May 15, 2026 - EX-99.2 - 8-K: Current report | American Strategic Investment Co. (NYC)

EXHIBIT 99.2

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (unaudited)


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)


Table of Contents

Item						Page
Non-GAAP Definitions						3
Key Metrics						5
Consolidated Balance Sheets						6
Consolidated Statements of Operations						7
Non-GAAP Measures						8
Debt Overview						10
Future Minimum Lease Rents						11
Top Ten Tenants						12
Diversification by Property Type						13
Diversification by Tenant Industry						14
Lease Expirations						15

Forward-looking Statements:

The statements in this supplemental package that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) the potential adverse effects of inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (f) the Company may not be able to continue to meet the New York Stock Exchange's (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and the Company's shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Financial Measures

This section discusses the non-GAAP financial measures we use to evaluate our performance, including, Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, a description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

In December 2022 we announced that that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest are non-GAAP metrics and should not be construed to be more relevant or accurate than other metrics calculated and presented in accordance with GAAP, including net loss, in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than non-GAAP metrics.

We consider EBITDA, Adjusted EBITDA, NOI and Cash NOI useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, impairment charges, equity-based compensation, gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics’ presentations facilitate comparisons of operating performance between periods and between other companies that use these measures.

As a result, we believe that the use of these non-GAAP metrics together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends and capital expenditures. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.

We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, fees related to the listing related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.

NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.

Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2026

Amounts in thousands, except per share data, ratios and percentages


Financial Results (Amounts in thousands, except per share data)
Revenue from tenants	$	7,348
Net income (loss) attributable to common stockholders	$	(7,775)
Basic and diluted net income (loss) per share attributable to common stockholders	$	(3.04)
Cash NOI (1)	$	2,866
Adjusted EBITDA (1)	$	(1,119)

Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)	$	417,036
Net debt (3) (4)	$	248,500
Total consolidated debt (4)	$	251,000
Total assets	$	445,007
Cash and cash equivalents (5)	$	2,500

Common shares outstanding as of March 31, 2026	2,693

Net debt to gross asset value	59.6		%
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)	(55.5)		x

Weighted-average interest rate cost (6)	4.6		%
Weighted-average debt maturity (years) (7)	1.3
Interest Coverage Ratio (8)	(0.3)		x

Real Estate Portfolio
Number of properties	5
Number of tenants	36

Square footage (millions)	0.7
Leased	76.4		%
Weighted-average remaining lease term (years) (9)	6.2

______


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

(1)These Non-GAAP metrics are reconciled below.

(2)Defined as total assets of $445.0 million plus accumulated depreciation and amortization of $82.9 million less the Contract Asset balance of $110.9 million as of March 31, 2026.

(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $2.5 million.

(4)Excludes the effect of deferred financing costs, net.

(5)Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $5.0 million and a minimum net worth in excess of $100.0 million.

(6)The weighted average interest rate cost is based on the outstanding principal balance of the debt.

(7)The weighted average debt maturity is based on the outstanding principal balance of the debt.

(8)The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are non-GAAP metrics and are reconciled below.

(9)Based on annualized straight-line rent as of March 31, 2026.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026

Condensed Consolidated Balance Sheets

Amounts in thousands, except share and per share data


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	114,099	$	114,099
Buildings and improvements	268,573		268,474
Acquired intangible assets	5,389		5,389
Total real estate investments, at cost	388,061		387,962
Less accumulated depreciation and amortization	(82,931)		(80,579)
Total real estate investments, net	305,130		307,383
Cash and cash equivalents	2,500		1,297
Restricted cash	5,664		6,750
Contract asset	110,902		108,648

Prepaid expenses and other assets	3,046		3,169

Straight-line rent receivable	15,258		15,421
Deferred leasing costs, net	2,507		2,492

Total assets	$	445,007	$	445,160

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	249,736	$	249,565
Debt associated with property in receivership	99,000		99,000
Accrued interest associated with property in receivership	11,902		9,648
Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively)	23,523		18,739
Notes payable to related parties	1,050		650

Below-market lease liabilities, net	660		708

Deferred revenue	2,064		2,094

Total liabilities	387,935		380,404

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025	27		27
Additional paid-in capital	731,884		731,793

Distributions in excess of accumulated earnings	(674,839)		(667,064)
Total stockholders’ equity	57,072		64,756


