Capital (Tables)

6 Months Ended

Jun. 30, 2026

The following is a summary of distribution activity:


	Three Months Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2026		2025		2026		2025
Distributions accrued and paid to OP unitholders	$	(9,767)	$	(9,755)	$	(19,409)	$	(19,488)
Distributions accrued and paid to preferred unitholders	(1,051)		(1,051)		(2,101)		(2,101)

The fair value per unit or share granted in 2026 was estimated on the respective dates of grant using the following assumptions:

The following is a summary of ESRT restricted stock and LTIP unit activity for the six months ended June 30, 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	(340,489)	(1,640,870)	(210,316)	(343,276)	6.87
Granted	613,722	2,286,565	2,075,563	1,390,671	3.88
Forfeited or unearned	(13,737)	(39,024)	(561,387)	(116,899)	5.00
Unvested balance at June 30, 2026	881,296	4,741,914	4,930,703	3,616,121	$	5.19

Earnings per unit is computed as follows:


	Three Months Ended				Six Months Ended
(amounts in thousands, except per unit amounts)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net income (loss)	$	(39,554)	$	11,385	$	(36,559)	$	27,163
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)


Net income (loss) attributable to common unitholders – basic and diluted	$	(40,605)	$	10,334	$	(38,660)	$	25,062

Denominator:
Weighted average units outstanding – basic	268,947		266,899		268,870		266,985
Effect of dilutive securities:
Stock-based compensation plans	—		3,052		—		2,754
Weighted average units outstanding – diluted	268,947		269,951		268,870		269,739

Earnings per unit:
Basic	$	(0.15)	$	0.04	$	(0.14)	$	0.09
Diluted	$	(0.15)	$	0.04	$	(0.14)	$	0.09