EX-99.2 3 ex992-asicsupplementalinfo.htm EX-99.2 Document

EXHIBIT 99.2






American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (unaudited)





American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)
Table of Contents
ItemPage
Non-GAAP Definitions3
Key Metrics5
Consolidated Balance Sheets6
Consolidated Statements of Operations7
Non-GAAP Measures8
Debt Overview10
Future Minimum Lease Rents11
Top Ten Tenants12
Diversification by Property Type13
Diversification by Tenant Industry14
Lease Expirations15
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 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, 2022 filed on March 16, 2023 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.
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 Financial Accounting Standards Board and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, NAREIT FFO, Core FFO, EBITDA and Adjusted EBITDA (all as defined below) have not been, and we do not expect it to be, significantly impacted by these types of deferrals.
2


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)

Non-GAAP Financial Measures
This section discusses the non-GAAP financial measures we use to evaluate our performance, including Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, Core FFO is based on our total performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below. Because we elected to be taxed as a REIT through the taxable year ending on December 31, 2022, 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
FFO, Core FFO, 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 measures.
Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO differently than we do. Consequently, our presentation of FFO and Core FFO may not be comparable to other similarly titled measures presented by other REITs.
We consider FFO and Core FFO useful indicators of our performance. Because FFO and Core FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO and Core FFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.
As a result, we believe that the use of FFO and Core FFO, 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, FFO and Core FFO are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that FFO and Core FFO 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.
Funds from Operations and Core Funds from Operations
Funds from Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, the NAREIT, an industry trade group, has promulgated a performance measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper and approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from sales of certain real estate assets, gain and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for consolidated partially-owned entities (including New York City Operating Partnership L.P.) and equity in earnings of unconsolidated affiliates are made to arrive at our proportionate share of FFO attributable to our stockholders. Our FFO calculation complies with NAREIT’s definition.
3


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.
Core Funds from Operations
Beginning in the third quarter 2020, following the listing of our Class A common stock on the New York Stock Exchange, we began presenting Core FFO as a non-GAAP metric. We believe that Core FFO is utilized by other publicly-traded REITs although Core FFO presented by us may not be comparable to Core FFO reported by other REITs that define Core FFO differently. In calculating Core FFO, we start with FFO, then we exclude the impact of discrete non-operating transactions and other events which we do not consider representative of the comparable operating results of our real estate operating portfolio, which is our core business platform. Specific examples of discrete non-operating items include acquisition and transaction related costs for dead deals, debt extinguishment costs, non-cash equity-based compensation and costs incurred for the 2022 annual meeting that were specifically related to the portion of our 2022 proxy contest materials. We add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition and transaction dead deal costs as well as non-operating costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
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 acquisition and transaction-related expenses, listing-related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. 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 REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
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 REITs 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.
4


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)
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 REITs. 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 REITs calculate and 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.
5


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)

Key Metrics
As of and for the three months ended December 31, 2023
Amounts in thousands, except per share data, ratios and percentages
Financial Results (Amounts in thousands, except per share data)
Revenue from tenants$15,380 
Net loss attributable to common stockholders$(73,876)
Basic and diluted net loss per share attributable to common stockholders
$(32.27)
Cash NOI (1)
$6,304 
Adjusted EBITDA (1)
$3,399 
Core FFO attributable to common stockholders (1)
$(1,197)
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)
$839,128 
Net debt (3) (4)
$394,208 
Total consolidated debt (4)
$399,500 
Total assets$694,172 
Cash and cash equivalents (5)
$5,292 
Common shares outstanding as of December 31, 2023
2,334 
Net debt to gross asset value47.0 %
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)
29.0 x
Weighted-average interest rate cost (6)
4.4 %
Weighted-average debt maturity (years) (7)
3.2 
Interest Coverage Ratio (8)
0.8 x
Real Estate Portfolio
Number of properties
Number of tenants78 
Square footage (millions)1.2 
Leased86.7 %
Weighted-average remaining lease term (years) (9)
6.5
______
(1)These Non-GAAP metrics are reconciled below.
(2)Defined as total assets of $694.2 million plus accumulated depreciation and amortization of $145.0 million as of December 31, 2023.
(3)Represents total debt outstanding of $399.5 million, less cash and cash equivalents of $5.3 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 $10.0 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, 2023.
6

