American Strategic Investment Co (NYC)

American Strategic Investment Co. Announces First Quarter 2026 ResultsMay 15, 2026 6:00 AM
Business Wire Company to Host Investor Webcast and Conference Call Today at 11:00 AM ET American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”), a company that owns a portfolio of commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the third quarter ended March 31, 2026. First Quarter 2026 Highlights Revenue was $7.3 million compared to $12.3 million in the first quarter of 2025, primarily related to the disposition of 1140 Avenue of the Americas in the prior year Net loss attributable to common stockholders was $7.8 million, compared to net loss of $8.6 million in the first quarter of 2025 Cash net operating income (“NOI”) was $2.9 million, compared to $4.2 million in the first quarter of 2025 Adjusted EBITDA was negative $1.1 million, compared to negative $0.8 million in the first quarter of 2025 Weighted-average remaining lease term(1) grew to 6.2 years from 6.1 years at the end of the fourth quarter 69% of annualized straight-line rent from top 10 tenants(2) was derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 6.7 years Portfolio comprised of fixed and variable rate debt at a 4.6% weighted-average interest rate CEO Comments “Our performance in the quarter reflects the stability of our portfolio and the quality of our tenant base,” stated Nicholas Schorsch, Jr., CEO of ASIC. “We continue to make deliberate progress on asset dispositions and capital prioritization, and we remain focused on the actions we believe will generate the most durable long-term value for our shareholders.” Financial Results     Three Months Ended March 31, (In thousands, except per share data)     2026       2025   Revenue from tenants   $ 7,348     $ 12,308             Net income (loss) attributable to common stockholders   $ (7,775 )   $ (8,592 ) Net income (loss) per common share (1)   $ (3.04 )   $ (3.39 )           EBITDA   $ 1,047     $ (918 ) Adjusted EBITDA   $ (1,119 )   $ (832 ) (1) All per share data based on 2,556,769 and 2,533,557 diluted weighted-average shares outstanding for the three months ended March 31, 2026 and 2025, respectively. Real Estate Portfolio The Company’s portfolio consisted of five properties comprised of 0.7 million rentable square feet (excluding our 1140 Avenue of the Americas property, which is in a consensual foreclosure process) as of March 31, 2026. Portfolio metrics include: 76.4% leased 6.2 years remaining weighted-average lease term 69% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants with 6.7 years of weighted-average remaining lease term Diversified portfolio, comprised of 28% government and public administration tenants, 15% retail tenants, 12% non-profit, 11% fitness and 34% all other industries, based on annualized straight-line rent Capital Structure and Liquidity Resources As of March 31, 2026, the Company had $2.5 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 59.6%, with net debt of $248.5 million. All of the Company’s debt was fixed-rate as of March 31, 2026. The Company’s total combined debt had a weighted-average interest rate of 4.56%(8). Advisor Payments Made with Common Stock Issuances in Lieu of Cash In furtherance of the Company's strategy to prioritize and preserve operating capital, as previously disclosed, in April 2026, the Company’s external Advisor elected to receive shares of the Company’s Class A common stock in lieu of $1,910,169 in advisory fees accrued and payable under the Advisory Agreement through that date, which was approved by the Compensation Committee of the Company’s Board of Directors. The Company has previously issued shares of its Class A common stock in lieu of cash to its Advisor and Property Manager as part of its ongoing efforts to manage operating expenses and conserve liquidity. Footnotes/Definitions (1) The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of March 31, 2026. (2) Top 10 tenants based on annualized straight-line rent as of March 31, 2026. (3) As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2026. Based on annualized straight-line rent, top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated. (4) Annualized straight-line rent is calculated using the most recent available lease terms as of March 31, 2026. (5) Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million. (6) Total debt of $251.0 million less cash and cash equivalents of $2.5 million as of March 31, 2026. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents. (7) Defined as the carrying value of total assets of $445.0 million plus accumulated depreciation and amortization of $82.9 million as of March 31, 2026. (8) Weighted based on the outstanding principal balance of the debt. Webcast and Conference Call ASIC will host a webcast and call on May 15, 2026 at 11:00 a.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the ASIC website, www.americanstrategicinvestment.com, in the “Investor Relations” section. Dial-in instructions for the conference call and the replay are outlined below. To listen to the live call, please go to ASIC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the ASIC website at www.americanstrategicinvestment.com. Live Call
Dial-In (Toll Free): 1-877-269-7751
International Dial-In: 1-201-389-0908 Conference Replay*
Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference Number: 13760299
*Available from May 15, 2026 through May 29, 2026. About American Strategic Investment Co. American Strategic Investment Co. (NYSE: NYC) owns a portfolio of commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com. Supplemental Schedules The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov. Important Notice The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with the 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, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on April 15, 2026 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law. American Strategic Investment Co. Condensed Consolidated Balance Sheets (In thousands. except share and per share data)       March 31,
2026   December 31,
2025 ASSETS   (Unaudited)     Real estate investments, at cost:         Land   $ 114,099     $ 114,099   Buildings and improvements     268,573       268,474   Acquired intangible assets     5,389       5,389   Total real estate investments, at cost     388,061       387,962   Less accumulated depreciation and amortization     (82,931 )     (80,579 ) Total real estate investments, net     305,130       307,383   Cash and cash equivalents     2,500       1,297   Restricted cash     5,664       6,750   Contract asset     110,902       108,648   Prepaid expenses and other assets     3,046       3,169   Straight-line rent receivable     15,258       15,421   Deferred leasing costs, net     2,507       2,492   Total assets   $ 445,007     $ 445,160             LIABILITIES AND STOCKHOLDERS’ EQUITY         Mortgage notes payable, net   $ 249,736     $ 249,565   Debt associated with property in receivership     99,000       99,000   Accrued interest associated with property in receivership     11,902       9,648   Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively)     23,523       18,739   Notes payable to related parties     1,050       650   Below-market lease liabilities, net     660       708   Deferred revenue     2,064       2,094   Total liabilities     387,935       380,404             Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025     —       —   Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025     27       27   Additional paid-in capital     731,884       731,793   Distributions in excess of accumulated earnings     (674,839 )     (667,064 ) Total stockholders’ equity     57,072       64,756   Total liabilities and equity   $ 445,007     $ 445,160   American Strategic Investment Co. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data)       Three Months Ended March 31,       2026       2025   Revenue from tenants   $ 7,348     $ 12,308             Operating expenses:         Asset and property management fees to related parties     1,552       1,868   Property operating     4,602       8,137   Equity-based compensation     91       92   General and administrative     2,313       3,135   Depreciation and amortization     2,520       3,591   Total operating expenses     11,078       16,823   Operating loss before gain on disposition of real estate investments     (3,730 )     (4,515 ) Gain on disposition of real estate investments     2,254       —   Operating loss     (1,476 )     (4,515 ) Other income (expense):         Interest expense     (4,048 )     (4,083 ) Interest expense associated with property in receivership     (2,254 )     —   Other income     3       6   Total other expense     (6,299 )     (4,077 ) Net income (loss) before income tax     (7,775 )     (8,592 ) Income tax expense     —       —   Net income (loss) and Net income (loss) attributable to common stockholders   $ (7,775 )   $ (8,592 )           Net income (loss) per share attributable to common stockholders — Basic and Diluted   $ (3.04 )   $ (3.39 ) Weighted-average shares outstanding — Basic and Diluted     2,556,769       2,533,557   American Strategic Investment Co. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)       Three Months Ended     March 31, 2026   March 31, 2025 Net income (loss) and Net income (loss) attributable to common stockholders   $ (7,775 )   $ (8,592 ) Interest expense     4,048       4,083   Interest expense associated with property in receivership     2,254       —   Depreciation and amortization     2,520       3,591   EBITDA     1,047       (918 ) Impairment of real estate investments     —       —   Gain on disposition of real estate investments     (2,254 )     —   Equity-based compensation     91       92   Other (income) loss     (3 )     (6 ) Asset and property management fees paid in common stock to related parties in lieu of cash     —       —   Adjusted EBITDA     (1,119 )     (832 ) Asset and property management fees to related parties payable in cash     1,552       1,868   General and administrative     2,313       3,135   NOI     2,746       4,171   Accretion of below- and amortization of above-market lease liabilities and assets, net     (18 )     (12 ) Straight-line rent (revenue as a lessor)     138       102   Straight-line ground rent (expense as lessee)     —       (27 ) Cash NOI     2,866       4,234   Non-GAAP Financial Measures This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above. In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the third quarter of 2025. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance. Caution on Use of Non-GAAP Measures EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics. As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest. We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies. NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends. Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI. Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515221071/en/ Investors:
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American Strategic Investment Co. Announces Release Date for First Quarter 2026 ResultsMay 8, 2026 4:30 PM
Business Wire - Company to Host Webcast and Call - American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today it will release its financial results as of, and for the first quarter ended March 31, 2026, on Friday May 15, 2026, before the New York Stock Exchange open. The Company will also host a webcast and conference call the same day at 11:00 a.m. ET to review results and provide commentary on business performance. Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the internet and can be accessed by all interested parties through the Company’s website, http://www.americanstrategicinvestment.com, in the “Investor Relations” section. To listen to the live call, please go to the “Investor Relations” section of the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company’s website. Conference Call Details Live Call
Toll-Free Dial-In Number: 1 (877) 269-7751
Toll Dial-In Number: 1 (201) 389-0908 Conference Replay*
Toll Free Dial in Number: 1 (844) 512-2921
Toll Dial in Number: 1 (412) 317-6671 Access ID: 13760299 *Available from May 15, 2026, through May 29, 2026. About the Company American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on its website at http://www.americanstrategicinvestment.com. Forward-Looking Statements The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company's ability to return to compliance with the New York Stock Exchange's ("NYSE") continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas, and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with the NYSE's 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, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on April 15, 2026 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508249990/en/ Investor Relations

