New York, April 15, 2026 - 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, 2025.

 

•As the Company continues to refine its property holdings, the sale of 9 Times Square in the fourth quarter of 2024 and the disposition of 1140 Avenue of the Americas to its mortgage holders in the fourth quarter of 2025 impacted results

•Revenue was $6.5 million compared to $14.9 million for the fourth quarter of 2024 due, in part, to the disposition of properties

•Net loss attributable to common stockholders was $6.7 million or $2.62 per share, compared to net loss of $6.7 million, or $2.60 per share, in the fourth quarter of 2024

•Adjusted EBITDA was $1.2 million compared to $1.3 million in the fourth quarter of 2024

•Cash net operating income (“NOI”) was $1.8 million compared to $6.6 million in the fourth quarter of 2024

•69% 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 6.9 years as of December 31, 2025

•Revenue was $43.3 million compared to $61.6 million in 2024 due, in part, to the disposition of properties

•Net loss attributable to common stockholders was $21.2 million compared to $140.6 million in 2024

•Adjusted EBITDA was $0.3 million compared to $12.0 million in the full year 2024

•Cash NOI was $16.0 million compared to $27.6 million in 2024

•Portfolio occupancy of 80.3% with a weighted-average remaining lease term of 6.1 years as of December 31, 2025

•Completed 13 new leases totaling over 117,000 square feet and $20.4 million in straight-line rent

•Portfolio debt, as of December 31, 2025, is 100% fixed-rate with a 4.5% weighted-average interest rate and 1.5 years of weighted-average debt maturity

•Net leverage of 47.5% as of December 31, 2025

“During the fourth quarter and throughout 2025, we continued to advance leasing across the portfolio while maintaining a stable occupancy profile supported by a high-quality, largely investment grade tenant base,” said Nicholas Schorsch, Jr., CEO of ASIC. “We believe the Company is increasingly well-positioned to execute ongoing efforts to dispose additional non-core assets and prioritize capital to better uses that enhance long-term shareholder value.”

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(1)Per share data is based on 2,556,449 and 2,557,080 basic weighted-average shares outstanding for the three months ended December 31, 2025 and 2024, respectively and 2,546,562 and 2,487,827 for the years ended December 31, 2025 and 2024, respectively.

The Company’s portfolio consisted of five properties and comprised 0.7 million rentable square feet as of December 31, 2025. Portfolio metrics include:

•80.3% leased, compared to 80.8% at the end of fourth quarter 2024, with 6.1 years remaining weighted-average lease term

•69.0% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants

•67.3% office (based on an annualized straight-line rent)

As of December 31, 2025, the Company had $1.3 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 47.5%, with net debt of $249.7 million.

All of the Company’s debt was fixed-rate as of December 31, 2025. The Company’s total combined debt had a weighted-average interest rate of 4.5%(8).

The Company’s debt was a weighted-average debt maturity of 1.5 years.

(1)Top 10 tenants based on annualized straight-line rent as of December 31, 2025.

(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, 2025. Top 10 tenants are 43.6% actual investment grade rated and 25.4% implied investment grade rated.

(3)The weighted-average remaining lease term (years) is based on annualized straight-line rent as of December 31, 2025.

(4)Annualized straight-line rent is calculated using the most recent available lease terms as of December 31, 2025.

(5)Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash, cash equivalents and restricted cash) of $5.0 million.

(6)Total debt of $251.0 million less cash and cash equivalents of $1.3 million as of December 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 $445.2 million plus accumulated depreciation and amortization of $80.6 million as of December 31, 2025.

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

ASIC will host a webcast and call on April 15, 2026 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): 1-877-269-7751

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

 

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

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

Conference ID: 13758199

*Available one hour after the end of the conference call through April 29, 2026

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, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. 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, Israel and Hamas and the U.S. and Israel against Iran, 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 be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with NYSE’s 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, 2025, filed on April 15, 2026 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.

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)Interest expense for the three months ended March 31, 2025 and June 30, 2025 includes expense associated with the 1140 Avenue of the Americas property. During the three months ended September 30, 2025, the 1140 Avenue of the Americas property entered into receivership and as a result the interest expense related to the property was disclosed separately as interest expense associated with property in receivership. See the Company’s Form 10-K for details.

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, 2025 filed on March 26, 2026 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 $445.2 million plus accumulated depreciation and amortization of $80.6 million as of December 31, 2025.

(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $1.3 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 $7.5 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, 2025.

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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, 2025.

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

(4)The total debt for the years ended December 31, 2026 and thereafter does not include the debt related to 400 E. 67th Street and 200 Riverside Boulevard of $50.0 million as this balance was accelerated during November 2025 (see Note 5 in the 2025 Form 10-K) and is therefore due in the year end December 31, 2025.

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

(2)Based on straight-line rent as of December 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. Ratings information is as of December 31, 2025. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.

 

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

 

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

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

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