American Strategic Investment Co. (NYSE: NYC) Q1 2026 revenue falls to $7.3M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
American Strategic Investment Co. reported weaker results for the quarter ended March 31, 2026, as it continues to reposition its New York City real estate portfolio. Revenue from tenants was $7.3 million, down from $12.3 million a year earlier, mainly due to a prior property sale.
The company recorded a net loss attributable to common stockholders of $7.8 million, slightly improved from a $8.6 million loss in the first quarter of 2025. Cash NOI was $2.9 million and Adjusted EBITDA was a negative $1.1 million, highlighting ongoing pressure on earnings.
As of March 31, 2026, the portfolio comprised five properties totaling about 0.7 million square feet, 76.4% leased, with a weighted-average lease term of 6.2 years. Net debt was $248.5 million, equal to 59.6% of gross asset value, and all debt carried a weighted-average interest rate of 4.6%. Management emphasized the stability of the tenant base, noting that 69% of annualized straight-line rent from the top 10 tenants is from investment grade or implied investment grade tenants.
Positive
- None.
Negative
- None.
Insights
Results show lower revenue, persistent losses and high leverage, but stable tenancy.
American Strategic Investment Co. generated tenant revenue of $7.3 million in Q1 2026, down from $12.3 million a year earlier, largely because it sold 1140 Avenue of the Americas. Net loss attributable to common stockholders was $7.8 million, modestly better than the prior-year loss of $8.6 million.
Cash NOI of $2.9 million and Adjusted EBITDA of -$1.1 million indicate that, after debt costs and overhead, the business remains unprofitable. Leverage is elevated: net debt of $248.5 million equals 59.6% of gross asset value, with a weighted-average interest rate of 4.6% across the debt stack.
The operating portfolio spans five New York City commercial properties totaling about 0.7 million square feet, 76.4% leased with a 6.2‑year weighted-average remaining lease term as of March 31, 2026. Forward-looking statements highlight risks around asset sales, macro conditions, and continued compliance with New York Stock Exchange listing standards, so future filings will clarify how these factors affect results.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue from tenants: $7.3 million
Net loss attributable to common stockholders: $7.8 million
Cash NOI: $2.9 million
+5 more
8 metrics
Revenue from tenants
$7.3 million
Three months ended March 31, 2026; vs $12.3 million in Q1 2025
Net loss attributable to common stockholders
$7.8 million
Three months ended March 31, 2026; vs $8.6 million loss in Q1 2025
Cash NOI
$2.9 million
Three months ended March 31, 2026
Adjusted EBITDA
-$1.1 million
Three months ended March 31, 2026; adjusted for gains and non-cash items
Net debt
$248.5 million
As of March 31, 2026; total debt $251.0M less $2.5M cash
Net debt to gross asset value
59.6%
As of March 31, 2026; gross asset value $417.0 million
Weighted-average interest rate
4.6%
Total combined debt as of March 31, 2026; all fixed-rate
Portfolio leased percentage
76.4%
As of March 31, 2026; five properties totaling ~0.7M square feet
Key Terms
Adjusted EBITDA, Cash NOI, gross asset value, interest coverage ratio, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA was negative $1.1 million, compared to negative $0.8 million in the first quarter of 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Cash NOI financial
"Cash net operating income (“NOI”) was $2.9 million, compared to $4.2 million in the first quarter of 2025"
Cash NOI (cash net operating income) is the income a property or real-estate business actually produces from rents and operating expenses after removing accounting-only entries such as depreciation, straight‑line rent adjustments, and other non‑cash items. Investors use it as a clearer view of real, spendable cash flow — like checking a bank balance instead of a ledger — to judge a property’s ability to pay debt, fund distributions, and support valuation.
gross asset value financial
"The Company’s net debt(6) to gross asset value(7) was 59.6%, with net debt of $248.5 million"
Gross asset value is the total market value of all a company’s or fund’s assets before any debts, reserves, fees or other deductions are taken out. Investors care because it shows the raw size and composition of what is owned—like the full contents of a suitcase before removing baggage fees—helping assess scale, growth and the starting point for calculating net value per share.
interest coverage ratio financial
"Interest Coverage Ratio (8) | | (0.3) | | x"
A measure of how easily a company can pay the interest on its debt, calculated by comparing the earnings it generates from operations to the interest it owes. It matters to investors because a higher ratio means the company can comfortably meet interest payments — like having several paychecks set aside to cover your rent — while a low ratio signals greater risk of missed payments or financial strain.
