American Strategic Investment Co. Q2 FY2025 earnings call

• Occupancy was flat at 82% in the second quarter.
• Executed 2 lease renewals, extending the weighted average remaining lease term of the portfolio to 6 years at quarter end.
• Near-term lease expirations reduced to 7% of annualized straight-line rent from 12% at the end of the last quarter.
• 54% of leases now extend beyond 2030, up from 51% last quarter.
• Focus on tenant retention, property improvements, and cost efficiency.
• Continuing to market 123 William Street and 196 Orchard for sale, expecting to use net proceeds to retire debt and reinvest in higher-yielding assets.

Second quarter 2025 revenue was $12.2 million compared to $15.8 million in the second quarter of 2024. The company's GAAP net loss attributable to common stockholders was $41.7 million in the second quarter of 2025 compared to a net loss of $91.9 million in the second quarter of 2024. Adjusted EBITDA was $0.4 million in the second quarter of 2025 compared to $4.5 million in the second quarter of 2024. Cash net operating income was $4.2 million in the second quarter of 2025 compared to $7.4 million in the second quarter of 2024.

• Ongoing sale process of select Manhattan properties to unlock substantial capital, reduce debt burden, and pursue new investment opportunities with superior returns compared to current portfolio assets.
• View repositioning as fundamental to maximizing shareholder returns and will provide regular updates on progress.

• Lender for 1140 Avenue of the Americas commenced foreclosure proceedings with respect to the property.
• Forward-looking statements subject to risks and uncertainties where actual results may differ materially from forward-looking statements.