American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023

Consolidated Balance Sheets
Amounts in thousands
December 31,
20232022
ASSETS(Unaudited)
Real estate investments, at cost:
Land$188,935 $192,600 
Buildings and improvements479,265 576,686 
Acquired intangible assets56,929 71,848 
Total real estate investments, at cost725,129 841,134 
Less accumulated depreciation and amortization(144,956)(167,978)
Total real estate investments, net580,173 673,156 
Cash and cash equivalents5,292 9,215 
Restricted cash7,516 6,902 
Operating lease right-of-use asset54,737 54,954 
Prepaid expenses and other assets 6,150 5,624 
Derivative asset, at fair value400 1,607 
Straight-line rent receivable30,752 29,116 
Deferred leasing costs, net9,152 9,881 
Total assets$694,172 $790,455 
LIABILITIES AND STOCKHOLDER'S EQUITY
Mortgage notes payable, net$395,702 $394,159 
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $20 and $118 at December 31, 2023 and 2022, respectively)12,975 12,787 
Operating lease liability54,657 54,716 
Below-market lease liabilities, net2,061 3,006 
Deferred revenue3,983 4,211 
Total liabilities469,378 468,879 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at December 31, 2023 and 2022— — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 1,886,298 and 1,659,717 (1) shares issued and outstanding as of December 31, 2023 and 2022, respectively
23 19 
Additional paid-in capital729,644 698,761 
Accumulated other comprehensive earnings (loss)406 1,637 
Distributions in excess of accumulated earnings(505,279)(399,355)
Total stockholders' equity224,794 301,062 
Non-controlling interests— 20,514 
Total equity224,794 321,576 
Total liabilities and stockholders' equity$694,172 $790,455 

_____

(1)Retroactively adjusted to reflect the impact of the 1-for-8 reverse stock split which occurred on January 11, 2023.
7


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Consolidated Statements of Operations
Amounts in thousands, except share and per share data


 Three Months Ended
December 31,
2023
September 30,
2023
June 30, 2023March 31,
2023
Revenue from tenants$15,380 $16,015 $15,782 $15,534 
 Expenses:
Asset and property management fees to related parties1,926 1,882 1,988 1,884 
Property operating8,230 8,792 8,353 8,421 
Impairment of real estate investments66,053 362 151 — 
Equity-based compensation151 1,208 2,304 2,200 
General and administrative1,824 1,931 2,439 3,181 
Depreciation and amortization6,332 6,499 6,749 6,952 
Total expenses
84,516 20,674 21,984 22,638 
Operating loss(69,136)(4,659)(6,202)(7,104)
Other income (expense):
Interest expense(4,749)(4,739)(4,707)(4,663)
Other income (expense)10 
Total other expense, net
(4,740)(4,731)(4,697)(4,654)
Net loss and Net loss attributable to common stockholders$(73,876)$(9,390)$(10,899)$(11,758)
Basic and Diluted Net Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted$(32.27)$(4.10)$(4.77)$(5.77)
Weighted average shares outstanding —Basic and Diluted 2,289,094 2,288,683 2,286,797 2,038,880 
8


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Non-GAAP Measures
Amounts in thousands, except per share data


 Three Months Ended
December 31,
2023
September 30,
2023
June 30, 2023March 31,
2023
EBITDA:
Net loss and Net loss attributable to common stockholders$(73,878)$(9,390)$(10,899)$(11,758)
Depreciation and amortization6,332 6,499 6,749 6,952 
Interest expense4,749 4,739 4,707 4,663 
   EBITDA(62,797)1,848 557 (143)
   Impairment of real estate investments66,053 362 151 — 
   Equity-based compensation151 1,208 2,304 2,200 
   Other (income) expense(9)(8)(10)(9)
   Adjusted EBITDA3,398 3,410 3,002 2,048 
   Asset and property management fees to related parties1,926 1,882 1,988 1,884 
General and administrative1,824 1,931 2,439 3,181 
   NOI7,148 7,223 7,429 7,113 
   Accretion of below- and amortization of above-market lease liabilities and assets, net(25)(36)(45)36 
   Straight-line rent (revenue as a lessor)(848)(703)120 (204)
   Straight-line ground rent (expense as lessee)28 27 27 27 
  Cash NOI$6,303 $6,511 $7,531 $6,972 
Cash Paid for Interest:
   Interest expense$4,749 $4,739 $4,707 $4,663 
   Amortization of deferred financing costs(386)(386)(385)(386)
   Total cash paid for interest$4,363 $4,353 $4,322 $4,277 

9


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Non-GAAP Measures
Amounts in thousands, except per share data


 Three Months Ended
December 31, 2023September 30,
2023
June 30, 2023March 31,
2023
Net loss and Net loss attributable to common stockholders (1)
$(73,877)$(9,390)$(10,899)$(11,758)
  Impairment of real estate investments66,053 362 151 — 
  Depreciation and amortization6,332 6,499 6,749 6,952 
FFO attributable to common stockholders (1,492)(2,529)(3,999)(4,806)
  Equity-based compensation (1)
151 1,208 2,304 2,200 
  Expenses attributable to 2023 Tender Offer (2)
144 233 — — 
Core FFO attributable to common stockholders$(1,197)$(1,088)$(1,695)$(2,606)
Weighted average common shares outstanding — Basic and Diluted2,289 2,289 2,287 2,039 
  Net loss per share attributable to common shareholders — Basic and Diluted
$(32.27)$(4.10)$(4.77)$(5.77)
  FFO per common share$(0.65)$(1.11)$(1.75)$(2.36)
  Core FFO per common share$(0.52)$(0.48)$(0.74)$(1.28)
________
(1)Includes expenses related to the amortization of the Company's restricted common shares and units of limited partnership related to its multi-year outperformance agreement for all periods presented. Management has not added back the cost of the Advisor’s base management fee used by the Advisor under the Side Letter to purchase shares or the cost of the base management fee elected to be received by the Advisor in shares in lieu of cash because such amounts are considered a normal operating expense. Such amounts included in net loss were $0.5 million for the three months ended March 31, 2023.
(2)Amount relates to costs that we incurred as it relates to the 2023 Tender Offer. We do not consider these expenses to be part of our normal operating performance and has, accordingly, increased its Core FFO for this amount.
10