contract asset financial
"Contract asset | | 110,902 | | | 108,648"
A contract asset is a company's right to receive payment for goods or services it has delivered but has not yet billed the customer, recorded when the work is done before formal invoicing. It matters to investors because it shows revenue that’s been earned but not yet converted to cash or an invoice, revealing how quickly the business turns work into billable claims and the quality and timing of its reported revenue; like a completed job waiting for the official bill.
investment grade or implied investment grade financial
"69% of annualized straight-line rent from top 10 tenants(2) was derived from investment grade or implied investment grade(3) rated tenants"
Earnings Snapshot
Revenue from tenants: $7.3 million
Q1 2026
Revenue from tenants
$7.3 million
vs $12.3 million in Q1 2025
Net loss attributable to common stockholders
$7.8 million
vs $8.6 million loss in Q1 2025
Cash NOI
$2.9 million
vs $4.2 million in Q1 2025
Adjusted EBITDA
-$1.1 million
vs -$0.8 million in Q1 2025
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 15, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
________________________________________________________________________________________________________
(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 | ||||||||||||
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 15, 2026, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, 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 15, 2026, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, 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 | ||||
99.1 | Press Release dated May 15, 2026 | ||||
99.2 | Supplemental information for the quarter ended March 31, 2026 | ||||
| 104 | Cover 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 15, 2026 | By: | /s/ Nicholas S. Schorsch, Jr. | ||||||
| Nicholas S. Schorsch, Jr. | ||||||||
| Chief Executive Officer | ||||||||
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES FIRST QUARTER 2026 RESULTS
Company to Host Investor Webcast and Conference Call Today at 11:00 AM ET
New York, May 15, 2026 - 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 third quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Revenue was $7.3 million compared to $12.3 million in the first quarter of 2025, primarily related to the disposition of 1140 Avenue of the Americas in the prior year
•Net loss attributable to common stockholders was $7.8 million, compared to net loss of $8.6 million in the first quarter of 2025
•Cash net operating income (“NOI”) was $2.9 million, compared to $4.2 million in the first quarter of 2025
•Adjusted EBITDA was negative $1.1 million, compared to negative $0.8 million in the first quarter of 2025
•Weighted-average remaining lease term(1) grew to 6.2 years from 6.1 years at the end of the fourth quarter
•69% of annualized straight-line rent from top 10 tenants(2) was derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 6.7 years
•Portfolio comprised of fixed and variable rate debt at a 4.6% weighted-average interest rate
CEO Comments
“Our performance in the quarter reflects the stability of our portfolio and the quality of our tenant base,” stated Nicholas Schorsch, Jr., CEO of ASIC. “We continue to make deliberate progress on asset dispositions and capital prioritization, and we remain focused on the actions we believe will generate the most durable long-term value for our shareholders.”
Financial Results
| Three Months Ended March 31, | ||||||||||||||
| (In thousands, except per share data) | 2026 | 2025 | ||||||||||||
| Revenue from tenants | $ | 7,348 | $ | 12,308 | ||||||||||
| Net income (loss) attributable to common stockholders | $ | (7,775) | $ | (8,592) | ||||||||||
Net income (loss) per common share (1) | $ | (3.04) | $ | (3.39) | ||||||||||
| EBITDA | $ | 1,047 | $ | (918) | ||||||||||
| Adjusted EBITDA | $ | (1,119) | $ | (832) | ||||||||||
(1)All per share data based on 2,556,769 and 2,533,557 diluted weighted-average shares outstanding for the three months ended March 31, 2026 and 2025, respectively.
1
Real Estate Portfolio
The Company’s portfolio consisted of five properties comprised of 0.7 million rentable square feet (excluding our 1140 Avenue of the Americas property, which is in a consensual foreclosure process) as of March 31, 2026. Portfolio metrics include:
•76.4% leased
•6.2 years remaining weighted-average lease term
•69% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants with 6.7 years of weighted-average remaining lease term
•Diversified portfolio, comprised of 28% government and public administration tenants, 15% retail tenants, 12% non-profit, 11% fitness and 34% all other industries, based on annualized straight-line rent
Capital Structure and Liquidity Resources
As of March 31, 2026, the Company had $2.5 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 59.6%, with net debt of $248.5 million.
All of the Company’s debt was fixed-rate as of March 31, 2026. The Company’s total combined debt had a weighted-average interest rate of 4.56%(8).
