American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q1 2023 Earnings Presentation
21 slides from American Strategic Investment's earnings presentation, May 12, 2023
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 2023 Highlights
First Quarter 2023 Highlights ASIC’s Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, 100% total portfolio Original Cash Rent(1)(2) collection in Q1’23, an attractive top 10 tenant base that is 79% Investment Grade(1)(3) rated and demonstrated
Slide 3: First Quarter 2023 Portfolio Highlights
First Quarter 2023 Portfolio Highlights $843 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ and SF in mm)
Slide 4: 100% Original Cash Rent Collection
100% Original Cash Rent Collection ASIC’s portfolio mix of government agency and Investment Grade corporate tenants with core commercial business continue to provide dependable rental income, resulting in 100% Original Cash Rent collection in Q1’23 Percentage of Original Cash Rent Due and Collected
Slide 5: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 4
Slide 6: Detailed Property Summary
Detailed Property Summary $843 million portfolio, at cost, that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Real Estate % of Occupancy Remaining % of Assets, at Annualized Portfolio Occupancy + Leasing Lease Term Portfolio cos
Slide 7: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile ASIC’s 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 Q1’23 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Cash Re
Slide 8: Proactive Portfolio Management
Proactive Portfolio Management ASIC proactively manages its real estate portfolio by executing new leases and extensions with near-term maturing tenants First Quarter Highlights ✓ In Q1’23, ASIC completed five new leases totaling 19,812 SF and $1.1 million of SLR and has a 2023 forward Leasing Pipel
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q1'23 Financial Results
Capital Structure and Q1’23 Financial Results ASIC’s debt capital structure features limited debt maturities though 2024, 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(2) of 40.7% Key Capitalization Metrics ($ and shares in mm) Q1’23 100% Fixed Rate Debt Maturity Sch
Slide 11: Key Capitalization Metrics
Key Capitalization Metrics ASIC’s capital structure features limited near-term debt maturities, 100% fixed rate debt and Net Leverage of 40.7%(1) Capital Structure Highlights 100% ASIC’s capital structure is composed of fixed rate mortgage debt, limiting adverse Fixed Rate 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 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 14: 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 15: Appendix
Appendix 14
Slide 16: 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 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) March 31, 2023 March 31, 2022 Net Loss (in accordance with GAAP) $ (11,758) $ (11,712) Depreciation & Amortization 6,952 6,981 Interest Expense 4,663 4,
Slide 18: 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) March 31, 2023 March 31, 2022 Net Loss (in accordance with GAAP) $ (11,758) $ (11,712) Depreciation and amortization 6,952 6,981 FFO attributable to common
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 Certain statements made in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of American Strategic Investment Co. (formerly known as New York City REIT, Inc.) (including, as required b
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