v3.26.1
Capital (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Distribution Activity
The following is a summary of distribution activity:
Three Months Ended March 31,
(amounts in thousands)20262025
Distributions accrued and paid to OP unitholders$(9,642)$(9,733)
Distributions accrued and paid to preferred unitholders(1,050)(1,050)
Schedule of ERST Restricted Stock and LTIP Unit Activity
In March 2026, we made grants of LTIP units to executive officers under the 2024 Plan, including:
(amounts in thousands, except units)UnitsGrant Date Fair Value
Time-based vesting LTIP units1,853,983 $8,027 
Market-based vesting LTIP units1,847,014 $4,950 
Performance-based vesting LTIP units1,237,797 $4,950 

In March 2026, we made grants of LTIP units and restricted stock to certain employees under the 2024 Plan, including:
(amounts in thousands, except units)UnitsGrant Date Fair Value
Time-based vesting LTIP units121,698 $589 
Time-based vesting restricted stock613,722 $3,179 
Market-based vesting LTIP units228,549 $720 
Performance-based LTIP units152,874 $720 
The following is a summary of ESRT restricted stock and LTIP unit activity for the three months ended March 31, 2026:
Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted Average Grant Fair Value
Unvested balance at December 31, 2025
621,800 4,135,243 3,626,843 2,685,625 $6.32 
Vested(290,489)(1,454,341)(210,316)(343,276)6.89 
Granted613,722 1,975,681 2,075,563 1,390,671 3.82 
Forfeited or unearned(538)— (536,529)(98,743)4.87 
Unvested balance at March 31, 2026
944,495 4,656,583 4,955,561 3,634,277 $5.22 
Schedule of Weighted Average Assumptions Used to Determine Fair Value of Options Granted The fair value per unit or share granted in 2026 was estimated on the respective dates of grant using the following assumptions:
2026
Expected life
2.0 to 5.3 years
Dividend rate
1.9%
Risk-free interest rate
3.7%
Expected price volatility
31.0% - 36.0%
Schedule of Computation of Earnings Per Unit
Earnings per unit is computed as follows:
Three Months Ended
(amounts in thousands, except per unit amounts)March 31, 2026March 31, 2025
Numerator:
Net income$2,995 $15,778 
Private perpetual preferred unit distributions(1,050)(1,050)
Net income attributable to common unitholders – basic and diluted$1,945 $14,728 
Denominator:
Weighted average units outstanding – basic268,792 267,073 
Effect of dilutive securities:
  Stock-based compensation plans556 2,456 
Weighted average units outstanding – diluted269,348 269,529 
Earnings per unit:
Basic$0.01 $0.06 
Diluted$0.01 $0.05