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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
2023 Pay Versus Performance
The Pay Versus Performance Table below discloses the relationship between the compensation actually paid to our NEOs and the company’s financial performance during the year ended December 31, 2023.
Value of Initial Fixed $100
Investment Based on:
Year
Summary
Compensation
Table Total
for Principal
Executive Officer
(“PEO”)(1)
($)
Compensation
Actually
Paid to PEO(2)
($)
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs(3)
($)
Average
Compensation
Actually Paid to
Non-PEO
NEOs(4)
($)
ESRT Total
Shareholder
Return(5)
($)
Peer Group
Total
Shareholder
Return
(NAREIT Office)(6)
($)
Net Income
(Loss)
(in thousands)
($)
Core FFO
Per Share(7)
($)
2023 8,963,424 20,787,135 4,707,746 9,158,021 74.64 63.33 84,407 0.93
2022 8,392,821 6,473,345 3,420,528 2,733,802 51.00 62.07 63,212 0.90
2021 7,920,132 1,265,781 3,080,479 1,421,646 66.07 99.50 (13,037) 0.70
2020 10,142,584 10,790,204 3,352,048 1,778,975 68.49 81.56 (22,887) 0.62
(1)
Summary Compensation Table Total for PEO — The amounts in this column are the amounts of total compensation reported in the “Total” column of the Summary Compensation Table for Mr. Malkin, our Chairman and CEO, for the covered years.
(2)
Compensation Actually Paid to PEO — The amounts in the following table represent each of the amounts deducted and added to the equity award values for Mr. Malkin for the applicable year for purposes of computing the “compensation actually paid” amounts appearing in these columns of the Pay Versus Performance Table:
Year
Summary Compensation
Table Total for PEO
($)
Grant Date Fair Value
of Equity Awards
Granted During
Applicable Year(a)
($)
Equity Award
Adjustments
for PEO(b)
($)
Compensation
Actually Paid
($)
2023 8,963,424 (6,034,573) 17,858,284 20,787,135
2022 8,392,821 (5,946,860) 4,027,384 6,473,345
2021 7,920,132 (5,751,405) (902,946) 1,265,781
2020 10,142,584 (8,459,436) 9,107,056 10,790,204
(a)
Represents the grant date fair value of the equity awards to our PEO, as reported in the “Stock Award” column in the Summary Compensation Table for each applicable year.
(b)
Represents the year-over-year change in the fair value of equity awards to our PEO, as itemized in the table below. No awards vested in the year they were granted.
Year
Year-End Fair
Value of Equity
Awards Granted
During
Applicable Year
($)
Change in Fair
Value as of Year-
End of Any Prior
Year Awards that
Remain Un-vested
as of Year-End
($)
Change in Fair
Value as of the
Vesting Date of
Any Prior Year
Awards that
Vested During
Applicable Year
($)
Fair Value of
Stock Awards
Forfeited during
the Covered Year
($)
Dollar Value of
Dividends and
Dividend
Equivalent Rights
Paid on Unvested
Equity Awards
During Applicable
Year(i)
($)
Total Equity
Award
Adjustments
($)
2023 10,881,823 6,185,528 852,103 (269,900) 208,730 17,858,284
2022 5,300,490 (212,271) (427,668) (778,468) 145,322 4,027,384
2021 4,500,590 (4,210,372) 308,662 (1,637,942) 136,116 (902,946)
2020 10,641,332 (1,861,570) 71,985 (42,233) 297,542 9,107,056
(i)
Represents dividends paid or accrued on stock awards prior to the vesting date(s) that are not otherwise reflected in the Compensation Actually Paid to the PEO.
(3)
