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]

Financial Data and Key Metrics Changes - Third quarter 2024 revenue was $15.4 million, down from $16 million in the same quarter of 2023 [17] - GAAP net loss attributable to common stockholders was $34.5 million in Q3 2024, compared to a net loss of $9.4 million in Q3 2023, primarily due to noncash impairments [17] - Adjusted EBITDA for Q3 2024 was $3.1 million, down from $3.4 million in Q3 2023 [18] - Cash net operating income grew by $0.3 million to $6.8 million from $6.5 million in Q3 2023 [18] - Net leverage at quarter end was approximately 60%, with a weighted average interest rate of 4.9% and 2.5 years of weighted average debt maturity [19] Business Line Data and Key Metrics Changes - The company achieved a 70 basis point increase in occupancy to 85.8% compared to Q3 2023 [9] - The sale of the property at 9 Times Square for $63.5 million is expected to close in Q4 2024, which will reduce leverage and generate net proceeds of approximately $13.5 million [10] Market Data and Key Metrics Changes - Positive net absorption was reported in the New York City office market, reversing a long-running trend and halting vacancy rates [15] - Strong interest from potential lessees for remaining available space in the company's portfolio was noted [15] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to diversify its portfolio into higher-yielding assets [11][12] - The weighted average remaining lease term is 5.9 years, with 45% of leases extending beyond 2030 [13] - The company is focusing on resilient industries and transit-oriented locations to position itself for long-term success [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the effectiveness of their portfolio management strategy, emphasizing tenant retention, property enhancements, and cost control [16] - The anticipated cash proceeds from asset divestitures will be crucial for expanding into new higher-yielding opportunities [21] Other Important Information - A noncash impairment of $1.9 million was incurred for the property at 9 Times Square in Q3 2024 [10] - The company has let go of its REIT status, providing more flexibility in owning and operating assets [26] Q&A Session Summary Question: How are the properties being marketed for sale? - Management confirmed that brokers are engaged for both properties, with 196 Orchard attracting family office investors and 123 William Street attracting institutional interest [23] Question: Where might the proceeds from sales be reinvested? - Management indicated interest in core iconic real estate outside of New York City, particularly in the New England area, focusing on hospitality and operating business mixes [25] Question: What improvements are seen in leasing trends in New York City? - Management noted a marked increase in return-to-office trends, with many tenants looking to expand their footprint after previously downsizing during COVID [28]

分组1 - American Strategic Investment Co. reported a quarterly loss of $2.62 per share, which aligns with the Zacks Consensus Estimate, and is an improvement from a loss of $4.10 per share a year ago [1] - The company posted revenues of $15.45 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 1.67%, and down from $16.02 million year-over-year [2] - The stock has increased approximately 9.4% since the beginning of the year, while the S&P 500 has gained 25.8% [3] 分组2 - The earnings outlook for American Strategic Investment Co. is uncertain, with current consensus EPS estimates at -$2.27 for the coming quarter and -$45.26 for the current fiscal year [7] - The Zacks Industry Rank indicates that the Real Estate - Operations sector is in the bottom 41% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for the company is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Financial Performance - Revenue from tenants for the quarter ended September 30, 2024, was $15,447,000[12] - Net loss attributable to common stockholders was $(34,482,000), resulting in a basic and diluted net loss per share of $(13.52)[12] - Cash NOI for the quarter was $6,761,000, while Adjusted EBITDA was $3,095,000[12] - The company reported an operating loss of $29,212,000 for the quarter, compared to a loss of $2,920,000 in the previous quarter[17] - Net loss attributable to common stockholders for the quarter was $34,482,000, significantly higher than the loss of $7,608,000 in the previous quarter[17] - EBITDA for the quarter was $(24,789,000), a decrease from $(81,499,000) in the previous quarter[18] - Cash NOI for the quarter was $6,761,000, down from $7,416,000 in the previous quarter[18] Assets and Liabilities - Gross asset value as of September 30, 2024, was $655,801,000, with total assets amounting to $567,912,000[12] - Total assets decreased to $567,912,000 as of September 30, 2024, down from $694,172,000 at the end of 2023, representing a decline of approximately 18.2%[16] - Total consolidated debt stood at $399,500,000, with net debt at $394,266,000[12] - Total liabilities increased to $475,539,000 as of September 30, 2024, compared to $469,378,000 at the end of 2023[16] - Cash and cash equivalents were reported at $5,234,000, a slight decrease from $5,292,000 at the end of the previous quarter[16] Debt and Interest - The company reported a net debt to gross asset value ratio of 60.1% and a net debt to annualized adjusted EBITDA ratio of 31.8x[12] - The weighted-average interest rate cost was 4.9%, with a weighted-average debt maturity of 2.5 years[12] - The weighted average interest rate on total debt was 