American Strategic Investment (NYSE:NYC) outlined its fourth-quarter and full-year 2025 results while emphasizing tenant retention, cost controls, and a continued effort to reduce exposure to non-core assets, according to comments made on its year-end earnings call.
Management highlights leasing activity and portfolio composition
Chief Executive Officer Nicholas Schorsch, Jr. said the company remains focused on “operating and unlocking value at our current assets” through tenant retention, property improvements, and cost efficiency, while also pruning non-core exposure.
As of Dec. 31, 2025, Schorsch said the company’s $382.6 million portfolio comprised 0.7 million square feet across five real estate assets in New York City, primarily Manhattan. Portfolio occupancy was 80.3%, with a weighted average remaining lease term of 6.1 years.
Tenant quality and lease expirations
Schorsch described the portfolio as featuring “a mix of large investment-grade tenants,” noting that the top 10 tenants were 69% investment-grade or implied investment-grade-rated based on straight-line rent. He said the top 10 tenant group carried a weighted average remaining lease term of 6.9 years.
Schorsch cited CVS, Marshalls, and government agencies among the company’s investment-grade tenants.
On lease rollover, Schorsch said calendar-year 2026 lease expirations represent 5% of annualized straight-line rent. He also noted that 57% of leases now extend beyond 2030, up from 56% in the prior quarter, which he said supports stability alongside the tenant base.
Property dispositions and foreclosure-related gain
Schorsch reiterated that the company completed the disposition of its 1140 Avenue of the Americas office property during the fourth quarter. He also said the company pursued a “cooperative consensual foreclosure with the lender,” and that, in connection with the transaction, it removed the related assets and liabilities from the balance sheet and recognized a $46.6 million gain reflected in the company’s statements of operations for the year.
Schorsch said the company believes that, with “the completion of past sales and the reinvigorated effort to sell two additional properties,” it expects to be better positioned to pursue opportunities to invest in the long-term future of the portfolio.
Financial results: revenue declines tied to dispositions
Chief Financial Officer Michael LeSanto reported full-year revenue of $43.3 million for 2025, down from $61.6 million in 2024. LeSanto attributed the year-over-year change “primarily” to property dispositions, “notably the dispositions of Nine Times Square in the late fourth quarter of 2024 and the 1,140 Avenue of the Americas in fourth quarter 2025.”
For the fourth quarter, LeSanto said revenue was $6.5 million, compared with $14.9 million in the same quarter of 2024.
On profitability, LeSanto reported a full-year GAAP net loss attributable to common stockholders of $21.2 million, compared with a net loss of $140.6 million in 2024. The fourth-quarter net loss was $6.7 million, which he said was in line with the $6.7 million recorded in the fourth quarter of 2024.
LeSanto also provided updates on non-GAAP metrics discussed during the call:
- Adjusted EBITDA: $0.3 million for full-year 2025 and $1.2 million for the fourth quarter.
- Cash NOI: $16.0 million for full-year 2025 and $1.8 million for the fourth quarter.
Balance sheet and capital plans
LeSanto said the company’s balance sheet includes 100% fixed-rate debt and “prudent net leverage” of 47.5%. He reported that the company ended the fourth quarter with net debt of $249.7 million at a weighted average effective interest rate of 4.5% and a weighted average remaining debt term of 1.5 years. He added that all debt is fixed rate or swapped to fixed after the company “locked in interest rates while they were broadly at historic lows.”
In closing remarks, Schorsch said the company continues to pursue “operational flexibility through efforts such as targeted dispositions.” He said management is assessing strategies for properties at 123 William Street and 196 Orchard Street to generate the greatest long-term value, “including potentially selling the properties.” If sold, Schorsch said such sales could generate additional cash that “can be deployed into higher yielding assets.”
Schorsch also said the team remains focused on leasing available space, evaluating options for replacing maturing debt, renewing leases with existing tenants, and maintaining “tight controls on expenses.”
He added that shareholders should “be on the lookout” for a notice about the company’s annual meeting of shareholders, which he said would be distributed in the coming month.
About American Strategic Investment (NYSE:NYC)
American Strategic Investment Co (NYSE: NYC) owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City.
