Empire State Realty Trust (NYSE: ESRT) director awarded 23,856 LTIP incentive units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Empire State Realty Trust director Christina Van Tassell received a compensation grant of LTIP Units. On the reported date, she was awarded 23,856 LTIP Units of Empire State Realty OP, L.P. at no cash cost, increasing her directly held LTIP Units to 67,248.
The LTIP Units are part of the 2026 Equity Incentive Plan and are designed to convert, upon vesting and sufficient capital account allocations, into Operating Partnership Units that can be redeemed on a one-for-one basis for Class A Common Stock of Empire State Realty Trust, Inc. or cash, at the company’s option.
These LTIP Units vest in four equal annual installments on each of the first four anniversaries of the grant date. Each vested LTIP Unit is also subject to an additional two-year holding period after its grant date, making this a long-term, equity-linked component of director compensation rather than an open-market share purchase or sale.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Van Tassell Christina
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | LTIP Units | 23,856 | $0.00 | -- |
Holdings After Transaction:
LTIP Units — 67,248 shares (Direct, null)
Footnotes (1)
- 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. 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.
Key Figures
LTIP Units granted: 23,856 units
LTIP Units after grant: 67,248 units
Underlying common stock: 23,856 shares
+1 more
4 metrics
LTIP Units granted
23,856 units
Grant of LTIP Units to Christina Van Tassell
LTIP Units after grant
67,248 units
Total LTIP Units held directly post-transaction
Underlying common stock
23,856 shares
Class A Common Stock underlying newly granted LTIP Units
Vesting schedule
4 annual installments
LTIP Units vest ratably over first four anniversaries
Key Terms
LTIP Units, Operating Partnership Units, Equity Incentive Plan, Class A Common Stock
4 terms
LTIP Units financial
"These represent long term incentive plan units ("LTIP Units"), a class of units of Empire State Realty OP, L.P."
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 financial
"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"
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.
Equity Incentive Plan financial
"These LTIP Units were granted under the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2026 Equity Incentive Plan."
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
Class A Common Stock financial
"Operating Partnership Units are redeemable by the holder for shares of Class A Common Stock of Empire State Realty Trust, Inc."
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
FAQ
What did Christina Van Tassell acquire in this ESRT Form 4 filing?
Christina Van Tassell received a grant of 23,856 LTIP Units as equity-based compensation. These units are long-term incentive plan interests that can ultimately convert into Operating Partnership Units and then be redeemed for Empire State Realty Trust Class A Common Stock or cash.
Is the Christina Van Tassell ESRT Form 4 transaction a market buy or sell?
The transaction is not a market buy or sell; it is a grant of LTIP Units as compensation. The Form 4 shows an “A” code for grant or award, with no open-market purchase or sale price and no reported buy or sell share activity.
How many LTIP Units does Christina Van Tassell hold after this ESRT grant?
After this grant, Christina Van Tassell directly holds 67,248 LTIP Units. The new award added 23,856 LTIP Units, and the total reflects her post-transaction position in these long-term incentive units tied to Empire State Realty OP, L.P.
How can Van Tassell’s LTIP Units eventually convert into ESRT Class A Common Stock?
Upon vesting and sufficient capital account allocations, the LTIP Units may be converted into Operating Partnership Units. Those Operating Partnership Units are redeemable on a one-for-one basis for ESRT Class A Common Stock or the cash value of such shares, at the company’s discretion.
What is the vesting schedule for Christina Van Tassell’s new ESRT LTIP Units?
The 23,856 LTIP Units vest in four equal annual installments on each of the first four anniversaries of the grant date. Each LTIP Unit is also subject to an additional two-year holding period following its applicable grant date, extending the long-term nature of the award.
Under which plan were Christina Van Tassell’s ESRT LTIP Units granted?
These LTIP Units were granted under the Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2026 Equity Incentive Plan. This plan provides long-term, equity-linked awards that align director compensation with the performance of the operating partnership and company.