4.9% with a total outstanding balance of $399,500,000 as of September 30, 2024[19] - The interest coverage ratio was calculated at 0.6x, indicating the company's ability to service its debt obligations[12] Real Estate Portfolio - The real estate portfolio comprised 7 properties and 79 tenants, with an overall leased rate of 85.8%[12] - Future minimum base rent payments due to the company total $370,429,000, with $13,626,000 for the remainder of 2024 and $50,968,000 for 2025[21] - The top ten tenants contribute an annualized straight-line rent of $24,949,000, representing 42% of total portfolio rent[22] - The total portfolio annualized straight-line rent is $58,995,000, with 73% from office properties and 24% from retail properties[25] - The financial services industry accounts for $13,920,000 in annualized straight-line rent, making up 24% of total rent[26] - Lease expirations for 2024 include 8 leases with an annualized straight-line rent of $6,733,000, representing 11.4% of total rent[28] - The remaining portfolio outside the top ten tenants generates $34,046,000 in annualized straight-line rent, which is 58% of total rent[22] - Investment-grade tenants account for 61% of the top ten tenants, with an additional 20% rated as implied investment grade[24] - The office property type comprises 82% of the total square footage, totaling 813,000 square feet[25] - The company has a total of 110 leases expiring, with a total annualized straight-line rent of $58,995,000[28] Impairments and Changes - The company recognized an impairment of real estate investments amounting to $27,817,000 for the quarter[17] - The company terminated its status as a REIT effective January 1, 2023, but did not change its non-GAAP metrics for performance evaluation[4]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew nearly 50% compared to Q2 2023, reflecting effective cost management and leasing success [5] - Revenue for Q2 2024 was flat at $15.8 million compared to Q2 2023 [10] - GAAP net loss attributable to common stockholders was $91.9 million in Q2 2024, compared to a net loss of $10.9 million in Q2 2023, primarily due to a non-cash impairment [10] Business Line Data and Key Metrics Changes - Cash net operating income remained nearly flat at $7.4 million compared to $7.5 million in Q2 2023 [10] - Occupancy increased by 80 basis points to 85.9% compared to the same quarter in 2023 [5] Market Data and Key Metrics Changes - The portfolio's weighted average remaining lease term was 6.3 years, with 45% of leases extending beyond 2030 [7] - 81% of the top 10 tenants are investment grade or implied investment grade, with a remaining lease term of 7.9 years [8] Company Strategy and Development Direction - The company is focused on divesting certain Manhattan assets to reduce leverage and pursue higher yielding opportunities [9][11] - Proceeds from asset sales will be used to diversify the portfolio into higher yielding assets [7] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in foot traffic and leasing activity, indicating a potential recovery in the office market [16] - There is optimism regarding the divestment strategy and its potential to enhance shareholder value [11][19] Other Important Information - A non-binding agreement to sell a property at Nine Times Square for $63.5 million was finalized, expected to generate net proceeds of approximately $13.5 million [6] - The company has a conservative balance sheet with a net leverage of approximately 56% and a weighted average interest rate of 4.9% [10] Q&A Session Summary Question: Can you provide more details on the redeployment of proceeds from the sale of 123 William and 196 Orchard? - Management indicated that they are considering investments in the New England region and real estate coupled with operating business type investments [12] Question: What is the level of interest in the two assets, and do you expect them to be under contract soon? - Management has begun receiving offers and expects both assets to potentially be under contract by year-end [13] Question: Is there a non-refundable deposit for the Nine Times Square sale? - Yes, a non-refundable deposit of approximately 10% of the purchase price has been received [14] Question: Any updates on leasing activity at 123 and 1140? - Management reported significant interest in 123, with existing tenants looking to expand, and continued traffic at 1140 [15] Question: Are there signs that the office market has bottomed out? - Management observed increased foot traffic and leasing activity, suggesting a recovery in the office market [16]

Financial Performance - American Strategic Investment Co. reported a quarterly loss of $2.84 per share, which was better than the Zacks Consensus Estimate of a loss of $2.99, and an improvement from a loss of $4.77 per share a year ago, indicating an earnings surprise of 5.02% [1] - The company posted revenues of $15.75 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.92%, and showing a slight decline from revenues of $15.78 million in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once and has not been able to beat consensus revenue estimates during this period [2] Stock Performance and Outlook - Shares of American Strategic Investment Co. have increased by approximately 9.7% since the beginning of the year, compared to the S&P 500's gain of 11.5% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at -$3 for the coming quarter and -$12.32 for the current fiscal year [7] Industry Context - The Real Estate - Operations industry, to which American Strategic