015, we leased approximately 1.2 million square feet of office and retail space, which represents 54% growth from the prior year. Most importantly, our leasing team achieved rent spreads in excess of 73.5% on the total portfolio and over 43% on new leases signed in our Manhattan office portfolio. Additionally, we overcame challenging New York City tourist trends and the opening of One World Trade Center’s observatory and produced full year revenue from our Observatory that was slightly in excess of the prior year,” stated John B. Kessler, Empire State Realty Trust’s President and Chief Operating Officer.

Mr. Kessler continued, “Finally, our well-capitalized, low-levered balance sheet, with limited near term debt maturities, enables us to support our future growth plans. In the coming years, we will continue to unlock the embedded, de-risked growth within our portfolio and create long term value for our shareholders, with whom our management team remains highly aligned. We had limited new net borrowings during the year and continue to maintain high levels of liquidity.”

Fourth Quarter Highlights

  • Achieved Core Funds From Operations (“Core FFO”) of $0.25 per fully diluted share and net income attributable to the Company of $0.07 per fully diluted share.
  • Total portfolio was 87.3% occupied; including signed leases not commenced (“SLNC”), the total portfolio was 89.1% leased at December 31, 2015.
  • Manhattan office portfolio (excluding the retail component of these properties) was 84.9% occupied; including SLNC, the Manhattan office portfolio was 87.2% leased at December 31, 2015.
  • Retail portfolio was 94.3% occupied; including SLNC, the retail portfolio was 94.6% leased at December 31, 2015.
  • Empire State Building was 86.7% occupied; including SLNC, the Empire State Building was 90.7% leased at December 31, 2015.
  • Executed 39 leases, representing 198,216 rentable square feet across the total portfolio, achieving a 34.0% increase in mark-to-market rent over previous fully escalated rents on new, renewal, and expansion leases.
  • Signed 23 new leases representing 111,307 rentable square feet in the fourth quarter 2015 for the Manhattan office portfolio (excluding the retail component of these properties), achieving an increase of 57.5% in mark-to-market rent over previous fully escalated rents.
  • The Empire State Building Observatory revenue for the fourth quarter 2015 was $27.6 million.
  • Declared a dividend in the amount of $0.085 per share for the fourth quarter 2015, which was paid on December 31, 2015.

Full Year Highlights

  • Achieved Core FFO of $0.97 per fully diluted share and net income attributable to the Company of $0.29 per fully diluted share.
  • Executed 245 leases, representing 1,209,145 rentable square feet across the total portfolio, achieving a 73.7% increase in mark-to-market rent over previously fully escalated rents on new, renewal, and expansion leases; 177 of these leases, representing 958,704 rentable square feet, were within the Manhattan office portfolio (excluding the retail component of these properties) capturing a 43.3% increase in mark-to-market rent over previously fully escalated rents on new, renewal and expansion leases.
  • Executed 12 leases, representing 70,940 rentable square feet within the Manhattan retail portfolio, achieving a 474.1% increase in mark-to-market rent over previously fully escalated rents on new, renewal, and expansion leases.
  • Signed 93 new leases representing 728,264 rentable square feet in 2015 for the Manhattan office portfolio (excluding the retail component of these properties), achieving an increase of 53.8% in mark-to-market rent over expired previously fully escalated rents.
  • The Empire State Building Observatory revenue grew 0.6% to $112.2 million from $111.5 million in 2014.
  • Declared and paid aggregate dividends of $0.34 per share during 2015.

Financial Results for the Fourth Quarter 2015

Core FFO was $66.2 million, or $0.25 per fully diluted share, compared to $65.2 million, or $0.25 per fully diluted share, in the fourth quarter of 2014.

Modified FFO was $66.2 million, or $0.25 per fully diluted share, compared to $61.4 million, or $0.23 per fully diluted share, in the fourth quarter of 2014.

FFO was $64.2 million, or $0.24 per fully diluted share, compared to $59.4 million, or $0.22 per fully diluted share, in the fourth quarter of 2014.

