Form 8-K
8-K — American Strategic Investment Co.
Accession: 0001628280-26-025159
Filed: 2026-04-15
Period: 2026-04-15
CIK: 0001595527
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Documents
8-K — nycr-20260415.htm (Primary)
EX-99.1 (ex991-asicearningsrelease1.htm)
EX-99.2 (ex992-asicsupplementalinfo.htm)
GRAPHIC (picture1a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: nycr-20260415.htm · Sequence: 1
nycr-20260415
0001595527FALSETRUE00015955272026-04-152026-04-150001595527us-gaap:CommonClassAMember2026-04-152026-04-150001595527us-gaap:PreferredClassAMember2026-04-152026-04-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 15, 2026
American Strategic Investment Co.
(Exact Name of Registrant as Specified in Charter)
Maryland 001-39448 46-4380248
(State or other jurisdiction
of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
222 Bellevue Avenue, Newport, RI 02840
________________________________________________________________________________________________________ (Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 415-6500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, $0.01 par value per share NYC New York Stock Exchange
Class A Preferred Stock Purchase Rights New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 15, 2026, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2025, and supplemental financial information for the quarter and year ended December 31, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively.
Item 7.01. Regulation FD Disclosure.
Press Release and Supplemental Information
As disclosed in Item 2.02 above, on April 15, 2026, the Company issued a press release announcing its results of operations for the quarter and year ended December 31, 2025, and supplemental financial information for the quarter and year ended December 31, 2025, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Forward-Looking Statements
The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements, , including, without limitation, statements regarding the Company's ability to return to compliance with the New York Stock Exchange's ("NYSE") continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas, and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, (f) that we may not be able to regain compliance with the NYSE's continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on April 15, 2026 and all other filings with the Securities and Exchange Commission after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1
Press Release dated April 15, 2026
99.2
Supplemental information for the quarter and year ended December 31, 2025
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
American Strategic Investment Co.
Date: April 15, 2026
By: /s/ NICHOLAS S. SCHORSCH, JR.
NICHOLAS S. SCHORSCH, JR.
Chief Executive Officer
EX-99.1
EX-99.1
Filename: ex991-asicearningsrelease1.htm · Sequence: 2
Document
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES FOURTH QUARTER 2025 RESULTS
New York, April 15, 2026 - 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 fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 and Subsequent Events
•As the Company continues to refine its property holdings, the sale of 9 Times Square in the fourth quarter of 2024 and the disposition of 1140 Avenue of the Americas to its mortgage holders in the fourth quarter of 2025 impacted results
•Revenue was $6.5 million compared to $14.9 million for the fourth quarter of 2024 due, in part, to the disposition of properties
•Net loss attributable to common stockholders was $6.7 million or $2.62 per share, compared to net loss of $6.7 million, or $2.60 per share, in the fourth quarter of 2024
•Adjusted EBITDA was $1.2 million compared to $1.3 million in the fourth quarter of 2024
•Cash net operating income (“NOI”) was $1.8 million compared to $6.6 million in the fourth quarter of 2024
•69% of annualized straight-line rent from top 10 tenants(1) is derived from investment grade or implied investment grade(2) rated tenants with a weighted-average remaining lease term(3) of 6.9 years as of December 31, 2025
Full Year 2025 Highlights
•Revenue was $43.3 million compared to $61.6 million in 2024 due, in part, to the disposition of properties
•Net loss attributable to common stockholders was $21.2 million compared to $140.6 million in 2024
•Adjusted EBITDA was $0.3 million compared to $12.0 million in the full year 2024
•Cash NOI was $16.0 million compared to $27.6 million in 2024
•Portfolio occupancy of 80.3% with a weighted-average remaining lease term of 6.1 years as of December 31, 2025
•Completed 13 new leases totaling over 117,000 square feet and $20.4 million in straight-line rent
•Portfolio debt, as of December 31, 2025, is 100% fixed-rate with a 4.5% weighted-average interest rate and 1.5 years of weighted-average debt maturity
•Net leverage of 47.5% as of December 31, 2025
CEO Comments
“During the fourth quarter and throughout 2025, we continued to advance leasing across the portfolio while maintaining a stable occupancy profile supported by a high-quality, largely investment grade tenant base,” said Nicholas Schorsch, Jr., CEO of ASIC. “We believe the Company is increasingly well-positioned to execute ongoing efforts to dispose additional non-core assets and prioritize capital to better uses that enhance long-term shareholder value.”
