Empire State Realty Trust (ESRT) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36105
Entity Registrant Name	EMPIRE STATE REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	37-1645259
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	687-8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001541401
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	ESRT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		165,778,143
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Entity Common Stock, Shares Outstanding		979,159
No Trading Symbol Flag	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commercial real estate properties, at cost:
Land	$ 374,860	$ 366,357
Development costs	8,187	8,178
Building and improvements	3,284,640	3,280,657
Commercial real estate properties, at cost	3,667,687	3,655,192
Less: accumulated depreciation	(1,241,454)	(1,250,062)
Commercial real estate properties, net	2,426,233	2,405,130
Contract asset	168,687	0
Cash and cash equivalents	421,896	346,620
Restricted cash	48,023	60,336
Tenant and other receivables	34,068	39,836
Deferred rent receivables	244,448	255,628
Prepaid expenses and other assets	81,758	98,167
Deferred costs, net	176,720	172,457
Acquired below-market ground leases, net	315,368	321,241
Right of use assets	28,257	28,439
Goodwill	491,479	491,479
Total assets	4,436,937	4,219,333
Liabilities:
Mortgage notes payable, net	692,989	877,388
Senior unsecured notes, net	1,196,911	973,872
Unsecured term loan facilities, net	268,655	389,286
Unsecured revolving credit facility	120,000	0
Debt associated with property in receivership	177,667	0
Accrued interest associated with property in receivership	3,511	0
Accounts payable and accrued expenses	81,443	99,756
Acquired below-market leases, net	14,702	13,750
Ground lease liabilities	28,257	28,439
Deferred revenue and other liabilities	70,766	70,298
Tenants’ security deposits	24,715	35,499
Total liabilities	2,679,616	2,488,288
Commitments and contingencies
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued or outstanding	0	0
Additional paid-in capital	1,071,917	1,060,969
Accumulated other comprehensive income	5,745	6,026
Retained deficit	(64,211)	(83,108)
Total Empire State Realty Trust, Inc. stockholders' equity	1,015,116	985,518
Non-controlling interests in the Operating Partnership	712,265	700,180
Non-controlling interests in other partnerships	0	15,407
Private perpetual preferred units:
Total equity	1,757,321	1,731,045
Total liabilities and equity	4,436,937	4,219,333
Class A Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	1,655	1,621
Class B Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	10	10
Private Perpetual Preferred Units, Series 2019
Private perpetual preferred units:
Private perpetual preferred units	21,936	21,936
Private Perpetual Preferred Units, Series 2014
Private perpetual preferred units:
Private perpetual preferred units	$ 8,004	$ 8,004

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Class A Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	165,507,000	162,062,000
Common stock outstanding (in shares)	165,507,000	162,062,000
Class B Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	981,000	984,000
Common stock outstanding (in shares)	981,000	984,000
Private Perpetual Preferred Units, Series 2019
Empire State Realty Trust, Inc. stockholders' equity:
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 13.52	$ 13.52
Private perpetual preferred units issued (in shares)	4,664,038	4,664,000
Private perpetual preferred units outstanding (in shares)	4,664,000	4,664,000
Private Perpetual Preferred Units, Series 2014
Empire State Realty Trust, Inc. stockholders' equity:
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 16.62	$ 16.62
Private perpetual preferred units issued (in shares)	1,560,000	1,560,000
Private perpetual preferred units outstanding (in shares)	1,560,000	1,560,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental revenue	$ 153,117	$ 151,458	$ 459,469	$ 446,152
Observatory revenue	39,382	37,562	98,102	93,149
Lease termination fees	4,771	0	4,771	0
Third-party management and other fees	271	268	912	1,076
Other revenue and fees	2,058	2,238	7,067	6,313
Total revenues	199,599	191,526	570,321	546,690
Operating expenses:
Property operating expenses	45,954	42,817	132,530	124,380
Ground rent expenses	2,331	2,331	6,994	6,994
General and administrative expenses	18,372	16,012	52,364	47,795
Observatory expenses	9,715	9,471	27,104	25,983
Real estate taxes	31,982	32,014	96,106	95,292
Depreciation and amortization	45,899	46,624	139,453	140,312
Total operating expenses	154,253	149,269	454,551	440,756
Total operating income	45,346	42,257	115,770	105,934
Other income (expense):
Interest income	6,960	4,462	16,230	10,396
Interest expense	(27,408)	(25,382)	(77,859)	(76,091)
Interest expense associated with property in receivership	(1,922)	0	(2,550)	0
Loss on early extinguishment of debt	0	0	(553)	0
Gain on disposition of property	1,262	0	12,065	29,261
Income before income taxes	24,238	21,337	63,103	69,500
Income tax expense	(1,442)	(1,409)	(1,537)	(923)
Net income	22,796	19,928	61,566	68,577
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership	(8,205)	(7,207)	(22,138)	(25,424)
Non-controlling interests in other partnerships	0	(111)	(4)	(69)
Private perpetual preferred unit distributions	(1,050)	(1,050)	(3,151)	(3,151)
Net income attributable to common stockholders	$ 13,541	$ 11,560	$ 36,273	$ 39,933
Total weighted average shares:
Basic (in shares)	164,880	161,851	164,453	160,799
Diluted (in shares)	269,613	266,073	268,608	265,269
Earnings per share attributable to common stockholders:
Basic (in USD per share)	$ 0.08	$ 0.07	$ 0.22	$ 0.25
Diluted (in USD per share)	0.08	0.07	0.22	0.25
Dividends per share (in USD per share)	$ 0.035	$ 0.035	$ 0.105	$ 0.105

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 22,796	$ 19,928	$ 61,566	$ 68,577
Other comprehensive income (loss):
Unrealized gain (loss) on valuation of interest rate swap agreements	(9,341)	9,525	1,710	16,058
Amount reclassified into interest expense	(2,457)	(2,275)	(5,448)	(5,429)
Other comprehensive income (loss)	(11,798)	7,250	(3,738)	10,629
Comprehensive income	10,998	27,178	57,828	79,206
Net income attributable to non-controlling interests and private perpetual preferred unitholders	(9,255)	(8,368)	(25,293)	(28,644)
Other comprehensive (income) loss attributable to non-controlling interests	4,479	(3,106)	1,507	(4,369)
Comprehensive income attributable to common stockholders	$ 6,222	$ 15,704	$ 34,042	$ 46,193

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Stockholders' Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Non-controlling Interests	Private Perpetual Preferred Units
Beginning balance (in shares) at Dec. 31, 2022					160,139,000	990,000
Beginning balance at Dec. 31, 2022	$ 1,683,091			$ 954,375	$ 1,601	$ 10	$ 1,055,184	$ 7,048	$ (109,468)	$ 698,776	$ 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and class B shares to class A shares (in shares)					3,041,000	(3,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			15,682	$ 30		15,522	130		(15,682)
Contributions from consolidated joint ventures	187									187
Repurchases of common shares (in shares)					(2,151,000)
Repurchases of common shares	(13,105)			(13,105)	$ (21)		(13,084)
Equity compensation:
LTIP units	13,814									13,814
Restricted stock, net of forfeitures (in shares)					318,000
Restricted stock, net of forfeitures	918			918	$ 3		915
Dividends and distributions	(30,791)			(16,980)					(16,980)	(10,660)	(3,151)
Net income	68,577			39,933					39,933	25,493	3,151
Other comprehensive (loss) income	10,629			6,260				6,260		4,369
Ending balance (in shares) at Sep. 30, 2023					161,347,000	987,000
Ending balance at Sep. 30, 2023	1,733,320			987,083	$ 1,613	$ 10	1,058,537	13,438	(86,515)	716,297	29,940
Beginning balance (in shares) at Jun. 30, 2023					159,843,000	988,000
Beginning balance at Jun. 30, 2023	1,711,612			965,950	$ 1,598	$ 10	1,047,459	9,275	(92,392)	715,722	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and class B shares to class A shares (in shares)					1,506,000	(1,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			10,663	$ 15		10,629	19		(10,663)
Contributions from consolidated joint ventures	75									75
Repurchases of common shares	0
Equity compensation:
LTIP units	4,540									4,540
Restricted stock, net of forfeitures (in shares)					(2,000)
Restricted stock, net of forfeitures	449			449			449
Dividends and distributions	(10,534)			(5,683)					(5,683)	(3,801)	(1,050)
Net income	19,928			11,560					11,560	7,318	1,050
Other comprehensive (loss) income	7,250			4,144				4,144		3,106
Ending balance (in shares) at Sep. 30, 2023					161,347,000	987,000
Ending balance at Sep. 30, 2023	1,733,320			987,083	$ 1,613	$ 10	1,058,537	13,438	(86,515)	716,297	29,940
Beginning balance (in shares) at Dec. 31, 2023		162,062,000	984,000		162,062,000	984,000
Beginning balance at Dec. 31, 2023	1,731,045			985,518	$ 1,621	$ 10	1,060,969	6,026	(83,108)	715,587	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and class B shares to class A shares (in shares)					3,303,000	(3,000)
Conversion of operating partnership units and Class B shares to Class A shares	$ 0			12,042	$ 33		11,978	31		(12,042)
Repurchases of common shares (in shares)	0
Repurchases of common shares	$ 0
Acquisition of non-controlling interests in other partnerships	(15,297)			114			(1,805)	1,919		(15,411)
Equity compensation:
LTIP units	14,813									14,813
Restricted stock, net of forfeitures (in shares)					142,000
Restricted stock, net of forfeitures	776			776	$ 1		775
Dividends and distributions	(31,844)			(17,376)					(17,376)	(11,317)	(3,151)
Net income	61,566			36,273					36,273	22,142	3,151
Other comprehensive (loss) income	(3,738)			(2,231)				(2,231)		(1,507)
Ending balance (in shares) at Sep. 30, 2024		165,507,000	981,000		165,507,000	981,000
Ending balance at Sep. 30, 2024	1,757,321			1,015,116	$ 1,655	$ 10	1,071,917	5,745	(64,211)	712,265	29,940
Beginning balance (in shares) at Jun. 30, 2024					164,483,000	982,000
Beginning balance at Jun. 30, 2024	1,751,216			1,011,279	$ 1,645	$ 10	1,068,516	13,036	(71,928)	709,997	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and class B shares to class A shares (in shares)					1,038,000	(1,000)
Conversion of operating partnership units and Class B shares to Class A shares	$ 0			2,944	$ 11		2,905	28		(2,944)
Repurchases of common shares (in shares)	0
Repurchases of common shares	$ 0
Equity compensation:
LTIP units	5,257									5,257
Restricted stock, net of forfeitures (in shares)					(14,000)
Restricted stock, net of forfeitures	495			495	$ (1)		496
Dividends and distributions	(10,645)			(5,824)					(5,824)	(3,771)	(1,050)
Net income	22,796			13,541					13,541	8,205	1,050
Other comprehensive (loss) income	(11,798)			(7,319)				(7,319)		(4,479)
Ending balance (in shares) at Sep. 30, 2024		165,507,000	981,000		165,507,000	981,000
Ending balance at Sep. 30, 2024	$ 1,757,321			$ 1,015,116	$ 1,655	$ 10	$ 1,071,917	$ 5,745	$ (64,211)	$ 712,265	$ 29,940

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net income	$ 61,566	$ 68,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	139,453	140,312
Gain on disposition of property	(12,065)	(29,261)
Amortization of non-cash items within interest expense	6,505	6,804
Amortization of acquired above- and below-market leases, net	(1,503)	(1,932)
Amortization of acquired below-market ground leases	5,874	5,873
Straight-lining of rental revenue	(7,238)	(17,430)
Equity based compensation	15,589	14,732
Loss on early extinguishment of debt	553	0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits	(8,955)	14,293
Tenant and other receivables	4,243	(13,459)
Deferred costs	(18,729)	(11,838)
Prepaid expenses and other assets	6,480	23,569
Accounts payable and accrued expenses	12,318	(6,055)
Deferred revenue and other liabilities	6,769	1,863
Net cash provided by operating activities	210,860	196,048
Cash Flows From Investing Activities
Additions to building and improvements	(143,894)	(101,379)
Acquisition of real estate property	(143,431)	(26,910)
Acquisition of non-controlling interests in other partnerships	(14,226)	0
Reduction of cash from derecognition of assets	(12,876)	0
Post-closing costs from a prior period sale of property	(4,034)	0
Development costs	(9)	0
Net proceeds from disposition of property	0	88,910
Net cash used in investing activities	(318,470)	(39,379)
Cash Flows From Financing Activities
Proceeds from unsecured senior notes	225,000	0
Proceeds from unsecured revolving credit facility	120,000	0
Proceeds from unsecured term loan	95,000	0
Repayment of unsecured term loan	(215,000)	0
Repayment of mortgage notes payable	(10,513)	(6,685)
Deferred financing costs	(12,070)	0
Contributions from consolidated joint ventures	0	187
Repurchases of common shares	0	(13,105)
Private perpetual preferred unit distributions	(3,151)	(3,151)
Dividends paid to common stockholders	(17,376)	(16,980)
Distributions paid to non-controlling interests in the operating partnership	(11,317)	(10,660)
Net cash provided by (used in) financing activities	170,573	(50,394)
Net increase in cash and cash equivalents and restricted cash	62,963	106,275
Cash and cash equivalents and restricted cash—beginning of period	406,956	314,678
Cash and cash equivalents and restricted cash—end of period	469,919	420,953
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	346,620	264,434
Restricted cash at beginning of period	60,336	50,244
Cash and cash equivalents at end of period	421,896	353,999
Restricted cash at end of period	48,023	66,954
Cash and cash equivalents and restricted cash	469,919	420,953
Supplemental disclosures of cash flow information:
Cash paid for interest	65,148	69,739
Cash paid for income taxes	1,530	578
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses	29,499	44,099
Write-off of fully depreciated assets	8,770	23,058
Derivative instruments at fair values included in prepaid expenses and other assets	5,673	25,578
Derivative instruments at fair values included in accounts payable and accrued expenses	2,143	0
Contract asset	168,687	0
Debt associated with property in receivership	177,667	0
Accrued interest associated with property in receivership	3,511	0
Conversion of operating partnership units and Class B shares to Class A shares	$ 12,042	$ 15,682

