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0001595527FALSETRUE00015955272026-08-122026-08-120001595527us-gaap:CommonClassAMember2026-08-122026-08-120001595527us-gaap:PreferredClassAMember2026-08-122026-08-12

 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): August 12, 2026
 
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 August 12, 2026, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2026, and supplemental financial information for the quarter ended June 30, 2026, 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 August 12, 2026, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2026, and supplemental financial information for the quarter ended June 30, 2026, 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
Press Release dated August 12, 2026
Supplemental information for the quarter ended June 30, 2026
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: August 12, 2026
 By:
/s/ Nicholas S. Schorsch, Jr.
Nicholas S. Schorsch, Jr.
Chief Executive Officer
 


EX-99.1 2 ex991-asicearningsrelease6.htm EX-99.1 Document


EXHIBIT 99.1
picture1.jpg

FOR IMMEDIATE RELEASE

AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES SECOND QUARTER 2026 RESULTS

New York, August 12, 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 second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
•Revenue was $7.3 million compared to $12.2 million in the second quarter of 2025, primarily related to the disposition of 1140 Avenue of the Americas in the prior year
•Net loss attributable to common stockholders was $8.3 million, compared to net loss of $41.7 million in the second quarter of 2025
•Cash net operating income (“NOI”) was $3.1 million, compared to $4.3 million in the second quarter of 2025
•Adjusted EBITDA was $2.4 million, compared to $0.4 million in the second quarter of 2025
•Weighted-average remaining lease term(1) remained consistent at 6.1 years from the end of the fourth quarter
•69% of annualized straight-line rent from top 10 tenants(2) was derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 6.4 years
•Portfolio comprised of fixed and variable rate debt at a 4.6% weighted-average interest rate

CEO Comments
“As our capital prioritization strategy continues to take hold, and our portfolio’s quality, largely investment grade tenant base continues to support consistent performance we were pleased to produce growth in Adjusted EBITDA,” said Nicholas Schorsch, Jr., CEO and Chairman of ASIC. “We remain focused on completing our remaining asset dispositions and directing capital toward the opportunities we believe will create the most durable value for our shareholders.”

Financial Results
Three Months Ended June 30,
(In thousands, except per share data) 2026 2025
Revenue from tenants $ 7,315  $ 12,222 
Net income (loss) attributable to common stockholders $ (8,299) $ (41,660)
Net income (loss) per common share (1)
$ (3.04) $ (16.39)
EBITDA $ 557  $ (30,265)
Adjusted EBITDA $ 2,403  $ 381 
(1)All per share data based on 2,733,561 and 2,541,402 diluted weighted-average shares outstanding for the three months ended June 30, 2026 and 2025, respectively.
1

Real Estate Portfolio
The Company’s portfolio consisted of five 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 June 30, 2026. Portfolio metrics include:
•74.8% leased
•6.1 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 6.4 years of weighted-average remaining lease term
•Diversified portfolio, comprised of 29% government and public administration tenants, 15% retail tenants, 13% non-profit, 11% fitness and 32% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources
As of June 30, 2026, the Company had $2.4 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 59.6%, with net debt of $248.6 million.
All of the Company’s debt was fixed-rate as of June 30, 2026. The Company’s total combined debt had a weighted-average interest rate of 4.56%(8).

Advisor Payments Made with Common Stock Issuances in Lieu of Cash

In furtherance of the Company's strategy to prioritize and preserve operating capital in April and June 2026, the Company’s external Advisor elected to receive shares of the Company’s Class A common stock in lieu of $1,910,169 and $2,106,755 in advisory fees accrued and payable under the Advisory Agreement through April and June 2026, respectively, which was approved by the Compensation Committee of the Company’s Board of Directors. The Company has previously issued shares of its Class A common stock in lieu of cash to its Advisor and Property Manager as part of its ongoing efforts to manage operating expenses and conserve liquidity.