1
Financial Results
Three Months Ended December 31, Year Ended December 31,
(In thousands, except per share data) 2025 2024 2025 2024
Revenue from tenants $ 6,476 $ 14,889 $ 43,275 $ 61,570
Net loss attributable to common stockholders $ (6,696) $ (6,650) $ (21,194) $ (140,591)
Net loss per common share (a)
$ (2.62) $ (2.60) $ (8.32) $ (56.51)
__________
(1)Per share data is based on 2,556,449 and 2,557,080 basic weighted-average shares outstanding for the three months ended December 31, 2025 and 2024, respectively and 2,546,562 and 2,487,827 for the years ended December 31, 2025 and 2024, respectively.
Real Estate Portfolio
The Company’s portfolio consisted of five properties and comprised 0.7 million rentable square feet as of December 31, 2025. Portfolio metrics include:
•80.3% leased, compared to 80.8% at the end of fourth quarter 2024, with 6.1 years remaining weighted-average lease term
•69.0% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants
•67.3% office (based on an annualized straight-line rent)
Capital Structure and Liquidity Resources
As of December 31, 2025, the Company had $1.3 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 47.5%, with net debt of $249.7 million.
All of the Company’s debt was fixed-rate as of December 31, 2025. The Company’s total combined debt had a weighted-average interest rate of 4.5%(8).
The Company’s debt was a weighted-average debt maturity of 1.5 years.
2
Footnotes/Definitions
(1)Top 10 tenants based on annualized straight-line rent as of December 31, 2025.
(2)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of December 31, 2025. Top 10 tenants are 43.6% actual investment grade rated and 25.4% implied investment grade rated.
(3)The weighted-average remaining lease term (years) is based on annualized straight-line rent as of December 31, 2025.
(4)Annualized straight-line rent is calculated using the most recent available lease terms as of December 31, 2025.
(5)Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash, cash equivalents and restricted cash) of $5.0 million.
(6)Total debt of $251.0 million less cash and cash equivalents of $1.3 million as of December 31, 2025. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents.
(7)Defined as the carrying value of total assets of $445.2 million plus accumulated depreciation and amortization of $80.6 million as of December 31, 2025.
(8)Weighted based on the outstanding principal balance of the debt.
3
Webcast and Conference Call
ASIC will host a webcast and call on April 15, 2026 at 11:00 a.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the ASIC website, www.americanstrategicinvestment.com, in the “Investor Relations” section.
Dial-in instructions for the conference call and the replay are outlined below.
To listen to the live call, please go to ASIC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the ASIC website at www.americanstrategicinvestment.com.
Live Call
Dial-In (Toll Free): 1-877-269-7751
International Dial-In: 1-201-389-0908
Conference Replay*
Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference ID: 13758199
*Available one hour after the end of the conference call through April 29, 2026
About American Strategic Investment Co.
American Strategic Investment Co. (NYSE: NYC) owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com.
Supplemental Schedules
The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov.
Important Notice Regarding Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with NYSE’s continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on April 15, 2026 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
4
Accounting Treatment of Rent Deferrals
The majority of the concessions granted to our tenants as a result of the COVID-19 pandemic are rent deferrals or temporary rent abatements with the original lease term unchanged and collection of deferred rent deemed probable. As a result of relief granted by the FASB and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, have not been, and we do not expect it to be, significantly impacted by these types of deferrals.
Contacts:
Investors and Media:
Email: investorrelations@americanstrategicinvestment.com
Phone: (866) 902-0063
5
American Strategic Investment Co.