American Strategic Investment Co. Announces Updated Release Date for Fourth Quarter and Full Year 2025 ResultsApril 10, 2026 6:00 AM
Business Wire
- Company to Host Webcast and Call -


American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today it will release its financial results as of, and for the fourth quarter and year ended December 31, 2025, on Wednesday April 15, 2026, before the New York Stock Exchange open.


The Company will also host a webcast and conference call the same day at 11:00 a.m. ET to review results and provide commentary on business performance.


Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the internet and can be accessed by all interested parties through the Company’s website, http://www.americanstrategicinvestment.com, in the “Investor Relations” section. To listen to the live call, please go to the “Investor Relations” section of the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company’s website.


Conference Call Details


Live Call

Toll-Free Dial-In Number: 1 (877) 269-7751

Toll Dial-In Number: 1 (201) 389-0908


Conference Replay*

Toll Free Dial in Number: 1 (844) 512-2921

Toll Dial in Number: 1 (412) 317-6671


Access ID: 13758199


*Available from April 15, 2026 through April 29, 2026.


About the Company


American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on its website at http://www.americanstrategicinvestment.com.


Forward-Looking Statements


The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) 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 (g) that we may not be able to regain compliance with the NYSE’s 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, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 19, 2025 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260410801391/en/
Investor Relations

info@ar-global.com

(866) 902-0063


Original: American Strategic Investment Co. Announces Updated Release Date for Fourth Quarter and Full Year 2025 Results

American Strategic Investment Co. Updates Date for Fourth Quarter and Full Year 2025 ResultsMarch 25, 2026 5:30 PM
Business Wire
American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today it has rescheduled the date of its previously announced earnings release and call. The Company expects to release its financial results for the fourth quarter and year ended December 31, 2025, on Tuesday, April 14, 2026.


The change of date for the release of fourth quarter and full year 2025 financial results and the related webcast is intended to allow additional time to complete customary year-end financial reporting and internal review processes, including finalization of the Company’s Annual Report on Form 10-K. The Company and its recently appointed independent registered public accounting firm are working diligently to complete the necessary procedures.


About the Company


American Strategic Investment Co. (NYSE: NYC) owns a portfolio of commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com.


Forward-Looking Statements


The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with NYSE’s 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, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and all of its other filings with the United States Securities and Exchange Commission, including but not limited to Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325228346/en/
Investor Relations

info@ar-global.com


Original: American Strategic Investment Co. Updates Date for Fourth Quarter and Full Year 2025 Results

A new Marist University poll shows that about one in three New Yorkers expects to move out of the state within the next five years. Among those considering leaving, 40 percent point to the high cost of living as the main reason, while 21 percent cite overall quality of life and 15 percent blame taxes. $NYC

American Strategic Investment Co. Announces Release Date for Fourth Quarter and Full Year 2025 ResultsMarch 9, 2026 6:00 AM
Business Wire
- Company to Host Webcast and Call -


American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today it will release its financial results as of, and for the fourth quarter and year ended December 31, 2025, on Thursday March 26, 2026, before the New York Stock Exchange open.


The Company will also host a webcast and conference call the same day at 11:00 a.m. ET to review results and provide commentary on business performance.


Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the internet and can be accessed by all interested parties through the Company’s website, http://www.americanstrategicinvestment.com, in the “Investor Relations” section. To listen to the live call, please go to the “Investor Relations” section of the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company’s website.


Conference Call Details


Live Call

Toll-Free Dial-In Number: 1 (877) 269-7751

Toll Dial-In Number: 1 (201) 389-0908


Conference Replay*

Toll Free Dial in Number: 1 (844) 512-2921

Toll Dial in Number: 1 (412) 317-6671


Access ID: 13758199


*Available from March 26, 2026 through May 7, 2026.


About the Company


American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on its website at http://www.americanstrategicinvestment.com.


Forward-Looking Statements


The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) 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 (g) that we may not be able to regain compliance with the NYSE’s 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, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 19, 2025 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309230414/en/
Investor Relations

info@ar-global.com

(866) 902-0063


Original: American Strategic Investment Co. Announces Release Date for Fourth Quarter and Full Year 2025 Results

Bellevue Capital Partners, LLC Announces Final Results of its Tender Offer for Shares of American Strategic Investment Corp. (10/

NEW YORK, Oct. 27, 2023 /PRNewswire/ -- Bellevue Capital Partners, LLC ("Bellevue") announced today the final results of its tender offer to purchase for cash up to 350,000 shares of American Strategic Investment Co. (NYSE: NYC) ("ASIC") common stock at a price of $10.25 per share (the "Tender Offer"), which expired at 11:59 p.m., New York City time, on October 26, 2023.

Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, 223,460 shares of ASIC's common stock were properly tendered and not properly withdrawn at a price of $10.25 per share, for an aggregate cost of approximately $2,290,465, in cash, less any fees, expenses or applicable withholding taxes relating to the tender offer. The repurchased shares represent approximately 9.6% of ASIC's shares outstanding as of August 8, 2023.

Computershare Trust Company, N.A., the depositary for the tender offer, will promptly issue payment for the shares of ASIC common stock validly tendered and accepted for purchase in the tender offer, and will return all other shares tendered and not purchased in the tender offer.

About Bellevue Capital Partners, LLC

Bellevue is a leading, diversified investment, asset management and operating platform and the sole member of AR Global Investments, LLC, the parent company to the advisor and property manager of ASIC.

https://www.prnewswire.com/news-releases/bellevue-capital-partners-llc-announces-final-results-of-tender-offer-for-shares-of-american-strategic-investment-corp-301970150.html

Excellent!

I’m being bailed out.