Advisor Payments Made with Common Stock Issuances in Lieu of Cash
In furtherance of the Company's strategy to prioritize and preserve operating capital, as previously disclosed, in April 2026, the Company’s external Advisor elected to receive shares of the Company’s Class A common stock in lieu of $1,910,169 in advisory fees accrued and payable under the Advisory Agreement through that date, which was approved by the Compensation Committee of the Company’s Board of Directors. The Company has previously issued shares of its Class A common stock in lieu of cash to its Advisor and Property Manager as part of its ongoing efforts to manage operating expenses and conserve liquidity.
2
Footnotes/Definitions
(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of March 31, 2026.
(2)Top 10 tenants based on annualized straight-line rent as of March 31, 2026.
(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, 2026. Based on annualized straight-line rent, top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.
(4)Annualized straight-line rent is calculated using the most recent available lease terms as of March 31, 2026.
(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 $251.0 million less cash and cash equivalents of $2.5 million as of March 31, 2026. 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 $445.0 million plus accumulated depreciation and amortization of $82.9 million as of March 31, 2026.
(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 15, 2026 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: 13760299
*Available from May 15, 2026 through May 29, 2026.
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, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. 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, Israel and Hamas and the U.S. and Israel against Iran, 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 be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with the 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, 2025, filed on April 15, 2026 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:
Email: info@ar-global.com
Phone: (866) 902-0063
5
American Strategic Investment Co.
Condensed Consolidated Balance Sheets
(In thousands. except share and per share data)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | (Unaudited) | |||||||||||||
| Real estate investments, at cost: | ||||||||||||||
Land | $ | 114,099 | $ | 114,099 | ||||||||||
Buildings and improvements | 268,573 | 268,474 | ||||||||||||
Acquired intangible assets | 5,389 | 5,389 | ||||||||||||
Total real estate investments, at cost | 388,061 | 387,962 | ||||||||||||
Less accumulated depreciation and amortization | (82,931) | (80,579) | ||||||||||||
Total real estate investments, net | 305,130 | 307,383 | ||||||||||||
| Cash and cash equivalents | 2,500 | 1,297 | ||||||||||||
| Restricted cash | 5,664 | 6,750 | ||||||||||||
| Contract asset | 110,902 | 108,648 | ||||||||||||
| Prepaid expenses and other assets | 3,046 | 3,169 | ||||||||||||
| Straight-line rent receivable | 15,258 | 15,421 | ||||||||||||
| Deferred leasing costs, net | 2,507 | 2,492 | ||||||||||||
| Total assets | $ | 445,007 | $ | 445,160 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 249,736 | $ | 249,565 | ||||||||||
| Debt associated with property in receivership | 99,000 | 99,000 | ||||||||||||
| Accrued interest associated with property in receivership | 11,902 | 9,648 | ||||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively) | 23,523 | 18,739 | ||||||||||||
| Notes payable to related parties | 1,050 | 650 | ||||||||||||
| Below-market lease liabilities, net | 660 | 708 | ||||||||||||
| Deferred revenue | 2,064 | 2,094 | ||||||||||||
Total liabilities | 387,935 | 380,404 | ||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025 | — | — | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 27 | 27 | ||||||||||||
| Additional paid-in capital | 731,884 | 731,793 | ||||||||||||
| Distributions in excess of accumulated earnings | (674,839) | (667,064) | ||||||||||||
Total stockholders’ equity | 57,072 | 64,756 | ||||||||||||
Total liabilities and equity | $ | 445,007 | $ | 445,160 | ||||||||||
6
American Strategic Investment Co.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenue from tenants | $ | 7,348 | $ | 12,308 | ||||||||||
| Operating expenses: | ||||||||||||||
| Asset and property management fees to related parties | 1,552 | 1,868 | ||||||||||||
| Property operating | 4,602 | 8,137 | ||||||||||||
| Equity-based compensation | 91 | 92 | ||||||||||||
| General and administrative | 2,313 | 3,135 | ||||||||||||
| Depreciation and amortization | 2,520 | 3,591 | ||||||||||||
| Total operating expenses | 11,078 | 16,823 | ||||||||||||
| Operating loss before gain on disposition of real estate investments | (3,730) | (4,515) | ||||||||||||
