American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q3 2022 Earnings Presentation
24 slides from American Strategic Investment's earnings presentation, 2022
Slide 1: New York City REIT Third Quarter Investor Presentation
NEW YORK CITY REIT Third Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights NYC is a real estate investment trust with a high-quality real estate portfolio focused on the Manhattan market and tenants with core commercial businesses. NYC features a portfolio with near complete portfolio Original Cash Rent(1) collection, an attractive top 10 tena
Slide 3: Third Quarter 2022 Portfolio Highlights
Third Quarter 2022 Portfolio Highlights $851 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 4: Near Complete Original Cash Rent Collection
Near Complete Original Cash Rent Collection NYC’s portfolio mix of government agency and Investment Grade corporate tenants with core commercial business continue to provide Dependable rental income, resulting in a year over year Original Cash Rent collection rate increase of 7% Percentage of Origin
Slide 5: Leading New York City Focused Portfolio
Leading New York City Focused Portfolio 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) 1.2 9.9 33.6 35.3 13.0 20.2% New York City Office and Retail Exposure(2) 99.1 69.
Slide 6: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers 79% Investment Grade rated(1) top 10 tenant base that is complemented by a balance of tenants with attractive industry exposures and long-term leases Highlights Share of Top 10 Tenants Investment Grade(1) 80% 79% ✓ NYC’s top ten tenants are 79% actual or i
Slide 7: Conservative Debt Profile
Conservative Debt Profile NYC’s capital structure features limited near-term debt maturities, 100% fixed rate debt and conservative Net Leverage(1) of 40% Capital Structure Highlights Net Leverage(1) ✓ NYC’s capital structure is composed of fixed rate 43% mortgage debt with a weighted average debt m
Slide 8: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 7
Slide 9: Detailed Property Summary
Detailed Property Summary $851 million portfolio that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in yea
Slide 10: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile NYC’s top 10 tenants(1) feature a balance of large Investment Grade corporate tenants such as City National Bank and CVS and government agencies Remaining % of % of Space Tenant Credit Q3’22 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2)
Slide 11: Proactive Asset Management
Proactive Asset Management Portfolio Occupancy is expected to increase from 84.5% to 85.0% and add $0.3 million of Annual Straight-line Rent as leases commence in Q4’22 and Q1’23(1) Leasing and Property Management Highlights Proactive Replacement of Space Terminated by Knotel ✓ Since Knotel’s termin
Slide 12: Momentum in the Manhattan Market Continues to Build
Momentum in the Manhattan Market Continues to Build Year-to-date, new leasing activity has outpaced last year’s total while office usage across various sectors continues to increase as company’s continue to adopt mandatory in-office policies Manhattan Continues To Rebound and Materialize Positive Mo
Slide 13: Financial Highlights
tha NYC NEW YORK CITY REIT Financial Highlights
Slide 14: Capital Structure and Q3'22 Financial Results
Capital Structure and Q3’22 Financial Results NYC’s debt capital structure features no debt maturities though 2024, all fixed rate debt at a 4.4% weighted average interest rate and Net Leverage of 40% Key Capitalization Metrics ($ and shares in mm) Q3’22 Debt Maturity Schedule Fixed / Floating Debt
Slide 15: Management and Board of Directors
Management and Board of Directors 14
Slide 16: Experienced Management Team
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 opportunities for all AR Capital
Slide 17: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman ▪ Founding partner of AR Global Strong Corporate Governance ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR ✓ Majority independent Board
Slide 18: Appendix
he NYC NEW YORK CITY REIT Appendix
Slide 19: Definitions
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 conversion of
Slide 20: 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, 2022 September 30, 2021 Net Loss (in accordance with GAAP) $ (11,074) $ (11,124) Depreciation & Amortization 6,941 7,851 Interest Expense
Slide 21: Reconciliation of Non-GAAP Metric: FFO
Reconciliation of Non-GAAP Metric: FFO Funds From Operations (FFO) Reconciliation Schedule Three Months Ended Three Months Ended (in thousands) September 30, 2022 September 30, 2021 Net Loss (in accordance with GAAP) $ (11,074) $ (11,124) Impairment of real estate investments ─ 413 Depreciation and
Slide 22: Legal Notices
he NYC NEW YORK CITY REIT Legal Notices
Slide 23: 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 New York City REIT, Inc. (“NYC”) and its consolidated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Com
Slide 24: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation are “forward-looking statements” (as defined in Section 21E of the Exchange Act), which reflect the expectations of the Company regarding future events. You can identify forward-looking statements by the use of forward looking t