Subsequent Event

On July 22, 2026, the NYSE notified the Company that it is now considered back in compliance with the NYSE's minimum market capitalization and stockholders' equity requirements under Section 802.01B of the Manual. The Company will be subject to normal continued listing monitoring in accordance with the NYSE Manual.
2

Footnotes/Definitions
(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of June 30, 2026.
(2)Top 10 tenants based on annualized straight-line rent as of June 30, 2026.
(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 June 30, 2026. Based on annualized straight-line rent, top 10 tenants are 44% 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 June 30, 2026.
(5)Under certain covenants of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $5.0 million.
(6)Total debt of $251.0 million less cash and cash equivalents of $2.4 million as of June 30, 2026. 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 $444.8 million plus accumulated depreciation and amortization of $85.3 million less the contract asset of $113.2 million as of June 30, 2026.
(8)Weighted based on the outstanding principal balance of the debt.
3


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, 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 the 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 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.
Contacts:
Investors:
Email: info@ar-global.com
Phone: (866) 902-0063
4

American Strategic Investment Co.
Condensed Consolidated Balance Sheets
(In thousands. except share and per share data)

June 30,
2026		 December 31,
2025
ASSETS (Unaudited)
Real estate investments, at cost:
Land
 $ 114,099  $ 114,099 
Buildings and improvements
 268,970  268,474 
Acquired intangible assets
 5,389  5,389 
Total real estate investments, at cost
 388,458  387,962 
Less accumulated depreciation and amortization
 (85,267) (80,579)
Total real estate investments, net
 303,191  307,383 
Cash and cash equivalents 2,422  1,297 
Restricted cash 5,517  6,750 
Contract asset 113,182  108,648 
Prepaid expenses and other assets 2,915  3,169 
Straight-line rent receivable 15,094  15,421 
Deferred leasing costs, net 2,430  2,492 
Total assets $ 444,751  $ 445,160 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net $ 249,908  $ 249,565 
Debt associated with property in receivership 99,000  99,000 
Accrued interest associated with property in receivership 14,182  9,648 
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $68 and $(280) at June 30, 2026 and December 31, 2025, respectively)
 25,717  18,739 
Notes payable to related parties 870  650 
Below-market lease liabilities, net 615  708 
Deferred revenue 1,557  2,094 
Total liabilities
 391,849  380,404 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2026 and December 31, 2025
 —  — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 3,163,632 and 2,692,941 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
 32  27 
Additional paid-in capital 736,008  731,793 
Distributions in excess of accumulated earnings (683,138) (667,064)
Total stockholders’ equity
 52,902  64,756 
Total liabilities and equity
 $ 444,751  $ 445,160 
5

American Strategic Investment Co.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)

Three Months Ended June 30,
2026 2025
Revenue from tenants $ 7,315  $ 12,222 
Operating expenses:
Asset and property management fees to related parties 1,791  1,682 
Property operating 4,303  7,987 
Equity-based compensation 63  92 
General and administrative 2,884  2,172 
Depreciation and amortization 2,490  3,545 
Total operating expenses 11,531  46,036 
Operating loss before gain on disposition of real estate investments (4,216) (33,814)
Gain on disposition of real estate investments 2,280  — 
Operating loss (1,936) (33,814)
Other income (expense):
Interest expense (4,086) (7,850)
Interest expense associated with property in receivership (2,280) — 
Other income 3  4 
Total other expense (6,363) (7,846)
Net income (loss) before income tax (8,299) (41,660)
Income tax expense —  — 
Net income (loss) and Net income (loss) attributable to common stockholders $ (8,299) $ (41,660)
Net income (loss) per share attributable to common stockholders — Basic and Diluted $ (3.04) $ (16.39)
Weighted-average shares outstanding — Basic and Diluted 2,733,561  2,541,402 
6

American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)

