American Strategic Investment Co
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 2. Properties
The following table presents certain information about the properties we owned as of December 31, 2023:
| Portfolio | AcquisitionDate | Numberof Properties | Rentable Square Feet | Occupancy (1) | RemainingLease Term (2) |
|---|---|---|---|---|---|
| 400 E. 67th Street - Laurel Condominium | Sept. 2014 | 1 | 58,750 | 100.0% | 3.5 |
| 200 Riverside Boulevard - ICON Garage | Sept. 2014 | 1 | 61,475 | 100.0% | 13.5 |
| 9 Times Square | Nov. 2014 | 1 | 167,390 | 71.2% | 6 |
| 123 William Street | Mar. 2015 | 1 | 542,676 | 91.4% | 5.3 |
| 1140 Avenue of the Americas | Jun. 2016 | 1 | 245,821 | 77.1% | 6.5 |
| 8713 Fifth Avenue | Oct. 2018 | 1 | 17,500 | 88.6% | 10.6 |
| 196 Orchard Street | Jul. 2019 | 1 | 60,297 | 100.0% | 11.4 |
| 7 | 1,153,909 | 86.7% | 6.5 | ||
(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2023, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.
(2)Calculated on a weighted-average basis as of December 31, 2023, as applicable.
Future Minimum Lease Payments
The following table presents future minimum base cash rental payments due to us over the next ten years and thereafter at the properties we owned as of December 31, 2023. To the extent we have leases with contingent rent provisions, these amounts exclude contingent rent payments that would be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.
| (In thousands) | Future MinimumBase Rent Payments (1) |
|---|---|
| 2024 | $56,205 |
| 2025 | 49,064 |
| 2026 | 44,112 |
| 2027 | 40,733 |
| 2028 | 36,460 |
| 2029 | 33,020 |
| 2030 | 30,054 |
| 2031 | 25,173 |
| 2032 | 20,920 |
| 2033 | 17,889 |
| Thereafter | 48,220 |
| Total | $401,850 |
(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2023, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.
Future Lease Expirations Table
The following is a summary of lease expirations for the next ten years at the properties we owned as of December 31, 2023:
| Year of Expiration | Number of Leases Expiring | Expiring Annualized Straight-Line Rent (1) | Expiring Annualized Straight-Line Rent as a Percentage of the Total Portfolio | Leased Rentable Square Feet | Percentage of Portfolio Leased Rentable Square Feet Expiring |
|---|---|---|---|---|---|
| (In thousands) · (In thousands) | |||||
| 2024 | 17 | $8,231 | 14.0% | 157 | 15.7% |
| 2025 | 13 | 5,964 | 10.2% | 109 | 10.9% |
| 2026 | 9 | 2,801 | 4.8% | 56 | 5.6% |
| 2027 | 12 | 6,008 | 10.2% | 131 | 13.1% |
| 2028 | 7 | 3,405 | 5.8% | 47 | 4.7% |
| 2029 | 8 | 3,508 | 6.0% | 63 | 6.3% |
| 2030 | 4 | 2,310 | 3.9% | 42 | 4.2% |
| 2031 | 9 | 6,529 | 11.1% | 118 | 11.8% |
| 2032 | 3 | 781 | 1.3% | 14 | 1.4% |
| 2033 | 8 | 4,967 | 8.5% | 47 | 4.7% |
| Total | 90 | $44,504 | 75.8% | 784 | 78.4% |
(1)Includes tenant concessions, such as free rent, as applicable. For a discussion of the significant changes in occupancy during the year ended December 31, 2023, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.
Tenant Concentration
There were no tenants whose rentable square footage represented greater than 10.0% of total portfolio rentable square footage as of December 31, 2023
Significant Portfolio Properties
The rentable square feet or annualized rental income on a straight-line basis of the properties located at 123 William Street, 9 Times Square, 1140 Avenue of the Americas and 196 Orchard Street represent greater than 10% of our total portfolio. The tenant concentrations of the properties located at 123 William Street, 9 Times Square, 1140 Avenue of the Americas and 196 Orchard Street are summarized below:
123 William Street
The following table lists the tenant at 123 William Street whose annualized rental income on a straight-line basis is greater than 10% of the annualized rental income for commenced leases at this property as of December 31, 2023:
| Tenant | Rented Square Feet | Rented Square Feet as a % of Total 123 William Street | Lease Expiration | Remaining Lease Term (1) | Renewal Options | Annualized Rental Income (2 ) | Annualized Rental Income as a % of 123 William Street |
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Planned Parenthood Federation of America, Inc. | 68,240 | 13.8% | Jul. 2031 | 7.5 | 1 - 5 year option | $3,385 | 15.8% |
The following table lists the tenant at 9 Times Square whose annualized rental income on a straight-line basis is greater than 10% of the total annualized rental income for commenced leases at this property as of December 31, 2023:
| Tenant | Rented Square Feet | Rented Square Feet as a % of Total 9 Times Square | Lease Expiration | Remaining Lease Term (1) | Renewal Options | Annualized Rental Income (2 ) | Annualized Rental Income as a % of 9 Times Square |
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| ILNY/9TS Gifts LLC | 7,479 | 6.3% | May. 2036 | 12.4 | None | $1,932 | 22.4% |
| Global-E US Inc. | 17,560 | 14.7% | Sept. 2029 | 5.7 | None | $976 | 11.3% |
The following table lists the tenants at 1140 Avenue of the Americas whose annualized rental income on a straight-line basis is greater than 10% of the total annualized rental income for commenced leases at this property as of December 31, 2023:
| Tenant | Rented Square Feet | Rented Square Feet as a % of Total 1140 Avenue of the Americas | Lease Expiration | Remaining Lease Term (1) | Renewal Options | Annualized Rental Income (2 ) | Annualized Rental Income as a % of 1140 Avenue of the Americas |
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| City National Bank | 35,643 | 18.8% | June. 2033 | 9.5 | None | $4,356 | 28.7% |
196 Orchard Street
The following table lists all the tenants at 196 Orchard Street as their annualized rental income on a straight-line basis is greater than 10% of the total annualized rental income for commenced leases at this property as of December 31, 2023:
| Tenant | Rented Square Feet | Rented Square Feet as a % of 196 Orchard Street | Lease Expiration | Remaining Lease Term (1) | Renewal Options | Annualized Rental Income (2 ) | Annualized Rental Income as a % of 196 Orchard Street |
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| CVS | 9,956 | 16.5% | Aug. 2034 | 10.7 | 2 - 5 year options | 2,161 | 29.8% |
| Equinox | 30,033 | 49.8% | Nov. 2038 | 14.9 | 2 - 5 year options | 3,448 | 47.6% |
| Marshalls | 20,308 | 33.7% | Oct. 2028 | 4.8 | 3 - 5 year options | 1,641 | 22.6% |
Property Financings
See Note 4 — Mortgage Notes Payable, Net to our 2023 Financial Statements for information regarding property financings as of December 31, 2023 and 2022.
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