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Debt Overview
As of December 31, 2023
Amounts in thousands, except ratios and percentages

Year of MaturityNumber of Encumbered Properties
Weighted-Average Debt Maturity (Years) (1)
Weighted-Average Interest Rate (1) (2)
Total Outstanding Balance (3)
20240.32 3.7 %$49,500 
2025— — — %— 
20262.5 4.2 %99,000 
20273.18 4.7 %140,000 
20284.42 4.7 %60,000 
Thereafter5.59 3.9 %51,000 
Total Debt 7 3.16 4.4 %$399,500 

______
(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, 2023.
(3)Excludes the effect of deferred financing costs, net. Current balances as of December 31, 2023 are shown in the year the debt matures.
11


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Future Minimum Lease Rents
As of December 31, 2023
Amounts in thousands

Future Minimum
Base Rent Payments
(1)
2024$56,205 
202549,064 
202644,112 
202740,733 
202836,460 
202933,020 
Thereafter142,256 
Total$401,850 
——
(1)Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.
12


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Top Ten Tenants
As of December 31, 2023
Amounts in thousands, except percentages

Tenant / Lease GuarantorProperty TypeTenant Industry
Annualized SL Rent (1)
SL Rent Percent
Remaining Lease Term (2)
Investment Grade (3)
City National BankOffice / RetailFinancial Services$4,356 %9.5 Yes
EquinoxRetailFitness3,448 %14.9 No
Planned Parenthood Federation of America, Inc.OfficeNon-Profit3,385 %7.5 Yes
Cornell UniversityOfficeHealthcare Services2,476 %0.5 Yes
The City of New York - Dept. of Youth & Community DevelopmentOfficeGovernment/Public Administration2,215 %14.0 Yes
CVSRetailRetail2,161 %10.7 Yes
USA General Services AdministrationOfficeGovernment/Public Administration2,030 %3.5 Yes
I Love NY GiftsRetailRetail1,932 %12.4 No
NYS LicensingOfficeGovernment/Public Administration1,833 %3.6 Yes
MarshallsRetailRetail1,641 %4.8 Yes
Subtotal    25,477 43 %8.6 
Remaining portfolio33,233 57 %
Total Portfolio    $58,710 100 %

——
(1)Calculated using the most recent available lease terms as of December 31, 2023.
(2)Based on straight-line rent as of December 31, 2023.
(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, 2023. Top 10 tenants are 59% actual investment grade rated and 20% implied investment grade rated.


13


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Diversification by Property Type
As of December 31, 2023
Amounts in thousands, except percentages


Total Portfolio
Property Type
Annualized SL Rent (1)
SL Rent PercentSquare FeetSq. ft. Percent
Office$42,303 72 %815 81 %
Retail15,093 26 %172 17 %
Other1,314 %13 %
Total $58,710 100 %1,000 100 %
 
——
(1)Calculated using the most recent available lease terms as of December 31, 2023.

14


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Diversification by Tenant Industry
As of December 31, 2023
Amounts in thousands, except percentages

Total Portfolio
Industry Type
Annualized SL Rent (1)
SL Rent Percent
Square Feet (2)
Sq. ft. Percent
Financial Services$13,983 24 %180 18 %
Government / Public Administration7,702 13 %173 17 %
Retail7,035 12 %53 %
Non-profit5,101 %114 11 %
Services3,948 %70 %
Fitness3,448 %30 %
Healthcare Services3,138 %43 %
Professional Services2,820 %62 %
Technology2,568 %46 %
Office Space4,188 %102 10 %
Other [2]
4,779 %127 14 %
Total $58,710 100 %1,000 100 %
 
——
(1)Calculated using the most recent available lease terms as of December 31, 2023.
(2)Other includes nine industry types as of December 31, 2023.
15


American Strategic Investment Co.
Supplemental Information
Quarter ended December 31, 2023 (Unaudited)


Lease Expirations
As of December 31, 2023

Year of ExpirationNumber of Leases Expiring
Annualized SL Rent (1)
Annualized SL Rent PercentLeased Rentable Square FeetPercent of Rentable Square Feet Expiring
(In thousands)(In thousands)
2024178,231 14 %157 16 %
2025135,964 10 %109 11 %
202692,801 %56 %
2027126,008 10 %131 13 %
202873,405 %47 %
202983,508 %63 %
203042,310 %42 %
203196,529 11 %118 12 %
20323781 %14 %
203384,967 %47 %
203443,424 %30 %
20353640 %— %
203642,298 %17 %
203744,048 %128 13 %
203833,448 %30 %
2039— — %— — %
Thereafter (>2039)1348 — %— %
Total109$58,710 100 %1,000 100 %

——
(1)Calculated using the most recent available lease terms as of December 31, 2023. Includes tenant concessions, such as free rent, as applicable.

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