American Strategic Investment Co.
For the period ended Sep 30, 2025. Filed Nov 19, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 19, 2025
NYC$5.91-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001628280-25-039258
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-19.
0001595527-25-000014
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 160 current paragraphs.
80 unchanged; 58 reworded; 21 added; 8 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
(3)On November 6, 2025, the Company received a notice of acceleration from the special servicer on behalf of the lender with respect to the loan secured by the property (See Note 16 – Subsequent Events—Notice of Defaults and of Acceleration to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion)
Current report
(4)In September 2025, the Company and the lender agreed to pursue a cooperative consensual foreclosure. On September 11, 2025, the Court appointed a receiver, and the Company ceased managing the property. As a result, the Company removed its related assets and liabilities from the condensed consolidated balance sheet as of September 30, 2025
Current report
Leasing Activity for the Nine Months Ended September 30, 2025
Current report
Leasing Activity for the Nine Months Ended September 30, 2024
Current report
Net income (loss) Attributable to Common Stockholders
Current report
In addition, we recorded impairment charges of $25.8 million for the nine months ended September 30, 2024 on our 400 E. 67th Street property. We determined that the carrying value exceeded the fair market value of the asset as of September 30, 2024.
Current report
Gain on Disposition of Real Estate Investments
Current report
During the three months ended September 30, 2025, we recorded a gain on disposition of real estate investments of $44.3 million related to our 1140 Avenue of Americas property.
Current report
Interest Expense Associated with Property in Receivership
Current report
Interest expense increased to $3.2 million for the nine months ended September 30, 2025 as compared to $0.0 for the nine months ended September 30, 2024. The increase in interest expense associated with property in receivership is due to the court appointment of a receiver for 1140 Avenue of Americas.
Current report
Comparison of Nine Months Ended September 30, 2025 and 2024
Current report
In addition, we recorded impairment charges of $25.8 million for the nine months ended September 30, 2024 on our 400 E. 67th Street property. We determined that the carrying value exceeded the fair market value of the asset as of September 30, 2024.
Current report
Gain on Disposition of Real Estate Investments
Current report
During the nine months ended September 30, 2025, we recorded a gain on disposition of real estate investments of $44.3 million related to our 1140 Avenue of Americas property.
Current report
Interest Expense Associated with Property in Receivership
Current report
Interest expense increased to $8.0 million for the nine months ended September 30, 2025 as compared to $0.0 for the nine months ended September 30, 2024. The increase in interest expense associated with property in receivership is due to the court appointment of a receiver for 1140 Avenue of Americas.
Current report
In September 2025, we agreed with the Lender to pursue a consensual foreclosure. On September 11, 2025, the Court appointed a receiver and we ceased managing the property. As a result of the consensual foreclosure and the appointment of the receiver, we removed our related assets and liabilities from the condensed consolidated balance sheet as of September 30, 2025 and recognized a gain of $44.3 million which is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025.
Current report
We also recorded a contract asset of $106.3 million and the related debt associated with property under receivership and accrued interest associated with property under receivership of $99.0 million and $7.3 million, respectively, are included in our consolidated balance sheet as of September 30, 2025. This contract asset represents our right to debt extinguishment once the foreclosure process on the 1140 Avenue of Americas property is completed.
Current report
In addition, the 1140 Avenue of Americas property includes a ground lease agreement, for more information on the ground lease please see Note 9 - Commitments and Contingencies. Upon disposition of the 1140 Avenue of Americas property, we removed the related ROU asset and lease liability from the condensed consolidated balance sheet.
Current report
On November 6, 2025, we received a notice from the a special servicer on behalf of the lender identifying certain additional events of default, specifically incurrence of indebtedness that does not constitute permitted indebtedness and incurrence of liens that are not in favor of the lender or permitted encumbrances, subject to certain exceptions, as a result of our alleged failure to make certain additional payments and certain liens filed on the property as a result thereof. In such notice, the lender notified us that, due to the alleged events of default under the loan agreement, the loan had been accelerated, and all amounts under the loan agreement were due and payable, together with interest at the default rate set forth in the loan agreement, which is a rate annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) four percent (4%) above the interest rate of 4.516% per annum, compounded monthly. Such amounts include, but are not limited to, the $50.0 million principal amount of the promissory notes evidencing the loan agreement. We are evaluating our options with respect to the property and there can be no assurance as to the resolution of these matters with the lender.