Net income attributable to common stockholders was $8.3 million, or $0.07 per fully diluted share, compared to $4.1 million, or $0.04 per fully diluted share, in the fourth quarter of 2014.

Financial Results for the Year Ended December 31, 2015

Core FFO was $257.7 million, or $0.97 per fully diluted share, compared to $227.4 million, or $0.89 per fully diluted share, for the year ended December 31, 2014.

Modified FFO was $257.8 million, or $0.97 per fully diluted share, compared to $219.5 million, or $0.86 per fully diluted share, for the year ended December 31, 2014.

FFO was $249.9 million, or $0.94 per fully diluted share, compared to $214.8 million, or $0.84 per fully diluted share, for the year ended December 31, 2014.

Net income attributable to common stockholders was $33.7 million, or $0.29 per fully diluted share, compared to $26.7 million, or $0.27 per fully diluted share, for the year ended December 31, 2014.

Portfolio Operations

As of December 31, 2015, the Company’s total portfolio contained 10.1 million rentable square feet of office and retail space and was 87.3% occupied. Percentage occupied was down 10 basis points from 87.4% at the end of the third quarter 2015, and down 130 basis points from 88.6% at the end of the fourth quarter 2014 as we continue to execute on our redevelopment plan. Including SLNC, the Company’s portfolio was 89.1% leased at December 31, 2015.

The Company’s office portfolio (excluding the retail component of these properties), containing 9.3 million rentable square feet, was 86.7% occupied at the end of the fourth quarter 2015, down 30 basis points from the end of the third quarter 2015, and down 150 basis points from the end of the fourth quarter 2014. Including SLNC, the Company’s office portfolio (excluding the retail component of these properties) was 88.6% leased at December 31, 2015.

The Manhattan office portfolio (excluding the retail component of these properties), containing 7.5 million rentable square feet was 84.9% occupied at the end of the fourth quarter 2015, down 50 basis points from the end of the third quarter 2015, and down 260 basis points from the end of the fourth quarter 2014. Including SLNC, the Company’s Manhattan office portfolio (excluding the retail component of these properties) was 87.2% leased at December 31, 2015.

The Company’s retail portfolio, containing approximately 723,000 rentable square feet, was 94.3% occupied at the end of the fourth quarter 2015, up 160 basis points from the end of the third quarter 2015, and up 110 basis points from the end of the fourth quarter 2014. Including SLNC, the Company’s retail portfolio was 94.6% leased at December 31, 2015.

Leasing

For the three months ended December 31, 2015, the Company executed 39 office leases within the total portfolio, comprising 198,216 rentable square feet.

On a blended basis, the 39 new, renewal and expansion office leases signed within the total portfolio during the quarter had an average starting rental rate of $50.60 per rentable square foot, representing an increase of 34.0% over the prior in-place rent on a fully escalated basis.

Leases signed in the Fourth Quarter 2015 for the Manhattan office portfolio

  • 23 new leases comprising 111,307 rentable square feet, with an average starting rental rate of $61.44 per rentable square foot, representing an increase of 57.5% over the prior in-place rent on a fully escalated basis, and
  • 13 renewal leases, comprising 62,862 rentable square feet, with an average starting rental rate of $41.84 per rentable square foot, representing an increase of 1.8% over the prior in-place rent on a fully escalated basis.

Empire State Building

The Company continues to renovate and lease the 2.8 million rentable square foot Empire State Building, its flagship property. At December 31, 2015, the Empire State Building was 86.7% occupied; including SLNC, the Empire State Building was 90.7% leased.

During the fourth quarter 2015, the Company executed seven office leases at the Empire State Building, representing 27,235 rentable square feet in the aggregate.

