American Strategic Investment Co. Q3 loss hits $6.72M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
American Strategic Investment Co. reported third-quarter revenue from tenants of $7.118 million, compared with $12.269 million a year earlier. It recorded a $6.724 million net loss attributable to common stockholders, versus $35.755 million of net income; the 2025 result primarily reflected a noncash gain on the disposition of 1140 Avenue of the Americas. Cash NOI was $3.507 million, compared with $5.328 million, and Adjusted EBITDA was $0.961 million, versus $1.946 million.
At September 30, 2026, the company reported a five-property portfolio with 0.7 million rentable square feet, excluding 1140 Avenue of the Americas; 74.0% was leased. Cash and cash equivalents were $5.323 million, net debt was $245.7 million, and all debt was fixed-rate at a 4.56% weighted-average interest rate. On November 3, 2026, the company completed an 11-year lease with the State of New York at 123 William Street, expanding the existing tenant's space to 70,629 square feet and extending the lease to 2037. After quarter-end, the company repaid with cash on hand a $0.3 million working-capital note from its external advisor.
0 points · 0 major1 major · 4 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Major pointCommon-stockholder results were a $6.724 million loss, versus $35.755 million income in the prior-year quarter.
- Moderate pointRevenue was $7.118 million, versus $12.269 million in the third quarter of 2025.
- Moderate pointCash NOI was $3.507 million, compared with $5.328 million in the third quarter of 2025.
- Moderate pointAdjusted EBITDA was $0.961 million, versus $1.946 million in the third quarter of 2025.
Filing Explained
ASIC reports that its advisor elected in
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, or exhibit attachments filed with this report.
Key Figures
Revenue from tenants: $7.118 million
Net loss attributable to common stockholders: $6.724 million loss
Diluted net loss per share: $2.14 loss per share
+5 more
8 metrics
Revenue from tenants
$7.118 million
Three months ended September 30, 2026; $12.269 million in the same period of 2025
Net loss attributable to common stockholders
$6.724 million loss
Three months ended September 30, 2026; $35.755 million net income in the same period of 2025
Diluted net loss per share
$2.14 loss per share
Three months ended September 30, 2026; $13.60 net income per diluted share in the same period of 2025
Cash NOI
$3.507 million
Three months ended September 30, 2026; $5.328 million in the same period of 2025
Adjusted EBITDA
$0.961 million
Three months ended September 30, 2026; $1.946 million in the same period of 2025
Cash and cash equivalents
$5.323 million
As of September 30, 2026
Net debt to gross asset value
58.6%
As of September 30, 2026
Portfolio leased
74.0%
Five-property portfolio as of September 30, 2026, excluding 1140 Avenue of the Americas
Key Terms
Cash NOI, Adjusted EBITDA, net debt to gross asset value, contract asset, +2 more
6 terms
Cash NOI financial
"Cash NOI was $3.5 million, compared to $5.3 million"
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.
Adjusted EBITDA financial
"Adjusted EBITDA was $1.0 million, compared to $1.9 million"
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.
net debt to gross asset value financial
"net debt to gross asset value was 58.6%"
Net debt to gross asset value is a leverage ratio that compares a company’s net debt (total interest‑bearing debt minus cash and equivalents) to the total market value of its assets before liabilities (gross asset value). It tells investors how much of the asset base is funded by borrowed money, similar to comparing the mortgage balance on a house to the house’s full market value. Changes in this ratio signal shifts in financial risk, borrowing capacity, and balance sheet resilience.
contract asset financial
"less the Contract Asset balance of $115.5 million"
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.
interest coverage ratio financial
"The interest coverage ratio is calculated by dividing adjusted EBITDA"
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.
implied investment grade financial
"69% of annualized straight-line rent from top 10 tenants"
A market-based view that a company's debt is as safe as investment-grade even if a formal credit rating hasn't been issued or updated; it’s inferred from bond yields, credit-default swap prices and other market signals. Investors care because implied investment grade affects borrowing costs, who can hold the debt (some funds only buy investment-grade debt), and overall market confidence — think of it as an unofficial safety score based on how the market actually prices the risk.