Total liabilities and equity	$	445,007	$	445,160


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Condensed Consolidated Statements of Operations

Amounts in thousands, except share and per share data


	Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Revenue from tenants	$	7,348	$	6,476	$	12,269	$	12,222

Expenses:
Asset and property management fees to related parties	1,552		1,802		1,929		1,682
Property operating	4,602		4,690		6,640		7,987
Impairment of real estate investments	—		—		—		30,558

Equity-based compensation	91		90		90		92
General and administrative	2,313		1,208		1,755		2,172
Depreciation and amortization	2,520		2,594		3,086		3,545
Total expenses	11,078		10,384		13,500		46,036
Operating loss before gain (loss) on disposition of real estate investments	(3,730)		(3,908)		(1,231)		(33,814)

Gain (loss) on disposal of real estate investments	2,254		3,599		44,268		—
Operating loss	(1,476)		(309)		43,037		(33,814)
Other income (expense):
Interest expense	(4,048)		(4,087)		(4,124)		(4,086)
Interest expense associated with property in receivership	(2,254)		(2,305)		(3,151)		—
Other income	3		4		(8)		4
Total other expense, net	(6,299)		(6,388)		(7,283)		(4,082)
Net income (loss) before income taxes	(7,775)		(6,697)		35,754		(37,896)

Net income (loss) and Net income (loss) attributable to common stockholders	$	(7,775)	$	(6,697)	$	35,754	$	(37,896)

Basic and Diluted Net Income (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic	$	(3.04)	$	(2.62)	$	13.60	$	(16.39)
Weighted average shares outstanding —Basic	2,556,769		2,546,562		2,554,502		2,541,402
Net income (loss) per share attributable to common stockholders — Diluted	$	(3.04)	$	(16.39)	$	(3.39)	$	(2.60)
Weighted average shares outstanding —Diluted	2,556,769		2,546,562		2,629,703		2,541,402


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Measures

Amounts in thousands


	Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
EBITDA:
Net income (loss) and Net income (loss) attributable to common stockholders	$	(7,775)	$	(6,696)	$	35,754	$	(41,660)
Depreciation and amortization	2,520		2,594		3,086		3,545
Interest expense	4,048		4,087		4,124		7,850
Interest expense associated with property in receivership	2,254		2,305		3,151		—

EBITDA	1,047		2,290		46,115		(30,265)
Impairment of real estate investments	—		—		—		30,558
Gain on disposition of real estate investments	(2,254)		(3,599)		(44,268)		—
Equity-based compensation	91		90		90		92

Other income	(3)		(4)		8		(4)
Adjusted EBITDA	(1,119)		(1,223)		1,945		381
Asset and property management fees to related parties paid in cash	1,552		1,802		1,929		1,682
General and administrative	2,313		1,208		1,755		2,172
NOI	2,746		1,787		5,629		4,235
Accretion of below- and amortization of above-market lease liabilities and assets, net	(18)		(27)		(161)		(138)
Straight-line rent (revenue as a lessor)	138		53		102		102
Straight-line ground rent (expense as lessee)	—		—		(242)		(3)
Cash NOI	$	2,866	$	1,813	$	5,328	$	4,196


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Debt Overview

As of March 31, 2026


Year of Maturity	Number of Encumbered Properties	Weighted-Average Debt Maturity (Years) (1)	Weighted-Average Interest Rate (1) (2)		Total Outstanding Balance (3)(4)
					(In thousands)

2026 (remainder)	—	—	—	%	—
2027	1	0.9	4.7	%	140,000
2028	1	2.6	5.1	%	10,000
2029	1	3.3	3.9	%	51,000
2030	—	—	—	%	—
Thereafter	—	—	—	%	—
Total Debt	3	1.3	4.6	%	$	201,000

______

(1)Weighted based on the outstanding principal balance of the debt.

(2)All of the Company’s debt is fixed rate as of March 31, 2026.

(3)Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2026 are shown in the year the debt matures.

