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REIT

This NYC REIT Thinks Its Stock Is 'Stupid Cheap'


[Updated: Apr 30, 2021 ] Apr 17, 2021 by Matthew DiLallo
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In investing, buy low, sell high is the golden rule. Our stock is once again stupid cheap, although the first small leg off the bottom may be behind us. My friend Steve Sakwa, the highly regarded REIT analyst, recently published a report that our current stock price values our office buildings in the $500s per square foot. With replacement cost in the $1,200-$1,400 per square foot range, that discount is a bell ringer.
The Penn District is different from our other office assets…it is a large multi-building complex, it is long term and it is development focused (development and long-term are two of the dirtiest words in REITland). The Penn District is our moonshot, the highest growth opportunity in our portfolio.