[Forward-looking Statements](index=2&type=section&id=Forward-looking%20Statements) This section highlights inherent risks and uncertainties that may cause actual results to differ from forward-looking statements - This report contains forward-looking statements involving risks and uncertainties that could cause actual results to differ materially. Key risks include the benefits of terminating REIT status, success in acquiring new assets, geopolitical instability (Russia/Ukraine, Israel/Hamas), inflation, interest rates, and the ability to meet NYSE listing requirements[3](index=3&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Definitions) This section outlines the company's non-GAAP financial measures and their application for performance evaluation [Definitions and Usage of Non-GAAP Measures](index=3&type=section&id=Non-GAAP%20Definitions) This section defines key non-GAAP metrics like EBITDA, Adjusted EBITDA, NOI, and Cash NOI, explaining their purpose and limitations - The company uses **EBITDA**, **Adjusted EBITDA**, **NOI**, and **Cash NOI** as key performance indicators[4](index=4&type=chunk) - Despite terminating its REIT status effective January 1, 2023, the company has not changed the non-GAAP metrics used to evaluate performance[5](index=5&type=chunk) - **Adjusted EBITDA** is defined as EBITDA adjusted for acquisition expenses, listing costs, non-cash items, and equity-based compensation, and is considered a measure of the ability to service debt[9](index=9&type=chunk) - **NOI** reflects property-level income and expenses on an unleveraged basis, excluding items like interest expense and depreciation to better show a property's operational results[10](index=10&type=chunk) - **Cash NOI** is defined as NOI excluding non-cash items like amortization of lease intangibles and straight-line rent adjustments, intended to reflect the current financial performance of properties[11](index=11&type=chunk) [Key Metrics](index=5&type=section&id=Key%20Metrics) This section summarizes the company's financial and operational performance for Q1 2025, including key portfolio statistics [Q1 2025 Key Metrics Summary](index=5&type=section&id=Key%20Metrics) Q1 2025 results show a net loss of $8.6 million, negative Adjusted EBITDA, and a portfolio of 6 properties with $350 million in debt Financial & Capitalization Highlights (Q1 2025) | Metric | Value (in thousands, except where noted) | | :--- | :--- | | Revenue from tenants | $12,308 | | Net loss attributable to common stockholders (in thousands) | $(8,592) | | Basic and diluted net loss per share ($) | $(3.39) | | Cash NOI | $4,234 | | Adjusted EBITDA | $(832) | | Total consolidated debt (in thousands) | $350,000 | | Net debt (in thousands) | $342,917 | | Net debt to gross asset value | 57.9% | | Weighted-average interest rate cost (%) | 4.4% | | Weighted-average debt maturity (years) | 2.3 | Real Estate Portfolio Snapshot (Q1 2025) | Metric | Value | | :--- | :--- | | Number of properties | 6 | | Number of tenants | 83 | | Square footage (millions) | 1.0 | | Leased Percentage (%) | 82.0% | | Weighted-average remaining lease term (years) | 5.4 | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's balance sheets and statements of operations, highlighting key financial trends [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $499.4 million by Q1 2025, while liabilities slightly increased and equity declined Balance Sheet Comparison (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net (in thousands) | $395,573 | $398,759 | | Cash and cash equivalents (in thousands) | $7,083 | $9,776 | | **Total assets (in thousands)** | **$499,377** | **$507,066** | | Mortgage notes payable, net (in thousands) | $347,637 | $347,384 | | **Total liabilities (in thousands)** | **$422,291** | **$421,480** | | **Total stockholders' equity (in thousands)** | **$77,086** | **$85,586** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 saw a net loss of $8.6 million, or ($3.39) per share, with declining revenue from tenants Quarterly Operating Results (in thousands, except per share data) | Metric | Q1 2025 | Q4 2024 | Q3 2024 | | :--- | :--- | :--- | :--- | | Revenue from tenants (in thousands) | $12,308 | $14,889 | $15,447 | | Total expenses (in thousands) | $16,823 | $17,037 | $44,659 | | Operating loss (in thousands) | $(4,515) | $(2,424) | $(29,212) | | Net loss (in thousands) | $(8,592) | $(6,650) | $(34,482) | | Net loss per share — Basic and Diluted ($) | $(3.39) | $(2.60) | $(13.52) | - Revenue from tenants has shown a consistent decline over the last four quarters[16](index=16&type=chunk) [Non-GAAP Measures Reconciliation](index=8&type=section&id=Non-GAAP%20Measures) This section provides a reconciliation of GAAP net loss to key non-GAAP