Current report
Please see Note 10 — Related Party Transactions and Arrangements to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Removed paragraphs (8)
Previous report
Management Update on the Continuing Adverse Economic Impacts Since the COVID-19 Pandemic
Previous report
Leasing Activity for the Six Months Ended June 30, 2025
Previous report
Leasing Activity for the Six Months Ended June 30, 2024
Previous report
•Occupancy at 1140 Avenue of the Americas was at 74.1% for the period ended June 30, 2025 as compared to 79.3% for period ended June 30, 2024.
Previous report
Comparison of Six Months Ended June 30, 2025 and 2024
Previous report
Dividend Policy
Previous report
Through the six months ended June 30, 2022, we paid dividends to our common stockholders at our current annual rate of $3.20 per share of Class A common stock (adjusted for the Reverse Stock Split), or $0.80 per share (adjusted for the Reverse Stock Split) on a quarterly basis. The board subsequently decided not to declare any further dividends for the subsequent periods through June 30, 2025. There is no assurance as to when or if the board will declare future dividends or the amount of any future dividends that may be declared.
Previous report
Please see Note 9 — Related Party Transactions and Arrangements to our consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Reworded paragraphs (58)
Previous wording
These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include anticipated benefits of our election to terminate our status as a real estate investment trust; whether we will be able to successfully acquire new assets or businesses; our ability to execute on our business plan and sell certain of our properties on commercially practicable terms, if at all; the risks associated with the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on us, our tenants and the global economy and financial markets; the potential adverse effects on inflationary conditions and higher interest rate environment; economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships; the risk that any potential future acquisition or disposition by us is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all; and the risk that we may not meet the listing requirements of the New York Stock Exchange. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements are set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2025 (the “2024 Annual Report”), this and our other Quarterly Reports on Form 10-Q and our other filings with the SEC.
Current wording
These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include anticipated benefits of our election to terminate our status as a real estate investment trust; whether we will be able to successfully acquire new assets or businesses; potential adverse effects of the geopolitical instability; the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on us, our tenants and the global economy and financial markets; inflationary conditions and higher interest rate environment; economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships; that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, and that we may not be able to regain compliance with New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company’s common stock and shareholders’ ability to sell the Company’s common stock. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements are set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2025 (the “2024 Annual Report”), this and our other Quarterly Reports on Form 10-Q and our other filings with the SEC.
Previous wording
We are an externally managed company that owns a portfolio of commercial real estate located within the five boroughs of New York City, primarily Manhattan. Our real estate assets consist of office properties and certain real estate assets that accompany office properties, including retail spaces and amenities and parking garages that do not accompany office spaces. As of June 30, 2025, we owned six properties consisting of 1.0 million rentable square feet, acquired for an aggregate purchase price of $621.2 million with an overall occupancy of 82.0%.
Current wording
We are an externally managed company that owns a portfolio of commercial real estate located within the five boroughs of New York City, primarily Manhattan. Our real estate assets consist of office properties and certain real estate assets that accompany office properties, including retail spaces and amenities and parking garages that do not accompany office spaces. As of September 30, 2025, we owned six properties consisting of approximately 0.7 million rentable square feet, acquired for an aggregate purchase price of $442.7 million with an overall occupancy of 80.9%, which excludes one property, 1140 Avenue of Americas, which is in consensual a foreclosure process.
Previous wording
New York City, where all of our properties are located, was among the hardest hit locations in the country and fully reopened from relevant restrictions and lockdowns on March 7, 2022. The pace of recovery in the New York City office market from the COVID-19 pandemic continues to be challenged as leasing and occupancy trends for the broader market have slowed, leading political, community, and business leaders to propose repositioning plans for many New York City office assets that are experiencing high vacancy rates.
