American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q2 2022 Earnings Presentation
24 slides from American Strategic Investment's earnings presentation, Aug 12, 2022
Slide 1: New York City REIT Second Quarter Investor Presentation
NEW YORK CITY REIT Second Quarter Investor Presentation 9 Times Square - New York, NY
Slide 2: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights 1) See appendix for a full description of capitalized terms and Non - GAAP reconciliations. 2) Refer to slide 9 – Top 10 Tenant Investment Grade Profile. 3) Refer to slide 10 – Proactive Asset Management for additional information. 4) Refer to slide 3 – Continued Cash
Slide 3: Manhattan Focused Portfolio
Manhattan Focused Portfolio Metric ($ and SF in mm) Q2’22 Real Estate Investments, at Cost $854.2 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $59.5 Occupancy 84.6% Weighted Average Lease Term Remaining 7.1 Years 1) Ratings information is as of June 30, 2022. Weighted
Slide 4: Continued Cash Rent Collection Success
Continued Cash Rent Collection Success Percentage of Cash Rent Due and Collected For Each Period 98% 98% 97% 92% 91% 87% Q 2' 2 0 2 2 Q 1' 2 0 2 2 Q 4' 2 0 2 1 Q 3' 2 0 2 1 Q 2' 2 0 2 1 Q 1' 2 0 2 1 NYC’s portfolio mix of government agency and Investment Grade corporate tenants with core commercial
Slide 5: Leading New York City Market Position
Leading New York City Market Position NYC’s portfolio of eight mixed - use offices and retail condominiums is the leading “pure - play” publicly traded REIT focused on New York City real estate Other Exposure Observatory Source: Company and peer metrics as of June 30, 2022. 1) Reflects total portfol
Slide 6: Well-Positioned Portfolio Compared to Peers
Well - Positioned Portfolio Compared to Peers Sources: Company filings; U.S. Bureau of Labor Statistics as of June 30, 2022. Note: Company and peer metrics as of June 30, 202 2 unless otherwise indicated. 1) Based on Annualized Straight - Line Rent as of June 30, 2022. NYC’s top 10 tenants were 51%
Slide 7: Conservative Capital Structure
Conservative Capital Structure x NYC’s capital structure is composed of fixed rate mortgage debt with a weighted average debt maturity of nearly five years x Conservative Net Leverage of 40% and limited near - term debt maturities x NYC believes that its debt capital structure of fixed rate mortgage
Slide 8: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 7
Slide 9: Detailed Property Summary
Detailed Property Summary Note: Data as of June 30, 2022. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Remaining Lease Term (in years) % of Annualized S traig h t - L in e Rent % of Portfolio Square Feet 123 William Street $289.9 92% 6.2 38% 47% 9 Times Square $186.0 64% 6.7 14% 14% 1140 A
Slide 10: Top 10 Tenant Investment Grade Profile
Note: Cash Rent collection data as of August 1, 2022. Total rent collected during the period includes both Cash Rent due and payments made by tenants pursuant to rent def err al agreements or otherwise. Eliminating the impact of deferred rent paid, we collected the same percentage of Cash Rent due.
Slide 11: Proactive Asset Management
Portfolio Occupancy is expected to increase from 85% to 87% and add $1.2 million of Annual Straight - line Rent as leases are scheduled to commence in 2022 and 2023 and an LOI leads to a definitive agreement, which is not assured Proactive Asset Management Summary of Completed Knotel Replacement Lea
Slide 12: The Manhattan Leasing Market Remains Resilient
The Manhattan Leasing Market Remains Resilient Year - to - date, new leasing activity has doubled when compared over the same period last year while industry leading companies continue to sign new and renewal leases for large - scale office footprints +1.5 mi ll ion 0.7 million $85. 42 PSF of new le
Slide 13: Financial Highlights
Financial Highlights
Slide 14: Capital Structure and Q2'22 Financial Results
Capital Structure and Q2’22 Financial Results Note: As of June 30, 2022, we had cash and cash equivalents of $8.1 million (excluding restricted cash). We are, however, required to maintain a minimum net worth in excess of $175.0 million and minimum liquid assets of $10.0 million under our loan secur
Slide 15: Management and Board of Directors
Management and Board of Directors 14
Slide 16: 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 17: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman ▪ 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 - sponsored investment programs ▪ Prior to the e
Slide 18: Appendix
NEW YORK CITY REIT Appendix
Slide 19: 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 conversi
Slide 20: Reconciliation of Non-GAAP Metrics: Cash NOI
Reconciliation of Non - GAAP Metrics: Cash NOI For the Three Months Ended (in thousands) June 30, 2022 June 30, 2021 Net Loss (in accordance with GAAP) $ (1 1 ,2 73) $ (11,052) Depreciation & Amortization 7,041 7,023 Interest Expense 4,703 4,763 EBITDA $ 471 $ 734 Equity - based compensation 2,201 2
Slide 21: Reconciliation of Non-GAAP Metric: FFO
Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Net Loss (in accordance with GAAP) $ (11,273) (11,052) Depreciation and amortization 7,041 7,023 FFO (As defined by NAREIT) $ ( 4 , 232 ) ( 4 , 029 ) Equity - based compensation
Slide 22: Legal Notices
NEW YORK CITY REIT Legal Notices
Slide 23: 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 24: 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 looki