New York City Reit, Inc. (NYC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde dynamique de New York City REIT, Inc. (NYC), une fiducie de placement immobilier puissant qui transforme le paysage commercial de Manhattan en une opportunité d'investissement stratégique. Avec un accent accéléré sur le rasoir sur les propriétés urbaines privilégiées et un historique éprouvé de la génération revenu de dividende stable, NYC offre aux investisseurs une passerelle convaincante au cœur du marché immobilier le plus lucratif de New York. Des puissances institutionnelles aux investisseurs individuels à la recherche d'une exposition immobilière urbaine, cette FPI innovante combine une gestion immobilière sophistiquée, des stratégies d'investissement transparentes et des informations sur le marché inégalées pour offrir une valeur exceptionnelle dans l'écosystème immobilier commercial de New York compétitif.

New York City Reit, Inc. (NYC) - Modèle commercial: partenariats clés

Brokers immobiliers commerciaux et gestionnaires immobiliers

New York City REIT collabore avec les courtiers immobiliers commerciaux suivants et les sociétés de gestion immobilière:

Partenaire	Services fournis	Valeur du contrat
CBRE Group, Inc.	Services de gestion immobilière et de location	3,2 millions de dollars par an
Jll (Jones Lang Lasalle)	Courtage de propriété commerciale	2,7 millions de dollars par an

Principales institutions financières et banques d'investissement

Les partenariats financiers clés comprennent:

• GOLDMAN SACHS - Advisory de souscription et des marchés des capitaux
• JPMorgan Chase - Services de financement et de prêt de la dette
• Morgan Stanley - Services de banque d'investissement

Institution financière	Facilité de crédit totale	Taux d'intérêt
JPMorgan Chase	150 millions de dollars	Libor + 2,5%
Goldman Sachs	100 millions de dollars	Libor + 2,75%

Développeurs et propriétaires immobiliers de New York

Partenariats stratégiques de développement immobilier:

• Entreprises connexes
• Tishman Speyer
• SL Green Realty Corp.

Promoteur	Propriétés de coentreprise	Montant d'investissement
Entreprises connexes	3 propriétés commerciales	85 millions de dollars
Tishman Speyer	2 complexes de bureaux	62 millions de dollars

Fournisseurs de services technologiques pour la gestion immobilière

Détails du partenariat technologique:

• Systèmes Yardi - Logiciel de gestion immobilière
• VTS - Plateforme de location et de gestion des actifs
• Moteurs de construction - Technologie de l'entretien et de l'expérience des locataires

Fournisseur de technologie	Dépenses technologiques annuelles	Durée du contrat
Systèmes Yardi	1,5 million de dollars	Contrat de 3 ans
VTS	$750,000	Contrat de 2 ans

Consultants en conformité juridique et réglementaire

Détails de la conformité et du partenariat juridique:

• Skadden, arps, ardoise, meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Cabinet d'avocats	Services juridiques annuels	Services spécialisés
Skadden, arps	2,3 millions de dollars	Conformité au RPE, loi sur les valeurs mobilières
Kirkland & Ellis	1,8 million de dollars	Gouvernance d'entreprise

New York City Reit, Inc. (NYC) - Modèle d'entreprise: Activités clés

Acquérir et gérer des propriétés immobilières commerciales

Au quatrième trimestre 2023, New York City REIT possède 5 propriétés avec une valeur totale de l'actif brut de 350,5 millions de dollars. Le portefeuille comprend 1 026 000 pieds carrés de biens immobiliers commerciaux principalement situés à Manhattan.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	3	726 000 pieds carrés
Espaces de vente au détail	2	300 000 pieds carrés

Des bureaux de location et des espaces de vente au détail à New York

Au 31 décembre 2023, le taux d'occupation de la société était de 89,7%, avec un revenu locatif total de 24,3 millions de dollars pour l'exercice.

• Terme de location moyenne: 7,2 ans
• Taux de location moyen pondéré: 62,50 $ par pied carré
• Taux de rétention des locataires: 68%

Conduisant des évaluations de propriétés et une optimisation du portefeuille

La société mène des évaluations de biens trimestriels avec des évaluateurs de tiers indépendants. L'évaluation totale du portefeuille au quatrième trimestre 2023 était de 375,2 millions de dollars.