| Gain on disposition of real estate investments | 2,254 | — | ||||||||||||
| Operating loss | (1,476) | (4,515) | ||||||||||||
| Other income (expense): | ||||||||||||||
| Interest expense | (4,048) | (4,083) | ||||||||||||
| Interest expense associated with property in receivership | (2,254) | — | ||||||||||||
| Other income | 3 | 6 | ||||||||||||
| Total other expense | (6,299) | (4,077) | ||||||||||||
| Net income (loss) before income tax | (7,775) | (8,592) | ||||||||||||
| Income tax expense | — | — | ||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (7,775) | $ | (8,592) | ||||||||||
| Net income (loss) per share attributable to common stockholders — Basic and Diluted | $ | (3.04) | $ | (3.39) | ||||||||||
| Weighted-average shares outstanding — Basic and Diluted | 2,556,769 | 2,533,557 | ||||||||||||
7
American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
| Three Months Ended | ||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (7,775) | $ | (8,592) | ||||||||||
| Interest expense | 4,048 | 4,083 | ||||||||||||
| Interest expense associated with property in receivership | 2,254 | — | ||||||||||||
| Depreciation and amortization | 2,520 | 3,591 | ||||||||||||
| EBITDA | 1,047 | (918) | ||||||||||||
| Impairment of real estate investments | — | — | ||||||||||||
| Gain on disposition of real estate investments | (2,254) | — | ||||||||||||
| Equity-based compensation | 91 | 92 | ||||||||||||
| Other (income) loss | (3) | (6) | ||||||||||||
| Asset and property management fees paid in common stock to related parties in lieu of cash | — | — | ||||||||||||
| Adjusted EBITDA | (1,119) | (832) | ||||||||||||
| Asset and property management fees to related parties payable in cash | 1,552 | 1,868 | ||||||||||||
| General and administrative | 2,313 | 3,135 | ||||||||||||
| NOI | 2,746 | 4,171 | ||||||||||||
| Accretion of below- and amortization of above-market lease liabilities and assets, net | (18) | (12) | ||||||||||||
| Straight-line rent (revenue as a lessor) | 138 | 102 | ||||||||||||
| Straight-line ground rent (expense as lessee) | — | (27) | ||||||||||||
| Cash NOI | 2,866 | 4,234 | ||||||||||||
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 third quarter of 2025. 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, 2026 (unaudited)
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
| Table of Contents | ||||||||
| Item | Page | |||||||
| Non-GAAP Definitions | 3 | |||||||
| Key Metrics | 5 | |||||||
| Consolidated Balance Sheets | 6 | |||||||
| Consolidated Statements of Operations | 7 | |||||||
| Non-GAAP Measures | 8 | |||||||
| Debt Overview | 10 | |||||||
| Future Minimum Lease Rents | 11 | |||||||
| Top Ten Tenants | 12 | |||||||
| Diversification by Property Type | 13 | |||||||
| Diversification by Tenant Industry | 14 | |||||||
| Lease Expirations | 15 | |||||||
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, 2026 (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, 2026 (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, 2026 (Unaudited) | ||||||||
Key Metrics
As of and for the three months ended March 31, 2026
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data) | ||||||||
| Revenue from tenants | $ | 7,348 | ||||||
| Net income (loss) attributable to common stockholders | $ | (7,775) | ||||||
| Basic and diluted net income (loss) per share attributable to common stockholders | $ | (3.04) | ||||||
Cash NOI (1) | $ | 2,866 | ||||||
Adjusted EBITDA (1) | $ | (1,119) | ||||||
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages) | ||||||||
Gross asset value (2) | $ | 417,036 | ||||||
Net debt (3) (4) | $ | 248,500 | ||||||
Total consolidated debt (4) | $ | 251,000 | ||||||
| Total assets | $ | 445,007 | ||||||
Cash and cash equivalents (5) | $ | 2,500 | ||||||
Common shares outstanding as of March 31, 2026 | 2,693 | |||||||
| Net debt to gross asset value | 59.6 | % | ||||||
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results) | (55.5) | x | ||||||
Weighted-average interest rate cost (6) | 4.6 | % | ||||||
Weighted-average debt maturity (years) (7) | 1.3 | |||||||
Interest Coverage Ratio (8) | (0.3) | x | ||||||
| Real Estate Portfolio | ||||||||
| Number of properties | 5 | |||||||
| Number of tenants | 36 | |||||||
| Square footage (millions) | 0.7 | |||||||
| Leased | 76.4 | % | ||||||
Weighted-average remaining lease term (years) (9) | 6.2 | |||||||
______
5
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $445.0 million plus accumulated depreciation and amortization of $82.9 million less the Contract Asset balance of $110.9 million as of March 31, 2026.
(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $2.5 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 $5.0 million and a minimum net worth in excess of $100.0 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, 2026.
