American Strategic Investment Co.

Revenue was $43.3 million for the year ended December 31, 2025, versus $61.6 million in 2024, and fourth-quarter revenue was $6.5 million versus $14.9 million in the prior-year quarter. Full-year GAAP net loss attributable to common stockholders improved to $21.2 million from a net loss of $140.6 million in 2024; fourth-quarter net loss was $6.7 million, flat year over year. Adjusted EBITDA was $0.3 million for 2025 and $1.2 million for the fourth quarter; cash NOI was $16 million for the full year and $1.8 million in the fourth quarter. Year-end portfolio occupancy was 80.3%, weighted average remaining lease term was 6.1 years, net debt was $249.7 million, leverage was 47.5%, and the weighted average effective interest rate was 4.5% with 1.5 years of remaining debt term. Guidance was not provided, but management said it is focused on leasing up space, replacing maturing debt, renewing leases, controlling expenses, and potentially selling 123 William Street and 196 Orchard to fund higher-yielding investments.

Nick Schorsch said the company remains focused on unlocking value at its current assets through tenant retention, property improvements, cost efficiency, and pruning non-core assets. He emphasized the quality and stability of the New York City portfolio, including a tenant base that is heavily investment-grade or implied investment-grade and a long lease profile. His tone was constructive and opportunistic, especially around future asset sales and reinvesting proceeds into what he described as accretive long-term opportunities.

Mike LeSanto highlighted the key financial changes: revenue of $43.3 million for 2025, down from $61.6 million, and a much smaller full-year GAAP net loss of $21.2 million versus $140.6 million in 2024. He also cited $0.3 million of adjusted EBITDA, $16 million of cash NOI, and a balance sheet with 100% fixed-rate debt, net debt of $249.7 million, a 47.5% leverage ratio, a 4.5% weighted average effective interest rate, and 1.5 years of remaining debt term. He stressed that locking in rates while they were historically low helped limit interest-rate risk.

There was no live analyst Q&A in the transcript. The management discussion instead focused on the causes of the year-over-year revenue decline, the $46.6 million gain from the 1140 Avenue transaction, and the company’s plan to manage maturities and potentially monetize 123 William Street and 196 Orchard. The main issue raised implicitly was how to convert asset sales and available cash into higher-yielding investments while maintaining portfolio stability.