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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): May 9, 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 May 9, 2025, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2025, and supplemental financial information for the quarter ended March 31, 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 May 9, 2025, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2025, and supplemental financial information for the quarter ended March 31, 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 May 9, 2025
			99.2			Supplemental information for the quarter ended March 31, 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: May 9, 2025	By:	/s/ Michael Anderson
		Michael Anderson
		Chief Executive Officer

EX-99.1 2 ex991-asicearningsrelease3.htm EX-99.1 Document

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES FIRST QUARTER 2025 RESULTS

Company to Host Investor Webcast and Conference Call Today at 11:00 AM ET

New York, May 9, 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 first quarter ended March 31, 2025.

First Quarter 2025 Highlights

•Revenue was $12.3 million compared to $15.5 million for the same quarter in 2024, primarily related to the sale of 9 Times Square in the prior year.

•Net loss attributable to common stockholders was $8.6 million, compared to $7.6 million in the first quarter of 2024

•Cash net operating income (“NOI”) was $4.2 million, compared to $7.0 million for the first quarter of 2024

•Adjusted EBITDA was $(0.8) million, compared to $2.9 million in the first quarter of 2024

•Portfolio occupancy expanded 120 basis points to 82.0%, compared to 80.8% for the fourth quarter 2024, with weighted-average lease term(1) of 5.4 years

•77% 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 7.8 years as of March 31, 2025

•Portfolio comprised of fixed and variable rate debt at a 4.4% weighted-average interest rate with 2.3 years of weighted-average debt maturity

•Nicholas Schorsch, Jr. appointed Chief Executive Officer, as previously announced in the first quarter

CEO Comments

Nicholas Schorsch, Jr., Chief Executive Officer of ASIC commented, “We remain focused on leasing up available space throughout our portfolio and to working with our existing tenants to sign renewal leases, as demonstrated by the 120 basis point occupancy increase we recorded in the first quarter when compared to the fourth quarter of 2024. Our focus remains on continuing our efforts to opportunistically divest certain of our Manhattan assets consistent with our initiative to diversify our portfolio by acquiring higher-yielding assets.”

Financial Results


	Three Months Ended March 31,
(In thousands, except per share data)	2025		2024
Revenue from tenants	$	12,308	$	15,481

Net loss attributable to common stockholders	$	(8,592)	$	(7,608)
Net loss per common share (1)	$	(3.39)	$	(3.28)

EBITDA	$	(918)	$	2,350
Adjusted EBITDA	$	(832)	$	2,928

(1)All per share data based on 2,533,557 and 2,322,594 diluted weighted-average shares outstanding for the three months ended March 31, 2025 and 2024, respectively.

Real Estate Portfolio

The Company’s portfolio consisted of six properties comprised of 1.0 million rentable square feet as of March 31, 2025. Portfolio metrics include:

•82.0% leased

•5.4 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 with 8 years of weighted-average remaining lease term

•Diversified portfolio, comprised of 26% financial services tenants, 17% government and public administration tenants, 11% retail tenants, 10% non-profit and 42% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources

As of March 31, 2025, the Company had $7.1 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 57.9%, with net debt of $342.9 million.

All of the Company’s debt was fixed-rate with the exception of one variable rate loan as of March 31, 2025. The Company’s total combined debt had a weighted-average interest rate of 4.4%(8).

Footnotes/Definitions

(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of March 31, 2025.

(2)Top 10 tenants based on annualized straight-line rent as of March 31, 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 March 31, 2025. Based on annualized straight-line rent, top 10 tenants are 55% actual investment grade rated and 22% implied investment grade rated.

(4)Annualized straight-line rent is calculated using the most recent available lease terms as of March 31, 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 $350.0 million less cash and cash equivalents of $7.1 million as of March 31, 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 $499.4 million plus accumulated depreciation and amortization of $92.5 million as of March 31, 2025.

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

Webcast and Conference Call

ASIC will host a webcast and call on May 9, 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.

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: 13752879

*Available from May 9, 2025 through June 20, 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 (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 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 and Media:

Email: investorrelations@americanstrategicinvestment.com

Phone: (866) 902-0063

American Strategic Investment Co.