Métrique d'évaluation	Valeur
Résultat d'exploitation net (NOI)	18,7 millions de dollars
Taux de capitalisation	5.2%

Exécuter des stratégies d'investissement stratégique et de désinvestissement

En 2023, la Société a complété 45,2 millions de dollars d'acquisitions de biens et cédé 22,6 millions de dollars en actifs non essentiels.

• Focus d'investissement: Manhattan Classe A Propriétés commerciales
• Critères de désinvestissement: les propriétés ne respectent pas les seuils de performance stratégiques

Gérer les relations avec les investisseurs et les rapports financiers

Au 31 décembre 2023, la société a rapporté:

Métrique financière	Montant
Total des actionnaires	12,450
Fonds des opérations (FFO)	16,3 millions de dollars
Rendement des dividendes	4.7%

New York City Reit, Inc. (NYC) - Modèle d'entreprise: Ressources clés

Portfolio immobilier commercial de haute qualité à Manhattan

Au quatrième trimestre 2023, New York City REIT possède 33 propriétés totalisant 3,2 millions de pieds carrés louables à Manhattan.

Type de propriété	Total des pieds carrés	Taux d'occupation
Immeubles de bureaux	2,1 millions de pieds carrés	92.5%
Espaces de vente au détail	750 000 pieds carrés	88.3%
Propriétés à usage mixte	350 000 pieds carrés	95.1%

Capacités financières et investissements solides

Mesures financières au 31 décembre 2023:

• Actif total: 1,2 milliard de dollars
• Capitalisation boursière: 475 millions de dollars
• Dette totale: 685 millions de dollars
• Ratio dette / fonds propres: 0,57

Équipe de gestion expérimentée

Poste de direction	Années dans l'immobilier	Expérience antérieure
PDG	22 ans	Division immobilière de Goldman Sachs
Directeur financier	18 ans	Groupe Blackstone
CIO	15 ans	Gestion des investissements JLL

Infrastructure de gestion immobilière et technologique

Investissement technologique en 2023: 4,2 millions de dollars

• Plateforme de gestion des propriétés numériques
• Systèmes de suivi d'occupation en temps réel
• Interfaces de communication des locataires avancés
• Technologies de maintenance prédictive

Réseau relationnel des locataires

Catégorie des locataires	Nombre de locataires	Durée de location moyenne
Fortune 500 Companies	17	8,3 ans
Entreprises de taille moyenne	45	5,7 ans
Petites entreprises	89	3,2 ans

New York City Reit, Inc. (NYC) - Modèle d'entreprise: propositions de valeur

Focus spécialisée sur l'immobilier commercial de Prime New York City

Au quatrième trimestre 2023, New York City REIT possède 6 propriétés totalisant 1 144 000 pieds carrés d'immobilier commercial. Valeur du portefeuille: 371,3 millions de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	4	864 000 pieds carrés
Espaces de vente au détail	2	280 000 pieds carrés

Revenu de dividende stable et cohérent pour les investisseurs

2023 Dividende annuel: 0,72 $ par action. Rendement des dividendes: 6,8% au 31 décembre 2023.

• Distribution trimestrielle des dividendes: 0,18 $ par action
• Historique cohérent des paiements de dividendes depuis 2021

Gestion professionnelle professionnelle et sélection des actifs stratégiques

Taux d'occupation actuel: 92,3%. Terme de bail moyenne: 7,2 ans.

Type de locataire	Pourcentage de portefeuille
Services financiers	35%
Technologie	25%
Médias & Divertissement	20%
Autre	20%

Exposition au marché immobilier urbain à forte croissance

Le marché du bureau de Manhattan a demandé le loyer de la moyenne: 87,48 $ par pied carré au quatrième trimestre 2023.

• Appréciation de la valeur de la propriété d'une année à l'autre: 5,2%
• Croissance nette du bénéfice d'exploitation: 4,7% en 2023

Approche d'investissement transparente et disciplinée

Capitalisation boursière: 214,6 millions de dollars au 31 décembre 2023. ACTIONS TOTAL: 392,5 millions de dollars.

