American Strategic Investment Co. (NYSE: NYC) Announces Q4 and Full Year 2025 Results

Date: April 15, 2026

Key Financial and Operational Highlights

• Significant Asset Dispositions: The company sold 9 Times Square in Q4 2024 and transferred 1140 Avenue of the Americas to its mortgage holders in Q4 2025. These transactions had a major impact on the company’s revenue and portfolio size.
• Q4 2025 Results:
  • Revenue fell sharply to \$6.5 million from \$14.9 million in Q4 2024, primarily due to the sale and disposition of properties.
  • Net loss attributable to common stockholders was \$6.7 million (\$2.62 per share), almost unchanged from the \$6.7 million (\$2.60 per share) loss in the prior year quarter.
  • Adjusted EBITDA was \$1.2 million (down slightly from \$1.3 million in Q4 2024).
  • Cash Net Operating Income (NOI) was \$1.8 million, a steep decline from \$6.6 million in Q4 2024.
  • 69% of annualized straight-line rent from top 10 tenants is derived from investment grade or implied investment grade rated tenants, with a weighted-average remaining lease term of 6.9 years.
• Full Year 2025 Results:
  • Revenue was \$43.3 million, down from \$61.6 million in 2024, reflecting asset sales.
  • Net loss attributable to common stockholders was \$21.2 million, a significant improvement compared to a \$140.6 million loss in 2024.
  • Adjusted EBITDA was \$0.3 million, down from \$12.0 million in 2024.
  • Cash NOI was \$16.0 million, compared to \$27.6 million in 2024.
  • Portfolio occupancy stood at 80.3% (vs. 80.8% in 2024) with a weighted-average lease term of 6.1 years.
  • 13 new leases were completed totaling over 117,000 sq. ft. and \$20.4 million in straight-line rent.
  • Portfolio debt is 100% fixed-rate, with a 4.5% weighted-average interest rate and 1.5 years weighted-average maturity. Net leverage was 47.5% as of December 31, 2025.
• Portfolio Overview (End 2025):
  • Five properties totaling 0.7 million rentable square feet.
  • 80.3% leased, with 67.3% of annualized straight-line rent from office tenants.
  • 69% of rent from the top 10 tenants is investment grade or implied investment grade.
• Capital Structure and Liquidity:
  • Cash and cash equivalents of \$1.3 million, with \$6.75 million in restricted cash.
  • Net debt to gross asset value of 47.5%, or \$249.7 million in net debt.
  • All debt is fixed-rate, with a weighted-average interest rate of 4.5% and 1.5 years weighted-average maturity.
• CEO Comments: Nicholas Schorsch, Jr. emphasized that the company is focusing on advancing leasing activity, maintaining stable occupancy, and prioritizing capital allocation to enhance long-term shareholder value. The company is also continuing its efforts to dispose of non-core assets.

Key Issues of Interest to Shareholders

• Asset Dispositions Impacting Results and Portfolio Size: The sale of major properties substantially reduced revenue and cash flows. This strategic shift is intended to focus the company on core assets and improve capital allocation but has significantly diminished the scale of operations.
• Large Net Losses Continue, But Improved: While the net loss in 2025 (\$21.2 million) is much lower than the prior year (\$140.6 million), the company continues to report negative earnings, which may pressure the share price.
• High Debt Levels and Liquidity Concerns: Net leverage remains high at 47.5%, and cash on hand is modest (\$1.3 million), with a requirement to maintain at least \$5 million in liquid assets under some mortgage covenants. This could raise concerns about financial flexibility.
• NYSE Listing Risk: The company has noted risks regarding compliance with NYSE continued listing standards. If the company fails to regain compliance, there is a risk of delisting, which could severely impact share liquidity and value.
• Non-GAAP Metrics: Investors should be aware that the company uses several non-GAAP measures (EBITDA, Adjusted EBITDA, NOI, Cash NOI) which may not be directly comparable to other companies and should not be viewed as a substitute for net income or cash flow.
• Supplemental Information and Conference Call: Investors are encouraged to review supplemental financial disclosures and listen to the earnings call for additional insights. Details for the webcast and dial-in are provided by the company.
• Forward-Looking Risks: The company highlighted several risks, including the impact of geopolitical instability, inflation, high interest rates, economic uncertainty, and the possibility that future acquisitions or dispositions may not occur or may not be favorable. The risks of failing to regain NYSE compliance are also specifically mentioned.

Financial Statements Snapshot (December 31, 2025)

• Total Assets: \$445.2 million (down from \$507.1 million in 2024)
• Total Liabilities: \$380.4 million
• Total Stockholders’ Equity: \$64.8 million
• Common Shares Outstanding: 2,692,941

Potential Share Price Sensitivities

• Asset Sales and Shrinking Revenue Base: The reduction in revenue and NOI following asset sales could be viewed negatively by investors focused on scale and growth.
• Improvements in Net Loss: The sharp reduction in annual net loss is a positive, but the company remains unprofitable.
• Risk of NYSE Delisting: This is a major risk factor. Any developments regarding compliance could have a significant impact on the share price.
• High Leverage and Low Cash Reserves: The company’s high leverage and low unrestricted cash could become a concern if market or operating conditions worsen.
• Ongoing Portfolio Restructuring: Further asset dispositions and leasing activity may also impact future earnings and share value.

Upcoming Events

The company will host a webcast and conference call on April 15, 2026 at 11:00 a.m. ET to discuss its results. Investors are encouraged to participate or review the replay for additional context on the company’s outlook and strategy.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. The information is based on American Strategic Investment Co.’s latest financial report and may contain forward-looking statements subject to risks and uncertainties. Readers are advised to review the company’s filings and consult a qualified financial advisor before making investment decisions. The author does not hold any position in American Strategic Investment Co. and was not compensated for this report.

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