performance metrics, including Adjusted EBITDA and Cash NOI [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=Non-GAAP%20Measures) Q1 2025 Adjusted EBITDA turned negative at $(832) thousand, while Cash NOI declined to $4.2 million Quarterly Non-GAAP Performance (in thousands) | Metric | Q1 2025 | Q4 2024 | Q3 2024 | | :--- | :--- | :--- | :--- | | Net loss (in thousands) | $(8,592) | $(6,650) | $(34,482) | | EBITDA (in thousands) | $(918) | $1,243 | $(24,789) | | **Adjusted EBITDA (in thousands)** | **$(832)** | **$1,252** | **$3,095** | | NOI (in thousands) | $4,171 | $5,868 | $6,851 | | **Cash NOI (in thousands)** | **$4,234** | **$6,395** | **$6,761** | | Total cash paid for interest (in thousands) | $4,593 | $4,286 | $4,906 | [Debt & Lease Overview](index=9&type=section&id=Debt%20%26%20Lease%20Overview) This section details the company's debt structure and future minimum lease rent obligations [Debt Overview](index=9&type=section&id=Debt%20Overview) As of Q1 2025, total debt is $350 million with a 2.3-year weighted-average maturity and 4.4% interest rate Debt Maturity Schedule (as of March 31, 2025) | Year of Maturity | Total Outstanding Balance (in thousands) | | :--- | :--- | | 2027 | $99,000 | | 2028 | $140,000 | | 2029 | $60,000 | | 2030 | $51,000 | | **Total Debt** | **$350,000** | - The weighted-average debt maturity is **2.3 years** and the weighted-average interest rate is **4.4%**[18](index=18&type=chunk) - All debt is fixed-rate except for one variable-rate loan[19](index=19&type=chunk) [Future Minimum Lease Rents](index=10&type=section&id=Future%20Minimum%20Lease%20Rents) Total future minimum base rent payments amount to $309.3 million, with $43.7 million expected in remaining 2025 Future Minimum Base Rent Schedule (in thousands) | Period | Future Minimum Base Rent (in thousands) | | :--- | :--- | | 2025 (remainder) | $43,729 | | 2026 | $40,181 | | 2027 | $36,730 | | 2028 | $32,062 | | 2029 | $29,960 | | 2030 | $27,560 | | Thereafter | $99,091 | | **Total** | **$309,313** | [Portfolio Composition](index=11&type=section&id=Portfolio%20Composition) This section details the company's real estate portfolio, including tenant diversification, property types, industry exposure, and lease expiration schedule [Top Ten Tenants](index=11&type=section&id=Top%20Ten%20Tenants) The top ten tenants contribute 51% of annualized straight-line rent, with City National Bank as the largest at 10% Top 5 Tenants by Annualized SL Rent | Tenant | Annualized SL Rent (in thousands) | Percent of Total (%) | Remaining Lease Term (Years) | | :--- | :--- | :--- | :--- | | City National Bank | $4,356 | 10% | 8.3 | | Planned Parenthood | $3,388 | 7% | 6.3 | | Equinox | $2,897 | 6% | 13.7 | | The City of New York | $2,215 | 5% | 12.8 | | CVS | $2,161 | 5% | 9.4 | - The top 10 tenants account for **51%** of total annualized straight-line rent[22](index=22&type=chunk) - Of the top 10 tenants, **55%** have actual investment grade ratings and **22%** have implied investment grade ratings[24](index=24&type=chunk) [Diversification by Property Type](index=12&type=section&id=Diversification%20by%20Property%20Type) The portfolio is heavily weighted towards office properties, comprising 71% of rent and 77% of square footage Portfolio by Property Type | Property Type | Annualized SL Rent (in thousands) | Percent of Rent (%) | Square Feet (in thousands) | Percent of SqFt (%) | | :--- | :--- | :--- | :--- | :--- | | Office | $32,292 | 71% | 626 | 77% | | Retail | $12,133 | 27% | 159 | 20% | | Other | $1,066 | 2% | 24 | 3% | | **Total** | **$45,491** | **100%** | **809** | **100%** | [Diversification by Tenant Industry](index=13&type=section&id=Diversification%20by%20Tenant%20Industry) Tenant industries are concentrated in Financial Services (26%) and Government/Public Administration (17%) Top 5 Industries by Annualized SL Rent | Industry Type | Annualized SL Rent (in thousands) | Percent of Rent (%) | | :--- | :--- | :--- | | Financial Services | $12,012 | 26% | | Government / Public Administration | $7,722 | 17% | | Retail | $4,834 | 11% | | Office Space | $4,463 | 10% | | Non-profit | $4,316 | 10% | [Lease Expirations](index=14&type=section&id=Lease%20Expirations) Significant lease expirations are scheduled for the remainder of 2025 (12.3% of rent), 2027 (13.9%), and 2031 (13.7%) Lease Expiration Schedule by Annualized SL Rent | Year of Expiration | Annualized SL Rent Percent Expiring (%) | | :--- | :--- | | 2025 (Remaining) | 12.3% | | 2026 | 4.7% | | 2027 | 13.9% | | 2028 | 7.5% | | 2029 | 3.9% | | 2030 | 6.4% | | 2031 | 13.7% | - A total of **13 leases**, representing **12.3%** of annualized rent and **14.2%** of leased square feet, will expire in the remainder of 2025[30](index=30&type=chunk)