Investment Co. belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - The net loss attributable to common stockholders for the quarter ended June 30, 2024, was $91.9 million, compared to a net loss of $10.9 million for the same quarter in 2023[124]. - Net loss attributable to common stockholders was $99.5 million for the six months ended June 30, 2024, compared to $22.7 million for the same period in 2023, reflecting a significant increase in losses[135]. - Revenue from tenants decreased slightly to $15.8 million for the three months ended June 30, 2024, compared to $15.8 million for the same period in 2023[126]. - Revenue from tenants decreased to $31.2 million for the six months ended June 30, 2024, from $31.3 million for the same period in 2023, primarily due to lower reimbursable operating expenses[137]. - Adjusted EBITDA for the three months ended June 30, 2024, was $4,479,000, compared to $3,002,000 for the same period in 2023, representing a 49.1% increase[174]. Property and Occupancy - As of June 30, 2024, the company owned seven properties with a total of 1.2 million rentable square feet and an overall occupancy rate of 85.9%[112]. - The occupancy rate at 9 Times Square improved to 70.6% as of June 30, 2024, up from 68.0% a year earlier, due to new leases signed[121]. - The occupancy rate at 1140 Avenue of the Americas increased to 79.3% as of June 30, 2024, compared to 74.6% for the same period in 2023[121]. - The overall portfolio occupancy improved from 85.1% as of June 30, 2023, to 85.9% as of June 30, 2024[121]. - Occupancy across the portfolio decreased to 85.9% as of June 30, 2024, down from 86.7% as of December 31, 2023[167]. Expenses and Charges - Property operating expenses increased to $8.5 million for the three months ended June 30, 2024, from $8.4 million for the same period in 2023, primarily due to higher maintenance expenses[127]. - Impairment charges of $84.7 million were recorded for the 9 Times Square property during the three months ended June 30, 2024, significantly higher than the $0.2 million impairment recorded for the same period in 2023[128]. - General and administrative expenses decreased to $2.0 million for the three months ended June 30, 2024, from $2.4 million for the same period in 2023, attributed to lower legal and insurance fees[130]. - Depreciation and amortization expense decreased to $5.2 million for the three months ended June 30, 2024, compared to $6.7 million for the same period in 2023, due to a lower depreciable asset base[131]. - Interest expense increased to $5.2 million for the three months ended June 30, 2024, from $4.7 million for the same period in 2023, partly due to the maturity of a $49.5 million interest rate swap[133]. Capital and Financing - The company raised gross proceeds of $5.0 million through a non-transferable rights offering completed on February 22, 2023[112]. - The company borrowed $0.15 million from the Advisor for working capital needs, with an interest rate of 9.39%[162]. - As of June 30, 2024, the company's net debt was $394.3 million, gross asset value was $705.5 million, and leverage was 55.9%[154]. - The company had six mortgage loans with an aggregate balance of $399.5 million, bearing a weighted-average effective interest rate of 4.90%[155]. - The principal amount of the loan secured by 1140 Avenue of the Americas was $99.0 million, with breaches in debt service coverage provisions for the last 16 quarters[156]. Strategic Changes - The company terminated its REIT election effective January 1, 2023, to expand its investment strategy beyond qualifying REIT income[112]. - The company did not make any new acquisitions or investments in the quarter ended June 30, 2024[149]. - A purchase and sale agreement has been executed to dispose of the 9 Times Square property for a contract price of $63.5 million, expected to close by January 2025[170]. - The company expects to invest less in capital expenditures for the full year ending December 31, 2024, compared to 2023[169]. Cash Flow and Liquidity - Net cash provided by operating activities was $739,000 for the six months ended June 30, 2024, a significant increase from a net cash used of $4.2 million in the same period of 2023[145]. - Cash and cash equivalents as of June 30, 2024, were $5.2 million, slightly down from $5.3 million as of December 31, 2023[150]. - As of June 30, 2024, two mortgages totaling $109.0 million remained in cash trap events, limiting the use of excess cash flows[113]. - As of June 30, 2024, the company was operating under two cash traps at properties representing 23% of the rentable square feet in its portfolio[153]. Dividends and Shareholder Returns - The company has not declared any dividends since June 30, 2024, with an annual rate of $3.20 per share prior to that[166]. - The company has not paid dividends to stockholders since those declared and paid through the six months ended June 30, 2022, with future dividends dependent on profitability and cash flow generation[175]. Market and Economic Conditions - Approximately 83% of the company's leases contain rent escalation provisions, which increase cash rent by an average cumulative increase of 2.2% per year[177]. - As of June 30, 2024, the 12-month CPI increase was 3.0%, which may impact leases without indexed escalation provisions[177]. - There has been no material change in the company's exposure to market risk during the six months ended June 30, 2024[180]. - The company has no off-balance sheet arrangements that materially affect its financial condition or results of operations[179].

