Christina Chiu
About Christina Chiu
Christina Chiu is President of Empire State Realty Trust (ESRT), promoted on February 20, 2024, after serving as COO & CFO since December 2022 and CFO since May 2020; she is 44 and holds a B.S. in Finance and Accounting summa cum laude from NYU Stern School of Business . Her compensation is tightly linked to company performance with annual and long-term incentives tied to relative TSR vs. the Nareit Office Index, Core FFO/share, leasing, balance sheet strength (Net Debt/Adjusted EBITDA), G&A efficiency, and sustainability metrics; ESRT’s performance-based LTIPs for the 2022–2024 period paid out at 96.1% on TSR and operational/sustainability achievements, evidencing alignment . In 2024, she led capital markets execution with no floating rate debt exposure, reduced leverage (Net Debt/Adjusted EBITDA at 5.3x), and addressed maturities through late-2026, strengthening investor perception of ESRT’s strategy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Empire State Realty Trust | President (Feb 2024–present); previously COO & CFO (Dec 2022–Feb 2024); CFO (May 2020–Dec 2022) | 2020–present | Led balance sheet and capital markets strategy; enhanced investor communications; team succession and development |
| Morgan Stanley | Managing Director & COO, Global Listed Real Assets Investing | 18 years | Business development, capital raising, investor/consultant relationships, execution of strategic initiatives |
External Roles
| Organization | Role | Years |
|---|---|---|
| Real Estate Roundtable | Real Estate Capital Policy Advisory Committee Member | N/A (not disclosed) |
| Urban Land Institute (ULI) | Vice Chair, Technology & Real Estate Council | N/A (not disclosed) |
| NYU Stern | Real Estate Board of Advisors Member | N/A (not disclosed) |
| Partnership for NYC | David Rockefeller Fellow | N/A (not disclosed) |
| American Red Cross | National Board of Governors | N/A (not disclosed) |
| University Settlement Society of New York | Board Member | N/A (not disclosed) |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 650,000 | 675,000 | 760,000 |
| Target Annual Bonus (% of Salary) | 125% (2023 program) | 125% | 130% (increased with promotion to President) |
| 2024 Annual Bonus Face Amount ($) | N/A | N/A | 1,969,825 (100% elected in cash) |
| 2024 Bonus Election Detail | Face Amount ($) | Cash ($) | Vested LTIP Units ($) | 3-Year Time-Based LTIP Units at 120% ($) |
|---|---|---|---|---|
| Christina Chiu | 1,969,825 | 1,969,825 | — | — |
| One-Time Cash Bonus | Year | Amount ($) | Notes |
|---|---|---|---|
| Special Bonus | 2023 | 500,000 | In addition to annual bonus |
Performance Compensation
| Metric (Annual Bonus 2024) | Weighting |
|---|---|
| Core FFO per Share | 15% |
| Same-Store Cash NOI Growth (ex-Observatory) | 15% |
| Leasing | 5% |
| Balance Sheet | 20% |
| G&A Expense as % of Revenues | 10% |
| Sustainability Goals | 15% |
| Individual Goals | 20% |
| LTIP Performance (2024–2026 awards) | Weighting | Targeting/Modifier | Vesting |
|---|---|---|---|
| Relative TSR vs. Nareit Office Index | 50% | Outperformance required for target | 50% at end of 3-year period; 50% 1-year later, subject to service |
| Core FFO per Share | 10% | Objective 1-year metric (with 3-year absolute TSR modifier) | Same as above |
| Manhattan Leasing Volume (Office) | 10% | Objective 1-year metric (with 3-year absolute TSR modifier) | Same as above |
| Net Debt to Adjusted EBITDA | 10% | Objective 1-year metric (with 3-year absolute TSR modifier) | Same as above |
| Sustainability Metrics (WELL, Fitwel, GRESB, ENERGY STAR) | 20% | Multi-goal scoring with points (threshold 13, target 15, max 17) | Same as above |
| Absolute TSR Modifier (3-year) | Up to -25% reduction on operational component | Linear reduction 0% to -25% across TSR from +25% to 0%; no upside above +25% | N/A |
| 2024 LTIP Award Opportunity Allocation (Dollar Value) | Time-Based Target ($) | Performance-Based Threshold ($) | Performance-Based Target ($) | Performance-Based Maximum ($) | Change vs. 2023 |
|---|---|---|---|---|---|
| Christina Chiu | 798,750 | 488,125 | 976,250 | 1,952,500 | +23% (promotion) |
| 2024 Grants of Plan-Based Awards (Christina Chiu) | Grant Date | Time-Based Units (#) | Grant-Date Fair Value ($) | Performance-Based Units (#) Target | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| Annual Time-Based LTIP | 3/13/24 | 99,100 | 798,746 | — | — |
| One-Time Time-Based LTIP | 3/13/24 | 124,072 | 1,000,020 | — | — |
| Performance LTIP Tranche A | 3/13/24 | — | — | 79,890 | 976,250 |
| Performance LTIP Tranche B | 3/13/24 | — | — | 38,536 | 585,747 |
| Performance LTIP Tranche C | 3/13/24 | — | — | 23,272 | 390,496 |
| Multi-Year LTIP Outcomes | Performance Period | Payout % |
|---|---|---|
| Performance-Based LTIP (Company-Wide) | 2020–2022 | 24.7% |
| Performance-Based LTIP (Company-Wide) | 2021–2023 | 78.7% |
| Performance-Based LTIP (Company-Wide) | 2022–2024 | 96.1% |
Equity Ownership & Alignment
| Ownership Breakdown (as of Mar 3, 2025) | Class A Shares | Class B Shares | Operating Partnership Units | Total Common + Units | % of All Common + OP Units |
|---|---|---|---|---|---|
| Christina Chiu | — | — | 717,549 | 717,549 | <1% |
| LTIP Units (Vested vs. Total Awarded) | Time-Based Vested | Time-Based Total Awarded | Performance-Based Vested | Performance-Based Total Awarded |
|---|---|---|---|---|
| Christina Chiu | 450,529 | 786,365 | 267,020 | 1,016,709 |
- Stock ownership guidelines: minimum 5x base salary for executive officers; two-year post-vest holding period on 2024 equity grants; hedging prohibited and pledging requires Compensation Committee pre-approval .
