American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q3 2021 Earnings Presentation
27 slides from American Strategic Investment's earnings presentation, Nov 12, 2021
Slide 1: New York City REIT Third Quarter Investor Presentation
0 NEW YORK CITY REIT Third Quarter Investor Presentation 9 Times Square - New York, NY _
Slide 2: Third Quarter 2021 Highlights
1 Third Quarter 2021 Highlights 1) See appendix for a full description of capitalized terms and Non - GAAP reconciliations. 2) Refer to slide 10 – Top 10 Tenant Investment Grade Profile. 3) Refer to slide 11 – Q3’21 Leasing Activity for additional information. 4) There can be no assurance that these
Slide 3: Proactive Management of Select Tenants
2 2 Proactive Management of Select Tenants NYC continues to actively pursue strategic solutions with tenants placed on a cash basis in Q4’20 (1) and replace space formerly occupied by Knotel Prudent and Proactive Actions Taken to Address COVID - 19 Tenant Related Headwinds Tenant Asset Management an
Slide 4: Manhattan Focused Portfolio
3 Manhattan Focused Portfolio Metric ($ and SF in mm) Q3’21 Real Estate Investments, at Cost $861.1 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $56.5 Occupancy 85.3% Weighted Average Lease Term Remaining 6.8 Years 1) Ratings information is as of September 30, 2021. W
Slide 5: Aggressive New York City Comeback
4 79% 7% 14% Vaccinated Partially Vaccinated Not Yet Vaccinated Aggressive New York City Comeback 4 Visualizing New York City’s Aggressive Vaccination Campaign x New York City has administered 11.5 million complete COVID - 19 vaccine series, a continued effort to expedite the timeline to pre - pande
Slide 6: Leading New York City Market Position
5 Leading New York City Market Position NYC’s portfolio of eight mixed - use offices and retail condominiums is the leading “pure - play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm) (1) 5 New York City Office and Retail Exposure (2) New York City Office Exposure
Slide 7: Well-Positioned Portfolio Compared to Peers
6 Well - Positioned Portfolio Compared to Peers 6 Sources: Company filings; U.S. Bureau of Labor Statistics as of October 8, 2021. Note: Company and peer metrics as of Septemb er 30, 2021 unless otherwise indicated. 1) Based on annualized straight - line rent as of September 30, 2021. NYC’s top 10 t
Slide 8: Conservative Capital Structure
7 Conservative Capital Structure ▪ Financing Flexibility for Future Acquisitions: NYC’s capital structure is composed of fixed rate, long - term mortgage debt with a weighted average remaining lease term of over 5 years x Amongst NYC’s peer group, NYC features conservative Net Leverage and limited n
Slide 9: Real Estate Portfolio Highlights
8 8 Real Estate Portfolio Highlights
Slide 10: Detailed Property Summary
9 9 Detailed Property Summary Note: Data as of September 30, 2021. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Remaining Lease Term (in years) % of Annualized Straight - Line Rent % of Portfolio Square Feet 123 William Street $287.3 91% 5.2 40% 47% _ 9 Times Square $186.8 61% 7.5 13% 14%
Slide 11: Top 10 Tenant Investment Grade Profile
10 10 Note: Cash Rent collection data as of October 31, 2021. Total rent collected during the period includes both original Cash Re nt due and payments made by tenants pursuant to rent deferral agreements or otherwise. Eliminating the impact of deferred rent p aid , we collected the same percentage
Slide 12: Q3'21 Leasing Activity
11 11 Completed 12 new leases in 2021 that total over 86,000 square feet and $4.3 million of annualized straight - line rent with a weighted average Remaining Lease Term of six years plus a 21,700 square foot forward Leasing Pipeline that is expected to increase Occupancy to 87% Q3’21 Leasing Activi
Slide 13: Case Study: Knotel Proactive Management
12 12 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 14: Financial Highlights
EW YORK CITY RET Financial Highlights
Slide 15: Q3'21 Cash Rent Collection
14 Q3’21 Cash Rent Collection 14 Original Cash Rent collection continues to improve in 2021 as Approved Agreements (1) executed in 2020 and early 2021 expire and tenants resume paying original Cash Rent due Original Cash Rent Collection Detail Note: Collection data as of October 31, 2021. Total rent
Slide 16: Capital Structure and Q3'21 Results
15 15 Capital Structure and Q3’21 Results Note: As of September 30, 2021, we had cash and cash equivalents of $23.2 million (excluding restricted cash). We are, howeve r, required to maintain a minimum net worth in excess of $175.0 million and minimum liquid assets of $10.0 million under our loa n s
Slide 17: Management and Board of Directors
16 16 Management and Board of Directors
Slide 18: Experienced Management Team
17 17 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 19: Board of Directors
18 18 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 20: Appendix
EW YORK CITY RET Appendix
Slide 21: Definitions
20 20 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 22: Definitions
21 21 Definitions Leasing Pipeline : Includes ( i ) all leases fully executed by both parties as of October 31 , 2021 , but after September 30 , 2021 , and (ii) all leases under negotiation with an executed LOI by both parties as of October 31 , 2021 . This represents one executed lease that commenc
Slide 23: Reconciliation of Non-GAAP Metrics: Cash NOI
22 22 Reconciliation of Non - GAAP Metrics: Cash NOI For the Three Months Ended (in thousands) September 30, 2021 June 30, 2021 September 30, 2020 Net Loss (in accordance with GAAP) $ (11,124) $ (11,052) $ (12,288) Depreciation & Amortization 7,851 7,023 8,639 Interest Expense 4,803 4,763 5,089 Inco
Slide 24: Reconciliation of Non-GAAP Metric: FFO
23 23 Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Net Loss (in accordance with GAAP) $ (11,124) $ (12,288) Impairment of real estate investments 413 — Depreciation and amortization 7,851 8,639 FFO (As defined by
Slide 25: Legal Notices
24 24 Legal Notices
Slide 26: Important Information
25 25 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 27: Forward Looking Statements
26 26 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