Consolidated Balance Sheets
(In thousands. except share and per share data)
December 31,
2025 2024
ASSETS (Unaudited)
Real estate investments, at cost:
Land $ 114,099 $ 129,517
Buildings and improvements 268,474 341,314
Acquired intangible assets 5,389 19,063
Total real estate investments, at cost 387,962 489,894
Less accumulated depreciation and amortization (80,579) (91,135)
Total real estate investments, net 307,383 398,759
Cash and cash equivalents 1,297 9,776
Restricted cash 6,750 9,159
Contract asset 108,648 —
Operating lease right-of-use asset — 54,514
Prepaid expenses and other assets 3,169 5,233
Straight-line rent receivable 15,421 23,060
Deferred leasing costs, net 2,492 6,565
Total assets $ 445,160 $ 507,066
LIABILITIES AND STOCKHOLDER'S EQUITY
Mortgage notes payable, net $ 249,565 $ 347,384
Debt associated with property in receivership 99,000 —
Accrued interest associated with property in receivership 9,648 —
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $(280) and $317 at December 31, 2025 and 2024, respectively)
18,739 15,302
Note payable to related parties 650 —
Operating lease liability — 54,592
Below-market lease liabilities, net 708 1,161
Deferred revenue 2,094 3,041
Total liabilities 380,404 421,480
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 and 2,634,355 shares issued and outstanding as of December 31, 2025 and 2024, respectively
27 27
Additional paid-in capital 731,793 731,429
Distributions in excess of accumulated earnings (667,064) (645,870)
Total stockholders' equity 64,756 85,586
Non-controlling interests — —
Total equity 64,756 85,586
Total liabilities and stockholders' equity $ 445,160 $ 507,066
6
American Strategic Investment Co.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
Revenue from tenants $ 6,476 $ 14,889 $ 43,275 $ 61,570
Operating expenses:
Asset and property management fees to related parties 1,802 1,927 7,281 7,751
Property operating 4,690 8,746 27,454 34,185
Impairment of real estate investments — — 30,558 112,541
Equity-based compensation 90 92 364 408
General and administrative 1,208 2,690 8,270 9,216
Depreciation and amortization 2,594 3,582 12,816 18,408
Total operating expenses 10,384 17,037 86,743 182,509
Operating loss before gain on disposition of real estate investments (3,908) (2,148) (43,468) (120,939)
Gain (loss) on disposal of real estate investments 3,599 (276) 47,867 (276)
Operating gain (loss) (309) (2,424) 4,399 (121,215)
Other income (expenses):
Interest expense (4,087) (4,311) (15,281) (19,488)
Interest expense associated with property in receivership (2,305) — (10,318) —
Other income (expenses) 4 85 6 112
Total other expense (6,388) (4,226) (25,593) (19,376)
Net loss before income taxes (6,696) (6,650) (21,194) (140,591)
Income tax expense — — — —
Net loss and Net loss attributable to common stockholders $ (6,696) $ (6,650) $ (21,194) $ (140,591)
Weighted-average shares outstanding — Basic and Diluted 2,556,449 2,557,080 2,546,562 2,487,827
Net loss per share attributable to common stockholders — Basic and Diluted $ (2.62) $ (2.60) $ (8.32) $ (56.51)
7
American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
Three Months Ended Year Ended
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025
Net income (loss) and Net income (loss) attributable to common stockholders $ (8,592) $ (41,660) $ 35,754 $ (6,696) $ (21,194)
Depreciation and amortization 3,591 3,545 3,086 2,594 12,816
Interest expense(1)
4,083 7,850 4,124 4,087 20,144
Interest expense associated with property in receivership (1)
— — 3,151 2,305 5,456
Income tax expense — — — — —
EBITDA (918) (30,265) 46,115 2,290 17,222
Impairment of real estate investments — 30,558 — — 30,558
(Gain) loss on disposition of real estate investments — — (44,268) (3,599) (47,867)
Equity-based compensation 92 92 90 90 364
Other income (expenses) (6) (4) 8 (4) (6)
Adjusted EBITDA (832) 381 1,945 (1,223) 271
Asset and property management fees to related parties 1,868 1,682 1,929 1,802 7,281
General and administrative 3,135 2,172 1,755 1,208 8,270
NOI 4,171 4,235 5,629 1,787 15,822
Accretion of below- and amortization of above-market lease liabilities and assets, net (125) (129) (24) (27) (305)
Straight-line rent (revenue as a lessor) 120 348 159 53 680
Straight-line ground rent (expense as lessee) 27 27 (242) — (188)
Cash NOI $ 4,193 $ 4,481 $ 5,522 $ 1,813 $ 16,009
_____
(1)Interest expense for the three months ended March 31, 2025 and June 30, 2025 includes expense associated with the 1140 Avenue of the Americas property. During the three months ended September 30, 2025, the 1140 Avenue of the Americas property entered into receivership and as a result the interest expense related to the property was disclosed separately as interest expense associated with property in receivership. See the Company’s Form 10-K for details.
