Capital (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Equity [Abstract] |
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| Schedule of ESRT's Repurchases of Equity Securities |
The following table summarizes ESRT's repurchases of equity securities in each of the three months ended June 30, 2025 under the repurchase program described above: | | | | | | | | | | | | | | | | | | | | | | | | | Period | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plan | | Maximum Approximate Dollar Value Available for Future Purchase (in thousands) | | April 1 - April 30, 2025 | 310,415 | | | $ | 6.92 | | | 310,415 | | | $ | 497,852 | | | May 1 - May 31, 2025 | — | | | $ | — | | | — | | | $ | 497,852 | | | June 1 - June 30, 2025 | — | | | $ | — | | | — | | | $ | 497,852 | |
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| Schedule of Distribution Activity |
The following is a summary of distribution activity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (amounts in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Distributions paid to OP unitholders | | $ | (9,755) | | | $ | (9,596) | | | $ | (19,488) | | | $ | (19,098) | | | Distributions paid to preferred unitholders | | (1,051) | | | (1,051) | | | (2,101) | | | (2,101) | |
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| 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% |
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| Schedule of ERST Restricted Stock and LTIP Unit Activity |
The following is a summary of ESRT restricted stock and LTIP unit activity for the six months ended June 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 | (211,476) | | | (1,361,704) | | | (340,736) | | | (229,162) | | | 7.48 | | | Granted | 245,616 | | | 1,866,961 | | | 1,679,320 | | | 1,112,709 | | | 5.89 | | | Forfeited or unearned | (27,124) | | | — | | | — | | | (46,846) | | | 7.91 | | Unvested balance at June 30, 2025 | 619,432 | | | 4,121,028 | | | 3,967,586 | | | 2,914,800 | | | $ | 6.33 | |
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| Schedule of Computation of Earnings Per Unit |
Earnings per unit is computed as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (amounts in thousands, except per unit amounts) | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Numerator: | | | | | | | | | Net income | $ | 11,385 | | | $ | 28,555 | | | $ | 27,163 | | | $ | 38,770 | | | Private perpetual preferred unit distributions | (1,051) | | | (1,051) | | | (2,101) | | | (2,101) | | | Net income attributable to non-controlling interests in other partnerships | — | | | — | | | — | | | (4) | | | | | | | | | | | Net income attributable to common unitholders – basic and diluted | $ | 10,334 | | | $ | 27,504 | | | $ | 25,062 | | | $ | 36,665 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted average units outstanding – basic | 266,899 | | | 264,676 | | | 266,985 | | | 264,619 | | | Effect of dilutive securities: | | | | | | | | | Stock-based compensation plans | 3,052 | | | 4,040 | | | 2,754 | | | 3,486 | | | Weighted average units outstanding – diluted | 269,951 | | | 268,716 | | | 269,739 | | | 268,105 | | | | | | | | | | | Earnings per unit: | | | | | | | | | Basic | $ | 0.04 | | | $ | 0.10 | | | $ | 0.09 | | | $ | 0.14 | | | Diluted | $ | 0.04 | | | $ | 0.10 | | | $ | 0.09 | | | $ | 0.14 | |
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