American Strategic Q2 revenue declines, net loss narrows
Overview
American Strategic Q2 revenue falls due to sale of 9 Times Square
Net loss narrows significantly compared to Q2 2024
Portfolio occupancy stable at 82%, lease term extended to 6 years
Outlook
Company aims to divest certain Manhattan assets for higher-yielding properties
ASIC focuses on tenant retention to extend lease terms
Company prioritizes enhancing long-term portfolio value
Result Drivers
REVENUE DECLINE - Revenue decreased to $12.2 mln from $15.8 mln in Q2 2024, primarily due to the sale of 9 Times Square in the prior year
LEASE EXTENSIONS - Weighted-average remaining lease term increased to 6.0 years, driven by long-term lease extensions at 123 William and 1140 Avenue of the Americas
TENANT RETENTION FOCUS - CEO Nicholas Schorsch, Jr. highlighted the company's focus on tenant retention and strategic asset divestment to enhance long-term portfolio value
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | $12.22 mln | ||
Q2 EPS | -$16.39 | ||
Q2 Net Income | -$41.66 mln |
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