American Strategic Investment : First Quarter 2024 Supplemental Information

EXHIBIT 99.2

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (unaudited)

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Table of Contents
Item		Page
Non-GAAP Definitions	3
Key Metrics	5
Consolidated Balance Sheets	6
Consolidated Statements of Operations	7
Non-GAAP Measures	8
Debt Overview	10
Future Minimum Lease Rents	11
Top Ten Tenants	12
Diversification by Property Type	13
Diversification by Tenant Industry	14
Lease Expirations	15

Forward-looking Statements:

The statements in this supplemental package 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 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 conflict between Russia and Ukraine and Israel and Hamas, 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) the potential adverse effects of inflationary conditions and higher interest rate environment, (e) 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

1. the Company may not be able to continue to meet the New York Stock Exchange's ("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 the Company's 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, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission 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 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.

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American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Non-GAAP Financial Measures

This section 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. While NOI is a property-level measure, a description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

In December 2022 we announced that 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 operations have not materially changed in the first quarter of 2023. 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 are non-GAAP metrics and should not be construed to be more relevant or accurate than other metrics calculated and presented in accordance with GAAP, including net loss, 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 non-GAAP metrics.

We consider EBITDA, Adjusted EBITDA, NOI and Cash NOI useful indicators of our performance. Because these metrics' calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, impairment charges, equity-based compensation, gains or losses from sales of operating real estate assets (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.

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 and capital expenditures. 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 acquisition and transaction-related expenses, fees related to the listing related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. 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.

3

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

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.

4

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2024

Amounts in thousands, except per share data, ratios and percentages

Financial Results (Amounts in thousands, except per share data)

Revenue from tenants	$	15,481
Net loss attributable to common stockholders	$	(7,608)
Basic and diluted net loss per share attributable to common stockholders	$	(3.28)
Cash NOI (1)	$	7,041
Adjusted EBITDA (1)	$	2,928
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value (2)	$	839,715
Net debt (3) (4)	$	394,207
Total consolidated debt (4)	$	399,500
Total assets	$	689,799
Cash and cash equivalents (5)	$	5,293
Common shares outstanding as of March 31, 2024		2,404
Net debt to gross asset value		46.9	%
Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)		33.7	x
Weighted-average interest rate cost (6)		4.4	%
Weighted-average debt maturity (years) (7)		3.4
Interest Coverage Ratio (8)		0.7	x
Real Estate Portfolio
Number of properties		7
Number of tenants		77
Square footage (millions)		1.2
Leased		87.2 %
Weighted-average remaining lease term (years) (9)		6.3

______

1. These Non-GAAP metrics are reconciled below.
2. Defined as total assets of $689.8 million plus accumulated depreciation and amortization of $149.9 million as of March 31, 2024.
3. Represents total debt outstanding of $399.5 million, less cash and cash equivalents of $5.3 million.
4. Excludes the effect of deferred financing costs, net.
5. Under the terms of one of the Company's mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million and a minimum net worth in excess of $175.0 million.
6. The weighted average interest rate cost is based on the outstanding principal balance of the debt.
7. The weighted average debt maturity is based on the outstanding principal balance of the debt.
8. The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are non-GAAP metrics and are reconciled below.
9. Based on annualized straight-line rent as of March 31, 2024.

5

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024

Consolidated Balance Sheets
Amounts in thousands, except share and per share data
		March 31,			December 31,
		2024			2023
ASSETS		(Unaudited)
Real estate investments, at cost:
Land	$	188,935	$	188,935
Buildings and improvements		479,672			479,265
Acquired intangible assets		56,919			56,929
Total real estate investments, at cost		725,526			725,129
Less accumulated depreciation and amortization		(149,916)			(144,956)
Total real estate investments, net		575,610			580,173
Cash and cash equivalents		5,293			5,292
Restricted cash		8,806			7,516
Operating lease right-of-use asset		54,682			54,737
Prepaid expenses and other assets		5,908			6,150
Derivative asset, at fair value		-			400
Straight-line rent receivable		30,782			30,752
Deferred leasing costs, net		8,718			9,152
Total assets	$	689,799	$	694,172
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable, net	$	396,088	$	395,702
Accounts payable, accrued expenses and other liabilities (including amounts due to
related parties of $615 and $20 at March 31, 2024 and December 31, 2023,		15,488			12,975
respectively)
Operating lease liability		54,641			54,657
Below-market lease liabilities, net		1,848			2,061
Deferred revenue		4,367			3,983
Total liabilities		472,432			469,378
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and		-			-
outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.01 par value, 300,000,000 shares authorized, 2,403,994 and
2,334,340 shares issued and outstanding as of March 31, 2024 and December 31,		24			23
2023, respectively
Additional paid-in capital		730,230			729,644
Accumulated other comprehensive income		-			406
Distributions in excess of accumulated earnings		(512,887)			(505,279)
Total stockholders' equity		217,367			224,794
Total liabilities and equity	$	689,799	$	694,172

