American Strategic Investment Co. Q4 FY2025 earnings call

• Remain committed to operating and unlocking value at current assets, focusing on tenant retention, property improvements, and cost efficiency, while pruning exposure to non-core assets. • Executed 13 new and replacement leases totaling 117,000 square feet in 2025, focusing on resilient industries like financial services, medical institutions, and government agencies. • Portfolio is in New York City, primarily Manhattan, with office properties near major transportation hubs. • Completed disposition of 1140 Avenue of the Americas office property in fourth quarter, removed related assets and liabilities from balance sheet, recognized a $46.6 million gain. • Remain committed to strengthening existing portfolio and exploring additional income generating investments. • Assessing strategies for 123 William Street and 196 Orchard to generate long-term value, potentially selling them to deploy cash into higher-yielding assets. • Focused on leasing up available space, evaluating debt replacement, renewing leases, and controlling expenses.

For the year ended December 31st, 2025, revenue was $43.3 million compared to $61.6 million in 2024. Fourth quarter 2025 revenue was $6.5 million compared to $14.9 million in the fourth quarter of 2024. The company's full year GAAP net loss attributable to common stockholders was $21.2 million compared to a net loss of $140.6 million in 2024. Net loss for the quarter was $6.7 million in line with the fourth quarter of 2024. Adjusted EBITDA for 2025 was $0.3 million and $1.2 million for the fourth quarter. Cash NOI for the full year was $16 million and $1.8 million in the fourth quarter. ASIC's $382.6 million, 0.7 million square foot portfolio consisted of five real estate assets throughout New York City, primarily in Manhattan, with occupancy of 80.3% and a weighted average remaining lease term of 6.1 years as of December 31st, 2025. The top 10 tenants are 69% investment grade or implied investment grade rated, with a weighted average remaining lease term of 6.9 years. Calendar year 2026 lease expirations are 5% of annualized straight-line rent, and 57% of leases extend beyond 2030, up from 56% last quarter.

• Refer to SEC filings including the Form 10-K filed for the year ended December 31, 2025, to be filed on April 15, 2026, for detailed discussion of risk factors that could cause differences between forward-looking statements and actual results. • Forward-looking statements are only as of the date of the call and ASIC disclaims intent or obligation to update or revise them except as required by law.