American Strategic Investment Co. Q4 FY2024 earnings call

• Completed disposition of 9 Times Square for $63.5 million, generating net proceeds of approximately $13.5 million and strengthening cash position.
• Relaunched marketing efforts to sell 123 William Street and 196 Orchard as part of diversification strategy.
• Existing portfolio consists of six real estate assets in NYC, primarily Manhattan, with $470.8 million value, 1 million sq ft, 80.8% occupancy, and 6.3-year weighted average remaining lease term.
• Leveraged relationships to secure five new leases totaling over 37,000 square feet and $2 million of straight line rent in 2024.

For the year ended December 31, 2024, revenue was $61.6 million compared to $62.7 million in 2023. Fourth quarter 2024 revenue was $14.9 million compared to $15.4 million in the fourth quarter of 2023. The full year GAAP net loss attributable to common stockholders was $140.6 million compared to a net loss of $105.9 million in 2023. The fourth quarter net loss was $6.7 million compared to $73.9 million in the fourth quarter of 2023. Adjusted EBITDA for 2024 was $11.9 million and $1.3 million for the fourth quarter. Cash NOI for the full year was $27.6 million compared to $27.3 million in 2023, and $6.4 million in the fourth quarter compared to $6.3 million in the fourth quarter of 2023. The company's $470.8 million, 1 million square foot portfolio at year end had occupancy of 80.8% and a weighted average remaining lease term of 6.3 years. The top 10 tenants were 77% investment grade or implied investment grade with a weighted average remaining lease term of eight years.

Ongoing strategy of diversifying beyond real estate in Manhattan through strategic sale of properties and acquisition of higher yielding assets; continuing to proactively build pipeline of new and renewal leases to increase occupancy.

Forward-looking statements subject to risks and uncertainties; refer to SEC filings, including Form 10-K, for detailed risk factors that could cause actual results to differ from forward-looking statements.

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