American Strategic Investment Co (NYC) 2025 Q1 法說會逐字稿

Good morning, and welcome to the American Strategic Investment Company's first quarter earnings call. (Operator Instructions)

早安，歡迎參加美國戰略投資公司第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Curtis Parker, Senior Vice President. Please go ahead.

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. Good morning, everyone, and thank you for joining us for our first quarter 2025 earnings call. This event is also being webcast on the Investor Relations section of our website. Joining me today on the call to discuss the quarter's results are Nick Schorsch Jr., American Strategic Investment Company's Chief Executive Officer; and Michael LeSanto, the Chief Financial Officer.

謝謝。大家早安，感謝大家參加我們的 2025 年第一季財報電話會議。該活動也在我們網站的投資者關係部分進行網路直播。今天與我一起參加電話會議討論本季業績的還有美國策略投資公司執行長 Nick Schorsch Jr. 和財務長 Michael 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 the first quarter 2025 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.

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 2025 年第一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。

Should one or more of risks these or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the Form 10-K filed for the year ended December 31, 2024, filed on March 19, 2025, and all subsequent SEC filings for a more detailed discussion of the risk factors that could cause these differences.

如果這些風險或不確定性中的一個或多個成為現實，實際結果可能與前瞻性陳述所表達或暗示的結果有重大差異。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，包括截至 2024 年 12 月 31 日的年度提交的 10-K 表格、2025 年 3 月 19 日提交的表格以及所有後續向美國證券交易委員會 (SEC) 提交的文件，以便更詳細地討論可能導致這些差異的風險因素。

Any forward-looking statements provided during this conference call are only made as of the date of this call. As stated in our SEC filings, the company disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law.

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。正如我們向美國證券交易委員會提交的文件中所述，除非法律要求，否則本公司不承擔更新或修改這些前瞻性聲明的任何意圖或義務。

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

此外，在今天的電話會議中，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表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。

A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release, which is posted on our website at www.americanstrategicinvestment.com. 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，請參閱我們的收益報告，該報告發佈於我們的網站 www.americanstrategicinvestment.com。有關我們所謂的「隱含投資等級租戶」（我們將在今天的電話會議上使用這一術語）的更多詳細信息，也請參閱我們的收益報告。

We also want to invite all shareholders to join us for our Annual Meeting of Shareholders, which will be held virtually on Thursday, May 29, 2025 at 2:00 P.M. Eastern Time.

我們也想邀請所有股東參加我們的年度股東大會，大會將於 2025 年 5 月 29 日星期四美國東部時間下午 2:00 以線上方式舉行。

I will now turn the call over to Nick Schorsch Jr., Chief Executive Officer. Please go ahead, Nick.

現在我將電話轉給執行長 Nick Schorsch Jr.。請繼續，尼克。

Thanks, Curtis. Good morning, and thank you all for joining us. I'm pleased to be hosting my first earnings call as CEO of ASIC in the first quarter, we remain focused on leasing available space in our portfolio and extending leases with existing tenants. Compared to the fourth quarter, we delivered 120 basis points of occupancy growth to 82%. As of May 1, we have an active leasing pipeline across several properties.

謝謝，柯蒂斯。早安，感謝大家加入我們。我很高興能夠在第一季以 ASIC 執行長的身份主持我的第一次財報電話會議，我們仍然專注於租賃我們投資組合中的可用空間並延長與現有租戶的租約。與第四季度相比，我們的入住率成長了 120 個基點，達到 82%。截至 5 月 1 日，我們已在多處房產中擁有活躍的租賃管道。

Importantly, we are engaged with both new and existing tenants, and we expect to close on additional leasing and renewals in the second quarter. As part of our strategy to unlock value and diversify our holdings, while further strengthening our balance sheet, we are actively marketing 123 William Street and 196 Orchard for sale.

重要的是，我們與新舊租戶都有合作，我們預計將在第二季完成額外的租賃和續約。作為我們釋放價值和多元化持有資產策略的一部分，同時進一步加強我們的資產負債表，我們正在積極推銷威廉街 123 號和果園街 196 號。

We believe that these properties are well positioned to generate significant returns upon closure. We plan to use the net proceeds from any sale to retire debt and diversify our portfolio into higher-yielding assets, which we believe has the potential to increase long-term value. We also remain committed to operating and creating value at our current assets.

