American Strategic Investment Co. Q1 FY2025 earnings call

• Nick Schorsch noted 82% occupancy achieved with 120 basis points growth from Q4, active leasing pipeline across properties, and expectation of closing additional leases/renewals in Q2.
• The company is marketing 123 William Street and 196 Orchard for sale to unlock value, diversify holdings, strengthen balance sheet, and use net proceeds to retire debt and invest in higher-yielding assets.
• Portfolio stability due to weighted average remaining lease term of 5.4 years, 51% of leases beyond 2030, and high-quality tenant base (77% investment-grade or implied investment-grade).
• Focus on tenant retention, property improvements, and cost efficiency to create value at current assets.
• Michael LeSanto reviewed first quarter financial results, including revenue, net loss, adjusted EBITDA, and cash net operating income figures.

First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024 due to the sale of 9 Times Square in the fourth quarter of 2024. The GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025 compared to $7.6 million in Q1 2024. Adjusted EBITDA was negative $0.8 million in Q1 2025 versus $2.9 million in Q1 2024. Cash net operating income was $4.2 million in Q1 2025 compared to $7 million in Q1 2024. The portfolio has 6 office and retail properties in Manhattan, achieved 82% occupancy (120 basis points growth from Q4), has a weighted average remaining lease term of 5.4 years with 51% of leases extending beyond 2030, and 77% of tenants are investment-grade or implied investment-grade.

• Continued divestiture of certain Manhattan assets is a strategic initiative to generate cash, decrease leverage, and expand into new higher return opportunities to enhance shareholder value.

Forward-looking statements are subject to risks and uncertainties. Refer to SEC filings for detailed risk factors that could cause actual results to differ materially from forward-looking statements.

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