Commercial real estate owner American Strategic Investment's Q3 revenue falls on property sale
NYC•American Strategic Investment reported Q3 revenue of $7.12 million and a net loss of $6.72 million. Revenue fell primarily because of the prior-year sale of 1140 Avenue of the Americas.
1. Quarterly results
American Strategic Investment reported Q3 revenue of $7.12 million and a net loss of $6.72 million, compared with a profit in the prior-year quarter that was boosted by a property disposition gain. Loss per share was $2.14. Adjusted EBITDA and cash NOI also declined year over year, reflecting the smaller property portfolio.
2. Occupancy and portfolio
The company expects portfolio occupancy to rise to approximately 78% following a new lease at 123 William Street. It remains focused on completing remaining asset dispositions and redeploying capital.
