The New York City-focused commercial real estate company sharply reduced its net loss year over year but faces mounting questions about its debt maturity timeline and NYSE listing status.

April 16, 2026

As previously reported, American Strategic Investment Co. had rescheduled its fourth quarter and full year 2025 earnings release to allow its recently appointed auditor additional time to complete year-end review procedures. That release arrived on April 15, 2026, painting a picture of a company in active transition — shedding properties, narrowing losses, and working to reposition its portfolio amid significant financial headwinds.

Revenue Falls Sharply on Property Sales

ASIC, which trades on the NYSE under the ticker NYC, reported fourth quarter revenue of $6.5 million, a steep decline from $14.9 million in the same period of 2024. For the full year, revenue dropped to $43.3 million from $61.6 million. The company attributed the declines in large part to the disposition of properties, including the sale of 9 Times Square during Q4 2024 and the transfer of 1140 Avenue of the Americas to its mortgage holders in Q4 2025.

Net Loss Narrows Dramatically for Full Year

Despite the revenue contraction, the company’s full year net loss narrowed dramatically to $21.2 million from $140.6 million in 2024. On a per-share basis, the loss improved from $56.51 to $8.32. The improvement was driven partly by a $47.9 million gain on the disposal of real estate investments in 2025, compared to a $276,000 loss on disposals in 2024. The company also recorded a significantly lower impairment charge of $30.6 million versus $112.5 million in the prior year.

On a quarterly basis, the Q4 net loss was essentially flat at $6.7 million, or $2.62 per share, compared to $6.7 million, or $2.60 per share, in Q4 2024. Adjusted EBITDA for the quarter came in at negative $1.2 million, while full year adjusted EBITDA fell sharply to just $271,000 from $12.0 million in 2024. Cash net operating income for the year was $16.0 million, down from $27.6 million.

CEO Highlights Leasing Progress and Strategic Positioning

CEO Nicholas Schorsch, Jr. said the company continued to advance leasing activity across its portfolio during Q4 and throughout 2025, while maintaining stable occupancy supported by a largely investment grade tenant base. He added that ASIC is increasingly well-positioned to dispose of additional non-core assets and redirect capital toward uses that enhance long-term shareholder value.

Portfolio Snapshot

As of December 31, 2025, the portfolio consisted of five properties totaling 0.7 million rentable square feet. Occupancy stood at 80.3%, slightly down from 80.8% at the end of Q4 2024, with a weighted-average remaining lease term of 6.1 years. Approximately 69% of annualized straight-line rent from the top 10 tenants came from investment grade or implied investment grade rated tenants. Office space accounts for roughly 67.3% of the portfolio by annualized straight-line rent.

During 2025, the company completed 13 new leases covering more than 117,000 square feet, representing $20.4 million in straight-line rent.

Balance Sheet Raises Near-Term Concerns

The company’s balance sheet reflects several areas of concern. Cash and cash equivalents totaled just $1.3 million at year end, and ASIC is subject to a mortgage covenant requiring it to maintain at least $5.0 million in minimum liquid assets including restricted cash. Total debt stood at $251.0 million, all at fixed rates with a weighted-average interest rate of 4.5%, but the weighted-average debt maturity of only 1.5 years introduces near-term refinancing risk. Net leverage was 47.5%.

Notably, the balance sheet now includes $99.0 million in debt associated with a property in receivership, along with $9.6 million in related accrued interest — both tied to 1140 Avenue of the Americas, which entered receivership during Q3 2025. A corresponding $108.6 million contract asset also appeared on the asset side.

Ongoing Risks and Listing Uncertainty

ASIC continues to face the risk of potential delisting from the NYSE if it cannot regain compliance with continued listing standards. The company also flagged ongoing risks related to geopolitical instability, tariff-related economic uncertainty, elevated interest rates, and the challenges inherent in its strategic pivot away from REIT status.