Consolidated Balance Sheets

(In thousands. except share and per share data)


	March 31, 2025		December 31, 2024
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	129,517	$	129,517
Buildings and improvements	341,386		341,314
Acquired intangible assets	17,203		19,063
Total real estate investments, at cost	488,106		489,894
Less accumulated depreciation and amortization	(92,533)		(91,135)
Total real estate investments, net	395,573		398,759
Cash and cash equivalents	7,083		9,776
Restricted cash	8,743		9,159
Operating lease right-of-use asset	54,458		54,514
Prepaid expenses and other assets	4,113		5,233
Derivative asset, at fair value	—		—
Straight-line rent receivable	22,940		23,060
Deferred leasing costs, net	6,467		6,565
Assets held for sale	—		—
Total assets	$	499,377	$	507,066

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	347,637	$	347,384
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $267 and $317 at March 31, 2025 and December 31, 2024, respectively)	15,729		15,302
Notes payable to related parties	—		—
Operating lease liability	54,572		54,592
Below-market lease liabilities, net	992		1,161

Deferred revenue	3,361		3,041
Distributions payable	—		—
Total liabilities	422,291		421,480

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 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 March 31, 2025 and December 31, 2024, respectively	27		27
Additional paid-in capital	731,521		731,429
Accumulated other comprehensive income	—		—
Distributions in excess of accumulated earnings	(654,462)		(645,870)
Total stockholders’ equity	77,086		85,586
Non-controlling interests	—		—
Total equity	77,086		85,586
Total liabilities and equity	$	499,377	$	507,066

American Strategic Investment Co.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)


	Three Months Ended March 31,
	2025		2024
Revenue from tenants	$	12,308	$	15,481

Operating expenses:
Asset and property management fees to related parties	1,868		1,903
Property operating	8,137		8,382
Impairments of real estate investments	—		—

Equity-based compensation	92		54
General and administrative	3,135		2,801
Depreciation and amortization	3,591		5,261
Total operating expenses	16,823		18,401
Operating loss	(4,515)		(2,920)
Other income (expense):
Interest expense	(4,083)		(4,697)
Other income	6		9
Total other expense	(4,077)		(4,688)
Net loss before income tax	(8,592)		(7,608)
Income tax expense	—		—
Net loss and Net loss attributable to common stockholders	$	(8,592)	$	(7,608)

Net loss per share attributable to common stockholders — Basic and Diluted	$	(3.39)	$	(3.28)
Weighted-average shares outstanding — Basic and Diluted	2,533,557		2,322,594

American Strategic Investment Co.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)


	Three Months Ended
	March 31, 2025		March 31, 2024
Net loss and Net loss attributable to common stockholders	$	(8,592)	$	(7,608)
Interest expense	4,083		5,261

Depreciation and amortization	3,591		4,697
EBITDA	(918)		2,350
Impairment of real estate investments	—		—

Equity-based compensation	92		54
Other (income) loss	(6)		(9)
Asset and property management fees paid in common stock to related parties in lieu of cash	—		533
Adjusted EBITDA	(832)		2,928
Asset and property management fees to related parties payable in cash	1,868		1,370
General and administrative	3,135		2,801
NOI	4,171		7,099
Accretion of below- and amortization of above-market lease liabilities and assets, net	(12)		(55)
Straight-line rent (revenue as a lessor)	102		(30)
Straight-line ground rent (expense as lessee)	(27)		27
Cash NOI	4,234		7,041

Cash Paid for Interest:
Interest expense	4,083		4,697
Amortization of deferred financing costs	510		(386)
Total cash paid for interest	$	4,593	$	4,311

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 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 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 March 31, 2025 (unaudited)


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 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 March 31, 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 March 31, 2025 (Unaudited)


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2025

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


Financial Results (Amounts in thousands, except per share data)
Revenue from tenants	$	12,308
Net loss attributable to common stockholders	$	(8,592)
Basic and diluted net loss per share attributable to common stockholders	$	(3.39)
Cash NOI (1)	$	4,234
Adjusted EBITDA (1)	$	(832)

Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)	$	591,910
Net debt (3) (4)	$	342,917
Total consolidated debt (4)	$	350,000
Total assets	$	499,377
Cash and cash equivalents (5)	$	7,083

Common shares outstanding as of March 31, 2025	2,634

Net debt to gross asset value	57.9		%
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)	(103.0)		x

Weighted-average interest rate cost (6)	4.4		%
Weighted-average debt maturity (years) (7)	2.3
Interest Coverage Ratio (8)	(0.2)		x

Real Estate Portfolio
Number of properties	6
Number of tenants	83

Square footage (millions)	1.0
Leased	82.0		%
Weighted-average remaining lease term (years) (9)	5.4

______

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

(2)Defined as total assets of $499.4 million plus accumulated depreciation and amortization of $92.5 million as of March 31, 2025.