8
American Strategic Investment Co.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
Three Months Ended
December 31, 2025
Net loss attributable to common stockholders $ (6,696)
Depreciation and amortization 2,594
Interest expense 4,087
Interest expense associated with property in receivership 2,305
Income tax expense —
EBITDA 2,290
Gain on disposition of real estate assets (3,599)
Equity-based compensation 90
Other (income) loss (4)
Adjusted EBITDA (1,223)
Asset and property management fees to related parties 1,802
General and administrative 1,208
NOI 1,787
Accretion of below- and amortization of above-market lease liabilities and assets, net (27)
Straight-line rent (revenue as a lessor) 53
Straight-line ground rent (expense as lessee) —
Cash NOI $ 1,813
9
Non-GAAP Financial Measures
This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above.
In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.
Caution on Use of Non-GAAP Measures
EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics.
As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.
We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.
NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.
Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess
10
our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
11
EX-99.2
EX-99.2
Filename: ex992-asicsupplementalinfo.htm · Sequence: 3
Document
EXHIBIT 99.2
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (unaudited)
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Table of Contents
Item Page
Non-GAAP Definitions 3
Key Metrics 5
Consolidated Balance Sheets 6
Consolidated Statements of Operations 7
Non-GAAP Measures 8
Debt Overview 9
Future Minimum Lease Rents 10
Top Ten Tenants 11
Diversification by Property Type 12
Diversification by Tenant Industry 13
Lease Expirations 14
Please note that totals may not add due to rounding.
Forward-looking Statements:
This supplemental package of American Strategic Investment Co. (formerly known as New York City REIT, Inc.) (the “Company” or “ASIC”) includes statements that are not historical facts and may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, (f) that we may not be able to continue to meet the New York Stock Exchange's ("NYSE") continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on March 26, 2026 and all other filings with the Securities and Exchange Commission after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
2
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Non-GAAP Financial Measures
This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above.
In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.
Caution on Use of Non-GAAP Measures
EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics.
As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.
We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.
NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.
Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a
3
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
4
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Key Metrics
As of and for the three months ended December 31, 2025
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data)
Revenue from tenants $ 6,476
Net loss attributable to common stockholders $ (6,697)
Basic and diluted net loss per share attributable to common stockholders
$ (2.62)
Cash NOI (1)
$ 1,813
Adjusted EBITDA (1)
$ (1,223)
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)
$ 525,739
Net debt (3) (4)
$ 249,703
Total consolidated debt (4)
$ 251,000
Total assets $ 445,160
Cash and cash equivalents (5)
$ 1,297
Common shares outstanding as of December 31, 2025
2,693
Net debt to gross asset value 47.5 %
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)
(51.0) x
Weighted-average interest rate cost (6)
4.5 %
Weighted-average debt maturity (years) (7)
1.5
Interest Coverage Ratio (8)
(0.3) x
Real Estate Portfolio
Number of properties 5
Number of tenants 49
Square footage (millions) 0.7
Leased 80.3 %
Weighted-average remaining lease term (years) (9)
6.1
______
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $445.2 million plus accumulated depreciation and amortization of $80.6 million as of December 31, 2025.
(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $1.3 million.
(4)Excludes the effect of deferred financing costs, net.
(5)Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash, cash equivalents and restricted cash) of $7.5 million.
(6)The weighted average interest rate cost is based on the outstanding principal balance of the debt.
