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American Strategic Investment Co. (NYSE: NYC) reported its financial results for the first quarter of 2024, showing consistent revenue at $15.5 million, improved net loss at $7.6 million, and an increase in Adjusted EBITDA to $2.9 million. The portfolio occupancy grew to 87.2%, with a 320 basis point increase, and 81% of annualized straight-line rent from top tenants derived from investment-grade tenants. The CEO emphasized the focus on portfolio management and expense control to create shareholder value. The company aims to monetize Manhattan properties to reduce leverage and explore new investment opportunities.
Bellevue Capital Partners, has launched a tender offer to purchase up to 125,000 shares of American Strategic Investment Corp (NYSE: NYC) common stock at $9.25 per share, representing a 67% premium to the recent closing price. The offer reflects Bellevue's confidence in ASIC's portfolio and investment strategy, emphasizing the long-term value of ASIC's common stock.
American Strategic Investment Co. (NYSE: NYC) announced a new leasing agreement, leading to an occupancy rate of 87.2%. The company's focus on portfolio management resulted in a significant increase in occupancy compared to the previous year. With a leasing pipeline of 14,000 square feet, the company aims to further improve occupancy levels.
American Strategic Investment Co. (NYSE: NYC) plans to diversify its business through the sale of properties like 9 Times Square, 123 William Street, and 196 Orchard Street. The company also secured a loan extension for 9 Times Square, aiming to reduce leverage and invest in higher-yielding assets beyond Manhattan real estate.