Earnings Snapshot
Revenue from tenants: $7.118 million
Third quarter 2026
Revenue from tenants
$7.118 million
Compared with $12.269 million in the third quarter of 2025
Net loss attributable to common stockholders
$6.724 million loss
Compared with $35.755 million net income in the third quarter of 2025
Cash NOI
$3.507 million
Compared with $5.328 million in the third quarter of 2025
Adjusted EBITDA
$0.961 million
Compared with $1.946 million in the third quarter of 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were NYC's third-quarter 2026 results?
American Strategic Investment Co. reported third-quarter revenue from tenants of $7.118 million and a $6.724 million net loss attributable to common stockholders. Revenue was $12.269 million and net income was $35.755 million in the third quarter of 2025; the prior-year income primarily reflected a noncash gain on a property disposition.
How did NYC's Cash NOI and Adjusted EBITDA compare with last year?
Cash NOI was $3.507 million, compared with $5.328 million in the third quarter of 2025. Adjusted EBITDA was $0.961 million, versus $1.946 million in the year-earlier quarter.
What are the terms of the State of New York lease at 123 William Street?
The State of New York completed an 11-year lease on November 3, 2026, expanding its space to 70,629 square feet and extending its existing lease to 2037.
What were NYC's debt maturity and interest coverage metrics?
As of September 30, 2026, American Strategic Investment Co. reported a 1.1-year weighted-average debt maturity and a 0.1x interest coverage ratio.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 13, 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 November 13, 2026, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2026, and supplemental financial information for the quarter ended September 30, 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 November 13, 2026, the Company issued a press release announcing its results of operations for the quarter ended September 30, 2026, and supplemental financial information for the quarter ended September 30, 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 November 13, 2026 | ||||
99.2 | Supplemental information for the quarter ended September 30, 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: November 13, 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 THIRD QUARTER 2026 RESULTS
New York, November 13, 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 September 30, 2026.
Third Quarter 2026 Highlights
•Revenue was $7.1 million compared to $12.3 million in the third 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 $6.7 million, compared to net income of $35.8 million in the third quarter of 2025 that was primarily due to a non-cash gain recognized in connection with the disposition of 1140 Avenue of the Americas in the third quarter of 2025
•Cash net operating income (“Cash NOI”) was $3.5 million, compared to $5.3 million in the third quarter of 2025
•Adjusted EBITDA was $1.0 million, compared to $1.9 million in the third quarter of 2025
•Weighted-average remaining lease term(1) was 6.0 years compared to 6.1 years at the end of the second quarter of 2026
•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, up slightly from 6.4 years at the end of the prior quarter
•Portfolio comprised of fixed rate debt at a 4.56% weighted-average interest rate
•Subsequent to quarter end, signed an extension and expansion lease with the State of New York at 123 William Street extending the current lease to 2037 and adding approximately 30,000 square feet on two additional floors.
CEO Comments
“The Company’s results this quarter build on the progress we made over the last two quarters, as our capital prioritization strategy continues to contribute to our results,” said Nicholas Schorsch, Jr., CEO of ASIC. “The portfolio’s high quality, largely investment grade tenant base continues to support stable performance this year. We remain focused on completing our remaining asset dispositions and directing capital toward the opportunities we believe will create the most durable value for our shareholders, such as the execution of the lease with the State of New York after the end of the quarter that increases pro-forma occupancy at 123 William Street to approximately 75% and portfolio occupancy to approximately 78%.”
1
Financial Results
| Three Months Ended September 30, | ||||||||||||||
| (In thousands, except per share data) | 2026 | 2025 | ||||||||||||
| Revenue from tenants | $ | 7,118 | $ | 12,269 | ||||||||||
| Net income (loss) attributable to common stockholders | $ | (6,724) | $ | 35,755 | ||||||||||
Net income (loss) per common share — diluted (1) | $ | (2.14) | $ | 13.60 | ||||||||||
| EBITDA | $ | 2,195 | $ | 46,116 | ||||||||||
| Adjusted EBITDA | $ | 961 | $ | 1,946 | ||||||||||
(1)All per share data based on 3,137,318 and 2,629,703 diluted weighted-average shares outstanding for the three months ended September 30, 2026 and 2025, respectively.