The Observatory revenue for the fourth quarter 2015 was $27.6 million, compared to $28.2 million in the fourth quarter 2014. The Observatory hosted approximately 949,000 visitors in the fourth quarter 2015 compared to 997,000 visitors in the fourth quarter 2014. In the critical week between Christmas Eve and New Year’s Eve, there were three bad weather days in 2015 compared to one bad weather day in 2014. In the fourth quarter 2015, there was one bad weather day which fell on a weekend. This compares to the fourth quarter 2014, in which there were four bad weather days which fell on weekends.

For the year ended December 31, 2015, the Observatory hosted 4.1 million visitors, compared to 4.3 million visitors for the same period in 2014. Observatory revenue for the year ended December 31, 2015 was $112.2 million, a 0.6% increase from $111.5 million for the year ended December 31, 2014. Both full year 2015 and 2014 had 15 bad weather weekend days.

Balance Sheet

As of December 31, 2015, the outstanding balance on the Company’s $800.0 million unsecured revolving credit facility was $40.0 million. The unsecured revolving credit facility has an accordion feature allowing for an increase in its maximum aggregate principal balance to $1.25 billion under certain circumstances.

At December 31, 2015, the Company had total debt outstanding of approximately $1.6 billion, with a weighted average interest rate of 4.12% per annum, and a weighted average term to maturity of 5.4 years. At December 31, 2015, the Company had no debt maturing during 2016. The Company’s consolidated debt to total market capitalization was approximately 25% as of December 31, 2015 and consolidated net debt to EBITDA was 4.9x.

Dividend

On December 31, 2015, the Company paid a dividend of $0.085 per share for the fourth quarter 2015 to holders of the Company’s Class A common stock and Class B common stock and to holders of the operating partnership’s Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units. The Company paid a dividend of $0.15 per unit for the fourth quarter 2015 to holders of the operating partnership’s private perpetual preferred units.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Tuesday, February 23, 2016 at 8:30 am Eastern time.

The webcast will be available in the Investors section of the Company’s website at www.empirestaterealtytrust.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. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. A replay will be available shortly after the call and can be accessed by dialing 1-877-870-5176 for domestic callers or 1-858-384-5517 for international callers. The passcode for the replay is 13628305. A replay of the conference call will be available until March 1, 2016.

The Supplemental Report will be available prior to the conference call in the Investors section of the Company’s website, www.empirestaterealtytrust.com.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of December 31, 2015, consisting of 9.3 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 723,000 rentable square feet in the retail portfolio.

Non-GAAP Financial Measures

The Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on pages 11 and 12 of this release and in the Company’s supplemental report.

Forward-Looking Statements

This press release includes “forward looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: changes in our industry, the real estate markets, either nationally or in Manhattan or the greater New York metropolitan area; resolution of the litigations and arbitration involving the company; reduced demand for office or retail space; general volatility of the capital and credit markets and the market price of our Class A common stock and our publicly-traded OP Units; changes in technology and market competition, which affect utilization of our broadcast or other facilities; changes in domestic or international tourism, including geopolitical events and currency exchange rates; defaults on, early terminations of, or non-renewal of leases by tenants; fluctuations in interest rates; declining real estate valuations and impairment charges; our failure to obtain necessary outside financing, including our unsecured revolving credit facility; decreased rental rates or increased vacancy rates; our failure to redevelop and reposition properties successfully or on the anticipated timeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate development (including our Metro Tower development site), including the cost of construction delays and cost overruns; and conflicts of interest affecting any of our senior management team.

While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Empire State Realty Trust Announces Fourth Quarter 2015 Results
Empire State Realty Trust Announces Fourth Quarter 2015 Results
Empire State Realty Trust Announces Fourth Quarter 2015 Results
Empire State Realty Trust Announces Fourth Quarter 2015 Results
Empire State Realty Trust Announces Fourth Quarter 2015 Results

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New Papyrus Store in the Cards for ESRT’s 1359 Broadway

NEW YORK CITY, February 17, 2016 – Empire State Realty Trust, Inc. (NYSE: ESRT) announces that Papyrus, the exclusive stationery retailer, will open a store at 1359 Broadway, where it has signed a long-term lease.

