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v3.25.1

Capital (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Schedule of Distribution Activity | The following is a summary of distribution activity:
|  | Three Months Ended March 31, |  |
(amounts in thousands) |  | 2025 |  | 2024 |  |  |  |
Distributions paid to OP unitholders |  | $ | (9,733) |  |  | $ | (9,502) |  |  |  |  |
Distributions paid to preferred unitholders |  | (1,050) |  |  | (1,050) |  |  |  |  |
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%
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 three months ended March 31, 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 | (210,040) |  |  | (1,167,816) |  |  | (340,736) |  |  | (229,162) |  |  | 7.50 |
Granted | 244,560 |  |  | 1,681,681 |  |  | 1,679,320 |  |  | 1,112,709 |  |  | 5.84 |
Forfeited or unearned | (3,297) |  |  | — |  |  | — |  |  | (46,846) |  |  | 7.60 |
Unvested balance at March 31, 2025 | 643,639 |  |  | 4,129,636 |  |  | 3,967,586 |  |  | 2,914,800 |  |  | $ | 6.34 |
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, 2025 |  | March 31, 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 15,778 |  |  | $ | 10,215 |  |  |  |  |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,050) |  |  |  |  |
Net income attributable to non-controlling interests in other partnerships | — |  |  | (4) |  |  |  |  |
Net income attributable to common unitholders – basic and diluted | $ | 14,728 |  |  | $ | 9,161 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average units outstanding – basic | 267,073 |  |  | 264,562 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock-based compensation plans | 2,456 |  |  | 2,932 |  |  |  |  |
Weighted average units outstanding – diluted | 269,529 |  |  | 267,494 |  |  |  |  |
Earnings per unit: |  |  |  |  |  |  |
Basic | $ | 0.06 |  |  | $ | 0.03 |  |  |  |  |
Diluted | $ | 0.05 |  |  | $ | 0.03 |  |  |  |  |

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