MALKIN ANTHONY E 4
4 · Empire State Realty Trust, Inc. · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Empire State Realty (ESRT) CEO Anthony Malkin Receives LTIP Award
What Happened
Anthony E. Malkin, Chairman & CEO and a director of Empire State Realty Trust (ESRT), was granted a total of 1,200,517 long-term incentive plan units ("LTIP Units") on 2026-03-13. The grants consist of 601,384 LTIP Units and 599,133 LTIP Units, each shown at $0.00 (derivative awards, not open-market purchases). LTIP Units are convertible, upon vesting and subject to tax allocation conditions, into Operating Partnership Units and ultimately redeemable for one share of Class A common stock (or cash) at the issuer’s option.
Key Details
- Transaction date: March 13, 2026; Filing date: March 17, 2026 (timely).
- Grants: 601,384 LTIP Units (A @ $0.00) and 599,133 LTIP Units (A @ $0.00). Total = 1,200,517 LTIP Units.
- Reported value: $0.00 per unit in the Form 4 (these are restricted/derivative awards, not purchases).
- Vesting/holding:
- The 601,384 units vest ratably over the first four anniversaries of Jan 1, 2026, subject to continued employment, plus a two‑year holding period after each vesting date.
- The 599,133 units vest ratably over the first three anniversaries of Jan 1, 2026 (issued in lieu of the 2025 cash annual incentive bonus), plus a two‑year holding period after each vesting date.
- Conversion: LTIP Units convert to Operating Partnership Units and are redeemable one-for-one for Class A shares (or cash) at the issuer’s option; conversion/ redemption rights do not expire.
- Shares owned after transaction: not specified in the filing.
- Filing timeliness: filed within required Form 4 timeframe (not marked late).
Context
These are equity-based compensation awards (derivative LTIP Units) rather than open-market purchases or sales. Because they vest over multiple years and carry additional holding restrictions, they do not represent immediately tradable shares and do not by themselves signal an immediate change in insider selling/buying behavior. One portion was granted in exchange for the CEO’s election to take his 2025 cash bonus as LTIP Units.
Insider Transaction Report
- Award
LTIP Units
[F1][F2]2026-03-13+601,384→ 6,961,958 total→ Class A Common Stock (601,384 underlying) - Award
LTIP Units
[F1][F3]2026-03-13+599,133→ 7,561,091 total→ Class A Common Stock (599,133 underlying)
Footnotes (3)
- [F1]These represent long term incentive plan units ("LTIP Units"), a class of units of Empire State Realty OP, L.P. (the "Operating Partnership"). Conditioned upon sufficient allocations to the capital accounts of the LTIP Units for federal income tax purposes, LTIP Units are convertible by the Reporting Person, upon vesting, into an equivalent number of units of limited partnership interests ("Operating Partnership Units") of the Operating Partnership, which are redeemable by the holder for shares of Class A Common Stock of Empire State Realty Trust, Inc. (the "Issuer") on a one-for-one basis or the cash value of such shares, at the Issuer's option. The rights to convert LTIP Units into Operating Partnership Units and redeem Operating Partnership Units do not have expiration dates. These LTIP Units were granted under the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2024 Equity Incentive Plan.
- [F2]These LTIP Units vest ratably on each of the first four anniversaries of January 1, 2026, subject to continued employment through such dates. Each of the LTIP Units is subject to a holding period for an additional two years following the applicable vesting date of such LTIP Unit.
- [F3]These LTIP Units vest ratably on each of the first three anniversaries of January 1, 2026, subject to continued employment through such dates, and are issued in connection with the Reporting Person's election to receive LTIP Units in lieu of the Reporting Person's 2025 cash annual incentive bonus. Each of the LTIP Units is subject to a holding period for an additional two years following the applicable vesting date of such LTIP Unit.