American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q4 2020 Earnings Presentation
31 slides from American Strategic Investment's earnings presentation, March 2021
Slide 1: New York City REIT Fourth Quarter Investor Presentation
NEW YORK CITY REIT Fourth Quarter Investor Presentation 123 William Street - New York, NY 0
Slide 2: Fourth Quarter Highlights
Fourth Quarter Highlights $861 million portfolio of eight high-quality office and retail condominium assets located primarily in Manhattan High portfolio Occupancy(1) of 87%(2) with a weighted average Remaining Lease Term(1) of 7.2 years NYC’s top 10 tenants feature a balance of large corporat
Slide 3: Best-in-Class Portfolio
Best-in-Class Portfolio NYC’s portfolio of $861 million of real estate investments features a diverse tenant mix across eight mixed-use office and retail condominium buildings primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(2) Metric ($ and SF in mm) Q4’20 16% Real Est
Slide 4: Aggressive New York City Comeback
Aggressive New York City Comeback New York City continues to lead the fight against the COVID-19 virus and has an aggressive in-place recovery plan and vaccination policy will that will expedite a “return to normalcy” New York City Continues to Actively Manage the COVID-19 Pandemic Visualizing New Y
Slide 5: Tech Bets on New York City's Future
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 being a tech hub Tech Bets Big on New York City • In Q1’21, NYC executed a short-term license agreement and an LOI for a
Slide 6: Leading CEOs on Returning to the Office
Leading CEOs on Returning to the Office “I look forward to us being able to welcome colleagues back into the “In-office collaboration will office -- that will certainly happen be just as important to some time this year” … “I think it Google’s future as it’s been will be good to get people to our pa
Slide 7: Leading New York City Market Position
Leading New York City Market Position NYC is the leading “pure-play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm)(1) 1.2 10.2 28.8 32.5 12.9 5.1 % New York City Office and Retail Exposure(2) 71.1 83.9 99.1 90.9 84.3 % % % % % 5.1 % New York City Office Exposure(2
Slide 8: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers NYC’s top 10 tenants feature primarily Investment Grade rated tenants, complemented by a balance of tenants with attractive industry exposures and long-term leases Highlights Share of Top 10 Tenants Investment Grade(2) NYC’s top ten tenants are 73% actua
Slide 9: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure allows for future growth potential(1) Net Leverage(2) Debt Maturities Through 2024 61% 58% 52% 67% 68% 54% 40% 37% 14% 5% NYC PGRE ESRT VNO SLG ESRT NYC PGRE VNO SLG Well-Positioned for Future Growth: The Company’s capital structure and recent
Slide 10: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 9
Slide 11: Detailed Property Summary
Detailed Property Summary NYC’s portfolio is diversified across eight mixed-use office and retail condominium buildings primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy(1) Lease Term Portfolio Straight-Line ($ mm) (in years) Square Feet Re
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, CVS, Marshalls and government agencies Q4’20 Remaining Space Tenant Credit % of % of Tenant Cash Rent Lease Term Type Industry Rating(2) Portfolio
Slide 13: Proactive Portfolio Management
Proactive Portfolio Management Asset management has proactively executed lease extensions with near-term maturing tenants, mutually beneficial lease amendments and new leases with creditworthy tenants Leasing Commentary In advanced discussions on a five-year lease extension with an Aa2 credit tena
Slide 14: Knotel Value Opportunity
Knotel Value Opportunity Knotel’s bankruptcy provides a unique opportunity for NYC to create significant value at 123 William St and 9 Times Square by aggressively leasing prime “turn-key” space to creditworthy tenants In January 2021, Knotel filed for bankruptcy and subsequently terminated all spac
Slide 15: Scalable Operating Platform
Scalable Operating Platform Dating back to 2014, management has a strong history of driving long-term value creation through active asset management and significant leasing activity Active Asset Management Continues to Drive Long-Term Value Since 2014 NYC has grown NOI since Q4'14 by way of asset
Slide 16: Case Study: Knotel Proactive Management
Case Study: Knotel Proactive Management Proactive management leads to the partial backfill of former Knotel space with a Fortune 50 technology and global human resource Company In January 2021, Knotel filed for bankruptcy and subsequently terminated all space leased from NYC(1) – NYC’s proactive a
Slide 17: Financial Highlights
Financial Highlights 16
Slide 18: Significant Fourth Quarter Cash Rent Collection
Significant Fourth Quarter Cash Rent Collection NYC’s proactive response to the COVID-19 pandemic resulted in significant rent collection success as we’ve received 82% of fourth quarter Cash Rent Rent Collection Highlights Fourth Quarter Cash Rent Collection Detail 1% 82% of Fourth Quarter Cash Rent
Slide 19: Capital Structure and Q4'20 Results
Capital Structure and Q4'20 Results NYC maintains a conservative balance sheet with Net Leverage of 37% and no debt maturities within the next 3 years Key Capitalization Metrics ($ and shares in mm) Q4'20 Debt Maturity Schedule Fixed / Floating Debt % 100% / 0% $18 0.0 Weighted Averaged Effective In
Slide 20: Q4'20 Core FFO Impact
Q4’20 Core FFO Impact 78% of quarterly Core FFO decline was not driven by Q4'20 balances; these were related to past due balances from prior periods related to COVID-19 headwinds which are not expected to have a long-term impact on NYC's operations $ in thousands Q3’2020 - Core FFO(1) $ 514 78% of q
Slide 21: Management and Board of Directors
Management and Board of Directors 20
Slide 22: 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 23: 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 24: Appendix
hh NYC NEW YORK CITY REIT Appendix
Slide 25: 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 Cash
Slide 26: Definitions
Definitions Investment Grade: As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the
Slide 27: Reconciliation of Non-GAAP Metrics: Cash NOI
Reconciliation of Non-GAAP Metrics: Cash NOI Cash Net Operating Income (Cash NOI) Reconciliation Schedule Three Months Ended Three Months Ended (in thousands) December 31, 2020 December 31, 2019 Net Loss (in accordance with GAAP) $ (16,600) $ (6,670) Other income (8) (161) General & Administrative 1
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 Three Months Ended (in thousands) December 31, 2020 September 30, 2020 December 31, 2019 Net Loss (in accordance with GAAP) $ (16,600) (12,288) (6,670) Depreciation and am
Slide 29: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 30: 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 31: 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