Current wording
The pace of recovery in the New York City office market from the COVID-19 pandemic continues to be challenged as leasing and occupancy trends for the broader market have slowed, leading political, community, and business leaders to propose repositioning plans for many New York City office assets that are experiencing high vacancy rates.
Previous wording
The adverse economic impacts since the onset of the COVID-19 pandemic have caused us to experience challenges in leasing up available space and maintaining occupancy in our properties. These challenges with leasing activity have negatively impacted, and continue to impact, our results of operations, cash flows, and ability to comply with certain mortgage debt covenants. For additional information on our leasing activity for the six months ended June 30, 2025 and 2024, please see Results of Operations — Leasing Activity below.
Current wording
The adverse economic impacts since the onset of the COVID-19 pandemic have caused us to experience challenges in leasing up available space and maintaining occupancy in our properties. These challenges with leasing activity have negatively impacted, and continue to impact, our results of operations, cash flows, and ability to comply with certain mortgage debt covenants. For additional information on our leasing activity for the nine months ended September 30, 2025 and 2024, please see Results of Operations — Leasing Activity below.
Previous wording
As of June 30, 2025 two of our mortgages aggregating $149.0 million are in default and three of our mortgages aggregating $159.0 million in principal amount remained in a cash trap events, as described in detail further below in the Liquidity and Capital Resources section. The lenders holding one of such mortgages in default, which is in respect of our 1140 Avenue of Americas property, have accelerated the debt outstanding under the applicable loan agreement and in June 2025 initiated foreclosure litigation as a result of alleged defaults, see Note 5 – Mortgage Notes Payable, Net — Debt Covenant Non-Compliance, Cash Sweep Events, Notices of Defaults and of Acceleration and Foreclosure Litigation to our consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Current wording
As of September 30, 2025 two of our mortgages aggregating $50.0 million are in default and three of our mortgages aggregating $60.0 million in principal amount remained in a cash trap events, as described in detail further below in the Liquidity and Capital Resources section. The lenders holding one of such mortgages in default, which is in respect of our 1140 Avenue of Americas property, have accelerated the debt outstanding under the applicable loan agreement and in June 2025 initiated foreclosure litigation as a result of alleged defaults. In September 2025, the Company and the lender agreed to pursue a cooperative consensual foreclosure. On September 11, 2025, the Court appointed a receiver, and the Company ceased managing the property. As a result of the consensual foreclosure and the appointment of the receiver,the Company removed its related assets and liabilities from the consolidate balance sheet as of September 30, 2025. In addition, the 400 E. 67th Street/200 Riverside Boulevard property is also in default and the lenders have accelerated the debt outstanding under the applicable loan agreement. See also Note 5 – Mortgage Notes Payable, Net — Debt Covenant Non-Compliance, Cash Sweep Events, Notices of Defaults and of Acceleration and Foreclosure Litigation to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Previous wording
Our portfolio is primarily comprised of office and retail tenants. We have collected 98% of cash rent due across our entire portfolio for the six months ended June 30, 2025 (based on annualized straight-line rent as of June 30, 2025). We expect our cash rent collections will stay at that level, however there can be no assurance that we will be able to collect cash rent due in the future.
Current wording
Our portfolio is primarily comprised of office and retail tenants. We have collected 98% of cash rent due across our entire portfolio for the nine months ended September 30, 2025 (based on annualized straight-line rent as of September 30, 2025). We expect our cash rent collections will stay at that level, however there can be no assurance that we will be able to collect cash rent due in the future.
Previous wording
See Note 3 — Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncementsto our consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Current wording
See Note 3 — Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncementsto our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion.
Previous wording
(2)During the quarter ended September 30, 2024, we had a tenant vacate its current space, however, per their agreement with us, the tenant is required to pay rent for the remainder of the term of their existing lease, which is set to expire in the third quarter of 2025.
Current wording
(2)During the quarter ended September 30, 2024, we had a tenant vacate its current space, however, per their agreement with us, the tenant is required to pay rent for the remainder of the term of their existing lease, which is expired in the third quarter of 2025.