$NYC suitor https://bellevuecapitalgroup.com/

https://ih.advfn.com/stock-market/NYSE/american-strategic-inves-NYC/stock-news/92137001/form-sc-to-t-tender-offer-statement-by-third-par

New York City REIT Announces Change of Name to American Strategic Investment Co. (1/09/23)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced today that it will change its name to American Strategic Investment Co. effective on January 19, 2023 and the Company will begin trading under the new name on January 20, 2023. The Company will file a Certificate of Amendment to its Articles of Restatement with the Secretary of State of the State of Maryland setting forth the name change at the relevant time.

About the Company

The Company owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

https://www.businesswire.com/news/home/20230109005803/en/New-York-City-REIT-Announces-Change-of-Name-to-American-Strategic-Investment-Co.

NYC Advisor and Its Affiliates Express Confidence in NYC REIT With $2.5 Million Share Purchase, Stock Election (9/06/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced this morning that the Company’s advisor and its affiliates have acquired 784,105 shares of NYC Class A common stock in the aggregate. Specifically, affiliates of NYC’s advisor purchased an aggregate of 632,911 NYC Class A shares on September 2, 2022. In addition, NYC’s advisor made an election to receive stock in lieu of cash for its advisor services. As of September 2, 2022, NYC’s advisor and its affiliates own over 2.6 million NYC Class A shares, providing increased alignment and demonstrating their depth of commitment to NYC’s long-term value.

“The board is very pleased to see the continued commitment from NYC’s advisor and its affiliates to align their interests with stockholders and invest over $2 million of cash to enhance the Company’s balance sheet for future operating and capital needs,” said Betty Tuppeny, Lead Independent Director. “The purchase of these shares during a turbulent market is a vote of confidence in both NYC’s business plan and the continuation of the strong operational results NYC achieved in the second quarter.”

About New York City REIT, Inc.

New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

https://www.businesswire.com/news/home/20220906005284/en/NYC-Advisor-and-Its-Affiliates-Express-Confidence-in-NYC-REIT-With-2.5-Million-Share-Purchase-Stock-Election

Investor Presentation (8/12/22)

http://s25.q4cdn.com/682772799/files/doc_presentation/2022/NYC-Q2'2022-Investor-Presentation_v7.pdf

New York City REIT Announces Second Quarter 2022 Results (8/12/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”), a real estate investment trust that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the second quarter ended June 30, 2022.

Second Quarter 2022 and Subsequent Event Highlights

- Revenue increased to $16.2 million from $15.0 million in the second quarter 2021

- Net loss attributable to common stockholders was $11.3 million compared to $11.1 million in second quarter 2021

- Cash net operating income (“NOI”) increased $1.0 million to $7.0 million from $6.0 million in prior year second quarter

- Funds from Operations (“FFO”) was negative $4.2 million, compared to negative $4.0 million in second quarter 2021

- Core Funds from Operations (“Core FFO”) was negative $1.5 million from negative $1.9 million in second quarter 2021

- Collected 98% of original cash rent due in second quarter 20221, up from 91% in second quarter 2021

- 71% of annualized straight-line rent from Top 10 tenants2 is derived from investment grade or implied investment grade3 rated tenants with a weighted-average remaining lease term of 9.6 years as of June 30, 2022

- Portfolio occupancy grew to 85% as of June 30, 2022 from 84% in the first quarter, 2022, with weighted-average lease term4 of 7.1 years

- Over 140,000 square feet of new leasing and lease renewals including long-term leases for two parking garages and a 10-year lease renewal with the GSA at 123 William Street

- Forward leasing pipeline of 23,400 square feet that is expected to increase occupancy by an additional 2% and grow straight-line rent by $1.2 million
Portfolio debt is 100% fixed rate with no maturities through the end of 2023

CEO Comments

“We continue to effectively execute our asset management strategy, signing over 140,000 square feet of leases during the second quarter and driving occupancy up,” said Michael Weil, CEO of NYC. “Specifically, we have grown portfolio occupancy and weighted-average remaining lease term both sequentially and year over year, which we see as an indicator of the long-term demand starting to return in the New York City market. Our leasing pipeline is expected to continue contributing to growing our occupancy, and our balance sheet is well-positioned, with long-term debt locked in at fixed rates and no maturities through the end of next year. We are committed to building shareholder value through increased leasing and strong pro-active management of our portfolio. ”

[Tables deleted]

Real Estate Portfolio

The Company’s portfolio consisted of eight properties comprised of 1.2 million rentable square feet as of June 30, 2022. Portfolio metrics include:

- 84.6% leased

- 7.1 years remaining weighted-average lease term

- 71% of annualized straight-line rent5 from top 10 tenants derived from investment grade or implied investment grade tenants with 9.6 years of weighted-average remaining lease term

- Diversified portfolio, comprised of 22% financial services tenants, 18% government and public administration tenants, 15% non-profit and 45% all other industries, based on square feet

Capital Structure and Liquidity Resources

As of June 30, 2022, the Company had $8.1 million of cash and cash equivalents.6 The Company’s net debt7 to gross asset value8 was 40.1%, with net debt of $391.4 million.

All of the Company’s debt was fixed-rate as of June 30, 2022. The Company’s total combined debt had a weighted-average interest rate of 4.4%.9

Rent Collection Update

Second Quarter of 2022

For the second quarter of 2022, NYC collected 98% of the original cash rents that were due across the portfolio, including 100% of the original cash rent payable from the top 10 tenants in the portfolio (based on annualized straight-line rent). Cash rent collected includes both contractual rents and deferred rents paid during the period.

Footnotes/Definitions

1 Comparing the percentage of Cash Rent due and collected for Q2’2022 against Q2’2021. See Annual report on Form 10-K for additional detail regarding Cash Rent collections. “Cash Rent” represents total of all contractual rents on a cash basis due from tenants as stipulated in the originally executed lease agreements for the applicable period taking into account any deferrals or lease amendments. “Original Cash Rent” refers to contractual rents on a cash basis due from tenants as stipulated in their originally executed lease agreement based on leases in place for the applicable period, prior to any rent deferral agreement. We calculate “Original Cash Rent collections” by comparing the total amount of rent collected during the period to the original Cash Rent due for the applicable period. Total rent collected during the period includes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements. This information may not be indicative of any future period.

2 Top 10 tenants based on annualized straight-line rent as of June 30, 2022.

3 As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of June 30, 2022. Based on annualized straight-line rent, top 10 tenants are 51% actual investment grade rated and 20% implied investment grade rated.

4 The weighted-average remaining lease term (years) is based on annualized straight-line rent as of June 30, 2022.

5 Annualized straight-line rent is calculated using the most recent available lease terms as of June 30, 2022.

6 Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million.

7 Total debt of $399.5 million less cash and cash equivalents of $8.1 million as of June 30, 2022. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents.

8 Defined as the carrying value of total assets of $805.9 million plus accumulated depreciation and amortization of $171.3 million as of June 30, 2022.

9 Weighted based on the outstanding principal balance of the debt.

Webcast and Conference Call

NYC will host a webcast and call on August 12, 2022 at 11:00 a.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the NYC website, www.newyorkcityreit.com, in the “Investor Relations” section.

Dial-in instructions for the conference call and the replay are outlined below.

To listen to the live call, please go to NYC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the NYC website at www.newyorkcityreit.com.

Live Call

Dial-In (Toll Free): 1-888-330-3127

International Dial-In: 1-646-960-0855

Conference ID: 5954637

Conference Replay*

Domestic Dial-In (Toll Free): 1-800-770-2030

International Dial-In: 1-647-362-9199

Conference Number: 5954637

*Available from August 12, 2022 through November 12, 2022.

About New York City REIT, Inc.

New York City REIT, Inc. (NYSE: NYC) is a publicly traded real estate investment trust listed on the NYSE that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

https://www.businesswire.com/news/home/20220812005008/en/New-York-City-REIT-Announces-Second-Quarter-2022-Results

Price paid or purchase timing?

