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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.
La American Strategic Investment Co. (NYSE: NYC) prevede di diversificare la propria attività attraverso la vendita di proprietà come 9 Times Square, 123 William Street e 196 Orchard Street. La società ha inoltre ottenuto un'estensione del prestito per il 9 Times Square, con l'obiettivo di ridurre l'indebitamento e investire in asset che generano rendimenti più elevati al di fuori del mercato immobiliare di Manhattan.
American Strategic Investment Co. (NYSE: NYC) planea diversificar su negocio mediante la venta de propiedades como 9 Times Square, 123 William Street y 196 Orchard Street. Además, la compañía ha asegurado una extensión de préstamo para 9 Times Square con el fin de reducir el apalancamiento e invertir en activos de mayor rendimiento más allá del sector inmobiliario de Manhattan.
American Strategic Investment Co. (NYSE: NYC)는 9 Times Square, 123 William Street 및 196 Orchard Street와 같은 부동산 판매를 통해 사업 다각화를 계획하고 있습니다. 또한 이 회사는 9 Times Square의 대출 연장을 확보해 레버리지를 줄이고 맨해튼 부동산을 넘어 더 높은 수익을 내는 자산에 투자할 목표를 가지고 있습니다.
American Strategic Investment Co. (NYSE: NYC) envisage de diversifier ses activités en vendant des propriétés comme le 9 Times Square, le 123 William Street et le 196 Orchard Street. La société a également sécurisé une extension de prêt pour le 9 Times Square, dans le but de réduire son endettement et d'investir dans des actifs à rendement plus élevé en dehors de l'immobilier de Manhattan.
Die American Strategic Investment Co. (NYSE: NYC) plant, ihr Geschäft durch den Verkauf von Immobilien wie 9 Times Square, 123 William Street und 196 Orchard Street zu diversifizieren. Das Unternehmen hat auch eine Kreditverlängerung für 9 Times Square gesichert, um die Verschuldung zu reduzieren und in höher rentierliche Vermögenswerte außerhalb des Manhattans Immobilienmarktes zu investieren.
Positive
Plans to diversify business model through property sales and investment in higher-yielding assets.
Secured loan extension for 9 Times Square, facilitating property sale and reducing leverage.
Negative
None.
– Expects to Accelerate Efforts to Diversify Through the Divestiture of Properties –
– Company Secures Loan Extension –
NEW YORK--(BUSINESS WIRE)--
American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today that it intends to accelerate its efforts to evolve and diversify its business. The Company has started the process to market for sale its 9 Times Square Midtown Manhattan asset (“9 Times Square”). In addition, the Company intends to market for sale its properties located at 123 William Street and 196 Orchard Street. These strategic dispositions are in furtherance of the Company’s previously announced repositioning of the Company’s investment portfolio and expanded business plan to invest in assets beyond Manhattan real estate.
The Company has also secured an amendment of the loan on 9 Times Square, which extends the maturity date to October 2024, with the option of an additional extension to year-end 2024 subject to certain conditions, to facilitate the proposed sale of the property.
“As part of our revenue diversification efforts, we believe it is an opportune time to explore opportunities to monetize certain of our portfolio of commercial real estate properties located primarily in Manhattan. We have commenced the 9 Times Square sales process and intend to market additional assets for sale in furtherance of this plan,” said Michael Anderson, Chief Executive Officer of American Strategic Investment Co. “If completed, we expect these strategic dispositions will meaningfully reduce leverage on our balance sheet and generate significant cash proceeds, which we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year.”
About the Company
American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on its website at AmericanStrategicInvestment.com.
Forward-Looking Statements
The statements in this press release 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 ability of the Company to execute its business plan and sell certain of its properties on commercially practicable terms, if at all; (d) 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, (e) the potential adverse effects of inflationary conditions and higher interest rate environment, (f) 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 (g) 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.
