Form 4: Empire State Realty Trust Director Steven J. Gilbert Acquires LTIP Units

Director Steven J. Gilbert acquired LTIP units in Empire State Realty Trust, which are convertible into Class A Common Stock.

Summary

• Steven J. Gilbert, a director of Empire State Realty Trust, Inc., acquired Long Term Incentive Plan Units (LTIP Units) on May 16, 2025.
• He acquired 16,484 LTIP Units that vest ratably over four years from the grant date, subject to an additional two-year holding period.
• He also acquired 13,352 LTIP Units that vest ratably over three years from the grant date, issued in lieu of a portion of his annual base retainer, also subject to an additional two-year holding period.
• Following these transactions, Gilbert directly owns 190,513 shares of Class A Common Stock and 203,865 LTIP Units.
• These LTIP Units are convertible into units of limited partnership interests, which are redeemable for Class A Common Stock on a one-for-one basis or the cash value of such shares, at the Issuer's option.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction related to executive compensation, indicating a positive alignment of interests between management and shareholders. It is a routine filing and doesn't suggest any immediate cause for concern or exceptional optimism.

Positives

• The acquisition of LTIP units by a director signals confidence in the company's long-term performance.
• The vesting schedules of the LTIP units incentivize long-term commitment from the director.

Future Outlook

The LTIP units are designed to align the director's interests with the long-term performance of the company, suggesting a focus on future growth and value creation.

Industry Context

In the REIT industry, equity-based compensation, such as LTIP units, is a common practice to incentivize management and align their interests with those of shareholders. This filing reflects standard compensation practices within the industry.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded REITs to align management's interests with shareholders.
• Companies like Simon Property Group and Prologis also utilize LTIPs and stock options as part of their executive compensation packages.
• The vesting schedules and holding periods described in the filing are typical for such awards, designed to incentivize long-term performance.

Stakeholder Impact

• The acquisition of LTIP units aligns the director's interests with those of shareholders, incentivizing long-term value creation.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates

Keywords

LTIP Units, Empire State Realty Trust, Director, Steven J. Gilbert, Beneficial Ownership, Class A Common Stock, Equity Incentive Plan