Or lack of new purchases at recent low prices?

It would surprise me if we saw another proxy battle in 2023.

Interesting filings https://www.sec.gov/Archives/edgar/data/1595527/000095014222002111/0000950142-22-002111-index.htm

Wow, how much lower can this go?

Elizabeth Tuppeny received 3,982,607 (50.0%) versus 3,422,215 (43%) for Sharon Stern.

New York City REIT Announces Re-Election of Elizabeth Tuppeny to Board of Directors (5/31/22)

Reports Other Annual Meeting Voting Results

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced today that, based on a preliminary vote count by its proxy solicitor, Elizabeth Tuppeny has been decisively re-elected to the Company’s Board of Directors.

Michael Weil, Chairman and CEO of NYC, said, “We are very pleased that our shareholders have re-elected Elizabeth Tuppeny to the Board. Elizabeth has been an outstanding director, and her substantial experience and expertise will continue to help NYC drive value for shareholders.”

At the Company’s Annual Meeting of Stockholders held on May 31, 2022, NYC’s shareholders also:

Ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal year 2022;
Did not approve a proposal regarding an advisory vote on the Company’s executive compensation; and
Approved a period of one year for a proposal regarding the frequency of the advisory vote on executive compensation.
The preliminary vote count is subject to certification by the Independent Inspector of Elections. Additional information regarding the results of the 2022 Annual Meeting of Stockholders will be available in a Form 8-K current report filed with the Securities and Exchange Commission.

https://www.businesswire.com/news/home/20220531005643/en/New-York-City-REIT-Announces-Re-Election-of-Elizabeth-Tuppeny-to-Board-of-Directors


About New York City REIT, Inc.
New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

Comrit Investments 1, LP and others have filed a preliminary proxy seeking the election of Sharon Stern to the Board of Directors (3/11/22)

The group owns 267,520 shares, or approximately 2 percent.

https://www.sec.gov/Archives/edgar/data/1595527/000119312522073450/d323282dprec14a.htm

NYC Independent Directors Express Confidence in NYC With Share Purchases, Stock Election (1/27/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced this morning that the Company’s independent directors have acquired 24,852 shares of NYC Class A Common stock. NYC’s independent directors personally purchased an aggregate of 19,660 NYC Class A shares since January 19, 2022. In addition, each NYC independent director made an election to receive stock in lieu of cash for board services rendered during the fourth quarter 2021, as permitted under NYC’s director compensation plan.

“My fellow independent board members and I are strong believers in the long-term value of New York City real estate,” said Betty Tuppeny, Lead Independent Director. “We believe the proactive management strategy that NYC’s advisor and board of directors pursued over the last two years has helped guide the Company through the pandemic and build a stronger company. Our recent stock purchases demonstrate the depth of our confidence in the Company’s future.”

The table below details the shares acquired by each independent board member.

[Table deleted]

About New York City REIT, Inc.

New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

Important Information

NYC intends to file a proxy statement on Schedule 14A, an accompanying proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from NYC stockholders for NYC's 2022 annual meeting of stockholders. NYC STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ NYC'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by NYC with the SEC at no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” subsection of the “Financial Information” section of NYC's Investor Relations website at investors.newyorkcityreit.com or by contacting NYC's Investor Relations department at info@ar-global.com, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Participants in the Solicitation

NYC, its directors, and certain of its executive officers may be deemed to be participants in the solicitation of proxies from NYC stockholders in connection with matters to be considered at NYC's 2022 annual meeting of stockholders. Information regarding the direct and indirect interests, by security holdings or otherwise, of NYC's directors and executive officers, in NYC is included in NYC's Proxy Statement on Schedule 14A for its 2021 annual meeting of stockholders, filed with the SEC on March 30, 2021, NYC's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 29, 2021, and in NYC's Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of NYC's directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3, Statements of Change in Ownership on Form 4 and Annual Statements of Changes in Beneficial Ownership on Form 5. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in NYC will be set forth in the Proxy Statement for NYC's 2022 annual meeting of stockholders and other relevant documents to be filed with the SEC, if and when they become available.

https://www.businesswire.com/news/home/20220127005221/en/

NYC Announces 95% Rent Collected in Fourth Quarter, 45,000 SF Lease Renewal With NY Department of State (1/20/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced today that it collected 95% of the original cash rent due for the fourth quarter 2021 as of January 19, 2022. The Company also announced the signing of a five-year lease renewal with the New York Department of State for approximately 45,000 square feet at 123 William Street, totaling approximately $10.1 million in straight-line rent over the new lease term.

“Fourth quarter rent collection was the highest we have seen since the pandemic began,” said Michael Weil, CEO of NYC. “We believe that our proactive asset management strategy contributed not only to our increasing rent collection success, but also to success in our leasing initiatives as evidenced by the recently renewed lease with the New York Department of State at 123 William Street. This lease renewal secures a large, credit-worthy tenant for five years at one of our premier properties.”

About New York City REIT, Inc.

New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

https://www.businesswire.com/news/home/20220120005276/en/NYC-Announces-95-Rent-Collected-in-Fourth-Quarter-45000-SF-Lease-Renewal-With-NY-Department-of-State

NYC Publishes 2021 Year in Review Highlighting Proactive Asset Management, 37% Total Return1 and Continued Rent Collection Success (1/11/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) published an investor presentation describing the Company’s strong results and successful achievements during 2021.

Highlights of these results include

NYC investors benefited from an exceptional Total Return in 2021 of 37%, outperforming several peer and index benchmarks, including New York City office peers and the S&P 500 Index

- NYC outperformed the S&P 500 by over 6%

- NYC outperformed peer REITs with New York City focus2 by 12%

Increased Cash Rent3 collection rate to 94% in the fourth quarter 2021, a 12% increase from the same quarter in 2020

- 97% of original Cash Rent collection from NYC’s top 10 tenants in Q4’21

- NYC collected 100% of the deferred rent due in Q3’21 and Q4’21 that was subject to an Approved Agreement4

- NYC’s portfolio mix of Investment Grade5 and government agency tenants with core commercial business continues to provide dependable rental income

Completed 12 new leases in 2021, totaling over 86,000 square feet and $4.3 million of annualized straight-line

- Added credit-worthy, rent-paying tenants to its portfolio in 2021, including a fortune 50 technology company and a publicly traded, Aa1 implied Investment Grade rated e-commerce technology company

- Forward Leasing Pipeline6 of 21,700 SF for Q3’21 that included one lease executed shortly after the third quarter and two executed LOIs

- The Leasing Pipeline is expected to increase portfolio Occupancy7 to 87% and Occupancy at 9 Times Square by 5%

NYC’s Estimated per-share Net Asset Value ranges from $22.12 - $28.10, indicating significant upside potential for NYC Shareholders

- NYC’s estimate of 2022 property-level income results in an estimated NAV per share of $22.12 - $28.10, indicating significant upside potential for NYC shareholders

[Tables deleted]

Refer to the sections below titled “Limitations on, and risks related to, the Estimated NAV per Share” and “Estimation of Property-Level Income” for additional information relating to the limitations on, and risks related to, the estimated NAV per share and important disclosure notes used herein. Balance sheet accounts such as cash and cash equivalents, other assets, fair value of debt outstanding and other liabilities used herein as of the last reporting period of September 30, 2021. Although the Company does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share, there can be no assurance that the estimated NAV per share would be materially the same if the book value of these particular items as of December 31, 2021 was used in calculating the estimated NAV.

Link to Investor Presentation

The entire presentation, including information about assumptions, limitations and risks associated with information contained in the presentation can be found in the investor relations section of NYC’s website at http://investors.newyorkcityreit.com/events-and-presentations/presentations/default.aspx and in on the Company’s Current Report on Form 8-K filed with the Securities Exchange Commission on Form 8-K on January 10, 2021 and available at the SEC’s website at www.sec.gov.