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 September 30, 2026. Portfolio metrics include:
•74.0% leased
•6.0 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 September 30, 2026, the Company had $5.3 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 58.6%, with net debt of $245.7 million.
All of the Company’s debt was fixed-rate as of September 30, 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 ongoing strategy to prioritize and preserve operating capital, in August 2026 the Company’s external advisor (the “Advisor”) elected to receive shares of the Company’s Class A common stock in lieu of $1,122,149 in advisory fees accrued and payable through August 2026 under the Company’s second amended and restated advisory agreement with the Advisor (the “Advisory Agreement”). The election was approved by the Compensation Committee of the Company’s Board of Directors. Additionally, on October 23, 2026, the Company issued 244,480 shares in lieu of $1,410,651 in cash for asset management and property management services accrued and payable through October 2026. The Company has previously issued shares of its Class A common stock in lieu of cash to the Advisor and the Company’s property manager as part of its ongoing efforts to manage operating expenses and conserve liquidity.
Subsequent Events
New York State Lease Signed at 123 William Street
On November 3, 2026 the Company completed a new 11-year lease at its property at 123 William Street. The State of New York, an existing tenant, signed the lease which expanded their presence in the building to 70,629 square feet.
400 E. 67th Street/200 Riverside Blvd. Foreclosure Litigation
For a discussion of the foreclosure litigation initiated as a result of alleged defaults under the loan agreement governing the indebtedness secured by the 400 E. 67th Street and 200 Riverside Blvd. properties, see Note 5 — Mortgage Notes Payable, Net — Debt Covenant Non-Compliance, Cash Sweep Events, Notices of Defaults and of Acceleration and Foreclosure Litigation to the Company’s condensed consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Notes Payable to Related Parties
2
Pursuant to the terms of a promissory note executed during the fourth quarter between the Company and the Advisor, the Company borrowed $0.3 million from the Advisor for working capital needs. The promissory note bore interest at an annual rate of 8.15% and would have been callable on or after January 21, 2027. Amounts repaid under the promissory note may not be reborrowed. During the fourth quarter of 2026, the Company repaid all amounts outstanding under this promissory note with the Advisor with cash on hand including interest, which was immaterial.
3
Footnotes/Definitions
(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of September 30, 2026.
(2)Top 10 tenants based on annualized straight-line rent as of September 30, 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 September 30, 2026. Based on annualized straight-line rent, top 10 tenants are 44% investment grade rated and 26% implied investment grade rated.
(4)Annualized straight-line rent is calculated using the most recent available lease terms as of September 30, 2026.
(5)Under certain covenants of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $5.0 million.
(6)Total debt of $251.0 million less cash and cash equivalents of $5.3 million as of September 30, 2026. Total debt excludes the effect of deferred financing costs, net and mortgage premiums, net and includes the effect of cash and cash equivalents.
(7)Defined as the carrying value of total assets of $448.4 million plus accumulated depreciation and amortization of $86.6 million less the contract asset of $115.5 million as of September 30, 2026.
(8)Weighted based on the outstanding principal balance of the debt.
4
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 a supplemental information package with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental information package can be found under the “Financial Results” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC’s 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, and (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, 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.
