American Strategic Investment Co. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue from tenants was $7.1 million for the three months ended September 30, 2026, compared to $12.3 million in the same period in 2025, a decrease primarily driven by the disposition of 1140 Avenue of the Americas in the prior year.
• Net loss attributable to common stockholders was $6.7 million for the quarter ended September 30, 2026, compared to net income of $35.8 million in the third quarter of 2025, which included a non-cash gain from the disposition of 1140 Avenue of the Americas.
• Net loss per diluted share was $2.14 for the quarter ended September 30, 2026, compared to net income per diluted share of $13.60 in the prior year period.
• EBITDA was $2.2 million for the quarter ended September 30, 2026, down from $46.1 million in the third quarter of 2025.
• Adjusted EBITDA was $1.0 million for the quarter ended September 30, 2026, compared to $1.9 million in the third quarter of 2025.
• Cash Net Operating Income (Cash NOI) was $3.5 million for the quarter ended September 30, 2026, compared to $5.3 million in the third quarter of 2025.
• Net debt was $245.7 million as of September 30, 2026, with a net debt to gross asset value ratio of 58.6%.
• The company held $5.3 million in cash and cash equivalents as of September 30, 2026.
• Total debt had a weighted-average interest rate of 4.56% and was entirely fixed-rate as of September 30, 2026.
• Total liabilities were $401.1 million as of September 30, 2026, compared to $380.4 million as of December 31, 2025.
• Total equity was $47.3 million as of September 30, 2026, compared to $64.8 million as of December 31, 2025.

Business Segments and Product Lines:

• The portfolio consisted of five properties totaling 0.7 million rentable square feet as of September 30, 2026, excluding the 1140 Avenue of the Americas property which is in a consensual foreclosure process.
• Portfolio occupancy was 74.0% as of September 30, 2026.
• The tenant base was diversified, with 28% from government and public administration, 15% from retail, 12% from non-profit, 11% from fitness, and 34% from all other industries based on annualized straight-line rent.
• 69% of annualized straight-line rent from the top 10 tenants was derived from investment grade or implied investment grade rated tenants.
• Subsequent to the quarter end, the Company signed an extension and expansion lease with the State of New York at 123 William Street, extending the lease to 2037 and adding approximately 30,000 square feet on two additional floors.
• The 123 William Street lease expansion increased pro-forma occupancy at that property to approximately 75% and portfolio occupancy to approximately 78%.

Risks and Challenges:

• The Company is subject to foreclosure litigation regarding the 400 E. 67th Street and 200 Riverside Blvd. properties due to alleged defaults under the loan agreements governing those properties.
• The Company faces risks related to its ability to return to compliance with the New York Stock Exchange's continued listing standards.
• Forward-looking statements highlight risks including geopolitical instability, inflationary conditions, higher interest rate environments, and economic uncertainties regarding tariffs.
• The Company's ability to acquire new assets or businesses is subject to market conditions and capital availability.

Management Commentary and Tone:

• CEO Nicholas Schorsch, Jr. stated that the company's results build on progress from the prior two quarters, driven by a capital prioritization strategy.
• Management highlighted that the portfolio's high-quality, largely investment-grade tenant base continues to support stable performance.
• The company remains focused on completing remaining asset dispositions and directing capital toward opportunities creating durable value, specifically citing the State of New York lease execution.

Other Key Points:

• In August 2026, the Company's external advisor elected to receive shares of Class A common stock in lieu of $1.1 million in advisory fees accrued and payable.
• On October 23, 2026, the Company issued 244,480 shares in lieu of $1.4 million in cash for asset management and property management services.
• The Company borrowed $0.3 million from its Advisor for working capital needs in the fourth quarter of 2026 at an 8.15% annual interest rate and repaid the full amount with interest using cash on hand.
• The Company terminated its election to be taxed as a REIT effective January 1, 2023, though its business and operations have not materially changed.
• The Company is required to maintain minimum liquid assets of $5.0 million under certain mortgage loan covenants.