Footnotes/Definitions

1 From S&P Capital IQ. Total Return calculated over the period beginning on January 1, 2021 through December 31, 2021. Total Return is calculated by taking the ending share price less the beginning share price plus dividends paid divided by the beginning share price, shown as a percentage

2 Peer group includes SLG, VNO, ESRT and PGRE

3 Collection data as of January 7, 2022. Total rent collected during the period includes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements or otherwise. Excludes fourth quarter Cash Rent received or Deferral Agreements executed after January 7, 2022 that would apply to fourth quarter Cash Rent or any Deferral Agreement that would apply to fourth quarter Cash Rent. Eliminating the impact of deferred rent paid, we collected the same percentage of original Cash Rent due as of January 7, 2022. This information may not be indicative of any future period and remains subject to changes based ongoing collection efforts and negotiation of additional agreements. The impact of the COVID-19 pandemic on our rental revenue for the fourth quarter of 2021 and thereafter cannot be determined at present. The ultimate impact on our future results of operations and liquidity will depend on the overall length and severity of the COVID-19 pandemic, which may continue to adversely impact results of operations and liquidity.

4 Represents Deferral Agreements as well as amendments granting the tenant a rent credit for some portion of original Cash Rent due. The rent credit is generally coupled with an extension of the lease. The terms of the lease amendments providing for rent credits differ by tenant in terms of the length and amount of the credit. A “Deferral Agreement” is an executed or approved amendment to an existing lease agreement to defer a certain portion of Cash Rent due.

5 As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. Ratings information is as of September 30, 2021. Top 10 tenants are 52% actual investment grade rated and 19% implied investment grade rated.

6 Includes (i) all leases fully executed by both parties as of October 31, 2021, but after September 30, 2021, and (ii) all leases under negotiation with an executed LOI by both parties as of October 31, 2021. This represents one executed lease that commenced in the fourth quarter of 2021 totaling 8,780 square feet and two LOIs that total 12,966 square feet. Excludes license agreements entered into with a new operator on October 26, 2021 at the 200 Riverside Boulevard and 400 E. 67th Street - Laurel Condominium properties which replaced prior lease agreements with the original tenant terminated on the same date. Leasing pipeline should not be considered an indication of future performance.

7 Represents percentage of square footage of which the tenant has taken possession of divided by the respective total rentable square feet as of the date or period end indicated.

8 Calculated based on estimated reimbursements and Cash Rent, excluding free rent, for all existing in-place leases for fiscal year 2022. Includes new leases and lease extension assumptions that the Company reasonably expect to complete for the fiscal year 2022. In preparation, management considered factors such as space currently available and being negotiated for and the estimated applicable market rental terms. There can be no assurance that the Company will complete these leases on their estimated terms or at all. The advisor believes that the use of Cash Rent is reasonable to use for this analysis as opposed to Annualized Straight-line Rent because estimated NAV per share is a estimation of 2022 property-level cash flows and is not a long-term discounted cash flow valuation. The projected property-level income does not include any acquisitions or dispositions except for the sale of the Hit Factory. As previously disclosed, this property is not generating any net operating income. Acquisitions or dispositions would impact actual property-level income and the estimated NAV per share depending on how the Company funded the acquisitions which could include the net proceeds from issuance of additional shares of Class A common stock.

9 Calculated based on estimated property operating expenses, occupancy and pricing for fiscal year 2022 at our current properties, excluding the Hit Factory and any future acquisitions or dispositions.

10 The advisor believes that property-level income cannot be reconciled to the most comparable GAAP number because the advisor is making assumptions on future leasing activity and it is unable to reconcile to current Annualized Straight-line Rent without unreasonable expense.

11 Cap rates used herein are determined by the advisor in its sole discretion and based upon its knowledge and opinion of the New York City real estate market.

12 Represents cash and cash equivalents as of September 30, 2021. The advisor does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share.

13 Represents restricted cash, prepaid expenses and other assets, excluding straight-line rent receivables as of September 30, 2021. The advisor does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share as of December 31, 2021.

14 Represents the fair value of the mortgage notes payable as of September 30, 2021. The fair value of mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with the market and there has been no significant change in the credit risk or credit markets since origination. The advisor does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share.

15 Represents amounts associated with accounts payable and accrued expenses, excluding the liability for straight-line rent adjustments; and deferred rent and other liabilities as of September 30, 2021. The advisor does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share.

Limitations on, and risks related to, the Estimated NAV per Share

The Company’s estimated net asset value per share (“NAV”) as of December 31, 2021 contained herein was calculated by applying two different capitalization rates to property-level income projected for 2022 by the advisor to arrive at the estimated market value of the Company’s portfolio, and then deducting from this amount the fair value of the Company’s mortgage notes payable as of September 30, 2021 as set forth in the notes to the Company’s financial statements as of September 30, 2021, and adding the book value of cash and cash equivalents and other assets, net of other liabilities, as set forth in the Company’s financial statements as of September 30, 2021. The estimated NAV per share was calculated by dividing the estimated NAV by the number of shares of the Company’s Class A common stock on a fully-diluted basis outstanding as of December 31, 2021. Other information is being provided shortly after the end of the Company's 2021 fiscal year, and accordingly information about that fiscal year remains unavailable pending the progress of its year-end financial close process.

The estimated NAV per share was calculated as of a specific time, will likely change, and does not represent the amount a stockholder would receive from a third party now or in the future for his or her shares of the Company’s Class A common stock. There is no assurance that the trading price of the Company’s Class A common stock will not continue to trade at a significant discount to, equal or exceed this estimate. The estimated NAV per share does not represent the book value of the Company’s real estate, which is generally based on the amortized cost of the property, subject to certain adjustments, or the Company’s enterprise value. The estimated NAV per share is not a representation or guarantee that the Company’s shares of Class A common stock will or should trade at this amount, and investors should not rely on the estimated NAV per share in making a decision to buy or sell shares of the Company’s Class A common stock.

The measures employed by the Company’s advisor to project property-level income and calculate this estimate of NAV per share may not be comparable to measures used by other companies and were based upon a number of estimates, assumptions, judgments and opinions made by the Company’s advisor that may not be accurate or complete, including estimates and assumptions such as capitalization rates and estimations of new or extended leases, future rent and expenses. The advisor’s estimation of property-level income does not include any acquisitions or dispositions in calendar year 2022 except for the sale of the Hit Factory. Acquisitions or dispositions would impact actual property-level income and the estimated NAV per share depending on how the Company funded the acquisitions which could include the net proceeds from issuance of additional shares of Class A common stock. The Hit Factory property, as previously disclosed, is not generating income. The estimated market value of the Company’s real estate assets is based solely on the advisor’s estimation of property-level income for 2022, applying capitalization rates selected by the advisor based on its opinion and knowledge of the New York City real estate market, without any independent third-party review or third-party appraisals of assets and does not necessarily represent the value the Company would receive or accept if the Company’s real estate assets were marketed for sale or a third-party appraisal of the Company’s real estate assets or the price the Company's board may accept if a third party made an offer for the shares of the Class A common stock. The estimated value also does not take into consideration transaction costs or other items such as tax adjustments that may impact the value a buyer might ascribe to the Company’s real estate assets was prepared. The cash and cash equivalents and other assets, net of other liabilities, used in calculating the estimated NAV were based on the book value in the Company’s financial statements as of September 30, 2021 and do not reflect activities subsequent to September 30, 2021. Although the Company does not believe that any activity affecting the Company’s assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share, there can be no assurance that the estimated NAV per share would be materially the same if the book value of these particular items as of December 31, 2021 was used in calculating the estimated NAV.