Average Summary Compensation Table Total for Non-PEO NEOs — The amounts in this column are the average amounts of total compensation reported in the “Total” column of the Summary Compensation Table for our NEOs other than Mr. Malkin for the covered years. For 2023, our NEOs other than Mr. Malkin were Ms. Chiu and Mr. Durels. For 2022 and 2021, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels and Keltner. For 2020, our NEOs other than Mr. Malkin were Ms. Chiu, Mr. Durels and Mr. John B. Kessler.
(4)
Average Compensation Actually Paid to Non-PEO NEOs — The amounts in the following table represent each of the average amounts deducted and added to the equity award values for the Non-PEO NEOs for the applicable year for purposes of computing the average “compensation actually paid” amounts appearing in these columns of the Pay Versus Performance Table:
Year(a)
Average Summary
Compensation
Table Total for
Non-PEO NEOs
($)
Average Grant Date
Fair Value of Equity
Awards Granted
During Applicable
Year(b)
($)
Average Equity
Award Adjustments
for Non-PEO NEOs(c)
($)
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
2023 4,707,746 (2,689,072) 7,139,348 9,158,021
2022 3,420,528 (2,194,365) 1,507,639 2,733,802
2021 3,080,479 (1,962,617) 303,783 1,421,646
2020 3,352,048 (2,474,084) 901,011 1,778,975
(a)
For 2023, our NEOs other than Mr. Malkin were Ms. Chiu and Mr. Durels. For 2022 and 2021, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels and Keltner. For 2020, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels, Keltner and Kessler.
(b)
Represents the average grant date fair value of the equity awards to our Non-PEO NEOs, based on the average of the amounts reported for the Non-PEO NEOs in the “Stock Award” column in the Summary Compensation Table for each applicable year.
(c)
Represents the average year-or-year change in the fair value of equity awards to our Non-PEO NEOs, as itemized in the table below.
Year
Average
Year-End
Fair Value
of Equity
Awards
Granted
During
Applicable
Year
($)
Average
Change in
Fair Value
as of
Year-End
of Any Prior
Year Awards
that Remain
Un-vested
as of Year-End
($)
Average Change in
Fair Value as
of the Vesting
Date of Any Prior
Year Awards that
Vested During
Applicable Year
($)
Average Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
($)
Fair Value of
Stock Awards
Forfeited during
the Covered Year
($)
Average Dollar Value
of Dividends and
Dividend Equivalent
Rights Paid on
Unvested Equity
Awards During
Applicable Year(i)
($)
Average
Total Equity
Award
Adjustments
($)
2023 4,423,152 2,267,573
456,660
(93,325)
85,289
7,139,348
2022 1,560,034 (178,152)
172,673
384,946 (469,959)
38,097
1,507,639
2021 1,446,771 (928,143)
74,984
(325,478)
35,649
303,783
2020 1,984,949 (326,239)
(269,014)
365,022 (907,572)
53,864
901,011
(i)
Represents the average dividends paid or accrued on stock awards prior to the vesting date(s) that are not otherwise reflected in the Average Compensation Actually Paid to the Non-PEO NEOs.
(5)
The amounts in this column represent cumulative total return on our Class A common stock, assuming $100 invested on December 31, 2019, with reinvestment of dividends before consideration of income taxes and without the payment of any commissions.
(6)
FTSE NAREIT US Office Index.
(7)
See page 92 for a reconciliation of Core FFO per Share to the most directly comparable GAAP measure.
     
