Jackie Renton
About Jackie Renton
Executive Vice President, Co-Head of Real Estate, and Chief Operating Officer at Empire State Realty Trust (ESRT). Joined ESRT in September 2025 from Atlas Capital Group, where she served as Chief Operating Officer; she reports to President Christina Chiu and Chairman & CEO Anthony E. Malkin . Background includes an MBA in Real Estate and Finance from Wharton and a BS in Civil and Environmental Engineering from Duke; prior roles at AION Partners (Principal) and JPMorgan’s CMBS Large Loan Structuring Group . Company performance context: ESRT delivered +22% three-year cumulative TSR vs. NYC office peers’ -7.8% and all peers’ -25.7% through year-end 2024, with +5.2% same-store property cash NOI growth and Observatory NOI of $99.5M, supported by a conservative balance sheet (Net Debt/Adj. EBITDA 5.3x) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlas Capital Group | Chief Operating Officer; Investment Committee Member | 2014–Sep 2025 | Oversaw asset management, property operations, construction, leasing; portfolio-wide operating execution |
| AION Partners | Principal | Not disclosed | Led asset management; managed relationships with equity partners and new acquisitions |
| JPMorgan | CMBS Large Loan Structuring Group (member) | Not disclosed | Structured large loan CMBS; capital markets and underwriting expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | — |
Fixed Compensation
- Not disclosed for Jackie Renton in publicly filed SEC documents as of November 18, 2025; 2025 proxy names NEOs (Malkin, Chiu, Durels, Horn), but does not include Renton .
Performance Compensation
Company program context (applies to NEOs; Jackie’s individual plan details not disclosed):
- Annual incentive bonus metrics and weights (2024 program): Core FFO/share, same-store cash NOI (ex-Observatory), leasing, balance sheet, G&A as % of revenues, sustainability goals, and individual goals; weights vary by NEO .
| Metric (Annual Bonus) | Comment | Weighting (NEO examples) |
|---|---|---|
| Core FFO per Share | Financial performance driver | Malkin 20%; Chiu 15%; Durels 15%; Horn 15% |
| Same-Store Cash NOI Growth (ex-Observatory) | Portfolio operating performance | 15% for all NEOs |
| Leasing | Production and pipeline | Malkin 10%; Chiu 5%; Durels 20%; Horn 5% |
| Balance Sheet | Leverage/liquidity discipline | Malkin 10%; Chiu 20%; Durels 5%; Horn 20% |
| G&A as % of Revenues | Efficiency | 10% for all NEOs |
| Sustainability Goals | External ratings and initiatives | 15% for all NEOs |
| Individual Goals | Role-specific objectives | 20% for all NEOs |
- Long-term equity award design (2024–2026 LTIPs): 55% performance-based equity and 45% time-based equity for NEOs; all NEOs elect LTIP units over restricted shares .
| Performance LTIP Criteria (2024–2026) | Weighting | Vesting | Modifier |
|---|---|---|---|
| Relative TSR vs. Nareit Office Index | 50% | 50% at 3-year period end; 50% one year later (cont. employment) | Absolute TSR modifier can reduce operational component up to 25% |
| Core FFO per Share | 10% | As above | Subject to 3-year absolute TSR modifier |
| Manhattan Leasing Volume (office) | 10% | As above | Subject to 3-year absolute TSR modifier |
| Net Debt to Adjusted EBITDA | 10% | As above | Subject to 3-year absolute TSR modifier |
| Sustainability Metrics (WELL, Fitwel, GRESB, ENERGY STAR) | 20% | As above | — |
- Time-based LTIPs vest 25% per year over four years, subject to continued employment .
Note: Company outcomes on recent three-year performance-based awards improved markedly: 24.7% payout (2020–2022), 78.7% (2021–2023), and 96.1% (2022–2024), driven by TSR outperformance and operational/sustainability achievements .
Equity Ownership & Alignment
| Policy | Requirement/Restriction | Notes |
|---|---|---|
| Stock ownership guidelines (executives) | 5x base salary for executive officers; 10x for CEO; 5-year compliance window | Applies to executive officers (Item 401(b)/Section 16) |
| Post-vest holding | Two-year post-vesting holding period for 2024 grants | NEO awards; policy context |
| Hedging | Prohibited for directors/employees and related persons | No puts, calls, derivatives, short-selling |
| Pledging | Prohibited unless Compensation Committee pre-approves for >$1,000,000 holdings | Executive officers and certain employees |
| Clawback | Rule 10D-1 compliant; 3-year lookback on incentive comp tied to financial reporting measures | Applies regardless of misconduct; no indemnification |
- Jackie Renton beneficial ownership: No Form 3/4 ownership disclosures identified as of this date; ESRT’s Sept. 22, 2025 8-K announced her appointment but did not include individual ownership or grant details .
Employment Terms
| Item | Disclosure |
|---|---|
| Appointment and reporting lines | Appointed Co-Head of Real Estate and COO; reports to President Christina Chiu and Chairman & CEO Anthony E. Malkin |
| Start date | Joined ESRT in September 2025 |
| Contract/severance terms | Not disclosed for Renton in 2025 filings; ESRT maintains double-trigger change-in-control practices and clawback policy at company level |
| Non-compete/solicit | Not disclosed for Renton; company-level examples exist for other executives (e.g., non-compete/non-solicit in Durels Transition Agreement), but not applicable without specific Renton terms |
Performance & Track Record
| Area | Evidence |
|---|---|
| Multifamily/office operating execution | Atlas COO responsibilities across asset management, property management, operations, construction, and leasing |
| Capital markets/structuring exposure | Prior role in JPMorgan’s CMBS Large Loan Structuring Group |
| ESRT operational context | Company reported sustained leasing outperformance (Manhattan office 94.2% leased; +160 bps YoY), Observatory NOI $99.5M, and low leverage vs. peers as of Dec. 31, 2024 |
Compensation Structure Analysis
- Alignment levers: Heavy emphasis on performance-based equity tied to multi-year relative TSR, FFO, leverage discipline, and sustainability outcomes; annual incentives cover both quantitative corporate metrics and qualitative goals .
- Risk controls: No single-trigger CIC; no tax gross-ups; hedging prohibited; pledging requires committee approval; Rule 10D-1 clawback adopted .
- Ownership alignment: Robust stock ownership guidelines and two-year post-vest holding requirements support long-term alignment for executive officers .
Investment Implications
- Near-term: As a newly appointed Co-Head of Real Estate/COO amid leadership transition, execution in leasing, operating cost discipline, and capital project delivery are likely core scorecards; pay-for-performance architecture ties incentives to FFO, NOI, TSR, leverage, and sustainability—key drivers of REIT valuation multiples and dividend durability .
- Alignment/retention: Strong company-level ownership/holding policies reduce misalignment risk; absence of disclosed individual comp/ownership for Renton limits assessment of insider selling pressure or immediate trading signals .
- Watch items: Future proxy/8-Ks for Renton’s grant sizes, vesting schedules, ownership guideline compliance, and any pledging/hedging exceptions; progress against leasing and balance sheet metrics that drive annual and long-term payouts .
Sources: ESRT 2025 Proxy Statement ; ESRT 8-K Sept. 22, 2025 ; ESRT leadership page and Renton profile ; RevereCRE profile .