American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q4 2021 Earnings Presentation
32 slides from American Strategic Investment's earnings presentation, March 2022
Slide 1: New York City REIT Fourth Quarter Investor Presentation
NEW YORK CITY REIT Fourth Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights NYC is a real estate investment trust with a high-quality portfolio of real estate assets focused on the Manhattan market and is supported by a robust Advisor platform that has increased portfolio Cash Rent collection by 14% year over year, maintained an attractive top
Slide 3: 2021 – Year in Review
2021 – Year in Review In 2021, NYC’s Board of Directors, led by Elizabeth Tuppeny, and in conjunction with the Advisor, continued to execute on the Company’s strategic initiatives and operational momentum by mitigating adverse impacts from COVID-19 by focusing on proactive asset management, increasi
Slide 4: Exceptional Investor Returns Since 2021
Exceptional Investor Returns Since 2021 Since 2021 and through geopolitical and economic headwinds, NYC’s investors have benefited from an exceptional Total Return of 55% which compares exceptionally well to several peer and index benchmarks, including New York City office peers and the S&P 500 Inde
Slide 5: 2022 Estimated NAV per Share
2022 Estimated NAV per Share NYC’s estimate of 2022 property-level income results in an estimated NAV per share of $21.94 - $27.92, indicating significant upside potential for NYC shareholders(1) Estimated Net Asset Value ("NAV") Valuation ($ in mm, except for per share amounts and share count) Valu
Slide 6: Notes to the Estimated NAV per Share
Notes to the Estimated NAV per Share 2) Calculated based on estimated reimbursements and Cash Rent collections, excluding free rent, for all existing in-place leases for fiscal year 2022. Includes new leases and lease extension assumptions that the Company reasonably expects to complete for the fisc
Slide 7: Manhattan Focused Portfolio
Manhattan Focused Portfolio $853 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(1) Metric ($ and SF in mm) Q4’21 16% Rea
Slide 8: New York City Continuing Its Return to Normalcy
New York City Continuing Its Return to Normalcy Positive COVID-19 cases were down 99% from the peak in early January 2022 and as a result of diminishing cases. Leaders in both government and business have been focused on rolling back mandates and healthcare restrictions in an effort to return to pre
Slide 9: Leading New York City Market Position
Leading New York City Market Position NYC’s portfolio of eight mixed-use offices and retail condominiums is the leading “pure-play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm)(1) 1.2 10.2 24.7 33.4 12.9 7.3% New York City Office and Retail Exposure(2) 99.1 81.8
Slide 10: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers 72% Investment Grade rated(1) top 10 tenant base that is complemented by a balance of tenants with attractive industry exposures and long-term leases Highlights Share of Top 10 Tenants Investment Grade(1) 80% ✓ NYC’s top ten tenants are 72% actual or impli
Slide 11: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure features conservative Net Leverage and limited near-term debt maturities Net Leverage(3) Debt Maturities Through 2025 62% 54% 48% 52% 39% 40% 41% 32% 14% 18% PGRE NYC SLG ESRT VNO NYC ESRT PGRE SLG VNO ▪ Conservative Capital Structure: NYC’s cap
Slide 12: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 11
Slide 13: Detailed Property Summary
Detailed Property Summary $853 million portfolio that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in yea
Slide 14: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile NYC’s top 10 tenants(1) feature a balance of large Investment Grade corporate tenants such as City National Bank and CVS and government agencies Remaining % of % of Space Tenant Credit Q4’21 Cash Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Ren
Slide 15: Proactive Asset Management
Proactive Asset Management In 2021, NYC’s Advisor completed 17 new leases that totaled over 200,000 square feet and $7.4 million of straight-line rent(1) and four lease renewals with high-quality rent-paying tenants. NYC’s Advisor also developed a 14,300 square foot forward Leasing Pipeline(2) that
Slide 16: Case Study: Proactive Property Management
Case Study: Proactive Property Management Throughout 2020 and 2021, NYC’s Advisor leveraged its robust legal and asset management platforms to proactively manage and reach beneficial strategic solutions with select current and former tenants impacted by COVID-19 related headwinds Knotel Icon Parking
Slide 17: Case Study: Knotel Proactive Management
Case Study: Knotel Proactive Management NYC’s Advisor’s proactive and experienced management has led to the majority of Knotel’s former space backfilled since their bankruptcy filing in January 2021 In January 2021, Knotel filed for bankruptcy and subsequently terminated all space leased from NYC(1)
Slide 18: Financial Highlights
NEW YORK CITY REIT Financial Highlights
Slide 19: Continued Cash Rent Collection Success
Continued Cash Rent Collection Success NYC’s portfolio mix of Investment Grade and government agency tenants with core commercial business continue to provide dependable rental income, resulting in a year over year Cash Rent collection rate increase of 14%(1), including the collection of 98% of the
Slide 20: Case Study: Strong Performance by Percentage Rent Tenants
Case Study: Strong Performance by Percentage Rent Tenants In 2021, NYC executed two percentage rent deals that provided operational support to key retail tenants, supporting a sooner than expected return to original Cash Rent payment levels Percentage Rent Approved Agreements Overview ✓ In 2021, NYC
Slide 21: Capital Structure and Q4’21 Financial Results
Capital Structure and Q4’21 Financial Results Limited debt maturities though 2025 and Net Leverage of 40% coupled with supportive tailwinds as the New York City market rebounds from the COVID-19 pandemic to continue to support improved financial performance Key Capitalization Metrics ($ and shares i
Slide 22: Management and Board of Directors
Management and Board of Directors 21
Slide 23: Experienced Management Team
Experienced Management Team Michael Weil Chief Executive Officer, President and Chairman of the Board of Directors ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR Capital
Slide 24: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman Strong Corporate Governance ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR ✓ Majority independent Board
Slide 25: Appendix
hh NYC NEW YORK CITY REIT Appendix
Slide 26: Definitions
Definitions Adjusted EBITDA: We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, listing- related costs and expenses, other non-cash items such as the vesting and conversion of
Slide 27: Reconciliation of Non-GAAP Metrics: Cash NOI
Reconciliation of Non-GAAP Metrics: Cash NOI Cash Net Operating Income (Cash NOI) Reconciliation Schedule For the Three Months Ended December 31, September 30, December 31, (in thousands) 2021 2021 2020 Net Loss (in accordance with GAAP) $ (3,755) $ (11,124) (16,600) Depreciation & Amortization 7,65
Slide 28: Reconciliation of Non-GAAP Metric: FFO
Reconciliation of Non-GAAP Metric: FFO Funds From Operations (FFO) Reconciliation Schedule Three Months Ended Three Months Ended (in thousands) December 31, 2021 December 31, 2020 Net Loss (in accordance with GAAP)(1)(2) $ (3,755) $ (16,600) Depreciation and amortization 7,657 7,677 Impairment of re
Slide 29: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 30: Important Additional Information and Where to Find It
Important Additional Information and Where to Find It References in this presentation to the “Company,” “we,” “us” and “our” refer to New York City REIT, Inc. (“NYC”) and its consolidated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Com
Slide 31: Limitations on, and risks related to, the Estimated NAV per Share
Limitations on, and risks related to, the Estimated NAV per Share The Company’s estimated net asset value per share (“NAV”) as of December 31, 2021 contained herein was calculated by applying two different capitalization rates to property-level income projected for 2022 by the advisor to arrive at t
Slide 32: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation are “forward-looking statements” (as defined in Section 21E of the Exchange Act), which reflect the expectations of the Company regarding future events. You can identify forward-looking statements by the use of forward looking t