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]
American Strategic Investment (NYC) - 2024 Q3 - Quarterly Results