Empire State Realty Trust Announces Private Placement of $225 Million of Green Senior Unsecured Notes

Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it and its operating partnership, Empire State Realty OP, L.P. (the “Operating Partnership”), entered into a note purchase agreement to issue $225 million aggregate principal amount of green senior unsecured notes in a private placement transaction.

The issuance consists of $155 million of 7.20% notes due in June 2029, $45 million of 7.32% notes due in June 2031, and $25 million of 7.41% notes due in June 2034. The notes were issued pursuant to the Company’s Green Financing Framework, and pending the allocation of an amount equal to the net proceeds from the private placement to eligible green projects, the Operating Partnership intends to apply the net proceeds from the private placement (i) to repay existing indebtedness, including to repay certain amounts drawn on the Company's revolving credit facility, and (ii) the remainder (if any) for general corporate purposes.

“This transaction demonstrates strong support by high quality, existing and new institutional investors who understand and want to invest in ESRT’s differentiated NYC-focused portfolio, well-positioned balance sheet and leadership in sustainability,” said Christina Chiu, President of Empire State Realty Trust.

The Company commissioned S&P Global to conduct an external review of its Green Financing Framework, and S&P issued a Second Party Opinion (SPO) on the Framework’s environmental credentials and its alignment with the Green Bond Principles 2021.

The private placement is scheduled to fund on June 17, 2024, subject to customary closing conditions. The notes are unconditionally guaranteed by each of the Company’s subsidiaries that guarantees indebtedness under the Operating Partnership’s senior credit facility.

The notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being offered and sold in reliance on an exemption from registration provided by Section 4(a)(2) of the Securities Act. The notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.