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)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | (Unaudited) | |||||||||||||
| Real estate investments, at cost: | ||||||||||||||
Land | $ | 114,099 | $ | 114,099 | ||||||||||
Buildings and improvements | 269,294 | 268,474 | ||||||||||||
Acquired intangible assets | 4,372 | 5,389 | ||||||||||||
Total real estate investments, at cost | 387,765 | 387,962 | ||||||||||||
Less accumulated depreciation and amortization | (86,576) | (80,579) | ||||||||||||
Total real estate investments, net | 301,189 | 307,383 | ||||||||||||
| Cash and cash equivalents | 5,323 | 1,297 | ||||||||||||
| Restricted cash | 6,161 | 6,750 | ||||||||||||
| Contract asset | 115,486 | 108,648 | ||||||||||||
| Prepaid expenses and other assets | 2,914 | 3,169 | ||||||||||||
| Straight-line rent receivable | 14,962 | 15,421 | ||||||||||||
| Deferred leasing costs, net | 2,357 | 2,492 | ||||||||||||
| Total assets | $ | 448,392 | $ | 445,160 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 250,079 | $ | 249,565 | ||||||||||
| Debt associated with property in receivership | 99,000 | 99,000 | ||||||||||||
| Accrued interest associated with property in receivership | 16,486 | 9,648 | ||||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,454 and $(280) at September 30, 2026 and December 31, 2025, respectively) | 28,668 | 18,739 | ||||||||||||
| Notes payable to related parties | 3,920 | 650 | ||||||||||||
| Below-market lease liabilities, net | 570 | 708 | ||||||||||||
| Deferred revenue | 2,417 | 2,094 | ||||||||||||
Total liabilities | 401,140 | 380,404 | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 3,324,398 and 2,692,941 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 33 | 27 | ||||||||||||
| Additional paid-in capital | 737,081 | 731,793 | ||||||||||||
| Distributions in excess of accumulated earnings | (689,862) | (667,064) | ||||||||||||
| Total equity | 47,252 | 64,756 | ||||||||||||
Total liabilities and equity | $ | 448,392 | $ | 445,160 | ||||||||||
6
American Strategic Investment Co.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenue from tenants | $ | 7,118 | $ | 12,269 | ||||||||||
| Operating expenses: | ||||||||||||||
| Asset and property management fees to related parties | 1,656 | 1,929 | ||||||||||||
| Property operating | 3,723 | 6,640 | ||||||||||||
| Equity-based compensation | 48 | 90 | ||||||||||||
| General and administrative | 1,804 | 1,754 | ||||||||||||
| Depreciation and amortization | 2,490 | 3,086 | ||||||||||||
| Total operating expenses | 9,721 | 13,499 | ||||||||||||
| Operating loss before gain on disposition of real estate investments | (2,603) | (1,230) | ||||||||||||
| Gain on disposition of real estate investments | 2,305 | 44,268 | ||||||||||||
| Operating (loss) income | (298) | 43,038 | ||||||||||||
| Other income (expense): | ||||||||||||||
| Interest expense | (4,124) | (4,124) | ||||||||||||
| Interest expense associated with property in receivership | (2,305) | (3,151) | ||||||||||||
| Other income (expense) | 3 | (8) | ||||||||||||
| Total other expense | (6,426) | (7,283) | ||||||||||||
| Net income (loss) before income tax | (6,724) | 35,755 | ||||||||||||
| Income tax expense | — | — | ||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (6,724) | $ | 35,755 | ||||||||||
| Net income (loss) per share attributable to common stockholders — Basic | $ | (2.14) | $ | 13.60 | ||||||||||
| Weighted-average shares outstanding — Basic | 3,137,318 | 2,554,502 | ||||||||||||
| Net income (loss) per share attributable to common stockholders — Diluted | $ | (2.14) | $ | 13.60 | ||||||||||
| Weighted-average shares outstanding — Diluted | 3,137,318 | 2,629,703 | ||||||||||||
7
American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
| Three Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (6,724) | $ | 35,755 | ||||||||||
| Interest expense | 4,124 | 4,124 | ||||||||||||
| Interest expense associated with property in receivership | 2,305 | 3,151 | ||||||||||||
| Depreciation and amortization | 2,490 | 3,086 | ||||||||||||
| EBITDA | 2,195 | 46,116 | ||||||||||||