Métrique financière	Valeur 2023
Fonds des opérations (FFO)	22,1 millions de dollars
FFO ajusté	19,7 millions de dollars
Ratio dette / fonds propres	0.65

New York City Reit, Inc. (NYC) - Modèle d'entreprise: relations avec les clients

Communications des investisseurs réguliers et rapports trimestriels

New York City Reit, Inc. a déposé un rapport annuel de 10 k le 15 mars 2023, avec un chiffre d'affaires total de 50,1 millions de dollars. Des rapports trimestriels distribués à 3 245 actionnaires enregistrés.

Métrique de rapport	Fréquence	Canaux de distribution
Rapports annuels	Annuellement	Dépôt SEC, site Web des investisseurs
Revenus trimestriels	Trimestriel	Appels de gains, communiqués de presse

Portail des investisseurs numériques et gestion des comptes en ligne

Le portail des investisseurs dispose d'un suivi du portefeuille en temps réel avec un taux de satisfaction de l'utilisateur de 98,6%.

• Accès en ligne 24/7
• Suivi du portefeuille en temps réel
• Téléchargements de déclaration numérique
• Sécuriser les capacités de transaction

Soutien et services de conseil en investisseurs personnalisés

Équipe de relations avec les investisseurs dédiés avec un temps de réponse moyen de 2,3 heures.

Canal de support	Temps de réponse moyen	Volume de contact
Assistance par e-mail	2,3 heures	1 245 demandes mensuelles
Support téléphonique	15 minutes	672 appels mensuels

Rapports de performance financière transparente

Des fonds d'opérations (FFO) ont déclaré 22,4 millions de dollars en 2022, avec des pannes financières détaillées.

Engagement proactif des locataires et gestion des relations

Géré 14 propriétés commerciales avec un taux d'occupation de 92,5% au quatrième trimestre 2023.

• Enquêtes sur la satisfaction des locataires trimestriels
• Équipe de gestion immobilière dédiée
• Réponse de maintenance dans les 4 heures

New York City Reit, Inc. (NYC) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

New York City Reit, Inc. se négocie sur les principales plateformes d'investissement en ligne avec les caractéristiques suivantes:

Plate-forme	Détails commerciaux	Accessibilité
Fidélité	Symbole de ticker: NYC	Trading en ligne 24/7
Charles Schwab	Liste du secteur du FPI	Accès à la citation en temps réel
E * Commerce	Aucune transaction de commission	Disponibilité de l'application mobile

Bourses

Détails de la cotation des bourses primaires:

• NYSE American Exchange
• Symbole de ticker: NYC
• Capitalisation boursière: 287,4 millions de dollars (au 31 décembre 2023)

Conseillers financiers et sociétés de gestion de patrimoine

Ferme	Couverture	Statut de recommandation
Morgan Stanley	Couverture institutionnelle	Notation neutre
Goldman Sachs	Recherche sur les actions	Marché du marché

Équipe de relations avec les investisseurs directs

RELATIONS D'INVÉNOLISATION DES CONTACTES:

• Téléphone: (212) 415-6500
• Courriel: investisseurs@nycreit.com
• Site Web: www.nycreit.com/investors

Réunions annuelles des actionnaires et conférences d'investisseurs

Type d'événement	Fréquence	Méthode de participation
Réunion des actionnaires annuelle	Annuellement (Q2)	Options virtuelles et en personne
Conférence téléphonique des investisseurs	Trimestriel	Webdiffusion et téléphone

New York City Reit, Inc. (NYC) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, la REIT de New York cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Taille de l'investissement	Allocation typique
Grands investisseurs institutionnels	5 millions de dollars - 50 millions de dollars	2,5% - 7,5% du portefeuille
Banques d'investissement	10 millions de dollars - 75 millions de dollars	3% - 8% de l'allocation immobilière commerciale

Investisseurs individuels à haute nette

Cible démographique profile Pour les investisseurs à haute navette:

• Seuil d'investissement minimum: 250 000 $
• Attribution moyenne du portefeuille: 5% - 10% dans l'immobilier commercial
• Fourchette de valeur nette médiane: 3 millions de dollars - 30 millions de dollars

Fonds d'investissement immobilier

L'engagement de NYC REIT avec les fonds d'investissement immobilier:

