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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 19, 2025

American Strategic Investment Co.

(Exact Name of Registrant as Specified in Charter)

Maryland

001-39448

46-4380248

(State or other jurisdiction
of incorporation)

(Commission File Number)

(I.R.S. Employer
Identification No.)

222 Bellevue Ave. Newport, Rhode Island 02840

________________________________________________________________________________________________________

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

NYC

New York Stock Exchange

Class A Preferred Stock Purchase Rights

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 19, 2025, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2025, and supplemental financial information for the quarter ended September 30, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 7.01. Regulation FD Disclosure.

Press Release and Supplemental Information

As disclosed in Item 2.02 above, on November 19, 2025, the Company issued a press release announcing its results of operations for the quarter ended September 30, 2025, and supplemental financial information for the quarter ended September 30, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Forward-Looking Statements

The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the ability of the Company to consummate the sale of 9 Times Square; (d) the ability of the Company to execute its business plan and sell certain of its properties on commercially practicable terms, if at all; (e) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (f) the potential adverse effects of inflationary conditions and higher interest rate environment, (g) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (h) the Company may not be able to continue to meet the New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company's common stock and the Company’s shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.


Item 9.01.		Financial Statements and Exhibits.
(d)	Exhibits


			Exhibit No.			Description
			99.1			Press Release dated November 19, 2025
			99.2			Supplemental information for the quarter ended September 30, 2025
			104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	American Strategic Investment Co.


Date: November 19, 2025	By:	/s/ Nicholas S. Schorsch, Jr.
		Nicholas S. Schorsch, Jr.
		Chief Executive Officer

EX-99.1 2 ex991-asicearningsrelease9.htm EX-99.1 Document

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES THIRD QUARTER 2025 RESULTS

Company to Host Investor Webcast and Conference Call Today at 6:00 PM ET

New York, November 19, 2025 - American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”), a company that owns a portfolio of commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

•Revenue was $12.3 million compared to $15.4 million in the third quarter of 2024, primarily related to the sale of 9 Times Square in the prior year

•Net income attributable to common stockholders was $35.8 million due to a non-cash gain recognized in connection with the disposition of 1140 Avenue of the Americas, compared to net loss of $34.5 million in the third quarter of 2024

•Cash net operating income (“NOI”) was $5.3 million, compared to $7.0 million in the third quarter of 2024

•Adjusted EBITDA was $1.9 million, compared to $4.2 million in the third quarter of 2024

•Portfolio occupancy was 80.9%

•Weighted-average remaining lease term(1) grew to 6.2 years from 5.9 years at the end of the second quarter

•69% of annualized straight-line rent from top 10 tenants(2) is derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 7.1 years as of September 30, 2025

•Portfolio comprised of fixed and variable rate debt at a 5.3% weighted-average interest rate

•Structured a cooperative consensual foreclosure at 1140 Avenue of the Americas, which is anticipated to be completed in in the fourth quarter of 2025.

CEO Comments

Nicholas Schorsch, Jr., Chief Executive Officer of ASIC commented, “In the third quarter, we took decisive steps to enhance the value at our assets and further rightsize our costs. The consensual foreclosure we negotiated at 1140 Avenue of the Americas to remove restrictive covenants and reduce ongoing expenses strengthens the foundation of our business for both the short and the long term. Paired with continual focus on lease renewals and leasing available space, we believe that the steps we’ve taken in the third quarter position the Company to generate significant shareholder value as we move ahead.”

Financial Results


	Three Months Ended September 30,
(In thousands, except per share data)	2025		2024
Revenue from tenants	$	12,269	$	15,447

Net income (loss) attributable to common stockholders	$	35,754	$	(34,482)
Net income (loss) per common share (1)	$	13.60	$	(13.52)

EBITDA	$	46,115	$	(24,789)
Adjusted EBITDA	$	1,945	$	4,172

(1)All per share data based on 2,554,502 and 2,551,034 diluted weighted-average shares outstanding for the three months ended September 30, 2025 and 2024, respectively.

