American Strategic Investment (NYC) Q1 2026 earnings summary

Executive summary

• Portfolio consists of five Manhattan-focused properties totaling 0.7 million rentable sq. ft., with 76.4% occupancy as of March 31, 2026, excluding one property in consensual foreclosure.

• Portfolio stability is supported by long-term leases, with a weighted-average remaining lease term of 6.2 years and a high-quality tenant base, including 69% investment grade tenants among the top 10.

• Active management focuses on tenant retention, property improvements, cost efficiency, and ongoing marketing for asset sales to generate proceeds and diversify investments.

• Advisor and affiliates own approximately 1.6 million shares, aligning interests with shareholders, and have elected to receive advisory fees in stock to preserve liquidity.

• Two mortgages encumbering three properties are in default or cash trap events, with foreclosure proceedings ongoing for two properties.

Financial highlights

• Q1 2026 revenue was $7.3 million, down from $12.3 million year-over-year due to property disposition, with net loss attributable to common stockholders improving to $7.8 million from $8.6 million in Q1 2025.

• Adjusted EBITDA was $(1.1) million, compared to $(0.8) million in Q1 2025; cash NOI was $2.8–$2.9 million, down from $4.2 million year-over-year.

• Operating expenses were $11.1 million in Q1 2026, down from $16.8 million in Q1 2025.

• Gain on disposition of real estate investments was $2.3 million in Q1 2026, related to foreclosure.

• Cash and cash equivalents were $2.5 million as of March 31, 2026; restricted cash was $5.7 million.

Outlook and guidance

• Management is focused on increasing occupancy, executing new leases, managing liquidity through asset sales and refinancing, and maximizing long-term value.

• Proceeds from planned asset sales are expected to be redeployed into higher-yielding investments beyond Manhattan.

• No debt maturities until 2027; company expects to fund operations and capital requirements over the next 12 months with cash on hand and operations.

• Advisor has indicated willingness to provide bridge loans if needed for liquidity.

• Management expects continued challenges in leasing and occupancy due to NYC office market conditions.