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American Strategic Investment Co. Class A (NYC+6.48%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss attributable to common stockholders of $140.6 million for the year ended December 31, 2024, compared to a net loss of $105.9 million for the prior year. The increase in net loss was primarily due to impairment charges on real estate investments.
Revenue from tenants decreased slightly to $61.6 million for the year ended December 31, 2024, from $62.7 million in the previous year. The decrease was attributed to bad debt expense resulting from a lease renegotiation with a tenant.
Operating expenses totaled $182.5 million for the year ended December 31, 2024, an increase from $149.8 million in the prior year. This increase was largely driven by $112.5 million in impairment charges on two properties.
The company recorded impairment charges of $86.6 million related to its 9 Times Square property and $25.8 million related to its 400 E. 67th Street property during the year.
Interest expense for the year was $19.5 million, up from $18.9 million in the prior year, primarily due to the maturity of an interest rate swap.
The company disposed of its 9 Times Square property for a gross purchase price of $63.5 million, resulting in a loss of $0.3 million.
Cash flows from operating activities were negative $4.0 million for the year ended December 31, 2024, compared to negative $7.4 million in the prior year.
As of December 31, 2024, the company had cash and cash equivalents of $9.8 million and restricted cash of $9.2 million.
The company faces liquidity constraints due to sustained declines in rental income and ongoing debt service obligations. Management is evaluating strategic alternatives to address these challenges.
The company suspended its dividend program in 2022 and has not declared or paid dividends since. Future dividend payments remain uncertain.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Strategic Investment Co. Class A annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.