| Gain on disposition of real estate investments | (2,305) | (44,268) | ||||||||||||
| Equity-based compensation | 48 | 90 | ||||||||||||
| Other (income) loss | (3) | 8 | ||||||||||||
| Asset and property management fees paid in common stock to related parties in lieu of cash | 1,026 | — | ||||||||||||
| Adjusted EBITDA | 961 | 1,946 | ||||||||||||
| Asset and property management fees to related parties payable in cash | 630 | 1,929 | ||||||||||||
| General and administrative | 1,804 | 1,754 | ||||||||||||
| NOI | 3,395 | 5,629 | ||||||||||||
| Accretion of below- and amortization of above-market lease liabilities and assets, net | (20) | (161) | ||||||||||||
| Straight-line rent (revenue as a lessor) | 132 | 102 | ||||||||||||
| Straight-line ground rent (expense as lessee) | — | (242) | ||||||||||||
| Cash NOI | 3,507 | 5,328 | ||||||||||||
| Cash Paid for Interest: | ||||||||||||||
| Interest expense | 4,124 | 4,124 | ||||||||||||
| Amortization of deferred financing costs | 171 | 510 | ||||||||||||
| Total cash paid for interest | $ | 4,295 | $ | 4,634 | ||||||||||
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 2026. 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 September 30, 2026 (unaudited)
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 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 September 30, 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 September 30, 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 September 30, 2026 (Unaudited) | ||||||||
Key Metrics
As of and for the three months ended September 30, 2026
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data) | ||||||||
| Revenue from tenants | $ | 7,118 | ||||||
| Net income (loss) attributable to common stockholders | $ | (6,724) | ||||||
| Basic and diluted net income (loss) per share attributable to common stockholders | $ | (2.14) | ||||||
Cash NOI (1) | $ | 3,507 | ||||||
Adjusted EBITDA (1) | $ | 961 | ||||||
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages) | ||||||||
Gross asset value (2) | $ | 419,482 | ||||||
Net debt (3) (4) | $ | 245,677 | ||||||
Total consolidated debt (4) | $ | 251,000 | ||||||
| Total assets | $ | 448,392 | ||||||
Cash and cash equivalents (5) | $ | 5,323 | ||||||
Common shares outstanding as of September 30, 2026 | 3,324 | |||||||
| Net debt to gross asset value | 58.6 | % | ||||||
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results) | 63.9 | x | ||||||
Weighted-average interest rate cost (6) | 4.6 | % | ||||||
Weighted-average debt maturity (years) (7) | 1.1 | |||||||
Interest Coverage Ratio (8) | 0.1 | x | ||||||
| Real Estate Portfolio | ||||||||
| Number of properties | 5 | |||||||
| Number of tenants | 36 | |||||||
| Square footage (millions) | 0.7 | |||||||
| Leased | 74.0 | % | ||||||
Weighted-average remaining lease term (years) (9) | 6 | |||||||
______
5
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $448.4 million plus accumulated depreciation and amortization of $86.6 million less the Contract Asset balance of $115.5 million as of September 30, 2026.
(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $5.3 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 September 30, 2026.
6
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 | ||||||||
Condensed Consolidated Balance Sheets
Amounts in thousands, except share and per share data
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | (Unaudited) | |||||||||||||
| Real estate investments, at cost: | ||||||||||||||
| Land | $ | 114,099 | $ | 114,099 | ||||||||||
| Buildings and improvements | 269,294 | 268,474 | ||||||||||||
| Acquired intangible assets | 4,372 | 5,389 | ||||||||||||
| Total real estate investments, at cost | 387,765 | 387,962 | ||||||||||||
| Less accumulated depreciation and amortization | (86,576) | (80,579) | ||||||||||||
| Total real estate investments, net | 301,189 | 307,383 | ||||||||||||
| Cash and cash equivalents | 5,323 | 1,297 | ||||||||||||
| Restricted cash | 6,161 | 6,750 | ||||||||||||
| Contract asset | 115,486 | 108,648 | ||||||||||||
Prepaid expenses and other assets | 2,914 | 3,169 | ||||||||||||
