The following is a summary of the American Strategic Investment Co. (NYC) Q4 2023 Earnings Call Transcript:
Financial Performance:
American Strategic Investment Co. reported a dip in full-year revenue to $62.7 million in 2023 from $64 million in 2022.
The company suffered a significant net loss of $105.9 million compared to $45.9 million in the previous year.
Q4 of 2023 witnessed further losses of $73.9 million largely due to a non-cash impairment on a property in Midtown, Manhattan.
Business Progress:
The company showed robust growth in its real estate portfolio by signing 15 new leases, which led to a 4% rise in occupancy.
The sale of the Hit Factory asset lowered the annual carrying costs while generating cash.
With a strong leasing pipeline, the company plans to increase portfolio occupancy and make more income-generating investments.
More details: American Strategic Investment IR
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