Description of Business and Org

Description of Business and Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” “our,” the “Company,” and "ESRT" mean Empire State Realty Trust, Inc. and its consolidated subsidiaries. Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World - and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2024, our portfolio was comprised of approximately 7.8 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 732 residential units. Our office portfolio included 10 properties (including three long-term ground leasehold interests). Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet of office space and 0.5 million rentable square feet of retail space, including the Empire State Building. The remaining office property is located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to the Stamford office property that can support the development of either office or residential per local zoning. Our multifamily portfolio included 732 residential units in New York City. We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initial public offering and related formation transactions on October 7, 2013 (the "IPO"). Our operating partnership, Empire State Realty OP, L.P. (the "Operating Partnership"), holds substantially all of our assets and conducts substantially all of our business. As of September 30, 2024, we owned approximately 60.7% of the aggregate operating partnership units in the Operating Partnership. We, as the sole general partner in the Operating Partnership, have responsibility and discretion in the management and control of the Operating Partnership, and the limited partners in the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of, the Operating Partnership. Accordingly, the Operating Partnership has been consolidated by us. We elected to be subject to tax as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2013.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the summary of significant accounting policies included in the "Summary of Significant Accounting Policies" section in our Annual Report on Form 10-K/A for the year ended December 31, 2023 (the “Annual Report”). Basis of Quarterly Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2023 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality. For the year ended December 31, 2023, approximately 17% of our annual Observatory revenue was realized in the first quarter, 26% was realized in the second quarter, 29% was realized in the third quarter, and 28% was realized in the fourth quarter. Our multifamily business experiences some seasonality based on general market trends in New York City – the winter months (November through January) are slower in terms of lease activity. We seek to mitigate this by staggering lease terms such that lease expirations are matched with seasonal demand. We do not consider the balance of our business to be subject to material seasonal fluctuations. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. The Operating Partnership is a VIE of ESRT. As the Operating Partnership is already consolidated in the financial statements of ESRT, the identification of this entity as a VIE has no impact on our consolidated financial statements. We also determined that the Operating Partnership has a variable interest in the September 2024 acquisition of the North 6 th Street Collection. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. Accounting Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, goodwill, right-of-use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured revolving credit and term loan facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2024
Business Combination and Dispositions [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions In September 2024, we closed on the acquisition of a portfolio of retail properties on North 6 th Street in Williamsburg, Brooklyn for a purchase price of $143.0 million. Subsequent to quarter-end, in October 2024, we closed on the acquisition of additional retail properties on North 6 th Street in Williamsburg, Brooklyn for approximately $52.0 million. In September 2024, we also entered into an additional purchase agreement relating to the acquisition of a separate retail property on North 6 th Street for approximately $30.0 million. This acquisition is subject to customary closing conditions. In September 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6 th Street and Wythe Avenue for a purchase price of $26.4 million. The following table summarizes properties acquired during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Intangibles Property Date Acquired Land Building and Improvements Assets Liabilities Total The North 6 th Street Collection (1) 9/25/2024 $ 33,361 $ 106,392 $ 7,374 $ (3,696) $ 143,431 The North 6 th Street Collection (2) 9/14/2023 $ 4,851 $ 20,936 $ 1,573 $ (300) $ 27,060 (1) Includes total capitalized net transaction costs of $0.4 million. (2) Includes total capitalized transaction costs of $0.7 million. In March 2024, we executed a buyout of the 10% non-controlling interest in two of our multifamily properties located at 561 10 th Avenue and 345 East 94 th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt. As there was no change in control, we accounted for this acquisition as an equity transaction in accordance with Accounting Standards Codification 810-10 and no gain or loss was recognized. Property Dispositions The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Property Date of Disposal Sales Price Gain on Disposition First Stamford Place, Stamford, Connecticut 5/22/2024 N/A $ 12,065 500 Mamaroneck Avenue, Harrison, New York (1) 4/5/2023 $ 53,000 $ 11,075 69-97 and 103-107 Main Street, Westport, Connecticut 2/1/2023 $ 40,000 $ 15,689 (1) The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property. In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. On May 22, 2024, a receiver was appointed and we ended our management of the property. In connection with this, we removed the related assets and liabilities from our condensed consolidated balance sheet and recognized a gain in the condensed consolidated statements of operations of $1.3 million and $12.1 million for the three and nine months ended September 30, 2024, respectively. We also recorded a contract asset of $168.7 million that represents the amount of obligation we expect to be released upon the final resolution of the foreclosure process on First Stamford Place. The gain recognized subsequent to the initial derecognition of the related assets and liabilities of First Stamford Place represents the additional obligation we expect to be released arising from the accrued interest expense associated with the First Stamford Place mortgage, net of certain closing costs. The related debt of $177.7 million and accrued interest of $3.5 million are included in debt associated with property under receivership and accrued interest associated with property under receivership, respectively, in our condensed consolidated balance sheet as of September 30, 2024.

Deferred Costs, Acquired Lease

Deferred Costs, Acquired Lease Intangibles and Goodwill	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Acquired Lease Intangibles and Goodwill	Deferred Costs, Acquired Lease Intangibles and Goodwill Deferred costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred leasing costs $ 222,978 $ 224,295 Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs 140,975 158,267 Acquired above-market leases 22,584 23,918 Total deferred costs, excluding deferred financing costs 386,537 406,480 Less: accumulated amortization (219,188) (236,900) Total deferred costs, net, excluding net deferred financing costs 167,349 169,580 Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,252 and $5,709, respectively (Note 5) 9,371 2,877 Total deferred costs, net $ 176,720 $ 172,457 Acquired below-market ground leases, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (81,548) (75,675) Acquired below-market ground leases, net $ 315,368 $ 321,241 Acquired below-market leases, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Acquired below-market leases $ (53,148) $ (55,155) Less: accumulated amortization 38,446 41,405 Acquired below-market leases, net $ (14,702) $ (13,750) The total amortization related to deferred costs and acquired lease intangibles consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Rental revenue: Amortization of below-market leases, net of above-market leases $ 476 $ 554 $ 1,503 $ 1,932 Depreciation and amortization: Amortization of deferred leasing costs and acquired deferred leasing costs 5,930 5,850 16,948 17,747 Amortization related to acquired in-place lease value 1,144 1,489 3,663 6,114 As of September 30, 2024 and December 31, 2023, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the Observatory reportable segment and $264.0 million to the real estate reportable segment. We performed our annual goodwill testing in October 2023, where we bypassed the optional qualitative goodwill impairment assessment and proceeded directly to a quantitative assessment of the Observatory reportable segment and engaged a third-party valuation consulting firm to perform the valuation process. The quantitative analysis used a combination of the discounted cash flow method (a form of the income approach) utilizing Level 3 unobservable inputs and the guideline company method (a form of the market approach). Significant assumptions under the former included revenue and cost projections, weighted average cost of capital, long-term growth rate and income tax considerations while the latter included guideline company enterprise values, revenue multiples, EBITDA multiples and control premium rates. Our methodology to review goodwill impairment, which included a significant amount of judgment and estimates, provided a reasonable basis to determine whether impairment had occurred. The quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. We also perform quarterly qualitative assessments and have not identified any events which would indicate, on a more likely than not basis, that the goodwill allocated to the reporting unit was impaired. Many of the factors employed in determining whether or not goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods. We will continue to assess the impairment of the Observatory reporting unit goodwill going forward.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: Principal Balance As of September 30, 2024 (amounts in thousands) September 30, 2024 December 31, 2023 Stated Effective (1) Maturity (2) Fixed rate mortgage debt: First Stamford Place (3) $ — $ 175,860 — — — 10 Union Square 50,000 50,000 3.70 % 3.97 % 4/1/2026 1542 Third Avenue 30,000 30,000 4.29 % 4.53 % 5/1/2027 1010 Third Avenue and 77 West 55th Street 34,278 34,958 4.01 % 4.21 % 1/5/2028 Metro Center (4) 72,078 80,070 3.59 % 3.67 % 11/5/2029 250 West 57th Street 180,000 180,000 2.83 % 3.21 % 12/1/2030 1333 Broadway 160,000 160,000 4.21 % 4.29 % 2/5/2033 345 East 94th Street - Series A 43,600 43,600 70% of SOFR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 6,676 7,209 SOFR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70% of SOFR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 14,492 15,801 SOFR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 705,624 891,998 Senior unsecured notes: (5) Series A 100,000 100,000 3.93 % 3.96 % 3/27/2025 Series B 125,000 125,000 4.09 % 4.12 % 3/27/2027 Series C 125,000 125,000 4.18 % 4.21 % 3/27/2030 Series D 115,000 115,000 4.08 % 4.11 % 1/22/2028 Series E 160,000 160,000 4.26 % 4.27 % 3/22/2030 Series F 175,000 175,000 4.44 % 4.45 % 3/22/2033 Series G 100,000 100,000 3.61 % 4.89 % 3/17/2032 Series H 75,000 75,000 3.73 % 5.00 % 3/17/2035 Series I 155,000 — 7.20 % 7.39 % 6/17/2029 Series J 45,000 — 7.32 % 7.46 % 6/17/2031 Series K 25,000 — 7.41 % 7.52 % 6/17/2034 Unsecured term loan facility (5) 175,000 175,000 SOFR plus 1.50% 4.61 % 12/31/2026 Unsecured term loan facility (5) 95,000 215,000 SOFR plus 1.50% 4.48 % 3/8/2029 Unsecured revolving credit facility (5) 120,000 — SOFR plus 1.30% 4.04 % 3/8/2029 Total principal 2,295,624 2,256,998 Deferred financing costs, net (10,691) (9,488) Unamortized debt discount (6,378) (6,964) Total $ 2,278,555 $ 2,240,546 ______________ (1) The effective rate is the yield as of September 30, 2024 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements. (2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty. (3) In April 2024, we worked with the First Stamford P lace mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to debt associated with property under receivership in our condensed consolidated balance sheet. As of September 30, 2024, this debt consists of $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions. (4) In July 2024, this loan was refinanced and commencing in November 2024, the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option. (5) At September 30, 2024, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at September 30, 2024 are as follows (amounts in thousands): Year Amortization Maturities Total 2024 $ 1,350 $ — $ 1,350 2025 3,664 100,000 103,664 2026 3,957 225,000 228,957 2027 4,276 155,000 159,276 2028 3,555 146,091 149,646 Thereafter 18,524 1,634,207 1,652,731 Total $ 35,326 $ 2,260,298 $ 2,295,624 Deferred Financing Costs Deferred financing costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred financing costs, included as a component of net debt $ 36,309 $ 34,887 Deferred financings costs, included as a component of net deferred costs (Note 4) 16,623 8,586 Total deferred financing costs $ 52,932 $ 43,473 Less: accumulated amortization (32,871) (31,108) Total deferred financing costs, net $ 20,061 $ 12,365 Amortization expense related to deferred financing costs was $1.1 million and $3.2 million for the three and nine months ended September 30, 2024, respectively, and $1.1 million and $3.3 million for the three and nine months ended September 30, 2023, respectively. Unsecured Revolving Credit and Term Loan Facilities On March 8, 2024, through our Operating Partnership, we entered into a second amended and restated credit agreement with Bank of America, N.A., as administrative agent and the other lenders party thereto, that amends and restates the amended and restated credit agreement, dated August 29, 2017 which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facilities”). The BofA Credit Facilities are comprised of a $620 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $95 million term loan facility (the “BofA Term Loan Facility”). We may request that the BofA Credit Facilities be increased through one or more increases in the Revolving Credit Facility or one or more increases in the BofA Term Loan Facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount under the second amended and restated credit agreement not to exceed $1.5 billion. The Revolving Credit Facility matures on March 8, 2029, inclusive of two six-month extension periods and replaced the existing revolving credit facility that was due to mature in March 2025. The BofA Term Loan Facility matures on March 8, 2029, inclusive of two twelve-month extension periods and replaced the existing term loan facility that was due to mature in March 2025. Initial interest rates on the BofA Credit Facilities, which may change based on our leverage levels, are SOFR plus a benchmark adjustment of 10.0 basis points ("adjusted SOFR") plus 130 basis points for any drawn portion of the Revolving Credit Facility and adjusted SOFR plus 150 basis points for the BofA Term Loan Facility. In addition, the BofA Credit Facilities have a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year. As of September 30, 2024, we had $120.0 million borrowings drawn on the Revolving Credit Facility and $95.0 million under the BofA Term Loan Facility. On March 13, 2024, through our Operating Partnership, we entered into a third amendment to our credit agreement dated March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, which governs a senior unsecured term loan facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is in the original principal amount of $175.0 million and matures on December 31, 2026. The third amendment provides for, among other things, certain conforming changes to the BofA Credit Facilities agreement, including increases to the capitalization rate for certain of our properties. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. We may request the Wells Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of September 30, 2024 , our borrowings amounted to $175.0 million under the Wells Term Loan Facility. The terms of both the BofA Credit Facilities and the Wells Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. Both facilities also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements governing both facilities also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of REIT qualification, and occurrence of a change of control. As of September 30, 2024, we were in compliance with these covenants. Senior Unsecured Notes On April 10, 2024, we entered into a Purchase Agreement pursuant to which we issued and sold an aggregate $225 million principal amount of notes, consisting of (a) $155 million aggregate principal amount of 7.20% Series I Green Guaranteed Senior Notes due June 17, 2029, (b) $45 million aggregate principal amount of 7.32% Series J Green Guaranteed Senior Notes due June 17, 2031 and (c) $25 million aggregate principal amount of 7.41% Series K Green Guaranteed Senior Notes due June 17, 2034. The sale of the Series I-K notes closed on June 17, 2024. The issue price for the notes was 100% of the aggregate principal amount thereof. Pursuant to the terms of the Purchase Agreement, we may prepay all or a portion of the notes upon notice to the holders at a price equal to 100% of the principal amount plus a make-whole premium as set forth in the Purchase Agreement. The terms of our senior unsecured notes, including the Series I-K notes, include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. The terms also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of REIT qualification. As of September 30, 2024, we were in compliance with these covenants.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Capital expenditures included in accounts payable and accrued expenses $ 29,499 $ 51,815 Accounts payable and accrued expenses 41,507 44,169 Interest rate swap agreements liability 2,143 85 Accrued interest payable 8,294 3,687 Total accounts payable and accrued expenses $ 81,443 $ 99,756

