XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net income $ 40,808 $ 61,566
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 144,196 139,453
Gain on disposition of property (13,170) (12,065)
Amortization of non-cash items within interest expense 6,502 6,505
Amortization of acquired above- and below-market leases, net (2,459) (1,503)
Amortization of acquired below-market ground leases 5,873 5,874
Straight-lining of rental revenue (13,719) (7,238)
Equity based compensation 18,364 15,589
Loss on early extinguishment of debt 0 553
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Security deposits 5,841 (8,955)
Tenant and other receivables 4,011 4,243
Deferred costs (20,164) (18,729)
Prepaid expenses and other assets 33,784 6,480
Accounts payable and accrued expenses 1,332 12,318
Deferred revenue and other liabilities 3,955 6,769
Net cash provided by operating activities 215,154 210,860
Cash Flows From Investing Activities    
Additions to building and improvements (156,397) (143,894)
Acquisition of real estate property (31,701) (143,431)
Acquisition of non-controlling interests in other partnerships 0 (14,226)
Reduction of cash from derecognition of assets 0 (12,876)
Post-closing costs from a prior period sale of property 0 (4,034)
Development costs 0 (9)
Net cash used in investing activities (188,098) (318,470)
Cash Flows From Financing Activities    
Proceeds from unsecured senior notes 0 225,000
Repayment of unsecured senior notes (100,000) 0
Proceeds from unsecured revolving credit facility 0 120,000
Repayment of unsecured revolving credit facility (120,000) 0
Proceeds from unsecured term loan 0 95,000
Repayment of unsecured term loan 0 (215,000)
Repayment of mortgage notes payable (2,721) (10,513)
Deferred financing costs (434) (12,070)
Repurchases of common units (2,148) 0
Taxes paid on withholding shares (909) 0
Private perpetual preferred unit distributions (3,151) (3,151)
Distributions (29,240) (28,693)
Net cash (used in) provided by financing activities (258,603) 170,573
Net (decrease) increase in cash and cash equivalents and restricted cash (231,547) 62,963
Cash and cash equivalents and restricted cash—beginning of period 429,302 406,956
Cash and cash equivalents and restricted cash—end of period 197,755 469,919
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 385,465 346,620
Restricted cash at beginning of period 43,837 60,336
Cash and cash equivalents at end of period 154,113 421,896
Restricted cash at end of period 43,642 48,023
Cash and cash equivalents and restricted cash 197,755 469,919
Supplemental disclosures of cash flow information:    
Cash paid for interest 66,350 65,148
Cash paid for income taxes 2,672 1,530
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 56,174 29,499
Write-off of fully depreciated assets 16,856 8,770
Derivative instruments at fair values included in prepaid expenses and other assets 3,079 5,673
Derivative instruments at fair values included in accounts payable and accrued expenses 117 2,143
Contract asset (171,003) 168,687
Derecognition of debt associated with property in receivership 177,667 177,667
Accrued interest associated with property in receivership 6,080 3,511
Conversion of operating partnership units to ESRT partner's capital $ 12,963 $ 12,042