Capital (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity [Abstract] |
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| Schedule of Purchases of Equity Securities |
The following table summarizes repurchases of equity securities in each of the three months ended December 31, 2025 under the repurchase program described above: | | | | | | | | | | | | | | | | | | | | | | | | | Period | Total Number of Shares Purchased | | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plan | | Maximum Approximate Dollar Value Available for Future Purchase (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | October 1 - October 31, 2025 | — | | | $ | — | | | — | | | $ | 497,852 | | | November 1 - November 30, 2025 | — | | | $ | — | | | — | | | $ | 497,852 | | | December 1 - December 31, 2025 | 888,188 | | | $ | 6.73 | | | 888,188 | | | $ | 491,878 | | | | | | | | | |
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| Schedule of Distribution Activity |
The following table summarizes the distributions paid on our operating partnership units for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Amount per Operating Partnership Unit | | December 15, 2025 | | December 31, 2025 | | $0.035 | | September 15, 2025 | | September 30, 2025 | | $0.035 | | June 13, 2025 | | June 30, 2025 | | $0.035 | | March 14, 2025 | | March 31, 2025 | | $0.035 | | | | | | | December 16, 2024 | | December 31, 2024 | | $0.035 | | September 16, 2024 | | September 30, 2024 | | $0.035 | | June 14, 2024 | | June 28, 2024 | | $0.035 | | March 15, 2024 | | March 28, 2024 | | $0.035 | | | | | | | December 18, 2023 | | December 29, 2023 | | $0.035 | | September 15, 2023 | | September 29, 2023 | | $0.035 | | June 15, 2023 | | June 30, 2023 | | $0.035 | | March 15, 2023 | | March 31, 2023 | | $0.035 |
The following is a summary of dividend and distribution activity: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | (amounts in thousands) | | 2025 | | 2024 | | 2023 | | Distributions paid to OP unitholders | | $ | 38,983 | | | $ | 38,289 | | | $ | 37,122 | | | Distributions paid to preferred unitholders | | 4,201 | | 4,201 | | 4,201 |
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| Schedule of ERST Restricted Stock and LTIP Unit Activity |
In March 2025, we made grants of LTIP units to executive officers under the 2024 Plan, including: | | | | | | | | | | | | | | | | | (amounts in thousands, except units) | Units | | Grant Date Fair Value | | | | | | Time-based vesting LTIP units | 1,399,681 | | | $ | 9,399 | | | | | | | Market-based vesting LTIP units | 1,462,922 | | | $ | 5,995 | | | | | | | Performance-based vesting LTIP units | 969,328 | | | $ | 5,995 | | | | | |
In March 2025, we made grants of LTIP units and restricted stock to certain other employees under the 2024 Plan, including: | | | | | | | | | | | | | | | | | (amounts in thousands, except units) | Units | | Grant Date Fair Value | | | | | | Time-based vesting LTIP units | 282,000 | | | $ | 2,104 | | | | | | | Time-based vesting restricted stock | 244,560 | | | $ | 1,956 | | | | | | | Market-based vesting LTIP units | 216,398 | | | $ | 1,043 | | | | | | | Performance-based LTIP units | 143,381 | | | $ | 1,043 | | | | | |
The following is a summary of ESRT restricted stock and LTIP unit activity for the year ended December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ESRT 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 | (224,365) | | | (1,361,704) | | | (681,479) | | | (458,337) | | | 7.31 | | | Granted | 293,924 | | | 1,881,176 | | | 1,679,320 | | | 1,112,709 | | | 5.91 | | | Forfeited or unearned | (60,175) | | | — | | | — | | | (46,846) | | | 8.09 | | Unvested balance at December 31, 2025 | 621,800 | | | 4,135,243 | | | 3,626,843 | | | 2,685,625 | | | $ | 6.32 | |
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| Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions |
The fair value per unit or share granted during the years ended December 31, 2025, 2024 and 2023 was estimated on the respective grant dates using the following assumptions: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Expected life | 2.0 to 5.3 years | | 2.0 to 5.3 years | | 2.0 to 5.3 years | | Dividend rate | 1.7% | | 1.6% | | 1.7% | | Risk-free interest rate | 3.9% - 4.0% | | 4.4% - 5.1% | | 4.4% - 5.0% | | Expected price volatility | 35.0% - 44.0% | | 37.0% - 48.0% | | 35.0% - 46.0% |
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| Schedule of Computation of Earnings Per Unit |
Earnings per unit is computed as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (amounts in thousands, except per unit amounts) | 2025 | | 2024 | | 2023 | | Numerator - Basic: | | | | | | | Net income | $ | 72,980 | | | $ | 80,359 | | | $ | 84,407 | | | Private perpetual preferred unit distributions | (4,201) | | | (4,201) | | | (4,201) | | | | | | | | | Net income attributable to non-controlling interests in other partnerships | — | | | (4) | | | (68) | | | | | | | | | Net income attributable to common unitholders - basic and diluted | $ | 68,779 | | | $ | 76,154 | | | $ | 80,138 | | | | | | | | | Numerator - Diluted: | | | | | | | Net income | $ | 72,980 | | | $ | 80,359 | | | $ | 84,407 | | | Preferred unit distributions | (4,201) | | | (4,201) | | | (4,201) | | | Net income attributable to non-controlling interests Fetner only | — | | | (4) | | | (68) | | | Earnings allocated to unvested shares and LTIP units | — | | | — | | | — | | | Net income attributable to common stockholders - diluted | $ | 68,779 | | | $ | 76,154 | | | $ | 80,138 | | | | | | | | | Denominator: | | | | | | | Weighted average units outstanding - basic | 266,939 | | | 264,706 | | | 263,226 | | | Effect of dilutive securities: | | | | | | | Stock-based compensation plans | 3,101 | | | 4,313 | | | 2,407 | | | Weighted average shares outstanding - diluted | 270,040 | | | 269,019 | | | 265,633 | | | | | | | | | Earnings per share - basic | $ | 0.26 | | | $ | 0.29 | | | $ | 0.30 | | | Earnings per share - diluted | $ | 0.25 | | | $ | 0.28 | | | $ | 0.30 | |
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