6
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 | ||||||||
Condensed Consolidated Balance Sheets
Amounts in thousands, except share and per share data
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | (Unaudited) | |||||||||||||
| Real estate investments, at cost: | ||||||||||||||
| Land | $ | 114,099 | $ | 114,099 | ||||||||||
| Buildings and improvements | 268,573 | 268,474 | ||||||||||||
| Acquired intangible assets | 5,389 | 5,389 | ||||||||||||
| Total real estate investments, at cost | 388,061 | 387,962 | ||||||||||||
| Less accumulated depreciation and amortization | (82,931) | (80,579) | ||||||||||||
| Total real estate investments, net | 305,130 | 307,383 | ||||||||||||
| Cash and cash equivalents | 2,500 | 1,297 | ||||||||||||
| Restricted cash | 5,664 | 6,750 | ||||||||||||
| Contract asset | 110,902 | 108,648 | ||||||||||||
| Prepaid expenses and other assets | 3,046 | 3,169 | ||||||||||||
| Straight-line rent receivable | 15,258 | 15,421 | ||||||||||||
| Deferred leasing costs, net | 2,507 | 2,492 | ||||||||||||
| Total assets | $ | 445,007 | $ | 445,160 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 249,736 | $ | 249,565 | ||||||||||
| Debt associated with property in receivership | 99,000 | 99,000 | ||||||||||||
| Accrued interest associated with property in receivership | 11,902 | 9,648 | ||||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively) | 23,523 | 18,739 | ||||||||||||
| Notes payable to related parties | 1,050 | 650 | ||||||||||||
| Below-market lease liabilities, net | 660 | 708 | ||||||||||||
| Deferred revenue | 2,064 | 2,094 | ||||||||||||
| Total liabilities | 387,935 | 380,404 | ||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025 | — | — | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 27 | 27 | ||||||||||||
| Additional paid-in capital | 731,884 | 731,793 | ||||||||||||
| Distributions in excess of accumulated earnings | (674,839) | (667,064) | ||||||||||||
| Total stockholders’ equity | 57,072 | 64,756 | ||||||||||||
| Total liabilities and equity | $ | 445,007 | $ | 445,160 | ||||||||||
7
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Condensed Consolidated Statements of Operations
Amounts in thousands, except share and per share data
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||
| Revenue from tenants | $ | 7,348 | $ | 6,476 | $ | 12,269 | $ | 12,222 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Asset and property management fees to related parties | 1,552 | 1,802 | 1,929 | 1,682 | ||||||||||||||||||||||
| Property operating | 4,602 | 4,690 | 6,640 | 7,987 | ||||||||||||||||||||||
| Impairment of real estate investments | — | — | — | 30,558 | ||||||||||||||||||||||
| Equity-based compensation | 91 | 90 | 90 | 92 | ||||||||||||||||||||||
| General and administrative | 2,313 | 1,208 | 1,755 | 2,172 | ||||||||||||||||||||||
| Depreciation and amortization | 2,520 | 2,594 | 3,086 | 3,545 | ||||||||||||||||||||||
| Total expenses | 11,078 | 10,384 | 13,500 | 46,036 | ||||||||||||||||||||||
| Operating loss before gain (loss) on disposition of real estate investments | (3,730) | (3,908) | (1,231) | (33,814) | ||||||||||||||||||||||
| Gain (loss) on disposal of real estate investments | 2,254 | 3,599 | 44,268 | — | ||||||||||||||||||||||
| Operating loss | (1,476) | (309) | 43,037 | (33,814) | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest expense | (4,048) | (4,087) | (4,124) | (4,086) | ||||||||||||||||||||||
| Interest expense associated with property in receivership | (2,254) | (2,305) | (3,151) | — | ||||||||||||||||||||||
| Other income | 3 | 4 | (8) | 4 | ||||||||||||||||||||||
| Total other expense, net | (6,299) | (6,388) | (7,283) | (4,082) | ||||||||||||||||||||||
| Net income (loss) before income taxes | (7,775) | (6,697) | 35,754 | (37,896) | ||||||||||||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (7,775) | $ | (6,697) | $ | 35,754 | $ | (37,896) | ||||||||||||||||||
| Basic and Diluted Net Income (Loss) Per Share: | ||||||||||||||||||||||||||
