The company maintains a debt-to-equity ratio of 1.31 as of 2026Q1, reflecting a leverage profile that remains sensitive to valuation pressures within the Manhattan office market.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 4.41B | 4.47B | 4.51B | 4.22B | 4.16B | 4.28B | 4.15B | 3.93B | 4.2B | 3.93B | 3.89B | 3.3B | 3.3B | 2.48B | 1.05B | 1.01B | 904.54M | 890.6M |
| Asset Growth % | -9.28% | -0.92% | 6.9% | 1.34% | -2.78% | 3.17% | 5.57% | -6.29% | 6.73% | 1.04% | 17.88% | 0.13% | 33.13% | 135.24% | 4.36% | 11.51% | 1.57% | - |
| Real Estate & Other Assets | -3.17B | 616.31M | 2.8B | 2.66B | 2.7B | 2.71B | 2.4B | 2.48B | 249.21M | 2.27B | 285.03M | 318.18M | 87.2M | 85.4M | 108.27M | 75.7M | 43.02M | 39.4M |
| PP&E (Net) | 27.88M | 27.94M | 28.2M | 28.44M | 28.67M | 28.89M | 29.1M | 29.31M | 2.13B | 2B | 1.89B | 1.8B | 1.76B | 1.35B | 666.2M | 632.13M | 590.47M | 582.9M |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | -1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 330.1M | 188.57M | 878.9M | 702.42M | 614.51M | 718.21M | 889.17M | 583.43M | 965.5M | 798.18M | 844.25M | 303.86M | 280.36M | 239.28M | 201.21M | 228.17M | 189.31M | 198.41M |
| Cash & Equivalents | 68.82M | 166.51M | 385.46M | 346.62M | 264.43M | 423.69M | 526.71M | 233.95M | 204.98M | 464.34M | 554.37M | 46.69M | 45.73M | 60.74M | 51.5M | 86.32M | 88.03M | 94.09M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | -255.27M | 43.84M | 60.34M | 85.78M | -25.61M | 41.23M | 103.1M | 132.71M | 126.88M | 115.86M | 116.34M | 108.78M | 91.03M | 32.27M | 30.45M | 71.45M | 83.74M |
| Intangible Assets | 303.62M | 305.58M | 313.41M | 321.24M | 329.07M | 336.9M | 344.74M | 352.57M | 360.4M | 368.23M | 376.06M | 383.89M | 682.13M | 312.3M | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.58B | 2.65B | 2.73B | 2.49B | 2.48B | 2.6B | 2.42B | 1.98B | 2.2B | 1.95B | 1.91B | 1.93B | 1.9B | 1.47B | 1.06B | 1B | 915.29M | 908.86M |
| Total Debt | 2.39B | 2.44B | 2.48B | 2.27B | 2.27B | 2.34B | 2.17B | 1.7B | 1.92B | 1.69B | 1.61B | 1.63B | 1.6B | 1.21B | 996.49M | 939.71M | 869.06M | 871.64M |
| Net Debt | 2.32B | 2.27B | 2.1B | 1.92B | 2.01B | 1.92B | 1.64B | 1.46B | 1.71B | 1.22B | 1.06B | 1.59B | 1.57B | 1.15B | 944.99M | 853.39M | 781.03M | 777.55M |
| Long-Term Debt | 2.32B | 2.32B | 1.89B | 2.15B | 1.86B | 1.92B | 1.75B | 1.4B | 1.92B | 1.43B | 1.62B | 1.63B | 1.6B | 1.21B | 996.49M | 939.71M | 869.06M | 871.64M |
| Short-Term Borrowings | 0 | 55.46M | 566.4M | 86.54M | 388.77M | 388.22M | 387.56M | 264.64M | 253.79M | 263.66M | 345.91M | 12.39M | 0 | 0 | 56.53M | 0 | 0 | 0 |
| Capital Lease Obligations | 188.12M | 66.21M | 28.2M | 28.44M | 28.67M | 28.89M | 29.1M | 29.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 57.6M | 59.9M | 766.49M | 559.25M | 551.54M | 568.08M | 570.23M | 72.02M | 175.49M | 151.76M | 166.28M | 403.11M | 124.44M | 81.91M | 50.06M | 47.77M | 30.5M | 20.16M |
| Accounts Payable | 111.92M | 64.49M | 54.78M | 44.17M | 32.93M | 41.66M | 32.31M | 35.08M | 34.59M | 32.51M | 36.25M | 83.35M | 68.49M | 57.66M | 26.89M | 20.18M | 19.76M | 9.51M |
| Deferred Revenue | 57.6M | 59.9M | 62.64M | 70.3M | 76.09M | 84.36M | 88.32M | 72.02M | 44.81M | 40.91M | 32.21M | 31.39M | 27.88M | 21.57M | 7.39M | 5.88M | 7.54M | 7.43M |
| Other Liabilities | 196.48M | 205.93M | 44.41M | 235.54M | 42.93M | 79M | -17.36M | 11.55M | 105.01M | 154.04M | 123.89M | 153.06M | 151.43M | 139.72M | 16.86M | 10.32M | 15.73M | 17.07M |
| Total Equity | 1.82B | 1.82B | 1.78B | 1.73B | 1.68B | 1.68B | 1.73B | 1.95B | 1.99B | 1.98B | 1.98B | 1.37B | 1.38B | 1B | -10.86M | 1.29M | -10.76M | -18.26M |
| Equity Growth % | 8.9% | 2.26% | 2.94% | 2.85% | -0.07% | -2.71% | -11.12% | -2.17% | 0.68% | -0.26% | 44.45% | -0.61% | 37.67% | 9338.28% | -939.18% | 112.03% | 41.08% | - |
| Shareholders Equity | 1.82B | 1.06B | 1.03B | 985.52M | 954.38M | 998.13M | 1.06B | 1.23B | 1.24B | 1.17B | 1.15B | 524.73M | 476.64M | 385.16M | -10.86M | 1.29M | -10.76M | -18.26M |
| Minority Interest | 730M | 762.19M | 751.27M | 745.53M | 728.72M | 686.2M | 676.06M | 719.39M | 752.63M | 809.46M | 828.73M | 847.96M | 904.46M | 618.03M | 0 | 0 | 0 | 0 |
| Common Stock | 1.82B | 1.71M | 1.67M | 1.63M | 1.61M | 1.7M | 1.72M | 1.82M | 1.75M | 1.61M | 1.56M | 1.2M | 1.07M | 956K | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 1.09B | 1.08B | 1.06B | 1.06B | 1.15B | 1.15B | 1.23B | 1.2B | 1.13B | 1.1B | 469.15M | 406.85M | 316.56M | 0 | 0 | 0 | 0 |
