American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q1 2021 Earnings Presentation
29 slides from American Strategic Investment's earnings presentation, 2021
Slide 1: New York City REIT First Quarter Investor Presentation
NEW YORK CITY REIT First Quarter Investor Presentation 123 William Street - New York, NY 0
Slide 2: First Quarter 2021 Highlights
First Quarter 2021 Highlights NYC features a high-quality, Manhattan focused portfolio that is supported by a top 10 tenant base that is 73% Investment Grade(1) rated and a robust forward Leasing Pipeline(1) of 28,100 SF that is expected to increase annualized straight-line Rent by $1.5 million(2) H
Slide 3: Manhattan Focused Portfolio
Manhattan Focused Portfolio NYC’s portfolio of $861 million of real estate investments features a diverse tenant mix across eight mixed-use office and retail condominium buildings primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(1) Metric ($ and SF in mm) Q1’21 16% Real
Slide 4: Aggressive New York City Comeback
Aggressive New York City Comeback New York City continues to lead the fight against COVID-19 by aggressively encouraging mass vaccinations and has seen an increase in business activity across the city Visualizing New York City’s Aggressive Vaccination Campaign Pedestrian Traffic in Times Square is N
Slide 5: Tech Bets on New York City's Future
Tech Bets on New York City’s Future NYC management is highly confident in the long-term market trends as the world’s largest technology companies continue to bet on New York City becoming a global tech hub Tech Bets Big on New York City • In Q1’21, NYC executed a short-term lease and LOI for a five-
Slide 6: Industry Leading Companies Announce Office Return Dates
Industry Leading Companies Announce Office Return Dates Industry Leading Companies Are Leading the Office Return(1) May June July August September “In-office collaboration “Cultures were not meant will be just as important to be done in a remote to Google’s future as it’s fashion, and culture is bee
Slide 7: 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 25.3 32.3 12.9 2.2% New York City Office and Retail Exposure(2) 99.0 86.5 89.2 81.3 69.6 % % % % % 2.2% New York City Office Exposure(2)
Slide 8: 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 Highlights Share of Top 10 Tenants Investment Grade(1) NYC’s top ten tenants are 73% actua
Slide 9: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure allows for future growth potential(1) Net Leverage(2) Debt Maturities Through 2024 61% 57% 50% 70% 62% 54% 40% 38% 14% 5% NYC PGRE ESRT VNO SLG ESRT NYC PGRE VNO SLG Well-Positioned for Future Growth: The Company’s capital structure and recent
Slide 10: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 9
Slide 11: 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 12: 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, CVS, Marshalls and government agencies Q1’21 Original Remaining % of % of Space Tenant Credit Tenant Cash Rent Lease Term Portfolio Portfolio Type
Slide 13: Robust Q1'21 Leasing Activity
Robust Q1’21 Leasing Activity NYC executed four new and replacement leases in the first quarter, totaling 30,300 SF and $1.5 million in annualized straight-line rent and built a 28,100 SF forward Leasing Pipeline that is expected to increase Occupancy to 85%(1) Leasing Commentary In Q1’21, NYC exe
Slide 14: Case Study: Knotel Proactive Management
Case Study: Knotel Proactive Management Proactive management leads to the partial backfill of former Knotel space with a Fortune 50 technology and global human resource Company In January 2021, Knotel filed for bankruptcy and subsequently terminated all space leased from NYC(1) – NYC’s proactive a
Slide 15: Financial Highlights
Financial Highlights 14
Slide 16: Significant First Quarter Cash Rent Collection
Significant First Quarter Cash Rent Collection NYC’s proactive response to the COVID-19 pandemic continues to result in significant rent collection success as we’ve received 85% of first quarter original Cash Rent Rent Collection Highlights First Quarter Original Cash Rent Collection Detail 85% of F
Slide 17: Capital Structure and Q1'21 Results
Capital Structure and Q1’21 Results NYC maintains a conservative balance sheet with Net Leverage of 37.6% and no debt maturities within the next 3 years Key Capitalization Metrics ($ and shares in mm) Q1’21 Debt Maturity Schedule Fixed / Floating Debt % 100% / 0% $18 0.0 Weighted Averaged Effective
Slide 18: Proactive Management of Select Tenants
Proactive Management of Select Tenants NYC continues to proactively monitor and aggressively increase collection efforts for past due balances related to select tenants placed on a cash basis in Q4’20 Prudent and Proactive Actions Taken to Address COVID-19 Tenant Related Headwinds ($ in mm) Tenant A
Slide 19: Management and Board of Directors
Management and Board of Directors 18
Slide 20: 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 21: 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 22: Appendix
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Slide 23: 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 orig
Slide 24: Definitions
Definitions Leasing Pipeline: Includes (i) all leases fully executed by both parties as of April 30, 2021, but after March 31, 2021 and (ii) all leases under negotiation with an executed LOI by both parties as of April 30, 2021. This represents one executed lease that commenced in the second quarter
Slide 25: 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) March 31, 2021 March 31, 2020 Net Loss (in accordance with GAAP) $ (13,535) $ (6,788) Other income 8 (119) General & Administrative 2,732 1,9
Slide 26: 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, 2021 March 31, 2020 Net Loss (in accordance with GAAP) $ (13,535) (6,788) Depreciation and amortization 8,526 7,519 FFO (As defined by NAREIT) $ (
Slide 27: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 28: 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 29: 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