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]

Portfolio Highlights - The company's real estate investments, at cost, totaled $470.8 million[8] - The portfolio consists of 6 properties with a total square footage of 1 million[8] - The portfolio's occupancy rate is 80.8%[4, 8] with a weighted-average remaining lease term of 6.3 years[4, 8] - Annualized Straight-Line Rent (SLR) for the portfolio is $45.4 million[8] - 77% of the top 10 tenants are Investment Grade rated[3, 4, 9] Strategic Dispositions and Leasing - The company completed the sale of 9 Times Square for $63.5 million during Q4'24[4, 7, 24] and generated net proceeds of approximately $13.5 million[7, 24] - The company completed five new leases in 2024 totaling 37,407 SF and $2.0 million of SLR[4, 23, 24] Capital Structure - The company has a 100% fixed-debt capital structure with a weighted-average debt maturity of 3.6 years at a 4.4% weighted-average interest rate[4, 27, 31, 33] - Total debt is $350 million[27, 34] and Net Leverage is 56.9%[27, 31, 32, 33] - There are no debt maturities in 2025[4, 28, 31, 33] Financial Results - Revenue from tenants was $14.9 million in Q4'24[27] - Cash NOI was $6.4 million in Q4'24, up approximately 2% year-over-year from $6.3 million in Q4'23[27, 31]

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]

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 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 - 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]

$10.25 Offer Represents $1.00 Per Share Increase in Offer Price to May 7, 2024 Tender Offer NEW YORK, May 23, 2024 /PRNewswire/ -- Bellevue Capital Partners, LLC ("Bellevue") announced today that it has increased the purchase price of its previously announced tender offer to purchase up to 125,000 shares of American Strategic Investment Co. (NYSE: NYC) ("ASIC") common stock from the previous purchase price of $9.25 to an increased purchase price of $10.25 per share (the "Tender Offer"). The Tender Offer wil ...