0001595527FALSETRUE00015955272025-05-092025-05-090001595527us-gaap:CommonClassAMember2025-05-092025-05-090001595527us-gaap:PreferredClassAMember2025-05-092025-05-09

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 9, 2025
 
American Strategic Investment Co.
(Exact Name of Registrant as Specified in Charter)
 
Maryland001-3944846-4380248
(State or other jurisdiction
of incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
 
222 Bellevue Ave. Newport, Rhode Island 02840
________________________________________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s)
Name of each exchange on which registered 
Class A common stock, $0.01 par value per shareNYCNew York Stock Exchange
Class A Preferred Stock Purchase RightsNew York Stock Exchange
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On May 9, 2025, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2025, and supplemental financial information for the quarter ended March 31, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively.
Item 7.01. Regulation FD Disclosure.
Press Release and Supplemental Information
As disclosed in Item 2.02 above, on May 9, 2025, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2025, and supplemental financial information for the quarter ended March 31, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Forward-Looking Statements
The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the ability of the Company to consummate the sale of 9 Times Square; (d) the ability of the Company to execute its business plan and sell certain of its properties on commercially practicable terms, if at all; (e) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (f) the potential adverse effects of inflationary conditions and higher interest rate environment, (g) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (h) the Company may not be able to continue to meet the New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company's common stock and the Company’s shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
 
Exhibit No.Description
Press Release dated May 9, 2025
Supplemental information for the quarter ended March 31, 2025
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
 


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 American Strategic Investment Co.
   
   
Date: May 9, 2025
By:/s/ Michael Anderson
  Michael Anderson
  Chief Executive Officer
 




EXHIBIT 99.1
picture1a.jpg

FOR IMMEDIATE RELEASE

AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES FIRST QUARTER 2025 RESULTS
Company to Host Investor Webcast and Conference Call Today at 11:00 AM ET
New York, May 9, 2025 - American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”), a company that owns a portfolio of commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights
•Revenue was $12.3 million compared to $15.5 million for the same quarter in 2024, primarily related to the sale of 9 Times Square in the prior year.
•Net loss attributable to common stockholders was $8.6 million, compared to $7.6 million in the first quarter of 2024
•Cash net operating income (“NOI”) was $4.2 million, compared to $7.0 million for the first quarter of 2024
•Adjusted EBITDA was $(0.8) million, compared to $2.9 million in the first quarter of 2024
•Portfolio occupancy expanded 120 basis points to 82.0%, compared to 80.8% for the fourth quarter 2024, with weighted-average lease term(1) of 5.4 years
•77% of annualized straight-line rent from top 10 tenants(2) is derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 7.8 years as of March 31, 2025
•Portfolio comprised of fixed and variable rate debt at a 4.4% weighted-average interest rate with 2.3 years of weighted-average debt maturity
•Nicholas Schorsch, Jr. appointed Chief Executive Officer, as previously announced in the first quarter

CEO Comments
Nicholas Schorsch, Jr., Chief Executive Officer of ASIC commented, “We remain focused on leasing up available space throughout our portfolio and to working with our existing tenants to sign renewal leases, as demonstrated by the 120 basis point occupancy increase we recorded in the first quarter when compared to the fourth quarter of 2024. Our focus remains on continuing our efforts to opportunistically divest certain of our Manhattan assets consistent with our initiative to diversify our portfolio by acquiring higher-yielding assets.”
Financial Results
Three Months Ended March 31,
(In thousands, except per share data)20252024
Revenue from tenants$12,308 $15,481 
 
Net loss attributable to common stockholders$(8,592)$(7,608)
Net loss per common share (1)
$(3.39)$(3.28)
EBITDA $(918)$2,350 
Adjusted EBITDA$(832)$2,928 
(1)All per share data based on 2,533,557 and 2,322,594 diluted weighted-average shares outstanding for the three months ended March 31, 2025 and 2024, respectively.
1

