NEW YORK - American Strategic Investment Co. (NYSE: NYC) ('ASIC' or the 'Company'), a company that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City, announced its financial and operating results for the first quarter ended March 31, 2023.

First Quarter 2023 and Subsequent Event Highlights

Revenue was $15.5 million compared to $15.6 million in the first quarter 2022

Net loss attributable to common stockholders was $11.8 million, compared to $11.7 million in the first quarter 2022

Cash net operating income ('NOI') increased 23% or $1.3 million to $7.0 million from $5.7 million in the first quarter 2022

Adjusted EBITDA was $2.0 million compared to $2.1 million in first quarter 2022

Funds from Operations ('FFO') was negative $4.8 million compared to negative $4.7 million in the first quarter 2022

Core Funds from Operations ('Core FFO') was negative $2.6 million compared to negative $2.2 million in first quarter 2022

Collected 100% of cash rent due in first quarter 20231, up from 98% in the first quarter 2022

79% of annualized straight-line rent from Top 10 tenants2 is derived from investment grade or implied investment grade3 rated tenants with a weighted-average remaining lease term of 9.4 years as of March 31, 2023

Portfolio occupancy of 84% as of March 31, 2023, with weighted-average lease term4 of 7 years

Executed occupancy of 85.3%

Approximately 20,000 square feet of new leasing and lease renewals commenced with weighted-average lease term of 12.7 years

Portfolio debt is 100% fixed rate with no maturities through the end of 2023, 4.4% weighted-average interest rate and 3.9 years of weighted-average debt maturity

CEO Comments

'The ongoing expansion of the scope of assets and businesses that American Strategic Investment Co. may own and operate creates an exciting opportunity to drive growth and add benefit beyond what traditional New York real estate can deliver,' said Michael Weil, CEO of ASIC. 'At the same time, we continued to execute on our active leasing strategy, growing occupancy quarter over quarter from 82.7% to 84%, while controlling expenses. As a result, Cash NOI increased this quarter compared to the first quarter of 2022. Our existing assets, featuring long-term leases with high-quality tenants and fixed-rate debt with minimal near-term maturities, are a solid foundation to build upon for the opportunities that we believe lie ahead.'

Real Estate Portfolio

The Company's portfolio consisted of eight properties comprised of 1.2 million rentable square feet as of March 31, 2023. Portfolio metrics include:

84.0% leased

7 years remaining weighted-average lease term

79% of annualized straight-line rent5 from top 10 tenants derived from investment grade or implied investment grade tenants with 9.4 years of weighted-average remaining lease term

Diversified portfolio, comprised of 26% financial services tenants, 13% government and public administration tenants, 12% retail tenants, 10% non-profit and 39% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources

As of March 31, 2023, the Company had $8.8 million of cash and cash equivalents.6 The Company's net debt7 to gross asset value8 was 40.7%, with net debt of $390.7 million.

All of the Company's debt was fixed-rate as of March 31, 2023. The Company's total combined debt had a weighted-average interest rate of 4.4%.9

Supplemental Schedules

The Company will file supplemental information packages with the Securities and Exchange Commission (the 'SEC') to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the 'Presentations' tab in the Investor Relations section of ASIC's website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov.

Important Notice

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 potential adverse effects of (i) the global COVID-19 pandemic, including actions taken to contain or treat COVID-19, (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, 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, and (iii) inflationary conditions and higher interest rate environment and (d) that any potential future acquisition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, 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, 2022 filed on March 16, 2023 and all other filings with the SEC after that date, 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.

Non-GAAP Financial Measures

This release discusses the non-GAAP financial measures we use to evaluate our performance, including Funds from Operations ('FFO'), Core Funds from Operations ('Core FFO'), Earnings before Interest, Taxes, Depreciation and Amortization (' EBITDA'), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ('Adjusted EBITDA'), Net Operating Income ('NOI') and Cash Net Operating Income ('Cash NOI') and Cash Paid for Interest. While NOI is a property-level measure, Core FFO is based on our total performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided above.

In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

FFO, Core FFO, EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other companies may not define FFO in accordance with the current National Association of Real Estate Investment Trusts ('NAREIT'), an industry trade group, definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO differently than we do. Consequently, our presentation of FFO and Core FFO may not be comparable to other similarly titled measures presented by other REITs.

We consider FFO and Core FFO useful indicators of our performance. Because FFO and Core FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO and Core FFO presentations facilitate comparisons of operating performance between periods and between other companies that use these measures.

As a result, we believe that the use of FFO and Core FFO, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO and Core FFO are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that FFO and Core FFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Contact:

Investors and Media

Email: investorrelations@americanstrategicinvestment.com

T: (866) 902-0063

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