(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 Company Participants Curtis Parker - Senior Vice PresidentNicholas Schorsch - CEOMichael LeSanto - CFO, Principal Accounting Officer and Principal Financial Officer & Treasurer Operator 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. Ple ...

Financial Data and Key Metrics Changes - First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024, primarily due to the sale of Nine Times Square in Q4 2024 [11] - GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025, compared to a net loss of $7.6 million in Q1 2024 [11] - Adjusted EBITDA for Q1 2025 was negative $800,000, down from $2.9 million in Q1 2024 [11] - Cash net operating income was $4.2 million in Q1 2025, compared to $7 million in Q1 2024 [11] - At quarter end, net leverage was approximately 58%, with a weighted average interest rate of 4.4% and a weighted average debt maturity of 2.3 years [12] Business Line Data and Key Metrics Changes - The company focused on leasing available space and extending leases, achieving 120 basis points of occupancy growth to 82% compared to the previous quarter [6] - The portfolio's weighted average remaining lease term was 5.4 years, with 51% of leases extending beyond February 2030 [8] Market Data and Key Metrics Changes - The real estate portfolio is valued at $488 million and consists of 1 million square feet primarily located in Manhattan, benefiting from a strong tenant base including large investment-grade firms [8][9] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to unlock value and diversify holdings, with plans to use proceeds to retire debt and invest in higher-yielding assets [7] - The strategy to divest select Manhattan assets aims to reduce leverage and pursue more profitable ventures, enhancing shareholder value [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and expects to close additional leasing and renewals in Q2 2025 [6] - The focus on resilient industries and transit-oriented locations is believed to position the portfolio well for maximizing shareholder value [10] Other Important Information - The company will hold its annual meeting of shareholders virtually on May 29, 2025 [4] Q&A Session Summary - No specific questions and answers were provided in the content.

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].

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2024, was $61.6 million, a decrease from $62.7 million in 2023. Fourth quarter revenue was $14.9 million compared to $15.4 million in Q4 2023 [16] - The full year GAAP net loss attributed to common stockholders was $140.6 million, compared to a net loss of $105.9 million in 2023. The net loss for the quarter was $6.7 million compared to $73.9 million for Q4 2023 [17] - Adjusted EBITDA for 2024 was $11.9 million, with $1.3 million for the fourth quarter. Cash NOI for the full year was $27.6 million, slightly up from $27.3 million in 2023, and $6.4 million for Q4 compared to $6.3 million in Q4 2023 [17] - The company ended the fourth quarter with net debt of $340.2 million at a weighted average effective interest rate of 4.4% [18] Business Line Data and Key Metrics Changes - The existing portfolio consists of six real estate assets throughout New York City, primarily in Manhattan, with a total value of $470.8 million and an occupancy rate of 80.8% [11] - The top 10 tenants in the portfolio are 77% investment grade or implied investment grade based on straight-line rent, with a weighted average remaining lease term of eight years [11] Market Data and Key Metrics Changes - The company is focusing on securing tenants in resilient industries such as well-capitalized financial services companies and medical institutions [12] - The asset management team secured five new leases totaling over 37,000 square feet and $2 million of straight-line rent during 2024 [13] Company Strategy and Development Direction - The company completed the sale of 9 Times Square for $63.5 million, improving leverage on the balance sheet and generating net proceeds of approximately $13.5 million [9] - The strategy includes diversifying beyond real estate in Manhattan through the strategic sale of properties and acquisition of higher-yielding assets [10] - The company aims to build a portfolio that will be accretive to shareholders while exploring additional income-generating investments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to unlock future value for shareholders despite the challenges faced in the past year [22] - The transition in leadership with the appointment of Nick Schorsch Jr. as the new CEO is expected to bring new opportunities for the company [21] Other Important Information - All fourth quarter 2024 financial information is un-audited, and the company maintains a conservative balance sheet with 100% fixed-rate debt and a net leverage of 56.9% [18] - The company has a proactive approach to building a pipeline of new and renewal leases to increase occupancy in its portfolio [13] Q&A Session Summary - The call concluded without a formal Q&A session, as indicated by the operator's closing remarks [23]

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].