American Strategic Investment Co.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
View on SEC.govAbout 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.
FY2025 · Filed Apr 15, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. Properties
The following table presents certain information about the properties we owned as of December 31, 2025:
| Portfolio | AcquisitionDate | Numberof Properties | Rentable Square Feet | Occupancy (1) | RemainingLease Term (2) |
|---|---|---|---|---|---|
| 400 E. 67th Street - Laurel Condominium | Sept. 2014 | 1 | 58,750 | 44.3% | 11.5 |
| 200 Riverside Blvd. - ICON Garage | Sept. 2014 | 1 | 61,475 | 100.0% | 11.5 |
| 123 William Street | Mar. 2015 | 1 | 544,610 | 79.2% | 4.1 |
| 8713 Fifth Avenue | Oct. 2018 | 1 | 17,500 | 100.0% | 8.9 |
| 196 Orchard Street | Jul. 2019 | 1 | 60,297 | 100.0% | 9.9 |
| 5 | 742,632 | 80.3% | 6.1 | ||
(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2025, 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, 2025, 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, 2025. 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) |
|---|---|
| 2026 | $26,763 |
| 2027 | 24,182 |
| 2028 | 20,411 |
| 2029 | 19,728 |
| 2030 | 18,344 |
| 2031 | 15,537 |
| 2032 | 11,762 |
| 2033 | 11,162 |
| 2034 | 10,306 |
| 2035 | 8,802 |
| Thereafter | 21,379 |
| Total | $188,376 |
(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2025, 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, 2025:
| 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) | |||||
| 2026 | 5 | $1,363 | 5.0% | 29 | 5.4% |
| 2027 | 8 | 5,442 | 20.1% | 124 | 22.8% |
| 2028 | 3 | 1,154 | 4.3% | 26 | 4.7% |
| 2029 | 4 | 1,592 | 5.9% | 32 | 5.9% |
| 2030 | 2 | 1,143 | 4.2% | 29 | 5.3% |
| 2031 | 10 | 5,466 | 20.2% | 98 | 18.0% |
| 2032 | — | — | —% | — | —% |
| 2033 | 4 | 1,061 | 3.9% | 21 | 3.9% |
| 2034 | 2 | 2,161 | 8.0% | 10 | 1.8% |
| 2035 | — | — | —% | — | —% |
| Thereafter | 11 | 7,707 | 28.4% | 176 | 32.2% |
| Total | 49 | $27,089 | 100.0% | 545 | 100.0% |
(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, 2025, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.
Tenant Concentration
There were two tenants whose rentable square footage represented greater than 10.0% of total portfolio rentable square footage as of December 31, 2025.
As of December 31, 2025, 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 |
|---|---|
| Planned Parenthood Federation of America, Inc | 11.7% |
| Equinox | 10.1% |
| The City of New York - The Department of Youth and Community | 7.8% |
| CVS | 7.6% |
| United States General Services Administration | 7.2% |
| NYS Licensing | 6.4% |
| Marshalls | 5.2% |
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 and 196 Orchard Street represent greater than 10% of our total portfolio. As of December 31, 2025, our largest asset, 123 William Street, represents approximately 73% of the total rentable square footage in our portfolio and 67% 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 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, 2025:
| 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 | 65,242 | 15.1% | Jul. 2031 | 5.58 | 1 - 5 year option | $3,337 | 17.4% |
| The City of New York - The Department of Youth and Community | 40,610 | 9.4% | Dec. 2037 | 12.01 | 1 - 5 year option | $2,215 | 11.6% |
| United States General Services Administration | 48,221 | 11.2% | Jun. 2027 | 1.49 | None | $2,050 | 10.7% |
(1)Remaining lease term in years as of December 31, 2025.
(2)Annualized rental income on a straight-line basis as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.
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, 2025:
| 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 | 8.7 | 2 - 5 year options | 2,161 | 33.1% |
| Equinox | 30,033 | 49.8% | Nov. 2038 | 12.9 | 2 - 5 year options | 2,897 | 44.3% |
| Marshalls | 20,308 | 33.7% | Oct. 2031 | 5.8 | 3 - 5 year options | 1,477 | 22.6% |
(1)Remaining lease term in years as of December 31, 2025.
(2)Annualized rental income on a straight-line basis as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.
Property Financings
See Note 5 — Mortgage Notes Payable, Net to our 2025 Financial Statements for information regarding property financings as of December 31, 2025 and 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.