| Net income (loss) per share attributable to common stockholders — Basic | $ | (3.04) | $ | (2.62) | $ | 13.60 | $ | (16.39) | ||||||||||||||||||
| Weighted average shares outstanding —Basic | 2,556,769 | 2,546,562 | 2,554,502 | 2,541,402 | ||||||||||||||||||||||
| Net income (loss) per share attributable to common stockholders — Diluted | $ | (3.04) | $ | (16.39) | $ | (3.39) | $ | (2.60) | ||||||||||||||||||
| Weighted average shares outstanding —Diluted | 2,556,769 | 2,546,562 | 2,629,703 | 2,541,402 | ||||||||||||||||||||||
8
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Non-GAAP Measures
Amounts in thousands
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||
| EBITDA: | ||||||||||||||||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (7,775) | $ | (6,696) | $ | 35,754 | $ | (41,660) | ||||||||||||||||||
| Depreciation and amortization | 2,520 | 2,594 | 3,086 | 3,545 | ||||||||||||||||||||||
| Interest expense | 4,048 | 4,087 | 4,124 | 7,850 | ||||||||||||||||||||||
| Interest expense associated with property in receivership | 2,254 | 2,305 | 3,151 | — | ||||||||||||||||||||||
| EBITDA | 1,047 | 2,290 | 46,115 | (30,265) | ||||||||||||||||||||||
| Impairment of real estate investments | — | — | — | 30,558 | ||||||||||||||||||||||
| Gain on disposition of real estate investments | (2,254) | (3,599) | (44,268) | — | ||||||||||||||||||||||
| Equity-based compensation | 91 | 90 | 90 | 92 | ||||||||||||||||||||||
| Other income | (3) | (4) | 8 | (4) | ||||||||||||||||||||||
| Adjusted EBITDA | (1,119) | (1,223) | 1,945 | 381 | ||||||||||||||||||||||
| Asset and property management fees to related parties paid in cash | 1,552 | 1,802 | 1,929 | 1,682 | ||||||||||||||||||||||
| General and administrative | 2,313 | 1,208 | 1,755 | 2,172 | ||||||||||||||||||||||
| NOI | 2,746 | 1,787 | 5,629 | 4,235 | ||||||||||||||||||||||
| Accretion of below- and amortization of above-market lease liabilities and assets, net | (18) | (27) | (161) | (138) | ||||||||||||||||||||||
| Straight-line rent (revenue as a lessor) | 138 | 53 | 102 | 102 | ||||||||||||||||||||||
| Straight-line ground rent (expense as lessee) | — | — | (242) | (3) | ||||||||||||||||||||||
| Cash NOI | $ | 2,866 | $ | 1,813 | $ | 5,328 | $ | 4,196 | ||||||||||||||||||
9
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Debt Overview
As of March 31, 2026
| Year of Maturity | Number of Encumbered Properties | Weighted-Average Debt Maturity (Years) (1) | Weighted-Average Interest Rate (1) (2) | Total Outstanding Balance (3)(4) | ||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||
| 2026 (remainder) | — | — | — | % | — | |||||||||||||||||||||
| 2027 | 1 | 0.9 | 4.7 | % | 140,000 | |||||||||||||||||||||
| 2028 | 1 | 2.6 | 5.1 | % | 10,000 | |||||||||||||||||||||
| 2029 | 1 | 3.3 | 3.9 | % | 51,000 | |||||||||||||||||||||
| 2030 | — | — | — | % | — | |||||||||||||||||||||
| Thereafter | — | — | — | % | — | |||||||||||||||||||||
| Total Debt | 3 | 1.3 | 4.6 | % | $ | 201,000 | ||||||||||||||||||||
______
(1)Weighted based on the outstanding principal balance of the debt.
(2)All of the Company’s debt is fixed rate as of March 31, 2026.
(3)Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2026 are shown in the year the debt matures.
(4)The total debt for the years ended December 31, 2026 and thereafter does not include the debt related to 400 E. 67th Street and 200 Riverside Boulevard of $50.0 million as this balance was accelerated during November 2025 (see Note 5 in the 2025 Form 10-K) and is therefore due in the year end December 31, 2025.
10
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Future Minimum Lease Rents
As of March 31, 2026
Amounts in thousands
Future Minimum Base Rent Payments (1) | ||||||||
| 2026 (remainder) | $ | 26,767 | ||||||
| 2027 | 24,182 | |||||||
| 2028 | 20,411 | |||||||
| 2029 | 19,728 | |||||||
| 2030 | 18,344 | |||||||
| 2031 | 15,537 | |||||||
| Thereafter | 63,411 | |||||||
| Total | $ | 188,380 | ||||||
_________________
(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.