Real Estate Portfolio

The Company’s portfolio consisted of six properties comprised of 0.7 million rentable square feet (excluding our 1140 Avenue of the Americas property, which is in a consensual foreclosure process) as of September 30, 2025. Portfolio metrics include:

•80.9% leased

•6.2 years remaining weighted-average lease term

•69% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants with 7.1 years of weighted-average remaining lease term

•Diversified portfolio, comprised of 27% financial services tenants, 15% government and public administration tenants, 14% retail tenants, 10% non-profit and 42% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources

As of September 30, 2025, the Company had $3.4 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 58.6%, with net debt of $247.6 million.

All of the Company’s debt was fixed-rate as of September 30, 2025. The Company’s total combined debt had a weighted-average interest rate of 5.3%(8).

In September 2025, the Company entered into an agreement for the strategic disposition of 1140 Avenue of the Americas via a cooperative consensual foreclosure with the lender, which is anticipated to close in the fourth quarter of 2025. On September 11, 2025, the Court appointed a receiver and the Company ceased managing the property. As a result of the consensual foreclose and the appointment of the receiver, the Company removed its related assets and liabilities from the consolidated balance sheet as of September 30, 2025 (excluding accounts payable and accrued expenses totaling approximately $2.0 million, retained by the Company), and recognized a gain of $44.3 million which is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025. Upon completion, this transaction is expected to effectively eliminate a $99.0 million liability that matures in July 2026.

Subsequent Events

On October 28, 2025, the Company engaged CBIZ CPAs as its independent registered public accounting firm for the fiscal year ending December 31, 2025, beginning with the interim period ending September 30, 2025. There was no dispute or conflict with the prior firm, rather the focus was on professional fee savings.

On November 6, 2025, the Company received a notice from the a special servicer on behalf of the lender of the indebtedness secured by the Company’s 400 E. 67th Street/200 Riverside properties identifying certain additional events of default, specifically incurrence of indebtedness that does not constitute permitted indebtedness and incurrence of liens that are not in favor of the lender or permitted encumbrances, subject to certain exceptions, as a result of our alleged failure to make certain additional payments and certain liens filed on the properties as a result thereof. In such notice, the lender notified the Company that, due to the alleged events of default under the loan agreement governing such indebtedness, the loan had been accelerated, and all amounts under such loan agreement were due and payable, together with interest at the default rate set forth in the loan agreement, which is a rate annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) four percent (4%) above the interest rate of 4.516% per annum, compounded monthly. Such amounts include, but are not limited to, the $50.0 million principal amount of the promissory notes evidencing the loan agreement. We are evaluating our options with respect to the property and there can be no assurance as to the resolution of these matters with the lender.

Footnotes/Definitions

(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of September 30, 2025.

(2)Top 10 tenants based on annualized straight-line rent as of September 30, 2025.

(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of September 30, 2025. Based on annualized straight-line rent, top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.

(4)Annualized straight-line rent is calculated using the most recent available lease terms as of September 30, 2025.

(5)Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million.

(6)Total debt of $251.0 million less cash and cash equivalents of $3.4 million as of September 30, 2025. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents.

(7)Defined as the carrying value of total assets of $448.1 million plus accumulated depreciation and amortization of $80.5 million as of September 30, 2025.

(8)Weighted based on the outstanding principal balance of the debt.

Webcast and Conference Call

ASIC will host a webcast and call on November 19, 2025 at 6:00 p.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the ASIC website, www.americanstrategicinvestment.com, in the “Investor Relations” section.

Dial-in instructions for the conference call and the replay are outlined below.

To listen to the live call, please go to ASIC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the ASIC website at www.americanstrategicinvestment.com.

Live Call

Dial-In (Toll Free): 1-877-269-7751

International Dial-In: 1-201-389-0908

Conference Replay*

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13754948

*Available from November 19, 2025 through December 31, 2025.

About American Strategic Investment Co.

American Strategic Investment Co. (NYSE: NYC) owns a portfolio of commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com.

Supplemental Schedules

The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with the New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company’s common stock and shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 19, 2025 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Contacts:

Investors:

Email: info@ar-global.com

Phone: (866) 902-0063

American Strategic Investment Co.

