American Strategic Investment Co. - NYC STOCK NEWS

New York City REIT (NYSE: NYC) reported a revenue increase to $16.2 million for Q2 2022, up from $15.0 million year-over-year. However, the net loss attributable to common stockholders was $11.3 million, slightly higher than last year's $11.1 million. Cash net operating income rose to $7.0 million. The company collected 98% of original cash rent due, and occupancy improved to 85%. Total debt remains fixed-rate with no maturities until the end of 2023, indicating financial stability amidst operational challenges.

New York City REIT, Inc. (NYSE: NYC) will release its financial results for Q2 on August 12, 2022, before NYSE trading begins. A conference call will follow at 11:00 a.m. ET to discuss the results and answer analyst and investor questions. Dial-in details for the call are provided, and a replay will be available post-broadcast. The REIT focuses on high-quality commercial properties in New York City.

This earnings release is anticipated by investors and analysts for insights into the company's performance.

New York City REIT, Inc. (NYSE: NYC) reported a 4% increase in portfolio occupancy, reaching over 87% as of June 30, 2022. The weighted-average lease term rose to 7.2 years. To enhance liquidity for future leasing activities, the board has decided to temporarily suspend the quarterly dividend. This move is aimed at funding leasing commissions and tenant improvements, with $76 million in base rent expected from new leases. The suspension will be evaluated quarterly, and 98% cash rent collection was achieved in Q1 2022.

New York City REIT, Inc. (NYSE: NYC) announced the execution of one new lease and three lease renewals, significantly enhancing its portfolio. The new lease covers 4,700 square feet at 9 Times Square, replacing the former Knotel space. The renewals include two 15-year leases and a 10-year lease with the Government Services Administration (GSA) at 123 William Street. Combined, these leases will generate over $4.2 million in annualized rent, with $1 million attributed to new revenue. These actions reflect NYC's ongoing leasing momentum and proactive asset management strategy.

New York City REIT, Inc. (NYSE: NYC) has achieved the WELL Health-Safety Rating for its properties located at 9 Times Square, 1140 Avenue of the Americas, and 123 William Street. This certification, awarded by the International WELL Building Institute, focuses on maintaining safe work environments post-COVID-19 and emphasizes air and water quality management, health resources, and emergency preparedness. CEO Michael Weil highlighted the achievement as indicative of exceptional management, complementing prior accolades like the BOMA Building of the Year award.

New York City REIT, Inc. (NYSE: NYC) announced the re-election of Elizabeth Tuppeny to its Board of Directors as Lead Independent Director, a role she has held since 2014. This decision reflects stockholders' support for her real estate expertise and contributions to the company's success. Additionally, stockholders ratified PricewaterhouseCoopers LLP as the independent accounting firm for fiscal year 2022 and approved an advisory vote on executive compensation. More details will be available in a Form 8-K report filed with the SEC.

New York City REIT, Inc. (NYSE: NYC) announced the re-election of Elizabeth Tuppeny to its Board of Directors during the Annual Meeting of Stockholders on May 31, 2022. Her extensive experience is expected to enhance the company’s value for shareholders, according to Michael Weil, Chairman and CEO. Additionally, shareholders ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal 2022, did not approve an advisory vote on executive compensation, and approved a yearly advisory vote frequency for executive compensation assessments. Full details will be reported in a Form 8-K.

New York City REIT (NYSE: NYC) has urged shareholders to vote for Elizabeth Tuppeny's reelection at the upcoming May 31, 2022 Annual Meeting. Tuppeny's leadership has contributed to a stable annual dividend of $0.40 per share and a remarkable 70% total return since January 1, 2021, significantly outperforming the S&P 500. The company also reports strong leasing activity, including recent non-binding LOIs totaling over $650,000 in annual rent. NYC emphasizes the need to support Tuppeny to safeguard shareholder value and achieve continued success.

New York City REIT, Inc. (NYSE: NYC) has signed two non-binding letters of intent for leases totaling over 13,500 square feet at 9 Times Square, generating $650,000 in annual base rent with an average lease term of 3.7 years. This move is expected to boost occupancy at 9 Times Square from 62% to 70% and improve overall portfolio occupancy from 84.4% to 85.6%. The CEO attributes these results to a proactive asset management strategy, indicating positive leasing momentum for the company.