American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q1 2024 Earnings Presentation
21 slides from American Strategic Investment's earnings presentation, May 10, 2024
Slide 1: First Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. First Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: First Quarter 2024 Highlights
First Quarter 2024 Highlights Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, 100% total portfolio Original Cash Rent(1) collection in Q1’24, an attractive top 10 tenant base that is 81% Investment Grade(1)(2) rated and demonstrated leasing p
Slide 3: Exploring Strategic Dispositions
Exploring Strategic Dispositions Exploring the sale of 9 Times Square, 123 William Street, and 196 Orchard Street Strategic Disposition Highlights Exploring the sale of 9 Times Square, 123 William Street, and 196 Orchard Street, accelerating the Company’s previously announced business plan to evol
Slide 4: First Quarter 2024 Portfolio Highlights
First Quarter 2024 Portfolio Highlights $726 million portfolio of real estate investments featuring a diverse tenant mix across seven mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 5: 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 Q1’24 Percentage of Original Cash Rent(1) Due an
Slide 6: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 5
Slide 7: Detailed Property Summary
Detailed Property Summary $726 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 8: 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 9: Active Portfolio Management
Active Portfolio Management Active portfolio management drives new leasing, while managing capital sources and exploring strategic dispositions Portfolio Management Highlights Completed one new license agreement in Q1’24 totaling 8,122 SF and $0.2 million of SLR(1) and has a Q2’24 forward Leasing
Slide 10: Financial Highlights
Financial Highlights 9
Slide 11: Capital Structure and Q1'24 Financial Results
Capital Structure and Q1’24 Financial Results Debt capital structure features limited debt maturities though 2025(1), 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(3) of 46.9% Key Capitalization Metrics ($ and shares in mm) Q1’24 100% Fixed Rate Debt Maturity Schedul
Slide 12: Key Capitalization Metrics
Key Capitalization Metrics Capital structure features limited near-term debt maturities, 100% fixed rate debt and Net Leverage of 46.9%(1) Capital Structure Highlights 100% ASIC’s capital structure is composed of fixed rate mortgage debt, limiting adverse Fixed Rate effects from rising interests 3.4
Slide 13: Management and Board of Directors
Management and Board of Directors 12
Slide 14: 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 15: 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 16: Appendix
Appendix 15
Slide 17: 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 18: 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) March 31, 2024 March 31, 2023 Net Loss (in accordance with GAAP) $ (7,608) $ (11,758) Depreciation & Amortization 5,261 6,952 Interest Expense 4,697 4,6
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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