Capital (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Equity [Abstract] |
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| Schedule of Distribution Activity |
The following is a summary of distribution activity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (amounts in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Distributions paid to OP unitholders | | $ | (9,752) | | | $ | (9,595) | | | $ | (29,240) | | | $ | (28,693) | | | Distributions paid to preferred unitholders | | (1,050) | | | (1,050) | | | (3,151) | | | (3,151) | |
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| Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions |
The fair value per unit or share granted in 2025 was estimated on the respective dates of grant using the following assumptions: | | | | | | | 2025 | | Expected life | 2.0 to 5.3 years | | Dividend rate | 1.7% | | Risk-free interest rate | 3.9% - 4.0% | | Expected price volatility | 35.0% - 44.0% |
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| Schedule of ERST Restricted Stock and LTIP Unit Activity |
The following is a summary of ESRT restricted stock and LTIP unit activity for the nine months ended September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock | | Time-based LTIPs | | Market-based LTIPs | | Performance-based LTIPs | | Weighted Average Grant Fair Value | Unvested balance at December 31, 2024 | 612,416 | | | 3,615,771 | | | 2,629,002 | | | 2,078,099 | | | $ | 6.87 | | | Vested | (215,382) | | | (1,361,704) | | | (340,736) | | | (229,162) | | | 7.49 | | | Granted | 293,924 | | | 1,881,176 | | | 1,679,320 | | | 1,112,709 | | | 5.91 | | | Forfeited or unearned | (56,657) | | | — | | | — | | | (46,846) | | | 8.08 | | Unvested balance at September 30, 2025 | 634,301 | | | 4,135,243 | | | 3,967,586 | | | 2,914,800 | | | $ | 6.33 | |
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| Schedule of Computation of Earnings Per Unit |
Earnings per unit is computed as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (amounts in thousands, except per unit amounts) | September 30, 2025 | | September 30, 2024 | | September 30, 2025 | | September 30, 2024 | | Numerator: | | | | | | | | | Net income | $ | 13,645 | | | $ | 22,796 | | | $ | 40,808 | | | $ | 61,566 | | | Private perpetual preferred unit distributions | (1,050) | | | (1,050) | | | (3,151) | | | (3,151) | | | Net income attributable to non-controlling interests in other partnerships | — | | | — | | | — | | | (4) | | | | | | | | | | | Net income attributable to common unitholders – basic and diluted | $ | 12,595 | | | $ | 21,746 | | | $ | 37,657 | | | $ | 58,411 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted average units outstanding – basic | 266,963 | | | 264,787 | | | 266,978 | | | 264,675 | | | Effect of dilutive securities: | | | | | | | | | Stock-based compensation plans | 3,394 | | | 4,826 | | | 2,967 | | | 3,933 | | | Weighted average units outstanding – diluted | 270,357 | | | 269,613 | | | 269,945 | | | 268,608 | | | | | | | | | | | Earnings per unit: | | | | | | | | | Basic | $ | 0.05 | | | $ | 0.08 | | | $ | 0.14 | | | $ | 0.22 | | | Diluted | $ | 0.05 | | | $ | 0.08 | | | $ | 0.14 | | | $ | 0.22 | |
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