- Bonus election alignment: Chiu elected 100% cash for 2024 annual bonus (no incremental LTIP from the bonus election), reducing near-term share issuance pressure .
Employment Terms
| Key Term | Detail |
|---|---|
| Agreement Date | December 11, 2024 |
| Term | Initial 3-year term; up to two successive 1-year renewals unless earlier terminated |
| Base Salary | Not less than $760,000; annual review for increases (no decreases absent written agreement) |
| Target Bonus | 130% of base salary; based on company and individual performance criteria |
| Long-Term Incentives | Participation with awards not less favorable than similar senior executive awards |
| Retention Bonus | One-time $750,000 cash payable Dec 11, 2027, subject to continued employment |
| Benefits & Perquisites | At levels no less favorable than other senior executives |
| Restrictive Covenants | Confidentiality/mutual non-disparagement (indefinite); non-compete/no-hire/non-solicit during term and 1 year post-termination |
| Dispute Resolution | JAMS arbitration in NYC; company pays arbitration costs; fee reimbursement if Chiu prevails |
| Clawback | Policy compliant with Rule 10D-1 and NYSE standards; recovery of erroneously received incentive pay |
| Hedging/Pledging | Hedging prohibited; pledging requires Compensation Committee pre-approval for holdings >$1,000,000 |
| Stock Ownership Guidelines | 5x base salary for executive officers; 2-year post-vest hold on 2024 awards |
| Severance & Change-of-Control Economics (as of Dec 31, 2024; stock price $10.32) | Severance Cash ($) | Cash Bonus ($) | Medical ($) | Retention Bonus ($) | Unvested Time-Based LTIP ($) | Unvested Performance LTIP ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Termination Without Cause or for Good Reason | 4,111,834 | 1,969,825 | 29,963 | 750,000 | 5,459,215 | 4,447,930 | 16,768,766 |
| Termination Without Cause or for Good Reason Following Change in Control | 6,167,750 | 1,969,825 | 29,963 | 750,000 | 5,459,215 | 4,447,930 | 18,824,682 |
- Multiples: 2x salary+average bonus (no CoC); 3x salary+average bonus (within two years after CoC); immediate vesting of time-based equity; prorated annual bonus based on actual performance; COBRA coverage payments up to 18 months .
Investment Implications
- Pay-for-performance alignment and upside: Chiu’s incentives are heavily weighted to multi-year relative TSR and operational/sustainability metrics; company-wide performance LTIPs paid at 96.1% for 2022–2024, indicating recent outperformance vs. office REIT benchmarks and a structure that should continue to align management with shareholders .
- Retention risk mitigants: A $750,000 retention bonus payable in December 2027, two-year post-vest holding requirements, and significant unvested LTIPs reduce near-term departure risk; severance economics are competitive but not excessive (double-trigger CoC, 3x cap, no tax gross-ups) .
- Selling pressure/ownership alignment: Beneficial ownership of 717,549 OP units and vested LTIP balances, combined with hedging prohibitions and pledging controls, plus post-vest holding periods, temper near-term selling pressure and support alignment; compliance status with 5x salary ownership guideline is not disclosed and should be monitored .
- Execution track record: 2024 achievements—no floating rate debt, Net Debt/Adjusted EBITDA at 5.3x, maturity extensions, and investor engagement—support confidence in balance sheet stewardship and capital allocation as President, which can be a positive signal for equity value creation .
- Shareholder sentiment: ESRT’s average say-on-pay approval of 96% over four years suggests broad investor support for the compensation framework and its responsiveness to feedback, reducing governance overhang risk .