American Strategic Investment (NYC) Q4 2025 earnings summary

Executive summary

• Portfolio consists of five Manhattan-focused mixed-use office and retail assets with 80.3% occupancy and a weighted average lease term of 6.1 years.

• 69% of top 10 tenants are investment grade or implied investment grade, with a balanced mix across government, non-profit, retail, fitness, and professional services sectors.

• Active management included 13 new and replacement leases totaling 117,000 sq ft in 2025 and property dispositions, including a consensual foreclosure, to reduce expenses and debt.

• Completed the disposition of 1140 Avenue of the Americas, recognizing a $46.6 million gain and eliminating $99 million in upcoming debt maturity.

• Terminated REIT status effective January 1, 2023, with business operations remaining largely unchanged.

Financial highlights

• Full-year 2025 revenue was $43.3 million, down from $61.6 million in 2024, mainly due to property dispositions; Q4 2025 revenue was $6.5 million.

• Full-year GAAP net loss attributable to common stockholders was $21.2 million, improved from a $140.6 million loss in 2024; Q4 net loss was $6.7 million.

• Adjusted EBITDA for 2025 was $0.3 million; Q4 Adjusted EBITDA was $1.2 million.

• Cash NOI for 2025 was $16 million; Q4 Cash NOI was $1.8 million.

• Real estate assets at cost totaled $382.5 million as of December 31, 2025.

Outlook and guidance

• Exploring sales of 123 William Street and 196 Orchard Street to generate cash for higher-yielding investments and diversify outside Manhattan.

• Focus remains on leasing up available space, renewing leases, maintaining expense controls, and stable occupancy.

• No debt maturities until 2027, supporting near-term financial stability.