Previous wording
The following table is a summary of our quarterly leasing activity during the six months ended June 30, 2025:
Current wording
The following table is a summary of our quarterly leasing activity during the nine months ended September 30, 2025:
Previous wording
The following table is a summary of our quarterly leasing activity during the six months ended June 30, 2024:
Current wording
The following table is a summary of our quarterly leasing activity during the nine months ended September 30, 2024:
Previous wording
Our total overall portfolio occupancy decreased as of June 30, 2025 to 82.0% from a total portfolio occupancy of 85.9% as of June 30, 2024 from the following:
Current wording
Our total overall portfolio occupancy decreased as of September 30, 2025 to 80.9% from a total portfolio occupancy of 85.9% as of September 30, 2024 from the following:
Previous wording
•Occupancy at 400 E. 67th Street was at 44.3% for the period ended June 30, 2025 as compared to 100% for the period ended June 30, 2024. During the quarter ended September 30, 2024, a tenant located at our 400 E. 67th Street vacated its current space, however, per their agreement with us, the tenant is required to pay rent for the remainder of term of their existing lease which is set to expire in the third quarter of 2025.
Current wording
•Occupancy at 400 E. 67th Street was at 44.3% for the period ended September 30, 2025 as compared to 100% for the period ended September 30, 2024. During the quarter ended September 30, 2024, a tenant located at our 400 E. 67th Street vacated its current space, however, per their agreement with us, the tenant is required to pay rent for the remainder of term of their existing lease which expired in the third quarter of 2025.
Previous wording
•Occupancy at 123 William Street decreased to 84.4% as of June 30, 2025 compared to 88.8% as of June 30, 2024. The decrease in occupancy was due to a lease amendment and a tenant occupying less space and an early termination with a tenant during the quarter ended September 30, 2024.
Current wording
•Occupancy at 123 William Street decreased to 80.0% as of September 30, 2025 compared to 88.8% as of September 30, 2024. The decrease in occupancy was due to a lease amendment and a tenant occupying less space and an early termination with a tenant during the quarter ended September 30, 2025.
Previous wording
As of June 30, 2025, we owned six properties, all of which were acquired prior to January 1, 2024. Our results of operations for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 primarily reflect changes due to leasing activity and occupancy.
Current wording
As of September 30, 2025, we owned six properties, with one property, 1140 Avenue of Americas, in a consensual foreclosure process, all of which were acquired prior to January 1, 2024. Our results of operations for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 primarily reflect changes due to leasing activity and occupancy.
Previous wording
Net loss attributable to common stockholders was $41.7 million for the quarter ended June 30, 2025, as compared to $91.9 million for the quarter ended June 30, 2024. The change in net loss income attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.
Current wording
Net income (loss) attributable to common stockholders was $35.8 million for the quarter ended September 30, 2025, as compared to $34.5 million for the quarter ended September 30, 2024. The change in net income (loss) income attributable to common stockholders is discussed in detail for each line item of the condensed consolidated statements of operations in the sections that follow.
Previous wording
Revenue from tenants decreased to $12.2 millionfor the three months ended June 30, 2025 as compared to $15.8 million for the three months ended June 30, 2024 primarily due to the sale of 9 Times Square during the three months ended December 31, 2024, resulting in a $3.5 million decrease in revenue from tenants.
Current wording
Revenue from tenants decreased to $12.3 millionfor the three months ended September 30, 2025 as compared to $15.4 million for the three months ended September 30, 2024 primarily due to the sale of 9 Times Square during the three months ended December 31, 2024, resulting in a $3.2 million decrease in revenue from tenants.
Previous wording
We incurred$1.7 million and $1.9 million in fees for asset and property management services paid to our Advisor and Property Manager for the three months ended June 30, 2025 and 2024, respectively. See Note 9 — Related Party Transactions and Arrangements to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information on fees incurred from our Advisor and Property Manager.
Current wording
We incurred$1.9 million and $2.0 million in fees for asset and property management services paid to our Advisor and Property Manager for the three months ended September 30, 2025 and 2024, respectively. See Note 10 — Related Party Transactions and Arrangements to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for more information on fees incurred from our Advisor and Property Manager.