The asking rent for the 1,187-square-foot space was $400 per square foot.

Papyrus’s lease in the Times Square South submarket follows those of other national retailers targeting the abundant pedestrian traffic of area employees, tourists and hotel guests traveling between Times Square and Macy’s/Herald Square. Among those are Urban Outfitters, Shake Shack and Rituals at 1333 Broadway, another ESRT property.

“The neighborhood continues to be transformed, with the influx of thousands of office workers, and new retailers beginning to populate stores that line the Broadway pedestrian plaza, targeting the growing foot traffic between Times Square and Herald Square,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “This section of Broadway is destined to become one of the City’s most active retail streets.”

Papyrus is the flagship brand of Schurman Retail Group, founded in 1950 as an importer of European paper products. Today, the company has approximately 400 stores in North America.

Jacqueline Klinger and Taryn Brandes of The Shopping Center represented Papyrus in the lease negotiations. Landlord representation was provided by Fred C. Posniak and Shanae Ursini of ESRT, along with Jared Lack of Newmark Grubb Knight Frank.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 720,000 rentable square feet in the retail portfolio.

*Please note all lease square footages are approximate.

Forward-Looking Statements
This press release includes “forward looking statements.” Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties” and (ii) in future periodic reports filed by the Company under the Securities and Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Empire State Realty Trust Successfully Renews and Extends Lease with Univision Television Group

NEW YORK CITY, February 16, 2016 — Empire State Realty Trust, Inc. (NYSE:ESRT) (the “Company”), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that it has successfully renewed and extended its leases with Univision Television Group, Inc. (Univision) from their current expirations in 2016 and 2018 to a new expiration in December 2025. Three existing broadcast tenants, CBS Broadcasting Inc. (NYSE: CBS), NBC Universal Media LLC, a subsidiary of Comcast (NASDAQ: CMCSA), and THIRTEEN (WNET) have notified the Company that they have committed to move to One World Trade Center and will vacate the Empire State Building at the end of their current lease terms in 2017 and 2018.

The non-renewing leases with CBS, NBC and WNET generated approximately $6.0 million in aggregate revenue (inclusive of expense reimbursements) over the twelve months ended September 30, 2015. For the same time period, revenue from Univision totaled approximately $2.8 million (inclusive of expense reimbursements). Commencing as of January 2016, annual revenue from Univision will adjust to an initial amount of $1.9 million, and is subject to escalations. The Company’s trailing twelve month total revenue for the period ended September 30, 2015 was $662.8 million. Due to the relatively small size of the broadcasting business within Empire State Realty Trust, neither the extension of nor non-renewal of broadcast leases has or is expected to have a material impact on the Company’s financial results. The Company intends to provide additional disclosure related to the broadcast business in its quarterly supplemental package and filings, as appropriate. 

“We continue negotiations for renewal agreements with our broadcast tenants. As we have previously disclosed, some may choose to move locations when existing agreements expire, and we may see a reduction in revenue and a requirement for capital expenditures,” stated John B. Kessler, Empire State Realty Trust’s President and Chief Operating Officer. “Our goal is to achieve terms which make sense for our broadcast partners and provide attractive returns to our shareholders. We remain focused on the successful execution of our strategic plan to unlock embedded, de-risked growth within our portfolio as we consolidate, redevelop and re-lease space at industry leading spreads, and this dwarfs any impact of any outcome from our broadcasting business. With our low-levered, fortress balance sheet, we believe we will continue to create meaningful value from our portfolio of assets and drive the highest returns for our shareholders.” 

About Empire State Realty Trust 

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 720,000 rentable square feet in the retail portfolio.

Forward-Looking Statements 
This press release includes “forward looking statements”. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties” and (ii) in future periodic reports filed by the Company under the Securities and Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Bank of America Leases at ESRT’s 250 West 57th Street

NEW YORK CITY, February 16, 2016 – Empire State Realty Trust, Inc. (NYSE:ESRT) announces Bank of America will call Billionaire’s Row home. The newest branch will be a 4,432 square foot retail space at 250 West 57th Street.

