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Capital (Tables) | 9 Months Ended
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Sep. 30, 2025
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) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Distributions paid to OP unitholders |  | $ | (9,752) |  |  | $ | (9,595) |  |  | $ | (29,240) |  |  | $ | (28,693) |
Distributions paid to preferred unitholders |  | (1,050) |  |  | (1,050) |  |  | (3,151) |  |  | (3,151) |
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 | The following is a summary of ESRT restricted stock and LTIP unit activity for the nine months ended September 30, 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 | (215,382) |  |  | (1,361,704) |  |  | (340,736) |  |  | (229,162) |  |  | 7.49 |
Granted | 293,924 |  |  | 1,881,176 |  |  | 1,679,320 |  |  | 1,112,709 |  |  | 5.91 |
Forfeited or unearned | (56,657) |  |  | — |  |  | — |  |  | (46,846) |  |  | 8.08 |
Unvested balance at September 30, 2025 | 634,301 |  |  | 4,135,243 |  |  | 3,967,586 |  |  | 2,914,800 |  |  | $ | 6.33 |
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, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Numerator: |  |  |  |  |  |  |
Net income | $ | 13,645 |  |  | $ | 22,796 |  |  | $ | 40,808 |  |  | $ | 61,566 |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,050) |  |  | (3,151) |  |  | (3,151) |
Net income attributable to non-controlling interests in other partnerships | — |  |  | — |  |  | — |  |  | (4) |
Net income attributable to common unitholders – basic and diluted | $ | 12,595 |  |  | $ | 21,746 |  |  | $ | 37,657 |  |  | $ | 58,411 |
Denominator: |  |  |  |  |  |  |
Weighted average units outstanding – basic | 266,963 |  |  | 264,787 |  |  | 266,978 |  |  | 264,675 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock-based compensation plans | 3,394 |  |  | 4,826 |  |  | 2,967 |  |  | 3,933 |
Weighted average units outstanding – diluted | 270,357 |  |  | 269,613 |  |  | 269,945 |  |  | 268,608 |
Earnings per unit: |  |  |  |  |  |  |
Basic | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.14 |  |  | $ | 0.22 |
Diluted | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.14 |  |  | $ | 0.22 |

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