American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — Q3 2023 Earnings Presentation
21 slides from American Strategic Investment's earnings presentation, Nov 9, 2023
Slide 1: American Strategic Investment Co. Third Quarter Investor Presentation
AMERICAN STRATEGIC INVESTMENT CO. Third Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights ASIC’s active portfolio management strategy has contributed to 2.4% Occupancy(1) growth since the beginning of 2023 as well as 18.3% growth in Adjusted EBITDA(1), an increase of 4.9% in Cash NOI(1), and a 41.8% increase in Core FFO(1) compared to the third quarter of 20
Slide 3: Third Quarter 2023 Portfolio Highlights
Third Quarter 2023 Portfolio Highlights $832 million(1) portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants’ Credit Ratings(2) Metric ($ and SF in m
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 Q3’23 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 $832 million(1) portfolio, that is diversified across eight mixed-use office and retail assets that are primarily located in Manhattan with close proximity to major transportation hubs % of Real Estate Remaining % of Annualized Portfolio Assets(2) Occupancy Lease Term Portf
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 Q3’23 Original Tenant Lease Term Portfolio Portfolio Type Industry Rating(2) Cash Re
Slide 8: Active Portfolio Management
Active Portfolio Management ASIC continues to actively manage the portfolio through new leasing, lease renewals, and targeted expense reduction initiatives Portfolio Management Highlights ✓ Subsequent to quarter close, ASIC closed on the sale of the vacant 421 W 54th St—Hit Factory, generating $4.2
Slide 9: Financial Highlights
Financial Highlights 8
Slide 10: Capital Structure and Q3'23 Financial Results
Capital Structure and Q3’23 Financial Results ASIC’s debt capital structure features limited debt maturities though 2025(1), 100% fixed rate debt at a 4.4% weighted average interest rate and Net Leverage(3) of 41.7% Key Capitalization Metrics ($ and shares in mm) Q3’23 100% 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 41.7%(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 Michael Anderson Chief Executive Officer ▪ Appointed Chief Executive Officer in September 2023 ▪ Mr. Anderson has served as General Counsel of AR Global Investments, where he advised on both public and private debt and equity transactions, mergers and corporate acquisitio
Slide 14: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman ▪ Founding partner of AR Global and former Chief Executive Officer of ASIC Strong Corporate Governance ▪ Prior to being named Chief Executive Officer of ASIC, Mr. Weil served as Executive Vice President of AR Capital, where he supervi
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 impairments, equity-based comp
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) September 30, 2023 September 30, 2022 Net Loss (in accordance with GAAP) $ (9,390) $ (11,074) Depreciation & Amortization 6,499 6,941 Interest Expense 4
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) September 30, 2023 September 30, 2022 Net Loss (in accordance with GAAP) $ (9,390) $ (11,074) Impairment of real estate investments 362 — Depreciation and a
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 This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities of American Strategic Investment Co. (“We” or the “Company”). Any offer or sale of securities will be made only by means of a prospectus and related documentatio
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