Financial Instruments and Fair

Financial Instruments and Fair Values	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Values	Financial Instruments and Fair Values Derivative Financial Instruments We use derivative financial instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap and forward agreements, and the primary objective is to minimize interest rate risks associated with investing and financing activities. The counterparties of these arrangements are major financial institutions with which we may also have other financial relationships. We are exposed to credit risk in the event of non-performance by these counterparties; however, we currently do not anticipate that any of the counterparties will fail to meet their obligations. We have agreements with our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations. As of September 30, 2024, the fair value of derivatives in a net liability position, that includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2.1 million. If we had breached any of these provisions at September 30, 2024, we could have been required to settle our obligations under the agreements at their termination value of $2.1 million. As of September 30, 2024 and December 31, 2023, we had interest rate swaps and caps with an aggregate notional value of $680.4 million and $573.2 million, respectively. The notional value does not represent exposure to credit, interest rate or market risks. As of September 30, 2024, the fair value of our derivative instruments in an asset position amounted to $5.7 million, which is included in prepaid expenses and other assets, and the fair value of our derivative instruments in a liability position amounted to $2.1 million, that is included in accounts payable and accrued expenses on the consolidated balance sheet on the condensed consolidated balance sheet. As of December 31, 2023, the fair value of our derivative instruments amounted to $11.8 million which is included in prepaid expenses and other assets, and $0.1 million which is included in accounts payable and accrued expenses on the condensed consolidated balance sheet. These interest rate swaps have been designated as cash flow hedges and hedge the variability in future cash flows associated with our existing variable-rate term loan facilities. Interest rate caps not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements. As of September 30, 2024 and 2023, our cash flow hedges are deemed highly effective and a net unrealized loss of $(11.8) million and $(3.7) million for the three and nine months ended September 30, 2024, respectively, and a net unrealized gain of $7.3 million and $10.6 million for the three and nine months ended September 30, 2023, respectively, relating to both active and terminated hedges of interest rate risk, are reflected in the condensed consolidated statements of comprehensive income. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the debt. We estimate that $1.0 million net gain of the current balance held in accumulated other comprehensive income (loss) will be reclassified into interest expense within the next 12 months. The table below summarizes the terms of agreements and the fair values of our derivative financial instruments: (amounts in thousands, except percentages) September 30, 2024 December 31, 2023 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2030 $ — $ (269) $ 64 $ — Interest rate swap 103,790 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2033 — (1,075) — (85) Interest rate swap 10,710 70% of 1 Month SOFR 1.7570% December 1, 2021 November 1, 2033 415 — 546 — Interest rate swap 14,642 1 Month SOFR 2.2540% December 1, 2021 November 1, 2030 505 — 782 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% December 1, 2021 October 1, 2024 — — — — Interest rate cap 9,188 1 Month SOFR 5.5000% December 1, 2021 October 1, 2024 — — 4 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 3,009 — 5,637 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 832 — 2,384 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 831 — 2,383 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% October 1, 2024 November 1, 2030 25 — — — Interest rate cap 6,676 1 Month SOFR 5.5000% October 1, 2024 November 1, 2030 56 — — — Interest rate swap 47,500 1 Month SOFR 3.3090 % March 19, 2025 March 8, 2029 — (404) — — Interest rate swap 47,500 1 Month SOFR 3.3030 % March 19, 2025 March 8, 2029 — (395) — — $ 680,386 $ 5,673 $ (2,143) $ 11,800 $ (85) The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Amount of gain (loss) recognized in other comprehensive income (loss) $ (9,341) $ 9,525 $ 1,710 $ 16,058 Amount of (gain) reclassified from accumulated other comprehensive income (loss) into interest expense (2,457) (2,275) (5,448) (5,429) The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (27,408) $ (25,382) $ (77,859) $ (76,091) Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense 2,457 2,275 5,448 5,429 Fair Valuation The estimated fair values at September 30, 2024 and December 31, 2023 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy. The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G, H, I, J, and K), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us. The following tables summarize the carrying and estimated fair values of our financial instruments: September 30, 2024 Estimated Fair Value (amounts in thousands) Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 5,673 $ 5,673 $ — $ 5,673 $ — Interest rate swaps included in accounts payable and accrued expenses 2,143 2,143 — 2,143 — Mortgage notes payable 692,989 623,788 — — 623,788 Senior unsecured notes - Series A-K 1,196,911 1,147,018 — — 1,147,018 Unsecured term loan facilities 268,655 270,000 — — 270,000 Unsecured revolving credit facility 120,000 120,000 — — 120,000 December 31, 2023 Estimated Fair Value (amounts in thousands) Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 11,800 $ 11,800 $ — $ 11,800 $ — Interest rate swaps included in accounts payable and accrued expenses 85 85 — 85 — Mortgage notes payable 877,388 774,280 — — 774,280 Senior unsecured notes - Series A-H 973,872 882,242 — — 882,242 Unsecured term loan facilities 389,286 390,000 — — 390,000 The fair value of debt associated with property in receivership, which has a carrying value of $177.7 million as of September 30, 2024, and categorized as Level 3 of the fair value hierarchy, was $159.8 million as of September 30, 2024. Disclosure about the fair value of financial instruments is based on pertinent information available to us as of September 30, 2024 and December 31, 2023. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessor We lease various spaces to tenants over terms ranging from one Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue consisted of the following: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Fixed payments 132,266 132,862 404,854 395,744 Variable payments 20,851 18,596 54,615 50,408 Total rental revenue $ 153,117 $ 151,458 $ 459,469 $ 446,152 As of September 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 122,543 2025 507,696 2026 476,684 2027 458,727 2028 420,367 Thereafter 2,050,947 $ 4,036,964 The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.3 million and lease liabilities of $28.3 million in our condensed consolidated balance sheets as of September 30, 2024. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of September 30, 2024 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of September 30, 2024 was 45.7 years. As of September 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 380 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,160 Present value discount (38,903) Ground lease liabilities $ 28,257
Leases	Leases Lessor We lease various spaces to tenants over terms ranging from one Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue consisted of the following: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Fixed payments 132,266 132,862 404,854 395,744 Variable payments 20,851 18,596 54,615 50,408 Total rental revenue $ 153,117 $ 151,458 $ 459,469 $ 446,152 As of September 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 122,543 2025 507,696 2026 476,684 2027 458,727 2028 420,367 Thereafter 2,050,947 $ 4,036,964 The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.3 million and lease liabilities of $28.3 million in our condensed consolidated balance sheets as of September 30, 2024. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of September 30, 2024 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of September 30, 2024 was 45.7 years. As of September 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 380 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,160 Present value discount (38,903) Ground lease liabilities $ 28,257

