American Strategic Investment Co. reported Q1 2026 results with revenue of $7.3 million and net loss of $7.8 million, driven by the foreclosure of 1140 Avenue of the Americas.
Key takeaways
Q1 2026 revenue fell to $7.3M from $12.3M due to the foreclosure of 1140 Avenue of the Americas.
GAAP net loss was $7.8M, including a $2.3M non-cash gain and $5.0M decrease in tenant revenue.
Adjusted EBITDA was negative $1.1M, compared to negative $0.8M in Q1 2025.
Cash NOI declined to $2.8M from $4.2M year-over-year.
Near-term lease expirations are only 6% of annualized rent; 60% of leases extend beyond 2030.
Top 10 tenants are 69% investment grade or implied investment grade.