(4)The total debt for the years ended December 31, 2026 and thereafter does not include the debt related to 400 E. 67th Street and 200 Riverside Boulevard of $50.0 million as this balance was accelerated during November 2025 (see Note 5 in the 2025 Form 10-K) and is therefore due in the year end December 31, 2025.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Future Minimum Lease Rents

As of March 31, 2026

Amounts in thousands


	Future Minimum Base Rent Payments (1)
2026 (remainder)	$	26,767
2027	24,182
2028	20,411
2029	19,728
2030	18,344
2031	15,537
Thereafter	63,411
Total	$	188,380

_________________

(1)Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Top Ten Tenants

As of March 31, 2026

Amounts in thousands, except percentages


Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent (1)		SL Rent Percent		Remaining Lease Term (2)	Investment Grade (3)
Planned Parenthood Federation of America, Inc	Office / Retail	Non-profit	$	3,337	12	%	5.3	Yes
Equinox	Retail	Fitness	2,897		11	%	12.7	Yes
The City of New York - The Department of Youth and Community	Office	Government / Public Administration	2,215		8	%	11.8	No
CVS	Retail	Retail	2,161		8	%	8.4	Yes
United States General Services Administration	Office	Government / Public Administration	2,050		8	%	1.2	Yes
NYS Licensing	Office	Government / Public Administration	1,833		7	%	1.3	Yes
Marshalls	Retail	Retail	1,477		5	%	5.6	Yes
Fundera, Inc.	Office	Financial Services	1,051		4	%	3.3	No
Universal Services of America,	Office	Office Space	1,020		4	%	0.3	Yes
Lenox Hill Garage LLC	Retail	Parking	917		3	%	11.3	Yes
Subtotal			18,958		70	%	6.7

Remaining portfolio			8,252		30	%

Total Portfolio			$	27,210	100	%

__________________

(1)Calculated using the most recent available lease terms as of March 31, 2026.

(2)Based on straight-line rent as of March 31, 2026.

(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2026. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Diversification by Property Type

As of March 31, 2026

Amounts in thousands, except percentages


	Total Portfolio
Property Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	SqFt. Percent
Office	$	18,042	66	%	404	71	%
Retail	8,395		31	%	148	26	%
Other	773		3	%	15	3	%
Total	$	27,210	100	%	567	100	%

____________

(1)Calculated using the most recent available lease terms as of March 31, 2026.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Diversification by Tenant Industry

As of March 31, 2026

Amounts in thousands, except percentages


	Total Portfolio
Industry Type	Annualized SL Rent (1)		SL Rent Percent		Square Feet	Sq. ft. Percent
Government / Public Administration	$	7,722	28	%	173	30	%
Retail	4,029		15	%	40	7	%
Non-profit	3,337		12	%	65	12	%
Fitness	2,897		11	%	30	5	%
Office Space	2,373		9	%	74	13	%
Parking	1,833		7	%	87	15	%
Financial Services	1,179		4	%	21	4	%
Professional Services	1,050		4	%	20	3	%
Education	754		3	%	16	3	%
Services	450		2	%	10	2	%
Other (2)	1,586		5	%	31	6	%
Total	$	27,210	100	%	567	100	%

____________

(1)Calculated using the most recent available lease terms as of March 31, 2026.

(2)Other includes eight industry types as of March 31, 2026.


American Strategic Investment Co.
Supplemental Information
Quarter ended March 31, 2026 (Unaudited)

Lease Expirations

As of March 31, 2026


Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Rentable Square Feet	Percent of Rentable Square Feet Expiring
		(In thousands)				(In thousands)
2026 (Remaining)	7	$	1,483	5.5	%	52	9.2	%
2027	8	5,442		20.0	%	124	21.8	%
2028	3	1,154		4.2	%	26	4.5	%
2029	4	1,592		5.9	%	32	5.6	%
2030	2	1,143		4.2	%	29	5.1	%
2031	10	5,466		20.1	%	98	17.3	%
2032	—	—		—	%	—	—	%
2033	4	1,061		3.9	%	21	3.8	%
2034	2	2,161		7.9	%	10	1.8	%
2035	—	—		—	%	—	—	%
2036	2	365		1.3	%	10	1.7	%
2037	4	4,048		14.9	%	128	22.6	%
2038	3	2,897		10.6	%	30	5.3	%
2039	—	—		—	%	—	—	%
2040	—	—		—	%	—	—	%
2041	—	—		—	%	—	—	%
Thereafter (>2041)	2	398		1.5	%	7	1.0	%
Total	51	$	27,210	100	%	567	100	%

_______________

(1)Calculated using the most recent available lease terms as of March 31, 2026. Includes tenant concessions, such as free rent, as applicable.

Form: 8-K

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