～Expected to accelerate diversification through asset sales～
– Business guarantees loan extension –
New York, April 30, 2024–(BUSINESS WIRE)–American Strategic Investment Company (NYSE:NYC) (“ASIC” or the “Company”) today announced its intent to accelerate its efforts to evolve and diversify its business. . The Company has begun the process of selling its 9 Times Square property (“9 Times Square”) in midtown Manhattan. In addition, the Company plans to sell its properties at 123 William Street and 196 Orchard Street. These strategic dispositions further the Company's previously announced business plan to reposition its investment portfolio and expand its investments in non-real estate assets in Manhattan.
The company has also secured a loan modification for 9 Times Square, extending the maturity date to October 2024 and, subject to certain conditions, an additional extension to the end of 2024 to facilitate plans to sell the property. It also comes with options.
“As part of our revenue diversification efforts, we believe this is an opportunity to explore opportunities to monetize a portion of our commercial real estate portfolio, primarily located in Manhattan. “Once completed, we intend to sell additional assets,” Michael Anderson, CEO of American Strategic Investments, said in a statement. “We expect this strategic disposal to significantly deleverage our balance sheet and generate significant cash proceeds, which we intend to leverage.” “This is in pursuit of the strategy announced last year to expand asset acquisitions and diversify into higher-yielding assets.”
About the company
American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on ASIC's website at AmericanStrategicInvestment.com.
Forward-looking statements
Statements contained in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially. “may”, “will”, “seek”, “anticipate”, “believe”, “expect”, “estimate”, “plan”, “project”, “intend”; “Should” and similar expressions are intended. To identify forward-looking statements. However, not all forward-looking statements contain these specific language. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are beyond the Company's control and which may cause actual results to differ from those contemplated in the forward-looking statements. The results may differ significantly. These risks and uncertainties include (a) the expected benefits if we elect to terminate our status as a real estate investment trust; (b) whether we will be able to successfully acquire new assets or business; (c) our ability to do so; The Company will implement its business plan and sell certain assets on commercially viable terms. (d) the potential adverse effects of geopolitical instability resulting from the ongoing military conflicts between Russia and Ukraine, Israel and Hamas, including related sanctions and other penalties imposed by the United States and the European Union, and the Company; , our relevant impacts. (e) the potential adverse impact of inflationary conditions and the high interest rate environment; (f) potential future acquisitions or dispositions are subject to market conditions and the availability of capital and may not be completed on the same day; (g) we may be unable to continue to meet the continued listing requirements and rules of the New York Stock Exchange (“NYSE”), and the NYSE may delist our common stock; may have a negative impact. our company, the price of our common stock and the ability of our stockholders to sell our common stock, as well as the risks and uncertainties described in the Risk Factors section of our Annual Report on Form 10-K. things that affect. For the year ended December 31, 2023, filed on April 1, 2024, and all other filings with the Securities and Exchange Commission after that date (Subsequent Quarterly Reports on Form 10-Q) and Current Reports on Form 8-K). Risks, uncertainties and other important factors may be updated from time to time in our subsequent reports. Further, forward-looking statements speak only as of the date on which they are made and, except as necessary, the Company does not anticipate any changes in assumptions, the occurrence of unanticipated events or changes in future performance. We undertake no obligation to update or revise any forward-looking statements to reflect. To do so by law.
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