American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q2 2023 Earnings Presentation
21 slides from American Strategic Investment's earnings presentation, Aug 11, 2023
Slide 1: American Strategic Investment Co. Second Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Second Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Second Quarter 2023 Highlights
Second 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 Q2’23, an attractive top 10 tenant base that is 79% Investment Grade (1)(3) rated and demonstrat
Slide 3: Second Quarter 2023 Portfolio Highlights
Second Quarter 2023 Portfolio Highlights $834 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(1) Metric ($ 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 Q2’23 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 $834 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 Remaining % of Assets, at Annualized Portfolio Occupancy Lease Term Portfolio cost Straight-Line (in
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 Q2’23 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Cash Re
Slide 8: Proactive Portfolio Management
Proactive Portfolio Management ASIC displays proactive portfolio management through the retention and expansion of existing tenants as well as extensions with near-term maturing tenants Second Quarter Highlights ✓ In Q2’23, ASIC completed four new leases totaling 26,778 SF and $1.5 million of SLR, i
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q2'23 Financial Results
Capital Structure and Q2’23 Financial Results ASIC’s debt capital structure features limited debt maturities though 2025(1), 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(3) of 41.4% Key Capitalization Metrics ($ and shares in mm) Q2’23 100% Fixed Rate Debt Maturity
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 41.4%(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(1) 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 Capi
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) June 30, 2023 June 30, 2022 Net Loss (in accordance with GAAP) $ (10,899) $ (13,001) Depreciation & Amortization 6,749 7,041 Interest Expense 4,707 4,70
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) June 30, 2023 June 30, 2022 Net Loss (in accordance with GAAP) $ (10,899) $ (13,001) Impairment of real estate investments 151 — Depreciation and amortizati
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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