American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q4 2023 Earnings Presentation
21 slides from American Strategic Investment's earnings presentation, Apr 2, 2024
Slide 1: American Strategic Investment Co. Fourth Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Fourth Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, 100% total portfolio Original Cash Rent(1) collection in Q4’23, an attractive top 10 tenant base that is 79% Investment Grade(1)(2) rated and demonstrated leasing
Slide 3: Fourth Quarter 2023 Portfolio Highlights
Fourth Quarter 2023 Portfolio Highlights $725 million portfolio of real estate investments featuring a diverse tenant mix across seven mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 4: 100% Original Cash Rent Collection
100% Original Cash Rent(1) Collection ASIC’s portfolio mix of government agency and Investment Grade corporate tenants with core commercial businesses continues to provide dependable rental income, resulting in 100% Original Cash Rent(1) collection in Q4’23 Percentage of Original Cash Rent(1) Due an
Slide 5: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 4
Slide 6: Detailed Property Summary
Detailed Property Summary $725 million portfolio, that is diversified across seven mixed-use office and retail assets that are primarily located in Manhattan with close proximity to major transportation hubs % of Real Estate Remaining % of Annualized Portfolio Assets(1) Occupancy Lease Term Portfoli
Slide 7: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile 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 Q4’23 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Cash Rent Coll
Slide 8: Active Portfolio Management
Active Portfolio Management Active portfolio management drives new leasing, lease renewals, and targeted expense reduction initiatives Portfolio Management Highlights ✓ During Q4’23, closed on the sale of the vacant 421 W 54th St—Hit Factory, generating $4.2 million of net proceeds and eliminating a
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q4'23 Financial Results
Capital Structure and Q4’23 Financial Results Debt capital structure features limited debt maturities though 2025(1), 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(3) of 47.0% Key Capitalization Metrics ($ and shares in mm) Q4’23 100% Fixed Rate Debt Maturity Schedul
Slide 11: Key Capitalization Metrics
Key Capitalization Metrics Capital structure features limited near-term debt maturities, 100% fixed rate debt and Net Leverage of 47.0%(1) Capital Structure Highlights 100% ASIC’s capital structure is composed of fixed rate mortgage debt, limiting adverse Fixed Rate effects from rising interests 3.2
Slide 12: Management and Board of Directors
Management and Board of Directors 11
Slide 13: Experienced Management Team
Experienced Management Team Michael Anderson Chief Executive Officer ▪ Served as Chief Executive Officer since September 2023 ▪ Mr. Anderson has served as General Counsel of AR Global Investments, where he advised on both public and private debt and equity transactions, mergers and corporate acquisi
Slide 14: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman ▪ Founding partner of AR Global and former Chief Executive Officer of ASIC Strong Corporate Governance ▪ Prior to being named Chief Executive Officer of ASIC, Mr. Weil served as Executive Vice President of AR Capital, where he supervi
Slide 15: Appendix
Appendix 14
Slide 16: Definitions
Definitions Annualized Straight-Line Rent or “SLR”: Straight-line rent which is annualized and calculated using most recent available lease terms as of the period end indicated. Cash NOI: We define Cash NOI as net income (loss), the most directly comparable GAAP financial measure, less income from i
Slide 17: 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, 2023 December 31, 2022 Net Loss (in accordance with GAAP) $ (73,878) $ (10,109) Depreciation & Amortization 6,332 7,703 Interest Expense 4,
Slide 18: 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, 2023 December 31, 2022 Net Loss (in accordance with GAAP) $ (73,877) $ (10,109) Impairment of real estate investments 66,058 - Depreciation and
Slide 19: Legal Notices
Legal Notices 18
Slide 20: 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 21: Forward Looking Statements
Forward Looking Statements This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities of American Strategic Investment Co. (“We” or the “Company”). Any offer or sale of securities will be made only by means of a prospectus and related documentatio
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