| Straight-line rent receivable | 14,962 | 15,421 | ||||||||||||
| Deferred leasing costs, net | 2,357 | 2,492 | ||||||||||||
| Total assets | $ | 448,392 | $ | 445,160 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 250,079 | $ | 249,565 | ||||||||||
| Debt associated with property in receivership | 99,000 | 99,000 | ||||||||||||
| Accrued interest associated with property in receivership | 16,486 | 9,648 | ||||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,454 and $(280) at September 30, 2026 and December 31, 2025, respectively) | 28,668 | 18,739 | ||||||||||||
| Notes payable to related parties | 3,920 | 650 | ||||||||||||
| Below-market lease liabilities, net | 570 | 708 | ||||||||||||
| Deferred revenue | 2,417 | 2,094 | ||||||||||||
| Total liabilities | 401,140 | 380,404 | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 3,324,398 and 2,692,941 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 33 | 27 | ||||||||||||
| Additional paid-in capital | 737,081 | 731,793 | ||||||||||||
| Distributions in excess of accumulated earnings | (689,862) | (667,064) | ||||||||||||
| Total equity | 47,252 | 64,756 | ||||||||||||
| Total liabilities and equity | $ | 448,392 | $ | 445,160 | ||||||||||
7
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Condensed Consolidated Statements of Operations
Amounts in thousands, except share and per share data
| Three Months Ended | ||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||
| Revenue from tenants | $ | 7,118 | $ | 7,315 | $ | 7,348 | $ | 6,476 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Asset and property management fees to related parties | 1,656 | 1,791 | 1,552 | 1,802 | ||||||||||||||||||||||
| Property operating | 3,723 | 4,303 | 4,602 | 4,690 | ||||||||||||||||||||||
| Equity-based compensation | 48 | 63 | 91 | 90 | ||||||||||||||||||||||
| General and administrative | 1,804 | 2,884 | 2,313 | 1,208 | ||||||||||||||||||||||
| Depreciation and amortization | 2,490 | 2,490 | 2,520 | 2,594 | ||||||||||||||||||||||
| Total expenses | 9,721 | 11,531 | 11,078 | 10,384 | ||||||||||||||||||||||
| Operating loss before gain (loss) on disposition of real estate investments | (2,603) | (4,216) | (3,730) | (3,908) | ||||||||||||||||||||||
| Gain (loss) on disposal of real estate investments | 2,305 | 2,280 | 2,254 | 3,599 | ||||||||||||||||||||||
| Operating loss | (298) | (1,936) | (1,476) | (309) | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest expense | (4,124) | (4,086) | (4,048) | (4,087) | ||||||||||||||||||||||
| Interest expense associated with property in receivership | (2,305) | (2,280) | (2,254) | (2,305) | ||||||||||||||||||||||
| Other income | 3 | 3 | 3 | 4 | ||||||||||||||||||||||
| Total other expense, net | (6,426) | (6,363) | (6,299) | (6,388) | ||||||||||||||||||||||
| Net income (loss) before income taxes | (6,724) | (8,299) | (7,775) | (6,697) | ||||||||||||||||||||||
| Income tax expense | — | — | — | — | ||||||||||||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (6,724) | $ | (8,299) | $ | (7,775) | $ | (6,697) | ||||||||||||||||||
| Basic and Diluted Net Income (Loss) Per Share: | ||||||||||||||||||||||||||
| Net income (loss) per share attributable to common stockholders — Basic & Diluted | $ | (2.14) | $ | (3.04) | $ | (3.04) | $ | (2.62) | ||||||||||||||||||
| Weighted average shares outstanding —Basic & Diluted | 3,137,318 | 2,733,561 | 2,556,769 | 2,546,562 | ||||||||||||||||||||||
8
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Non-GAAP Measures
Amounts in thousands
| Three Months Ended | ||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||
| EBITDA: | ||||||||||||||||||||||||||
| Net income (loss) and Net income (loss) attributable to common stockholders | $ | (6,724) | $ | (8,299) | $ | (7,775) | $ | (6,697) | ||||||||||||||||||
| Depreciation and amortization | 2,490 | 2,490 | 2,520 | 2,594 | ||||||||||||||||||||||
| Interest expense | 4,124 | 4,086 | 4,048 | 4,087 | ||||||||||||||||||||||
| Interest expense associated with property in receivership | 2,305 | 2,280 | 2,254 | 2,305 | ||||||||||||||||||||||
