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Capital (Tables) | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Schedule of Distribution Activity | The following is a summary of distribution activity:
|  | Three Months Ended March 31, |  |
(amounts in thousands) |  | 2026 |  | 2025 |  |  |  |
Distributions accrued and paid to OP unitholders |  | $ | (9,642) |  |  | $ | (9,733) |  |  |  |  |
Distributions accrued and paid to preferred unitholders |  | (1,050) |  |  | (1,050) |  |  |  |  |
Schedule of ERST Restricted Stock and LTIP Unit Activity | In March 2026, 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 | 1,853,983 |  |  | $ | 8,027 |  |  |  |  |
Market-based vesting LTIP units | 1,847,014 |  |  | $ | 4,950 |  |  |  |  |
Performance-based vesting LTIP units | 1,237,797 |  |  | $ | 4,950 |  |  |  |  |
In March 2026, we made grants of LTIP units and restricted stock to certain employees under the 2024 Plan, including:
(amounts in thousands, except units) | Units |  | Grant Date Fair Value |  |  |  |
Time-based vesting LTIP units | 121,698 |  |  | $ | 589 |  |  |  |  |
Time-based vesting restricted stock | 613,722 |  |  | $ | 3,179 |  |  |  |  |
Market-based vesting LTIP units | 228,549 |  |  | $ | 720 |  |  |  |  |
Performance-based LTIP units | 152,874 |  |  | $ | 720 |  |  |  |  |
The following is a summary of ESRT restricted stock and LTIP unit activity for the three months ended March 31, 2026:
| Restricted Stock |  | Time-based LTIPs |  | Market-based LTIPs |  | Performance-based LTIPs |  | Weighted Average Grant Fair Value
Unvested balance at December 31, 2025 | 621,800 |  |  | 4,135,243 |  |  | 3,626,843 |  |  | 2,685,625 |  |  | $ | 6.32 |
Vested | (290,489) |  |  | (1,454,341) |  |  | (210,316) |  |  | (343,276) |  |  | 6.89 |
Granted | 613,722 |  |  | 1,975,681 |  |  | 2,075,563 |  |  | 1,390,671 |  |  | 3.82 |
Forfeited or unearned | (538) |  |  | — |  |  | (536,529) |  |  | (98,743) |  |  | 4.87 |
Unvested balance at March 31, 2026 | 944,495 |  |  | 4,656,583 |  |  | 4,955,561 |  |  | 3,634,277 |  |  | $ | 5.22 |
Schedule of Weighted Average Assumptions Used to Determine Fair Value of Options Granted | The fair value per unit or share granted in 2026 was estimated on the respective dates of grant using the following assumptions:
| 2026
Expected life | 2.0 to 5.3 years
Dividend rate | 1.9%
Risk-free interest rate | 3.7%
Expected price volatility | 31.0% - 36.0%
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, 2026 |  | March 31, 2025 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 2,995 |  |  | $ | 15,778 |  |  |  |  |
Private perpetual preferred unit distributions | (1,050) |  |  | (1,050) |  |  |  |  |
Net income attributable to common unitholders – basic and diluted | $ | 1,945 |  |  | $ | 14,728 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average units outstanding – basic | 268,792 |  |  | 267,073 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock-based compensation plans | 556 |  |  | 2,456 |  |  |  |  |
Weighted average units outstanding – diluted | 269,348 |  |  | 269,529 |  |  |  |  |
Earnings per unit: |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 0.06 |  |  |  |  |
Diluted | $ | 0.01 |  |  | $ | 0.05 |  |  |  |  |

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