Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commercial real estate properties, at cost:
Land	$ 397,666	$ 386,423
Development costs	8,187	8,187
Building and improvements	3,534,902	3,392,043
Commercial real estate properties, at cost	3,940,755	3,786,653
Less: accumulated depreciation	(1,381,726)	(1,274,193)
Commercial real estate properties, net	2,559,029	2,512,460
Contract asset	0	170,419
Cash and cash equivalents	154,113	385,465
Restricted cash	43,642	43,837
Tenant and other receivables	27,416	31,427
Deferred rent receivables	259,070	247,754
Prepaid expenses and other assets	58,679	101,852
Deferred costs, net	177,307	183,987
Acquired below-market ground leases, net	307,537	313,410
Right of use assets	28,007	28,197
Goodwill	491,479	491,479
Total assets	4,106,279	4,510,287
Liabilities:
Mortgage notes payable, net	691,046	692,176
Senior unsecured notes, net	1,097,498	1,197,061
Unsecured term loan facilities, net	268,959	268,731
Unsecured revolving credit facility	0	120,000
Debt associated with property in receivership	0	177,667
Accrued interest associated with property in receivership	0	5,433
Accounts payable and accrued expenses	111,732	132,016
Acquired below-market leases, net	15,875	19,497
Ground lease liabilities	28,007	28,197
Deferred revenue and other liabilities	64,191	62,639
Tenants’ security deposits	30,751	24,908
Total liabilities	2,308,059	2,728,325
Commitments and contingencies
Capital:
Total Empire State Realty OP, L.P.'s capital	1,798,220	1,781,962
Total liabilities and capital	4,106,279	4,510,287
Private Perpetual Preferred Units, Series 2019
Capital:
Private perpetual preferred units	21,936	21,936
Private Perpetual Preferred Units, Series 2014
Capital:
Private perpetual preferred units	8,004	8,004
Series PR Operating Partnership Units
Capital:
ESRT partner's capital (2,786 and 2,742 general partner operating partnership units and 167,156 and 164,641 limited partner operating partnership units outstanding in 2025 and 2024, respectively)	1,043,515	1,030,696
Limited partner operating partnership units	715,594	711,904
Series ES Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	6,902	7,126
Series 60 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	1,427	1,436
Series 250 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	$ 842	$ 860

Empire State Realty OP, L.P. 10-Q