(3)Represents total debt outstanding of $350.0 million, less cash and cash equivalents of $7.1 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 March 31, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025

Consolidated Balance Sheets

Amounts in thousands, except share and per share data


	March 31, 2025		December 31, 2024
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	129,517	$	129,517
Buildings and improvements	341,386		341,314
Acquired intangible assets	17,203		19,063
Total real estate investments, at cost	488,106		489,894
Less accumulated depreciation and amortization	(92,533)		(91,135)
Total real estate investments, net	395,573		398,759
Cash and cash equivalents	7,083		9,776
Restricted cash	8,743		9,159
Operating lease right-of-use asset	54,458		54,514
Prepaid expenses and other assets	4,113		5,233
Derivative asset, at fair value	—		—
Straight-line rent receivable	22,940		23,060
Deferred leasing costs, net	6,467		6,565
Assets held for sale	—		—
Total assets	$	499,377	$	507,066

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	347,637	$	347,384
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $267 and $317 at March 31, 2025 and December 31, 2024, respectively)	15,729		15,302
Notes payable to related parties	—		—
Operating lease liability	54,572		54,592
Below-market lease liabilities, net	992		1,161

Deferred revenue	3,361		3,041

Total liabilities	422,291		421,480

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 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 March 31, 2025 and December 31, 2024, respectively	27		27
Additional paid-in capital	731,521		731,429
Accumulated other comprehensive income	—		—
Distributions in excess of accumulated earnings	(654,462)		(645,870)
Total stockholders’ equity	77,086		85,586


Total liabilities and equity	$	499,377	$	507,066


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except share and per share data


	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Revenue from tenants	$	12,308	$	14,889	$	15,447	$	15,754

Expenses:
Asset and property management fees to related parties	1,868		1,927		1,994		1,927
Property operating	8,137		8,746		8,596		8,461
Impairment of real estate investments	—		—		27,817		84,724

Equity-based compensation	92		92		76		186
General and administrative	3,135		2,690		1,762		1,964
Depreciation and amortization	3,591		3,582		4,414		5,151
Total expenses	16,823		17,037		44,659		102,413
Operating loss before gain (loss) on sale of real estate investments	(4,515)		(2,148)		(29,212)		(86,659)
Gain (loss) on sale of real estate investments	—		(276)		—		—
Operating loss	(4,515)		(2,424)		(29,212)		(86,659)
Other income (expense):
Interest expense	(4,083)		(4,311)		(5,279)		(5,201)
Other income	6		85		9		9
Total other expense, net	(4,077)		(4,226)		(5,270)		(5,192)
Net loss before income taxes	(8,592)		(6,650)		(34,482)		(91,851)

Net loss and Net loss attributable to common stockholders	$	(8,592)	$	(6,650)	$	(34,482)	$	(91,851)

Basic and Diluted Net Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(3.39)	$	(2.60)	$	(13.52)	$	(36.48)
Weighted average shares outstanding —Basic and Diluted	2,533,557		2,557,080		2,551,034		2,518,176
Diluted	2,533,557		2,557,080		2,551,034		2,518,176


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Non-GAAP Measures

Amounts in thousands


	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
EBITDA:
Net loss and Net loss attributable to common stockholders	$	(8,592)	$	(6,650)	$	(34,482)	$	(91,851)
Depreciation and amortization	3,591		3,582		4,414		5,151
Interest expense	4,083		4,311		5,279		5,201

EBITDA	(918)		1,243		(24,789)		(81,499)
Impairment of real estate investments	—		—		27,817		84,724

Equity-based compensation	92		92		76		186
Management Fees paid in stock to Advisor in lieu of cash	—		(85)		(9)		—
Other income	(6)		2		—		(9)
Adjusted EBITDA	(832)		1,252		3,095		3,402
Asset and property management fees to related parties paid in cash	1,868		1,927		1,994		850
General and administrative	3,135		2,689		1,762		1,964
NOI	4,171		5,868		6,851		6,216
Accretion of below- and amortization of above-market lease liabilities and assets, net	(12)		(145)		(219)		(57)
Straight-line rent (revenue as a lessor)	102		644		102		153
Straight-line ground rent (expense as lessee)	(27)		28		27		27
Cash NOI	$	4,234	$	6,395	$	6,761	$	6,339

Cash Paid for Interest:
Interest expense	$	4,083	$	4,311	$	5,279	$	5,201
Amortization of deferred financing costs	510		(25)		(373)		(377)
Total cash paid for interest	$	4,593	$	4,286	$	4,906	$	4,824


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Debt Overview

As of March 31, 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)			—	%
2026	—	—	—	%	—
2027	1	1.8	4.2	%	99,000
2028	1	2.4	4.7	%	140,000
2029	3	3.7	4.7	%	60,000
2030	1	4.8	3.9	%	51,000
Thereafter	—	—	—	%	—
Total Debt	6	2.3	4.4	%	$	350,000

______

(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 March 31, 2025.