Real Estate Portfolio
The Company’s portfolio consisted of six properties comprised of 1.0 million rentable square feet as of March 31, 2025. Portfolio metrics include:
•82.0% leased
•5.4 years remaining weighted-average lease term
•77% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants with 8 years of weighted-average remaining lease term
•Diversified portfolio, comprised of 26% financial services tenants, 17% government and public administration tenants, 11% retail tenants, 10% non-profit and 42% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources
As of March 31, 2025, the Company had $7.1 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 57.9%, with net debt of $342.9 million.
All of the Company’s debt was fixed-rate with the exception of one variable rate loan as of March 31, 2025. The Company’s total combined debt had a weighted-average interest rate of 4.4%(8).
2

Footnotes/Definitions
(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of March 31, 2025.
(2)Top 10 tenants based on annualized straight-line rent as of March 31, 2025.
(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2025. Based on annualized straight-line rent, top 10 tenants are 55% actual investment grade rated and 22% implied investment grade rated.
(4)Annualized straight-line rent is calculated using the most recent available lease terms as of March 31, 2025.
(5)Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million.
(6)Total debt of $350.0 million less cash and cash equivalents of $7.1 million as of March 31, 2025. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents.
(7)Defined as the carrying value of total assets of $499.4 million plus accumulated depreciation and amortization of $92.5 million as of March 31, 2025.
(8)Weighted based on the outstanding principal balance of the debt.
3

Webcast and Conference Call
ASIC will host a webcast and call on May 9, 2025 at 11:00 a.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the ASIC website, www.americanstrategicinvestment.com, in the “Investor Relations” section.
Dial-in instructions for the conference call and the replay are outlined below.
To listen to the live call, please go to ASIC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the ASIC website at www.americanstrategicinvestment.com.
Live Call
Dial-In (Toll Free): 1-877-269-7751
International Dial-In: 1-201-389-0908

Conference Replay*
Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference Number: 13752879
*Available from May 9, 2025 through June 20, 2025.
About American Strategic Investment Co.  
American Strategic Investment Co. (NYSE: NYC) owns a portfolio of commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com.
Supplemental Schedules 
The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov.
Important Notice
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, and (f) that we may not be able to continue to meet the New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company’s common stock and shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 19, 2025 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
4

Contacts:
Investors and Media:
Email: investorrelations@americanstrategicinvestment.com
Phone: (866) 902-0063
5

American Strategic Investment Co.
Consolidated Balance Sheets
(In thousands. except share and per share data)

March 31,
2025		December 31,
2024
ASSETS(Unaudited) 
Real estate investments, at cost:
Land
$129,517 $129,517 
Buildings and improvements
341,386 341,314 
Acquired intangible assets
17,203 19,063 
Total real estate investments, at cost
488,106 489,894 
Less accumulated depreciation and amortization
(92,533)(91,135)
Total real estate investments, net
395,573 398,759 
Cash and cash equivalents7,083 9,776 
Restricted cash8,743 9,159 
Operating lease right-of-use asset
54,458 54,514 
Prepaid expenses and other assets 4,113 5,233 
Derivative asset, at fair value— — 
Straight-line rent receivable22,940 23,060 
Deferred leasing costs, net6,467 6,565 
Assets held for sale— — 
Total assets$499,377 $507,066 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net$347,637 $347,384 
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $267 and $317 at March 31, 2025 and December 31, 2024, respectively)
15,729 15,302 
Notes payable to related parties— — 
Operating lease liability54,572 54,592 
Below-market lease liabilities, net992 1,161 
Deferred revenue3,361 3,041 
Distributions payable
— — 
Total liabilities
422,291 421,480 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2025 and December 31, 2024
— — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,634,355 and 2,634,355 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
27 27 
Additional paid-in capital731,521 731,429 
Accumulated other comprehensive income— — 
Distributions in excess of accumulated earnings(654,462)(645,870)
Total stockholders’ equity
77,086 85,586 
Non-controlling interests — — 
Total equity77,086 85,586 
Total liabilities and equity
$499,377 $507,066 
6

