ASIC Q2 net loss $91.9M includes $84.7M impairment; adj EBITDA up 49%, occupancy 85.9%

American Strategic Investment Co.

2024-Q2 EPS reported -$41.09

Net loss to common stockholders $91.9M ($36.48/share) vs $10.9M prior, driven by $84.7M non-cash impairment from pending 9 Times Square sale.
Revenue flat at $15.8M; adjusted EBITDA grew 49% to $4.5M from $3.0M.
Portfolio occupancy up 80 bps to 85.9%; weighted-average lease term 6.3 years.
Definitive agreement to sell 9 Times Square for $63.5M; proceeds to reduce debt and fund higher-yielding investments.
Net debt to gross asset value 55.9%; weighted-average interest rate 4.9% with 2.7 years maturity.

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