American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Investor Presentation (August 2020)
31 slides from American Strategic Investment's investor presentation, August 2020
Slide 1: NEW YORK CITY REIT NYSE Listing Investor Presentation
NEW YORK CITY REIT NYSE Listing Investor Presentation 123 William Street - New York, NY 0
Slide 2: Listing Details
Listing Details NYC will be the leading “pure-play” publicly traded REIT focused on New York City real estate Best-in-class portfolio with 68% of our top 10 tenants Investment Grade(1)(2) rated Capitalize on attractive acquisition opportunities resulting from short-term market dislocation List
Slide 3: Investment Highlights
Investment Highlights NYC will be the leading “pure-play” publicly traded REIT focused on New York City real estate NYC’s $863 million portfolio is diversified across eight office and retail condominium assets located primarily in Manhattan High Quality – High portfolio Occupancy(1) of 89% with
Slide 4: Best-in-Class Portfolio
Best-in-Class Portfolio NYC’s portfolio of $863 million of real estate investments features a diverse tenant mix across eight mixed-use office and retail condominium buildings located in New York City Portfolio Metrics Top 10 Tenants Credit Ratings(2) Metric ($ and SF in mm) Q2’20 Real Estate Invest
Slide 5: Leading New York City Market Position
Leading New York City Market Position NYC will be the leading “pure-play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm)(1) 1.2 10.2 29.8 32.7 13.1 15.0 % New York City Office and Retail Exposure(2) 71.4 75.3 82.3 99.1 87.5 % % % % % 15.0 % New York City Office Exp
Slide 6: Well-Positioned Compared to its Peers
Well-Positioned Compared to its 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 Q2’20(1) Tenants Operating in Industries with Stable Employment(
Slide 7: Robust New York City Leasing Environment
Robust New York City Leasing Environment The world’s largest technology companies continue to fuel New York City leasing activity at the end of 2019 and well into 2020 with large block transactions Leasing Commentary • Manhattan topped all US cities in leasing activity by size in 2019, led by 1,000,
Slide 8: 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 9: 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 Leasing Commentary NYC continues to deliver steady revenue growth since Q4'14 by way of asset acquisitions, robust leasing acti
Slide 10: Second Quarter Cash Rent Collection
Second Quarter Cash Rent Collection Management’s proactive and focused effort in response to the COVID-19 crisis resulted in nearly 85% of second quarter Cash Rent collected with an additional 14% subject to an Approved Agreement(1) or under Agreement Negotiation(2) Rent Collection Highlights Second
Slide 11: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure provides support for future growth Net Leverage(1) Debt Maturities Through 2023 54% 79% 52% 53% 44% 47% 42% 32% 23% 0% NYC PGRE SLG ESRT VNO NYC ESRT PGRE VNO SLG Well-Positioned for Future Growth: The Company’s balance sheet and the listing s
Slide 12: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 11
Slide 13: Property Summary
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 123 Willi
Slide 14: Top Ten Tenants
Top 10 Tenants NYC’s top 10 tenants(1) feature a balance of large Investment Grade corporate tenants including City National Bank, CVS, and government agencies Q2’20 Remaining Space Tenant Credit % of % of Tenant Cash Rent Lease Term Type Industry Rating(2) Portfolio SLR Portfolio SF Collection (in
Slide 15: Case Study: 9 Times Square
Case Study: 9 Times Square Substantial Lease-Up of 9 Times Square years 90% 9.0 90% 84% 8.0 80% 84% 7.0 70% 6.0 5.0 64% 56% 60% 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 Q2'20 Occupancy Weighted Average Remaining Lease Term Since Q4'14, Annualized Straight-Line Rent
Slide 16: Case Study: City National Bank
Case Study: City National Bank Early 10 year Lease Extension Cements Long-Term Asset Value NYC recently 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 17: Financial Highlights
Financial Highlights 16
Slide 18: Capital Structure and Q2'20 Results
Capital Structure and Q2'20 Results NYC maintains a conservative balance sheet with Net Leverage of 41.8% and no debt maturities within the next 3 years Key Capitalization Metrics ($ and shares in mm) Q2'20 Debt Maturity Schedule Fixed / Floating Debt % 100% / 0% $18 0.0 Weighted Averaged Effective
Slide 19: Estimated NAV Per Share of $49.23 Adjusted for Reverse Split
Estimated NAV Per Share of $49.23 Adjusted for Reverse Split(1) Duff & Phelps, an independent third-party valuation firm, performed appraisals on each real estate asset in NYC’s portfolio, helping to determine the Company’s estimated Net Asset Value of $49.23(1) • Duff & Phelps, performed detailed a
Slide 20: Potential Impact of Index Inclusions
Potential Impact of Index Inclusions An index inclusion should provide incremental liquidity and also potentially increase demand for shares after listing Select Major Indices Impacts of a Potential Index Inclusion MSCI US REIT Index (RMS / RMZ) Index inclusions can provide significant inflows fro
Slide 21: Management and Board of Directors
Management and Board of Directors 20
Slide 22: 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 23: 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 24: Fully Aligned Management Structure
Fully Aligned Management Structure Management structure aligned to compensate based on operational outperformance, in turn delivering increased value to shareholders Key Management Agreement Terms Management structure fully Performance aligned to compensate based on Fixed Base Alignment operationa
Slide 25: Appendix
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Slide 26: 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 27: 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) June 30, 2020 June 30, 2019 Net Loss (in accordance with GAAP) $ (5,286) $ (5,827) Other income (641) (311) General & Administrative 2,521 1,
Slide 28: 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) June 30, 2020 June 30, 2019 Net Loss (in accordance with GAAP) $ (5,286) $ (5,827) Depreciation and amortization 7,912 7,553 FFO (As defined by NAREIT) $ 2,
Slide 29: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 30: 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 31: 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
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