Condensed Consolidated Balance Sheets

(In thousands. except share and per share data)


	September 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	114,099	$	129,517
Buildings and improvements	268,440		341,314
Acquired intangible assets	7,761		19,063
Total real estate investments, at cost	390,300		489,894
Less accumulated depreciation and amortization	(80,547)		(91,135)
Total real estate investments, net	309,753		398,759
Cash and cash equivalents	3,355		9,776
Restricted cash	7,067		9,159
Contract asset	106,343		—
Operating lease right-of-use asset	—		54,514
Prepaid expenses and other assets	3,546		5,233

Straight-line rent receivable	15,474		23,060
Deferred leasing costs, net	2,528		6,565

Total assets	$	448,066	$	507,066

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	249,394	$	347,384
Debt associated with property in receivership	99,000		—
Accrued interest associated with property in receivership	7,343
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $53 and $317 at September 30, 2025 and December 31, 2024, respectively)	17,320		15,302

Operating lease liability	—		54,592
Below-market lease liabilities, net	760		1,161

Deferred revenue	2,886		3,041

Total liabilities	376,703		421,480

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at September 30, 2025 and December 31, 2024	—		—
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,634,355 and 2,634,355 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	27		27
Additional paid-in capital	731,703		731,429
Accumulated other comprehensive income	—		—
Distributions in excess of accumulated earnings	(660,367)		(645,870)
Total stockholders’ equity	71,363		85,586

Total equity	71,363		85,586
Total liabilities and equity	$	448,066	$	507,066

American Strategic Investment Co.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)


	Three Months Ended September 30,
	2025		2024
Revenue from tenants	$	12,269	$	15,447

Operating expenses:
Asset and property management fees to related parties	1,929		1,994
Property operating	6,640		8,596
Impairments of real estate investments	—		27,817

Equity-based compensation	90		76
General and administrative	1,755		1,762
Depreciation and amortization	3,086		4,414
Total operating expenses	13,500		44,659
Operating loss before gain on disposition of real estate investments	(1,231)		(29,212)
Gain on disposition of real estate investments	44,268		—
Operating loss	43,037		(29,212)
Other income (expense):
Interest expense	(4,124)		(5,279)
Interest expense associated with property in receivership	(3,151)		—
Other income	(8)		9
Total other expense	(7,283)		(5,270)
Net income (loss) before income tax	35,754		(34,482)
Income tax expense	—		—
Net income (loss) and Net income (loss) attributable to common stockholders	$	35,754	$	(34,482)

Net income (loss) per share attributable to common stockholders — Basic	$	13.60	$	(13.52)
Weighted-average shares outstanding — Basic	2,554,502		2,551,034
Net income (loss) per share attributable to common stockholders — Diluted	$	13.60	$	(13.52)
Weighted-average shares outstanding — Diluted	2,629,703		2,551,034

American Strategic Investment Co.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)


	Three Months Ended
	September 30, 2025		September 30, 2024
Net income (loss) and Net income (loss) attributable to common stockholders	$	35,754	$	(34,482)
Interest expense	4,124		5,279
Interest expense associated with property in receivership	3,151		—

Depreciation and amortization	3,086		4,414
EBITDA	46,115		(24,789)
Impairment of real estate investments	—		27,817

Gain on disposition of real estate investments	(44,268)		—
Equity-based compensation	90		76
Other (income) loss	8		(9)
Asset and property management fees paid in common stock to related parties in lieu of cash	—		1,077
Adjusted EBITDA	1,945		4,172
Asset and property management fees to related parties payable in cash	1,929		917
General and administrative	1,755		1,762
NOI	5,629		6,851
Accretion of below- and amortization of above-market lease liabilities and assets, net	(161)		(57)
Straight-line rent (revenue as a lessor)	102		153
Straight-line ground rent (expense as lessee)	(242)		27
Cash NOI	5,328		6,974

Non-GAAP Financial Measures

This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above.

In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the third quarter of 2025. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics.

As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.

We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.

NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.

Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

EX-99.2 3 ex992-asicsupplementalinfo.htm EX-99.2 Document

EXHIBIT 99.2

American Strategic Investment Co.

