American Strategic Investment Co. (NYSE: NYC), a commercial real estate company focused on properties across New York City’s five boroughs, reported its financial and operating results for the second quarter ended June 30, 2026. The company generated $7.3 million in revenue, down from $12.2 million in the same period last year. The decline was primarily linked to the prior-year disposition of 1140 Avenue of the Americas.
Net Loss Narrows Significantly
Despite lower revenue, American Strategic Investment substantially reduced its net loss. The company reported a net loss attributable to common stockholders of $8.3 million, compared with a $41.7 million loss in the second quarter of 2025. Loss per diluted share improved to $3.04 from $16.39 a year earlier.
The improvement was partly supported by lower operating expenses and the absence of the significant real estate impairment recorded in the prior-year quarter. The company also recognized a $2.3 million gain from the disposition of real estate investments during the quarter.
Adjusted EBITDA Rises
American Strategic Investment delivered stronger adjusted operating profitability. Adjusted EBITDA increased to $2.4 million, compared with only $381,000 in the second quarter of 2025. Cash net operating income, however, declined to $3.1 million from $4.3 million.
The company attributed the improved Adjusted EBITDA performance to its ongoing capital prioritization strategy and efforts to manage operating expenses.
Portfolio and Leasing
As of June 30, 2026, the company’s portfolio consisted of five properties totaling approximately 0.7 million rentable square feet, excluding 1140 Avenue of the Americas, which remains subject to a consensual foreclosure process. The portfolio was 74.8% leased, with a weighted-average remaining lease term of 6.1 years.
Investment-grade or implied investment-grade tenants accounted for 69% of annualized straight-line rent from the company’s top 10 tenants, providing a relatively stable tenant base.
Debt and Liquidity
American Strategic Investment ended the quarter with $2.4 million in cash and cash equivalents and net debt of $248.6 million. Net debt represented 59.6% of gross asset value. The company’s debt carried a weighted-average interest rate of approximately 4.56% and was entirely fixed-rate at quarter-end.
The company also continued conserving cash by allowing its external advisor to receive common stock instead of cash for certain advisory fees.
Outlook
Management said it remains focused on completing its remaining asset dispositions and directing capital toward opportunities it believes can generate durable shareholder value. Separately, the company announced that the NYSE determined in July that it had returned to compliance with minimum market capitalization and stockholders’ equity requirements.
Overall, the second-quarter results show a company operating with a smaller portfolio and lower revenue but significantly improved net losses and Adjusted EBITDA, while continued asset dispositions and high leverage remain important factors for investors to monitor.
