FISK

Ignore the 22.4x P/E — it is the wrong lens for a REIT. GAAP net income ($73.0M) is crushed by $195M of non-cash depreciation, so the economics show up in cash flow and FFO instead. The filing reports Core FFO of $234.2M attributable to common unitholders against operating cash flow of $249M; on ~267M units that is roughly $0.88 of FFO per unit, putting the stock at about 6.4x Core FFO at $5.61. Equity (total assets $4.47B less liabilities $2.65B = ~$1.82B, or ~$6.82/unit) sits above the $1.50B market cap, so FISK trades at roughly 0.8x book. The $39.0M dividend is comfortably covered by both FFO and the $249M of operating cash flow. That is a genuinely cheap valuation for an income-producing real-estate cash stream.

The quality is mediocre-but-stable rather than great, which is why this is a buy on price, not on momentum. Total revenue was flat (+0.1%) as 1.9% rental-revenue growth was offset by a 5.9% drop in Observatory revenue ($136.4M → $128.3M) and the near-total collapse of lease-termination fees (-90.3%). Operating income fell 14.5% and net income 9.2%, and reported income leaned on a $35.0M gain on disposition (up from $13.3M) plus a $12.6M decline in interest income as cash was drawn down. Cash fell 65.6% to $133M because management deployed it: the $386.0M 130 Mercer Street SoHo acquisition (Dec 2025) and $31.0M of Williamsburg retail (Jun 2025) push the portfolio beyond pure NYC office, and those assets contribute only partially to 2025 — a 2026 tailwind. Leasing was healthy at 1,009,009 sq ft signed.