--- title: "American Strategic Investment | 8-K: FY2026 Q1 Revenue: USD 7.348 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286546304.md" datetime: "2026-05-15T10:18:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286546304.md) - [en](https://longbridge.com/en/news/286546304.md) - [zh-HK](https://longbridge.com/zh-HK/news/286546304.md) --- # American Strategic Investment | 8-K: FY2026 Q1 Revenue: USD 7.348 M Revenue: As of FY2026 Q1, the actual value is USD 7.348 M. EPS: As of FY2026 Q1, the actual value is USD -3.04. EBIT: As of FY2026 Q1, the actual value is USD -1.476 M. ### Financial Results (Quarter ended March 31, 2026) #### Revenue - Revenue from tenants was $7,348 thousand . #### Net Income (Loss) - Net income (loss) attributable to common stockholders was - $7,775 thousand . - Net income (loss) before income taxes was - $7,775 thousand . - Net loss attributable to common stockholders was - $7.8 million, an improvement from - $8.6 million in the first quarter of 2025 . #### Non-GAAP Measures - Cash Net Operating Income (Cash NOI) was $2,866 thousand . This was down from $4.2 million in the first quarter of 2025 . - Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA) was - $1,119 thousand , compared to - $0.8 million in the first quarter of 2025 . - Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $1,047 thousand , an increase from - $918 thousand in the first quarter of 2025 . - Net Operating Income (NOI) was $2,746 thousand . #### Expenses and Operating Loss - Total expenses were $11,078 thousand , a decrease from $16,823 thousand in the first quarter of 2025 . - Asset and property management fees to related parties were $1,552 thousand, down from $1,868 thousand in the prior year . - Property operating expenses were $4,602 thousand, a decrease from $8,137 thousand in the first quarter of 2025 . - Equity-based compensation was $91 thousand . - General and administrative expenses were $2,313 thousand, down from $3,135 thousand in the first quarter of 2025 . - Depreciation and amortization was $2,520 thousand, a decrease from $3,591 thousand in the first quarter of 2025 . - Operating loss before gain (loss) on disposition of real estate investments was - $3,730 thousand . - Operating loss was - $1,476 thousand , compared to - $4,515 thousand in the first quarter of 2025 . #### Other Income (Expense) - Total other expense, net was - $6,299 thousand . - Interest expense was - $4,048 thousand , slightly down from - $4,083 thousand in the first quarter of 2025 . - Interest expense associated with property in receivership was - $2,254 thousand, with no comparable expense in the prior year . - Other income was $3 thousand . ### Balance Sheet and Capitalization (As of March 31, 2026) #### Assets - Total assets were $445,007 thousand . - Gross asset value was $417,036 thousand . - Cash and cash equivalents totaled $2,500 thousand . - Restricted cash was $5,664 thousand . - Total real estate investments, net was $305,130 thousand . - Contract asset was $110,902 thousand . #### Liabilities - Total liabilities were $387,935 thousand . - Net debt was $248,500 thousand . - Total consolidated debt was $251,000 thousand . - Mortgage notes payable, net was $249,736 thousand . - Debt associated with property in receivership was $99,000 thousand . - Accrued interest associated with property in receivership was $11,902 thousand . #### Stockholders’ Equity - Total stockholders’ equity was $57,072 thousand . - Distributions in excess of accumulated earnings were - $674,839 thousand . #### Key Ratios and Metrics - Common shares outstanding were 2,693 thousand . - Net debt to gross asset value was 59.6% . - Net debt to annualized Adjusted EBITDA was - 55.5x . - Weighted-average interest rate cost was 4.6% . All of the Company’s debt was fixed-rate, with a weighted-average interest rate of 4.56% . - Weighted-average debt maturity was 1.3 years . - Interest Coverage Ratio was - 0.3x . ### Real Estate Portfolio (As of March 31, 2026) #### Portfolio Summary - The portfolio consisted of 5 properties . - The number of tenants was 36 . - Square footage was 0.7 million . - Leased percentage was 76.4% . - Weighted-average remaining lease term was 6.2 years . #### Debt Overview - Total Debt Outstanding Balance was $201,000 thousand . - $140,000 thousand matures in 2027 with a weighted-average interest rate of 4.7% and maturity of 0.9 years . - $10,000 thousand matures in 2028 with a weighted-average interest rate of 5.1% and maturity of 2.6 years . - $51,000 thousand matures in 2029 with a weighted-average interest rate of 3.9% and maturity of 3.3 years . #### Future Minimum Lease Rents - Total future minimum base rent payments were $188,380 thousand . - 2026 (remainder): $26,767 thousand . - 2027: $24,182 thousand . - 2028: $20,411 thousand . - 2029: $19,728 thousand . - 2030: $18,344 thousand . - 2031: $15,537 thousand . - Thereafter: $63,411 thousand . #### Diversification by Property Type - Total Annualized Straight-Line (SL) Rent was $27,210 thousand . - Office: $18,042 thousand (66% of SL Rent, 71% of Square Feet) . - Retail: $8,395 thousand (31% of SL Rent, 26% of Square Feet) . - Other: $773 thousand (3% of SL Rent, 3% of Square Feet) . #### Diversification by Tenant Industry - Government / Public Administration: $7,722 thousand (28% of SL Rent, 30% of Square Feet) . - Retail: $4,029 thousand (15% of SL Rent, 7% of Square Feet) . - Non-profit: $3,337 thousand (12% of SL Rent, 12% of Square Feet) . - Fitness: $2,897 thousand (11% of SL Rent, 5% of Square Feet) . - Office Space: $2,373 thousand (9% of SL Rent, 13% of Square Feet) . - Parking: $1,833 thousand (7% of SL Rent, 15% of Square Feet) . - 69% of annualized straight-line rent from top 10 tenants was derived from investment grade or implied investment grade rated tenants, with a weighted-average remaining lease term of 6.7 years . #### Lease Expirations - Total leases expiring were 51 with $27,210 thousand in Annualized SL Rent and 567 thousand Leased Rentable Square Feet . - 2026 (Remaining): 7 leases, $1,483 thousand Annualized SL Rent (5.5%), 52 thousand Leased Rentable Square Feet (9.2%) . - 2027: 8 leases, $5,442 thousand Annualized SL Rent (20.0%), 124 thousand Leased Rentable Square Feet (21.8%) . - 2031: 10 leases, $5,466 thousand Annualized SL Rent (20.1%), 98 thousand Leased Rentable Square Feet (17.3%) . #### Advisor Payments - In April 2026, the Company’s external Advisor elected to receive shares of Class A common stock in lieu of $1,910,169 in accrued advisory fees . ### Outlook / Guidance - American Strategic Investment Co. is focused on asset dispositions and capital prioritization to generate durable long-term value for shareholders, reflecting the stability of its portfolio and tenant base . The Company highlights risks from geopolitical instability, inflationary conditions, higher interest rates, and the potential inability to meet NYSE listing requirements, which could lead to delisting . 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