Previous wording
Property operating expenses decreased to $8.0 million for the three months ended June 30, 2025 as compared to $8.5 million for the three months ended June 30, 2024. The decrease in expenses is primarily related to the sale of 9 Times Square during the three months ended December 31, 2024.
Current wording
Property operating expenses decreased to $6.6 million for the three months ended September 30, 2025 as compared to $8.6 million for the three months ended September 30, 2024. The decrease in expenses is primarily related to the sale of 9 Times Square during the three months ended December 31, 2024.
Previous wording
During the three months ended June 30, 2024, we recorded impairment charges of $84.7 million related to our 9 Times Square property. We recorded impairment charges for this property because we determined that the carrying value exceeded our estimate of the net sale price of the property as of June 30, 2023. This property was sold in December 2024.
Current wording
During the three months ended September 30, 2024, we recorded impairment charges of $1.9 million related to our 9 Times Square property. We recorded impairment charges for this property because we determined that the carrying value exceeded our estimate of the net sale price of the property as of September 30, 2024. This property was sold in December 2024.
Previous wording
Equity-based compensation remained materially consistent at $0.1 million for the three months ended June 30, 2025 as compared to $0.2 million for the three months ended June 30, 2024. These amounts are comprised of restricted share amortization expense.
Current wording
Equity-based compensation remained materially consistent at $0.1 million for the three months ended September 30, 2025 as compared to $0.1 million for the three months ended September 30, 2024. These amounts are comprised of restricted share amortization expense.
Previous wording
General and administrative expenses remained materially consistent at $2.2 million for the three months ended June 30, 2025 as compared to $2.0 million for three months ended June 30, 2024.
Current wording
General and administrative expenses remained materially consistent at $1.8 million for the three months ended September 30, 2025 as compared to $1.8 million for three months ended September 30, 2024.
Previous wording
Total reimbursement expenses for administrative and personnel services provided by the Advisor, were$1.0 million during the three months ended June 30, 2025 and $0.9 million, during the three months ended June 30, 2024.
Current wording
Total reimbursement expenses for administrative and personnel services provided by the Advisor, were$0.9 million during the three months ended September 30, 2025 and $0.8 million, during the three months ended September 30, 2024.
Previous wording
Pursuant to our Advisory Agreement, reimbursement for administrative and overhead expenses and reimbursements for salaries, wages, and benefits are subject to annual limits of$3.0 million ($2.6 million before the three months ended March 31, 2024) related to salaries, wages, and benefits and$0.4 million related to administrative and overhead expenses. See Note 9 — Related Party Transactions and Arrangements to our consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Current wording
Pursuant to our Advisory Agreement, reimbursement for administrative and overhead expenses and reimbursements for salaries, wages, and benefits are subject to annual limits. Of which$3.0 million ($2.6 million before the three months ended March 31, 2024) is related to salaries, wages, and benefits and$0.4 million related to administrative and overhead expenses. See Note 10 — Related Party Transactions and Arrangements to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Previous wording
Depreciation and amortization expense decreased to $3.5 million for the three months ended June 30, 2025 as compared to $5.2 million for the three months ended June 30, 2024. The decrease was primarily due to a lower depreciable asset base between periods primarily relating to the sale of our 9 Times Square property in the fourth quarter of 2024. For more information, please see our 2024 Annual Report.
Current wording
Depreciation and amortization expense decreased to $3.1 million for the three months ended September 30, 2025 as compared to $4.4 million for the three months ended September 30, 2024. The decrease was primarily due to a lower depreciable asset base between periods primarily relating to the sale of our 9 Times Square property in the fourth quarter of 2024. For more information, please see our 2024 Annual Report.
Previous wording
Interest expense increased to$7.9 million for the three months ended June 30, 2025, as compared to$5.2 millionfor the three months ended June 30, 2024. The increase in interest expense can primarily be attributed to accrual of default interest for 1140 Avenue of the Americas and 400 E. 67th Street/200 Riverside properties.
