American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q2 2021 Earnings Presentation
28 slides from American Strategic Investment's earnings presentation, Aug 12, 2021
Slide 1: Second Quarter Investor Presentation
0 NEW YORK CITY REIT Second Quarter Investor Presentation 123 William Street - New York, NY
Slide 2: Second Quarter 2021 Highlights
1 Second Quarter 2021 Highlights 1) See appendix for a full description of capitalized terms and Non - GAAP reconciliations. 2) There can be no assurance that LOIs will lead to definitive leases that will commence on their current terms, or at all. Leas ing pipeline should not be considered an indic
Slide 3: Manhattan Focused Portfolio
2 Manhattan Focused Portfolio Metric ($ and SF in mm) Q2’21 Real Estate Investments, at Cost $861.9 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $56.2 Occupancy 84.5% Weighted Average Lease Term Remaining 6.7 Years 1) Ratings information is as of June 30, 2021. Weight
Slide 4: Aggressive New York City Comeback
3 Aggressive New York City Comeback 3 Visualizing New York City’s Aggressive Vaccination Campaign x New York State and New York City have led the fight against COVID - 19 by encouraging mass vaccination, expediting the path towards a full reopening and pre - pandemic office use and business and pede
Slide 5: Leading New York City Market Position
4 Leading New York City Market Position NYC’s portfolio of eight mixed - use offices and retail condominiums is the leading “pure - play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm) (1) 4 New York City Office and Retail Exposure (2) New York City Office Exposure
Slide 6: Well-Positioned Portfolio Compared to Peers
5 Well - Positioned Portfolio Compared to Peers 5 Sources: Company filings; U.S. Bureau of Labor Statistics as of July 2, 2021. Note: Company and peer metrics as of June 30, 2 021 unless otherwise indicated. 1) Based on annualized straight - line rent as of June 30, 2021. NYC’s top 10 tenants are 53
Slide 7: Conservative Capital Structure
6 Conservative Capital Structure ▪ Well - Positioned for Future Growth: The Company’s listing in August 2020 positioned the Company to access capital markets and continues to position the Company to take advantage of attractive acquisition opportunities ▪ Amongst NYC’s peer group, NYC features conse
Slide 8: Real Estate Portfolio Highlights
7 7 Real Estate Portfolio Highlights
Slide 9: Detailed Property Summary
8 8 Detailed Property Summary Note: Data as of June 30, 2021. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Remaining Lease Term (in years) % of Annualized Straight - Line Rent % of Portfolio Square Feet 123 William Street $287.0 91% 5.3 39% 47% _ 9 Times Square $186.8 58% 7.5 13% 14% _ 114
Slide 10: Top 10 Tenant Investment Grade Profile
9 9 Note: Cash Rent collection data as of July 31, 2021. Total rent collected during the period includes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements or otherwise. Eliminating the impact of deferred rent paid, w e collected the same percentage of orig
Slide 11: Q2'21 Leasing Activity
10 10 Executed four new leases in the second quarter that totaled 20,500 SF and $0.9 million of annualized straight - line rent and constructed a 14,000 SF forward Leasing Pipeline that is expected to increase Occupancy to 86% (1) Q2’21 Leasing Activity Prior Lease New Lease Moody’s Credit Rating Aa
Slide 12: Case Study: Knotel Proactive Management
11 11 Case Study: Knotel Proactive Management x In January 2021, Knotel filed for bankruptcy and subsequently terminated all space leased from NYC (1) – NYC’s proactive approach identified Knotel’s operational issues early in the COVID - 19 pandemic and well positioned our legal and asset management
Slide 13: Case Study: Tech Bets on New York City's Future
12 Case Study: 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 becoming a global tech hub 12 “In all scenarios I expect us to need physical spaces to get people togeth
Slide 14: Financial Highlights
13 Financial Highlights
Slide 15: Q2'21 Cash Rent Collection
14 Q2’21 Cash Rent Collection 14 Quarter over quarter, original Cash Rent collection improved to 89% from 85% as rent Deferral Agreements (1) executed in 2020 and early 2021 compose less of original Cash Rent due Second Quarter Original Cash Rent Collection Detail Note: Collection data as of July 31
Slide 16: Capital Structure and Q2'21 Results
15 15 Capital Structure and Q2’21 Results Note: As of June 30, 2021, we had cash and cash equivalents of $23.9 million. We are, however, required to maintain a minimum ne t worth in excess of $175.0 million and minimum liquid assets of $10.0 million under our loan secured by our 9 Times Square p rop
Slide 17: Proactive Management of Select Tenants
16 16 Proactive Management of Select Tenants NYC continues to actively pursue strategic solutions with tenants placed on a cash basis in Q4’20 and replace space formerly occupied by Knotel Prudent and Proactive Actions Taken to Address COVID - 19 Tenant Related Headwinds Tenant Asset Management and
Slide 18: Management and Board of Directors
17 17 Management and Board of Directors
Slide 19: Experienced Management Team
18 18 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 opport uni ties for all AR
Slide 20: Board of Directors
19 19 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
Slide 21: Appendix
20 20 Appendix
Slide 22: Definitions
21 21 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 po
Slide 23: Definitions
22 22 Definitions Leasing Pipeline : Includes ( i ) all leases fully executed by both parties as of July 31 , 2021 , but after June 30 , 2021 , and (ii) all leases under negotiation with an executed LOI by both parties as of July 31 , 2021 . This represents two executed leases that commenced in the
Slide 24: Reconciliation of Non-GAAP Metrics: Cash NOI
23 23 Reconciliation of Non - GAAP Metrics: Cash NOI For the Three Months Ended (in thousands) June 30, 2021 March 31, 2021 June 30, 2020 Net Loss (in accordance with GAAP) $ (11,052) $ (13,535) $ (5,286) Other income (31) 8 (641) General & Administrative 1,984 2,732 2,497 Asset and property managem
Slide 25: Reconciliation of Non-GAAP Metric: FFO
24 24 Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Net Loss (in accordance with GAAP) $ (11,052) $ (5,286) Depreciation and amortization 7,023 7,912 FFO (As defined by NAREIT) $ (4,029) $ 2,626 Equity - based compensation 2
Slide 26: Legal Notices
25 25 Legal Notices
Slide 27: Important Information
26 26 Important Information References in this presentation to the “Company,” “we,” “us” and “our” refer to New York City REIT, Inc. (“NYC”) and its cons oli dated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Company’s peer companies th
Slide 28: Forward Looking Statements
27 27 Forward Looking Statements Certain statements made in this presentation are “forward - looking statements” (as defined in Section 21E of the Exchange Act), w hich reflect the expectations of the Company regarding future events. You can identify forward - looking statements by the use of forwar