New York City Reit, Inc. ( (NYC) ) has released its Q4 earnings. Here is a breakdown of the information New York City Reit, Inc. presented to its investors.
American Strategic Investment Co. (NYSE: NYC) is a company that owns and manages a portfolio of commercial real estate properties across the five boroughs of New York City, focusing on high-quality assets.
In its latest earnings report for the fourth quarter and full year 2024, American Strategic Investment Co. reported a decrease in revenue to $14.9 million for the quarter, down from $15.4 million in the same period the previous year, largely due to the sale of 9 Times Square. The company’s net loss attributable to common stockholders significantly narrowed to $6.7 million from $73.9 million in the fourth quarter of 2023.
Key financial highlights include an adjusted EBITDA of $1.3 million for the quarter, with cash net operating income (NOI) slightly increasing to $6.4 million. For the full year, revenue was $61.6 million, with a net loss of $140.6 million. The company’s portfolio occupancy stood at 80.8%, and it completed five new leases totaling 37,407 square feet. The company’s debt is entirely fixed-rate with a weighted-average interest rate of 4.4% and a net leverage of 56.9%.
Looking ahead, American Strategic Investment Co. remains focused on its asset diversification strategy and leasing efforts. The management is optimistic about attracting high-quality tenants and enhancing cash net operating income in the upcoming year.
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