Directly opposite 250 West 57th Street is Nordstrom’s new flagship store, scheduled to open in 2018. Other retailers at ESRT’s property include Starbucks, AT&T, HSBC, T.J. Maxx and Duane Reade.

“We now have a concentration of quality retailers on West 57th Street,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “Which is not surprising, when you consider our location on Billionaire’s Row, and proximity to One 57, Time Warner Center, Carnegie Hall and direct underground access to the new TurnStyle’s 24 shops and 10 restaurants opening in spring 2016 that will serve 22 million pedestrians.”

David LaPierre of CBRE represented Bank of America in the lease negotiations. Landlord representation was provided by Fred C. Posniak and Shanae Ursini of ESRT, along with Joanne Podell and Ian Lerner of Cushman & Wakefield.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 720,000 rentable square feet in the retail portfolio.

*Please note all lease square footages are approximate.

Forward-Looking Statements
This press release includes “forward looking statements.” Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties” and (ii) in future periodic reports filed by the Company under the Securities and Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Shutterstock Expands Headquarters at Empire State Building; Lifts Total Above 105,000 Square Feet

NEW YORK CITY, February 12, 2016 – Shutterstock, the leader in growth as a global provider of commercial digital imagery and music, has signed an expansion lease for a 25,300 square feet full floor at the Empire State Building, announces Empire State Realty Trust, Inc. (NYSE: ESRT).

Shutterstock’s headquarters has occupied 80,000 square feet at the World’s Most Famous Building since 2013, and was originally attracted to the building for the strength of its brand identification and amenities, and how the building helps attract and retain top talent.

“We are delighted to accommodate Shutterstock’s growth at the Empire State Building,” says Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “The Urban campus at the Empire State Building is unique, and allows employees at tenants like Shutterstock to be incredibly productive. Everything that one needs is located within the building.”

Founded in 2003, Shutterstock provides high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. The firm has additional offices in Amsterdam, Berlin, Chicago, Dallas, Denver, London, Montreal, Paris, San Francisco and Silicon Valley.

Other tenants of the Empire State Building include LinkedIn, Bulova, Coty, Global Brands Group, HNTB, Expedia, Skanska, and Media General Digital.

Paul Ippolito of Newmark Grubb Knight Frank represented Shutterstock in the lease negotiations. Landlord representation was provided by Ryan O. Kass, Fred C. Posniak and Shanae Ursini of ESRT.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 720,000 rentable square feet in the retail portfolio.

*Please note all lease square footages are approximate.

Forward-Looking Statements
This press release includes “forward looking statements.” Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties” and (ii) in future periodic reports filed by the Company under the Securities and Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Empire State Building Announces Winners of 2016 Valentine’s Day Wedding Contest

New York, NY (February 1, 2016) – Empire State Realty Trust, Inc. (NYSE: ESRT) announced today the 10 lucky couples who have been selected as winners of the Empire State Building (ESB) Valentine’s Day Weddings contest.

Throughout its storied history, ESB has played a special role in love stories around the world. Well known as the setting for iconic silver screen romances such as Sleepless in Seattle and An Affair to Remember, this Valentine’s Day, ESB will honor 10 couples and their love stories with a whirlwind day of weddings at the most famous building in the world. This annual occasion is the only day of the year couples can marry at the site USA Today readers chose as America’s “Best Place to Propose.”

The Empire State Building is thrilled to be part of such an unforgettable day for the lucky couples, as we have been for the past 22 years,” said Jean-Yves Ghazi, Director of the Empire State Building Observatory and ceremony officiant. “Their stories of love and commitment make this year’s Valentine’s Day weddings at the Empire State Building one of our most special.”