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Except as described below, as of September 30, 2024, we were not involved in any material litigation, nor, to our knowledge, was any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business such as disputes with tenants. We believe that the costs and related liabilities, if any, which may result from such actions will not materially affect our condensed consolidated financial position, operating results or liquidity. As previously disclosed, in October 2014, 12 former investors (the "Claimants") in Empire State Building Associates L.L.C. (“ESBA”), which, prior to the IPO, owned the fee title to the Empire State Building, filed an arbitration with the American Arbitration Association against Peter L. Malkin, Anthony E. Malkin, Thomas N. Keltner, Jr., and our subsidiary ESRT MH Holdings LLC, the former supervisor of ESBA, (the "Respondent s "). The statement of claim (also filed later in federal court in New York for the expressed purpose of tolling the statute of limitations) alleged breach of fiduciary duty and related claims in connection with the IPO and formation transactions and sought monetary damages and declaratory relief. Claimants had opted out of a prior class action bringing similar claims that were settled with court approval. Respondents filed an answer and counterclaims. In March 2015, the federal court action was stayed on consent of all parties pending the arbitration. Arbitration hearings started in May 2016 and concluded in August 2018. On August 26, 2020, the arbitration panel issued an award that denied all Claimants’ claims with one exception, on which it awarded the Claimants approximately $1.2 million, inclusive of seven years of interest through October 2, 2020. This amount was recorded as an IPO litigation expense in the consolidated statements of operations for the year ended December 31, 2020. Respondents believe that such award in favor of the Claimants is entirely without merit and sought to vacate that portion of the award. On July 31, 2023, the New York State court denied the Respondents’ petition to vacate in part and confirmed the award. On January 22, 2024, that court entered judgment in favor of the Claimants (save for one Claimant, whose petition to confirm is still pending in New York state court) in an amount of approximately $1.26 million, inclusive of interest. The Respondents believe those rulings are incorrect and have appealed them. In addition, certain of the Claimants in the federal court action brought to toll the statute of limitations and sought to pursue claims in that case against the Respondents. Respondents believe that any such claims are meritless. The magistrate judge assigned to the action has issued a Report and Recommendation rejecting the Claimants’ claims; the district judge will decide whether to adopt the Report and Recommendation. Pursuant to indemnification agreements which were made with our directors, executive officers and chairman emeritus as part of our formation transactions, Anthony E. Malkin, Peter L. Malkin and Thomas N. Keltner, Jr. have defense and indemnity rights from us with respect to this arbitration. Unfunded Capital Expenditures At September 30, 2024, we estimate that we will incur approximately $126.5 million of capital expenditures (including tenant improvements and leasing commissions) on our properties pursuant to existing lease agreements. We expect to fund these capital expenditures with operating cash flow, cash on hand and other borrowings. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. We expect that these financing requirements will be met in a similar fashion. Concentration of Credit Risk Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, tenant and other receivables and deferred rent receivables. At September 30, 2024, we held on deposit at various major financial institutions cash and cash equivalents and restricted cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation. Asset Retirement Obligations We are required to accrue costs that we are legally obligated to incur on retirement of our properties which result from acquisition, construction, development and/or normal operation of such properties. Retirement includes sale, abandonment or disposal of a property. Under that standard, a conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within a company’s control and a liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments and investigations have identified asbestos or asbestos-containing building materials in certain of our properties. As of September 30, 2024, management has no plans to remove or alter these properties in a manner that would trigger federal and other applicable regulations for asbestos removal, and accordingly, the obligations to remove the asbestos or asbestos-containing building materials from these properties have indeterminable settlement dates. As such, we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligation. However ongoing asbestos abatement, maintenance programs and other required documentation are carried out as required and related costs are expensed as incurred. Other Environmental Matters Under various federal, state and/or local laws, ordinances and regulations, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or release of hazardous substances, waste, or petroleum products at, on, in, under or from such property, including costs for investigation or remediation, natural resource damages, or third-party liability for personal injury or property damage. These laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence or release of such materials, and the liability may be joint and several. Some of our properties have been or may be impacted by contamination arising from current or prior uses of the property or adjacent properties for commercial, industrial or other purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such materials. We also may be liable for the costs of remediating contamination at off-site disposal or treatment facilities when we arrange for disposal or treatment of hazardous substances at such facilities, regardless of whether we comply with environmental laws in doing so. The presence of contamination or the failure to remediate contamination on our properties may adversely affect our ability to attract and/or retain tenants, and our ability to develop or sell or borrow against those properties. In addition to potential liability for cleanup costs, private plaintiffs may bring claims for personal injury, property damage or for similar reasons. Environmental laws also may create liens on contaminated sites in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which that property may be used or how businesses may be operated on that property. Some of our properties are adjacent to or near other properties which are used for industrial or commercial purposes or have contained or currently contain underground storage tanks used to store petroleum products or other hazardous or toxic substances. Releases from these properties could impact our properties. In addition, some of our properties have previously been used by former owners or tenants for commercial or industrial activities, e.g., gas stations and dry cleaners, and a portion of the Metro Tower site is currently used for automobile parking and was formerly leased to a fueling facility that may release petroleum products or other hazardous or toxic substances at such properties or to surrounding properties. While certain properties contain or contained uses that could have or have impacted our properties, we are not aware of any liabilities related to environmental contamination that we believe will have a material adverse effect on our operations. We have post-closing obligations related to the 69-97 and 103-107 Main Street, Westport, Connecticut properties that we sold in February 2023 to (i) close out a voluntary remediation program at 69-97 Main Street to address residual impacts of prior presence of underground storage tanks and (ii) comply with a consent order issued by the Connecticut Department of Environmental Protection to investigate soil conditions at 103-107 Main Street. We believe any expenses incurred to close out and comply with the remediation program and consent order, respectively, will be immaterial to the results of our operations. In addition, our properties are subject to various federal, state and local environmental and health and safety laws and regulations. Noncompliance with these laws and regulations could subject us or our tenants to liability. These liabilities could affect a tenant’s ability to make rental payments to us. Moreover, changes in laws could increase the potential costs of compliance with such laws and regulations or increase liability for noncompliance. This may result in significant unanticipated expenditures. We sometimes require our tenants to comply with environmental and health and safety laws and regulations and to indemnify us for any related liabilities in our leases with them. But in the event of the bankruptcy or inability of any of our tenants to satisfy such obligations, we may be required to satisfy such obligations. We are not presently aware of any instances of material non-compliance with environmental or health and safety laws or regulations at our properties, and we believe that we and/or our tenants have all material permits and approvals necessary under current laws and regulations to operate our properties. In addition, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs. In particular, as the owner of large commercial buildings in New York City, we are subject to Local Law 97 passed by the New York City Council in April 2019, which for each such building establishes annual limits for greenhouse gas emissions, requires yearly emissions reports beginning in May 2025, and imposes penalties for emissions above such limits. Based upon our present understanding of the law and calculations related thereto, we expect to pay no fine on any building in our commercial portfolio in the 2024-2029 first period of enforcement. As the owner or operator of real property, we may also incur liability based on various building conditions. For example, environmental site assessments and investigations have identified asbestos or asbestos-containing material ("ACM") in certain of our properties, and it is possible that other properties that we currently own or operate or those we acquire or operate in the future contain, may contain, or may have contained ACM. Environmental and health and safety laws require that ACM be properly managed and maintained and may impose fines or penalties on owners, operators or employers for non-compliance with those requirements. These requirements include special precautions, such as removal, abatement or air monitoring, if ACM would be disturbed during maintenance, redevelopment or demolition of a building, potentially resulting in substantial costs. In addition, we may be subject to liability for personal injury or property damage sustained as a result of releases of ACM into the environment. We are not presently aware of any material liabilities related to building conditions, including any instances of material non-compliance with asbestos requirements or any material liabilities related to asbestos. Our properties may contain or develop harmful mold or suffer from other indoor air quality issues, which could lead to liability for adverse health effects or property damage or costs for remediation. When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs. We are not presently aware of any material adverse indoor air quality issues at our properties. As of September 30, 2024, with the exception of the Westport assets, management believes that there are no obligations related to environmental remediation other than maintaining the affected sites in conformity with the relevant authority’s mandates and filing the required documents. All such maintenance costs are expensed as incurred. However, we cannot be certain that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Insurance Coverage We carry insurance coverage on our properties of types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Shares and Units An operating partnership unit ("OP Unit") and a share of our common stock have essentially the same economic characteristics as they receive the same per unit profit distributions of the Operating Partnership. On the one-year anniversary of issuance, an OP Unit may be tendered for redemption for cash; however, we have sole and absolute discretion, and sufficient authorized common stock, to exchange OP Units for shares of common stock on a one-for-one basis instead of cash. As of September 30, 2024, there were 165,506,874 shares of Class A common stock, 980,707 shares of Class B common stock and 107,664,445 OP Units outstanding. The REIT holds a 60.7% controlling interest in the OP. The other 39.3% non-controlling interest in the OP is diversified among various limited partners, some of whom include Company directors, senior management and employees. We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes per share. Stock and Publicly Traded Operating Partnership Unit Repurchase Program Our Board of Directors authorized the repurchase of up to $500.0 million of our Class A common stock and the Operating Partnership’s Series ES, Series 250 and Series 60 operating partnership units from January 1, 2024 through December 31, 2025. Under the program, we may purchase our Class A common stock and the Operating Partnership’s Series ES, Series 250 and Series 60 operating partnership units in accordance with applicable securities laws from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by us at our discretion and will be subject to stock price, availability, trading volume, general market conditions, and applicable securities laws. The authorization does not obligate us to acquire any particular amount of securities, and the program may be suspended or discontinued at our discretion without prior notice. As of September 30, 2024, we had $500.0 million remaining of the authorized repurchase amount. There were no repurchases of equity securities during the three and nine months ended September 30, 2024. Private Perpetual Preferred Units As of September 30, 2024, there were 4,664,038 Series 2019 Preferred Units ("Series 2019 Preferred Units") and 1,560,360 Series 2014 Private Perpetual Preferred Units ("Series 2014 Preferred Units") outstanding. The Series 2019 Preferred Units have a liquidation preference of $13.52 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.70 per unit payable in arrears on a quarterly basis. The Series 2014 Preferred Units which have a liquidation preference of $16.62 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.60 per unit payable in arrears on a quarterly basis. Both series are not redeemable at the option of the holders and are redeemable at our option only in the case of specific defined events. Dividends and Distributions The following is a summary of dividend and distribution activity: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Dividends paid to common stockholders $ (5,824) $ (5,683) $ (17,376) $ (16,980) Distributions paid to Operating Partnership unitholders (the "OP unitholders") (3,771) (3,801) (11,317) (10,660) Distributions paid to preferred unitholders (1,050) (1,050) (3,151) (3,151) Incentive and Share-Based Compensation On May 9, 2024, the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2024 Equity Incentive Plan (the “2024 Plan”) was approved by our shareholders. The 2024 Plan provides for grants to directors, employees and consultants of our Company and Operating Partnership, including options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalents and other equity-based awards, and replaced the First Amended and Restated Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2019 Equity Incentive Plan ("2019 Plan", and collectively with the 2024 Plan, the "Plans"). The shares of Class A common stock underlying any awards under the Plans that are forfeited, canceled or otherwise terminated, other than by exercise, will be added back to the shares of Class A common stock available for issuance under the 2024 Plan. Shares tendered or held back upon exercise of a stock option or settlement of an award under the Plans to cover the exercise price or tax withholding and shares subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right upon exercise thereof, will not be added back to the shares of Class A common stock available for issuance under the 2024 Plan. In addition, shares of Class A common stock repurchased on the open market will not be added back to the shares of Class A common stock available for issuance under the 2024 Plan. An aggregate of 11.0 million shares of our common stock was authorized for issuance under awards granted pursuant to the 2024 Plan, and as of September 30, 2024, 10.9 million shares of common stock remain available for future issuance. Long-term incentive plan ("LTIP") units are a special class of partnership interests in the Operating Partnership. Each LTIP unit awarded will be deemed equivalent to an award of one share of stock under the Plans, reducing the availability for other equity awards on a one-for-one basis. The vesting period for LTIP units, if any, will be determined at the time of issuance. Under the terms of the LTIP units, the Operating Partnership will revalue for tax purposes its assets upon the occurrence of certain specified events, and any increase in valuation from the time of one such event to the next such event will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of OP unitholders. Subject to any agreed upon exceptions, once vested and having achieved parity with OP unitholders, LTIP units are convertible into OP Units in the Operating Partnership on a one-for-one basis. LTIP units subject to time-based vesting, whether vested or not, receive the same per unit distributions as OP units, which equal per share dividends (both regular and special) on our common stock. Market and performance-based LTIPs receive 10% of such distributions currently, unless and until such LTIP units are earned based on performance, at which time they will receive the accrued and unpaid 90% and will commence receiving 100% of such distributions thereafter. During the third quarter of 2024, we did not make any grants of LTIP units to employees or non-employee directors that are subject to performance-based vesting or time-based vesting. Share-based compensation for time-based equity awards is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the shorter of (i) the stated vesting period, which is generally three four three For the market-based LTIP units, the fair value of the awards was estimated using a Monte Carlo Simulation model and discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. Our stock price, along with the prices of the comparative indexes, is assumed to follow the Geometric Brownian Motion Process. Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on our stock price and the comparative indexes were estimated based on implied volatilities and historical volatilities using an appropriate look-back period. The expected growth rate of the stock prices over the performance period is determined with consideration of the risk-free rate as of the grant date. For LTIP unit awards that are time or performance based, the fair value of the awards was estimated based on the fair value of our stock at the grant date discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. For restricted stock awards, the fair value of the awards is based on the market price of our stock at the grant date. LTIP units and restricted stock issued during the nine months ended September 30, 2024 were valued at $27.8 million. The weighted average per unit or share fair value was $7.81 for grants issued for the nine months ended September 30, 2024. The fair value per unit or share granted in 2024 was estimated on the respective dates of grant using the following assumptions: an expected life from 2.0 to 5.3 years, a dividend rate of 1.6%, a risk-free interest rate from 4.4% to 5.1%, and an expected price volatility from 37.0% to 48.0%. No other stock options, dividend equivalents, or stock appreciation rights were issued during the nine months ended September 30, 2024. The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2024: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2023 598,289 3,297,550 2,738,812 1,276,363 $ 6.60 Vested (207,137) (1,167,148) (462,730) (2,208) 7.46 Granted 259,927 1,485,369 1,010,132 808,874 7.81 Forfeited or unearned (36,494) — (234,780) (4,930) 7.29 Unvested balance at September 30, 2024 614,585 3,615,771 3,051,434 2,078,099 $ 6.87 The time-based LTIPs and restricted stock awards are treated for accounting purposes as immediately vested upon the later of (i) the date the grantee attains the age of 60 or 65, as applicable, and (ii) the date on which grantee has first completed the requisite years of continuous service with our Company or its affiliates. For award agreements that qualify, we recognize noncash compensation expense on the grant date for the time-based awards and ratably over the vesting period for the market-based and performance-based awards, and accordingly, we recognized $1.6 million and $4.0 million for the three and nine months ended September 30, 2024, respectively, and $0.5 million and $2.2 million for the three and nine months ended September 30, 2023, respectively. Unrecognized compensation expense was $13.3 million at September 30, 2024, which will be recognized over a weighted average period of 2.3 years. For the remainder of the LTIP unit and restricted stock awards, we recognized noncash compensation expense ratably over the vesting period, and accordingly, we recognized noncash compensation expense of $4.2 million and $12.4 million for the three and nine months ended September 30, 2024, respectively, and $4.5 million and $12.6 million for the three and nine months ended September 30, 2023, respectively. Unrecognized compensation expense was $23.6 million at September 30, 2024, which will be recognized over a weighted average period of 2.3 years. Earnings Per Share Earnings per share is calculated by dividing the net income attributable to common shareholders by the weighted average number of shares outstanding during the respective period. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Share-based payment awards are included in the calculation of diluted income using the treasury stock method if dilutive. Earnings per share is computed as follows: Three Months Ended Nine Months Ended (amounts in thousands, except per share amounts) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Numerator - Basic: Net income $ 22,796 $ 19,928 $ 61,566 $ 68,577 Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151) Net income attributable to non-controlling interests (8,205) (7,318) (22,142) (25,493) Net income attributable to common stockholders – basic $ 13,541 $ 11,560 $ 36,273 $ 39,933 Numerator - Diluted: Net income $ 22,796 $ 19,928 $ 61,566 $ 68,577 Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151) Net income attributable to non-controlling interests in other partnerships — (111) (4) (69) Net income attributable to common stockholders – diluted $ 21,746 $ 18,767 $ 58,411 $ 65,357 Denominator: Weighted average shares outstanding – basic 164,880 161,851 164,453 160,799 Operating partnership units 99,907 100,905 100,222 102,580 Effect of dilutive securities: Stock-based compensation plans 4,826 3,317 3,933 1,890 Weighted average shares outstanding – diluted 269,613 266,073 268,608 265,269 Earnings per share: Basic $ 0.08 $ 0.07 $ 0.22 $ 0.25 Diluted $ 0.08 $ 0.07 $ 0.22 $ 0.25 There were zero antidilutive shares and LTIP units for the three and nine months ended September 30, 2024 and 2023, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Supervisory Fee Revenue Since we became a public company, we have earned supervisory fees from entities affiliated with Anthony E. Malkin, our Chairman and Chief Executive Officer. These fees were $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2023, respectively. These fees are included within third-party management and other fees. Property Management Fee Revenue Since we became a public company, we have earned property management fees from entities affiliated with Anthony E. Malkin. These fees were $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. These fees are included within third-party management and other fees. Other We receive rent generally at the market rental rate for 5,447 square feet of leased space from an entity affiliated with Anthony E. Malkin at one of our properties. Under the lease, the tenant has the right to cancel such lease without special payment on 90 days’ notice. We also have a shared use agreement with such tenant, to occupy a portion of the leased premises as the office location for Peter L. Malkin, our chairman emeritus, utilizing approximately 15% of the space, for which we pay to such tenant an allocable pro rata share of the cost. We also have agreements with these entities and excluded properties and businesses to provide them with general computer-related support services. Total aggregate revenue was $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2023, respectively. One of our directors, Hannah Yang, is sister to Heela Yang, who is Founder and Chief Executive Officer of Sol de Janeiro USA, a tenant at One Grand Central Place — the lease is projected to commence on January 1, 2025 with a starting annualized rent of $3.5 million. Sol de Janeiro is a subsidiary of L’Occitane, a tenant at 111 W. 33 rd Street.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have identified two reportable segments: (1) real estate and (2) Observatory. Our real estate segment includes all activities related to the ownership, management, operation, acquisition, redevelopment, repositioning and disposition of our traditional real estate assets. Our Observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. These two lines of businesses are managed separately because each business requires different support infrastructures, provides different services and has dissimilar economic characteristics such as investments needed, stream of revenues and marketing strategies. We account for intersegment sales and rents as if the sales or rents were to third parties, that is, at current market prices. The following tables provide components of segment net income for each segment: Three Months Ended September 30, 2024 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 153,117 $ — $ — $ 153,117 Intercompany rental revenue 23,461 — (23,461) — Observatory revenue — 39,382 — 39,382 Lease termination fees 4,771 — — 4,771 Third-party management and other fees 271 — — 271 Other revenue and fees 2,058 — — 2,058 Total revenues 183,678 39,382 (23,461) 199,599 Operating expenses: Property operating expenses 45,954 — — 45,954 Intercompany rent expense — 23,461 (23,461) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 18,372 — — 18,372 Observatory expenses — 9,715 — 9,715 Real estate taxes 31,982 — — 31,982 Depreciation and amortization 45,861 38 — 45,899 Total operating expenses 144,500 33,214 (23,461) 154,253 Total operating income 39,178 6,168 — 45,346 Other income (expense): Interest income 6,871 89 — 6,960 Interest expense (27,408) — — (27,408) Interest expense associated with property in receivership (1,922) — — (1,922) Gain on disposition of property 1,262 — — 1,262 Income before income taxes 17,981 6,257 — 24,238 Income tax expense (216) (1,226) — (1,442) Net income $ 17,765 $ 5,031 $ — $ 22,796 Segment assets $ 4,174,754 $ 262,183 $ — $ 4,436,937 Expenditures for segment assets $ 167,865 $ 94 $ — $ 167,959 Three Months Ended September 30, 2023 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 151,458 $ — $ — $ 151,458 Intercompany rental revenue 22,113 — (22,113) — Observatory revenue — 37,562 — 37,562 Third-party management and other fees 268 — — 268 Other revenue and fees 2,238 — — 2,238 Total revenues 176,077 37,562 (22,113) 191,526 Operating expenses: Property operating expenses 42,817 — — 42,817 Intercompany rent expense — 22,113 (22,113) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 16,012 — — 16,012 Observatory expenses — 9,471 — 9,471 Real estate taxes 32,014 — — 32,014 Depreciation and amortization 46,593 31 — 46,624 Total operating expenses 139,767 31,615 (22,113) 149,269 Total operating income 36,310 5,947 — 42,257 Other income (expense): Interest income 4,410 52 — 4,462 Interest expense (25,382) — — (25,382) Income before income taxes 15,338 5,999 — 21,337 Income tax expense (146) (1,263) — (1,409) Net income $ 15,192 $ 4,736 $ — $ 19,928 Segment assets $ 3,959,249 $ 257,298 $ — $ 4,216,547 Expenditures for segment assets $ 56,227 $ — $ — $ 56,227 Nine Months Ended September 30, 2024 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 459,469 $ — $ — $ 459,469 Intercompany rental revenue 60,508 — (60,508) — Observatory revenue — 98,102 — 98,102 Lease termination fees 4,771 — — 4,771 Third-party management and other fees 912 — — 912 Other revenue and fees 7,067 — — 7,067 Total revenues 532,727 98,102 (60,508) 570,321 Operating expenses: Property operating expenses 132,530 — — 132,530 Intercompany rent expense — 60,508 (60,508) — Ground rent expenses 6,994 — — 6,994 General and administrative expenses 52,364 — — 52,364 Observatory expenses — 27,104 — 27,104 Real estate taxes 96,106 — — 96,106 Depreciation and amortization 139,346 107 — 139,453 Total operating expenses 427,340 87,719 (60,508) 454,551 Total operating income 105,387 10,383 — 115,770 Other income (expense): Interest income 16,022 208 — 16,230 Interest expense (77,859) — — (77,859) Interest expense associated with property in receivership (2,550) — — (2,550) Loss on early extinguishment of debt (553) — — (553) Gain on disposition of property 12,065 — — 12,065 Income before income taxes 52,512 10,591 — 63,103 Income tax expense (537) (1,000) — (1,537) Net income $ 51,975 $ 9,591 $ — $ 61,566 Expenditures for segment assets $ 259,617 $ 238 $ — $ 259,855 Nine Months Ended September 30, 2023 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 446,152 $ — $ — $ 446,152 Intercompany rental revenue 58,969 — (58,969) — Observatory revenue — 93,149 — 93,149 Third-party management and other fees 1,076 — — 1,076 Other revenue and fees 6,313 — — 6,313 Total revenues 512,510 93,149 (58,969) 546,690 Operating expenses: Property operating expenses 124,380 — — 124,380 Intercompany rent expense — 58,969 (58,969) — Ground rent expenses 6,994 — — 6,994 General and administrative expenses 47,795 — — 47,795 Observatory expenses — 25,983 — 25,983 Real estate taxes 95,292 — — 95,292 Depreciation and amortization 140,194 118 — 140,312 Total operating expenses 414,655 85,070 (58,969) 440,756 Total operating income 97,855 8,079 — 105,934 Other income (expense): Interest income 10,257 139 — 10,396 Interest expense (76,091) — — (76,091) Gain on disposition of property 29,261 — — 29,261 Income before income taxes 61,282 8,218 — 69,500 Income tax expense (541) (382) — (923) Net income $ 60,741 $ 7,836 $ — $ 68,577 Expenditures for segment assets $ 123,671 $ 58 $ — $ 123,729

