American Strategic Investment Co (NYC) 2024 Q4 法說會逐字稿

Good morning and welcome to the American Strategic Investment Co.'s fourth-quarter and year-end 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Curtis Parker, Senior Vice President. Please go ahead.

早安，歡迎參加美國戰略投資公司 2024 年第四季和年終收益電話會議。（操作員指示）現在，我想將會議交給高級副總裁柯蒂斯·帕克 (Curtis Parker)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for ASIC's fourth-quarter and year-end earnings call. This event is also being webcast in the Investor Relations section of our website. Joining me today on the call to discuss the quarter's results are Michael Anderson, American Strategic Investment Company's Chief Executive Officer, and Mike LeSanto, the Chief Financial Officer.

謝謝您，接線生。大家早安，感謝大家參加 ASIC 第四季和年終收益電話會議。活動也在我們網站的投資者關係欄位進行網路直播。今天與我一起參加電話會議討論本季度業績的是美國戰略投資公司首席執行官邁克爾·安德森 (Michael Anderson) 和首席財務官邁克·萊桑托 (Mike LeSanto)。

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. Please review the forward-looking and cautionary statement section at the end of our fourth-quarter 2024 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements.

以下資訊包含 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，這些陳述具有風險和不確定性。請查看我們 2024 年第四季財報末尾的前瞻性和警示聲明部分，以了解可能導致實際結果與我們今天電話會議上所作的前瞻性陳述有重大差異的各種因素。如果這些風險或不確定因素中的一個或多個成為現實，實際結果可能與前瞻性陳述表達或暗示的結果有重大差異。

We refer all of you to our SEC filings, including the Form 10-K filed for the year ended December 31, 2024, to be filed on March 19, 2025, for a more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during this call are only made as of the date of this call. As stated in our SEC filings, ASIC disclaims any intent or obligation to update or revise these forward-looking statements except it's required to do so by law. Please note that all fourth-quarter 2024 financial information is unaudited.

我們請大家參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括將於 2025 年 3 月 19 日提交的截至 2024 年 12 月 31 日的年度 10-K 表格，以更詳細地討論可能導致這些差異的風險因素。本次電話會議中提供的任何前瞻性陳述均僅截至本次電話會議之日有效。正如我們提交給美國證券交易委員會 (SEC) 的文件中所述，除非法律要求，否則 ASIC 不承擔更新或修改這些前瞻性聲明的任何意圖或義務。請注意，所有 2024 年第四季的財務資訊均未經審計。

Also, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial and operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

此外，在今天的電話會議上，我們將討論非公認會計準則財務指標，我們認為這些指標有助於評估公司的財務和營運表現。這些指標不應被孤立地考慮，也不應被當作我們按照 GAAP 編制的財務結果的替代。

A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release, which is posted on our website. Please also refer to our earnings release for more detailed information about what we consider to be implied investment grade tenants, a term we will use throughout today's call.

這些指標與最直接可比較的 GAAP 指標的對帳表可在我們網站上發布的收益報告中查閱。另請參閱我們的收益報告，以獲取有關我們認為的隱含投資級租戶的更多詳細信息，我們將在今天的電話會議中使用此術語。

I'll now turn the call over to Michael Anderson, Chief Executive Officer. Please go ahead, Michael.

現在我將把電話轉給執行長邁克爾安德森。請繼續，邁克爾。

Thanks, Curtis. Good morning and thank you for joining us. Today we will discuss the results for the fourth-quarter and full-year 2024. As part of our ongoing diversification strategy, as previously communicated, we completed the disposition of 9 Times Square for $63.5 million. The sale of this property improved the leverage on our balance sheet and generated net proceeds of approximately $13.5 million, strengthening our cash position. We've also relaunched the marketing efforts to sell 123 William Street and 196 Orchard as we continue to pursue our strategy of diversifying beyond real estate in Manhattan through the strategic sale of properties and the acquisition of higher yielding assets.

謝謝，柯蒂斯。早安，感謝您加入我們。今天我們將討論 2024 年第四季和全年的業績。作為我們正在進行的多元化策略的一部分，正如之前所傳達的，我們以 6,350 萬美元完成了對時代廣場 9 號的處置。出售該房產提高了我們資產負債表的槓桿率，並產生了約 1,350 萬美元的淨收益，增強了我們的現金狀況。我們也重新啟動了銷售威廉街 123 號和果園街 196 號的行銷工作，我們將繼續透過策略性出售房產和收購高收益資產，實施我們在曼哈頓房地產以外的多元化策略。

Our existing portfolio consists of six real estate assets throughout New York City, primarily in Manhattan. At year end, our $470.8 million, one million square foot portfolio had occupancy of 80.8%, and a weighted average remaining lease term of 6.3 years. Our New York City-centric portfolio features a mix of large investment grade tenants of whom the top 10 tenants are 77% investment grade or implied investment grade based on straight line rent, with a weighted average remaining lease term of eight years. Investment grade tenants in our portfolio include City National Bank, CVS, and government agencies.

我們現有的投資組合包括遍佈紐約市的六處房地產資產，主要位於曼哈頓。截至年底，我們價值 4.708 億美元、面積 100 萬平方英尺的投資組合的入住率為 80.8%，加權平均剩餘租賃期限為 6.3 年。我們以紐約市為中心的投資組合由大型投資等級租戶組成，其中前十大租戶為 77% 的投資等級或基於直線租金的隱含投資等級，加權平均剩餘租賃期限為 8 年。我們投資組合中的投資等級租戶包括城市國家銀行、CVS 和政府機構。

We also continue to focus our leasing efforts on securing tenants in resilient industries, such as well-capitalized financial services companies and medical institutions. Our core office properties are located in submarkets with close proximity to major transportation hubs.

