American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q3 2020 Earnings Presentation
28 slides from American Strategic Investment's earnings presentation, November 2020
Slide 1: New York City REIT Third Quarter Investor Presentation
NEW YORK CITY REIT Third Quarter Investor Presentation 123 William Street - New York, NY 0
Slide 2: Third Quarter Highlights
Third Quarter Highlights $860 million portfolio of eight high-quality office and retail condominium assets located primarily in Manhattan High Quality High portfolio Occupancy(1) of 89% with a weighted average Remaining Lease Term(1) of 7.5 years New York City Focused Portfolio NYC’s top 10 te
Slide 3: Best-in-Class Portfolio
Best-in-Class Portfolio NYC’s portfolio of $860 million of real estate investments features a diverse tenant mix across eight mixed-use office and retail condominium buildings primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(2) Metric ($ and SF in mm) Q3’20 Real Estate
Slide 4: Leading New York City Market Position
Leading New York City Market Position NYC is the leading “pure-play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm)(1) 1.2 10.2 29.7 32.7 13.1 10.2 % New York City Office and Retail Exposure(2) 70.8 77.0 99.1 89.9 88.5 % % % % % 10.2 % New York City Office Exposure
Slide 5: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers NYC’s top 10 tenants feature primarily Investment Grade rated tenants, complemented by a balance of tenants with attractive industry exposures and long-term leases Strong Revenue CAGR from Q4'14 to Q3’20(1) Tenants Operating in Industries with Stable Emplo
Slide 6: Robust New York City Tech Leasing Activity
Robust New York City Tech Leasing Activity NYC management is highly confident in the long-term market trends as the world’s largest technology companies continue to complete large block leasing transactions Leasing Commentary • Manhattan topped all U.S. cities in leasing activity by size in 2019, le
Slide 7: Resiliency of the New York City Market
Resiliency of the New York City Market A dedicated strategy towards New York City real estate crafted with market expertise, provides an opportunity to capitalize on the positive traits that differentiates New York City High Degree of Workforce Productivity Attracts Growth ~10+ million SF New York
Slide 8: Scalable Operating Platform
Scalable Operating Platform Management remains focused on executing the Company’s acquisition and leasing strategy, including new leases, extensions and tenant expansions to drive long-term value creation Active Portfolio Management Continues to Drive Long-Term Value NYC continues to deliver stead
Slide 9: Significant Third Quarter Cash Rent Collection
Significant Third Quarter Cash Rent Collection NYC’s proactive response to the COVID-19 pandemic resulted in significant rent collection success as we’ve received 85% of third quarter Rent Collection Highlights Third Quarter Cash Rent Collection Detail 1% 85% of Third Quarter Cash Rent collected 6%
Slide 10: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure allows for future growth potential Net Leverage(1) Debt Maturities Through 2023 39% 77% 36% 34% 34% 32% 50% 32% 0% 1% ESRT VNO PGRE NYC SLG NYC ESRT PGRE VNO SLG Well-Positioned for Future Growth: The Company’s capital structure and recent lis
Slide 11: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 10
Slide 12: Detailed Property Summary
Detailed Property Summary NYC’s portfolio is diversified across eight mixed-use office and retail condominium buildings primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in years) Square Feet Rent
Slide 13: 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 including City National Bank, CVS, and government agencies Q3’20 Remaining Space Tenant Credit % of % of Tenant Cash Rent Lease Term Type Industry Rating(2) Portfolio SLR Port
Slide 14: Case Study: 9 Times Square
Case Study: 9 Times Square Substantial Lease-Up of 9 Times Square years 90% 9.0 90% 8.0 84% 7.0 80% 81% 70% 6.0 5.0 60% 56% 64% 4.0 3.0 52% 52% 50% 2.0 40% 1.0 30% 0.0 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q3'20 Occupancy Weighted Average Remaining Lease Term Since Q4'14, Annualized Straight-Line Rent
Slide 15: Case Study: City National Bank
Case Study: City National Bank Early 10 year Lease Extension Cements Long-Term Asset Value In July, NYC executed an attractive, early 10 year lease extension with City National Bank (“CNB”), one of the Company’s anchor tenants located at 1140 Avenue of the Americas – In 2015, City National Bank wa
Slide 16: Financial Highlights
Financial Highlights 15
Slide 17: Capital Structure and Q3'20 Results
Capital Structure and Q3'20 Results NYC maintains a conservative balance sheet with Net Leverage of 36% and no debt maturities within the next 3 years Key Capitalization Metrics ($ and shares in mm) Q3'20 Debt Maturity Schedule Fixed / Floating Debt % 100% / 0% $18 0.0 Weighted Averaged Effective In
Slide 18: Management and Board of Directors
Management and Board of Directors 17
Slide 19: 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 20: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman Strong Corporate Governance 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 Majority independent Board
Slide 21: Appendix
hh NYC NEW YORK CITY REIT Appendix
Slide 22: Definitions
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 portion of Cash
Slide 23: Definitions
Definitions Investment Grade: As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the
Slide 24: Reconciliation of Non-GAAP Metrics: Cash NOI
Reconciliation of Non-GAAP Metrics: Cash NOI Cash Net Operating Income (Cash NOI) Reconciliation Schedule Three Months Ended Three Months Ended (in thousands) September 30, 2020 September 30, 2019 Net Loss (in accordance with GAAP) $ (12,288) $ (4,809) Other income (19) (221) General & Administrativ
Slide 25: 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, 2020 September 30, 2019 Net Loss (in accordance with GAAP) $ (12,288) $ (4,809) Depreciation and amortization 8,639 7, 804 FFO (As defined by
Slide 26: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 27: Important Information
Important Information 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 Company’s peer companies that are b
Slide 28: 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