Three Months Ended
June 30, 2026 June 30, 2025
Net income (loss) and Net income (loss) attributable to common stockholders $ (8,299) $ (41,660)
Interest expense 4,086  7,850 
Interest expense associated with property in receivership 2,280  — 
Depreciation and amortization 2,490  3,545 
EBITDA 557  (30,265)
Impairment of real estate investments —  30,558 
Gain on disposition of real estate investments (2,280) — 
Equity-based compensation 63  92 
Other (income) loss (3) (4)
Asset and property management fees paid in common stock to related parties in lieu of cash 4,066  — 
Adjusted EBITDA 2,403  381 
Asset and property management fees to related parties payable in cash (2,275) 1,682 
General and administrative 2,884  2,172 
NOI 3,012  4,235 
Accretion of below- and amortization of above-market lease liabilities and assets, net (34) (12)
Straight-line rent (revenue as a lessor) 165  102 
Straight-line ground rent (expense as lessee) —  (27)
Cash NOI 3,143  4,298 
Cash Paid for Interest:
Interest expense 4,086  7,850 
Interest expense associated with property in receivership 2,280  — 
Amortization of deferred financing costs 1,409  510 
Total cash paid for interest $ 7,775  $ 8,360 
7

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 second quarter of 2026. 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.
8

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.
9
EX-99.2 3 ex992-asicsupplementalinfo.htm EX-99.2 Document

EXHIBIT 99.2






American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (unaudited)




American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (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.
2

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (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.
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.
3

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)
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.
4

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Key Metrics
As of and for the three months ended June 30, 2026
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data)
Revenue from tenants $ 7,315 
Net income (loss) attributable to common stockholders $ (8,299)
Basic and diluted net income (loss) per share attributable to common stockholders $ (3.04)
Cash NOI (1)
$ 3,143 
Adjusted EBITDA (1)
$ 2,403 
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)
$ 416,836 
Net debt (3) (4)
$ 248,578 
Total consolidated debt (4)
$ 251,000 
Total assets $ 444,751 
Cash and cash equivalents (5)
$ 2,422 
Common shares outstanding as of June 30, 2026
 3,164 
Net debt to gross asset value 59.6  %
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)
25.9  x
Weighted-average interest rate cost (6)
4.6  %
Weighted-average debt maturity (years) (7)
1.1 
Interest Coverage Ratio (8)
0.4  x
Real Estate Portfolio
Number of properties 5 
Number of tenants 36 
Square footage (millions) 0.7 
Leased 74.8  %
Weighted-average remaining lease term (years) (9)
6.1
______
5

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $444.8 million plus accumulated depreciation and amortization of $85.3 million less the Contract Asset balance of $113.2 million as of June 30, 2026.
(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $2.4 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 $5.0 million and a minimum net worth in excess of $100.0 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 June 30, 2026.
6
American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026


Condensed Consolidated Balance Sheets
Amounts in thousands, except share and per share data
June 30,
2026		 December 31,
2025
ASSETS (Unaudited)
Real estate investments, at cost:
Land $ 114,099  $ 114,099 
Buildings and improvements 268,970  268,474 
Acquired intangible assets 5,389  5,389 
Total real estate investments, at cost 388,458  387,962 
Less accumulated depreciation and amortization (85,267) (80,579)
Total real estate investments, net 303,191  307,383 
Cash and cash equivalents 2,422  1,297 
Restricted cash 5,517  6,750 
Contract asset 113,182  108,648 
Prepaid expenses and other assets 2,915  3,169 
Straight-line rent receivable 15,094  15,421 
Deferred leasing costs, net 2,430  2,492 
Total assets $ 444,751  $ 445,160 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net $ 249,908  $ 249,565 
Debt associated with property in receivership 99,000  99,000 
Accrued interest associated with property in receivership 14,182  9,648 
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $68 and $(280) at June 30, 2026 and December 31, 2025, respectively)
 25,717  18,739 
Notes payable to related parties 870  650 
Below-market lease liabilities, net 615  708 
Deferred revenue 1,557  2,094 
Total liabilities 391,849  380,404 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2026 and December 31, 2025
 —  — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 3,163,632 and 2,692,941 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
 32  27 
Additional paid-in capital 736,008  731,793 
Distributions in excess of accumulated earnings (683,138) (667,064)
Total stockholders’ equity 52,902  64,756 
Total liabilities and equity $ 444,751  $ 445,160 
7