Current wording
Interest expense decreased to$4.1 million for the three months ended September 30, 2025, as compared to$5.3 millionfor the three months ended September 30, 2024. The decrease in interest expense can primarily be attributed to the interest expense related to the 1140 Avenue of the Americas property in court appointed receivership.
Previous wording
As of June 30, 2025, we owned six properties, all of which were acquired prior to January 1, 2024. Our results of operations for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 primarily reflect changes due to leasing activity and occupancy.
Current wording
As of September 30, 2025, we owned six properties, all of which were acquired prior to January 1, 2024. Our results of operations for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 primarily reflect changes due to leasing activity and occupancy.
Previous wording
Net loss attributable to common stockholders was $50.3 million for the six months ended June 30, 2025, as compared to $99.5 million for the six months ended June 30, 2024. The change in net loss income attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.
Current wording
Net loss attributable to common stockholders was $14.5 million for the nine months ended September 30, 2025, as compared to $133.9 million for the nine months ended September 30, 2024. The change in net loss income attributable to common stockholders is discussed in detail for each line item of the condensed consolidated statements of operations in the sections that follow.
Previous wording
Revenue from tenants decreased to $24.5 million for the six months ended June 30, 2025, from $31.2 million for the six months ended June 30, 2024. The decrease was primarily due to the sale of 9 Times Square during the three months ended December 31, 2024, resulting in a$6.7 million decrease in revenue from tenants.
Current wording
Revenue from tenants decreased to $36.8 million for the nine months ended September 30, 2025, from $46.7 million for the nine months ended September 30, 2024. The decrease was primarily due to the sale of 9 Times Square during the three months ended December 31, 2024, resulting in a$9.9 million decrease in revenue from tenants.
Previous wording
Fees for asset and property management services paid to our Advisor and Property Manager were $3.6 million and $3.8 million for the six months ended June 30, 2025 and 2024, respectively. See Note 9 — Related Party Transactions and Arrangements to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information on fees incurred from our Advisor and Property Manager.
Current wording
Fees for asset and property management services paid to our Advisor and Property Manager were $5.5 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively. See Note 10 — Related Party Transactions and Arrangements to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for more information on fees incurred from our Advisor and Property Manager.
Previous wording
Property operating expenses decreased to $16.1 million for the six months ended June 30, 2025 as compared to$16.8 millionfor the six months ended June 30, 2024. The decrease in expenses is primarily related to the sale of 9 Times Square during the three months ended December 31, 2024.
Current wording
Property operating expenses decreased to $22.8 million for the nine months ended September 30, 2025 as compared to$25.4 millionfor the nine months ended September 30, 2024. The decrease in expenses is primarily related to the sale of 9 Times Square during the three months ended December 31, 2024.
Previous wording
During the three months ended June 30, 2025, we recorded an impairment charge of $7.1 million on our 1140 Avenue property. This charge was recognized to reduce the property's carrying value to its estimated fair value.
Current wording
During the nine months ended September 30, 2025, we recorded an impairment charge of $7.1 million on our 1140 Avenue property. This charge was recognized to reduce the property's carrying value to its estimated fair value.
Previous wording
During the three months ended June 30, 2025 we recorded impairment charges totaling $13.1 million, related to our 400 E. 67th Street/200 Riverside property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.
Current wording
During the nine months ended September 30, 2025 we recorded impairment charges totaling $13.1 million, related to our 400 E. 67th Street/200 Riverside property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.
Previous wording
During the three months ended June 30, 2025 we recorded impairment charges totaling $10.3 million, related to our 196 Orchard Street property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.
Current wording
During the nine months ended September 30, 2025 we recorded impairment charges totaling $10.3 million, related to our 196 Orchard Street property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.
Previous wording
During the six months ended June 30, 2024, we recorded an impairment charges of $84.7 million related to our 9 Times Square property. We recorded impairment charges for this property because we determined that the carrying value exceeded our estimate of the net sale price of the property as of June 30, 2023. This property was sold in December 2024.