Aruba Tourism Authority, a returning partner, will surprise one lucky couple with an all-expenses paid honeymoon. The randomly selected pair will enjoy a romantic five-night/six-day stay at the adults-only Bucuti & Tara Beach Resort to take in the sunshine, ocean and all that the “One Happy Island” has to offer.

Following their ceremonies, couples can enjoy the famous open-air views of New York City for photos with their guests before they are treated to an exclusive VIP breakfast at STATE Grill and Bar, located on the ground floor of the building.

The couples will have their individual ceremonies on the famed 86th floor Observatory throughout the day on Valentine’s Day as follows:

  • 8:00am – Monique and Mike Baratta (Toms River, NJ) – After a proposal on ESB’s 86th floor Observatory, Monique and Mike’s 2006 ESB wedding almost didn’t happen due to Mother Nature’s plans for snow. Although some family couldn’t make it, Good Morning America captured the joyful event for the whole nation to see. For their tenth anniversary, the couple is thrilled to be renewing their vows in front of their children, whose favorite “movie” is seeing their parents marry on live TV.
  • 8:15am – Vijay Lalwani and Hector Jerome Bondoc (New York, NY) – Returning to the spot of their very first date, Vijay and Hector are excited to be exchanging vows in the presence of their dog, Koki, who is known by his Instagram-famous moniker, @KokiStateofMind. Koki snaps pictures nightly in front of ESB for his 23K followers and is looking forward to witnessing his loving dads renew their vows on top of his favorite landmark.
  • 8:30am – Jennifer Nodonly and Warren Sanders (Baltimore, MD) – Jennifer and Warren became engaged after the tragic passing of Jennifer’s father. Through the hardship, their relationship grew and they were selected to be a part of ESB’s weddings in 2015. As traveling with their newborn was not possible at the time, the couple is ecstatic to be bringing their daughter to New York City for the first time to realize their dream of marrying in the city and atop the building they love.
  • 8:45am – Katherine Baglivi and Joshua Coyle (West New York, NJ) – Katherine and Joshua’s Memorial Day date quickly became more than just a summer romance. From that first Fourth of July watching ESB lit as a backdrop to the fireworks that symbolized their relationship, the iconic NYC landmark has been a constant sight for these lovebirds living just over the Hudson River.
  • 9:00am – Shanta Mali and Sean Smith (New York, NY) – Shanta and Shali will be returning to a place that has shaped their lives. After meeting on ESB’s 24th floor, the couple dated but ultimately lost touch. Ten years later, they’ve found each other again and will make it official in the place where it all began.
  • 9:15am – Betsy Narvaez and Carol Cabello (Jackson Heights, NY) – After a memorable first date on Betsy’s birthday, it became clear their summer romance was on the path to so much more. From their subway platform in Queens, they can see ESB’s spire, a symbol of the city where their life together began.
  • 9:30am – Ying Wang and Jinhan Bai (China) – After falling in love their sophomore year of high school, Ying and Jinhan were separated when college called. On one visit to New York City, the couple tried to make time to visit the Empire State Building, but luck wasn’t on their side and Ying was only able to take a photo of the lobby. Now, with the chance to renew their vows on the 86th floor, Ying and Jinhan will share this wonderful experience and the rest of their lives together.
  • 9:45am – Sadeema Taylor and Kearney Bapteus (Port Reading, NJ) – As is often the case, life simply got in the way of these young lovebirds. After overcoming hardships both together and apart, Sadeema and Kearney, alongside their daughters, are finally achieving their dream of tying the knot. This will be the first visit to ESB for everyone in the family and surely one they’ll never forget.
  • 11:30am – Stacey Price and Andrew Frye (Arlington, VA) – After a trip to the top of ESB at age 22, Stacey fully realized how much there was to see beyond her small town. This trip spurred her into a big move and an even bigger love. Together with her die-hard Rangers fan fiancé, Stacey will add another day at ESB to the list of days that changed her life.
  • 11:45am – Christina and Carl Wahrmund (San Antonio, TX) – Christina and Carl married almost 40 years ago with only a judge present. After nearly 4 decades of “smiles, laughs, tears and tragedies,” they will renew their vows with the family that has witnessed the strength and joy of their relationship grow year after year.