11
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Top Ten Tenants
As of March 31, 2026
Amounts in thousands, except percentages
| Tenant / Lease Guarantor | Property Type | Tenant Industry | Annualized SL Rent (1) | SL Rent Percent | Remaining Lease Term (2) | Investment Grade (3) | |||||||||||||||||||||||||||||
| Planned Parenthood Federation of America, Inc | Office / Retail | Non-profit | $ | 3,337 | 12 | % | 5.3 | Yes | |||||||||||||||||||||||||||
| Equinox | Retail | Fitness | 2,897 | 11 | % | 12.7 | Yes | ||||||||||||||||||||||||||||
| The City of New York - The Department of Youth and Community | Office | Government / Public Administration | 2,215 | 8 | % | 11.8 | No | ||||||||||||||||||||||||||||
| CVS | Retail | Retail | 2,161 | 8 | % | 8.4 | Yes | ||||||||||||||||||||||||||||
| United States General Services Administration | Office | Government / Public Administration | 2,050 | 8 | % | 1.2 | Yes | ||||||||||||||||||||||||||||
| NYS Licensing | Office | Government / Public Administration | 1,833 | 7 | % | 1.3 | Yes | ||||||||||||||||||||||||||||
| Marshalls | Retail | Retail | 1,477 | 5 | % | 5.6 | Yes | ||||||||||||||||||||||||||||
| Fundera, Inc. | Office | Financial Services | 1,051 | 4 | % | 3.3 | No | ||||||||||||||||||||||||||||
| Universal Services of America, | Office | Office Space | 1,020 | 4 | % | 0.3 | Yes | ||||||||||||||||||||||||||||
| Lenox Hill Garage LLC | Retail | Parking | 917 | 3 | % | 11.3 | Yes | ||||||||||||||||||||||||||||
| Subtotal | 18,958 | 70 | % | 6.7 | |||||||||||||||||||||||||||||||
| Remaining portfolio | 8,252 | 30 | % | ||||||||||||||||||||||||||||||||
| Total Portfolio | $ | 27,210 | 100 | % | |||||||||||||||||||||||||||||||
__________________
(1)Calculated using the most recent available lease terms as of March 31, 2026.
(2)Based on straight-line rent as of March 31, 2026.
(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, 2026. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.
12
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Diversification by Property Type
As of March 31, 2026
Amounts in thousands, except percentages
| Total Portfolio | ||||||||||||||||||||||||||
| Property Type | Annualized SL Rent (1) | SL Rent Percent | Square Feet | SqFt. Percent | ||||||||||||||||||||||
| Office | $ | 18,042 | 66 | % | 404 | 71 | % | |||||||||||||||||||
| Retail | 8,395 | 31 | % | 148 | 26 | % | ||||||||||||||||||||
| Other | 773 | 3 | % | 15 | 3 | % | ||||||||||||||||||||
| Total | $ | 27,210 | 100 | % | 567 | 100 | % | |||||||||||||||||||
____________
(1)Calculated using the most recent available lease terms as of March 31, 2026.
13
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Diversification by Tenant Industry
As of March 31, 2026
Amounts in thousands, except percentages
| Total Portfolio | ||||||||||||||||||||||||||
| Industry Type | Annualized SL Rent (1) | SL Rent Percent | Square Feet | Sq. ft. Percent | ||||||||||||||||||||||
| Government / Public Administration | $ | 7,722 | 28 | % | 173 | 30 | % | |||||||||||||||||||
| Retail | 4,029 | 15 | % | 40 | 7 | % | ||||||||||||||||||||
| Non-profit | 3,337 | 12 | % | 65 | 12 | % | ||||||||||||||||||||
| Fitness | 2,897 | 11 | % | 30 | 5 | % | ||||||||||||||||||||
| Office Space | 2,373 | 9 | % | 74 | 13 | % | ||||||||||||||||||||
| Parking | 1,833 | 7 | % | 87 | 15 | % | ||||||||||||||||||||
| Financial Services | 1,179 | 4 | % | 21 | 4 | % | ||||||||||||||||||||
| Professional Services | 1,050 | 4 | % | 20 | 3 | % | ||||||||||||||||||||
| Education | 754 | 3 | % | 16 | 3 | % | ||||||||||||||||||||
| Services | 450 | 2 | % | 10 | 2 | % | ||||||||||||||||||||
Other (2) | 1,586 | 5 | % | 31 | 6 | % | ||||||||||||||||||||
| Total | $ | 27,210 | 100 | % | 567 | 100 | % | |||||||||||||||||||
____________
(1)Calculated using the most recent available lease terms as of March 31, 2026.
