American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q4 2022 Earnings Presentation
22 slides from American Strategic Investment's earnings presentation, Mar 16, 2023
Slide 1: American Strategic Investment Co. Fourth Quarter Investor Presentation
0 AMERICAN STRATEGIC INVESTMENT CO. Fourth Quarter Investor Presentation 9 Times Square - New York, NY _
Slide 2: Q4'22 and Q1'23 Strategic Update
1 Q4’22 and Q1’23 Strategic Update 1 At the end of the fourth quarter 2022, American Strategic Investment Co. (“ASIC”), formerly New York City REIT (“NYC”), announced a business strategy change to expand the scope of assets and business the Company may own and operate. Management believes the change
Slide 3: Fourth Quarter 2022 Highlights
2 Fourth Quarter 2022 Highlights 1) See appendix for a full description of capitalized terms and Non - GAAP reconciliations. 2) Refer to slide 7 – Top 10 Tenant Investment Grade Profile. Based on Annualized Straight - line Rent and on ratings information as of December 31, 2022. Includes both actual
Slide 4: Fourth Quarter 2022 Portfolio Highlights
3 Fourth Quarter 2022 Portfolio Highlights Metric ($ and SF in mm) Q4’22 Real Estate Investments, at Cost $841.1 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $58.2 Occupancy 82.7% Weighted Average Lease Term Remaining 7.1 Years 1) Ratings information is as of December
Slide 5: 100% Original Cash Rent Collection
4 100% Original Cash Rent Collection 4 Percentage of Original Cash Rent Due and Collected For Each Period Note: Collection data as of December 31, 2022. Total rent collected during the period includes both Original Cash Rent due an d p ayments made by tenants pursuant to rent deferral agreements or
Slide 6: Real Estate Portfolio Highlights
5 5 Real Estate Portfolio Highlights
Slide 7: Detailed Property Summary
6 6 Detailed Property Summary Note: Data as of December 31, 2022. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Occupancy + Leasing Pipeline Remaining Lease Term (in years) % of Annualized Straight - Line Rent % of Portfolio Square Feet 123 William Street $281.9 91% 95% 5.9 38% 47% _ 9 Time
Slide 8: Top 10 Tenant Investment Grade Profile
7 7 Note: Original Cash Rent collection data as of December 31, 2022. Total rent collected during the period includes both Origin al Cash Rent due and payments made by tenants pursuant to rent deferral agreements or otherwise. Eliminating the impact of defer red rent paid, we collected the same perc
Slide 9: Proactive Asset Management
8 8 Portfolio Occupancy is expected to increase from 82.7% to 85.0% and add $1.1 million of Annual Straight - line Rent as leases commence in 2023 Proactive Asset Management 8 Summary of Completed Knotel Replacement Lease and Terms (1) Proactive Replacement of Space Terminated by Knotel Leasing and
Slide 10: Financial Highlights
9 Financial Highlights
Slide 11: Capital Structure and Q4'22 Financial Results
10 10 Capital Structure and Q4’22 Financial Results Note: We do not have any significant scheduled debt principal repayments due until 2024. We expect to fund our operating expe nse s and capital requirements over the next 12 months with cash on hand, cash generated from property operations and othe
Slide 12: Key Capitalization Metrics
11 11 ASIC’s capital structure is composed of fixed rate mortgage debt, limiting adverse effects from rising interests Only 12% of ASIC’s debt matures through 2025 Compares favorably to prevailing interest rate market Conversative leverage profile provides potential financing capacity Key Capitaliza
Slide 13: Management and Board of Directors
12 12 Management and Board of Directors
Slide 14: Experienced Management Team
13 13 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 15: Board of Directors
14 14 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 16: Appendix
15 15 Appendix
Slide 17: Definitions
16 16 Definitions Adjusted EBITDA : We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction - related expenses, listing - related costs and expenses, other non - cash items such as the vesting and co
Slide 18: Reconciliation of Non-GAAP Metrics: Cash NOI
17 17 Reconciliation of Non - GAAP Metrics: Cash NOI For the Three Months Ended (in thousands) December 31, 2022 December 31, 2021 Net Loss (in accordance with GAAP) $ (10,109) $ (3,755) Depreciation & Amortization 7,703 7,657 Interest Expense 4,751 4,811 Income tax expense ─ 23 EBITDA 2,345 8,736 I
Slide 19: Reconciliation of Non-GAAP Metric: FFO
18 18 Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Net Loss (in accordance with GAAP) $ (10,109) $ (3,755) Impairment of real estate investments ─ 1,039 Depreciation and amortization 7,703 7,657 FFO (As defined by N
Slide 20: Legal Notices
19 19 Legal Notices
Slide 21: Important Additional Information and Where to Find It
20 20 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”) an d i ts consolidated subsidiaries. This presentation contains estimates and information concerning the Company's in
Slide 22: Forward Looking Statements
21 21 Forward Looking Statements Certain statements included in this Annual Report on Form 10 - K are forward - looking statements. Those statements include statemen ts regarding the intent, belief or current expectations of American Strategic Investment Co. (formerly known as New York City REIT, In
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