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events None.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Quarterly Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
Principles of Consolidation	The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2023 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality.
Principles of Consolidation for Variable Interest Entities	We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. The Operating Partnership is a VIE of ESRT. As the Operating Partnership is already consolidated in the financial statements of ESRT, the identification of this entity as a VIE has no impact on our consolidated financial statements. We also determined that the Operating Partnership has a variable interest in the September 2024 acquisition of the North 6 th Street Collection. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates	Accounting Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, goodwill, right-of-use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured revolving credit and term loan facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.
Fair Valuation	The estimated fair values at September 30, 2024 and December 31, 2023 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy. The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G, H, I, J, and K), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination and Dispositions [Abstract]
Schedule of Property Acquisitions	The following table summarizes properties acquired during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Intangibles Property Date Acquired Land Building and Improvements Assets Liabilities Total The North 6 th Street Collection (1) 9/25/2024 $ 33,361 $ 106,392 $ 7,374 $ (3,696) $ 143,431 The North 6 th Street Collection (2) 9/14/2023 $ 4,851 $ 20,936 $ 1,573 $ (300) $ 27,060 (1) Includes total capitalized net transaction costs of $0.4 million. (2) Includes total capitalized transaction costs of $0.7 million.
Schedule of Property Dispositions	The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2024 and December 31, 2023, respectively (amounts in thousands): Property Date of Disposal Sales Price Gain on Disposition First Stamford Place, Stamford, Connecticut 5/22/2024 N/A $ 12,065 500 Mamaroneck Avenue, Harrison, New York (1) 4/5/2023 $ 53,000 $ 11,075 69-97 and 103-107 Main Street, Westport, Connecticut 2/1/2023 $ 40,000 $ 15,689 (1) The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property.

Deferred Costs, Acquired Leas_2

Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, Net	Deferred costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred leasing costs $ 222,978 $ 224,295 Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs 140,975 158,267 Acquired above-market leases 22,584 23,918 Total deferred costs, excluding deferred financing costs 386,537 406,480 Less: accumulated amortization (219,188) (236,900) Total deferred costs, net, excluding net deferred financing costs 167,349 169,580 Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,252 and $5,709, respectively (Note 5) 9,371 2,877 Total deferred costs, net $ 176,720 $ 172,457 Deferred financing costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred financing costs, included as a component of net debt $ 36,309 $ 34,887 Deferred financings costs, included as a component of net deferred costs (Note 4) 16,623 8,586 Total deferred financing costs $ 52,932 $ 43,473 Less: accumulated amortization (32,871) (31,108) Total deferred financing costs, net $ 20,061 $ 12,365
Schedule of Amortizing Acquired Intangible Assets and Liabilities	Acquired below-market ground leases, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (81,548) (75,675) Acquired below-market ground leases, net $ 315,368 $ 321,241 Acquired below-market leases, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Acquired below-market leases $ (53,148) $ (55,155) Less: accumulated amortization 38,446 41,405 Acquired below-market leases, net $ (14,702) $ (13,750)
Schedule of Amortization Related to Deferred Costs and Acquired Lease Intangibles	The total amortization related to deferred costs and acquired lease intangibles consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Rental revenue: Amortization of below-market leases, net of above-market leases $ 476 $ 554 $ 1,503 $ 1,932 Depreciation and amortization: Amortization of deferred leasing costs and acquired deferred leasing costs 5,930 5,850 16,948 17,747 Amortization related to acquired in-place lease value 1,144 1,489 3,663 6,114

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: Principal Balance As of September 30, 2024 (amounts in thousands) September 30, 2024 December 31, 2023 Stated Effective (1) Maturity (2) Fixed rate mortgage debt: First Stamford Place (3) $ — $ 175,860 — — — 10 Union Square 50,000 50,000 3.70 % 3.97 % 4/1/2026 1542 Third Avenue 30,000 30,000 4.29 % 4.53 % 5/1/2027 1010 Third Avenue and 77 West 55th Street 34,278 34,958 4.01 % 4.21 % 1/5/2028 Metro Center (4) 72,078 80,070 3.59 % 3.67 % 11/5/2029 250 West 57th Street 180,000 180,000 2.83 % 3.21 % 12/1/2030 1333 Broadway 160,000 160,000 4.21 % 4.29 % 2/5/2033 345 East 94th Street - Series A 43,600 43,600 70% of SOFR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 6,676 7,209 SOFR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70% of SOFR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 14,492 15,801 SOFR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 705,624 891,998 Senior unsecured notes: (5) Series A 100,000 100,000 3.93 % 3.96 % 3/27/2025 Series B 125,000 125,000 4.09 % 4.12 % 3/27/2027 Series C 125,000 125,000 4.18 % 4.21 % 3/27/2030 Series D 115,000 115,000 4.08 % 4.11 % 1/22/2028 Series E 160,000 160,000 4.26 % 4.27 % 3/22/2030 Series F 175,000 175,000 4.44 % 4.45 % 3/22/2033 Series G 100,000 100,000 3.61 % 4.89 % 3/17/2032 Series H 75,000 75,000 3.73 % 5.00 % 3/17/2035 Series I 155,000 — 7.20 % 7.39 % 6/17/2029 Series J 45,000 — 7.32 % 7.46 % 6/17/2031 Series K 25,000 — 7.41 % 7.52 % 6/17/2034 Unsecured term loan facility (5) 175,000 175,000 SOFR plus 1.50% 4.61 % 12/31/2026 Unsecured term loan facility (5) 95,000 215,000 SOFR plus 1.50% 4.48 % 3/8/2029 Unsecured revolving credit facility (5) 120,000 — SOFR plus 1.30% 4.04 % 3/8/2029 Total principal 2,295,624 2,256,998 Deferred financing costs, net (10,691) (9,488) Unamortized debt discount (6,378) (6,964) Total $ 2,278,555 $ 2,240,546 ______________ (1) The effective rate is the yield as of September 30, 2024 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements. (2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty. (3) In April 2024, we worked with the First Stamford P lace mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to debt associated with property under receivership in our condensed consolidated balance sheet. As of September 30, 2024, this debt consists of $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions. (4) In July 2024, this loan was refinanced and commencing in November 2024, the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option. (5) At September 30, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments	Aggregate required principal payments at September 30, 2024 are as follows (amounts in thousands): Year Amortization Maturities Total 2024 $ 1,350 $ — $ 1,350 2025 3,664 100,000 103,664 2026 3,957 225,000 228,957 2027 4,276 155,000 159,276 2028 3,555 146,091 149,646 Thereafter 18,524 1,634,207 1,652,731 Total $ 35,326 $ 2,260,298 $ 2,295,624
Schedule of Deferred Financing Costs, Net	Deferred costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred leasing costs $ 222,978 $ 224,295 Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs 140,975 158,267 Acquired above-market leases 22,584 23,918 Total deferred costs, excluding deferred financing costs 386,537 406,480 Less: accumulated amortization (219,188) (236,900) Total deferred costs, net, excluding net deferred financing costs 167,349 169,580 Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,252 and $5,709, respectively (Note 5) 9,371 2,877 Total deferred costs, net $ 176,720 $ 172,457 Deferred financing costs, net, consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Deferred financing costs, included as a component of net debt $ 36,309 $ 34,887 Deferred financings costs, included as a component of net deferred costs (Note 4) 16,623 8,586 Total deferred financing costs $ 52,932 $ 43,473 Less: accumulated amortization (32,871) (31,108) Total deferred financing costs, net $ 20,061 $ 12,365

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (amounts in thousands) September 30, 2024 December 31, 2023 Capital expenditures included in accounts payable and accrued expenses $ 29,499 $ 51,815 Accounts payable and accrued expenses 41,507 44,169 Interest rate swap agreements liability 2,143 85 Accrued interest payable 8,294 3,687 Total accounts payable and accrued expenses $ 81,443 $ 99,756

Financial Instruments and Fai_2

Financial Instruments and Fair Values (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Terms of Agreements and Fair Values of Derivative Financial Instruments	The table below summarizes the terms of agreements and the fair values of our derivative financial instruments: (amounts in thousands, except percentages) September 30, 2024 December 31, 2023 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2030 $ — $ (269) $ 64 $ — Interest rate swap 103,790 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2033 — (1,075) — (85) Interest rate swap 10,710 70% of 1 Month SOFR 1.7570% December 1, 2021 November 1, 2033 415 — 546 — Interest rate swap 14,642 1 Month SOFR 2.2540% December 1, 2021 November 1, 2030 505 — 782 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% December 1, 2021 October 1, 2024 — — — — Interest rate cap 9,188 1 Month SOFR 5.5000% December 1, 2021 October 1, 2024 — — 4 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 3,009 — 5,637 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 832 — 2,384 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 831 — 2,383 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% October 1, 2024 November 1, 2030 25 — — — Interest rate cap 6,676 1 Month SOFR 5.5000% October 1, 2024 November 1, 2030 56 — — — Interest rate swap 47,500 1 Month SOFR 3.3090 % March 19, 2025 March 8, 2029 — (404) — — Interest rate swap 47,500 1 Month SOFR 3.3030 % March 19, 2025 March 8, 2029 — (395) — — $ 680,386 $ 5,673 $ (2,143) $ 11,800 $ (85)
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges	The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Amount of gain (loss) recognized in other comprehensive income (loss) $ (9,341) $ 9,525 $ 1,710 $ 16,058 Amount of (gain) reclassified from accumulated other comprehensive income (loss) into interest expense (2,457) (2,275) (5,448) (5,429) The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (27,408) $ (25,382) $ (77,859) $ (76,091) Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense 2,457 2,275 5,448 5,429
Schedule of Carrying and Estimated Fair Values of Financial Instruments	The following tables summarize the carrying and estimated fair values of our financial instruments: September 30, 2024 Estimated Fair Value (amounts in thousands) Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 5,673 $ 5,673 $ — $ 5,673 $ — Interest rate swaps included in accounts payable and accrued expenses 2,143 2,143 — 2,143 — Mortgage notes payable 692,989 623,788 — — 623,788 Senior unsecured notes - Series A-K 1,196,911 1,147,018 — — 1,147,018 Unsecured term loan facilities 268,655 270,000 — — 270,000 Unsecured revolving credit facility 120,000 120,000 — — 120,000 December 31, 2023 Estimated Fair Value (amounts in thousands) Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 11,800 $ 11,800 $ — $ 11,800 $ — Interest rate swaps included in accounts payable and accrued expenses 85 85 — 85 — Mortgage notes payable 877,388 774,280 — — 774,280 Senior unsecured notes - Series A-H 973,872 882,242 — — 882,242 Unsecured term loan facilities 389,286 390,000 — — 390,000