我們相信，這些資產一旦關閉，將會產生豐厚的報酬。我們計劃利用任何出售的淨收益來償還債務，並將我們的投資組合多元化為收益更高的資產，我們相信這有可能增加長期價值。我們也將繼續致力於營運和創造現有資產的價值。

Our portfolio's weighted average remaining lease term was 5.4 years at quarter end, with 51% of our leases extending beyond 2030 based on annualized straight-line rent. We believe that this term, coupled with a high-quality tenant base featuring top 10 tenants who are 77% investment grade or implied investment grade provides significant portfolio stability.

截至本季末，我們投資組合的加權平均剩餘租賃期限為 5.4 年，其中 51% 的租賃期限根據年化直線租金延長至 2030 年以後。我們相信，此期限加上高品質的租戶基礎，包括 77% 投資等級或隱含投資等級的前 10 名租戶，可提供顯著的投資組合穩定性。

Our $488 million, 1 million square foot New York City real estate portfolio is located primarily in Manhattan. With six office and retail properties, we benefit from a strong tenant base that includes large investment-grade firms. By focusing on resilient industries near transit-oriented locations, we believe the portfolio is well positioned.

我們價值 4.88 億美元、佔地 100 萬平方英尺的紐約市房地產投資組合主要位於曼哈頓。我們擁有六處辦公室和零售物業，受益於包括大型投資等級公司在內的強大租戶基礎。透過專注於交通便利地區附近的彈性產業，我們相信該投資組合處於有利地位。

We've established a strong base for maximizing shareholder value by focusing on tenant retention, property improvements and cost efficiency. Our strategy to divest select Manhattan assets was designed to reduce leverage and allow us to pursue more profitable ventures, which we anticipate will further enhance our ability to deliver shareholder value.

我們透過專注於租戶保留、物業改善和成本效率，為最大化股東價值奠定了堅實的基礎。我們剝離曼哈頓精選資產的策略旨在降低槓桿率，讓我們能夠追求更有利可圖的投資，我們預計這將進一步增強我們為股東創造價值的能力。

With that, I'll turn it over to Michael LeSanto to go over the first quarter results. Michael?

說完這些，我將把第一季的業績交給 Michael LeSanto 來報告。麥可？

Thank you, Nick. First quarter 2025 revenue was $12.3 million compared to $15.5 million in the first quarter of 2024, principally due to the sale of 9 Times Square in the fourth quarter of 2024. The company's GAAP net loss attributable to common stockholders was $8.6 million in the first quarter of 2025 compared to a net loss of $7.6 million in the first quarter of 2024. For the first quarter of 2025, adjusted EBITDA was negative $0.8 million compared to $2.9 million in the first quarter of 2024. Cash net operating income was $4.2 million compared to $7 million in the first quarter of 2024.

謝謝你，尼克。2025 年第一季營收為 1,230 萬美元，而 2024 年第一季為 1,550 萬美元，主要原因是 2024 年第四季出售了 9 號時代廣場。2025 年第一季度，該公司歸屬於普通股股東的 GAAP 淨虧損為 860 萬美元，而 2024 年第一季的淨虧損為 760 萬美元。2025 年第一季度，調整後 EBITDA 為負 80 萬美元，而 2024 年第一季為 290 萬美元。現金淨營業收入為 420 萬美元，而 2024 年第一季為 700 萬美元。

As always, a reconciliation of GAAP net income to non-GAAP measures can be found in our earnings release and quarterly supplemental on our website. At quarter end, our balance sheet included net leverage of approximately 58%, a weighted average interest rate of 4.4% and 2.3 years of weighted average debt maturity. I'll now turn the call back to Nick for some closing remarks.

像往常一樣，您可以在我們網站上的收益報告和季度補充報告中找到 GAAP 淨收入與非 GAAP 指標的對帳表。截至季末，我們的資產負債表包括約 58% 的淨槓桿率、4.4% 的加權平均利率和 2.3 年的加權平均債務期限。現在我將把電話轉回給尼克，請他發表一些結束語。

Thank you, Michael. Our continued divestiture of certain Manhattan assets is a strategic initiative anticipated to generate significant cash and decrease our leverage. This capital will be vital for expanding into new higher return opportunities. We believe this approach is key to enhancing shareholder value, and we'll keep you informed of our advancements. Thank you all for joining us today, and please join us for our virtual Annual Meeting of Shareholders on May 29.

謝謝你，麥可。我們繼續剝離部分曼哈頓資產是一項策略性舉措，預計將產生大量現金並降低我們的槓桿率。這些資本對於拓展新的更高回報機會至關重要。我們相信這種方法是提高股東價值的關鍵，我們會隨時向您通報我們的進度。感謝大家今天的參加，並請參加我們 5 月 29 日舉行的虛擬年度股東大會。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。