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- **Strategic Asset Sales**: Disposing of 1140 Avenue to eliminate $99M liability and selling 123 Williams Street/196 Orchard to reinvest in higher-yielding assets.
- **Lease Portfolio Resilience**: 56% of leases extend beyond 2030, up from 54%, with 69% top tenants investment-grade.
- **Financial Performance**: Q3 2025 GAAP net gain $35.8M (including $44.3M non-cash gain), despite revenue decline to $12.3M.
- **Cost Reduction**: Audit partner change reduced expenses, part of broader cost control efforts.

**【CEO Summary Section】**
- **Proactive Management Focus**: Third quarter emphasized cost reduction, balance sheet management, and value unlocking through asset sales and lease renewals.
- **Lease Portfolio Strength**: Extended weighted average lease term to 6.2 years (from 5.9) and 56% of leases now extend beyond 2030, up from 54%.
- **High-Quality Tenants**: 69% of top 10 tenants are investment-grade, with a NYC portfolio of 743,000 sq ft in resilient locations.
- **Strategic Dispositions**: 
  - 1140 Avenue of the Americas to be sold via consensual foreclosure, eliminating $99M liability.
  - 123 Williams Street and 196 Orchard being marketed for sale to reinvest in higher-yielding assets.

**【CFO Financial Commentary】**
- **Revenue Decline**: Q3 2025 revenue $12.3M vs $15.4M in 2024, driven by 9 Times Square sale.
- **GAAP Net Gain**: $35.8M including $44.3M non-cash gain from 1140 Avenue foreclosure.
- **Cost Efficiency**: Reduced professional fees via audit partner change, part of $1.9M adjusted EBITDA (vs $4.1M in 2024).

American Strategic Investment Co (NYC) Q3 2025 Earnings Call Transcript

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