American Strategic Investment Co.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)

 Three Months Ended March 31,
20252024
Revenue from tenants$12,308 $15,481 
Operating expenses: 
Asset and property management fees to related parties1,868 1,903 
Property operating8,137 8,382 
Impairments of real estate investments— — 
Equity-based compensation92 54 
General and administrative3,135 2,801 
Depreciation and amortization3,591 5,261 
Total operating expenses16,823 18,401 
Operating loss(4,515)(2,920)
Other income (expense):
Interest expense(4,083)(4,697)
Other income 6 9 
Total other expense(4,077)(4,688)
Net loss before income tax(8,592)(7,608)
Income tax expense — — 
Net loss and Net loss attributable to common stockholders$(8,592)$(7,608)
Net loss per share attributable to common stockholders — Basic and Diluted$(3.39)$(3.28)
Weighted-average shares outstanding — Basic and Diluted2,533,557 2,322,594 
7

American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)

Three Months Ended
March 31, 2025March 31, 2024
Net loss and Net loss attributable to common stockholders$(8,592)$(7,608)
Interest expense4,083 5,261 
Depreciation and amortization3,591 4,697 
EBITDA(918)2,350 
Impairment of real estate investments— — 
Equity-based compensation92 54 
Other (income) loss(6)(9)
Asset and property management fees paid in common stock to related parties in lieu of cash— 533 
Adjusted EBITDA(832)2,928 
Asset and property management fees to related parties payable in cash1,868 1,370 
General and administrative3,135 2,801 
NOI4,171 7,099 
Accretion of below- and amortization of above-market lease liabilities and assets, net(12)(55)
Straight-line rent (revenue as a lessor)102 (30)
Straight-line ground rent (expense as lessee)(27)27 
Cash NOI4,234 7,041 
Cash Paid for Interest:
Interest expense4,083 4,697 
Amortization of deferred financing costs510 (386)
Total cash paid for interest$4,593 $4,311 
8

Non-GAAP Financial Measures
This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above.
In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.
Caution on Use of Non-GAAP Measures
EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics.
As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.
We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.
NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.
Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.
9

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
10

EXHIBIT 99.2






American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (unaudited)




American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)
Table of Contents
ItemPage
Non-GAAP Definitions3
Key Metrics5
Consolidated Balance Sheets6
Consolidated Statements of Operations7
Non-GAAP Measures8
Debt Overview10
Future Minimum Lease Rents11
Top Ten Tenants12
Diversification by Property Type13
Diversification by Tenant Industry14
Lease Expirations15

Forward-looking Statements:
The statements in this supplemental package that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) the potential adverse effects of inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (f) the Company may not be able to continue to meet the New York Stock Exchange's (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and the Company's shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
2

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)
Non-GAAP Financial Measures
This section discusses the non-GAAP financial measures we use to evaluate our performance, including, Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, a description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.
In December 2022 we announced that that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.
Caution on Use of Non-GAAP Measures
EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest are non-GAAP metrics and should not be construed to be more relevant or accurate than other metrics calculated and presented in accordance with GAAP, including net loss, in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than non-GAAP metrics.
We consider EBITDA, Adjusted EBITDA, NOI and Cash NOI useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, impairment charges, equity-based compensation, gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics’ presentations facilitate comparisons of operating performance between periods and between other companies that use these measures.
As a result, we believe that the use of these non-GAAP metrics together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends and capital expenditures. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.
We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, fees related to the listing related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.
NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.
Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.
3