For complete details, please visit www.facebook.com/empirestatebuilding. For more information about Aruba Tourism Authority and STATE Grill & Bar, visit www.aruba.com and www.stategrillesb.com.

About the Empire State Building 
Soaring 1,454 feet above Midtown Manhattan (from base to antenna), the Empire State Building, owned by Empire State Realty Trust, Inc., is the “World’s Most Famous Building.” With new investments in energy efficiency, infrastructure, public areas and amenities, the Empire State Building has attracted first-rate tenants in a diverse array of industries from around the world. The skyscraper’s robust broadcasting technology supports all major television and FM radio stations in the New York metropolitan market. The Empire State Building was named America’s favorite building in a poll conducted by the American Institute of Architects, and the Empire State Building Observatory is one of the world’s most beloved attractions as the region’s #1 tourist destination. For more information on the Empire State Building, please visit www.empirestatebuilding.com, www.facebook.com/empirestatebuilding, @EmpireStateBldg, www.instagram.com/empirestatebldg, www.youtube.com/esbnyc or www.pinterest.com/empirestatebldg/.

About Empire State Realty Trust 

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 724,000 rentable square feet in the retail portfolio.

About Aruba 
As one of the most revisited destinations in the Caribbean, Aruba — One happy island — is an island of contradictions, where pristine turquoise waters collide against the desert-like terrain of the north shore; where peace and relaxation coexist with wild and rugged adventures; where Dutch influence meets American ease and where a diverse history parallels a bright future. Nestled in the southern Caribbean outside the fringes of the hurricane belt, the island is just a two-and-a-half-hour flight from Miami, a four-hour flight from New York City and boasts year-round cooling trade winds with an average 82-degree temperature. Aruba offers beach-lovers, adrenaline junkies, relaxation-seekers and everyone in between a slice of paradise with breathtaking beaches, a booming culinary scene of over 300 restaurants with 25+ located ideally on the water, world-famous festivals and events, exciting land and water activities, art galleries and museums, sumptuous spas, championship golf, exclusive shopping and signature experiences such as cooling off in Conchi, Aruba’s natural pool— accessible only by foot or off-road vehicle. With all-inclusive options, boutique properties in charming Eagle Beach, high-rise branded resorts in Palm Beach and cosmopolitan city hotels in Oranjestad, the island of contradictions provides the perfect getaway for both first-time guests and loyal visitors. Visit www.aruba.com to learn more and engage with the brand at www.facebook.com/arubafans, @aruba on Twitter and @arubatourism on Instagram.

Forward-Looking Statements 
This press release includes “forward looking statements.” Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties.” While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Empire State Realty Trust and Marmot to Ring the NYSE Opening Bell

New York, NY (February 2, 2016) – Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, and Marmot Mountain, LLC (Marmot), a premier outdoor clothing, apparel and equipment manufacturer, and a subsidiary of the Jarden Corporation (NYSE: JAH), today announced that executives and representatives from both businesses, joined by representatives and athletes from the Challenged Athletes Foundation will ring the NYSE Opening Bell® this morning in celebration of the 39th Annual Empire State Building Run-Up which will take place February 3, 2016.