Supplemental Information

Quarter ended September 30, 2025 (unaudited)


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)


Table of Contents

Item						Page
Non-GAAP Definitions						3
Key Metrics						5
Consolidated Balance Sheets						6
Consolidated Statements of Operations						7
Non-GAAP Measures						8
Debt Overview						10
Future Minimum Lease Rents						11
Top Ten Tenants						12
Diversification by Property Type						13
Diversification by Tenant Industry						14
Lease Expirations						15

Forward-looking Statements:

The statements in this supplemental package that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) the potential adverse effects of inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (f) the Company may not be able to continue to meet the New York Stock Exchange's (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and the Company's shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Non-GAAP Financial Measures

This section discusses the non-GAAP financial measures we use to evaluate our performance, including, Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, a description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

In December 2022 we announced that that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest are non-GAAP metrics and should not be construed to be more relevant or accurate than other metrics calculated and presented in accordance with GAAP, including net loss, in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than non-GAAP metrics.

We consider EBITDA, Adjusted EBITDA, NOI and Cash NOI useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, impairment charges, equity-based compensation, gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics’ presentations facilitate comparisons of operating performance between periods and between other companies that use these measures.

As a result, we believe that the use of these non-GAAP metrics together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends and capital expenditures. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.

We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, fees related to the listing related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Key Metrics

As of and for the three months ended September 30, 2025

Amounts in thousands, except per share data, ratios and percentages


Financial Results (Amounts in thousands, except per share data)
Revenue from tenants	$	12,269
Net income (loss) attributable to common stockholders	$	35,754
Basic and diluted net income (loss) per share attributable to common stockholders	$	13.60
Cash NOI (1)	$	5,328
Adjusted EBITDA (1)	$	1,945

Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)	$	422,270
Net debt (3) (4)	$	247,645
Total consolidated debt (4)	$	251,000
Total assets	$	448,066
Cash and cash equivalents (5)	$	3,355

Common shares outstanding as of September 30, 2025	2,634

Net debt to gross asset value	58.6		%
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)	31.8		x

Weighted-average interest rate cost (6)	5.3		%
Weighted-average debt maturity (years) (7)	3.8
Interest Coverage Ratio (8)	0.7		x

Real Estate Portfolio
Number of properties	6
Number of tenants	79

Square footage (millions)	0.7
Leased	80.9		%
Weighted-average remaining lease term (years) (9)	6.2

______


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

(1)These Non-GAAP metrics are reconciled below.

(2)Defined as total assets of $448.1 million plus accumulated depreciation and amortization of $80.5 million less the Contract Asset balance of $106.3 million as of September 30, 2025.

(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $3.4 million.

(4)Excludes the effect of deferred financing costs, net.

(5)Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million and a minimum net worth in excess of $175.0 million.

(6)The weighted average interest rate cost is based on the outstanding principal balance of the debt.

(7)The weighted average debt maturity is based on the outstanding principal balance of the debt.

(8)The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are non-GAAP metrics and are reconciled below.

(9)Based on annualized straight-line rent as of September 30, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025

Condensed Consolidated Balance Sheets

Amounts in thousands, except share and per share data


	September 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	114,099	$	129,517
Buildings and improvements	268,440		341,314
Acquired intangible assets	7,761		19,063
Total real estate investments, at cost	390,300		489,894
Less accumulated depreciation and amortization	(80,547)		(91,135)
Total real estate investments, net	309,753		398,759
Cash and cash equivalents	3,355		9,776
Restricted cash	7,067		9,159
Contract asset	106,343		—
Operating lease right-of-use asset	—		54,514
Prepaid expenses and other assets	3,546		5,233

Straight-line rent receivable	15,474		23,060
Deferred leasing costs, net	2,528		6,565

Total assets	$	448,066	$	507,066

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	249,394	$	347,384
Debt associated with property in receivership	99,000		—
Accrued interest associated with property in receivership	7,343		—
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $53 and $317 at September 30, 2025 and December 31, 2024, respectively)	17,320		15,302

Operating lease liability	—		54,592
Below-market lease liabilities, net	760		1,161

Deferred revenue	2,886		3,041

Total liabilities	376,703		421,480

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at September 30, 2025 and December 31, 2024	—		—
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,634,355 and 2,634,355 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	27		27
Additional paid-in capital	731,703		731,429
Accumulated other comprehensive income	—		—
Distributions in excess of accumulated earnings	(660,367)		(645,870)
Total stockholders’ equity	71,363		85,586


