American Strategic Investment Co. reports Q1 EPS ($3.28) vs. ($5.77) last year

Reports Q1 revenue $15.5M vs. $15.5M last year. Portfolio occupancy grew 320 basis points to 87.2% as of March 31, 2024 compared to the first quarter 2023, with weighted-average lease term of 6.3 years. 81% 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 8.2 years as of March 31, 2024. “We believe our first quarter results once again demonstrated the effectiveness of our consistent focus on portfolio management as we improved net loss attributable to common stockholders to $7.6 million, compared to $11.8 million in the first quarter 2023, realized an increase in Adjusted EBITDA compared to last year, and achieved a 320 basis point increase in occupancy compared to the same quarter last year,” said Michael Anderson, CEO of American Strategic Investment Co. “We believe our longstanding focus on continuously strengthening our portfolio, while at the same time managing our expenses, has positioned us well to create value for shareholders. As we look ahead, we believe that monetizing some of our Manhattan properties, if completed, will result in a further reduction in leverage, and support efforts to diversify into new higher-yielding investment opportunities.”