New York, March 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 fourth quarter and year ended December 31, 2024.

 

•Revenue was $14.9 million compared to $15.4 million for the fourth quarter of 2023 due, in part, to the sale of 9 Times Square

•Net loss attributable to common stockholders was $6.7 million or $2.60 per share, compared to net loss of $73.9 million, or $32.27 per share, in the fourth quarter of 2023

•Adjusted EBITDA was $1.3 million

•Cash net operating income (“NOI”) was $6.4 million compared to $6.3 million in the same quarter of 2023

•77% of annualized straight-line rent from top 10 tenants(1) is derived from investment grade or implied investment grade(2) rated tenants with a weighted-average remaining lease term(3) of 8.0 years as of December 31, 2024

•Revenue was $61.6 million compared to $62.7 million in 2023 due, in part, to the sale of 9 Times Square

•Net loss attributable to common stockholders was $140.6 million compared to $105.9 million for 2023

•Adjusted EBITDA was $11.8 million compared to $12.3 million for the full year 2023

•Cash NOI was $27.6 million compared to $27.3 million in 2023

•Portfolio occupancy of 80.8% with a weighted-average remaining lease term of 6.3 years as of December 31, 2024

•Completed five new leases totaling 37,407 square feet and $2.0 million in straight-line rent

•Portfolio debt, as of December 31, 2024, is 100% fixed-rate with a 4.4% weighted-average interest rate and 3.6 years of weighted-average debt maturity

•Conservative balance sheet with net leverage of 56.9% as of December 31, 2024

“In the fourth quarter we completed the sale of 9 Times Square and relaunched the marketing process for 123 William Street and 196 Orchard Street as we continue our expanded asset diversification strategy,” said Michael Anderson, CEO of ASIC. “At the same time, we grew Cash Net Operating Income in both the fourth quarter and for the full year 2024 compared to the same period in 2023. We remain focused on aggressively leasing our portfolio to high quality tenants in 2025.”

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(1)All per share data has been retroactively adjusted to reflect the 1-for-8 reverse stock split that occurred on January 11, 2023. Per share data is based on 2,557,080 and 2,289,094 basic weighted-average shares outstanding for the three months ended December 31, 2024 and 2023, respectively and 2,487,827 and 2,226,721 for the years ended December 31, 2024 and 2023, respectively.

The Company’s portfolio consisted of six properties and comprised 1.0 million rentable square feet as of December 31, 2024. Portfolio metrics include:

•81% leased, compared to 87% at the end of fourth quarter 2023, with 6.3 years remaining weighted-average lease term

•77% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants

•72% office (based on an annualized straight-line rent)

As of December 31, 2024, the Company had $9.8 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 56.9%, with net debt of $340.2 million.

All of the Company’s debt was fixed-rate as of December 31, 2024. The Company’s total combined debt had a weighted-average interest rate of 4.4%(8).

The Company’s debt was a weighted-average debt maturity of 3.6 years.

(1)Top 10 tenants based on annualized straight-line rent as of December 31, 2024.

(2)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 December 31, 2024. Top 10 tenants are 54.9% actual investment grade rated and 21.9% implied investment grade rated.

(3)The weighted-average remaining lease term (years) is based on annualized straight-line rent as of December 31, 2024.

(4)Annualized straight-line rent is calculated using the most recent available lease terms as of December 31, 2024.

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

(6)Total debt of $350.0 million less cash and cash equivalents of $9.8 million as of December 31, 2024. 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 $507.1 million plus accumulated depreciation and amortization of $91.1 million as of December 31, 2024.

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

ASIC will host a webcast and call on March 19, 2025 at 11:00 a.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.

Dial-In (Toll Free): 1-888-330-3127

International Dial-In: 1-646-960-0855

Conference ID: 5954637

 

Domestic Dial-In (Toll Free): 1-800-770-2030

International Dial-In: 1-609-800-9909

Conference ID: 5954637#

*Available one hour after the end of the conference call through June 19, 2025

American Strategic Investment Co. (NYSE: NYC) owns a portfolio of high-quality 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.