Company Selected Measure Name Core FFO per Share      
Named Executive Officers, Footnote
(1)
Summary Compensation Table Total for PEO — The amounts in this column are the amounts of total compensation reported in the “Total” column of the Summary Compensation Table for Mr. Malkin, our Chairman and CEO, for the covered years.
(3)
Average Summary Compensation Table Total for Non-PEO NEOs — The amounts in this column are the average amounts of total compensation reported in the “Total” column of the Summary Compensation Table for our NEOs other than Mr. Malkin for the covered years. For 2023, our NEOs other than Mr. Malkin were Ms. Chiu and Mr. Durels. For 2022 and 2021, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels and Keltner.
     
Peer Group Issuers, Footnote
(6)
FTSE NAREIT US Office Index.
     
PEO Total Compensation Amount $ 8,963,424 $ 8,392,821 $ 7,920,132 $ 10,142,584
PEO Actually Paid Compensation Amount $ 20,787,135 6,473,345 1,265,781 10,790,204
Adjustment To PEO Compensation, Footnote
(1)
Summary Compensation Table Total for PEO — The amounts in this column are the amounts of total compensation reported in the “Total” column of the Summary Compensation Table for Mr. Malkin, our Chairman and CEO, for the covered years.
(2)
Compensation Actually Paid to PEO — The amounts in the following table represent each of the amounts deducted and added to the equity award values for Mr. Malkin for the applicable year for purposes of computing the “compensation actually paid” amounts appearing in these columns of the Pay Versus Performance Table:
Year
Summary Compensation
Table Total for PEO
($)
Grant Date Fair Value
of Equity Awards
Granted During
Applicable Year(a)
($)
Equity Award
Adjustments
for PEO(b)
($)
Compensation
Actually Paid
($)
2023 8,963,424 (6,034,573) 17,858,284 20,787,135
2022 8,392,821 (5,946,860) 4,027,384 6,473,345
2021 7,920,132 (5,751,405) (902,946) 1,265,781
2020 10,142,584 (8,459,436) 9,107,056 10,790,204
(a)
Represents the grant date fair value of the equity awards to our PEO, as reported in the “Stock Award” column in the Summary Compensation Table for each applicable year.
(b)
Represents the year-over-year change in the fair value of equity awards to our PEO, as itemized in the table below. No awards vested in the year they were granted.
Year
Year-End Fair
Value of Equity
Awards Granted
During
Applicable Year
($)
Change in Fair
Value as of Year-
End of Any Prior
Year Awards that
Remain Un-vested
as of Year-End
($)
Change in Fair
Value as of the
Vesting Date of
Any Prior Year
Awards that
Vested During
Applicable Year
($)
Fair Value of
Stock Awards
Forfeited during
the Covered Year
($)
Dollar Value of
Dividends and
Dividend
Equivalent Rights
Paid on Unvested
Equity Awards
During Applicable
Year(i)
($)
Total Equity
Award
Adjustments
($)
2023 10,881,823 6,185,528 852,103 (269,900) 208,730 17,858,284
2022 5,300,490 (212,271) (427,668) (778,468) 145,322 4,027,384
2021 4,500,590 (4,210,372) 308,662 (1,637,942) 136,116 (902,946)
2020 10,641,332 (1,861,570) 71,985 (42,233) 297,542 9,107,056
(i)
Represents dividends paid or accrued on stock awards prior to the vesting date(s) that are not otherwise reflected in the Compensation Actually Paid to the PEO.
     
Non-PEO NEO Average Total Compensation Amount $ 4,707,746 3,420,528 3,080,479 3,352,048
Non-PEO NEO Average Compensation Actually Paid Amount $ 9,158,021 2,733,802 1,421,646 1,778,975
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Average Summary Compensation Table Total for Non-PEO NEOs — The amounts in this column are the average amounts of total compensation reported in the “Total” column of the Summary Compensation Table for our NEOs other than Mr. Malkin for the covered years. For 2023, our NEOs other than Mr. Malkin were Ms. Chiu and Mr. Durels. For 2022 and 2021, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels and Keltner. For 2020, our NEOs other than Mr. Malkin were Ms. Chiu, Mr. Durels and Mr. John B. Kessler.
(4)
Average Compensation Actually Paid to Non-PEO NEOs — The amounts in the following table represent each of the average amounts deducted and added to the equity award values for the Non-PEO NEOs for the applicable year for purposes of computing the average “compensation actually paid” amounts appearing in these columns of the Pay Versus Performance Table:
Year(a)
Average Summary
Compensation
Table Total for
Non-PEO NEOs
($)
Average Grant Date
Fair Value of Equity
Awards Granted
During Applicable
Year(b)
($)
Average Equity
Award Adjustments
for Non-PEO NEOs(c)
($)
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
2023 4,707,746 (2,689,072) 7,139,348 9,158,021
2022 3,420,528 (2,194,365) 1,507,639 2,733,802
2021 3,080,479 (1,962,617) 303,783 1,421,646
2020 3,352,048 (2,474,084) 901,011 1,778,975
(a)
For 2023, our NEOs other than Mr. Malkin were Ms. Chiu and Mr. Durels. For 2022 and 2021, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels and Keltner. For 2020, our NEOs other than Mr. Malkin were Ms. Chiu and Messrs. Durels, Keltner and Kessler.
(b)
Represents the average grant date fair value of the equity awards to our Non-PEO NEOs, based on the average of the amounts reported for the Non-PEO NEOs in the “Stock Award” column in the Summary Compensation Table for each applicable year.
(c)
Represents the average year-or-year change in the fair value of equity awards to our Non-PEO NEOs, as itemized in the table below.
Year
Average
Year-End
Fair Value
of Equity
Awards
Granted
During
Applicable
Year
($)
Average
Change in
Fair Value
as of
Year-End
of Any Prior
Year Awards
that Remain
Un-vested
as of Year-End
($)
Average Change in
Fair Value as
of the Vesting
Date of Any Prior
Year Awards that
Vested During
Applicable Year
($)
Average Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
($)
Fair Value of
Stock Awards
Forfeited during
the Covered Year
($)
Average Dollar Value
of Dividends and
Dividend Equivalent
Rights Paid on
Unvested Equity
Awards During
Applicable Year(i)
($)
Average
Total Equity
Award
Adjustments
($)
2023 4,423,152 2,267,573
456,660
(93,325)
85,289
7,139,348
2022 1,560,034 (178,152)
172,673
384,946 (469,959)
38,097
1,507,639
2021 1,446,771 (928,143)
74,984
(325,478)
35,649
303,783
2020 1,984,949 (326,239)
(269,014)
365,022 (907,572)
53,864
901,011
(i)
Represents the average dividends paid or accrued on stock awards prior to the vesting date(s) that are not otherwise reflected in the Average Compensation Actually Paid to the Non-PEO NEOs.
     
