Ryan Kass
About Ryan Kass
EVP, co-head of real estate and chief revenue officer at ESRT; previously Director of Leasing; with the company since 2013 and elevated to co-head of real estate in September 2025 as part of ESRT’s leadership transition in real estate operations . Company performance context during his tenure: FY 2024 net income $80.4M and Core FFO/share $0.95 ; 3-year cumulative TSR +22% vs NYC office peers ; Q3 2025 Core FFO/share $0.23, net income/share $0.05, with 17th consecutive quarter of positive leasing spreads (+3.9%) and sequential occupancy improvement .
| Metric | FY 2024 | Q3 2025 |
|---|---|---|
| Net Income ($USD Millions) | $80.4 | N/A |
| Core FFO per Share | $0.95 | $0.23 |
| Manhattan Office Occupancy (%) | N/A | 90.3% |
| 3-Yr Cumulative TSR vs Peers | ESRT +22%; NYC Office REITs −7.8%; All Peers −25.7% | N/A |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Empire State Realty Trust | Director of Leasing | 2013–2025 | Contributed to leasing outperformance (1.3M RSF signed in 2024; positive absorption) and higher leased percentages across Manhattan office |
| Empire State Realty Trust | EVP, Co-Head of Real Estate; Chief Revenue Officer | 2025–present | Led notable transactions (e.g., GLG 18,230 SF expansion at One Grand Central Place) and supports portfolio leasing momentum |
External Roles
No public external board or executive roles disclosed for Kass in ESRT filings reviewed .
Fixed Compensation
Kass is not listed among ESRT’s 2024 Named Executive Officers; detailed base salary or bonus disclosures for Kass are not provided in the latest proxy .
Performance Compensation
ESRT’s executive annual incentive framework (applies to NEOs) uses corporate metrics: Core FFO/share, Same-Store Cash NOI growth (excluding Observatory), Leasing (leased percentage, volume, starting rents), Balance Sheet, and G&A as % of revenues; plus sustainability goals and individual objectives . 2024 committee determinations awarded near-maximum individual bonus outcomes based on these achievements in a challenged market .
Note: Kass-specific incentive metric weightings, targets, and payouts are not disclosed in public filings. ESRT’s system-level structure provides alignment to TSR and multi-year performance through PSUs/LTIP units and one- and three-year modifiers .
Equity Ownership & Alignment
- Minimum stock ownership guidelines for executive officers: 5x base salary (10x for CEO); compliance required within five years; two-year post-vest holding periods on 2024 awards .
- Clawback: Dodd-Frank/NYSE-compliant recovery of erroneously received incentive compensation on restatement, applies to current/former Section 16 officers .
- Hedging/pledging: Hedging prohibited; pledging requires Compensation Committee pre-approval for executives or related persons with >$1M in ESRT securities .
- Beneficial ownership tables cover directors and 2024 NEOs; Kass does not appear, so individual share/OP unit counts are not disclosed .
Employment Terms
- Co-head of Real Estate transition announced Sept 19, 2025; Durels transitions to consultant through June 30, 2027, with specified cash and equity separation payments; Kass and Renton assume operational leadership reporting to President and CEO . Kass’s employment agreement, severance multiple, and change-of-control terms are not disclosed.
Performance & Track Record
| Leasing Activity | Q3 2025 |
|---|---|
| Office leases executed (count / SF) | 14 / 71,859 |
| Average cash rent psf – total office | $69.97 |
| Blended leasing spreads (Manhattan office) | +3.9% |
| Notable transactions | Jencap 19,883 SF renewal/expansion; Haver Analytics 16,402 SF renewal; SORA 14,430 SF new retail |
| Subsequent highlights | GLG 18,230 SF expansion; ~50,000 SF additional leases |
- Portfolio operations: Sequential occupancy improved; total commercial occupancy 90.0%, retail 92.8%; multifamily 98.6% .
- Balance sheet: $0.8B liquidity (Sep 30, 2025); no floating-rate exposure; net debt/adj. EBITDA 5.6x .
Compensation Governance Context (Benchmarking and Shareholder Feedback)
- Double-trigger change-in-control protections; no excise tax gross-ups; independent compensation consultant; annual say-on-pay with 96% average approval over four years .
- Executive bonus elections allow cash or LTIP units (including premium for 3-year vesting), aligning pay with long-term equity .
Investment Implications
- Alignment: ESRT’s structures (TSR-linked performance equity, multi-metric annual incentives, ownership guidelines, clawback, anti-hedging/controlled pledging) indicate strong pay-performance alignment for executive officers; while Kass-specific numbers are unavailable, his roles directly tie to leasing, occupancy, and revenue drivers .
- Retention risk: Absent public details on Kass’s severance/change-of-control terms, retention signals rely on role elevation and responsibility scope; leadership continuity via 2025 transition and strong portfolio performance reduce near-term execution risk .
- Trading signals: Continued positive leasing spreads, sequential occupancy gains, and notable post-quarter lease wins suggest momentum in segments Kass oversees; these are supportive of cash NOI trajectory and FFO durability in a normalized rate environment .
- Data gaps: Lack of Kass-specific compensation and ownership disclosures limits granular pay-for-performance assessment; monitor future proxies and any Item 5.02 updates for employment terms, equity grants, and Section 16 ownership to refine insider alignment and potential selling pressure analysis .