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
4

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Key Metrics
As of and for the three months ended March 31, 2025
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data)
Revenue from tenants$12,308 
Net loss attributable to common stockholders$(8,592)
Basic and diluted net loss per share attributable to common stockholders$(3.39)
Cash NOI (1)
$4,234 
Adjusted EBITDA (1)
$(832)
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)
$591,910 
Net debt (3) (4)
$342,917 
Total consolidated debt (4)
$350,000 
Total assets$499,377 
Cash and cash equivalents (5)
$7,083 
Common shares outstanding as of March 31, 2025
2,634 
Net debt to gross asset value57.9 %
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)
(103.0)x
Weighted-average interest rate cost (6)
4.4 %
Weighted-average debt maturity (years) (7)
2.3 
Interest Coverage Ratio (8)
(0.2)x
Real Estate Portfolio
Number of properties6 
Number of tenants83 
Square footage (millions)1.0 
Leased82.0 %
Weighted-average remaining lease term (years) (9)
5.4
______
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $499.4 million plus accumulated depreciation and amortization of $92.5 million as of March 31, 2025.
(3)Represents total debt outstanding of $350.0 million, less cash and cash equivalents of $7.1 million.
(4)Excludes the effect of deferred financing costs, net.
(5)Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million and a minimum net worth in excess of $175.0 million.
(6)The weighted average interest rate cost is based on the outstanding principal balance of the debt.
(7)The weighted average debt maturity is based on the outstanding principal balance of the debt.
(8)The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are non-GAAP metrics and are reconciled below.
(9)Based on annualized straight-line rent as of March 31, 2025.
5
American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025


Consolidated Balance Sheets
Amounts in thousands, except share and per share data
March 31,
2025		December 31,
2024
ASSETS(Unaudited)
Real estate investments, at cost:
Land$129,517 $129,517 
Buildings and improvements341,386 341,314 
Acquired intangible assets17,203 19,063 
Total real estate investments, at cost488,106 489,894 
Less accumulated depreciation and amortization(92,533)(91,135)
Total real estate investments, net395,573 398,759 
Cash and cash equivalents7,083 9,776 
Restricted cash8,743 9,159 
Operating lease right-of-use asset54,458 54,514 
Prepaid expenses and other assets 4,113 5,233 
Derivative asset, at fair value— — 
Straight-line rent receivable22,940 23,060 
Deferred leasing costs, net6,467 6,565 
Assets held for sale— — 
Total assets$499,377 $507,066 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net$347,637 $347,384 
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $267 and $317 at March 31, 2025 and December 31, 2024, respectively)
15,729 15,302 
Notes payable to related parties— — 
Operating lease liability54,572 54,592 
Below-market lease liabilities, net992 1,161 
Deferred revenue3,361 3,041 
Total liabilities422,291 421,480 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2025 and December 31, 2024
— — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,634,355 and 2,634,355 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
27 27 
Additional paid-in capital731,521 731,429 
Accumulated other comprehensive income— — 
Distributions in excess of accumulated earnings(654,462)(645,870)
Total stockholders’ equity77,086 85,586 
Total liabilities and equity$499,377 $507,066 
6

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Consolidated Statements of Operations
Amounts in thousands, except share and per share data
 Three Months Ended
March 31,
2025		December 31,
2024		September 30, 2024June 30,
2024
Revenue from tenants$12,308 $14,889 $15,447 $15,754 
 Expenses:
Asset and property management fees to related parties1,868 1,927 1,994 1,927 
Property operating 8,137 8,746 8,596 8,461 
Impairment of real estate investments— — 27,817 84,724 
Equity-based compensation92 92 76 186 
General and administrative 3,135 2,690 1,762 1,964 
Depreciation and amortization3,591 3,582 4,414 5,151 
Total expenses16,823 17,037 44,659 102,413 
Operating loss before gain (loss) on sale of real estate investments(4,515)(2,148)(29,212)(86,659)
Gain (loss) on sale of real estate investments— (276)— — 
Operating loss(4,515)(2,424)(29,212)(86,659)
Other income (expense):
Interest expense(4,083)(4,311)(5,279)(5,201)
Other income6 85 9 9 
Total other expense, net(4,077)(4,226)(5,270)(5,192)
Net loss before income taxes(8,592)(6,650)(34,482)(91,851)
Net loss and Net loss attributable to common stockholders$(8,592)$(6,650)$(34,482)$(91,851)
Basic and Diluted Net Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted$(3.39)$(2.60)$(13.52)$(36.48)
Weighted average shares outstanding —Basic and Diluted2,533,557 2,557,080 2,551,034 2,518,176 
Diluted2,533,557 2,557,080 2,551,034 2,518,176 
7