Estimation of Property-Level Income

In connection with estimating NAV, the Company’s advisor prepared an unaudited estimation of the Company’s property-level income for all of calendar year 2022. This information is subjective in many respects and is not necessarily predicative of actual future results and should not be relied upon as such. The internal prospective financial information used by the Company’s advisor to prepare the property-level income estimation for 2022 was based on numerous variables and assumptions that were deemed to be reasonable as of date when the estimation was finalized. These assumptions are inherently uncertain and may be beyond the Company’s control. Important factors that may affect actual results and cause the Company to fail to meet the estimation include, but are not limited to, risks and uncertainties relating to the Company’s business (including that tenant pay the cash rent required in their respective leases and the Company does not incur significant additional expenses that are not anticipated), the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company’s tenants and the global economy and financial market, industry performance, the legal and regulatory environment, general business and economic conditions and other factors described or referenced under the section entitled “Forward-Looking Statements” contained in the Appendix to this presentation, including those presented in the section titled “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2021 as well as other subsequent reports filed with the SEC. There can be no assurance that the estimation will be realized or that actual results will not be significantly higher or lower than forecasted.

In addition, the estimation was not prepared with a view toward complying with U.S. generally accepted accounting principles, the published guidelines of the SEC regarding estimations and the use of non-GAAP measures or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. Neither the Company’s independent registered public accounting firm, nor any other independent accountants, have compiled, examined or performed any procedures with respect to the estimation contained in this presentation, nor have they expressed any opinion or any other form of assurance on the information or the potential for the Company achieving the estimation. The estimation of property-level income is a non-GAAP financial measure and should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. The estimated property-level income for 2022 has not been reconciled the estimated net income (loss) for 2022, the most directly comparable GAAP financial measure, the advisor believes that property-level income cannot be reconciled to the most comparable GAAP number because the advisor is making assumptions on future leasing activity and it is unable to reconcile to current Annualized Straight-line Rent without unreasonable expense.

About New York City REIT, Inc.

New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

Important Notice Regarding Securities Ratings

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each rating agency has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating.

https://www.businesswire.com/news/home/20220111005252/en/NYC-Publishes-2021-Year-in-Review-Highlighting-Proactive-Asset-Management-37-Total-Return1-and-Continued-Rent-Collection-Success

Investor Presentation (1/10/22)

https://www.sec.gov/Archives/edgar/data/1595527/000110465922002404/tm222419d1_ex99-1.htm

The fact that Michael L. Ashner and Winthrop Strategic Real Estate Fund would be involved in NYC in some way does not surprise me.

They previously were involved in the liquidation of New York REIT (nka New York REIT Liquidating LLC).

I have a position in New York REIT Liquidating LLC.

Link:
https://investorshub.advfn.com/New-York-REIT-Liquidating-LLC-(fka-NYRT)-31521/

Michael L. Ashner and Winthrop Strategic Real Estate Fund Issue Statement Regarding New York City REIT, Inc.’s Upcoming Annual Meeting (1/05/22)

Intend to Support Comrit Investments 1, LP’s Campaign to Elect Sharon Stern to the Board

JERICHO, N.Y., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Michael L. Ashner on behalf of Winthrop Strategic Real Estate Fund, currently a less than 1% stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today issued the following statement in response to the open letter issued to stockholders on January 4, 2022 by Comrit Investments 1, LP (together with its affiliates, “Comrit”):

We have reviewed Comrit’s open letter to stockholders and its nomination of Sharon Stern as an independent director for election to the Company’s Board of Directors (the “Board”). Based on Ms. Stern’s credentials, we believe Ms. Stern would greatly enhance the composition of the Board. We agree with many of the concerns raised by Comrit in its letter regarding the Company and its performance. In our view, the management and oversight of NYC REIT is another travesty foisted upon stockholders by Nick Schorsch and his management lackeys. We are unaware of a REIT with worse governance and operating results and in need of fresh perspectives and greater accountability. We are proffering our views solely as an independent stockholder of NYC REIT and have no arrangement or understanding, written or oral, with Comrit. We commend Comrit on its efforts and intend to vote our shares in support of Ms. Stern’s election at the Company’s 2022 annual meeting of stockholders.

About Winthrop Strategic Real Estate Fund

Winthrop Strategic Real Estate Fund is a private equity and debt investment fund focusing on distressed real estate opportunities and real estate securities investments.

https://www.globenewswire.com/news-release/2022/01/05/2362078/0/en/Michael-L-Ashner-and-Winthrop-Strategic-Real-Estate-Fund-Issue-Statement-Regarding-New-York-City-REIT-Inc-s-Upcoming-Annual-Meeting.html

Visit www.RebuildNYCREIT.com

Comrit Investments Sends Letter to New York City REIT Stockholders Regarding the Urgent Need for Boardroom Change (1/04/22)

Believes Adding an Independent Stockholder Representative to the Board at the 2022 Annual Meeting is Key to Addressing NYC REIT’s 86% Trading Price Discount Relative to NAV

Contends the Market Recognizes the Current Board has Been More Concerned with Compensating its External Advisor and Limiting Stockholders’ Rights Instead of Developing a Value-Enhancing Strategy

Urges Stockholders to Visit www.RebuildNYCREIT.com to Sign Up for Important Updates and Learn About Sharon Stern, Comrit’s Highly Qualified, Independent Director Candidate

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--Comrit Investments 1, LP (together with its affiliates, “Comrit” or “we”), a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today announced that it has issued the following letter to NYC REIT stockholders. Comrit recently nominated Sharon Stern, a highly qualified, independent director candidate with significant real estate investment experience, for election to the Company’s Board of Directors at the 2022 Annual Meeting of Stockholders. Stockholders can visit www.RebuildNYCREIT.com for additional information pertaining to our campaign and to sign up for important updates.

***

January 4, 2022

Fellow Stockholders,

Comrit Investments 1, LP (together with its affiliates, “Comrit” or “we”) is a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), which is why we believe our interests are squarely aligned with yours. We invested in NYC REIT because we believe the Company has an attractive portfolio of properties that can be a source of long-term growth and stock price appreciation. Unfortunately, rather than capitalize on the opportunities at hand, we contend that NYC REIT’s current Board of Directors (the “Board”) is riddled with conflicts of interest and, through an onerous advisory agreement, has awarded excessive compensation to the Company’s external advisor notwithstanding staggering underperformance. In our view, stockholder-driven change is urgently needed in the Company’s insular boardroom.

Fortunately, we see a clear remedy for numerous issues confronting NYC REIT today: install a highly qualified, independent director who is unhindered by legacy biases and conflicts of interest and who is laser-focused on unlocking value for stockholders. After thoroughly evaluating the Company’s capital structure, governance, portfolio management practices and strategy, we nominated Sharon Stern for election to NYC REIT's Board. We believe Ms. Stern has the real estate investment and corporate governance expertise – as well as a strong track record of value creation – required to help restore credibility atop the Company. NYC REIT stockholders deserve fresh perspectives in the boardroom given that they have seen their shares depreciate by approximately 60% since NYC REIT publicly listed in August 2020.1

In the days following our nomination, leadership’s response to our significant concerns and Ms. Stern’s qualifications was to direct the Company’s lawyers to tell us that they intend to resist our efforts and oppose Ms. Stern’s candidacy. NYC REIT’s response to our good faith efforts to engage and discuss Ms. Stern’s credentials reinforces our view that adding an independent director – selected with input from stockholders – will help reset the Company’s entrenched boardroom culture. Any objective review of the current Board’s track record will show that the status quo cannot persist.