Total liabilities and equity	$	448,066	$	507,066


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Condensed Consolidated Statements of Operations

Amounts in thousands, except share and per share data


	Three Months Ended
	September 30, 2025		June 30, 2025			March 31, 2025		December 31, 2024
Revenue from tenants	$	12,269	$	12,222		$	12,308	$	14,889

Expenses:
Asset and property management fees to related parties	1,929		1,682			1,868		1,927
Property operating	6,640		7,987			8,137		8,746
Impairment of real estate investments	—		30,558			—		—

Equity-based compensation	90		92			92		92
General and administrative	1,755		2,172			3,135		2,690
Depreciation and amortization	3,086		3,545			3,591		3,582
Total expenses	13,500		46,036			16,823		17,037
Operating loss before gain (loss) on sale of real estate investments	(1,231)		(33,814)			(4,515)		(2,148)
Gain (loss) on sale of real estate investments	—		—			—		(276)
Gain (loss) on disposal of real estate investments	44,268		—		0	—		—
Operating loss	43,037		(33,814)			(4,515)		(2,424)
Other income (expense):
Interest expense	(4,124)		(4,086)			(2,985)		(4,311)
Interest expense associated with property in receivership	(3,151)		(3,764)			(1,098)		—
Other income	(8)		4			6		85
Total other expense, net	(7,283)		(7,846)			(4,077)		(4,226)
Net income (loss) before income taxes	35,754		(41,660)			(8,592)		(6,650)

Net income (loss) and Net income (loss) attributable to common stockholders	$	35,754	$	(41,660)		$	(8,592)	$	(6,650)

Basic and Diluted Net Income (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic	$	13.60	$	(16.39)		$	(3.39)	$	(2.60)
Weighted average shares outstanding —Basic	2,554,502		2,541,402			2,533,557		2,557,080
Net income (loss) per share attributable to common stockholders — Diluted	$	13.60	$	(16.39)		$	(3.39)	$	(2.60)
Weighted average shares outstanding —Diluted	2,629,703		2,541,402			2,533,557		2,557,080


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Non-GAAP Measures

Amounts in thousands


	Three Months Ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
EBITDA:
Net income (loss) and Net income (loss) attributable to common stockholders	$	35,754	$	(41,660)	$	(8,592)	$	(6,650)
Depreciation and amortization	3,086		3,545		3,591		3,582
Interest expense	4,124		7,850		4,083		4,311
Interest expense associated with property in receivership	3,151		—		—		—

EBITDA	46,115		(30,265)		(918)		1,243
Impairment of real estate investments	—		30,558		—		—
Gain on disposition of real estate investments	(44,268)		—		—		—
Equity-based compensation	90		92		92		92

Other income	8		(4)		(6)		2
Adjusted EBITDA	1,945		381		(832)		1,337
Asset and property management fees to related parties paid in cash	1,929		1,682		1,868		1,927
General and administrative	1,755		2,172		3,135		2,689
NOI	5,629		4,235		4,171		5,953
Accretion of below- and amortization of above-market lease liabilities and assets, net	(161)		(138)		(12)		(145)
Straight-line rent (revenue as a lessor)	102		102		102		644
Straight-line ground rent (expense as lessee)	(242)		(3)		(27)		28
Cash NOI	$	5,328	$	4,196	$	4,234	$	6,480


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Debt Overview

As of September 30, 2025


Year of Maturity	Number of Encumbered Properties	Weighted-Average Debt Maturity (Years) (1)	Weighted-Average Interest Rate (1) (2)		Total Outstanding Balance (3)
					(In thousands)

2025 (remainder)	3	—	—	%	50,000
2026	—	—	—	%	—
2027	1	1.4	4.7	%	140,000
2028	1	3.1	7.9	%	10,000
2029	1	3.8	3.9	%	51,000
Thereafter	—	—	—	%	—
Total Debt	6	3.8	5.3	%	$	251,000

______

(1)Weighted based on the outstanding principal balance of the debt.

(2)All of the Company’s debt is fixed rate with the exception of one variable rate loan as of September 30, 2025.