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue consisted of the following: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Fixed payments 132,266 132,862 404,854 395,744 Variable payments 20,851 18,596 54,615 50,408 Total rental revenue $ 153,117 $ 151,458 $ 459,469 $ 446,152
Schedule of Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received	As of September 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 122,543 2025 507,696 2026 476,684 2027 458,727 2028 420,367 Thereafter 2,050,947 $ 4,036,964
Schedule of Future Minimum Lease Payments	As of September 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 380 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,160 Present value discount (38,903) Ground lease liabilities $ 28,257

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Activity of Dividends and Distributions	The following is a summary of dividend and distribution activity: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Dividends paid to common stockholders $ (5,824) $ (5,683) $ (17,376) $ (16,980) Distributions paid to Operating Partnership unitholders (the "OP unitholders") (3,771) (3,801) (11,317) (10,660) Distributions paid to preferred unitholders (1,050) (1,050) (3,151) (3,151)
Schedule of Restricted Stock and Long-Term Incentive Plan Unit Activity	The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2024: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2023 598,289 3,297,550 2,738,812 1,276,363 $ 6.60 Vested (207,137) (1,167,148) (462,730) (2,208) 7.46 Granted 259,927 1,485,369 1,010,132 808,874 7.81 Forfeited or unearned (36,494) — (234,780) (4,930) 7.29 Unvested balance at September 30, 2024 614,585 3,615,771 3,051,434 2,078,099 $ 6.87
Schedule of Computation of Earnings Per Share	Earnings per share is computed as follows: Three Months Ended Nine Months Ended (amounts in thousands, except per share amounts) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Numerator - Basic: Net income $ 22,796 $ 19,928 $ 61,566 $ 68,577 Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151) Net income attributable to non-controlling interests (8,205) (7,318) (22,142) (25,493) Net income attributable to common stockholders – basic $ 13,541 $ 11,560 $ 36,273 $ 39,933 Numerator - Diluted: Net income $ 22,796 $ 19,928 $ 61,566 $ 68,577 Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151) Net income attributable to non-controlling interests in other partnerships — (111) (4) (69) Net income attributable to common stockholders – diluted $ 21,746 $ 18,767 $ 58,411 $ 65,357 Denominator: Weighted average shares outstanding – basic 164,880 161,851 164,453 160,799 Operating partnership units 99,907 100,905 100,222 102,580 Effect of dilutive securities: Stock-based compensation plans 4,826 3,317 3,933 1,890 Weighted average shares outstanding – diluted 269,613 266,073 268,608 265,269 Earnings per share: Basic $ 0.08 $ 0.07 $ 0.22 $ 0.25 Diluted $ 0.08 $ 0.07 $ 0.22 $ 0.25

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables provide components of segment net income for each segment: Three Months Ended September 30, 2024 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 153,117 $ — $ — $ 153,117 Intercompany rental revenue 23,461 — (23,461) — Observatory revenue — 39,382 — 39,382 Lease termination fees 4,771 — — 4,771 Third-party management and other fees 271 — — 271 Other revenue and fees 2,058 — — 2,058 Total revenues 183,678 39,382 (23,461) 199,599 Operating expenses: Property operating expenses 45,954 — — 45,954 Intercompany rent expense — 23,461 (23,461) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 18,372 — — 18,372 Observatory expenses — 9,715 — 9,715 Real estate taxes 31,982 — — 31,982 Depreciation and amortization 45,861 38 — 45,899 Total operating expenses 144,500 33,214 (23,461) 154,253 Total operating income 39,178 6,168 — 45,346 Other income (expense): Interest income 6,871 89 — 6,960 Interest expense (27,408) — — (27,408) Interest expense associated with property in receivership (1,922) — — (1,922) Gain on disposition of property 1,262 — — 1,262 Income before income taxes 17,981 6,257 — 24,238 Income tax expense (216) (1,226) — (1,442) Net income $ 17,765 $ 5,031 $ — $ 22,796 Segment assets $ 4,174,754 $ 262,183 $ — $ 4,436,937 Expenditures for segment assets $ 167,865 $ 94 $ — $ 167,959 Three Months Ended September 30, 2023 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 151,458 $ — $ — $ 151,458 Intercompany rental revenue 22,113 — (22,113) — Observatory revenue — 37,562 — 37,562 Third-party management and other fees 268 — — 268 Other revenue and fees 2,238 — — 2,238 Total revenues 176,077 37,562 (22,113) 191,526 Operating expenses: Property operating expenses 42,817 — — 42,817 Intercompany rent expense — 22,113 (22,113) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 16,012 — — 16,012 Observatory expenses — 9,471 — 9,471 Real estate taxes 32,014 — — 32,014 Depreciation and amortization 46,593 31 — 46,624 Total operating expenses 139,767 31,615 (22,113) 149,269 Total operating income 36,310 5,947 — 42,257 Other income (expense): Interest income 4,410 52 — 4,462 Interest expense (25,382) — — (25,382) Income before income taxes 15,338 5,999 — 21,337 Income tax expense (146) (1,263) — (1,409) Net income $ 15,192 $ 4,736 $ — $ 19,928 Segment assets $ 3,959,249 $ 257,298 $ — $ 4,216,547 Expenditures for segment assets $ 56,227 $ — $ — $ 56,227 Nine Months Ended September 30, 2024 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 459,469 $ — $ — $ 459,469 Intercompany rental revenue 60,508 — (60,508) — Observatory revenue — 98,102 — 98,102 Lease termination fees 4,771 — — 4,771 Third-party management and other fees 912 — — 912 Other revenue and fees 7,067 — — 7,067 Total revenues 532,727 98,102 (60,508) 570,321 Operating expenses: Property operating expenses 132,530 — — 132,530 Intercompany rent expense — 60,508 (60,508) — Ground rent expenses 6,994 — — 6,994 General and administrative expenses 52,364 — — 52,364 Observatory expenses — 27,104 — 27,104 Real estate taxes 96,106 — — 96,106 Depreciation and amortization 139,346 107 — 139,453 Total operating expenses 427,340 87,719 (60,508) 454,551 Total operating income 105,387 10,383 — 115,770 Other income (expense): Interest income 16,022 208 — 16,230 Interest expense (77,859) — — (77,859) Interest expense associated with property in receivership (2,550) — — (2,550) Loss on early extinguishment of debt (553) — — (553) Gain on disposition of property 12,065 — — 12,065 Income before income taxes 52,512 10,591 — 63,103 Income tax expense (537) (1,000) — (1,537) Net income $ 51,975 $ 9,591 $ — $ 61,566 Expenditures for segment assets $ 259,617 $ 238 $ — $ 259,855 Nine Months Ended September 30, 2023 (amounts in thousands) Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 446,152 $ — $ — $ 446,152 Intercompany rental revenue 58,969 — (58,969) — Observatory revenue — 93,149 — 93,149 Third-party management and other fees 1,076 — — 1,076 Other revenue and fees 6,313 — — 6,313 Total revenues 512,510 93,149 (58,969) 546,690 Operating expenses: Property operating expenses 124,380 — — 124,380 Intercompany rent expense — 58,969 (58,969) — Ground rent expenses 6,994 — — 6,994 General and administrative expenses 47,795 — — 47,795 Observatory expenses — 25,983 — 25,983 Real estate taxes 95,292 — — 95,292 Depreciation and amortization 140,194 118 — 140,312 Total operating expenses 414,655 85,070 (58,969) 440,756 Total operating income 97,855 8,079 — 105,934 Other income (expense): Interest income 10,257 139 — 10,396 Interest expense (76,091) — — (76,091) Gain on disposition of property 29,261 — — 29,261 Income before income taxes 61,282 8,218 — 69,500 Income tax expense (541) (382) — (923) Net income $ 60,741 $ 7,836 $ — $ 68,577 Expenditures for segment assets $ 123,671 $ 58 $ — $ 123,729

Description of Business and O_2

Description of Business and Organization (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2024 ft² office_property property_unit parcel
Empire State Realty Trust | Empire State Realty OP
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
OP units owned by the Company (as a percent)	60.70%
Office Building
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	7.8
Number of offices and properties | office_property	10
Office Building | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	7.6
Number of offices and properties | office_property	9
Retail Site
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.7
Retail Site | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.5
Multifamily | New York City
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of property units | property_unit	732
Long-term ground leasehold interests
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties | parcel	3

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	17%
Observatory revenue realized during the second quarter, previous ten years (as a percent)	26%
Observatory revenue realized during the third quarter, previous ten years (as a percent)	29%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	28%

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended	9 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) multifamily_asset	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Contract asset		$ 168,687			$ 168,687	$ 168,687	$ 0
Debt associated with property in receivership		177,667			177,667	177,667	0
Accrued interest associated with property in receivership		3,511			3,511	3,511	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut
Business Acquisition [Line Items]
Recognized gain reflected in statement of operation					$ 1,300	$ 12,100
Williamsburg Retail
Business Acquisition [Line Items]
Consideration paid		143,000		$ 26,400
Williamsburg Retail | Subsequent Event
Business Acquisition [Line Items]
Consideration paid	$ 52,000
North 6th Street, Brooklyn
Business Acquisition [Line Items]
Consideration paid		$ 30,000
Victory (561 10th Avenue) and 345 East 94th Street
Business Acquisition [Line Items]
Consideration paid			$ 14,200
Proportion of interest acquired (as a percent)			10%
Number of businesses acquired | multifamily_asset			2
Business combination, in-place debt			$ 18,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Schedule of Property Acquisitions (Details) - North 6th Street, Brooklyn - USD ($) $ in Thousands	Sep. 25, 2024	Sep. 14, 2023
Business Acquisition [Line Items]
Land	$ 33,361	$ 4,851
Building and Improvements	106,392	20,936
Intangible assets	7,374	1,573
Intangible liabilities	(3,696)	(300)
Total	143,431	27,060
Capitalized transaction costs	$ 400	$ 700

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	May 22, 2024	Apr. 05, 2023	Feb. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Gain on Disposition				$ 1,262	$ 0	$ 12,065	$ 29,261
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut
Business Acquisition [Line Items]
Gain on Disposition	$ 12,065
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 500 Mamaroneck Avenue, Harrison, New York
Business Acquisition [Line Items]
Sales Price		$ 53,000
Gain on Disposition		11,075
Estimated post-closing obligations		$ 4,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 69-97 and 103-107 Main Street, Westport, Connecticut
Business Acquisition [Line Items]
Sales Price			$ 40,000
Gain on Disposition			$ 15,689

Deferred Costs, Acquired Leas_3

Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Deferred Costs, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Deferred leasing costs	$ 222,978	$ 224,295
Total deferred costs, excluding deferred financing costs	386,537	406,480
Less: accumulated amortization	(219,188)	(236,900)
Total deferred costs, net, excluding net deferred financing costs	167,349	169,580
Total deferred costs, net	176,720	172,457
Unsecured term loan facility | Unsecured Revolving Credit Facility
Finite-Lived Intangible Assets [Line Items]
Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,252 and $5,709, respectively (Note 5)	9,371	2,877
Accumulated amortization of deferred financing costs associated with the unsecured revolving credit facility	(7,252)	(5,709)
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	140,975	158,267
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	$ 22,584	$ 23,918

Deferred Costs, Acquired Leas_4

Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Amortizing Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Below Market Ground Lease, Net [Abstract]
Acquired below-market ground leases	$ 396,916	$ 396,916
Less: accumulated amortization	(81,548)	(75,675)
Acquired below-market ground leases, net	315,368	321,241
Below Market Lease, Net [Abstract]
Acquired below-market leases	(53,148)	(55,155)
Less: accumulated amortization	38,446	41,405
Acquired below-market leases, net	$ (14,702)	$ (13,750)

Deferred Costs, Acquired Leas_5

Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Amortization Related to Deferred Costs and Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of below-market leases, net of above-market leases	$ 476	$ 554	$ 1,503	$ 1,932
Amortization of deferred leasing costs and acquired deferred leasing costs	5,930	5,850	16,948	17,747
Amortization related to acquired in-place lease value	$ 1,144	$ 1,489	$ 3,663	$ 6,114