| EBITDA | 2,195 | 557 | 1,047 | 2,289 | ||||||||||||||||||||||
| Gain on disposition of real estate investments | (2,305) | (2,280) | (2,254) | (3,599) | ||||||||||||||||||||||
| Equity-based compensation | 48 | 63 | 91 | 90 | ||||||||||||||||||||||
| Management Fees paid in stock to Advisor in lieu of cash | 1,026 | 4,066 | — | — | ||||||||||||||||||||||
| Other income | (3) | (3) | (3) | (4) | ||||||||||||||||||||||
| Adjusted EBITDA | 961 | 2,403 | (1,119) | (1,224) | ||||||||||||||||||||||
| Asset and property management fees to related parties paid in cash | 630 | (2,275) | 1,552 | 1,802 | ||||||||||||||||||||||
| General and administrative | 1,804 | 2,884 | 2,313 | 1,208 | ||||||||||||||||||||||
| NOI | 3,395 | 3,012 | 2,746 | 1,786 | ||||||||||||||||||||||
| Accretion of below- and amortization of above-market lease liabilities and assets, net | (20) | (34) | (18) | (27) | ||||||||||||||||||||||
| Straight-line rent (revenue as a lessor) | 132 | 165 | 138 | 53 | ||||||||||||||||||||||
| Cash NOI | $ | 3,507 | $ | 3,143 | $ | 2,866 | $ | 1,812 | ||||||||||||||||||
9
| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Debt Overview
As of September 30, 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 | 0.7 | 4.7 | % | 140,000 | |||||||||||||||||||||
| 2028 | 1 | 2.4 | 5.1 | % | 10,000 | |||||||||||||||||||||
| 2029 | 1 | 3.1 | 3.9 | % | 51,000 | |||||||||||||||||||||
| 2030 | — | — | — | % | — | |||||||||||||||||||||
| Thereafter | — | — | — | % | — | |||||||||||||||||||||
| Total Debt | 3 | 1.1 | 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 September 30, 2026.
(3)Excludes the effect of deferred financing costs, net. Current balances as of September 30, 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.
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| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Future Minimum Lease Rents
As of September 30, 2026
Amounts in thousands
Future Minimum Base Rent Payments (1) | ||||||||
| 2026 (remainder) | $ | 6,806 | ||||||
| 2027 | 25,620 | |||||||
| 2028 | 21,903 | |||||||
| 2029 | 21,180 | |||||||
| 2030 | 19,220 | |||||||
| 2031 | 16,484 | |||||||
| Thereafter | 65,542 | |||||||
| Total | $ | 176,755 | ||||||
_________________
(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.
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| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Top Ten Tenants
As of September 30, 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 | Non-profit | $ | 3,337 | 12 | % | 4.8 | Yes | |||||||||||||||||||||||||||
| Equinox | Retail | Fitness | 2,897 | 11 | % | 12.2 | Yes | ||||||||||||||||||||||||||||
| The City of New York - The Department of Youth and Community | Office | Government / Public Administration | 2,215 | 8 | % | 11.3 | No | ||||||||||||||||||||||||||||
| CVS | Retail | Retail | 2,161 | 8 | % | 7.9 | Yes | ||||||||||||||||||||||||||||
| United States General Services Administration | Office | Government / Public Administration | 2,050 | 8 | % | 0.7 | Yes | ||||||||||||||||||||||||||||
| NYS Licensing | Office | Government / Public Administration | 1,833 | 7 | % | 0.8 | Yes | ||||||||||||||||||||||||||||
| Marshalls | Retail | Retail | 1,477 | 5 | % | 5.1 | Yes | ||||||||||||||||||||||||||||
| Fundera, Inc. | Office | Financial Services | 1,051 | 4 | % | 2.8 | No | ||||||||||||||||||||||||||||
| Lenox Hill Garage LLC | Retail | Parking | 917 | 3 | % | 10.8 | Yes | ||||||||||||||||||||||||||||
| 200 Riverside Garage LLC | Retail | Parking | 917 | 3 | % | 10.8 | Yes | ||||||||||||||||||||||||||||
| Subtotal | 18,855 | 69 | % | 6.7 | |||||||||||||||||||||||||||||||
| Remaining portfolio | 8,344 | 31 | % | ||||||||||||||||||||||||||||||||
| Total Portfolio | $ | 27,199 | 100 | % | |||||||||||||||||||||||||||||||
__________________
(1)Calculated using the most recent available lease terms as of September 30, 2026.
(2)Based on straight-line rent as of September 30, 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 September 30, 2026. Top 10 tenants are 43.8% actual investment grade rated and 25.5% implied investment grade rated.
