American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q1 2022 Earnings Presentation
26 slides from American Strategic Investment's earnings presentation, 2022
Slide 1: New York City REIT First Quarter Investor Presentation
NEW YORK CITY REIT First Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: First Quarter 2022 Highlights
First Quarter 2022 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 diligently navigated through the COVID-19 pandemic resulting in portfolio Cash Rent collectio
Slide 3: NYC Generated Significant Value For Shareholders in 2021
NYC Generated Significant Value For Shareholders in 2021 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 p
Slide 4: Case Study: Exceptional Investor Returns Since 2021
Case Study: Exceptional Investor Returns Since 2021 Since 2021 and through geopolitical and economic headwinds, NYC’s investors have benefited from an exceptional Total Return of 72% which compares exceptionally well to several peer and index benchmarks, including New York City office peers and the
Slide 5: Manhattan Focused Portfolio
Manhattan Focused Portfolio $854 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm) Q1’22 15% Re
Slide 6: 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 25.9 33.3 12.9 8.9% New York City Office and Retail Exposure(2) 80.9 71.2
Slide 7: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers 71% 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 71% actual or impli
Slide 8: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure features limited near-term debt maturities, 100% fixed rate debt and conservative Net Leverage of 40% Capital Structure Highlights Net Leverage(1) ✓ NYC’s capital structure is composed of fixed rate 67% mortgage debt with a weighted average debt
Slide 9: Leading Companies Returning To The Office
Leading Companies Returning To The Office As positive COVID-19 cases dissipate and adverse impacts from the virus become more limited, leaders in business have been focused on rolling back restrictions and returning to pre-pandemic lifestyles, including the use of office space Have Returned Plan To
Slide 10: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 9
Slide 11: Detailed Property Summary
Detailed Property Summary $854 million portfolio that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in yea
Slide 12: 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 Q1’22 Cash Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Ren
Slide 13: Proactive Asset Management
Proactive Asset Management NYC expects to continue on the leasing momentum it generated in 2021 by executing new leases with credit worthy tenants and lease renewals with existing tenants. In Q1’22, NYC increased Occupancy by 1.5% and had a 2022 Leasing Pipeline of 18,000 square foot that is expecte
Slide 14: Financial Highlights
NEW YORK CITY REIT Financial Highlights
Slide 15: 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 11%(1) Percentage of Cash Rent Due and Collecte
Slide 16: Capital Structure and Q1'22 Financial Results
Capital Structure and Q1’22 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 17: Management and Board of Directors
Management and Board of Directors 16
Slide 18: 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 19: 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 20: Appendix
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Slide 21: 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 22: 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 March 31, December 31, March 31, (in thousands) 2022 2021 2021 Net Loss (in accordance with GAAP) $ (11,105) $ (3,755) $ (13,535) Depreciation & Amortization 6,981 7,6
Slide 23: 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) March 31, 2022 March 31, 2021 Net Loss (in accordance with GAAP) $ (11,105) $ (13,535) Depreciation and amortization 6,981 8,526 FFO (As defined by NAREIT)
Slide 24: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 25: 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 26: 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