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Capital (Tables)
 3 Months Ended
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)20252024
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)UnitsGrant Date Fair Value
Time-based vesting LTIP units1,399,681 $9,399 
Market-based vesting LTIP units1,462,922 $5,995 
Performance-based vesting LTIP units969,328 $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)UnitsGrant Date Fair Value
Time-based vesting LTIP units282,000 $2,104 
Time-based vesting restricted stock244,560 $1,956 
Market-based vesting LTIP units216,398 $1,043 
Performance-based LTIP units143,381 $1,043 
The following is a summary of ESRT restricted stock and LTIP unit activity for the three months ended March 31, 2025:
Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted 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 
Granted244,560 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, 2025March 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 – basic267,073 264,562 
Effect of dilutive securities:
  Stock-based compensation plans2,456 2,932 
Weighted average units outstanding – diluted269,529 267,494 
Earnings per unit:
Basic$0.06 $0.03 
Diluted$0.05 $0.03