American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q2 2021 Earnings Presentation
28 slides from American Strategic Investment's earnings presentation, 2021
Slide 1: New York City REIT Second Quarter Investor Presentation
NEW YORK CITY REIT Second Quarter Investor Presentation 123 William Street - New York, NY 0
Slide 2: Second Quarter 2021 Highlights
Second Quarter 2021 Highlights NYC is a high-quality Manhattan focused portfolio with a top 10 tenant base that is 73% Investment Grade(1) rated and a 14,000 SF forward Leasing Pipeline(1), which is expected to increase annualized straight-line Rent by $1.3 million(2) High-Quality Manhattan Robust I
Slide 3: Manhattan Focused Portfolio
Manhattan Focused Portfolio $862 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(1) Metric ($ and SF in mm) Q2’21 16% Rea
Slide 4: Aggressive New York City Comeback
Aggressive New York City Comeback Office use and business and pedestrian activity continue to increase across the city as New York City continues to aggressively encourage mass vaccinations to support a return to pre-pandemic lifestyles Visualizing New York City’s Aggressive Vaccination Campaign Tim
Slide 5: 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 25.7 32.4 12.9 3.6% New York City Office and Retail Exposure(2) 99.0 85.6
Slide 6: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers 73% Investment Grade rated 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) NYC’s top ten tenants are 73% actual or implied 73%
Slide 7: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure allows for future growth potential(1) Net Leverage(2) Debt Maturities Through 2024 59% 56% 51% 66% 54% 40% 49% 38% 14% 5% NYC PGRE ESRT SLG VNO ESRT NYC VNO PGRE SLG Well-Positioned for Future Growth: The Company’s listing in August 2020 posit
Slide 8: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 7
Slide 9: Detailed Property Summary
Detailed Property Summary $862 million portfolio that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in yea
Slide 10: 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, CVS and Marshalls and government agencies Q2’21 Original Remaining % of % of Space Tenant Credit Tenant Cash Rent Lease Term Portfolio Portfolio Ty
Slide 11: Q2'21 Leasing Activity
Q2’21 Leasing Activity Executed four new leases in the second quarter that totaled 20,500 SF and $0.9 million of annualized straight-line rent and constructed a 14,000 SF forward Leasing Pipeline that is expected to increase Occupancy to 86%(1) Leasing Commentary As measured by the VTS Office Dema
Slide 12: Case Study: Knotel Proactive Management
Case Study: Knotel Proactive Management Proactive management leads to nearly half of Knotel’s former space backfilled through Q2’21 with a Fortune 50 technology, a global human resource Company and a leading media company In January 2021, Knotel filed for bankruptcy and subsequently terminated all
Slide 13: Case Study: Tech Bets on New York City's Future
Case Study: Tech Bets on New York City’s Future NYC management is highly confident in the long-term market trends as the world’s largest technology companies continue to bet on New York City becoming a global tech hub Tech Bets Big on New York City • In 2021, NYC executed a five-year lease with a le
Slide 14: Financial Highlights
th NYC NEW YORK CITY REIT Financial Highlights
Slide 15: Q2'21 Cash Rent Collection
Q2’21 Cash Rent Collection Quarter over quarter, original Cash Rent collection improved to 89% from 85% as rent Deferral Agreements(1) executed in 2020 and early 2021 compose less of original Cash Rent due Rent Collection Highlights Second Quarter Original Cash Rent Collection Detail 89% of Second Q
Slide 16: Capital Structure and Q2'21 Results
Capital Structure and Q2’21 Results Since listing in August 2020, NYC has accessed capital markets and continues to maintain a conservative balance sheet with no debt maturities within the next 3 years and Net Leverage of 38.3% Key Capitalization Metrics ($ and shares in mm) Q2’21 Debt Maturity Sche
Slide 17: Proactive Management of Select Tenants
Proactive Management of Select Tenants NYC continues to actively pursue strategic solutions with tenants placed on a cash basis in Q4’20 and replace space formerly occupied by Knotel Prudent and Proactive Actions Taken to Address COVID-19 Tenant Related Headwinds Tenant Asset Management and Legal Ac
Slide 18: Management and Board of Directors
Management and Board of Directors 17
Slide 19: 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 20: 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 21: Appendix
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Slide 22: Definitions
Definitions Annualized Straight-Line Rent: Straight-line rent which is annualized and calculated using most recent available lease terms as of the period end indicated. Approved Agreement: Represents Deferral Agreements as well as amendments granting the tenant a rent credit for some portion of orig
Slide 23: Definitions
Definitions Leasing Pipeline: Includes (i) all leases fully executed by both parties as of July 31, 2021, but after June 30, 2021, and (ii) all leases under negotiation with an executed LOI by both parties as of July 31, 2021. This represents two executed leases that commenced in the third quarter o
Slide 24: 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 June 30, March 31, June 30, (in thousands) 2021 2021 2020 Net Loss (in accordance with GAAP) $ (11,052) $ (13,535) $ (5,286) Other income (31) 8 (641) General & Admini
Slide 25: 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) June 30, 2021 June 30, 2020 Net Loss (in accordance with GAAP) $ (11,052) $ (5,286) Depreciation and amortization 7,023 7,912 FFO (As defined by NAREIT) $ (
Slide 26: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 27: Important Information
Important Information 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 Company’s peer companies that are b
Slide 28: 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