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American Strategic Investment (NYC) - 2024 Q3 - Quarterly Results
NYCAmerican Strategic Investment (NYC)2024-11-12 11:05

Financial Performance - Revenue from tenants for the quarter ended September 30, 2024, was 15,447,000[12]−Netlossattributabletocommonstockholderswas15,447,000[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]−CashNOIforthequarterwas(13.52)[12] - Cash NOI for the quarter was 6,761,000, while Adjusted EBITDA was 3,095,000[12]−Thecompanyreportedanoperatinglossof3,095,000[12] - The company reported an operating loss of 29,212,000 for the quarter, compared to a loss of 2,920,000inthepreviousquarter[17]−Netlossattributabletocommonstockholdersforthequarterwas2,920,000 in the previous quarter[17] - Net loss attributable to common stockholders for the quarter was 34,482,000, significantly higher than the loss of 7,608,000inthepreviousquarter[17]−EBITDAforthequarterwas7,608,000 in the previous quarter[17] - EBITDA for the quarter was (24,789,000), a decrease from (81,499,000)inthepreviousquarter[18]−CashNOIforthequarterwas(81,499,000) in the previous quarter[18] - Cash NOI for the quarter was 6,761,000, down from 7,416,000inthepreviousquarter[18]AssetsandLiabilities−GrossassetvalueasofSeptember30,2024,was7,416,000 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]−Totalassetsdecreasedto567,912,000[12] - Total assets decreased to 567,912,000 as of September 30, 2024, down from 694,172,000attheendof2023,representingadeclineofapproximately18.2694,172,000 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]−Totalliabilitiesincreasedto394,266,000[12] - Total liabilities increased to 475,539,000 as of September 30, 2024, compared to 469,378,000attheendof2023[16]−Cashandcashequivalentswerereportedat469,378,000 at the end of 2023[16] - Cash and cash equivalents were reported at 5,234,000, a slight decrease from 5,292,000attheendofthepreviousquarter[16]DebtandInterest−Thecompanyreportedanetdebttogrossassetvalueratioof60.15,292,000 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,with370,429,000, with 13,626,000 for the remainder of 2024 and 50,968,000for2025[21]−Thetoptentenantscontributeanannualizedstraight−linerentof50,968,000 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,with7358,995,000, 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,representing11.46,733,000, 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]ImpairmentsandChanges−Thecompanyrecognizedanimpairmentofrealestateinvestmentsamountingto58,995,000[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]