American Strategic Investment Co. reports Q2 EPS ($36.48) vs. ($4.77) last year

Reports Q2 revenue $15.8M vs. $15.8M last year. Portfolio occupancy expanded 80 basis points to 85.9%, compared to 85.1% for the second quarter 2023, with weighted-average lease term of 6.3 years. “Our second quarter results underscore the success of our ongoing portfolio management strategy,” said Michael Anderson, CEO of American Strategic Investment Co. “We grew our occupancy by 80 basis points and Adjusted EBITDA by nearly 50% compared to the same quarter in 2023. This performance reflects our long-term commitment to strengthening our portfolio and controlling costs. Looking ahead, we believe that monetizing a portion of our Manhattan properties, beginning with 9 Times Square, for which we now have a definitive agreement to sell the property for $63.5 million, will further strengthen our financial position by reducing debt and enabling us to invest in higher-yielding opportunities. The execution of our strategy is designed to create significant value for our shareholders as we move ahead.”