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Non-GAAP Measures
Amounts in thousands
 Three Months Ended
March 31,
2025		December 31,
2024		September 30, 2024June 30, 2024
EBITDA:
Net loss and Net loss attributable to common stockholders$(8,592)$(6,650)$(34,482)$(91,851)
Depreciation and amortization3,591 3,582 4,414 5,151 
Interest expense4,083 4,311 5,279 5,201 
EBITDA(918)1,243 (24,789)(81,499)
Impairment of real estate investments— — 27,817 84,724 
Equity-based compensation92 92 76 186 
Management Fees paid in stock to Advisor in lieu of cash— (85)(9)— 
Other income(6)2 — (9)
Adjusted EBITDA(832)1,252 3,095 3,402 
Asset and property management fees to related parties paid in cash1,868 1,927 1,994 850 
General and administrative3,135 2,689 1,762 1,964 
NOI4,171 5,868 6,851 6,216 
Accretion of below- and amortization of above-market lease liabilities and assets, net(12)(145)(219)(57)
Straight-line rent (revenue as a lessor)102 644 102 153 
Straight-line ground rent (expense as lessee)(27)28 27 27 
Cash NOI$4,234 $6,395 $6,761 $6,339 
Cash Paid for Interest:
Interest expense$4,083 $4,311 $5,279 $5,201 
Amortization of deferred financing costs510 (25)(373)(377)
Total cash paid for interest$4,593 $4,286 $4,906 $4,824 
8

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Debt Overview
As of March 31, 2025
Year of MaturityNumber of Encumbered Properties
Weighted-Average Debt Maturity (Years) (1)
Weighted-Average Interest Rate (1) (2)
Total Outstanding Balance (3)
(In thousands)
2025 (remainder)— %
2026— — — %— 
20271 1.8 4.2 %99,000 
20281 2.4 4.7 %140,000 
20293 3.7 4.7 %60,000 
20301 4.8 3.9 %51,000 
Thereafter— — — %— 
Total Debt6 2.3 4.4 %$350,000 
______
(1)Weighted based on the outstanding principal balance of the debt.
(2)All of the Company’s debt is fixed rate with the exception of one variable rate loan as of March 31, 2025.
(3)Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2025 are shown in the year the debt matures.
9

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Future Minimum Lease Rents
As of March 31, 2025
Amounts in thousands
Future Minimum Base Rent Payments (1)
2025 (remainder)$43,729 
202640,181 
202736,730 
202832,062 
202929,960 
203027,560 
Thereafter99,091 
Total$309,313 
_________________
(1)Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.
10

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Top Ten Tenants
As of March 31, 2025
Amounts in thousands, except percentages
Tenant / Lease GuarantorProperty TypeTenant Industry
Annualized SL Rent (1)
SL Rent Percent
Remaining Lease Term (2)
Investment Grade (3)
City National BankOffice / RetailFinancial Services$4,356 10 %8.3 Yes
Planned Parenthood Federation of America, Inc.OfficeNon-Profit3,388 7 %6.3 Yes
EquinoxRetailFitness2,897 6 %13.7 No
The City of New York - Dept. of Youth & Community DevelopmentOfficeGovernment/Public Administration2,215 5 %12.8 Yes
CVSRetailRetail2,161 5 %9.4 Yes
USA General Services AdministrationOfficeGovernment/Public Administration2,050 4 %2.2 Yes
NYS LicensingOfficeGovernment/Public Administration1,833 4 %2.3 Yes
MarshallsRetailRetail1,641 4 %3.6 No
Edgewood Partners Insurance CenterOfficeOffice Space1,264 3 %9.3 Yes
1140 Office Suites, LLCOfficeOffice Space1,158 3 %6.0 Yes
Subtotal    22,963 51 %7.8 
Remaining portfolio22,528 49 %
Total Portfolio    $45,491 100 %
__________________
(1)Calculated using the most recent available lease terms as of March 31, 2025.
(2)Based on straight-line rent as of March 31, 2025.
(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2025. Top 10 tenants are 55% actual investment grade rated and 22% implied investment grade rated.
11

