American Strategic Investment Co.

Status and corporate identity

• Formerly New York City REIT, Inc.
• Maryland corporation; externally managed; no employees.
• Trades on the NYSE under the ticker NYC.
• Board authorized corporate changes and a reverse stock split in early 2023.
• REIT election was revoked effective January 1, 2023, converting the company to a taxable C corporation.

Business model

• Externally managed real estate investment company focused on commercial properties in New York City, primarily Manhattan, including retail spaces, amenities, and parking.
• Historically concentrated in NYC office properties and pursuing diversification into non-REIT qualifying assets and other asset types to broaden income sources.
• May invest in real estate debt (primarily first mortgages, with potential bridge loans, mezzanine debt, preferred equity, or securitized loans) and may make equity investments in other operating companies.

Corporate and operating structure

• Substantially all operations are conducted through New York City Operating Partnership, L.P., a Delaware limited partnership.
• Day-to-day affairs are managed by New York City Advisors, LLC.
• Property management is provided by New York City Properties, LLC.
• Related parties include AR Global Investments, LLC; compensation and fees are paid to these entities, and payments may include Class A common stock to preserve operating cash.
• The Board may change investing or financing policies at its discretion.

Financing and capital management

• In 2025, primary capital sources included cash on hand; additional sources included deferral of related-party management fees and providing bridge loans as needed.
• The company may raise capital through equity offerings or a corporate-level credit facility. Debt may be long-term or short-term, secured or unsecured, fixed-rate or floating.
• Uses hedging strategies to manage interest rate risk on variable-rate debt and does not use hedging for speculative purposes.

Tax status and NOLs

• Converted to a taxable C corporation beginning with the 2023 taxable year.
• Federal net operating losses (NOLs) totaled $340.4 million as of December 31, 2025; limitations such as those under Section 382 may affect the use of these NOLs.

Geographic and asset focus

• All real estate assets are located in the New York City area.
• Portfolio mix includes office properties, retail spaces, amenities, and parking, with the possibility of future investments outside NYC.

Portfolio and operating metrics (as of 12/31/2025)

• Portfolio occupancy: 80.3%.
• Weighted-average remaining lease term (WALT): 6.1 years.
• Tenant concentration: two tenants generated more than 10% of total annualized rental income on a straight-line basis.
• Foreclosure event: 1140 Avenue of the Americas was in a consensual foreclosure process; a receiver was appointed on September 11, 2025. The company recognized a $47.9 million gain related to this foreclosure in 2025.
• Portfolio size: five properties comprising 0.7 million rentable square feet (this figure excludes 1140 Avenue of the Americas).

Investment strategy goals

• Expand asset and business scope to achieve external growth and diversify away from a single asset class.
• Target properties with 80% or greater occupancy at acquisition.
• Acquire properties at current market rents with potential for appreciation and pursue below-replacement-cost acquisitions when available.
• Pay quarterly dividends, subject to capital availability.
• Maximize total returns through a combination of realized appreciation and current income.
• Consider investments outside NYC and in non-traditional assets (e.g., hotels, coworking, parking management), as well as real estate debt and other operating assets, subject to strategy and approvals.

Key risk factors

• Concentration risk in New York City assets and sensitivity to NYC economic conditions.
• Risks associated with operating assets that may not generate REIT-qualifying income and with the company’s changed tax status.
• Dependence on the Advisor and Property Manager, potential conflicts of interest, and limited ability to terminate advisory arrangements without fees.
• Substantial indebtedness and potential challenges in refinancing or raising capital.
• Historical issues with internal controls and the risk of delisting if listing standards are not maintained.
• Future changes in strategy and asset mix could affect liquidity and distributions.