American Strategic Investment Co. Director Sells Over $25K in Stock

American Strategic Investment Company has disclosed recent transactions by Director Edward M. Weil Jr., who sold shares of the company totaling more than $25,000. These transactions occurred on three different days, with share prices ranging from $9.00 to $9.18.

On September 16, Weil sold 17 shares at an average price of $9.18, followed by the sale of 269 shares at an average price of $9.10 on September 17. The most significant sale transpired on September 18, when he sold 2,492 shares at $9.00 each. These sales were detailed in a recent filing with the Securities and Exchange Commission.

These transactions are part of a broader series reported by Weil, who maintains a considerable stake in the company. Despite selling some shares, Weil continues to own a significant number of shares through entities affiliated with the company’s advisor. However, he has denied beneficial ownership of these indirectly held securities, except for his financial interest.

Insider transactions are closely monitored by investors as they may reflect an executive’s confidence in the company’s prospects. Weil’s recent sales represent only a minor fraction of his overall holdings, and the filing did not raise any immediate concerns regarding the company’s future performance.

American Strategic Investment Company, formerly known as New York City REIT, Inc., is a real estate investment trust focused on properties located in New York City.

In related news, the company announced its Q1 2024 financial results, which included an increase in adjusted EBITDA, a GAAP net loss of $7.6 million, and stable revenue at $15.5 million. Additionally, the company reported a 320 basis point increase in occupancy to 87.2%. The company also revealed its intent to sell the 9 Times Square property for $63.5 million, which could generate approximately $13.5 million in net proceeds. This aligns with its strategy to acquire higher-yielding assets.

Moreover, American Strategic Investment Company is in the process of marketing several properties in New York City for sale to lower balance sheet leverage and secure cash for reinvestment. More than 40% of its leases extend beyond 2030, and 80% of its top tenants are investment-grade or implied investment-grade entities. These moves are part of the company’s ongoing strategy to diversify its portfolio and position itself for future growth.

Lastly, the company addressed various macroeconomic factors such as geopolitical tensions, inflation, and fluctuations in interest rates that could impact its performance and strategic plans. American Strategic Investment Company is also committed to meeting the New York Stock Exchange’s ongoing listing requirements to avoid the risk of delisting.

Investors may find the recent insider sales and the accompanying financial metrics significant when gauging the company’s current situation and future opportunities.