American Strategic Investment revenue slides on Manhattan property sale

American Strategic Investment (NYSE:NYC) reported a decline in first-quarter 2026 revenue, reflecting the structural contraction of its New York City commercial real estate portfolio following a major property exit.

The real estate operator posted total revenue of $7.3 million for the three months ended March 31, 2026, down from the $12.3 million recorded in the first quarter of 2025.

Management attributed the top-line reduction primarily to the previously completed disposition of 1140 Avenue of the Americas, a prominent commercial office asset that was removed from the portfolio during the prior fiscal year.

The drop in real estate assets filtered through to the company’s underlying cash metrics.

Cash net operating income (NOI) fell to $2.9 million for the quarter, down from $4.2 million in the opening quarter of 2025.

Concurrently, adjusted EBITDA decreased to negative $1.1 million, compared to negative $0.8 million in the prior-year period.

Despite the reduced operational cash generation, the landlord managed a slight optimization on its bottom line.

Net loss attributable to common stockholders narrowed to $7.8 million, representing an improvement against the $8.6 million net loss endured in the first quarter of 2025.

Operationally, the company realized marginal gains in tenancy duration and tenant credit security across its remaining holdings.

The portfolio’s weighted-average remaining lease term lengthened to 6.2 years, up from 6.1 years at the conclusion of the fourth quarter of 2025.

Asset management teams also emphasized the credit quality backing its primary cash streams.

Approximately 69% of the annualized straight-line rent derived from the company's top ten largest tenants was secured by investment-grade or implied investment-grade rated occupants.

This core institutional cohort holds a weighted-average remaining lease term of 6.7 years.