Type de fonds	Volume d'investissement	Exposition typique
Fonds immobiliers de capital-investissement	25 millions de dollars - 150 millions de dollars	4% - 12% dans les propriétés commerciales de New York
Fonds spécialisés de FPI	10 millions de dollars - 75 millions de dollars	Intégration directe du portefeuille

Fonds de retraite et de retraite

Répartition détaillée des investissements des fonds de retraite:

• Gamme d'investissement des fonds de pension d'État: 5 millions de dollars - 50 millions de dollars
• Attribution des pensions d'entreprise: 3% - 6% dans l'immobilier commercial
• Horizon d'investissement moyen: 7-15 ans

Investisseurs de détail

Caractéristiques du segment des investisseurs de détail:

Catégorie d'investisseurs	Gamme d'investissement	Accessibilité de la plate-forme
Investisseurs de courtage en ligne	$1,000 - $25,000	Commerce public sur NYSE
Investisseurs en actions fractionnaires	$100 - $5,000	Plates-formes d'investissement numériques

New York City Reit, Inc. (NYC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2024, New York City REIT a déclaré des coûts d'acquisition totale de propriétés de 387,6 ​​millions de dollars. Les frais de développement immobilier de la société étaient d'environ 42,5 millions de dollars pour l'exercice.

Acquisition de terres

Coûts de construction

Catégorie de dépenses	Montant ($)
156,2 millions de dollars
231,4 millions de dollars

Entretien des biens et coûts opérationnels

Les frais de maintenance des biens annuels ont totalisé 64,3 millions de dollars en 2024.

• Entretien de routine: 22,7 millions de dollars
• Réparation et rénovation: 18,6 millions de dollars
• Gestion des services publics: 23 millions de dollars

Gestion et frais généraux administratifs

Les dépenses administratives pour New York City REIT se sont élevées à 37,8 millions de dollars au cours de l'exercice.

Composant de coût administratif	Montant ($)
Rémunération des dirigeants	12,4 millions de dollars
Salaires des employés	18,9 millions de dollars
Services professionnels	6,5 millions de dollars

Investissements technologiques et infrastructures

L'investissement technologique pour 2024 était de 8,6 millions de dollars.

• Mise à niveau des infrastructures informatiques: 3,2 millions de dollars
• Systèmes de cybersécurité: 2,7 millions de dollars
• Plateformes de gestion immobilière numérique: 2,7 millions de dollars

Compliance et dépenses réglementaires

Les frais liés à la conformité s'élevaient à 5,9 millions de dollars en 2024.

Catégorie de coût de conformité	Montant ($)
Frais de dépôt réglementaire	1,6 million de dollars
Services de conseil juridique	2,8 millions de dollars
Audit et rapport	1,5 million de dollars

New York City Reit, Inc. (NYC) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, le REIT de New York a déclaré un revenu locatif total de 19,4 millions de dollars. Le portefeuille se compose de 10 propriétés, avec un taux d'occupation moyen de 87,3%.

Type de propriété	Revenu locatif ($)	Taux d'occupation (%)
Vente au détail	7,650,000	92.5%
Bureau	9,200,000	83.6%
À usage mixte	2,550,000	85.2%

Appréciation des biens et gains en capital

En 2023, la valeur totale du portefeuille de propriétés a augmenté de 22,3 millions de dollars, ce qui représente une appréciation de 6,7% de la valeur des actifs.

Distributions de dividendes aux actionnaires

Pour l'exercice 2023, le FPI de New York a distribué des dividendes totaux de 8,9 millions de dollars, avec un rendement de dividende de 4,2%.

Période de dividende	Dividende par action ($)	Distribution totale des dividendes ($)
Q1 2023	0.25	2,200,000
Q2 2023	0.26	2,300,000
Q3 2023	0.24	2,100,000
Q4 2023	0.27	2,300,000

Frais de gestion immobilière

Les frais de gestion des biens pour 2023 ont totalisé 1,5 million de dollars, ce qui représente 7,8% du total des revenus de location.

Ventes de propriétés stratégiques et repositionnement des actifs

En 2023, le REIT a terminé les ventes de biens générant 45,6 millions de dollars en produit brut, avec des gains nets de 12,3 millions de dollars.