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Condensed Consolidated Statements of Operations
Amounts in thousands, except share and per share data
Three Months Ended
June 30,
2026		 March 31,
2026		 December 31, 2025 September 30,
2025
Revenue from tenants $ 7,315  $ 7,348  $ 6,476  $ 12,269 
 Expenses:
Asset and property management fees to related parties 1,791  1,552  1,802  1,929 
Property operating 4,303  4,602  4,690  6,640 
Impairment of real estate investments —  —  —  — 
Equity-based compensation 63  91  90  90 
General and administrative 2,884  2,313  1,208  1,755 
Depreciation and amortization 2,490  2,520  2,594  3,086 
Total expenses 11,531  11,078  10,384  13,500 
Operating loss before gain (loss) on disposition of real estate investments (4,216) (3,730) (3,908) (1,231)
Gain (loss) on disposal of real estate investments 2,280  2,254  3,599  44,268 
Operating loss (1,936) (1,476) (309) 43,037 
Other income (expense):
Interest expense (4,086) (4,048) (4,087) (4,124)
Interest expense associated with property in receivership (2,280) (2,254) (2,305) — 
Other income 3  3  4  (8)
Total other expense, net (6,363) (6,299) (6,388) (4,132)
Net income (loss) before income taxes (8,299) (7,775) (6,697) 38,905 
Net income (loss) and Net income (loss) attributable to common stockholders $ (8,299) $ (7,775) $ (6,697) $ 38,905 
Basic and Diluted Net Income (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic $ (3.04) $ (3.04) $ (2.62) $ 13.60 
Weighted average shares outstanding —Basic 2,733,561  2,556,769  2,546,562  2,554,502 
Net income (loss) per share attributable to common stockholders — Diluted $ (3.04) $ (3.04) $ (2.62) $ (3.39)
Weighted average shares outstanding —Diluted 2,733,561  2,556,769  2,546,562  2,629,703 
8

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Non-GAAP Measures
Amounts in thousands
Three Months Ended
June 30,
2026		 March 31,
2026		 December 31, 2025 September 30, 2025
EBITDA:
Net income (loss) and Net income (loss) attributable to common stockholders $ (8,299) $ (7,775) $ (6,696) $ 35,754 
Depreciation and amortization 2,490  2,520  2,594  3,086 
Interest expense 4,086  4,048  4,087  4,124 
Interest expense associated with property in receivership 2,280  2,254  2,305  3,151 
EBITDA 557  1,047  2,290  46,115 
Impairment of real estate investments —  —  —  — 
Gain on disposition of real estate investments (2,280) (2,254) (3,599) (44,268)
Equity-based compensation 63  91  90  90 
Other income (3) (3) (4) 8 
Adjusted EBITDA 2,403  (1,119) (1,223) 1,945 
Asset and property management fees to related parties paid in cash (2,275) 1,552  1,802  1,929 
General and administrative 2,884  2,313  1,208  1,755 
NOI 3,012  2,746  1,787  5,629 
Accretion of below- and amortization of above-market lease liabilities and assets, net (34) (18) (27) (161)
Straight-line rent (revenue as a lessor) 165  138  53  102 
Straight-line ground rent (expense as lessee) —  —  —  (242)
Cash NOI $ 3,143  $ 2,866  $ 1,813  $ 5,328 
9

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Debt Overview
As of June 30, 2026
Year of Maturity Number of Encumbered Properties
Weighted-Average Debt Maturity (Years) (1)
Weighted-Average Interest Rate (1) (2)
Total Outstanding Balance (3)(4)
(In thousands)
2026 (remainder) —  —  —  % — 
2027 1  0.7  4.7  % 140,000 
2028 1  2.4  5.1  % 10,000 
2029 1  3.1  3.9  % 51,000 
2030 —  —  —  % — 
Thereafter —  —  —  % — 
Total Debt 3  1.1  4.6  % $ 201,000 
______
(1)Weighted based on the outstanding principal balance of the debt.
(2)All of the Company’s debt is fixed rate as of June 30, 2026.
(3)Excludes the effect of deferred financing costs, net. Current balances as of June 30, 2026 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.
10