(3)Excludes the effect of deferred financing costs, net. Current balances as of September 30, 2025 are shown in the year the debt matures.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Future Minimum Lease Rents

As of September 30, 2025

Amounts in thousands


	Future Minimum Base Rent Payments (1)
2025 (remainder)	$	7,189
2026	26,264
2027	23,565
2028	19,779
2029	19,239
2030	18,067
Thereafter	78,831
Total	$	192,934

_________________

(1)Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Top Ten Tenants

As of September 30, 2025

Amounts in thousands, except percentages


Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent (1)		SL Rent Percent		Remaining Lease Term (2)	Investment Grade (3)
Planned Parenthood Federation of America, Inc.	Office	Non-Profit	$	3,337	12	%	5.8	Yes
Equinox	Retail	Fitness	2,897		10	%	13.2	No
The City of New York - Dept. of Youth & Community Development	Office	Government/Public Administration	2,215		8	%	12.3	Yes
CVS	Retail	Retail	2,161		7	%	8.9	Yes
USA General Services Administration	Office	Government/Public Administration	2,050		7	%	1.7	Yes
NYS Licensing	Office	Government/Public Administration	1,833		6	%	1.8	Yes
Marshalls	Retail	Retail	1,477		5	%	6.1	No
Fundera, Inc.	Office	Financial Services	1,051		4	%	3.8	No
Universal Services of America	Office	Office Space	1,020		4	%	0.2	Yes
200 Riverside Garage LLC	Retail	Parking	917		3	%	11.8	Yes
Subtotal			18,958		66	%	7.1

Remaining portfolio			9,829		34	%

Total Portfolio			$	28,787	100	%

__________________

(1)Calculated using the most recent available lease terms as of September 30, 2025.

(2)Based on straight-line rent as of September 30, 2025.

(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of September 30, 2025. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Diversification by Property Type

As of September 30, 2025

Amounts in thousands, except percentages


	Total Portfolio
Property Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	SqFt. Percent
Office	$	19,619	73	%	437	73	%
Retail	8,395		25	%	148	25	%
Other	773		2	%	16	2	%
Total	$	28,787	100	%	601	100	%

____________

(1)Calculated using the most recent available lease terms as of September 30, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Diversification by Tenant Industry

As of September 30, 2025

Amounts in thousands, except percentages


	Total Portfolio
Industry Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	Sq. ft. Percent
Government / Public Administration	$	7,722	27	%	173	29	%
Non-profit	4,316		15	%	88	15	%
Retail	4,029		14	%	40	7	%
Office Space	2,947		10	%	90	15	%
Fitness	2,897		10	%	30	5	%
Parking	1,833		6	%	87	15	%
Financial Services	1,173		4	%	21	4	%
Professional Services	1,050		4	%	20	3	%
Technology	944		3	%	18	3	%
Services	450		2	%	10	2	%
Other (2)	1,426		5	%	24	2	%
Total	$	28,787	100	%	601	100	%

____________

(1)Calculated using the most recent available lease terms as of September 30, 2025.

(2)Other includes nine industry types as of September 30, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended September 30, 2025 (Unaudited)

Lease Expirations

As of September 30, 2025


Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Rentable Square Feet	Percent of Rentable Square Feet Expiring
		(In thousands)				(In thousands)
2025 (Remaining)	7	$	2,179	7.6	%	67	11.2	%
2026	6	1,486		5.2	%	32	5.3	%
2027	8	5,442		18.9	%	124	20.6	%
2028	3	1,154		4.0	%	26	4.3	%
2029	3	1,235		4.3	%	24	3.9	%
2030	2	1,143		4.0	%	29	4.8	%
2031	8	5,218		18.1	%	93	15.5	%
2032	—	—		—	%	—	—	%
2033	4	1,061		3.7	%	21	3.5	%
2034	2	2,161		7.5	%	10	1.7	%
2035	—	—		—	%	—	—	%
2036	2	365		1.3	%	10	1.6	%
2037	4	4,048		14.1	%	128	21.3	%
2038	3	2,897		10.1	%	30	5.0	%
2039	—	—		—	%	—	—	%
2040	—	—		—	%	—	—	%
Thereafter (>2040)	2	398		1.1	%	7	0.8	%
Total	54	$	28,787	100	%	601	100	%

_______________

(1)Calculated using the most recent available lease terms as of September 30, 2025. Includes tenant concessions, such as free rent, as applicable.