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Capital (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Purchases of Equity Securities
The following table summarizes our purchases of equity securities for the year ended December 31, 2024.
PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced PlanMaximum Approximate Dollar Value Available for Future Purchase
Year ended December 31, 2024— $— — $500,000,000 
Schedule of Distributions Paid on Operating Partnership Units The following table summarizes the distributions paid on our operating partnership units for the years ended December 31, 2024, 2023 and 2022:
Record DatePayment DateAmount per Operating Partnership Unit
December 16, 2024December 31, 2024$0.035
September 16, 2024September 30, 2024$0.035
June 14, 2024June 28, 2024$0.035
March 15, 2024March 28, 2024$0.035
December 18, 2023December 29, 2023$0.035
September 15, 2023September 29, 2023$0.035
June 15, 2023June 30, 2023$0.035
March 15, 2023March 31, 2023$0.035
December 19, 2022December 31, 2022$0.035
September 15, 2022September 30, 2022$0.035
June 15, 2022June 30, 2022$0.035
March 15, 2022March 31, 2022$0.035
Schedule of Weighted Average Assumptions Used to Determine Fair Value of Options Granted The fair value per unit or share granted during the years ended December 31, 2024, 2023 and 2022 was estimated on the respective grant dates using the following assumptions:
December 31,
202420232022
Expected life
2.0 to 5.3 years
2.0 to 5.3 years
2.0 to 5.3 years
Dividend rate
1.6%
1.7%
2.0%
Risk-free interest rate
4.4% - 5.1%
4.4% - 5.0%
1.4% - 2.0%
Expected price volatility
37.0% - 48.0%
35.0% - 46.0%
37.0% - 53.0%
Schedule of ESRT Restricted Stock and LTIP Unit Activity
The following is a summary of ESRT restricted stock and LTIP unit activity for the year ended December 31, 2024:
ESRT Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted Average Grant Fair Value
Unvested balance at December 31, 2023598,289 3,297,550 2,738,812 1,276,363 $6.60 
Vested(209,221)(1,167,148)(885,162)(2,208)7.37 
Granted259,927 1,485,369 1,010,132 808,874 7.81 
Forfeited or unearned(36,579)— (234,780)(4,930)7.29 
Unvested balance at December 31, 2024612,416 3,615,771 2,629,002 2,078,099 $6.87 
Schedule of Earnings Per Unit
Earnings per unit is computed as follows:
Year Ended December 31,
(amounts in thousands, except per unit amounts)
202420232022
Numerator - Basic:
Net income$80,359 $84,407 $63,212 
Private perpetual preferred unit distributions(4,201)(4,201)(4,201)
Net (income) loss attributable to non-controlling interests in other partnerships(4)(68)243 
Net income attributable to common unitholders - basic and diluted$76,154 $80,138 $59,254 
Numerator - Diluted:
Net income$80,359 $84,407 $63,212 
Preferred unit distributions(4,201)(4,201)(4,201)
Net (income) loss attributable to non-controlling interests Fetner only(4)(68)243 
Earnings allocated to unvested shares and LTIP units— — — 
Net income attributable to common stockholders - diluted$76,154 $80,138 $59,254 
Denominator:
Weighted average units outstanding - basic264,706 263,226 268,337 
Effect of dilutive securities:
   Stock-based compensation plans4,313 2,407 1,611 
Weighted average shares outstanding - diluted269,019 265,633 269,948 
Earnings per share - basic$0.29 $0.30 $0.22 
Earnings per share - diluted$0.28 $0.30 $0.22