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]
American Strategic Investment (NYC) - 2024 Q4 - Earnings Call Transcript