(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-39448 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q American Strategic Investment Co. (Exact name of registrant as specified in its charter) | Maryland ...

American Strategic Investment (NYC) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Speaker0 Good morning, and welcome to the American Strategic Investment Company's First Quarter Earnings Call. At this time, all participants are in a listen only I would now like to turn the conference over to Curtis Parker, Senior Vice President. Please go ahead. Speaker1 Thank you. Good morning, everyone, and thank you for joining us for our first quarter twenty twenty five earnings call. This event is also being webcast a ...

AMERICAN STRATEGIC INVESTMENT CO. First Quarter Investor Presentation 0 196 Orchard Street Retail Condominium - New York, NY_ First Quarter 2025 Highlights 1) See appendix for a full description of capitalized terms and Non-GAAP reconciliations. Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, and an attractive top 10 tenant base that is 77% Investment Grade(1)(2) ✓ Portfolio Occupancy(1) of 82.0% with a weighted-average Remaining Lease Term(1) of 5.4 ...

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 | | Diversif ...

Property Ownership and Sales - As of December 31, 2024, the company owned six properties totaling approximately 1.0 million rentable square feet[18]. - The company sold the 9 Times Square property for a gross purchase price of $63.5 million on December 18, 2024[20]. - As of December 31, 2024, the total rentable square footage of the properties owned by the company is 988,453 square feet, with an overall occupancy rate of 80.8%[169]. - The two largest assets, 123 William Street and 1140 Avenue of the Americas, represent approximately 80% of the total rentable square footage and 77% of annualized straight-line rent as of December 31, 2024[76]. - The company has not encountered material risks from cybersecurity threats during the reporting period, but it continues to monitor and manage these risks proactively[167]. Financial Performance and Condition - The company collected 100% of cash rent due across its entire portfolio for the three months ended December 31, 2024[33]. - As of December 31, 2024, the company had cash and cash equivalents of $18.9 million, up from $12.8 million in 2023[57]. - Federal net operating losses (NOLs) totaled $298.8 million as of December 31, 2024, with a portion beginning to expire in 2035[52]. - The company incurred impairment charges of $112.5 million during the year ended December 31, 2024, indicating potential permanent adverse changes in property values[69]. - The company has not paid dividends on its Class A common stock since March 2022, with past dividends being funded from available cash rather than operational cash flow[67]. Corporate Structure and Governance - The company revoked its REIT election effective January 1, 2023, and is now subject to taxation as a C corporation[35]. - The advisory agreement with the Advisor expires on July 1, 2030, and termination could incur a fee of up to $15 million plus four times the previous year's compensation[142]. - The company has a classified board structure that may discourage third-party acquisitions, potentially affecting stockholder value[139]. - The stockholder rights plan adopted by the company may discourage third parties from acquiring more than 4.9% of its outstanding common stock, which could impact stockholder premiums[141]. Market and Economic Conditions - The ongoing economic conditions, including high inflation and interest rates, may impact tenants' ability to make timely rent payments[58]. - The concentration of real estate assets in New York City makes the company particularly vulnerable to economic downturns in that area[50]. - The ongoing Russia-Ukraine conflict may adversely impact business operations and financial performance due to market disruptions and increased geopolitical tensions[78]. - Interest rates increased eleven times during 2022 and 2023, impacting the company's ability to access capital on favorable terms[123]. Lease and Tenant Information - As of December 31, 2024, 32.6% of the rentable square feet in the portfolio is affected by cash trap provisions due to the performance of three properties[60]. - Approximately 42% of the company's leases, based on annualized straight-line rent, are set to expire over the next five years, raising concerns about lease renewals[85]. - Major tenants contributing to 5% or more of total annualized rental income include City National Bank (9.6%), Planned Parenthood Federation of America, Inc. (7.5%), and Equinox (6.4%) as of December 31, 2024[77]. - The company experienced lease terminations, including the bankruptcy of Knotel, which was the second largest tenant based on annualized straight-line rent as of September 30, 2020[58]. Debt and Financing - As of December 31, 2024, the company had total outstanding indebtedness of approximately $347.4 million[114]. - The company was in breach of covenants under three separate mortgage loans aggregating $159.0 million, representing 33% of the total rentable square feet in its portfolio[116]. - The company may need to secure external funding for capital requirements if sufficient cash from operations is not generated, with no assurance of favorable terms[61]. - The company may incur additional indebtedness in the future for various purposes, which could have material adverse consequences[114]. Operational Risks and Challenges - The company has identified material weaknesses in its internal control over financial reporting, leading to restatements of financial statements for certain periods[54]. - The company relies on the Advisor and Property Manager for essential services, and any inability to provide these services could adversely affect operations[43]. - The company faces significant competition in the New York City real estate market, which may impact occupancy levels and rental rates due to competitors having greater financial resources[63]. - The company may face risks related to defaults by borrowers on loans, which could lead to losses if the underlying asset value is less than the loan amount[80]. Future Outlook and Strategy - The company aims to pay quarterly dividends, subject to capital availability, and maximize total returns to stockholders[23]. - The company announced its intention to expand the scope of assets and businesses, including hotels and co-working office spaces, which may not generate REIT-qualifying income[51]. - The company has changed its investment policies to expand into other asset types, revoking its election to be taxed as a REIT effective January 1, 2023[73]. - Future tenant improvements and capital needs may be constrained by significant amounts of restricted cash, potentially impacting property maintenance and leasing activities[68].