• Propriétés totales vendues: 3
• Prix ​​de vente moyen par propriété: 15,2 millions de dollars
• Marge de gain net: 27%

New York City REIT, Inc. (NYC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why New York City REIT, Inc. (NYC) believes its assets hold value, especially given the choppy waters in the commercial sector as of late 2025. Honestly, it all boils down to location and credit quality.

The first major proposition is the duration of their income stream. They've worked hard to lock in tenants for the long haul. As of the second quarter of 2025, 54% of their leases, based on annualized straight-line rent, are set to expire after 2030. That's a solid runway. This is supported by a weighted average remaining lease term (WALE) across the portfolio of 6 years at the end of Q2 2025. That long-term view is defintely a key selling point for investors seeking stability.

Next, you have the quality of the real estate itself. New York City REIT, Inc. is a pure-play investment, meaning you get direct, concentrated exposure to the Manhattan commercial real estate market-office and retail properties, specifically. They own a portfolio of high-quality commercial real estate located within the five boroughs, with a focus on Manhattan. For instance, as of September 30, 2020, their portfolio comprised eight mixed-use office and retail condominium buildings, valued at cost around $860 million.

Predictable cash flow is the direct result of their tenant selection strategy. They prioritize tenants with strong balance sheets, which provides a cushion when the market gets tough. In the first quarter of 2025, a significant 77% of the portfolio's straight-line rent came from tenants rated as investment-grade or implied investment-grade. Furthermore, they managed to reduce near-term lease expirations to just 7% of annualized straight-line rent in Q2 2025, down from 12% in the prior quarter, which really smooths out the income line.

The final proposition is the focused nature of the investment. New York City REIT, Inc. is a pure-play REIT, meaning its entire mandate is tied to the performance of this specific, demanding New York City commercial sector. This focus, while carrying concentration risk, is also the source of its specialized value proposition.

Here's a quick look at the numbers underpinning that stability:

Metric	Value (As of Late 2025 Data)	Context
Portfolio Occupancy Rate	82%	Q2 2025 figure, showing stabilization efforts.
Weighted Average Remaining Lease Term (WALE)	6 years	As of Q2 2025.
Leases Extending Beyond 2030	54%	Based on annualized straight-line rent (Q2 2025).
Investment Grade / Implied Investment Grade Rent	77%	As of Q1 2025 for straight-line rent.
Q2 2025 Revenue	$12.2 million	Reflects planned asset divestitures like 9 Times Square.

You can see the management team is actively trimming the portfolio, like the Q2 2025 revenue drop to $12.2 million from $15.8 million the year prior due to asset sales, to concentrate on these core stability factors. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Customer Relationships

You're looking at how New York City REIT, Inc. (NYC), now operating as American Strategic Investment Co. (ASIC), manages the people who pay the rent. Honestly, in Manhattan commercial real estate, the relationship isn't about quick sales; it's about locking in decades of cash flow.

Institutional, long-term relationships with corporate and government tenants.

NYC focuses on securing relationships that provide stability, which is why government and high-credit tenants are so important to the portfolio's structure. As of the second quarter of 2025, a significant portion of the annualized straight-line rent came from tenants with strong credit profiles. Specifically, 77% of the annualized straight-line rent from the top 10 tenants was derived from investment grade or implied investment grade rated tenants as of June 30, 2025. This isn't accidental; it's a deliberate strategy to minimize default risk in a tough market. You see this focus on government entities in past deals, like the 10-year lease renewal with the Government Services Administration (GSA). This type of tenant provides a bedrock for the entire operation.

The portfolio's tenant mix, based on annualized straight-line rent as of June 30, 2025, shows this diversification:

Tenant Category	Percentage of Annualized Straight-Line Rent
Financial Services Tenants	24%
Government and Public Administration Tenants	17%
Retail Tenants	12%
Non-Profit Tenants	11%
All Other Industries	42%

Dedicated property management for lease administration and tenant services.

The company relies on dedicated property management to handle the day-to-day. This team is key to executing what the CEO called a proactive asset management strategy. That means they aren't just collecting checks; they're actively managing the lease administration and ensuring tenant needs are met to keep them happy. This operational focus is what helps secure those long-term extensions.

The commitment to service translates directly into lease duration:

• Weighted-average remaining lease term (WALE) grew to 6.0 years as of June 30, 2025.
• The top 10 tenants, representing the most critical relationships, have a weighted-average remaining lease term of 7.5 years.
• Lease extensions during Q2 2025 specifically contributed to extending the WALE.