 

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.

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) 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, (f) that we 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 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 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 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.

The majority of the concessions granted to our tenants as a result of the COVID-19 pandemic are rent deferrals or temporary rent abatements with the original lease term unchanged and collection of deferred rent deemed probable. As a result of relief granted by the FASB and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, have not been, and we do not expect it to be, significantly impacted by these types of deferrals.

Investors and Media:

Email: investorrelations@americanstrategicinvestment.com

Phone: (866) 902-0063

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(1)Retroactively adjusted to reflect the 1-for-8 reverse stock split which occurred on January 11, 2023.

						Three Months Ended December 31,												Year Ended December 31,
						2024						2023						2024						2023
Revenue from tenants						$	14,889					$	15,380					$	61,570					$	62,710
Operating expenses:
Asset and property management fees to related parties						1,927						1,926						7,751						7,680
Property operating						8,746						8,230						34,185						33,797
Impairment of real estate investments						—						66,053						112,541						66,565
Equity-based compensation						92						151						408						5,863
General and administrative						2,690						1,824						9,216						9,375
Depreciation and amortization						3,582						6,332						18,408						26,532
Total operating expenses						17,037						84,516						182,509						149,812
Operating (loss) income						(2,148)						(69,136)						(120,939)						(87,102)
Gain/loss on sale of real estate						(276)						—						(276)						—
Other income (expenses):
Interest expense						(4,311)						(4,749)						(19,488)						(18,858)
Other income (expenses)						85						9						112						36
Total other expense						(4,502)						(4,740)						(19,652)						(18,822)
Net loss before income taxes						(6,650)						(73,876)						(140,591)						(105,924)
Income tax expense						—						—						—						—
Net loss and Net loss attributable to common stockholders						$	(6,650)					$	(73,876)					$	(140,591)					$	(105,924)
Weighted-average shares outstanding — Basic and Diluted (1)						2,557,080						2,289,094						2,487,827						2,226,721
Net loss per share attributable to common stockholders — Basic and Diluted (1)						$	(2.60)					$	(32.27)					$	(56.51)					$	(47.57)

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(1)Retroactively adjusted to reflect the 1-for-8 reverse stock split which occurred on January 11, 2023.

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.

This supplemental package of American Strategic Investment Co. (formerly known as New York City REIT, Inc.) (the “Company” or “ASIC”) includes statements that are not historical facts and 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) 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, (f) that we 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 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 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 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.

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.

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

(2)Defined as total assets of $507.1 million plus accumulated depreciation and amortization of $91.1 million as of December 31, 2024.

(3)Represents total debt outstanding of $350.0 million, less cash and cash equivalents of $9.8 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, cash equivalents and restricted cash) of $10.0 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 December 31, 2024.

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(1)Retroactively adjusted to reflect the impact of the 1-for-8 reverse stock split which occurred on January 11, 2023.

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

(2)All of the Company’s debt is fixed rate (inclusive of interest rate swaps) as of December 31, 2024.

(3)Excludes the effect of deferred financing costs, net. Current balances as of December 31, 2024 are shown in the year the debt matures.

(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.

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(1)Calculated using the most recent available lease terms as of December 31, 2024.

(2)Based on straight-line rent as of December 31, 2024.

(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. Ratings information is as of December 31, 2024. Top 10 tenants are 55% actual investment grade rated and 22% implied investment grade rated.

 

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(1)Calculated using the most recent available lease terms as of December 31, 2024.

 

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(1)Calculated using the most recent available lease terms as of December 31, 2024.

(2)Other includes nine industry types as of December 31, 2024.

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(1)Calculated using the most recent available lease terms as of December 31, 2024. Includes tenant concessions, such as free rent, as applicable.