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Diversification by Property Type
As of March 31, 2025
Amounts in thousands, except percentages
Total Portfolio
Property Type
Annualized SL Rent (1)
SL Rent PercentSquare FeetSqFt. Percent
Office$32,292 71 %626 77 %
Retail 12,133 27 %159 20 %
Other 1,066 2 %24 3 %
Total $45,491 100 %809 100 %
____________
(1)Calculated using the most recent available lease terms as of March 31, 2025.
12

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Diversification by Tenant Industry
As of March 31, 2025
Amounts in thousands, except percentages
Total Portfolio
Industry Type
Annualized SL Rent (1)
SL Rent PercentSquare FeetSq. ft. Percent
Financial Services$12,012 26 %156 19 %
Government / Public Administration 7,722 17 %173 21 %
Retail 4,834 11 %45 6 %
Office Space 4,463 10 %97 12 %
Non-profit4,316 10 %88 11 %
Fitness2,897 6 %30 4 %
Services2,084 5 %36 4 %
Parking1,833 4 %87 11 %
Professional Services1,378 3 %20 2 %
Technology944 2 %18 2 %
Other (2)
3,008 6 %59 8 %
Total $45,491 100 %809 100 %
____________
(1)Calculated using the most recent available lease terms as of March 31, 2025.
(2)Other includes nine industry types as of March 31, 2025.
13

American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2025 (Unaudited)

Lease Expirations
As of March 31, 2025
Year of ExpirationNumber of Leases Expiring
Annualized SL Rent [1]
Annualized SL Rent PercentLeased Rentable Square FeetPercent of Rentable Square Feet Expiring
(In thousands)(In thousands)
2025 (Remaining)13$5,573 12.3 %115 14.2 %
202672,155 4.7 %42 5.2 %
2027106,305 13.9 %137 16.9 %
202883,428 7.5 %57 7.1 %
202941,785 3.9 %32 4.0 %
203052,919 6.4 %55 6.7 %
203186,234 13.7 %111 13.7 %
20322352 0.8 %6 0.7 %
203384,967 10.9 %47 5.7 %
203443,425 7.5 %30 3.7 %
20353640 1.4 %4 0.5 %
20362365 0.8 %10 1.2 %
203744,048 8.9 %128 15.8 %
203832,897 6.4 %30 3.7 %
2039—— — %— — %
2040—— — %— — %
Thereafter (>2039)2398 1.1 %5 0.8 %
Total83$45,491 100 %809 100 %
_______________
(1)Calculated using the most recent available lease terms as of March 31, 2025. Includes tenant concessions, such as free rent, as applicable.
14
v3.25.1
Cover
May 09, 2025
Entity Listings [Line Items]  
Document Type 8-K
Document Period End Date May 09, 2025
Entity Registrant Name American Strategic Investment Co.
Entity Incorporation, State or Country Code MD
Entity File Number 001-39448
Entity Tax Identification Number 46-4380248
Entity Address, Address Line One 222 Bellevue Ave.
Entity Address, City or Town Newport
Entity Address, State or Province RI
Entity Address, Postal Zip Code 02840
City Area Code 212
Local Phone Number 415-6500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001595527
Amendment Flag false
Class A common stock, $0.01 par value per share  
Entity Listings [Line Items]  
Title of 12(b) Security Class A common stock, $0.01 par value per share
Trading Symbol NYC
Security Exchange Name NYSE
Class A Preferred Stock Purchase Rights  
Entity Listings [Line Items]  
Title of 12(b) Security Class A Preferred Stock Purchase Rights
Security Exchange Name NYSE
No Trading Symbol Flag true
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