我們也將繼續致力於尋找具有彈性的行業的租戶，例如資本雄厚的金融服務公司和醫療機構。我們的核心辦公大樓物業位於靠近主要交通樞紐的子市場。

Our asset management team continues to drive our leasing efforts. To that point, by leveraging relationships with existing tenants and the brokerage community, they're able to secure five new leases totaling over 37,000 square feet and $2 million of straight line rent during 2024. As we look ahead, we are proactively building a pipeline of new and renewable leases to increase occupancy in our portfolio.

我們的資產管理團隊持續推動我們的租賃工作。至此，透過利用與現有租戶和經紀社區的關係，他們能夠在 2024 年獲得五份新租約，總面積超過 37,000 平方英尺，直線租金為 200 萬美元。展望未來，我們正在積極建立一系列新的和可續租的租約，以增加我們投資組合的入住率。

We remain committed to strengthening our existing portfolio of real estate assets as we explore additional income generating investments. We believe with the completion of past sales and the reinvigorated effort to sell two additional properties; we will be better positioned to take advantage of opportunities to invest in the long-term future of our portfolio. It is our intention to build a portfolio that we believe will be accretive to shareholders.

我們將繼續致力於加強我們現有的房地產資產組合，同時探索額外的創收投資。我們相信，隨著過去銷售的完成和重新努力銷售另外兩處房產；我們將能夠更好地利用機會來投資我們投資組合的長期未來。我們的目的是建立一個我們相信能為股東帶來增值的投資組合。

With that, I'll turn it over to Mike LeSanto to go over the fourth-quarter and full-year 2024 results. Mike.

接下來，我將把主題交給 Mike LeSanto 來討論 2024 年第四季和全年的業績。麥克風。

Thanks, Michael. Revenue was $61.6 million for the year ended December 31, 2024, compared to $62.7 million in 2023. Revenue for the fourth quarter of 2024 was $14.9 million compared to $15.4 million in the fourth quarter of 2023.

謝謝，麥可。截至 2024 年 12 月 31 日的年度收入為 6,160 萬美元，而 2023 年為 6,270 萬美元。2024 年第四季的營收為 1,490 萬美元，而 2023 年第四季的營收為 1,540 萬美元。

The company's full year GAAP net loss attributable to common stockholders was $140.6 million compared to a net loss of $105.9 million in 2023. Net loss for the quarter was $6.7 million compared to $73.9 million for the fourth quarter in 2023.

該公司全年歸屬於普通股股東的 GAAP 淨虧損為 1.406 億美元，而 2023 年的淨虧損為 1.059 億美元。本季淨虧損為 670 萬美元，而 2023 年第四季淨虧損為 7,390 萬美元。

Adjusted EBITDA for 2024 was $11.9 million and was $1.3 million for the fourth quarter. We made good progress improving cash NOI, which for the full year was $27.6 million compared to $27.3 million in 2023. And which was $6.4 million in the fourth quarter compared to $6.3 million in the fourth quarter of 2023. As always, a reconciliation of GAAP net income to non-GAAP measures can be found in our earnings release, supplemental, and Form 10-K.

2024 年調整後 EBITDA 為 1,190 萬美元，第四季為 130 萬美元。我們在提高現金淨營運收入方面取得了良好進展，全年現金淨營運收入為 2,760 萬美元，而 2023 年為 2,730 萬美元。第四季為 640 萬美元，而 2023 年第四季為 630 萬美元。像往常一樣，您可以在我們的收益報告、補充報告和 10-K 表中找到 GAAP 淨收入與非 GAAP 指標的對帳表。

The company maintains a relatively conservative balance sheet with 100% fixed rate debt and prudent net leverage of 56.9%. We ended the fourth quarter with net debt of $340.2 million at a weighted average effective interest rate of 4.4%, and a weighted average remaining debt term of 3.6 years. Importantly, all of our debt is fixed rate or swapped to fixed rate after we locked in interest rates while they were broadly at historic lows.

該公司的資產負債表相對保守，負債為100%固定利率，淨槓桿比率為56.9%。截至第四季度，我們的淨債務為 3.402 億美元，加權平均有效利率為 4.4%，加權平均剩餘債務期限為 3.6 年。重要的是，我們所有的債務都是固定利率，或者在我們鎖定利率（當時利率大致處於歷史低點）之後轉換為固定利率。

With that, I'll turn the call back to Michael for some closing remarks.

說完這些，我將把電話轉回給邁克爾，請他做一些結束語。

Great. Thank you, Mike. One final note. On March 7, we announced that I would be resigning my position as CEO of ASIC. As such, this will be the last time I get to discuss the company's results with you.

偉大的。謝謝你，麥克。最後說明一下。3 月 7 日，我們宣布我將辭去 ASIC 執行長職務。因此，這將是我最後一次與您討論公司的表現。

I'd like to thank you for your insight, support, and ownership of ASIC over the years. And I take great comfort leaving the company in the hands of Nick Schorsch Jr., who was recently approved by the Board to the position of CEO.

我想感謝您多年來對 ASIC 的洞察力、支持和所有權。我非常放心地將公司交給 Nick Schorsch Jr. 管理，他最近已獲得董事會批准出任執行長一職。

Nick has been a longtime employee of our adviser, AR Global, starting in 2011 and has ably fulfilled numerous roles during his tenure here. I believe I speak for the leadership team when I say that we are excited about the opportunities ahead of us for the company to unlock future value for our shareholders. Thank you for joining us today.

自 2011 年起，Nick 一直是我們顧問公司 AR Global 的長期員工，任職期間出色地擔任過多項職務。我相信，當我說我們對公司未來為股東釋放未來價值的機會感到興奮時，我是代表領導團隊說的。感謝您今天加入我們。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。