American Strategic Investment signs $63.5M sale of 9 Times Square, reports Q3 net loss of $34.5M

American Strategic Investment Co.

Definitive agreement to sell 9 Times Square for $63.5M; expected net proceeds of $13.5M, closing Q4 2024.
Q3 2024 net loss $34.5M (incl. $27.8M impairment); revenue $15.4M; Cash NOI $6.8M (+3.8% YoY).
Portfolio occupancy 85.8%; weighted-avg lease term 5.9 years; top 10 tenants 81% investment grade.
Total debt $399.5M; 88% fixed-rate at 4.9% avg interest; net leverage 60.1%; only 12.4% matures through 2025.
Completed 3 new leases for 24,081 SF adding $1.4M annualized straight-line rent.

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