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: bc_compensation-pn.jpg]      
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_actuallypaid-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_coreceo-pn.jpg]
     
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_compensation-pn.jpg]      
Tabular List, Table
OTHER FINANCIAL PERFORMANCE MEASURES
The following measures represent the most important financial performance measures used by the company to link compensation actually paid to that of our NEOs to company performance, each as described more fully on pages 43 through 49:

Relative TSR (Nareit Index)

Core FFO per share

Same-store cash NOI (excluding Observatory)

G&A expense as a percentage of revenues

Net debt to Adj. EBITDA
In addition to financial results for these measures that are reported in accordance with GAAP, we report certain measures on a non-GAAP basis. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may differ from the non-GAAP financial measures used by other companies. Please see pages 91-92 a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.
     
Total Shareholder Return Amount $ 74.64 51 66.07 68.49
Peer Group Total Shareholder Return Amount 63.33 62.07 99.5 81.56
Net Income (Loss) $ 84,407,000 $ 63,212,000 $ (13,037,000) $ (22,887,000)
Company Selected Measure Amount | $ / shares 0.93 0.9 0.7 0.62
PEO Name Mr. Malkin      
Measure:: 1        
Pay vs Performance Disclosure        
Name Relative TSR (Nareit Index)      
Measure:: 2        
Pay vs Performance Disclosure        
Name Core FFO per share      
Non-GAAP Measure Description
(7)
See page 92 for a reconciliation of Core FFO per Share to the most directly comparable GAAP measure.
     
Measure:: 3        
Pay vs Performance Disclosure        
Name Same-store cash NOI (excluding Observatory)      
Measure:: 4        
Pay vs Performance Disclosure        
Name G&A expense as a percentage of revenues      
Measure:: 5        
Pay vs Performance Disclosure        
Name Net debt to Adj. EBITDA      
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (6,034,573) $ (5,946,860) $ (5,751,405) $ (8,459,436)
PEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 17,858,284 4,027,384 (902,946) 9,107,056
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 10,881,823 5,300,490 4,500,590 10,641,332
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 6,185,528 (212,271) (4,210,372) (1,861,570)
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 852,103 (427,668) 308,662 71,985
PEO | Fair Value Of Stock Awards Forfeited During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (269,900) 778,468 (1,637,942) (42,233)
PEO | Dividends Or Other Earnings Paid On Unvested Equity Awards During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 208,730 145,322 136,116 297,542
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,689,072) (2,194,365) (1,962,617) (2,474,084)
Non-PEO NEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,139,348 1,507,639 303,783 901,011
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,423,152 1,560,034 1,446,771 1,984,949
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,267,573 (178,152) (928,143) (326,239)
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 456,660 172,673 74,984 365,022
Non-PEO NEO | Fair Value Of Stock Awards Forfeited During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (93,325) (469,959) (325,478) (907,572)
Non-PEO NEO | Dividends Or Other Earnings Paid On Unvested Equity Awards During Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 85,289 38,097 35,649 53,864
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 384,946 $ (269,014)