American Strategic Investment Co. Reports Q1 2025 Results

New York City Reit, Inc. ( (NYC) ) has released its Q1 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 commercial real estate company that manages a portfolio within New York City’s five boroughs, focusing on diverse tenant sectors including financial services, government, and retail.

In its first quarter of 2025, American Strategic Investment Co. reported a revenue of $12.3 million, a decrease from $15.5 million in the same period last year, largely due to the sale of a significant property, 9 Times Square, in the previous year. The company also experienced a net loss of $8.6 million, compared to a $7.6 million loss in the first quarter of 2024.

Key financial metrics showed a decline, with cash net operating income dropping to $4.2 million from $7.0 million, and adjusted EBITDA falling to a negative $0.8 million from $2.9 million in the previous year. However, the company did achieve a slight increase in portfolio occupancy, rising to 82.0% from 80.8% in the last quarter of 2024.

Looking forward, the company, under the new leadership of CEO Nicholas Schorsch, Jr., aims to continue enhancing occupancy rates and diversifying its portfolio by divesting certain Manhattan assets and acquiring higher-yielding properties. This strategic focus is expected to stabilize and potentially improve financial performance in the coming quarters.