American Strategic Investment Co (NYSE:NYC) Q4 2024 Earnings Conference Call March 19, 2025 11:00 AM ET Company Participants Curtis Parker - Senior Vice President Michael Anderson - Chief Executive Officer Mike LeSanto - Chief Financial Officer Conference Call Participants Operator Good morning, and welcome to the American Strategic Investment Co. 's Fourth Quarter and Year End 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. I would now like to turn the conference ove ...

AMERICAN STRATEGIC INVESTMENT CO. Fourth Quarter Investor Presentation 0 196 Orchard Street Retail Condominium - New York, NY_ Fourth Quarter 2024 Highlights Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, and an attractive top 10 tenant base that is 77% Investment Grade(1)(2) Highlights ✓ Portfolio Occupancy(1) of 80.8% with a weighted-average Remaining Lease Term(1) of 6.3 years ✓ Solid tenant base featuring government agencies and Investment Grade ...

Financial Performance - Revenue from tenants for the quarter ended December 31, 2024, was $14,889,000[13] - Net loss attributable to common stockholders was $(6,650,000), resulting in a basic and diluted net loss per share of $(2.60)[13] - Cash NOI for the quarter was $6,395,000, while Adjusted EBITDA was $1,252,000[13] - Total expenses for the quarter were $17,037,000, significantly lower than $44,659,000 in the prior quarter, primarily due to a reduction in impairment of real estate investments[17] - The net loss attributable to common stockholders for the quarter was $6,650,000, compared to a net loss of $34,482,000 in the previous quarter, indicating an improvement[17] - EBITDA for the quarter was $1,243,000, a recovery from a negative EBITDA of $24,789,000 in the prior quarter[18] - The company has a total cash NOI of $6,393,000 for the quarter, slightly down from $6,837,000 in the previous quarter[18] Debt and Assets - Gross asset value as of December 31, 2024, was $598,201,000, with net debt at $340,224,000[13] - Total consolidated debt stood at $350,000,000, with cash and cash equivalents of $9,776,000[13] - The company had a net debt to gross asset value ratio of 56.9% and a weighted-average interest rate cost of 4.4%[13] - The interest coverage ratio was 0.3x, indicating challenges in servicing debt obligations[13] - The company reported total outstanding debt of $350,000,000 with a weighted-average interest rate of 4.4% as of December 31, 2024[19] Real Estate Portfolio - The real estate portfolio comprised 6 properties with 56 tenants, achieving an occupancy rate of 80.8%[13] - Future minimum lease rents due to the company total $261,315,000 over the next five years and thereafter[22] - The top ten tenants contribute 51% of the total annualized straight-line rent of $45,412,000, with City National Bank being the largest tenant at $4,356,000[23] - The portfolio is diversified with 72% of annualized straight-line rent coming from office properties, totaling $32,506,000[26] - The financial services industry accounts for 28% of the total annualized straight-line rent, amounting to $13,118,727[27] Lease Expirations - Total annualized rent from expiring leases as of December 31, 2024, is $45,412,000, representing 101% of rentable square feet[29] - The company has 82 leases expiring, with the largest annualized rent from 8 leases in 2031 totaling $6,234,000, accounting for 14% of total annualized rent[29] - In 2027, 9 leases are set to expire with an annualized rent of $5,949,000, which is 13% of total annualized rent[29] - The total rentable square feet expiring is 801,000, with the highest contribution from 8 leases in 2031 at 111,000 square feet, also 14% of total rentable square feet[29] - The company has 2 leases expiring after 2039, with an annualized rent of $398,000, representing 1% of total annualized rent[29] - The year 2028 has 9 leases expiring with an annualized rent of $3,500,000, accounting for 8% of total annualized rent[29] - The year 2026 has 7 leases expiring with an annualized rent of $2,155,000, which is 5% of total annualized rent[29] - The year 2037 has 4 leases expiring with an annualized rent of $4,048,000, representing 9% of total annualized rent[29] - The year 2034 has 4 leases expiring with an annualized rent of $3,425,000, accounting for 8% of total annualized rent[29] - The year 2030 has 5 leases expiring with an annualized rent of $2,919,000, which is 6% of total annualized rent[29] Company Status - The company terminated its status as a REIT effective January 1, 2023, but did not change its non-GAAP metrics for performance evaluation[5]

Core Viewpoint - American Strategic Investment Co. has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on the changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts for the current and following years [2]. - The Zacks rating upgrade reflects a positive outlook on the company's earnings, which could lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimates on Stock Prices - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors often adjust their valuations based on earnings estimates, leading to significant stock price movements when they buy or sell large amounts of shares [5]. Performance of Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The system maintains a balanced distribution of 'buy' and 'sell' ratings, ensuring that only the top 20% of stocks are rated highly based on earnings estimate revisions [10][11]. Specifics for American Strategic Investment Co. - For the fiscal year ending December 2024, American Strategic Investment Co. is expected to earn -$55.99 per share, reflecting a change of -217.2% from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for the company has increased by 1.5%, indicating a positive trend in earnings estimates [9][12].