(7) The weighted average debt maturity is based on the outstanding principal balance of the debt.
(8)The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
(9)Based on annualized straight-line rent as of December 31, 2025.
5
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025
Consolidated Balance Sheets
Amounts in thousands
December 31,
2025 2024
ASSETS (Unaudited)
Real estate investments, at cost:
Land $ 114,099 $ 129,517
Buildings and improvements 268,474 341,314
Acquired intangible assets 5,389 19,063
Total real estate investments, at cost 387,962 489,894
Less accumulated depreciation and amortization (80,579) (91,135)
Total real estate investments, net 307,383 398,759
Cash and cash equivalents 1,297 9,776
Restricted cash 6,750 9,159
Contract asset 108,648 —
Operating lease right-of-use asset — 54,514
Prepaid expenses and other assets 3,169 5,233
Straight-line rent receivable 15,421 23,060
Deferred leasing costs, net 2,492 6,565
Total assets $ 445,160 $ 507,066
LIABILITIES AND STOCKHOLDER'S EQUITY
Mortgage notes payable, net $ 249,565 $ 347,384
Debt associated with property in receivership 99,000 —
Accrued interest associated with property in receivership 9,648 —
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $(280) and $317 at December 31, 2025 and 2024, respectively)
18,739 15,302
Note payable to related parties 650 —
Operating lease liability — 54,592
Below-market lease liabilities, net 708 1,161
Deferred revenue 2,094 3,041
Total liabilities 380,404 421,480
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2025 and 2024
— —
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 and 2,634,355 shares issued and outstanding as of December 31, 2025 and 2024, respectively
27 27
Additional paid-in capital 731,793 731,429
Accumulated other comprehensive earnings (loss) — —
Distributions in excess of accumulated earnings (667,064) (645,870)
Total stockholders' equity 64,756 85,586
Non-controlling interests — —
Total equity 64,756 85,586
Total liabilities and stockholders' equity $ 445,160 $ 507,066
6
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Consolidated Statements of Operations
Amounts in thousands, except share and per share data
Three Months Ended
December 31,
2025 September 30,
2025 June 30, 2025 March 31,
2025
Revenue from tenants $ 6,476 $ 12,269 $ 12,222 $ 12,308
Expenses:
Asset and property management fees to related parties 1,802 1,929 1,682 1,868
Property operating 4,690 6,640 7,987 8,137
Impairment of real estate investments — — 30,558 —
Equity-based compensation 90 90 92 92
General and administrative 1,208 1,755 2,172 3,135
Depreciation and amortization 2,594 3,086 3,545 3,591
Total expenses
10,384 13,500 46,036 16,823
Operating loss before gain (loss) on disposition of real estate investments (3,908) (1,231) (33,814) (4,515)
Gain (loss) on disposal of real estate investments 3,599 44,268 — —
Operating gain (loss) (309) 43,037 (33,814) (4,515)
Other expense:
Interest expense (4,087) (4,124) (4,086) (2,985)
Interest expense associated with property in receivership (2,305) (3,151) (3,764) (1,098)
Other income (expense) 4 (8) 4 6
Total other expense, net
(6,388) (7,283) (7,846) (4,077)
Net income (loss) before income taxes (6,696) 35,754 (41,660) (8,592)
Income tax expense — — — —
Net income (loss) and Net income (loss) attributable to common stockholders $ (6,696) $ 35,754 $ (41,660) $ (8,592)
Basic and Diluted Net Income (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic $ (2.62) $ 13.60 $ (16.39) $ (3.39)
Weighted average shares outstanding —Basic 2,546,562 2,554,502 2,541,402 2,533,557
Net income (loss) per share attributable to common stockholders — Diluted $ (2.62) $ 13.60 $ (16.39) $ (3.39)
Weighted average shares outstanding —Diluted 2,546,562 2,629,703 2,541,402 2,533,557
7
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Non-GAAP Measures
Amounts in thousands, except per share data
Three Months Ended
December 31,
2025 September 30,
2025 June 30, 2025 March 31,
2025
EBITDA:
Net income (loss) and Net income (loss) attributable to common stockholders $ (6,696) $ 35,754 $ (41,660) $ (8,592)
Depreciation and amortization 2,594 3,086 3,545 3,591
Interest expense 4,087 4,124 7,850 4,083
Interest expense associated with property in receivership 2,305 3,151 — —
EBITDA 2,290 46,115 (30,265) (918)
Gain on disposition of real estate assets (3,599) (44,268) — —
Impairment of real estate investments — — 30,558 —
Equity-based compensation 90 90 92 92
Other (income) expense (4) 8 (4) (6)
Management fees paid in common stock to the Advisor in lieu of cash — — — —
Adjusted EBITDA (1,223) 1,945 381 (832)
Asset and property management fees to related parties 1,802 1,929 1,682 1,868
General and administrative 1,208 1,755 2,172 3,135
NOI 1,787 5,629 4,235 4,171
Accretion of below- and amortization of above-market lease liabilities and assets, net (27) (161) (138) (12)
Straight-line rent (revenue as a lessor) 53 102 102 102
Straight-line ground rent (expense as lessee) — (242) (3) (27)
Cash NOI $ 1,813 $ 5,328 $ 4,196 $ 4,234
8
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Debt Overview
As of December 31, 2025
Amounts in thousands, except ratios and percentages
Year of Maturity Number of Encumbered Properties
Weighted-Average Debt Maturity (Years) (1)
Weighted-Average Interest Rate (1) (2)
Total Outstanding Balance (3)(4)
2026 — — — % —
2027 1 1.2 4.7 % 140,000
2028 1 2.9 5.1 % 10,000
2029 1 3.6 3.9 % 51,000
Thereafter — — — % —
Total Debt 3 1.5 4.5 % $ 201,000
______
(1)Weighted based on the outstanding principal balance of the debt.
(2)All of the Company’s debt is fixed rate (inclusive of interest rate swaps) as of December 31, 2025.
(3)Excludes the effect of deferred financing costs, net. Current balances as of December 31, 2025 are shown in the year the debt matures.
(4)The total debt for the years ended December 31, 2026 and thereafter does not include the debt related to 400 E. 67th Street and 200 Riverside Boulevard of $50.0 million as this balance was accelerated during November 2025 (see Note 5 in the 2025 Form 10-K) and is therefore due in the year end December 31, 2025.
9
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Top Ten Tenants
As of December 31, 2025
Amounts in thousands, except percentages
Tenant / Lease Guarantor Property Type Tenant Industry
Annualized SL Rent (1)
SL Rent Percent
Remaining Lease Term (2)
Investment Grade (3)
Planned Parenthood Federation of America, Inc Office / Retail Non-profit $ 3,337,000 12 % 5.6 Yes
Equinox Retail Fitness 2,897,000 10 % 12.9 Yes
The City of New York - The Department of Youth and Community Office Government / Public Administration 2,215,000 8 % 12.0 No
CVS Retail Retail 2,161,000 8 % 8.7 Yes
United States General Services Administration Office Government / Public Administration 2,050,000 7 % 1.5 Yes
NYS Licensing Office Government / Public Administration 1,833,000 6 % 1.6 Yes
Marshalls Retail Retail 1,477,000 5 % 5.8 Yes
Fundera, Inc. Office Financial Services 1,051,000 4 % 3.5 No
Universal Services of America, Office Office Space 1,020,000 4 % — Yes
Lenox Hill Garage LLC Retail Parking 917,000 3 % 11.5 Yes
Subtotal 18,958,000 67 % 6.9
Remaining portfolio 9,607,000 33 %
Total Portfolio $ 28,565,000 100 %
——
(1)Calculated using the most recent available lease terms as of December 31, 2025.
(2)Based on straight-line rent as of December 31, 2025.
(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. Ratings information is as of December 31, 2025. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.
10
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Diversification by Property Type
As of December 31, 2025
Amounts in thousands, except percentages
Total Portfolio
Property Type
Annualized SL Rent (1)
SL Rent Percent Square Feet Sq. ft. Percent
Office $ 19,217,070 67 % 424,608 71 %
Retail 8,394,580 29 % 147,996 25 %
Other 953,000 4 % 23,767 4 %
Total $ 28,564,650 100 % 596,371 100 %
——
(1)Calculated using the most recent available lease terms as of December 31, 2025.
