With revenue declining, negative adjusted EBITDA, rising leverage, and a 1.3-year weighted-average debt maturity, the company faces acute refinancing risk. Monitor for asset sales, debt restructuring, or a going-concern warning in the next 10-Q. The stock's $26M market cap leaves minimal equity cushion against $251M in debt.
Price Chart
Executive Summary
American Strategic Investment Co. reported Q1 2026 revenue of $7.3M, down 40% YoY from $12.3M due to the prior-year disposition of 1140 Avenue of the Americas. Net loss widened to $7.8M from $8.6M, and Cash NOI fell to $2.9M from $4.2M. The portfolio's leased rate dropped to 76.4% from 80.3% sequentially, while net debt to gross asset value rose to 59.6% from 47.5%, signaling continued operational and financial deterioration.
Key Financial Metrics
Key Facts
- Revenue declined 40% YoY to $7.3M from $12.3M, driven by the sale of 1140 Avenue of the Americas
- Net loss attributable to common stockholders was $7.8M vs $8.6M in Q1 2025
- Cash NOI fell to $2.9M from $4.2M YoY
- Adjusted EBITDA remained negative at -$1.1M vs -$0.8M in Q1 2025
- Portfolio leased rate declined to 76.4% from 80.3% at Q4 2025
- Net debt to gross asset value increased to 59.6% from 47.5%
- Advisor received $1.9M in stock in lieu of cash fees, conserving liquidity
- Weighted-average debt maturity shortened to 1.3 years from 1.5 years
- Interest coverage ratio remained negative at -0.3x
Financial Impact
Revenue decline of $5.0M YoY; net loss of $7.8M; Cash NOI decline of $1.3M YoY
Risk Factors
- Refinancing risk with $140M debt maturing in 2027 and negative interest coverage
- Further tenant departures and lease expirations (20% of rent expiring in 2027)
- Potential NYSE delisting if continued listing standards are not met
- Limited liquidity with only $2.5M cash against $5M minimum liquid asset requirement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-035305 |
| Exhibit: ex991-asicearningsrelease3.htm | 0001628280-26-035305 |
| Document: nycr-20260515.htm | 0001628280-26-035305 |
| Document: 0001628280-26-035305-index-headers.html | 0001628280-26-035305 |
| Document: 0001628280-26-035305-index.html | 0001628280-26-035305 |
| Document: 0001628280-26-035305.txt | 0001628280-26-035305 |
| 8-K Data (Synthetic) | 0001628280-26-035305 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 144 | $6.10 $5.62 | ▲ +7.87% | ▲ +10.13% | $5.84 (+4.26%) |
Aug 28, 2026 8w ago | 144 | $6.26 $6.50 | ▼ −3.80% | ▼ −3.29% | $5.84 (+6.74%) |
Aug 24, 2026 9w ago | 144 | $6.46 $6.05 | ▲ +6.35% | ▲ +7.66% | $5.84 (+9.60%) |
Aug 13, 2026 10w ago | 144 | $7.58 $6.20 | ▼ −18.21% | ▼ −16.46% | $5.84 (−22.96%) |
Aug 4, 2026 12w ago | 8-K | $9.39 $6.24 | ▼ −33.55% | ▼ −32.31% | $5.84 (−37.81%) |
Jul 13, 2026 15w ago | 8-K | $8.41 $8.00 | ▼ −4.88% | ▼ −7.37% | $5.84 (−30.56%) |
May 15, 2026 23w ago | 8-K | $9.50 $8.22 | ▼ −13.47% | ▼ −15.59% | $5.84 (−38.53%) |
May 15, 2026 23w ago | 8-K | $9.50 $8.22 | ▲ +13.47% | ▲ +15.59% | $5.84 (+38.53%) |
May 1, 2026 25w ago | 8-K | $8.00 $8.68 | ▲ +8.50% | ▲ +2.85% | $5.84 (−27.00%) |
Apr 15, 2026 27w ago | 8-K | $7.95 $8.57 | ▼ −7.83% | ▼ −2.01% | $5.84 (+26.52%) |
US Market Status
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