Financial Performance - Revenue from tenants for the quarter ended June 30, 2024, was $15,754,000[6] - Net loss attributable to common stockholders for the same period was $(91,851,000), resulting in a basic and diluted net loss per share of $(36.48)[6] - Cash Net Operating Income (Cash NOI) for the quarter was $7,416,000[6] - Adjusted EBITDA for the quarter was $4,479,000[6] - The company reported an operating loss of $86,659,000 for the quarter, compared to a loss of $2,920,000 in the prior quarter, indicating a significant increase in losses[10] - Net loss attributable to common stockholders was $91,851,000 for the quarter, compared to $7,608,000 in the previous quarter, reflecting a substantial increase in net losses[10] - EBITDA for the quarter was $(81,499,000), a decrease from $2,350,000 in the prior quarter, highlighting a negative trend in earnings before interest, taxes, depreciation, and amortization[11] Assets and Liabilities - Gross asset value as of June 30, 2024, was $705,499,000[6] - The company had total assets of $598,916,000 and cash and cash equivalents of $5,222,000[6] - Total assets decreased to $598,916,000 as of June 30, 2024, down from $694,172,000 at December 31, 2023, representing a decline of approximately 13.7%[9] - Total liabilities increased slightly to $472,137,000 as of June 30, 2024, compared to $469,378,000 at December 31, 2023[9] - Total consolidated debt amounted to $399,500,000, with net debt at $394,278,000[6] Debt and Interest - The interest coverage ratio was 0.9x, indicating the company's ability to service its debt obligations[6][8] - The weighted-average interest rate cost was 4.9%, with a weighted-average debt maturity of 2.7 years[6][8] - The weighted average interest rate on total debt was 4.9% as of June 30, 2024, with total outstanding debt at $399,500,000[13] Real Estate Portfolio - The real estate portfolio consisted of 7 properties and 77 tenants, with a leased percentage of 85.9%[6] - The top ten tenants contribute 42% of the total annualized straight-line rent of $58,647,000, with the largest tenant, City National Bank, accounting for 7%[17] - The office property type represents 73% of the total annualized rent, amounting to $42,976,000, while retail accounts for 24% at $14,334,000[19] - The financial services industry contributes 24% of the total straight-line rent, totaling $13,920,000[20] - The company has a total of 111 leases, with a total rentable square footage of 993,000[23] - Investment-grade tenants account for 61% of the top ten tenants, with an additional 20% rated as implied investment grade[18] - The company has a diversified portfolio with 82% of square footage in office properties and 17% in retail[19] Future Lease Expirations - In 2024, 12 leases are expiring, representing 13.1% of annualized straight-line rent, totaling $7,597,000[23] - The largest lease expiration in 2027 will involve 13 leases, representing 10.8% of annualized straight-line rent[23] - Future minimum base rent payments due to the company total $382,493,000 over the next five years and thereafter[15] Impairments - The company recorded an impairment of real estate investments amounting to $84,724,000 for the quarter, a significant increase from $66,053,000 in the previous quarter[10]

NEW YORK, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced (i) the early participation results, as of 5:00 p.m. (New York City time) on August 2, 2024 (the "Original Early Participation Date"), of its previously announced private offers to exchange the 10 outstanding series of notes listed in the table below and maturing from 2025 through 2028 (collectively, the "Old Notes"), in each case, for newly issued notes of Verizon due 2035 (the "New Notes" ...

NEW YORK, June 4, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating American Strategic Investment Company (NYSE: NYC), relating to a tender offer from Bellevue Capital Partners, LLC. Under the terms of the agreement, Bellevue Capital Partners offers to purchas ...