American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q3 2024 Earnings Presentation
20 slides from American Strategic Investment's earnings presentation, Nov 12, 2024
Slide 1: American Strategic Investment Co. Third Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Third Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Third Quarter 2024 Highlights
Third 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 ✓ Portf
Slide 3: Strategic Dispositions
Strategic Dispositions Signed definitive agreement to sell 9 Times Square, continuing to market 123 William Street and 196 Orchard Street for sale Highlights ✓ Signed definitive agreement to sell 9 Times Square for $63.5M ✓ Reduces leverage and strengthens the Company’s cash position upon closing ✓
Slide 4: Third Quarter 2024 Portfolio Highlights
Third Quarter 2024 Portfolio Highlights Portfolio of real estate investments featuring a diverse tenant mix across seven mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm) Q3’24 Real Es
Slide 5: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 4
Slide 6: Detailed Property Summary
Detailed Property Summary Diversified portfolio 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 (1) (2) Annualized Property Assets Occupancy Lease Term Portfolio Straight-Line ($
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 three new leases in Q3’24 totaling 24,081 SF and $1.4 million of SLR(1) ✓ Signed a definitive agre
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q3'24 Financial Results
Capital Structure and Q3’24 Financial Results Debt capital structure features limited debt maturities though 2025(1), 88% fixed-rate debt at a 4.9% weighted-average interest rate and Net Leverage(3) of 60.1% Key Capitalization Metrics ($ and shares in mm) Q3’24 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 60.1%(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 ▪ Also serves as Chief Executive Office for National Healthcare Properties ▪ Previously, Mr. Anderson served as General Counsel of AR Global Investments, where he advised on
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 ▪ Currently serves as CEO and Chairman of Global Net Lease (NYSE:GNL) ▪ Prior to being named Chief Executive Officer of ASIC, Mr. W
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) September 30, 2024 September 30, 2023 Net Loss (in accordance with GAAP) $ (34,482) $ (9,390) Depreciation & Amortization 4,414 6,499 Interest Expense 5
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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