Deferred Costs, Acquired Leas_6

Deferred Costs, Acquired Lease Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs [Line Items]
Goodwill	$ 491,479	$ 491,479
Observatory
Deferred Costs [Line Items]
Goodwill	227,500	227,500
Real Estate
Deferred Costs [Line Items]
Goodwill	$ 264,000	$ 264,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)		9 Months Ended
	Mar. 08, 2024	Sep. 30, 2024	Jul. 31, 2024	Apr. 30, 2024	Apr. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding borrowings		$ 120,000,000				$ 0
Total principal		2,295,624,000
Deferred financing costs, net		(20,061,000)				(12,365,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Senior Unsecured Notes
Debt Instrument [Line Items]
Face amount					$ 225,000,000
Mortgages, Senior Notes, and Unsecured Term Loan Facilities, not Including Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Total principal		2,295,624,000				2,256,998,000
Deferred financing costs, net		(10,691,000)				(9,488,000)
Unamortized debt discount		(6,378,000)				(6,964,000)
Total		2,278,555,000				2,240,546,000
First Stamford Place | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 0				175,860,000
Stated Rate (as a percent)		0%
Effective rate (as a percent)		0%
First Stamford Place - First Lien | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Stated Rate (as a percent)				4.09%
Face amount				$ 164,000,000
First Stamford Place - Second Lien | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Stated Rate (as a percent)				6.25%
Face amount				$ 11,900,000
10 Union Square | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 50,000,000				50,000,000
Stated Rate (as a percent)		3.70%
Effective rate (as a percent)		3.97%
1542 Third Avenue | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 30,000,000				30,000,000
Stated Rate (as a percent)		4.29%
Effective rate (as a percent)		4.53%
1010 Third Avenue and 77 West 55th Street | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 34,278,000				34,958,000
Stated Rate (as a percent)		4.01%
Effective rate (as a percent)		4.21%
Metro Center | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 72,078,000				80,070,000
Stated Rate (as a percent)		3.59%	3.59%
Effective rate (as a percent)		3.67%
Face amount			$ 71,600,000
250 West 57th Street | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 180,000,000				180,000,000
Stated Rate (as a percent)		2.83%
Effective rate (as a percent)		3.21%
1333 Broadway | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 160,000,000				160,000,000
Stated Rate (as a percent)		4.21%
Effective rate (as a percent)		4.29%
345 East 94th Street - Series A | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 43,600,000				43,600,000
Variable rate, effective percentage (as a percent)		70%
Basis spread on variable rate (as a percent)		0.95%
Effective rate (as a percent)		3.56%
345 East 94th Street - Series B | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 6,676,000				7,209,000
Basis spread on variable rate (as a percent)		2.24%
Effective rate (as a percent)		3.56%
561 10th Avenue - Series A | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 114,500,000				114,500,000
Variable rate, effective percentage (as a percent)		70%
Basis spread on variable rate (as a percent)		1.07%
Effective rate (as a percent)		3.85%
561 10th Avenue - Series B | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 14,492,000				15,801,000
Basis spread on variable rate (as a percent)		2.45%
Effective rate (as a percent)		3.85%
Total mortgage debt | Fixed rate mortgage debt:
Debt Instrument [Line Items]
Fixed rate mortgage debt:		$ 705,624,000				891,998,000
Series A | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 100,000,000				100,000,000
Stated Rate (as a percent)		3.93%
Effective rate (as a percent)		3.96%
Series B | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 125,000,000				125,000,000
Stated Rate (as a percent)		4.09%
Effective rate (as a percent)		4.12%
Series C | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 125,000,000				125,000,000
Stated Rate (as a percent)		4.18%
Effective rate (as a percent)		4.21%
Series D | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 115,000,000				115,000,000
Stated Rate (as a percent)		4.08%
Effective rate (as a percent)		4.11%
Series E | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 160,000,000				160,000,000
Stated Rate (as a percent)		4.26%
Effective rate (as a percent)		4.27%
Series F | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 175,000,000				175,000,000
Stated Rate (as a percent)		4.44%
Effective rate (as a percent)		4.45%
Series G | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 100,000,000				100,000,000
Stated Rate (as a percent)		3.61%
Effective rate (as a percent)		4.89%
Series H | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 75,000,000				75,000,000
Stated Rate (as a percent)		3.73%
Effective rate (as a percent)		5%
Series I | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 155,000,000				0
Stated Rate (as a percent)		7.20%			7.20%
Effective rate (as a percent)		7.39%
Face amount					$ 155,000,000
Series J | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 45,000,000				0
Stated Rate (as a percent)		7.32%			7.32%
Effective rate (as a percent)		7.46%
Face amount					$ 45,000,000
Series K | Senior Unsecured Notes
Debt Instrument [Line Items]
Total		$ 25,000,000				0
Stated Rate (as a percent)		7.41%			7.41%
Effective rate (as a percent)		7.52%
Face amount					$ 25,000,000
Unsecured Term Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 175,000,000				175,000,000
Basis spread on variable rate (as a percent)		1.50%
Effective rate (as a percent)		4.61%
Unsecured Term Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 95,000,000				215,000,000
Basis spread on variable rate (as a percent)	1.50%	1.50%
Effective rate (as a percent)		4.48%
Unsecured Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 120,000,000				$ 0
Basis spread on variable rate (as a percent)	1.30%	1.30%
Effective rate (as a percent)		4.04%

Debt - Schedule of Aggregate Re

Debt - Schedule of Aggregate Required Principal Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortization
2024	$ 1,350
2025	3,664
2026	3,957
2027	4,276
2028	3,555
Thereafter	18,524
Total	35,326
Maturities
2024	0
2025	100,000
2026	225,000
2027	155,000
2028	146,091
Thereafter	1,634,207
Total	2,260,298
Total
2024	1,350
2025	103,664
2026	228,957
2027	159,276
2028	149,646
Thereafter	1,652,731
Total	$ 2,295,624

Debt - Schedule of Deferred Fin

Debt - Schedule of Deferred Financing Costs, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Deferred financing costs, included as a component of net debt	$ 36,309	$ 34,887
Deferred financings costs, included as a component of net deferred costs (Note 4)	16,623	8,586
Total deferred financing costs	52,932	43,473
Less: accumulated amortization	(32,871)	(31,108)
Total deferred financing costs, net	$ 20,061	$ 12,365

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of deferred financing costs	$ 1.1	$ 1.1	$ 3.2	$ 3.3

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit and Term Loan Facilities (Narrative) (Details)		9 Months Ended
	Mar. 08, 2024 USD ($) extension_option	Sep. 30, 2024 USD ($)	Mar. 13, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 120,000,000		$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Revolving Credit Facility | Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 620,000,000
Number of extension periods | extension_option	2
Extension period	6 months
Basis spread on variable rate (as a percent)	1.30%	1.30%
Outstanding borrowings		$ 120,000,000		0
Revolving Credit Facility | Unsecured term loan facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 95,000,000
Number of extension periods | extension_option	2
Extension period	12 months
Basis spread on variable rate (as a percent)	1.50%	1.50%
Outstanding borrowings		$ 95,000,000		$ 215,000,000
Revolving Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Revolving Credit Facility | Unsecured Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 175,000,000
Outstanding borrowings		$ 175,000,000
Accordion feature, new maximum borrowing capacity			$ 225,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Narrative) (Details) - Senior Unsecured Notes - USD ($)	Sep. 30, 2024	Apr. 10, 2024
Debt Instrument [Line Items]
Face amount		$ 225,000,000
Debt instrument, issue price as a percentage of principal		100%
Debt instrument, prepayment, percentage of principal amount		100%
Series I
Debt Instrument [Line Items]
Face amount		$ 155,000,000
Stated rate (as a percent)	7.20%	7.20%
Series J
Debt Instrument [Line Items]
Face amount		$ 45,000,000
Stated rate (as a percent)	7.32%	7.32%
Series K
Debt Instrument [Line Items]
Face amount		$ 25,000,000
Stated rate (as a percent)	7.41%	7.41%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Capital expenditures included in accounts payable and accrued expenses	$ 29,499	$ 51,815
Accounts payable and accrued expenses	41,507	44,169
Interest rate swap agreements liability	2,143	85
Accrued interest payable	8,294	3,687
Total accounts payable and accrued expenses	$ 81,443	$ 99,756

Financial Instruments and Fai_3

Financial Instruments and Fair Values - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability	$ 2,143,000		$ 2,143,000		$ 85,000
Property in Receivership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	177,700,000		177,700,000
Level 3 | Property in Receivership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	159,800,000		159,800,000
Cash Flow Hedging | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional value	680,386,000		680,386,000
Net gain to be reclassified into interest expense within the next 12 months			1,000,000
Interest Rate Swap and Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability	2,100,000		2,100,000
Interest Rate Swap and Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability					100,000
Aggregate notional value	680,400,000		680,400,000		573,200,000
Interest rate swap agreement asset	5,700,000		5,700,000		$ 11,800,000
Net unrealized gains on valuation of interest rate swap agreements	$ (11,800,000)	$ 7,300,000	$ (3,700,000)	$ 10,600,000

Financial Instruments and Fai_4

Financial Instruments and Fair Values - Schedule of Terms of Agreements and the Fair Value of Derivative Financial Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 680,386,000
Asset	5,673,000	$ 11,800,000
Liability	(2,143,000)	(85,000)
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number One
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 36,820,000
Receive rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 0	64,000
Liability	(269,000)	0
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number Two
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 103,790,000
Receive rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 0	0
Liability	(1,075,000)	(85,000)
Interest Rate Swap, One Month SOFR, 1.7570%, Interest Swap
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 10,710,000
Receive rate (as a percent)	70%
Pay Rate	1.757%
Asset	$ 415,000	546,000
Liability	0	0
Interest Rate Swap, One Month SOFR, 2.2540%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 14,642,000
Pay Rate	2.254%
Asset	$ 505,000	782,000
Liability	0	0
Interest Rate Cap, One Month SOFR, 4.5000%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 6,780,000
Receive rate (as a percent)	70%
Pay Rate	4.50%
Asset	$ 0	0
Liability	0	0
Interest Rate Cap, One Month SOFR, 5.5000%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 9,188,000
Pay Rate	5.50%
Asset	$ 0	4,000
Liability	0	0
Interest Rate Swap, SOFR Compound, 2.5620%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 175,000,000
Pay Rate	2.562%
Asset	$ 3,009,000	5,637,000
Liability	0	0
Interest Rate Swap, SOFR Compound, 2.6260%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 107,500,000
Pay Rate	2.626%
Asset	$ 832,000	2,384,000
Liability	0	0
Interest Rate Swap, SOFR OIS Compound, 2.6280%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 107,500,000
Pay Rate	2.628%
Asset	$ 831,000	2,383,000
Liability	0	0
Interest Rate Cap, SOFR Lookback Days, 4.5000%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 6,780,000
Receive rate (as a percent)	70%
Pay Rate	4.50%
Asset	$ 25,000	0
Liability	0	0
Interest Rate Cap, SOFR Lookback Days, 5.5000%
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 6,676,000
Pay Rate	5.50%
Asset	$ 56,000	0
Liability	0	0
Interest Rate Swap, One Month SOFR, 3.3090 %
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 47,500,000
Pay Rate	3.309%
Asset	$ 0	0
Liability	(404,000)	0
Interest Rate Swap, One Month SOFR, 3.3030 %
Derivatives, Fair Value [Line Items]
Aggregate notional value	$ 47,500,000
Pay Rate	3.303%
Asset	$ 0	0
Liability	$ (395,000)	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Values - Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ (9,341)	$ 9,525	$ 1,710	$ 16,058
Amount of (gain) reclassified from accumulated other comprehensive income (loss) into interest expense	(2,457)	(2,275)	(5,448)	(5,429)
Interest expense	27,408	25,382	77,859	76,091
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	(9,341)	9,525	1,710	16,058
Amount of (gain) reclassified from accumulated other comprehensive income (loss) into interest expense	2,457	2,275	5,448	5,429
Interest Rate Swap | Reclassification Out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 2,457	$ 2,275	$ 5,448	$ 5,429

Financial Instruments and Fai_6

Financial Instruments and Fair Values - Schedule of Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	$ 2,143	$ 85
Interest Rate Swap and Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	2,100
Carrying Value | Unsecured term loan facilities | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	268,655	389,286
Carrying Value | Unsecured revolving credit facility | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000
Carrying Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	692,989	877,388
Carrying Value | Senior Unsecured Notes | Senior unsecured notes - Series A-K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,196,911
Carrying Value | Senior Unsecured Notes | Senior unsecured notes - Series A-H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		973,872
Carrying Value | Interest Rate Swap and Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	5,673	11,800
Carrying Value | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	2,143	85
Estimated Fair Value | Unsecured term loan facilities | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	270,000	390,000
Estimated Fair Value | Unsecured revolving credit facility | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000
Estimated Fair Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	623,788	774,280
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes - Series A-K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,147,018
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes - Series A-H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		882,242
Estimated Fair Value | Level 1 | Unsecured term loan facilities | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 1 | Unsecured revolving credit facility | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 1 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 1 | Senior Unsecured Notes | Senior unsecured notes - Series A-K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 1 | Senior Unsecured Notes | Senior unsecured notes - Series A-H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		0
Estimated Fair Value | Level 2 | Unsecured term loan facilities | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 2 | Unsecured revolving credit facility | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 2 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 2 | Senior Unsecured Notes | Senior unsecured notes - Series A-K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 2 | Senior Unsecured Notes | Senior unsecured notes - Series A-H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		0
Estimated Fair Value | Level 3 | Unsecured term loan facilities | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	270,000	390,000
Estimated Fair Value | Level 3 | Unsecured revolving credit facility | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000
Estimated Fair Value | Level 3 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	623,788	774,280
Estimated Fair Value | Level 3 | Senior Unsecured Notes | Senior unsecured notes - Series A-K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,147,018
Estimated Fair Value | Level 3 | Senior Unsecured Notes | Senior unsecured notes - Series A-H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		882,242
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	5,673	11,800
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	0	0
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	5,673	11,800
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	0	0
Estimated Fair Value | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	2,143	85
Estimated Fair Value | Interest Rate Swap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	0	0
Estimated Fair Value | Interest Rate Swap | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	2,143	85
Estimated Fair Value | Interest Rate Swap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Operating Leases [Line Items]
Number of properties subject to ground leases | property	3
Right-of-use assets	$ 28,257	$ 28,439
Lease liabilities	$ 28,257	$ 28,439
Weighted average discount rate (as a percent)	4.50%
Weighted average remaining lease term (in years)	45 years 8 months 12 days
Minimum
Operating Leases [Line Items]
Term of lease (in years)	1 year
Maximum
Operating Leases [Line Items]
Term of lease (in years)	30 years

Leases - Schedule of Components

Leases - Schedule of Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed payments	$ 132,266	$ 132,862	$ 404,854	$ 395,744
Variable payments	20,851	18,596	54,615	50,408
Total rental revenue	$ 153,117	$ 151,458	$ 459,469	$ 446,152

Leases - Schedule of Future Con

Leases - Schedule of Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 122,543
2025	507,696
2026	476,684
2027	458,727
2028	420,367
Thereafter	2,050,947
Total future minimum lease payments on non-cancellable operating leases to be received	$ 4,036,964

