NEW YORK, May 09, 2025 –American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”), a company that owns a portfolio of commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights
Revenue was $12.3 million compared to $15.5 million for the same quarter in 2024, primarily related to the sale of 9 Times Square in the prior year.
Net loss attributable to common stockholders was $8.6 million, compared to $7.6 million in the first quarter of 2024
Cash net operating income (“NOI”) was $4.2 million, compared to $7.0 million for the first quarter of 2024
Adjusted EBITDA was $(0.8) million, compared to $2.9 million in the first quarter of 2024
Portfolio occupancy expanded 120 basis points to 82.0%, compared to 80.8% for the fourth quarter 2024, with weighted-average lease term(1) of 5.4 years
77% of annualized straight-line rent from top 10 tenants(2) is derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 7.8 years as of March 31, 2025
Portfolio comprised of fixed and variable rate debt at a 4.4% weighted-average interest rate with 2.3 years of weighted-average debt maturity
Nicholas Schorsch, Jr. appointed Chief Executive Officer, as previously announced in the first quarter