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American Strategic Investment (NYC) - 2024 Q2 - Quarterly Results
NYCAmerican Strategic Investment (NYC)2024-08-09 10:02

Financial Performance - Revenue from tenants for the quarter ended June 30, 2024, was 15,754,000[6]−Netlossattributabletocommonstockholdersforthesameperiodwas15,754,000[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]−CashNetOperatingIncome(CashNOI)forthequarterwas(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]−Thecompanyreportedanoperatinglossof4,479,000[6] - The company reported an operating loss of 86,659,000 for the quarter, compared to a loss of 2,920,000inthepriorquarter,indicatingasignificantincreaseinlosses[10]−Netlossattributabletocommonstockholderswas2,920,000 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 7,608,000inthepreviousquarter,reflectingasubstantialincreaseinnetlosses[10]−EBITDAforthequarterwas7,608,000 in the previous quarter, reflecting a substantial increase in net losses[10] - EBITDA for the quarter was (81,499,000), a decrease from 2,350,000inthepriorquarter,highlightinganegativetrendinearningsbeforeinterest,taxes,depreciation,andamortization[11]AssetsandLiabilities−GrossassetvalueasofJune30,2024,was2,350,000 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 598,916,000andcashandcashequivalentsof598,916,000 and cash and cash equivalents of 5,222,000[6] - Total assets decreased to 598,916,000asofJune30,2024,downfrom598,916,000 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 472,137,000asofJune30,2024,comparedto472,137,000 as of June 30, 2024, compared to 469,378,000 at December 31, 2023[9] - Total consolidated debt amounted to 399,500,000,withnetdebtat399,500,000, 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]RealEstatePortfolio−Therealestateportfolioconsistedof7propertiesand77tenants,withaleasedpercentageof85.9399,500,000[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,whileretailaccountsfor2442,976,000, 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]−Thecompanyhasatotalof111leases,withatotalrentablesquarefootageof993,000[23]−Investment−gradetenantsaccountfor6113,920,000[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 382,493,000overthenextfiveyearsandthereafter[15]Impairments−Thecompanyrecordedanimpairmentofrealestateinvestmentsamountingto382,493,000 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]