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American Strategic Investment Co.

For the period ended Dec 31, 2024. Filed Mar 19, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 19, 2025

NYC$5.76-2.5%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

The following table presents certain information about the properties we owned as of December 31, 2024:

PortfolioAcquisitionDateNumberof PropertiesRentable Square FeetOccupancy (1)RemainingLease Term (2)
400 E. 67th Street - Laurel CondominiumSept. 2014158,75044.3%6.3
200 Riverside Boulevard - ICON GarageSept. 2014161,475100.0%12.5
123 William StreetMar. 20151544,61082.3%4.5
1140 Avenue of the AmericasJun. 20161245,82174.1%6.4
8713 Fifth AvenueOct. 2018117,500100.0%9.6
196 Orchard StreetJul. 2019160,297100.0%10.1
6988,45380.8%6.3

(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2024, 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, 2024, 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, 2024. 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)
2025$43,695
202639,437
202736,051
202831,383
202929,145
203026,745
203122,269
203218,207
203315,544
203411,956
Thereafter30,578
Total$305,010

(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2024, 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, 2024:

Year of ExpirationNumber of Leases ExpiringExpiring Annualized Straight-Line Rent (1)Expiring Annualized Straight-Line Rent as a Percentage of the Total PortfolioLeased Rentable Square FeetPercentage of Portfolio Leased Rentable Square Feet Expiring
(In thousands) · (In thousands)
202512$5,77812.7%10913.6%
20267$2,1554.7%425.2%
202795,94913.1%13216.5%
202893,5007.7%577.2%
202941,7853.9%324.0%
203052,9196.4%556.8%
203186,23413.7%11113.9%
203223520.8%60.7%
203384,96710.9%475.8%
203443,4257.5%303.8%
Thereafter14$8,34818.6%18022.5%
Total82$45,412100.0%801100.0%

(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, 2024, 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, 2024.

As of December 31, 2024, the following tenants accounted for 5% or more of our total annualized rental income on a straight-line basis, based on leases commenced:

Tenant% of Annualized
City National Bank9.6%
Planned Parenthood Federation of America, Inc.7.5%
Equinox6.4%

See also “Item 1A. Risk Factors - Risks Related to Our Properties and Operations - We rely significantly on the following major tenants and therefore, are subject to tenant credit concentrations that make us more susceptible to adverse events with respect to these tenants.” in this Annual Report on Form 10-K.

Significant Portfolio Properties

The rentable square feet or annualized rental income on a straight-line basis of the properties located at 123 William Street, 1140 Avenue of the Americas and 196 Orchard Street represent greater than 10% of our total portfolio. As of December 31, 2024, our two largest assets, 123 William Street and 1140 Avenue of the Americas, aggregated approximately 80% of the total rentable square footage in our portfolio and 77% of annualized straight-line rent. See also “Item 1A. Risk Factors” in this Annual Report on Form 10-K. The tenant concentrations of the properties located at 123 William Street, 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, 2024:

TenantRented Square FeetRented Square Feet as a % of Total 123 William StreetLease ExpirationRemaining Lease Term (1)Renewal OptionsAnnualized Rental Income (2 )Annualized Rental Income as a % of 123 William Street
(In thousands)
Planned Parenthood Federation of America, Inc.68,24015.2%Jul. 20316.61 - 5 year option$3,38816.4%
The City of New York - The Department of Youth and Community40,6109.1%Dec. 203713.011 - 5 year option$2,21510.7%

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, 2024:

TenantRented Square FeetRented Square Feet as a % of Total 1140 Avenue of the AmericasLease ExpirationRemaining Lease Term (1)Renewal OptionsAnnualized Rental Income (2 )Annualized Rental Income as a % of 1140 Avenue of the Americas
(In thousands)
City National Bank35,64319.6%June. 20338.5None$4,35630.7%

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, 2024:

TenantRented Square FeetRented Square Feet as a % of 196 Orchard StreetLease ExpirationRemaining Lease Term (1)Renewal OptionsAnnualized Rental Income (2 )Annualized Rental Income as a % of 196 Orchard Street
(In thousands)
CVS9,95616.5%Aug. 20349.72 - 5 year options2,16132.3%
Equinox30,03349.8%Nov. 203813.92 - 5 year options2,89743.3%
Marshalls20,30833.7%Oct. 20283.83 - 5 year options1,64124.5%

Property Financings

See Note 4 — Mortgage Notes Payable, Net to our 2024 Financial Statements for information regarding property financings as of December 31, 2024 and 2023.

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