The Current Board Has Presided Over Negative Returns for Stockholders

In its New York Stock Exchange ("NYSE") listing presentation, NYC REIT stated it would become the "leading pure-play publicly traded REIT focused on New York City real estate" under the guidance of its "experienced management team."2 However, since choosing to publicly list in August 2020 rather than liquidate and return capital to stockholders, the Company has subjected its investors to stock price depreciation of approximately 60%. NYC REIT has also significantly lagged peers and relevant indices over every germane time horizon:

[Tables deleted]

Source: Bloomberg (TSR runs through 11/30/21, the day before Comrit publicly announced our nomination.)

Stockholders are painfully aware that a dollar invested in the Company a year ago is worth significantly less today. In our view, this underperformance stems from several key failures:

Staggering discount to net asset value (“NAV”) – Although publicly-listed real estate investment trusts often trade at modest discounts to their NAV, we believe there should be at least a credible plan to address the balance sheet erosion and the fact that NYC REIT’s stock trades at an approximate 86% discount to the Company’s own stated NAV.4 This is an astounding discount that appears to indicate the market’s lack of trust in the current leadership team.

Significant losses – Under the current Board, NYC REIT has incurred significant losses. According to its fiscal year 2020 earnings results, the Company posted an operating loss of more than $22.5 million. Comparably, NYC REIT's peers earned an average of $68.9 million in operating income. While NYC REIT only generated approximately $62.9 million in revenue in 2020, its peers produced an average of $976 million in revenue over the same period.

Conflicting interests – In addition to holding the dual Chairman and Chief Executive Officer role at NYC REIT, Michael Weil is also the CEO of AR Global and the CEO of NYC REIT’s external advisor and property manager. We question how a fully engaged and truly independent Board could allow Mr. Weil to ink a generous advisory deal in favor of AR Global, which automatically renews for successive five-year terms and entitles the advisor to a $15 million+ early termination fee, at the expense of the Company’s stockholders. It does not seem like stockholders’ interests are being prioritized by the current Board.

Bloated expense structure – The current Board is wasting stockholders' precious capital on egregious advisory agreements and operating expenses with its external advisors while investors have been forced to endure negative returns. Notably, NYC REIT has paid approximately $21.7 million in management fees and reimbursements to its external advisors and property manager, both owned by AR Global, since 2019.5
The Current Board Has Severely Limited Stockholders' Rights

We believe NYC REIT's troubling corporate governance demonstrates that the Board is more focused on protecting itself than unlocking value for investors. Beyond the Company’s terrible financial performance, we believe stockholders should be aware of the numerous anti-investor maneuvers that this Board has taken:

Classified board – NYC REIT has a classified or "staggered" Board, meaning each director is only up for election every three years as opposed to every year. This protects incumbent directors from annual scrutiny and makes it more difficult for stockholders to enact change.

Highly restrictive poison pill – NYC REIT's unusual and suspect poison pill punishes stockholders for purchasing more than 4.9% of the Company's stock in what we believe is a brazen attempt by the Board and management to maintain control of the Company and entrench themselves.

Poor governance policies – NYC REIT's Board failed to establish a nominating and corporate governance committee or compensation committee until the Company decided to publicly list in August 2020 rather than liquidate and return capital to stockholders, leading us to question the Board's commitment to fulfilling its obligations to its true owners. Additionally, the Board has placed limitations on stockholders' ability to amend the Company's bylaws.

Multiple attempts to erode stockholder rights – In 2016, the Board – which included Elizabeth K. Tuppeny, who is up for election at this year's Annual Meeting of Stockholders (the "Annual Meeting") – attempted on two different occasions to strip stockholders of essential rights. These included proposals that would eliminate the requirement that independent directors have prior real estate experience and would allow the Board to extend the Company’s agreement with AR Global for an indefinite period of time.6

It has become clear to us that true stockholder representation is desperately needed in the boardroom to instill accountability, help reverse the Company’s prolonged underperformance and ensure the interests of stockholders always remain paramount.

Comrit Believes Stockholders Have a Unique Opportunity to Improve NYC REIT’s Insular Board at the 2022 Annual Meeting of Stockholders

Our nominee, Ms. Stern, is a real estate investment and corporate governance expert with a strong track record of value creation. Since she joined the board of directors of Cedar Realty Trust, Inc. (NYSE: CDR), the company’s stock has appreciated approximately 40%.7 Ms. Stern possesses deep knowledge of the commercial real estate sector, having led organizations focused on the acquisition, development and management of multi-residential and commercial properties. We believe this experience, as well as her public company governance acumen, would make her an ideal director for NYC REIT’s Board.

In the coming weeks, we will share more information on why Ms. Stern can be an advocate for all stockholders in the boardroom and help unlock the significant value trapped within NYC REIT’s underperforming stock. We look forward to engaging with you.

Sincerely,

Ziv Sapir

Managing Partner
Comrit Investments 1, LP

***

COMRIT IS COMMITTED TO BUILDING A BETTER NYC REIT FOR ALL STOCKHOLDERS. SIGN UP FOR UPDATES AT WWW.REBUILDNYCREIT.COM.

***

About Comrit Investments

Comrit Investments 1, LP is an investment partnership that invests in income generating real estate through public non-traded real estate investment trusts. Founded in 2015 and based in Tel Aviv, Washington D.C. and New York City, Comrit is sponsored by I.B.I. Investment House Ltd. (TLV: IBI), an Israel-based market leader in alternative fund offerings. Comrit’s management team collectively has 30 years of experience investing across the U.S. real estate market.

1 Stock price as of market close on August 18, 2020, the day NYC REIT began trading on the NYSE, to market close on November 30, 2021.
2 Company presentation dated August 13, 2020.
3 Company peers include Empire State Realty Trust, SL Green Realty Trust, Vornado Realty Trust and Paramount Group, Inc. Company peers were included in NYC REIT's NYSE listing presentation dated August 13, 2020.
4 As of market close on November 30, 2021, NYC REIT’s stock price was $6.70 compared to a NAV of $49.23, which is the most recent NAV disclosed by the Company in a presentation filed with the SEC on August 13, 2020 (Form 8-K; Company presentation).
5 In each of the years ended December 31, 2020 and 2019, the Company paid cash asset management fees of?$6 million to its advisor and reimbursed its advisor for $3.6 million and $3.2 million, respectively, of professional fees and other reimbursements. In each of the years ended December 31, 2020 and 2019, the Company paid its property manager property management fees of $1.6 million and $1.3 million, respectively; NYC REIT 2021 Definitive Proxy Statement; Company filings.
6 Company's 2016 definitive proxy statement.
7 Stock price as of market close on April 28, 2021, the day Cedar Realty Trust, Inc. (NYSE: CDR) announced Sharon Stern was joining its Board of Directors, to market close on November 30, 2021.

https://www.businesswire.com/news/home/20220104005418/en/

New York City REIT, Inc. Announces Common Stock Dividend for First Quarter 2022 (1/03/22)

NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC”) announced today that it intends to continue to pay dividends on its shares of Class A common stock at an annualized rate of $0.40 per share or $0.10 per share on a quarterly basis. NYC anticipates paying dividends authorized by its board of directors on its shares of common stock on a quarterly basis in arrears on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stock holders of record on the record date for such payment.

Accordingly, NYC declared a dividend of $0.10 per share on each share of NYC’s Class A common stock payable on January 18, 2022 to common stock holders of record at the close of business on January 13, 2022.

About New York City REIT, Inc.

New York City REIT, Inc. is a publicly traded REIT that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.

https://www.businesswire.com/news/home/20220103005004/en/

NEW YORK CITY REIT INC (12/30/21)
Last 9.04
Up 2.58 (+39.94%)
High 9.44
Low 6.56
Volume 2,282,313

I don’t mind haircuts, but…

Duff & Phelps performed appraisals on each real estate asset in NYC REIT’s portfolio and came up with an estimated NAV of $49.23 in late 2020.

