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, May 13, 2021
Slide 1: New York City REIT First Quarter Investor Presentation
0 NEW YORK CITY REIT First Quarter Investor Presentation 123 William Street - New York, NY
Slide 2: First Quarter 2021 Highlights
1 First Quarter 2021 Highlights 1) See Definitions in the appendix for a full description. 2) There can be no assurance that LOIs will lead to definitive leases that will commence on their current terms, or at all. Leas ing pipeline should not be considered an indication of future performance. 3) Re
Slide 3: Manhattan Focused Portfolio
2 Manhattan Focused Portfolio Metric ($ and SF in mm) Q1’21 Real Estate Investments, at Cost $861.2 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $55.4 Occupancy 82.8% Weighted Average Lease Term Remaining 6.9 Years 1) Ratings information is as of March 31, 2021. Weigh
Slide 4: Aggressive New York City Comeback
3 Aggressive New York City Comeback 3 Visualizing New York City’s Aggressive Vaccination Campaign x New York State and New York City continue to lead in the fight against COVID - 19 by quickly mitigating positive COVID - 19 cases and aggressively encouraging vaccinations, expediting a full reopening
Slide 5: Tech Bets on New York City's Future
4 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 4 “In all scenarios I expect us to need physical spaces to get people together, absolutely
Slide 6: Industry Leading Companies Announce Office Return Dates
5 Industry Leading Companies Announce Office Return Dates 5 “In - office collaboration will be just as important to Google’s future as it’s been to our past” - Sundar Pichai, CEO “Going back to work is a good thing,” … “The WFH lifestyle seems to have impacted younger employees, and overall producti
Slide 7: Leading New York City Market Position
6 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) 6 New York City Office and Retail Exposure (2) New York City Office Exposure (2) Other Exposure Observatory Source: Company and peer metrics
Slide 8: Well-Positioned Portfolio Compared to Peers
7 Well - Positioned Portfolio Compared to Peers 7 Sources: Company filings; U.S. Bureau of Labor Statistics as of March 31, 2021. Note: Company and peer metrics as of March 31 , 2 021 unless otherwise indicated. 1) Based on annualized straight - line rent as of March 31, 2021. NYC’s top 10 tenants a
Slide 9: Conservative Capital Structure
8 Conservative Capital Structure ▪ Well - Positioned for Future Growth: The Company’s capital structure and recent listing positions the Company to take advantage of attractive acquisition opportunities ▪ Higher Growth Leads to Higher Multiples: Public markets generally reward higher growth companie
Slide 10: Real Estate Portfolio Highlights
9 9 Real Estate Portfolio Highlights
Slide 11: Detailed Property Summary
10 10 Detailed Property Summary Note: Data as of March 31, 2021. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Remaining Lease Term (in years) % of Annualized Straight - Line Rent % of Portfolio Square Feet 123 William Street $286.8 87% 5.3 39% 47% _ 1140 Avenue of the Americas $178.3 81% 6
Slide 12: Top 10 Tenant Investment Grade Profile
11 11 Note: Cash Rent collection data as of April 30, 2021. Total rent collected during the period includes both original Cash Rent du e and payments made by tenants pursuant to rent deferral agreements or otherwise. Eliminating the impact of deferred rent pai d, we collected 88% of original Cash Re
Slide 13: Robust Q1'21 Leasing Activity
12 12 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) Robust Q1’21 Leasing Activity Prior Lease New Lease Moody’s
Slide 14: Case Study: Knotel Proactive Management
13 13 Case Study: Knotel Proactive Management x In January 2021, Knotel filed for bankruptcy and subsequently terminated all space leased from NYC (1) – NYC’s proactive approach identified Knotel’s operational issues early in the COVID - 19 pandemic and well positioned our legal and asset management
Slide 15: Financial Highlights
NEWYORRGTY RET Financial Highlights
Slide 16: Q1'21 Cash Rent Collection
15 85% 8% 6% 1% Q1'21 Cash Rent Paid Approved Agreement Approved Negotiation Other Significant First Quarter Cash Rent Collection First Quarter Cash Rent Status January February March Total Portfolio _ % of Original Cash Rent Collected 82% 88% 87% 85% _ Approved Agreement (1) 8% 8% 9% 8% _ Agreement
Slide 17: Capital Structure and Q1'21 Results
16 16 Capital Structure and Q1’21 Results Note: As of March 31, 2021, we had cash and cash equivalents of $29.4 million. We are, however, required to maintain a minimu m n et worth in excess of $175.0 million and minimum liquid assets of $10.0 million under our loan secured by our 9 Times Square pro
Slide 18: Proactive Management of Select Tenants
17 17 Proactive Management of Select Tenants NYC continues to proactively monitor and aggressively increase collection efforts for past due balances related to select tenants placed on a cash basis in Q4’20 Prudent and Proactive Actions Taken to Address COVID - 19 Tenant Related Headwinds ($ in mm)
Slide 19: Management and Board of Directors
18 18 Management and Board of Directors
Slide 20: Experienced Management Team
19 19 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 opport uni ties for all AR
Slide 21: Board of Directors
20 20 Board of Directors Michael Weil | Director and Executive Chairman ▪ 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 - sponsored investment programs ▪ Prior to
Slide 22: Appendix
NEWYORKGTY RET Appendix
Slide 23: Definitions
22 22 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 po
Slide 24: Definitions
23 23 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
Slide 25: Reconciliation of Non-GAAP Metrics: Cash NOI
24 24 Reconciliation of Non - GAAP Metrics: Cash NOI (in thousands) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Net Loss (in accordance with GAAP) $ (13,535) $ (6,788) Other income 8 (119) General & Administrative 2,732 1,996 Asset and property management fees to related part
Slide 26: Reconciliation of Non-GAAP Metric: FFO
25 25 Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended March 31, 2021 Three Months Ended 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) $ (5,009) 731 Equity - based compensation 2,115
Slide 27: Legal Notices
NEWYORRGTY RET Legal Notices
Slide 28: Important Information
27 27 Important Information References in this presentation to the “Company,” “we,” “us” and “our” refer to New York City REIT, Inc. (“NYC”) and its cons oli dated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Company’s peer companies th
Slide 29: Forward Looking Statements
28 28 Forward Looking Statements Certain statements made in this presentation are “forward - looking statements” (as defined in Section 21E of the Exchange Act), w hich reflect the expectations of the Company regarding future events. You can identify forward - looking statements by the use of forwar