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American Strategic Investment (NYC) investor relations material
American Strategic Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Manhattan-focused portfolio with five mixed-use office and retail properties, 80.9% occupancy, and a weighted average remaining lease term of 6.2 years as of Q3 2025, excluding one property in foreclosure.
Top 10 tenants are 69% investment grade (actual and implied), with a 7.1-year average remaining lease term.
Active management included lease renewals, property sales, a consensual foreclosure to eliminate a $99 million debt maturity, and cost-saving initiatives.
Q3 2025 net income was $35.8 million, driven by a $44.3 million non-cash gain from foreclosure, despite lower revenue due to prior asset sales.
Significant liquidity constraints persist, with $10.4 million in cash and restricted cash at quarter-end and ongoing debt service obligations.
Financial highlights
Q3 2025 revenue from tenants was $12.3 million, down from $15.4 million in Q3 2024, mainly due to a prior property sale.
Adjusted EBITDA for Q3 2025 was $1.9 million; cash net operating income was $5.3 million.
Real estate assets at cost: $382.5 million; total debt: $251.0 million.
Operating expenses for Q3 2025: $13.5 million, down from $44.7 million in Q3 2024.
Q3 2025 net income per share: $13.60 (vs. loss of $13.52 in Q3 2024).
Outlook and guidance
Proceeds from property sales, including 123 William Street and 196 Orchard, are intended for higher-yielding investments outside Manhattan to diversify the business.
Operating expenses and capital requirements for the next 12 months are expected to be funded by cash on hand, operations, and other sources.
Continued focus on leasing, tenant renewals, and expense control to enhance operational flexibility.
Management expects cash rent collections to remain at 98% but cannot assure future collections.
Uncertainty remains regarding the ability to raise additional capital or sell assets at expected prices.
Future capital allocation post-asset sales
Tenant retention strategy beyond 196 Orchard
Expected G&A savings from new auditor
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Next American Strategic Investment earnings date
Q4 202518 Mar, 2026
Next American Strategic Investment earnings date
Q4 202518 Mar, 2026
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Frequently asked questions
American Strategic Investment Co. (ASIC), previously known as New York City REIT, Inc., is a publicly traded company that specializes in owning a portfolio of high-quality commercial real estate. The company's properties are primarily located within the five boroughs of New York City, focusing on strategic investments in commercial spaces. This focus allows ASIC to capitalize on the unique economic and cultural dynamics of New York City, catering to a diverse range of tenants and industries. American Strategic Investment Co. is headquartered in NYC and its shares are listed on the New York Stock Exchange.
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