$NAV $17.35 or higher? https://seekingalpha.com/article/4476136-buying-3-reits-for-far-less-than-their-properties-are-worth

Comrit Investments Nominates Highly Qualified and Independent Director Candidate for Election to New York City REIT’s Board of Directors (12/01/21)

Sends Letter to the Company’s Board Highlighting the Case for Adding an Experienced Real Estate Investment Expert with Fresh Perspectives to the Board

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--Comrit Investments 1, LP (together with its affiliates, “Comrit” or “we”), a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today issued the following open letter to the Company’s Board of Directors (the “Board”) regarding Comrit’s decision to nominate a highly qualified, independent candidate for election to the Company’s Board at the 2022 Annual Meeting of Stockholders (the “Annual Meeting”).

Below is the full text of the letter:

December 1, 2021

New York City REIT, Inc.
650 Fifth Avenue, 30th Floor
New York, NY 10019

Dear Members of the Board,

As you know, Comrit is a sizable stockholder of NYC REIT. We believe our significant interest entitles us to have our suggestions carefully considered and, where appropriate, implemented by the Company’s Board. Unfortunately, the Board and management team have opted to consistently dismiss our views over the years despite the Company’s troubling governance, stock price underperformance and trading price discount to Net Asset Value (“NAV”).

Although Comrit prefers to collaborate in a constructive and private manner with the companies we invest in, we cannot sit idly by as the Board continues to allow NYC REIT’s balance sheet to erode and the Company’s stock to trade at a discount of approximately 86% relative to NAV.1 We believe adding an independent real estate investment expert to the Board can help ensure that all paths to value creation are explored without bias. We hope that the Board agrees it is in stockholders’ best interests to appoint our nominee and avoid the need for a costly contested election at next year’s Annual Meeting.

It is important to stress that we did not come to this decision hastily. Our firm has spent a significant amount of time and resources thoroughly analyzing the Company’s real estate portfolio, capital structure and governance and attempting to engage with the Board. We are particularly concerned that despite stockholders enduring stock price depreciation of approximately 60% over the past 15 months, the Company paid more than $11.2 million in 2020 and $10.5 million in 2019 in management fees and reimbursements to its advisor and property manager, which are entities owned and controlled by AR Global Investments, LLC (“AR Global”).2

We are also concerned that in addition to holding the dual Chairman and Chief Executive Officer role at NYC REIT, Michael Weil is the Chief Executive Officer of AR Global and of NYC REIT’s advisor and property manager. We question how a fully engaged and truly independent Board could allow Mr. Weil to ink a generous advisory deal in favor of AR Global, which automatically renews for successive five-year terms and entitles the advisor to a more than $15 million early termination fee, at the expense of the Company’s stockholders. In our view, this is not only a gross misallocation of capital, especially given the Company’s performance, but forces us to question how seriously the directors have taken their obligations to stockholders. Further, the Company’s classified Board, poison pill and limitations on stockholders’ ability to amend the bylaws suggests that the Board is more focused on its own entrenchment than unlocking value for its investors.

The Board has an opportunity to welcome a stockholder-nominated director who can help bring new ideas, independence and a collegial mentality to the boardroom. Our nominee, Sharon Stern, is a real estate investment and corporate governance expert with a strong track record of value creation. Since she joined the board of directors of Cedar Realty Trust, Inc. (NYSE: CDR), the company’s stock has appreciated approximately 40%.3 Ms. Stern possesses deep knowledge of the commercial real estate sector, having led organizations focused on the acquisition, development and management of multi-residential and commercial properties. We believe this experience, as well as her public company governance acumen, would make her an ideal director for NYC REIT’s Board.

While we want to reach a negotiated outcome and remain open to a dialogue with you, we need to protect our interests and preserve our rights by nominating Ms. Stern. We firmly believe she can be an asset in the boardroom and help you unlock the significant value trapped within NYC REIT’s underperforming stock.

Sincerely,

Ziv Sapir

Managing Partner
Comrit Investments 1, LP

Sharon Stern Biography

Sharon Stern is a REIT expert and successful real estate entrepreneur. Ms. Stern is currently President of Eastmore Management and Metro Investments, two organizations focused on the acquisition, development and management of multi-residential and commercial properties in the downtown core of Montreal. Ms. Stern currently serves on the Board of Directors of Cedar Realty Trust, Inc. (NYSE: CDR), a publicly traded REIT specializing in grocer-anchored retail properties. At Cedar, Ms. Stern serves on both the Audit and Compensation committees. Ms. Stern is currently an Advisory Board member of McGill University’s Desautels Faculty of Management. Prior to founding Eastmore Management in 2015, Ms. Stern worked in Strategy and Corporate Development for the Business Development Bank of Canada. Ms. Stern earned a Bachelor’s Degree from McGill University in Economics and World Religions and a Master’s Degree from Brown University in Public Policy.

***

About Comrit Investments

Comrit Investments 1, LP is an investment partnership that invests in income generating real estate through public non-traded real estate investment trusts. Founded in 2015 and based in Tel Aviv, Washington D.C. and New York City, Comrit is sponsored by I.B.I. Investment House Ltd. (TLV: IBI), an Israel-based market leader in alternative fund offerings. Comrit’s management team collectively has 30 years of experience investing across the U.S. real estate market.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Comrit, together with the other participants named below, intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of a highly qualified director nominee at the 2022 annual meeting of stockholders of New York City REIT, Inc. (the “Company”).

COMRIT STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

The participants in the proxy solicitation are anticipated to be Comrit, Comrit Investments Ltd., I.B.I. Investment House Ltd., Ziv Sapir and Sharon Stern.

As of the date hereof, Comrit beneficially owns 267,520 shares of Class A Common Stock, par value $0.01 per share, of the Company (the “Class A Common Stock”). Comrit Investments Ltd., as the general partner of Comrit, may be deemed the beneficial owner of the 267,520 shares of Class A Common Stock owned by Comrit. I.B.I. Investment House Ltd, as the majority owner of Comrit Investments Ltd., may be deemed the beneficial owner of the 267,520 shares of Class A Common Stock owned by Comrit. Ziv Sapir, as the Managing Partner and CEO of Comrit, and as the CEO and minority owner of Comrit Investments Ltd., may be deemed the beneficial owner of the 267,520 shares of Class A Common Stock owned by Comrit. As of the date hereof, Ms. Stern does not own any securities of the Company.

1 As of market close on November 30, 2021, NYC REIT’s stock price was $6.70 compared to a Net Asset Value of $49.23, which is the most recent Net Asset Value disclosed by the Company in a presentation filed with the Securities and Exchange Commission on August 13, 2020 (Link to Form 8-K; Link to the Company’s Presentation). According to the presentation, Duff & Phelps performed appraisals on each real estate asset in NYC REIT’s portfolio to determine the Company’s estimated Net Asset Value of $49.23.

2 Stock price as of market close on August 18, 2020, the day NYC REIT began trading on the NYSE, to market close on November 30, 2021. In each of the years ended December 31, 2020 and 2019, the Company paid cash asset management fees of?$6 million to its advisor and reimbursed its advisor for $3.6 million and $3.2 million, respectively, of professional fees and other reimbursements. In each of the years ended December 31, 2020 and 2019, the Company paid its property manager property management fees of $1.6 million and $1.3 million, respectively; NYC REIT 2021 Definitive Proxy Statement; Company SEC filings.

3 Stock price as of market close on April 28, 2021, the day Cedar Realty Trust, Inc. (NYSE: CDR) announced Sharon Stern was joining its Board of Directors, to market close on November 30, 2021.

https://www.businesswire.com/news/home/20211201005337/en/Comrit-Investments-Nominates-Highly-Qualified-and-Independent-Director-Candidate-for-Election-to-New-York-City-REIT%E2%80%99s-Board-of-Directors

NYC was trading around $6.87 at 2:02:54 ET when this board was created (12/30/21)

Strange day?