The following is a summary of the American Strategic Investment Co (NYC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Third quarter revenue amounted to $15.4 million, a decrease from $16 million in the third quarter of 2023.

• GAAP net loss increased significantly to $34.5 million in the third quarter of 2024 primarily due to noncash impairments, compared to a net loss of $9.4 million in the same quarter last year.

• Adjusted EBITDA decreased slightly to $3.1 million from $3.4 million in the third quarter of 2023.

• Cash net operating income grew by $0.3 million to $6.8 million.

Business Progress:

• Achieved a 70 basis point expansion in occupancy to 85.8%.

• Entered into a definitive agreement to sell the property at 9 Times Square, expected to close in Q4 2024.

• Actively marketing 123 William Street and 196 Orchard for sale, with proceeds aimed at diversifying the portfolio into higher-yielding assets.

• Proactive asset management has enhanced the company's $490 million, 1.2 million square foot NYC real estate portfolio, providing portfolio stability and long-term value opportunities.

Opportunities:

• Sale of properties like 9 Times Square is expected to reduce leverage and generate considerable net proceeds, strengthening the company's cash position and enabling reinvestment into new, high-yield opportunities.

• Current portfolio shows significant leasing interests offering a stable base for future growth. Sale proceeds will be utilized for diversifying into higher-yielding assets.

Risks:

• Major portion of the company's revenue is being used to manage noncash impairments, which poses a financial risk affecting profitability.

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