Empire State Realty Trust CEO receives 3.06M shares
The converted units were fully vested, and the transactions left 4,499,189 LTIP Units and 3,061,902 Class A shares held directly.
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Form Type
4
Rhea-AI Filing Summary
Empire State Realty Trust, Inc. (ESRT) Chairman and CEO Anthony E. Malkin converted 3,061,902 vested LTIP Units on October 7, 2026, into an equal number of Operating Partnership Units, which were redeemed one-for-one for Class A common shares. After the transactions, Malkin held 4,499,189 LTIP Units and 3,061,902 Class A shares directly. The filing also lists 60,368 Class A shares indirectly through his spouse, family trusts and entities; Malkin disclaims beneficial ownership except to the extent of his pecuniary interest.
Insider Trade Summary
3,061,902 shares exercised/converted
Exercise
3 txns
Insider
MALKIN ANTHONY E
Role
Chairman and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | LTIP Units F3, F1, F4 | 3,061,902 | -- | -- |
| Conversion | Class A Common Stock F1 | 3,061,902 | $0.00 | $0.00 |
| holding | Class A Common Stock F2 | -- | -- | -- |
Holdings After Transaction:
LTIP Units — 4,499,189 contracts (Direct);
Class A Common Stock — 3,061,902 shares (Direct);
Class A Common Stock — 60,368 shares (Indirect, By spouse and family trusts and entities controlled by the Reporting Person.)
Footnotes (4)
- F1. A total of 3,061,902 of vested LTIP Units were converted by the Reporting Person on a one-for-one basis into Operating Partnership Units, which were then redeemed for an equal number of shares of the Issuer's Class A Common Stock. See Note 3 below for a description of the conversion and exchange rights of the LTIP Units and Operating Partnership Units. All capitalized terms used herein are defined in Note 3 below.
- F2. Includes Class A Common Stock held by (i) the Reporting Person's spouse and (ii) family trusts and entities for which the Reporting Person has sole voting and investment power as sole manager or sole trustee, as applicable, or the Reporting Person and his spouse have shared voting and investment power as managers or trustees, as applicable, all for the benefit of the Reporting Person, his spouse, and certain other members of their extended family. The Reporting Person disclaims beneficial ownership of such Class A Common Stock except to the extent of his pecuniary interest therein.
- F3. Represents long term incentive plan units ("LTIP Units"), a class of units of Empire State Realty OP, L.P. (the "Operating Partnership") in which Empire State Realty Trust, Inc. (the "Issuer") is the sole general partner. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, vested LTIP Units are convertible by the Reporting Person, upon vesting, into an equivalent number of units of limited partnership interest ("Operating Partnership Units") of the Operating Partnership, which are redeemable by the holder for shares of Class A common stock, par value $0.01 ("Class A Common Stock") of 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.
- F4. These LTIP Units are fully vested.
Key Figures
LTIP Units converted: 3,061,902 units
Class A common shares received: 3,061,902 shares
LTIP Units held directly after transaction: 4,499,189 units
+2 more
5 metrics
LTIP Units converted
3,061,902 units
October 7, 2026
Class A common shares received
3,061,902 shares
October 7, 2026
LTIP Units held directly after transaction
4,499,189 units
Reported after the October 7, 2026 transaction
Class A shares held directly after transaction
3,061,902 shares
Reported after the October 7, 2026 transaction
Class A shares listed as indirect holdings
60,368 shares
Held through spouse, family trusts and entities
Key Terms
LTIP Units, Operating Partnership Units, minimum allocations to the capital accounts, pecuniary interest
4 terms
LTIP Units technical
"3,061,902 of vested LTIP Units were converted"
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
Operating Partnership Units technical
"redeemed for an equal number of shares"
Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.
minimum allocations to the capital accounts financial
"Conditioned upon minimum allocations to the capital accounts"
pecuniary interest regulatory
"except to the extent of his pecuniary interest therein"
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