Empire State Realty Trust Closes New $265 Million Senior Unsecured Term Loan Facility

- Seven-Year Facility is Expandable to $365 Million -

NEW YORK--()--Empire State Realty Trust, Inc. (NYSE:ESRT) (the "Company"), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, together with its operating partnership, Empire State Realty OP, L.P. (the “Operating Partnership”), today announced the closing of a new seven year $265.0 million senior unsecured term loan facility. The facility is expandable by $100 million to $365.0 million under certain circumstances. The term loan matures on August 24, 2022.

David A. Karp, Executive Vice President and Chief Financial Officer, commented, “We continue to pursue opportunities to maximize our financial flexibility while lowering our cost of capital. With the closing of this loan, we have further extended and laddered our debt maturities. We are pleased with the support from our bank group and with our ongoing ability to access the unsecured debt capital markets, which we believe validates the quality of our portfolio and the strength of our balance sheet.”

The term loan facility bears interest at a floating rate equal to, at the Company’s election, a LIBOR rate, plus a spread ranging from 1.400% to 2.350%; or a base rate, plus a spread ranging from 0.400% to 1.350%, in each case such spread determined by the Company’s leverage ratio and credit rating. Pursuant to a forward interest rate swap agreement, the Company has effectively fixed LIBOR at 2.1485% for $265.0 million of the term loan facility for the period from August 31, 2017 through maturity.

The Company intends to apply the proceeds from the term loan facility to repay borrowings made under its unsecured revolving credit facility.

Wells Fargo Bank, National Association, acted as administrative agent, Capital One, National Association, acted as syndication agent, and PNC Bank, National Association, acted as documentation agent. U.S. Bank National Association also participated in the term loan.

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 10.0 million rentable square feet, as of June 30, 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 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).

Contacts

Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@empirestaterealtytrust.com

Contacts

Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@empirestaterealtytrust.com