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 380
2025	1,518
2026	1,503
2027	1,482
2028	1,482
Thereafter	60,795
Total undiscounted cash flows	67,160
Present value discount	(38,903)
Ground lease liabilities	$ 28,257	$ 28,439

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceedings (Narrative) (Details) - New York State Supreme Court, New York County $ in Thousands			1 Months Ended
	Jan. 22, 2024 USD ($)	Aug. 26, 2020 USD ($)	Oct. 31, 2014 participant
Loss Contingencies [Line Items]
Number of plaintiffs opting out of settlement (participant) | participant			12
Amount awarded to claimants | $	$ 1,260	$ 1,200
Interest period (in years)		7 years

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Capital Expenditures (Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimated capital expenditures to be incurred	$ 126.5

Equity - Shares and Units (Narr

Equity - Shares and Units (Narrative) (Details)	9 Months Ended
	Sep. 30, 2024 vote class shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Unit, redemption term for cash (in years)	1 year
OP Unit, exchange ratio to common stock	1
OP units owned by the Company and other partners (in shares)	107,664,445
Number of classes | class	2
Exchange ratio	0.020
Empire State Realty OP | Empire State Realty Trust
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP units owned by the Company (as a percent)	60.70%
Empire State Realty OP | Other Partners, Company Directors, Members of Senior Management and Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP units not owned by other partner (as a percent)	39.30%
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	165,506,874
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	980,707
Number of voting rights (in shares) | vote	50

Equity - Stock and Publicly Tra

Equity - Stock and Publicly Traded Operating Partnership Unit Repurchase Program (Narrative) (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchases of equity securities (in shares) | shares	0	0
January 2024 Through December 2025 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorized amount	$ 500,000,000	$ 500,000,000
Remaining of authorized repurchase amount	$ 500,000,000	$ 500,000,000

Equity - Private Perpetual Pref

Equity - Private Perpetual Preferred Units (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Preferred Units [Line Items]
Dividends per share (in USD per share)	$ 0.035	$ 0.035	$ 0.105	$ 0.105
Private Perpetual Preferred Units, Series 2019
Preferred Units [Line Items]
Private perpetual preferred units issued (in shares)	4,664,038		4,664,038		4,664,000
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 13.52		$ 13.52		$ 13.52
Cumulative preferential annual cash distributions (in USD per share)	$ 0.70		$ 0.70
Private Perpetual Preferred Units, Series 2014
Preferred Units [Line Items]
Private perpetual preferred units issued (in shares)	1,560,000		1,560,000		1,560,000
Private perpetual preferred units issued during period (in shares)			1,560,360
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 16.62		$ 16.62		$ 16.62
Dividends per share (in USD per share)			$ 0.60

Equity - Schedule of Activity o

Equity - Schedule of Activity of Dividends and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Dividends paid to common stockholders	$ (5,824)	$ (5,683)	$ (17,376)	$ (16,980)
Distributions paid to Operating Partnership unitholders (the "OP unitholders")	(3,771)	(3,801)	(11,317)	(10,660)
Distributions paid to preferred unitholders	$ (1,050)	$ (1,050)	$ (3,151)	$ (3,151)

Equity - Incentive and Share-Ba

Equity - Incentive and Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	May 09, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP unit, share of stock equivalent (in shares)	1		1
Conversion rate tor LTIP units to OP units	1		1
Dividends on common stock received until performance criteria met for LTIP units (as a percent)	10%		10%
Dividends on common stock received after performance criteria met for LTIP units (as a percent)	90%		90%
Dividends on common stock received in periods after performance criteria met for LTIP units (as a percent)	100%		100%
Granted (in USD per share) | $ / shares			$ 7.81
Awards that Meet Age and Service Requirements for Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash share-based compensation expense recognized | $	$ 1.6	$ 0.5	$ 4	$ 2.2
Unrecognized compensation expense | $	13.3		$ 13.3
Unrecognized compensation expense, period for recognition (in years)			2 years 3 months 18 days
Awards that do not Meet Age and Service Requirements for Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash share-based compensation expense recognized | $	4.2	$ 4.5	$ 12.4	$ 12.6
Unrecognized compensation expense | $	$ 23.6		$ 23.6
Unrecognized compensation expense, period for recognition (in years)			2 years 3 months 18 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)			60 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)			65 years
Granted in 2020 and After
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)			65 years
Granted Before 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)			60 years
Long-Term Incentive Plan Unit and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share-based awards granted in period | $			$ 27.8
Granted (in USD per share) | $ / shares			$ 7.81
Dividend rate (as a percent)			1.60%
Risk-free interest rate, minimum (as a percent)			4.40%
Risk free interest rate, maximum (as a percent)			5.10%
Expected price volatility, minimum (as a percent)			37%
Expected price volatility, maximum (as a percent)			48%
Long-Term Incentive Plan Unit and Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			2 years
Long-Term Incentive Plan Unit and Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			5 years 3 months 18 days
Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0		1,485,369
Time-based LTIPs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Time-based LTIPs | Median
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Time-based LTIPs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			5 years
Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,010,132
Market-based LTIPs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Market-based LTIPs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Performance-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0		808,874
2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)					11,000,000
Number of shares that remain available for future issuance (in shares)	10,900,000		10,900,000

Equity - Schedule of Restricted

Equity - Schedule of Restricted Stock and Long-Term Incentive Plan Unit Activity (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Weighted Average Grant Fair Value
Beginning balance, unvested (in USD per share)		$ 6.60
Vested (in USD per share)		7.46
Granted (in USD per share)		7.81
Forfeited or unearned (in USD per share)		7.29
Ending balance, unvested (in USD per share)	$ 6.87	$ 6.87
Restricted Stock
Restricted Stock and LTIP Units
Beginning balance, unvested (in shares)		598,289
Vested (in shares)		(207,137)
Granted (in shares)		259,927
Forfeited or unearned (in shares)		(36,494)
Ending balance, unvested (in shares)	614,585	614,585
Time-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, unvested (in shares)		3,297,550
Vested (in shares)		(1,167,148)
Granted (in shares)	0	1,485,369
Forfeited or unearned (in shares)		0
Ending balance, unvested (in shares)	3,615,771	3,615,771
Market-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, unvested (in shares)		2,738,812
Vested (in shares)		(462,730)
Granted (in shares)		1,010,132
Forfeited or unearned (in shares)		(234,780)
Ending balance, unvested (in shares)	3,051,434	3,051,434
Performance-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, unvested (in shares)		1,276,363
Vested (in shares)		(2,208)
Granted (in shares)	0	808,874
Forfeited or unearned (in shares)		(4,930)
Ending balance, unvested (in shares)	2,078,099	2,078,099

Equity - Schedule of Computatio

Equity - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator - Basic:
Net income	$ 22,796	$ 19,928	$ 61,566	$ 68,577
Private perpetual preferred unit distributions	(1,050)	(1,050)	(3,151)	(3,151)
Net income attributable to non-controlling interests	(8,205)	(7,318)	(22,142)	(25,493)
Net income attributable to common stockholders – basic	13,541	11,560	36,273	39,933
Numerator - Diluted:
Net income	22,796	19,928	61,566	68,577
Private perpetual preferred unit distributions	(1,050)	(1,050)	(3,151)	(3,151)
Net income attributable to non-controlling interests in other partnerships	0	(111)	(4)	(69)
Net income attributable to common stockholders – diluted	$ 21,746	$ 18,767	$ 58,411	$ 65,357
Denominator:
Weighted average shares outstanding – basic (in shares)	164,880,000	161,851,000	164,453,000	160,799,000
Operating partnership units (in shares)	99,907,000	100,905,000	100,222,000	102,580,000
Effect of dilutive securities:
Stock-based compensation plans (in shares)	4,826,000	3,317,000	3,933,000	1,890,000
Weighted average shares outstanding – diluted (in shares)	269,613,000	266,073,000	268,608,000	265,269,000
Earnings per share:
Basic (in USD per share)	$ 0.08	$ 0.07	$ 0.22	$ 0.25
Diluted (in USD per share)	$ 0.08	$ 0.07	$ 0.22	$ 0.25
Antidilutive securities (in shares)	0	0	0	0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Revenues	$ 199,599	$ 191,526	$ 570,321	$ 546,690
Undivided Interest
Related Party Transaction [Line Items]
Area of real estate property (in square feet) | ft²	5,447		5,447
Supervisory Fee Revenue | Affiliated Entities
Related Party Transaction [Line Items]
Revenues	$ 200	200	$ 600	700
Property Management Fee Revenue | Affiliated Entities
Related Party Transaction [Line Items]
Revenues	100	100	200	200
Leased Space Rental | Affiliated Entities
Related Party Transaction [Line Items]
Revenues	$ 100	$ 100	$ 200	$ 300
Number of properties | property	1		1
Notice period for lease cancellation (in days)			90 days
Leased Space Rental | Chairman Emeritus and Employee
Related Party Transaction [Line Items]
Percentage of lease space occupied by chairman emeritus and employee			15%
Annualized Rental | Affiliated Entities
Related Party Transaction [Line Items]
Annualized rent			$ 3,500

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues:
Rental revenue	$ 153,117	$ 151,458	$ 459,469	$ 446,152
Intercompany rental revenue	0	0	0	0
Observatory revenue	39,382	37,562	98,102	93,149
Lease termination fees	4,771	0	4,771	0
Third-party management and other fees	271	268	912	1,076
Other revenue and fees	2,058	2,238	7,067	6,313
Total revenues	199,599	191,526	570,321	546,690
Operating expenses:
Property operating expenses	45,954	42,817	132,530	124,380
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,331	2,331	6,994	6,994
General and administrative expenses	18,372	16,012	52,364	47,795
Observatory expenses	9,715	9,471	27,104	25,983
Real estate taxes	31,982	32,014	96,106	95,292
Depreciation and amortization	45,899	46,624	139,453	140,312
Total operating expenses	154,253	149,269	454,551	440,756
Total operating income	45,346	42,257	115,770	105,934
Other income (expense):
Interest income	6,960	4,462	16,230	10,396
Interest expense	(27,408)	(25,382)	(77,859)	(76,091)
Interest expense	(27,408)	(25,382)	(77,859)	(76,091)
Interest expense associated with property in receivership	(1,922)	0	(2,550)	0
Loss on early extinguishment of debt	0	0	(553)	0
Gain on disposition of property	1,262	0	12,065	29,261
Income before income taxes	24,238	21,337	63,103	69,500
Income tax expense	(1,442)	(1,409)	(1,537)	(923)
Net income	22,796	19,928	61,566	68,577
Segment assets	4,436,937	4,216,547	4,436,937	4,216,547	$ 4,219,333
Expenditures for segment assets	167,959	56,227	259,855	123,729
Intersegment Elimination
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	(23,461)	(22,113)	(60,508)	(58,969)
Observatory revenue	0	0	0	0
Lease termination fees	0		0
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	(23,461)	(22,113)	(60,508)	(58,969)
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	(23,461)	(22,113)	(60,508)	(58,969)
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	0	0	0	0
Real estate taxes	0	0	0	0
Depreciation and amortization	0	0	0	0
Total operating expenses	(23,461)	(22,113)	(60,508)	(58,969)
Total operating income	0	0	0	0
Other income (expense):
Interest income	0	0	0	0
Interest expense	0		0
Interest expense		0		0
Interest expense associated with property in receivership	0		0
Loss on early extinguishment of debt			0
Gain on disposition of property	0		0	0
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Segment assets	0	0	0	0
Expenditures for segment assets	0	0	0	0
Real Estate | Operating Segments
Revenues:
Rental revenue	153,117	151,458	459,469	446,152
Intercompany rental revenue	23,461	22,113	60,508	58,969
Observatory revenue	0	0	0	0
Lease termination fees	4,771		4,771
Third-party management and other fees	271	268	912	1,076
Other revenue and fees	2,058	2,238	7,067	6,313
Total revenues	183,678	176,077	532,727	512,510
Operating expenses:
Property operating expenses	45,954	42,817	132,530	124,380
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,331	2,331	6,994	6,994
General and administrative expenses	18,372	16,012	52,364	47,795
Observatory expenses	0	0	0	0
Real estate taxes	31,982	32,014	96,106	95,292
Depreciation and amortization	45,861	46,593	139,346	140,194
Total operating expenses	144,500	139,767	427,340	414,655
Total operating income	39,178	36,310	105,387	97,855
Other income (expense):
Interest income	6,871	4,410	16,022	10,257
Interest expense	(27,408)		(77,859)
Interest expense		(25,382)		(76,091)
Interest expense associated with property in receivership	(1,922)		(2,550)
Loss on early extinguishment of debt			(553)
Gain on disposition of property	1,262		12,065	29,261
Income before income taxes	17,981	15,338	52,512	61,282
Income tax expense	(216)	(146)	(537)	(541)
Net income	17,765	15,192	51,975	60,741
Segment assets	4,174,754	3,959,249	4,174,754	3,959,249
Expenditures for segment assets	167,865	56,227	259,617	123,671
Observatory | Operating Segments
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	0	0	0	0
Observatory revenue	39,382	37,562	98,102	93,149
Lease termination fees	0		0
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	39,382	37,562	98,102	93,149
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	23,461	22,113	60,508	58,969
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	9,715	9,471	27,104	25,983
Real estate taxes	0	0	0	0
Depreciation and amortization	38	31	107	118
Total operating expenses	33,214	31,615	87,719	85,070
Total operating income	6,168	5,947	10,383	8,079
Other income (expense):
Interest income	89	52	208	139
Interest expense	0		0
Interest expense		0		0
Interest expense associated with property in receivership	0		0
Loss on early extinguishment of debt			0
Gain on disposition of property	0		0	0
Income before income taxes	6,257	5,999	10,591	8,218
Income tax expense	(1,226)	(1,263)	(1,000)	(382)
Net income	5,031	4,736	9,591	7,836
Segment assets	262,183	257,298	262,183	257,298
Expenditures for segment assets	$ 94	$ 0	$ 238	$ 58