American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q4 2022 Earnings Presentation
22 slides from American Strategic Investment's earnings presentation, March 2023
Slide 1: Fourth Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Fourth Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Q4’22 and Q1’23 Strategic Update
Q4’22 and Q1’23 Strategic Update At the end of the fourth quarter 2022, American Strategic Investment Co. (“ASIC”), formerly New York City REIT (“NYC”), announced a business strategy change to expand the scope of assets and business the Company may own and operate. Management believes the change in
Slide 3: Fourth Quarter 2022 Highlights
Fourth Quarter 2022 Highlights ASIC’s Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, 100% Q4’22 portfolio Original Cash Rent(1) collection, an attractive top 10 tenant base that is 79% Investment Grade(1) rated and demonstrated leasing platf
Slide 4: Fourth Quarter 2022 Portfolio Highlights
Fourth Quarter 2022 Portfolio Highlights $841 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 5: 100% Original Cash Rent Collection
100% Original Cash Rent Collection ASIC’s portfolio mix of government agency and Investment Grade corporate tenants with core commercial business continue to provide dependable rental income, resulting in 100% Original Cash Rent collection in Q4’22 Percentage of Original Cash Rent Due and Collected
Slide 6: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 5
Slide 7: Detailed Property Summary
Detailed Property Summary $841 million portfolio, at cost, that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Real Estate % of Occupancy + Remaining % of Assets, at Annualized Portfolio Occupancy Leasing Lease Term Portfolio cos
Slide 8: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile ASIC’s top 10 tenants(1) feature a balance of Investment Grade corporate tenants with core commercial businesses and government agencies Remaining % of % of Space Tenant Credit Q4’22 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Cash Re
Slide 9: Proactive Asset Management
Proactive Asset Management Portfolio Occupancy is expected to increase from 82.7% to 85.0% and add $1.1 million of Annual Straight-line Rent as leases commence in 2023 Leasing and Property Management Highlights Proactive Replacement of Space Terminated by Knotel ✓ Since Knotel’s termination, ASIC re
Slide 10: Financial Highlights
Financial Highlights 9
Slide 11: Capital Structure and Q4’22 Financial Results
Capital Structure and Q4’22 Financial Results ASIC’s debt capital structure features limited debt maturities though 2024, 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(2) of 40.7% Key Capitalization Metrics ($ and shares in mm) Q4’22 100% Fixed Rate Debt Maturity Sch
Slide 12: Key Capitalization Metrics
Key Capitalization Metrics ASIC’s capital structure features limited near-term debt maturities, 100% fixed rate debt and Net Leverage of 40.7%(1) Capital Structure Highlights 100% ASIC’s capital structure is composed of fixed rate mortgage debt, limiting adverse Fixed Rate effects from rising intere
Slide 13: Management and Board of Directors
Management and Board of Directors 12
Slide 14: 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 15: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman ▪ Founding partner of AR Global Strong Corporate Governance ▪ 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 16: Appendix
Appendix 15
Slide 17: 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 18: 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 (in thousands) December 31, 2022 December 31, 2021 Net Loss (in accordance with GAAP) $ (10,109) $ (3,755) Depreciation & Amortization 7,703 7,657 Interest Expense 4,7
Slide 19: 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, 2022 December 31, 2021 Net Loss (in accordance with GAAP) $ (10,109) $ (3,755) Impairment of real estate investments ─ 1,039 Depreciation and a
Slide 20: Legal Notices
Legal Notices 19
Slide 21: 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 American Strategic Investment Co. (“ASIC”) and its consolidated subsidiaries. This presentation contains estimates and information concerning the Company's industry t
Slide 22: Forward Looking Statements
Forward Looking Statements Certain statements included in this Annual Report on Form 10-K are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of American Strategic Investment Co. (formerly known as New York City REIT, Inc.) (includ
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