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| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Diversification by Property Type
As of September 30, 2026
Amounts in thousands, except percentages
| Total Portfolio | ||||||||||||||||||||||||||
| Property Type | Annualized SL Rent (1) | SL Rent Percent | Square Feet | SqFt. Percent | ||||||||||||||||||||||
| Office | $ | 18,030 | 66 | % | 386 | 71 | % | |||||||||||||||||||
| Retail | 8,395 | 31 | % | 148 | 26 | % | ||||||||||||||||||||
| Other | 774 | 3 | % | 16 | 3 | % | ||||||||||||||||||||
| Total | $ | 27,199 | 100 | % | 550 | 100 | % | |||||||||||||||||||
____________
(1)Calculated using the most recent available lease terms as of September 30, 2026.
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| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Diversification by Tenant Industry
As of September 30, 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 | 32 | % | |||||||||||||||||||
| Retail | 4,029 | 15 | % | 40 | 7 | % | ||||||||||||||||||||
| Non-profit | 3,337 | 12 | % | 65 | 12 | % | ||||||||||||||||||||
| Fitness | 2,897 | 11 | % | 30 | 6 | % | ||||||||||||||||||||
| Office Space | 2,799 | 10 | % | 68 | 12 | % | ||||||||||||||||||||
| Parking | 1,833 | 7 | % | 87 | 16 | % | ||||||||||||||||||||
| Financial Services | 1,179 | 4 | % | 21 | 4 | % | ||||||||||||||||||||
| Professional Services | 1,050 | 4 | % | 20 | 4 | % | ||||||||||||||||||||
| Education | 754 | 3 | % | 16 | 3 | % | ||||||||||||||||||||
| Services | 450 | 2 | % | 10 | 2 | % | ||||||||||||||||||||
Other (2) | 1,149 | 4 | % | 20 | 2 | % | ||||||||||||||||||||
| Total | $ | 27,199 | 100 | % | 550 | 100 | % | |||||||||||||||||||
____________
(1)Calculated using the most recent available lease terms as of September 30, 2026.
(2)Other includes eight industry types as of September 30, 2026.
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| American Strategic Investment Co. | ||||||||
| Supplemental Information | ||||||||
Quarter ended September 30, 2026 (Unaudited) | ||||||||
Lease Expirations
As of September 30, 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) | 2 | $ | 17 | 0.1 | % | — | — | % | ||||||||||||||||||||||||
| 2027 | 8 | 5,442 | 20.0 | % | 124 | 22.5 | % | |||||||||||||||||||||||||
| 2028 | 3 | 1,154 | 4.2 | % | 26 | 4.7 | % | |||||||||||||||||||||||||
| 2029 | 6 | 2,201 | 8.1 | % | 45 | 8.1 | % | |||||||||||||||||||||||||
| 2030 | 2 | 1,143 | 4.2 | % | 29 | 5.3 | % | |||||||||||||||||||||||||
| 2031 | 10 | 5,466 | 20.1 | % | 98 | 17.9 | % | |||||||||||||||||||||||||
| 2032 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2033 | 4 | 1,061 | 3.9 | % | 21 | 3.9 | % | |||||||||||||||||||||||||
| 2034 | 3 | 3,005 | 11.0 | % | 31 | 5.7 | % | |||||||||||||||||||||||||
| 2035 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2036 | 2 | 365 | 1.3 | % | 10 | 1.8 | % | |||||||||||||||||||||||||
| 2037 | 4 | 4,048 | 14.9 | % | 128 | 23.3 | % | |||||||||||||||||||||||||
| 2038 | 3 | 2,897 | 10.7 | % | 30 | 5.5 | % | |||||||||||||||||||||||||
| 2039 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2040 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| 2041 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
| Thereafter (>2041) | 2 | 400 | 1.5 | % | 8 | 1.0 | % | |||||||||||||||||||||||||
| Total | 49 | $ | 27,199 | 100 | % | 550 | 100 | % | ||||||||||||||||||||||||
_______________
(1)Calculated using the most recent available lease terms as of September 30, 2026. Includes tenant concessions, such as free rent, as applicable.
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