Present at the NYSE Opening Bell® ceremony are:

  • John B. Kessler, President and Chief Operating Officer; David Karp, Executive Vice President and Chief Financial Officer; Audrey Pass, Chief Marketing Officer (Empire State Realty Trust, Inc.)
  • Tom Fritz, Vice President Marketing; Jordan Campbell, Public Relations Director; Sean Swarner, Ambassador Athlete; KC Kennedy, Production Artist and Athlete (Marmot)
  • Jim Lillie, Chief Executive Officer; Joe Polwrek, Sr. Procurement Specialist and Athlete (Jarden Corporation)
  • Scott L. Stackman, CAF Board Member and Managing Director Investments, UBS; Mike Coots, CAF Challenged Athlete; Patricia Collins, CAF Challenged Athlete (Challenged Athletes Foundation)

The ringing of the NYSE Opening Bell® highlights the continued partnership between Empire State Realty Trust and Jarden Corporation in their second year of collaboration on the race, which is known as the pinnacle event in global tower running. Presenting sponsor Marmot will also act as official timekeeper of the race, recording finishing times for all participants and providing the top male and female elite finishers with Marmot watches and exclusive Marmot jackets.

Challenged Athletes Foundation (CAF) is once again the official charity partner of the Empire State Building Run-Up Presented by Marmot. Twenty-five runners will participate and fundraise in support of CAF’s work to provide access and assistance to people with physical challenges, giving those with the desire to live active, athletic lifestyles the opportunity to compete in the sports they love. Seven challenged athletes from across the country will race up the 1,576 steps and 86 floors.

The Opening Bell will ring at 9:30 a.m. Eastern Time and can be viewed live on the NYSE’s website at https://nyse.nyx.com/the-bell/todays-bells-live. Photos and video of the NYSE Bell Ringing Ceremony will be available, courtesy of the NYSE, on Facebook (NYSE Euronext) ; Twitter (@NYSEEuronext) and on the NYSE YouTube Channel — nysetv1.

About Empire State Realty Trust 
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 724,000 rentable square feet in the retail portfolio.

About Marmot Mountain, LLC 
Marmot is an award-winning, globally distributed brand of high-performance, technical clothing, apparel and equipment. Since 1974, Marmot products have been worn by climbers, skiers, mountaineers and adventurers world-wide. Marmot works with professional mountain guides, world-class athletes and expeditions—pushing the limits of product innovation and technology—pioneering what is possible in the most extreme environments on earth. For more information about Marmot please visit www.marmot.com

About Jarden Corporation 
Jarden Corporation is a diversified, global consumer products company with a portfolio of over 120 trusted, authentic brands. Jarden’s record of strong financial performance and organic growth is supported by a focused operating culture coupled with value enhancing acquisitions and shareholder focused capital allocation. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Envirocooler®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew-Cornell®, Mapa®, Millefiori®, NUK®, Pine Mountain®, Quickie®, Spontex®, Tigex®, Waddington, Yankee Candle® and YOU®; Outdoor Solutions: Abu Garcia®, AeroBed®, Berkley®, Campingaz® and Coleman®, Dalbello®, ExOfficio®, Fenwick®, Greys®, Gulp!®, Hardy®, Invicta®, Jostens®, K2®, Marker®, Marmot®, Mitchell®, Neff®, PENN®, Rawlings®, Shakespeare®, Squadra®, Stearns®, Stren®, Trilene®, Völkl® and Zoot®; and Consumer Solutions: Bionaire®, Breville®, Cadence®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rainbow®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®. Headquartered in Florida, Jarden ranks #348 on the Fortune 500 and has over 35,000 employees worldwide. For further information about Jarden, please visit www.jarden.com.

About the Challenged Athletes Foundation 
The Challenged Athletes Foundation® (CAF) is a world leader in helping people with physical challenges lead active, healthy lifestyles. CAF believes that participation in physical activity at any level increases self-esteem, encourages independence and enhances quality of life. Since 1994, more than $67 million has been raised and over 11,000 funding requests from people with physical challenges in all 50 states and dozens of countries have been satisfied. Additionally, CAF’s outreach efforts reach another 60,000 individuals each year. Whether it’s a $2,500 grant for a handcycle, helping underwrite a carbon fiber running foot not covered by insurance, or arranging enthusiastic encouragement from a mentor who has triumphed over a similar challenge, CAF’s mission is clear: give opportunities and support to those with the desire to live active, athletic lifestyles. To learn more, visit challengedathletes.org or call 858-866-0959.