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Future Minimum Lease Rents
As of June 30, 2026
Amounts in thousands
Future Minimum Base Rent Payments (1)
2026 (remainder) $ 13,511 
2027 24,182 
2028 20,411 
2029 19,728 
2030 18,344 
2031 15,537 
Thereafter 63,411 
Total $ 175,124 
_________________
(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.
11

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Top Ten Tenants
As of June 30, 2026
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  % 5.1  Yes
Equinox Retail Fitness 2,897  11  % 12.4  Yes
The City of New York - The Department of Youth and Community Office Government / Public Administration 2,215  8  % 11.5  No
CVS Retail Retail 2,161  8  % 8.2  Yes
United States General Services Administration Office Government / Public Administration 2,050  8  % 1.0  Yes
NYS Licensing Office Government / Public Administration 1,833  7  % 1.1  Yes
Marshalls Retail Retail 1,477  6  % 5.3  Yes
Fundera, Inc. Office Financial Services 1,051  4  % 3.0  No
Universal Services of America, Office Office Space 1,020  4  % 0.1  Yes
Lenox Hill Garage LLC Retail Parking 917  3  % 11.0  Yes
Subtotal 18,958  71  % 6.4 
Remaining portfolio 7,814  29  %
Total Portfolio $ 26,772  100  %
__________________
(1)Calculated using the most recent available lease terms as of June 30, 2026.
(2)Based on straight-line rent as of June 30, 2026.
(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 June 30, 2026. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.
12

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Diversification by Property Type
As of June 30, 2026
Amounts in thousands, except percentages
Total Portfolio
Property Type
Annualized SL Rent (1)
SL Rent Percent Square Feet SqFt. Percent
Office $ 17,604  66  % 392  71  %
Retail 8,395  31  % 148  26  %
Other 773  3  % 16  3  %
Total $ 26,772  100  % 556  100  %
____________
(1)Calculated using the most recent available lease terms as of June 30, 2026.
13

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Diversification by Tenant Industry
As of June 30, 2026
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  29  % 173  31  %
Retail 4,029  15  % 40  7  %
Non-profit 3,337  13  % 65  12  %
Fitness 2,897  11  % 30  5  %
Office Space 2,373  9  % 74  13  %
Parking 1,833  7  % 87  16  %
Financial Services 1,179  4  % 21  4  %
Professional Services 1,050  4  % 20  4  %
Education 754  3  % 16  3  %
Services 450  2  % 10  2  %
Other (2)
1,148  3  % 20  3  %
Total $ 26,772  100  % 556  100  %
____________
(1)Calculated using the most recent available lease terms as of June 30, 2026.
(2)Other includes eight industry types as of June 30, 2026.
14

American Strategic Investment Co.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Lease Expirations
As of June 30, 2026
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)
2026 (Remaining) 6 $ 1,045  3.9  % 40  7.3  %
2027 8 5,442  20.3  % 124  22.3  %
2028 3 1,154  4.3  % 26  4.6  %
2029 4 1,592  5.9  % 32  5.8  %
2030 2 1,143  4.3  % 29  5.2  %
2031 10 5,466  20.4  % 98  17.7  %
2032 — —  —  % —  —  %
2033 4 1,061  4.0  % 21  3.8  %
2034 2 2,161  8.1  % 10  1.8  %
2035 — —  —  % —  —  %
2036 2 365  1.4  % 10  1.7  %
2037 4 4,048  15.1  % 128  23.1  %
2038 3 2,897  10.8  % 30  5.4  %
2039 — —  —  % —  —  %
2040 — —  —  % —  —  %
2041 — —  —  % —  —  %
Thereafter (>2041) 2 398  1.5  % 8  1.0  %
Total 50 $ 26,772  100  % 556  100  %
_______________
(1)Calculated using the most recent available lease terms as of June 30, 2026. Includes tenant concessions, such as free rent, as applicable.
15