Property and Occupancy - As of September 30, 2024, the company owned seven properties with a total of 1.2 million rentable square feet, acquired for an aggregate purchase price of $783.5 million, and an overall occupancy rate of 85.8%[160] - The overall portfolio occupancy improved to 85.8% as of September 30, 2024, up from 85.1% as of September 30, 2023[176] - New leases signed during the nine months ended September 30, 2024, contributed to occupancy improvements at key properties, including 9 Times Square (70.6%) and 1140 Avenue of the Americas (79.3%)[176][177] - Occupancy at 400 E. 67th Street/200 Riverside Blvd decreased to 94.2% as of September 30, 2024, compared to 100% for the same period in 2023[178] - Occupancy across the portfolio decreased to 85.8% as of September 30, 2024, down from 86.7% as of December 31, 2023[248] - Occupancy at 123 William Street decreased to 89.3% as of September 30, 2024, down from 91.4% as of December 31, 2023[249] - Occupancy at 1140 Avenue of the Americas increased to 79.3% as of September 30, 2024, compared to 77.1% as of December 31, 2023[249] - Occupancy at 400 E. 67th Street/200 Riverside Blvd. decreased to 94.2% as of September 30, 2024, from 100% as of December 31, 2023[249] - As of September 30, 2024, approximately 82% of leases contain rent escalation provisions, averaging a cumulative increase of 2.1% per year[266] Financial Performance - Revenue from tenants decreased to $15.4 million for the quarter ended September 30, 2024, down from $16.0 million in the same quarter of 2023, representing a decrease of approximately 3.5%[184] - Net loss attributable to common stockholders was $34.5 million for the quarter ended September 30, 2024, compared to $9.4 million for the same quarter in 2023, indicating an increase in net loss of approximately 267%[182] - Total operating expenses increased significantly to $44.7 million for the quarter ended September 30, 2024, compared to $20.7 million for the same quarter in 2023, reflecting an increase of approximately 116%[183] - Impairment charges for real estate investments totaled $27.8 million for the quarter ended September 30, 2024, compared to $0.4 million for the same quarter in 2023, marking a substantial increase of approximately 6,850%[189] - Interest expense rose to $5.3 million for the quarter ended September 30, 2024, compared to $4.7 million for the same quarter in 2023, an increase of approximately 12%[197] - Net loss attributable to common stockholders for the nine months ended September 30, 2024, was $133.9 million, compared to $32.0 million for the same period in 2023, reflecting an increase of approximately 318%[201] - Revenue from tenants for the nine months ended September 30, 2024, was $46.7 million, down from $47.3 million for the same period in 2023, a decrease of approximately 1.4%[201] - Total operating expenses for the nine months ended September 30, 2024, increased to $165.5 million from $65.3 million for the same period in 2023, an increase of approximately 153%[201] Debt and Financing - Two mortgages totaling $109.0 million remained in cash trap events as of September 30, 