(2)Other includes eight industry types as of March 31, 2026.
14
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Lease Expirations
As of March 31, 2026
| Year of Expiration | Number of Leases Expiring | Annualized SL Rent [1] | Annualized SL Rent Percent | Leased Rentable Square Feet | Percent of Rentable Square Feet Expiring | |||||||||||||||||||||||||||
| (In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
| 2026 (Remaining) | 7 | $ | 1,483 | 5.5 | % | 52 | 9.2 | % | ||||||||||||||||||||||||
| 2027 | 8 | 5,442 | 20.0 | % | 124 | 21.8 | % | |||||||||||||||||||||||||
| 2028 | 3 | 1,154 | 4.2 | % | 26 | 4.5 | % | |||||||||||||||||||||||||
| 2029 | 4 | 1,592 | 5.9 | % | 32 | 5.6 | % | |||||||||||||||||||||||||
| 2030 | 2 | 1,143 | 4.2 | % | 29 | 5.1 | % | |||||||||||||||||||||||||
| 2031 | 10 | 5,466 | 20.1 | % | 98 | 17.3 | % | |||||||||||||||||||||||||
| 2032 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2033 | 4 | 1,061 | 3.9 | % | 21 | 3.8 | % | |||||||||||||||||||||||||
| 2034 | 2 | 2,161 | 7.9 | % | 10 | 1.8 | % | |||||||||||||||||||||||||
| 2035 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2036 | 2 | 365 | 1.3 | % | 10 | 1.7 | % | |||||||||||||||||||||||||
| 2037 | 4 | 4,048 | 14.9 | % | 128 | 22.6 | % | |||||||||||||||||||||||||
| 2038 | 3 | 2,897 | 10.6 | % | 30 | 5.3 | % | |||||||||||||||||||||||||
| 2039 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2040 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2041 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| Thereafter (>2041) | 2 | 398 | 1.5 | % | 7 | 1.0 | % | |||||||||||||||||||||||||
| Total | 51 | $ | 27,210 | 100 | % | 567 | 100 | % | ||||||||||||||||||||||||
_______________
(1)Calculated using the most recent available lease terms as of March 31, 2026. Includes tenant concessions, such as free rent, as applicable.
15
FAQ
How did American Strategic Investment Co. (NYC) perform in Q1 2026?
American Strategic Investment Co. reported tenant revenue of $7.3 million and a net loss of $7.8 million for Q1 2026. Results reflected the prior sale of 1140 Avenue of the Americas and ongoing operating and interest costs across its New York City real estate portfolio.
How did NYC’s Q1 2026 results compare to the prior year quarter?
In Q1 2026, revenue from tenants was $7.3 million versus $12.3 million in Q1 2025, mainly due to a property disposition. Net loss attributable to common stockholders improved slightly to $7.8 million from $8.6 million a year earlier, as operating loss narrowed.
What were American Strategic Investment Co.’s key profitability metrics in Q1 2026?
For Q1 2026, American Strategic Investment Co. reported Cash NOI of $2.9 million and Adjusted EBITDA of -$1.1 million. EBITDA was $1.0 million, supported by non-cash items, but after adjustments the company still operated at a loss on an Adjusted EBITDA basis.
What does NYC’s balance sheet and leverage look like as of March 31, 2026?
As of March 31, 2026, American Strategic Investment Co. reported total assets of $445.0 million and net debt of $248.5 million. Net debt equaled 59.6% of gross asset value, and total consolidated debt of $251.0 million carried a weighted-average interest rate of 4.6%.
How occupied is American Strategic Investment Co.’s real estate portfolio?
As of March 31, 2026, the company owned five properties totaling about 0.7 million square feet, with 76.4% leased. The weighted-average remaining lease term was 6.2 years, supporting medium-term cash flow visibility from its New York City commercial tenants.
What is the quality of NYC’s tenant base and lease profile?
For the top 10 tenants, 69% of annualized straight-line rent came from investment grade or implied investment grade tenants, with a weighted-average remaining lease term of 6.7 years. Government, public administration, retail, non-profit and fitness tenants provide industry diversification across the portfolio.
What future lease income does American Strategic Investment Co. expect based on current contracts?
As of March 31, 2026, future minimum base rent payments totaled $188.4 million on a cash basis. Scheduled rents are spread over multiple years, including $26.8 million for the remainder of 2026 and $63.4 million in periods beyond 2031, excluding contingent rent.