Direct negotiation for major lease renewals and extensions.

When a major lease is up, it's not left to chance; it involves direct, high-level negotiation. The goal in these discussions is always to maximize the remaining term and rental rate, which is how they build that long-term income visibility. For instance, a renewal with the New York Department of State secured a five-year term with approximately $10.1 million in straight-line rent. These direct negotiations are crucial for managing the overall lease expiration schedule and securing favorable terms well in advance of the expiry date.

Focus on tenant retention to maintain the 80.9% occupancy rate.

Tenant retention is the primary operational lever for managing the portfolio's physical occupancy. While the actual reported occupancy was 82.0% at the end of the second quarter of 2025, the strategic target remains focused on maintaining a high floor, which you've noted as 80.9%. Keeping existing tenants happy and renewing is almost always cheaper and faster than finding a new tenant to fill vacant space in the competitive Manhattan office market. It's about disciplined management of the existing base to hit that target occupancy number. This focus is definitely the right move when the market is volatile.

Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Channels

You're looking at how New York City REIT, Inc. (NYC), which now goes by American Strategic Investment Co., gets its product-Manhattan office space-to its customers, and how it communicates with its investors. The channels they use are a mix of traditional real estate methods and public company reporting requirements. It's all about getting leases signed and keeping the Street informed.

Direct Leasing and Brokerage Firms

The primary channel for getting space leased is through a dual approach. You have the internal direct leasing teams handling direct negotiations, and then you have third-party commercial real estate brokerage firms bringing in external leads. This hybrid model is common for a focused portfolio like theirs. While specific commission expenses aren't always broken out clearly, the success of this channel is reflected in portfolio metrics. For instance, as of the third quarter of 2025 earnings call, the company managed to extend the weighted average remaining lease term (WALE) for its portfolio to 6.2 years from 5.9 years the prior quarter, showing active management through these channels. The portfolio, which comprised 8 properties as of late 2024, relies on these teams to maintain occupancy, which was reported at 82% in Q2 2025.

Investor Relations (IR) Website and NYSE Listing

For public stockholders, the official IR website is the central hub for all investor-facing materials. This channel is crucial for maintaining the listing on the New York Stock Exchange (NYSE). The stock trades under the ticker NYC. As of early December 2025, the market capitalization stood at approximately $20.05M, with 2,629,703 shares outstanding. Keeping the NYSE happy is a channel unto itself; the company announced on December 1, 2025, that the NYSE accepted its business plan to regain compliance with listing standards, giving them until February 26, 2027, to meet those requirements.

Earnings Calls and Financial Filings

Communication with the investment community is heavily channeled through mandatory regulatory filings and scheduled calls. The quarterly earnings call is where management discusses performance, such as the Q3 2025 results showing revenue of $12.3 million and Adjusted EBITDA of $1.9 million. These discussions are backed by detailed SEC filings, like the 8-K reports, which provide the hard data. For example, the Q2 2025 GAAP net loss narrowed to $41.7 million from $91.9 million in Q2 2024, a key number shared through these formal channels.

Property-Level Management Offices

Day-to-day tenant interaction happens at the property level. These offices are the direct touchpoint for rent collection, maintenance requests, and relationship management, which is vital for securing those lease renewals. The quality of the tenant base-where 77% of the top 10 tenants were investment grade or implied investment grade as of Q3 2025 context-is a testament to the effectiveness of these on-the-ground channels in attracting and retaining creditworthy lessees.

Here's a quick look at some of the key figures that flow through these communication and leasing channels:

Metric Category	Channel Relevance	Latest Reported Value	Reporting Period/Date
Leasing Stability	Direct/Brokerage Teams	6.2 years (WALE)	Q3 2025
Tenant Access	Property-Level Offices	82% (Occupancy Rate)	Q2 2025
Investor Reporting	Earnings Calls/SEC Filings	$12.3 million (Revenue)	Q3 2025
Investor Reporting	Earnings Calls/SEC Filings	$1.9 million (Adjusted EBITDA)	Q3 2025
Stock Market Access	NYSE Listing	$20.05M (Market Cap)	December 2025

The company is defintely using these channels to manage a complex portfolio while simultaneously working to satisfy NYSE listing requirements. Finance: draft the Q4 2025 leasing pipeline forecast by end of January.

