American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q2 2024 Earnings Presentation
20 slides from American Strategic Investment's earnings presentation, Aug 9, 2024
Slide 1: American Strategic Investment Co. Second Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Second Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Second Quarter 2024 Highlights
Second Quarter 2024 Highlights Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, an attractive top 10 tenant base that is 81% Investment Grade(1)(2) rated and demonstrated leasing platform success High Quality Manhattan Focused Portfolio Port
Slide 3: Strategic Dispositions
Strategic Dispositions Signed definitive agreement to sell 9 Times Square, continuing to field offers on 123 William Street, and 196 Orchard Street Strategic Disposition Highlights The Company has signed a definitive agreement to sell 9 Times Square at a price of $63.5M The sale of 9 Times Squar
Slide 4: Second Quarter 2024 Portfolio Highlights
Second Quarter 2024 Portfolio Highlights $593 million portfolio of real estate investments featuring a diverse tenant mix across seven mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 5: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 4
Slide 6: Detailed Property Summary
Detailed Property Summary $593 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(2) Portf
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 Lease % of % of Space Tenant Credit Tenant Term Portfolio Portfolio Type Industry Rating(2) (in years) SLR SF City Nation
Slide 8: Active Portfolio Management
Active Portfolio Management Active portfolio management drives new leasing, in conjunction with strategic disposition initiatives to manage capital structure Portfolio Management Highlights Completed one new lease and one new license agreement in Q2’24 totaling 5,284 SF and $0.9 million of SLR(1)
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q2'24 Financial Results
Capital Structure and Q2’24 Financial Results Debt capital structure features limited debt maturities though 2025(1), 88% fixed-rate debt at a 4.9% weighted-average interest rate and Net Leverage(3) of 55.9% Key Capitalization Metrics ($ and shares in mm) Q2’24 88% fixed-rate Debt Maturity Schedule
Slide 11: Key Capitalization Metrics
Key Capitalization Metrics Capital structure features limited near-term debt maturities, 88% fixed-rate debt and Net Leverage of 55.9%(1) Capital Structure Highlights 88% ASIC’s capital structure is composed of majority fixed-rate mortgage debt, Fixed-Rate limiting adverse effects from rising intere
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 Adjusted EBITDA: We define Adjusted EBITDA as EBITDA, as defined below, further excluding (i) impairment charges, (ii) interest income and other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs,
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) June 30, 2024 June 30, 2023 Net Loss (in accordance with GAAP) $ (91,851) $ (10,899) Depreciation & Amortization 5,151 6,749 Interest Expense 5,201 4,70
Slide 18: Legal Notices
Legal Notices 17
Slide 19: 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 20: 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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