2024, limiting the use of excess cash flows from those properties[167] - The company has breached debt service coverage provisions under the non-recourse mortgage for 1140 Avenue of the Americas for 17 consecutive quarters, with a principal amount of $99.0 million[231] - A lease sweep period was triggered for the 400 E. 67th Street/200 Riverside Blvd. property due to a near-maturity lease, with a principal amount of $50.0 million[235] - The company's net debt was $394.3 million with a gross asset value of $655.8 million, resulting in a leverage ratio of 60.1% as of September 30, 2024[226] - The company’s gross borrowings totaled $399.5 million with a weighted-average interest rate of 4.90% and a weighted-average maturity of 2.5 years[227] Corporate Actions - The company terminated its REIT election effective January 1, 2023, to expand its investment strategy beyond qualifying REIT income[161] - A reverse stock split of 1-for-8 was executed on January 11, 2023, converting each outstanding share of Class A common stock into 0.125 shares[162] - The company raised gross proceeds of $5.0 million through a non-transferable rights offering completed on February 22, 2023[163] - The company entered into a definitive purchase and sale agreement to sell the 9 Times Square property for a contract sales price of $63.5 million, expected to be consummated no later than January 2025[199] - The company has executed a purchase and sale agreement to dispose of the 9 Times Square property for a contract purchase price of $63.5 million, expected to close by January 2025[255] - The company did not make any new acquisitions or investments in the quarter ended September 30, 2024[219] - The company has not declared any dividends since June 30, 2022, and there is no assurance of future dividends[246] - The company has not paid dividends to stockholders since those declared and paid through the six months ended June 30, 2022[263] Challenges and Risks - The company faced challenges in leasing and maintaining occupancy due to the ongoing impacts of the COVID-19 pandemic, affecting cash flows and compliance with mortgage debt covenants[166] - The geopolitical instability and inflationary conditions have been identified as risks that could impact future operations and financial results[159] Cash and Liquidity - Cash and cash equivalents were $5.2 million as of September 30, 2024, compared to $5.3 million at the end of 2023[220] - Restricted cash increased to $10.5 million as of September 30, 2024, from $7.5 million as of December 31, 2023[221] - The company had $3.1 million in restricted cash due to loan covenant breaches at 1140 Avenue of the Americas as of September 30, 2024, compared to $2.5 million as of December 31, 2023[231] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2024, totaled $0.9 million, primarily for tenant and building improvements[252] - The company expects capital expenditures for the full year ending December 31, 2024, to be lower compared to 2023[253] Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2024, was $3.095 million, compared to $3.410 million for the same period in 2023[262]