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Empire State Realty Trust Executive Compensation (FY25)

ESRT · New York, NY · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 19, 2026
246 figures on this page: 235 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Anthony Malkin was paid $12,669,394 in total compensation as Chairman and Chief Executive Officer for fiscal 2025, and compared with the $13,191,601 reported for fiscal 2024, Malkin's total was 4.0% lower. For fiscal 2025, the company reported a chief executive pay ratio of 170:1, against median employee compensation of $74,545. Shareholders supported the say-on-pay proposal with 93.4% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025. The disclosed peer group names BRANDYWINE REALTY TRUST, BXP, Inc., CORPORATE OFFICE PROPERTIES TRUST, COUSINS PROPERTIES INCORPORATED and DOUGLAS EMMETT, INC., among others.
Chief executive, fiscal 2025
◇
Anthony Malkin
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Anthony Malkin: $13,191,601 → $12,669,394 (4.0% lower)
Say-on-pay support: 97.3% → 93.4% (3.9 points lower)
CEO pay ratio: 176:1 → 170:1 (3.4% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Empire State Realty Trust's chief executive and what were they paid?
Anthony Malkin was paid $12,669,394 in total compensation as Chairman and Chief Executive Officer for fiscal 2025. Compared with the $13,191,601 reported for fiscal 2024, Malkin's total was 4.0% lower.
What was Empire State Realty Trust's say-on-pay result?
Shareholders supported the say-on-pay proposal with 93.4% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Empire State Realty Trust's peer group?
The disclosed peer group names BRANDYWINE REALTY TRUST, BXP, Inc., CORPORATE OFFICE PROPERTIES TRUST, COUSINS PROPERTIES INCORPORATED and DOUGLAS EMMETT, INC., among others.
What is Empire State Realty Trust's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 170:1, against median employee compensation of $74,545.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anthony Malkin
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Thomas Durels
Executive Vice President, Real Estate
◇—◇—◇—◇◇
Christina Chiu
President
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anthony Malkin
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Thomas Durels
Executive Vice President, Real Estate
◇—◇—◇—◇◇
Christina Chiu
President
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anthony Malkin
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Christina Chiu
President
◇—◇—◇—◇◇
Thomas Durels
Executive Vice President, Real Estate
◇—◇—◇—◇◇
Stephen Horn
Executive Vice President Chief Financial Officer & Chief Accounting Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anthony Malkin
Chairman and Chief Executive Officer
◇◇◇———◇◇
Christina Chiu
President
◇◇◇———◇◇
Thomas Durels
Executive Vice President, Real Estate
◇◇◇———◇◇
Stephen Horn
Executive Vice President, Chief Financial Officer
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Anthony E. MalkinRSU◇——◇——◇
Anthony E. MalkinPSU◇◇◇—◇—◇
Anthony E. MalkinPSU◇◇◇—◇—◇
Anthony E. MalkinRSU◇——◇——◇
Anthony E. MalkinPSU◇◇◇—◇—◇
Christina ChiuPSU◇◇◇—◇—◇
Christina ChiuPSU◇◇◇—◇—◇
Christina ChiuPSU◇◇◇—◇—◇
Christina ChiuRSU◇——◇——◇
Stephen V. HornPSU◇◇◇—◇—◇
Stephen V. HornRSU◇——◇——◇
Stephen V. HornPSU◇◇◇—◇—◇
Stephen V. HornPSU◇◇◇—◇—◇
Thomas P. DurelsPSU◇◇◇—◇—◇
Thomas P. DurelsPSU◇◇◇—◇—◇
Thomas P. DurelsPSU◇◇◇—◇—◇
Thomas P. DurelsRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Anthony MalkinPSU◇◇——
PSU◇◇——
Christina ChiuPSU◇◇——
PSU◇◇——
Thomas DurelsPSU◇◇——
PSU◇◇——
Stephen HornPSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven J. Gilbert
Lead independent director
◇◇————◇
R. Paige Hood
◇◇————◇
S. Michael Giliberto
◇◇————◇
Patricia S. Han
◇◇————◇
James D. Robinson IV
◇◇————◇
Grant H. Hill
◇◇————◇
Christina Van Tassell
◇◇————◇
Hannah Yang
◇◇————◇
George L. W. Malkin
◇◇————◇
Thomas J. DeRosa
◇◇————◇
Anthony E. Malkin served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as LTIP units.
Stock ownership guideline: We have robust stock ownership guidelines for our NEOs and directors

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • BRANDYWINE REALTY TRUST BDN
  • BXP, Inc. BXP
  • CORPORATE OFFICE PROPERTIES TRUST CDP
  • COUSINS PROPERTIES INCORPORATED CUZ
  • DOUGLAS EMMETT, INC. DEI
  • EASTERLY GOVERNMENT PROPERTIES, INC. DEA
  • HIGHWOODS PROPERTIES, INC. HIW
  • HUDSON PACIFIC PROPERTIES, INC. HPP
  • JBG SMITH PROPERTIES JBGS
  • KILROY REALTY CORPORATION KRC
  • Paramount Group, Inc. PGRE
  • PIEDMONT OFFICE REALTY TRUST, INC. PDM
  • SL GREEN REALTY CORP. SLG
  • VORNADO REALTY TRUST VNO

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 9, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2021May 12, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 11, 2017=◇◇◇
2015May 31, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Empire State Realty Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Empire State Realty Trust sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
246 figures on this page: 235 cited to the filing that reported them, 11 calculated from figures it prints.
235 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001541401-26-000023
  2. 0001104659-26-038890
    2025 CEO Pay Ratio · 2025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year End · 2025 Summary Compensation Table · and 1 more section
  3. 0001541401-25-000017
  4. 0001104659-25-031466
    2024 Summary Compensation Table
  5. 0001541401-24-000021
  6. 0001104659-24-040513
    2023 Summary Compensation Table
  7. 0001541401-23-000023
  8. 0001104659-23-039222
    2022 Summary Compensation Table
  9. 0001541401-22-000024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001541401-21-000029
  11. 0001193125-20-147360
  12. 0001193125-19-149491
  13. 0001193125-18-170838
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-172190
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001193125-16-611272
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Empire State Realty Trust executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ESRT (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Empire State Realty Trust discloses

The companies named in ESRT's own disclosed peer group.

BRANDYWINE REALTY TRUSTBXP, Inc.CORPORATE OFFICE PROPERTIES TRUSTCOUSINS PROPERTIES INCORPORATEDDOUGLAS EMMETT, INC.EASTERLY GOVERNMENT PROPERTIES, INC.HIGHWOODS PROPERTIES, INC.HUDSON PACIFIC PROPERTIES, INC.JBG SMITH PROPERTIESKILROY REALTY CORPORATIONParamount Group, Inc.PIEDMONT OFFICE REALTY TRUST, INC.SL GREEN REALTY CORP.VORNADO REALTY TRUST

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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