Current wording
During the nine months ended September 30, 2024, we recorded an impairment charges of $86.6 million related to our 9 Times Square property. We recorded impairment charges for this property because we determined that the carrying value exceeded our estimate of the net sale price of the property as of June 30, 2023. This property was sold in December 2024.
Previous wording
Equity-based compensation remained consistent at$0.2 million for the six months ended June 30, 2025 and 2024. These amounts are comprised of restricted share amortization expense.
Current wording
Equity-based compensation remained consistent at$0.3 million for the nine months ended September 30, 2025 and 2024. These amounts are comprised of restricted share amortization expense.
Previous wording
General and administrative expenses increased to $5.3 million for the six months ended June 30, 2025 compared to $4.8 million for the six months ended June 30, 2024. The increase was primarily attributable to higher legal and external audit fees.
Current wording
General and administrative expenses increased to $7.1 million for the nine months ended September 30, 2025 compared to $6.5 million for the nine months ended September 30, 2024. The increase was primarily attributable to higher legal and external audit fees.
Previous wording
Total reimbursement expenses for administrative and personnel services provided by the Advisor were $2.6 million during the six months ended June 30, 2025 and were $2.1 million during thesix months ended June 30, 2024.
Current wording
Total reimbursement expenses for administrative and personnel services provided by the Advisor were $3.5 million during the nine months ended September 30, 2025 and were $2.9 million during thenine months ended September 30, 2024.
Previous wording
Pursuant to our Advisory Agreement, reimbursement for administrative and overhead expenses and reimbursements for salaries, wages, and benefits are subject to annual limits of$3.0 million ($2.6 million before the three months ended March 31, 2024) related to salaries, wages, and benefits and $0.4 million related to administrative and overhead expenses. See Note 9 — Related Party Transactions and Arrangements to our consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Current wording
Pursuant to our Advisory Agreement, reimbursement for administrative and overhead expenses and reimbursements for salaries, wages, and benefits are subject to annual limits. Of which$3.0 million ($2.6 million before the three months ended March 31, 2024) is related to salaries, wages, and benefits and $0.4 million related to administrative and overhead expenses. See Note 10 — Related Party Transactions and Arrangements to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Previous wording
Depreciation and amortization expense decreased to $7.1 million for the six months ended June 30, 2025, compared to $10.4 million for the six months ended June 30, 2024. The decrease was primarily due to a lower depreciable asset base between periods primarily relating to the sale of our 9 Times Square property in the fourth quarter of 2024. For more information, please see our 2024 Annual Report.
Current wording
Depreciation and amortization expense decreased to $10.2 million for the nine months ended September 30, 2025, compared to $14.8 million for the nine months ended September 30, 2024. The decrease was primarily due to a lower depreciable asset base between periods primarily relating to the sale of our 9 Times Square property in the fourth quarter of 2024. For more information, please see our 2024 Annual Report.
Previous wording
Interest expense increased to $11.9 million for the six months ended June 30, 2025 as compared to $9.9 million for the six months ended June 30, 2024. The increase in interest expense can primarily be attributed to the default interest incurred on our 1140 Avenue of Americas and 460 E. 67th Street/200 Riverside properties.
Current wording
Interest expense decreased to $11.2 million for the nine months ended September 30, 2025 as compared to $15.2 million for the nine months ended September 30, 2024. The decrease in interest expense can primarily be attributed to the interest expense related to the 1140 Avenue of the Americas property in court appointed receivership.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Management Update on the New York City Real Estate Market
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Net Loss Attributable to Common Stockholders
Previous report — wording carried elsewhere
During the six months ended June 30, 2025, we recorded an impairment charge of $7.1 million on our 1140 Avenue property. This charge was recognized to reduce the property's carrying value to its estimated fair value.
Previous report — wording carried elsewhere
During the six months ended June 30, 2025 we recorded impairment charges totaling $13.1 million, related to our 400 E. 67th Street/200 Riverside property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.
Previous report — wording carried elsewhere
During the six months ended June 30, 2025 we recorded impairment charges totaling $10.3 million, related to our 196 Orchard Street property. These charges were recognized to reduce the carrying value of the property to its estimated fair value.