11
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Diversification by Tenant Industry
As of December 31, 2025
Amounts in thousands, except percentages
Total Portfolio
Industry Type
Annualized SL Rent (1)
SL Rent Percent
Square Feet (2)
Sq. ft. Percent
government / public administration $ 7,722,000 27 % 172,832 29 %
retail 4,029,000 14 % 40,190 7 %
non-profit 3,769,000 13 % 74,775 13 %
office space 2,947,000 10 % 90,072 15 %
Parking 1,833,000 6 % 87,484 15 %
Financial Services 1,179,000 4 % 21,414 4 %
Professional Services 1,050,000 4 % 19,748 3 %
Technology 787,000 3 % 15,136 2 %
fitness 2,897,000 10 % 30,033 5 %
Other [2]
1,598,000 6 % 28,894 5 %
Total $ 28,565,000 100 % 596,371 100 %
——
(1)Calculated using the most recent available lease terms as of December 31, 2025.
(2)Other includes nine industry types as of December 31, 2025.
12
American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2025 (Unaudited)
Lease Expirations
As of December 31, 2025
Year of Expiration Number of Leases Expiring
Annualized SL Rent (1)
Annualized SL Rent Percent Leased Rentable Square Feet Percent of Rentable Square Feet Expiring
(In thousands) (In thousands)
2026 5 1,363 5.0 % 29 5.4 %
2027 8 5,442 20.1 % 124 22.8 %
2028 3 1,154 4.3 % 26 4.7 %
2029 4 1,592 5.9 % 32 5.9 %
2030 2 1,143 4.2 % 29 5.3 %
2031 10 5,466 20.2 % 98 18.0 %
2032 — — — % — — %
2033 4 1,061 3.9 % 21 3.9 %
2034 2 2,161 8.0 % 10 1.8 %
2035 — — — % — — %
2036 2 365 1.3 % 10 1.8 %
2037 4 4,048 14.9 % 128 23.5 %
2038 3 2,897 10.7 % 30 5.5 %
2039 — — — % — — %
2040 — — — % — — %
2041 — — — % — — %
Thereafter (> 2041) 2 397 1.5 % 8 1.4 %
Total 49 $ 27,089 100 % 545 100 %
——
(1)Calculated using the most recent available lease terms as of December 31, 2025. Includes tenant concessions, such as free rent, as applicable.
13
GRAPHIC
GRAPHIC
Filename: picture1a.jpg · Sequence: 8
Binary file (103415 bytes)
Download picture1a.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 10
v3.26.1
Cover
Apr. 15, 2026
Entity Listings [Line Items]
Document Type
8-K
Document Period End Date
Apr. 15, 2026
Entity Registrant Name
American Strategic Investment Co.
Entity Incorporation, State or Country Code
MD
Entity File Number
001-39448
Entity Tax Identification Number
46-4380248
Entity Address, Address Line One
222 Bellevue Avenue
Entity Address, City or Town
Newport
Entity Address, State or Province
RI
Entity Address, Postal Zip Code
02840
City Area Code
212
Local Phone Number
415-6500
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Entity Central Index Key
0001595527
Amendment Flag
false
Class A common stock, $0.01 par value per share
Entity Listings [Line Items]
Title of 12(b) Security
Class A common stock, $0.01 par value per share
Trading Symbol
NYC
Security Exchange Name
NYSE
Class A Preferred Stock Purchase Rights
Entity Listings [Line Items]
Title of 12(b) Security
Class A Preferred Stock Purchase Rights
Security Exchange Name
NYSE
No Trading Symbol Flag
true
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details
Name:
dei_EntityListingsLineItems
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true only for a security having no trading symbol.
+ References
No definition available.
+ Details
Name:
dei_NoTradingSymbolFlag
Namespace Prefix:
dei_
Data Type:
dei:trueItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_PreferredClassAMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: