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Capital (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Distributions paid to OP unitholders | $ | (9,595) |  |  | $ | (9,484) |  |  | $ | (28,693) |  |  | $ | (27,640) |
Distributions paid to preferred unitholders | (1,050) |  |  | (1,050) |  |  | (3,151) |  |  | (3,151) |
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, 2024:
| Restricted Stock |  | Time-based LTIPs |  | Market-based LTIPs |  | Performance-based LTIPs |  | Weighted Average Grant Fair Value
Unvested balance at December 31, 2023 | 598,289 |  |  | 3,297,550 |  |  | 2,738,812 |  |  | 1,276,363 |  |  | $ | 6.60 |
Vested | (207,137) |  |  | (1,167,148) |  |  | (462,730) |  |  | (2,208) |  |  | 7.46 |
Granted | 259,927 |  |  | 1,485,369 |  |  | 1,010,132 |  |  | 808,874 |  |  | 7.81 |
Forfeited or unearned | (36,494) |  |  | — |  |  | (234,780) |  |  | (4,930) |  |  | 7.29 |
Unvested balance at September 30, 2024 | 614,585 |  |  | 3,615,771 |  |  | 3,051,434 |  |  | 2,078,099 |  |  | $ | 6.87 |
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, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Numerator: |  |  |  |  |  |  |
Net income | $ | 22,796 |  |  | $ | 19,928 |  |  | $ | 61,566 |  |  | $ | 68,577 |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,050) |  |  | (3,151) |  |  | (3,151) |
Net income attributable to non-controlling interests in other partnerships | — |  |  | (111) |  |  | (4) |  |  | (69) |
Net income attributable to common unitholders – basic and diluted | $ | 21,746 |  |  | $ | 18,767 |  |  | $ | 58,411 |  |  | $ | 65,357 |
Denominator: |  |  |  |  |  |  |
Weighted average units outstanding – basic | 264,787 |  |  | 262,756 |  |  | 264,675 |  |  | 263,379 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock-based compensation plans | 4,826 |  |  | 3,317 |  |  | 3,933 |  |  | 1,890 |
Weighted average units outstanding – diluted | 269,613 |  |  | 266,073 |  |  | 268,608 |  |  | 265,269 |
Earnings per unit: |  |  |  |  |  |  |
Basic | $ | 0.08 |  |  | $ | 0.07 |  |  | $ | 0.22 |  |  | $ | 0.25 |
Diluted | $ | 0.08 |  |  | $ | 0.07 |  |  | $ | 0.22 |  |  | $ | 0.25 |

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