(3)Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2025 are shown in the year the debt matures.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Future Minimum Lease Rents

As of March 31, 2025

Amounts in thousands


	Future Minimum Base Rent Payments (1)
2025 (remainder)	$	43,729
2026	40,181
2027	36,730
2028	32,062
2029	29,960
2030	27,560
Thereafter	99,091
Total	$	309,313

_________________

(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 March 31, 2025 (Unaudited)

Top Ten Tenants

As of March 31, 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)
City National Bank	Office / Retail	Financial Services	$	4,356	10	%	8.3	Yes
Planned Parenthood Federation of America, Inc.	Office	Non-Profit	3,388		7	%	6.3	Yes
Equinox	Retail	Fitness	2,897		6	%	13.7	No
The City of New York - Dept. of Youth & Community Development	Office	Government/Public Administration	2,215		5	%	12.8	Yes
CVS	Retail	Retail	2,161		5	%	9.4	Yes
USA General Services Administration	Office	Government/Public Administration	2,050		4	%	2.2	Yes
NYS Licensing	Office	Government/Public Administration	1,833		4	%	2.3	Yes
Marshalls	Retail	Retail	1,641		4	%	3.6	No
Edgewood Partners Insurance Center	Office	Office Space	1,264		3	%	9.3	Yes
1140 Office Suites, LLC	Office	Office Space	1,158		3	%	6.0	Yes
Subtotal			22,963		51	%	7.8

Remaining portfolio			22,528		49	%

Total Portfolio			$	45,491	100	%

__________________

(1)Calculated using the most recent available lease terms as of March 31, 2025.

(2)Based on straight-line rent as of March 31, 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 March 31, 2025. Top 10 tenants are 55% actual investment grade rated and 22% implied investment grade rated.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Diversification by Property Type

As of March 31, 2025

Amounts in thousands, except percentages


	Total Portfolio
Property Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	SqFt. Percent
Office	$	32,292	71	%	626	77	%
Retail	12,133		27	%	159	20	%
Other	1,066		2	%	24	3	%
Total	$	45,491	100	%	809	100	%

____________

(1)Calculated using the most recent available lease terms as of March 31, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Diversification by Tenant Industry

As of March 31, 2025

Amounts in thousands, except percentages


	Total Portfolio
Industry Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	Sq. ft. Percent
Financial Services	$	12,012	26	%	156	19	%
Government / Public Administration	7,722		17	%	173	21	%
Retail	4,834		11	%	45	6	%
Office Space	4,463		10	%	97	12	%
Non-profit	4,316		10	%	88	11	%
Fitness	2,897		6	%	30	4	%
Services	2,084		5	%	36	4	%
Parking	1,833		4	%	87	11	%
Professional Services	1,378		3	%	20	2	%
Technology	944		2	%	18	2	%
Other (2)	3,008		6	%	59	8	%
Total	$	45,491	100	%	809	100	%

____________

(1)Calculated using the most recent available lease terms as of March 31, 2025.

(2)Other includes nine industry types as of March 31, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Lease Expirations

As of March 31, 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)	13	$	5,573	12.3	%	115	14.2	%
2026	7	2,155		4.7	%	42	5.2	%
2027	10	6,305		13.9	%	137	16.9	%
2028	8	3,428		7.5	%	57	7.1	%
2029	4	1,785		3.9	%	32	4.0	%
2030	5	2,919		6.4	%	55	6.7	%
2031	8	6,234		13.7	%	111	13.7	%
2032	2	352		0.8	%	6	0.7	%
2033	8	4,967		10.9	%	47	5.7	%
2034	4	3,425		7.5	%	30	3.7	%
2035	3	640		1.4	%	4	0.5	%
2036	2	365		0.8	%	10	1.2	%
2037	4	4,048		8.9	%	128	15.8	%
2038	3	2,897		6.4	%	30	3.7	%
2039	—	—		—	%	—	—	%
2040	—	—		—	%	—	—	%
Thereafter (>2039)	2	398		1.1	%	5	0.8	%
Total	83	$	45,491	100	%	809	100	%

_______________

(1)Calculated using the most recent available lease terms as of March 31, 2025. Includes tenant concessions, such as free rent, as applicable.