| Retained Earnings | -44.44M | -39.65M | -58.89M | -83.11M | -109.47M | -133.61M | -65.67M | 15.76M | 41.51M | 46.76M | 50.9M | 55.26M | 60.71M | 67.64M | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 8M | 8M | 8M | 8M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.93% | 1.06% | 1.18% | 1.27% | 0.96% | -0.15% | -0.31% | 1.26% | 1.64% | 1.63% | 1.46% | 1.05% | 0.94% | 2.15% | 4.72% | 6% | 5.14% | 4.7% |
| Return on Equity (ROE) | 2.19% | 2.64% | 2.94% | 3.12% | 2.41% | -0.38% | -0.68% | 2.6% | 3.35% | 3.21% | 3.12% | 2.52% | 2.28% | 7.66% | - | 4435.63% | - | - |
| Debt / Assets | 54.14% | 54.59% | 55.07% | 53.78% | 54.64% | 54.62% | 52.18% | 43.18% | 45.73% | 42.96% | 41.44% | 49.46% | 48.5% | 48.79% | 94.67% | 93.17% | 96.08% | 97.87% |
| Debt / Equity | 1.31x | 1.34x | 1.39x | 1.31x | 1.35x | 1.39x | 1.25x | 0.87x | 0.96x | 0.85x | 0.81x | 1.19x | 1.16x | 1.20x | - | 726.20x | - | - |
| Net Debt / EBITDA | 6.90x | 6.88x | 6.11x | 5.71x | 5.85x | 6.82x | 6.56x | 4.22x | 4.77x | 3.43x | 3.11x | 4.91x | 5.46x | 412.57x | 7.19x | 5.80x | 6.56x | 6.90x |
| Book Value per Share | 6.77 | 6.75 | 6.62 | 6.52 | 6.23 | 6.13 | 6.10 | 6.54 | 6.70 | 6.64 | 7.14 | 5.15 | 5.43 | 10.49 | -0.12 | 0.01 | -0.12 | -0.20 |
NYC regulatory and occupancy
As reported in financial statements, FISK maintains a debt-to-equity ratio of 1.31 as of 2026Q1, reflecting a leverage profile that appears manageable but remains sensitive to the ongoing valuation pressures inherent in the Manhattan office market and the company's reliance on property-level financing.
The stability of the 1.31 debt-to-equity ratio suggests management has avoided the aggressive over-leverage seen in some peers, yet the absolute debt load of $2.4 billion warrants close monitoring given the volatility in NOI. Investors should consider whether current debt levels provide sufficient cushion against potential cap rate expansion or if refinancing requirements in a higher-rate environment could further compress interest coverage.
Based on the provided balance sheet data, cash reserves have fluctuated significantly, dropping from $535.5 million in 2024Q2 to $68.8 million in 2026Q1, which indicates a potential tightening of liquidity as the company navigates capital-intensive property requirements and shifting operational cash flows.
The sharp decline in cash balances suggests that the company is actively deploying capital or facing unexpected cash outflows, potentially related to the high cost of maintaining aging assets. This reduction in liquidity may limit management's flexibility to pursue opportunistic acquisitions or address unforeseen regulatory compliance costs associated with NYC's Local Law 97.
According to recent SEC filings, total assets have remained relatively stable near $4.4 billion, yet the composition of the balance sheet appears to be shifting as the company balances its legacy office portfolio with strategic pivots into new asset classes like multifamily residential properties.
The stagnation in total asset growth suggests a period of consolidation rather than expansion, likely reflecting the difficulty of growing a portfolio concentrated in Manhattan office space. This trajectory implies that future value creation may depend more on operational efficiency and the Observatory's performance than on traditional balance sheet growth through new property acquisitions.
As evidenced by the reported net PPE of only $27.9 million against $4.4 billion in total assets, the balance sheet appears to rely heavily on historical cost accounting, which may mask the significant deferred maintenance and capital expenditure requirements inherent in century-old landmark structures.
The minimal net PPE figure relative to the total asset base suggests that the book value of these iconic properties may not reflect the true economic cost of keeping them competitive in a modern, energy-conscious market. This discrepancy warrants further investigation into whether the company is under-capitalizing the necessary retrofits required to avoid future regulatory penalties.
Quick answers to the most common questions about buying FISK stock.
As of 2025, Empire State Realty OP, L.P. (FISK) had total assets of $4.47B including $188.6M in current assets.
Empire State Realty OP, L.P. (FISK) carries total debt of $2.44B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Empire State Realty OP, L.P. (FISK) has total shareholders' equity (book value) of $1.06B ($6.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Empire State Realty OP, L.P. (FISK) reported a current ratio of 3.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.