Advertisement
American Strategic Investment reported a decline in its third-quarter revenue, mainly because it had sold the 9 Times Square property in the previous year, which reduced recurring income. Despite this drop, the company recorded a higher net income of USD 35.75 million, largely driven by a non-cash gain linked to the disposition of 1140 Avenue of the Americas. Adjusted EBITDA also fell to USD 1.9 million from USD 4.2 million a year earlier. The company did not issue financial guidance for upcoming quarters. The results reflect the impact of its recent portfolio changes and foreclosure strategy.
American Strategic Investment reported weaker third-quarter revenue as the company continued to feel the impact of selling the 9 Times Square property in the past year. The quarter's revenue stood at USD 12.27 million, reflecting the missing contribution from that asset. Advertisement
The company posted a net income of USD 35.75 million, supported by a non-cash gain from the disposition of 1140 Avenue of the Americas. This property was moved through a consensual foreclosure process, which the company has said was aimed at removing restrictive covenants and lowering associated expenses. This approach followed a period of debt-related challenges tied to that asset, making the foreclosure a strategic shift in its portfolio management.
Adjusted EBITDA for the quarter dropped to USD 1.9 million, compared with USD 4.2 million during the same period in 2024, underscoring the operational impact of recent property sales and reduced income streams. The company's Q3 earnings per share came in at USD 13.60.
The firm did not issue any specific guidance for the remaining quarters or the full year in its press release. In earlier filings, the company had noted that its near-term performance would remain sensitive to asset disposals, one-time gains, and the costs linked to financing arrangements across its portfolio.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
