Malkin George L.W. 4
4 · Empire State Realty Trust, Inc. · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Empire State Realty (ESRT) Director George Malkin Receives LTIP Award
What Happened George L.W. Malkin, a director of Empire State Realty Trust, Inc. (ESRT), received a grant of 23,856 long term incentive plan units (LTIP Units) on May 15, 2026. The Form 4 records the acquisition price as $0.00 (code A — award/grant) and classifies these as derivative securities. These LTIP Units can convert, upon vesting and subject to tax allocation conditions, into Operating Partnership Units that are redeemable for one share of ESRT Class A common stock each (or the cash value), at the issuer’s option.
Key Details
- Transaction date: 2026-05-15; filing date (Form 4): 2026-05-19. No late-filing flag indicated in the filing.
- Amount: 23,856 LTIP Units; reported price: $0.00 (compensatory award).
- Vesting: LTIP Units vest ratably over the first four anniversaries of the grant (footnote). Each vested LTIP Unit is then subject to an additional two-year holding period after its grant date.
- Conversion/Redemption: LTIP Units convertible into Operating Partnership Units, which are redeemable one-for-one for ESRT Class A shares or cash, at the issuer’s option; conversion/redemption rights have no expiration.
- Shares owned after transaction: Not specified in the filing.
- Plan: Granted under the Empire State Realty Trust, Inc. / Empire State Realty OP, L.P. 2026 Equity Incentive Plan.
- Remarks: Exhibit 24 (Power of Attorney) attached to filing.
Context This was a compensatory grant (not an open-market purchase or sale). Such awards are common for executives and directors as long-term incentive compensation; they represent potential future equity if vesting and conversion conditions are met and do not by themselves indicate buying/selling sentiment.
Insider Transaction Report
- Award
LTIP Units
[F1][F2]2026-05-15+23,856→ 38,071 total→ Class A Common Stock (23,856 underlying)
Footnotes (2)
- [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. 2026 Equity Incentive Plan.
- [F2]These LTIP Units vest ratably on each of the first four anniversaries of the date of grant. Each of the LTIP Units is subject to a holding period for an additional two years following the applicable grant date of such LTIP Unit.