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American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except share and per share data

					Three Months Ended
		March 31,		December 31,		September 30,			June 30,
		2024			2023			2023			2023
Revenue from tenants	$	15,481	$	15,380	$	16,015	$	15,782
Expenses:
Asset and property management fees to related		1,903			1,926			1,882			1,988
parties
Property operating		8,382			8,230			8,792			8,353
Impairment of real estate investments		-			66,053			362			151
Equity-based compensation		54			151			1,208			2,304
General and administrative		2,801			1,824			1,932			2,439
Depreciation and amortization		5,261			6,332			6,499			6,749
Total expenses		18,401			84,516			20,675			21,984
Operating loss		(2,920)			(69,136)			(4,660)			(6,202)
Other income (expense):
Interest expense		(4,697)			(4,749)			(4,739)			(4,749)
Other income		9			9			8			9
Total other expense, net		(4,688)			(4,740)			(4,731)			(4,740)
Net loss and Net loss attributable to common	$	(7,608)	$	(73,876)	$	(9,391)	$	(10,942)
stockholders
Basic and Diluted Net Loss Per Share:
Net loss per share attributable to common	$	(3.28)	$	(32.27)	$	(4.10)	$	(4.77)
stockholders - Basic and Diluted
Weighted average shares outstanding -Basic and		2,322,594			2,289,094			2,288,683			2,286,797
Diluted

7

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Non-GAAP Measures
Amounts in thousands
					Three Months Ended
		March 31,		December 31,		September 30,			June 30,
		2024			2023			2023			2023
EBITDA:
Net loss and Net loss attributable to common	$	(7,608)	$	(73,878)	$	(9,390)	$	(10,899)
stockholders
Depreciation and amortization		5,261			6,332			6,499			6,749
Interest expense		4,697			4,749			4,739			4,707
Income tax expense		-			-			-			-
EBITDA		2,350			(62,797)			1,848			557
Impairment of real estate investments		-			66,053			362			151
Acquisition and transaction related		-			-			-			-
Equity-based compensation		54			151			1,208			2,304
Management Fees paid in stock to Advisor in lieu of		533			-			-			-
cash
Other income		(9)			(9)			(8)			(10)
Adjusted EBITDA		2,928			3,398			3,410			3,002
Asset and property management fees to related		1,370			1,926			1,882			1,988
parties paid in cash
General and administrative		2,801			1,824			1,931			2,439
NOI		7,099			7,148			7,223			7,429
Accretion of below- and amortization of above-		(55)			(25)			(36)			(45)
market lease liabilities and assets, net
Straight-line rent (revenue as a lessor)		(30)			(848)			(703)			120
Straight-line ground rent (expense as lessee)		27			28			27			27
Cash NOI	$	7,041		$	6,303		$	6,511		$	7,531
Cash Paid for Interest:
Interest expense	$	4,697	$	4,749	$	4,739	$	4,707
Amortization of deferred financing costs		(386)			(386)			(386)			(385)
Total cash paid for interest	$	4,311		$	4,363		$	4,353		$	4,322

8

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Debt Overview

As of March 31, 2024

		Number of		Weighted-		Weighted-
			Average Debt				Total Outstanding
Year of Maturity		Encumbered		Maturity		Average Interest
	Properties		(Years) (1)		Rate (1) (2)				Balance (3)
										(In thousands)
2024 (remainder)	1	0.1	3.7	%	$	49,500
2025		-		-		- %			-
2026	1	2.3	4.2	%			99,000
2027	1	2.9	4.7	%			140,000
2028	3	4.7	4.7	%			60,000
2029	1	5.3	3.9	%			51,000
Thereafter		-		-		- %			-
Total Debt		7		3.4		4.4 %		$	399,500

______

1. Weighted based on the outstanding principal balance of the debt.
2. All of the Company's debt is fixed rate as of March 31, 2024.
3. Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2024 are shown in the year the debt matures.

9

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Future Minimum Lease Rents

As of March 31, 2024

Amounts in thousands

			Future Minimum
			Base Rent Payments (1)
2024 (remainder)		$	41,936
2025			48,999
2026			43,939
2027			40,612
2028			36,408
2029			32,985
Thereafter			142,212
Total		$	387,091

_________________

1. Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.

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