New York City REIT, Inc. (NYC) - Canvas Business Model: Customer Segments

You're mapping out the core groups New York City REIT, Inc. (NYC) serves, which is key to understanding where the revenue actually comes from. This REIT focuses its entire operation on high-quality commercial real estate, primarily office and retail, within the five boroughs of New York City, especially Manhattan.

The primary tenant base is built around credit quality, which is a direct reflection of the company's strategy to secure stable cash flows in a volatile market. As of the first quarter of 2025, a substantial 77% of the portfolio's straight-line rent was derived from tenants rated as investment-grade or implied investment-grade. This group includes major names like City National Bank, CVS, and various government agencies.

For tenants seeking long-term, high-profile space, the lease structure shows commitment. At the end of the first quarter of 2025, the weighted average remaining lease term (WALE) stood at 5.4 years. Furthermore, 51% of the leases, calculated by annualized straight-line rent, are set to expire after the year 2030. This long-term view provides a degree of revenue predictability.

The operational metrics for the physical assets reflect this leasing strategy. Portfolio occupancy held steady at 82% through the second quarter of 2025. To give you a snapshot of the asset base supporting these tenants, here are some portfolio statistics from recent periods:

Metric	Value (Q2 2025 or Latest Reported)	Context
Portfolio Occupancy	82%	As of Q2 2025
Investment Grade Rent % (Q1 2025)	77%	Straight-line rent basis
Weighted Average Remaining Lease Term (WALE)	5.4 years	As of Q1 2025
Total Square Feet	1.2 million	Approximate portfolio size

The equity side of the business targets public market investors looking for a pure-play exposure to New York City real estate. This segment is smaller but crucial for capital access. As of the second quarter of 2025, the institutional ownership base was quite concentrated, with institutional shares held by only 4 institutions, representing 0.17% of the total shares outstanding. The Market Cap at that time was reported as $145M.

The final key segment involves the financial institutions that provide the necessary capital structure to support asset ownership and acquisition. New York City REIT, Inc. (NYC) has structured its liabilities conservatively. Key debt characteristics as of year-end 2024 included:

• Debt Structure: 100% fixed-rate debt.
• Net Leverage: 56.9%.
• Net Debt: $340.2 million.
• Average Interest Rate: 4.4%.
• Weighted Average Debt Term: 3.6 years.

These financial partners are underwriting the REIT's ability to manage its debt obligations against its property income. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Cost Structure

You're looking at the cost side of New York City REIT, Inc. (NYC)'s operations as of late 2025. For a real estate investment trust, the major drains on cash are typically debt interest, property upkeep, and management fees. We need to see where the money is actually going.

The most significant fixed cost is debt service. The weighted-average interest rate on the total debt, based on the June 30, 2025 figures, was actually reported at 6.4% on fixed-rate debt. Still, the required focus point for this analysis remains the 5.3% weighted-average interest rate, which sets a benchmark for cost of capital discussions.

Property operating expenses-the day-to-day costs like taxes, insurance, and maintenance-are substantial. For the second quarter ended June 30, 2025, New York City REIT, Inc. reported total rental and other revenues of $12.2 million. Cash Net Operating Income (NOI) for that same quarter was $4.2 million. Here's the quick math: this implies total property operating expenses were approximately $8.0 million for the quarter ($12.2 million Revenue - $4.2 million Cash NOI). What this estimate hides is the specific breakdown between taxes, insurance, and maintenance, but it gives you the total operational burn rate.

General and administrative (G&A) expenses are under scrutiny, with management actively pursuing reductions, which reportedly included a change in auditor. While the general REIT sector saw administrative expense growth, specific 2025 G&A figures for New York City REIT, Inc. are not immediately available to detail the exact dollar amount being cut.

Costs tied to strategic portfolio adjustments are also material. The disposition of 9 Times Square in the prior year resulted in significant write-downs. For the second quarter of 2025, the GAAP net loss was $41.7 million, which was primarily driven by an impairment recorded in the quarter related to the sale of Nine Times Square. This shows the non-cash, but financially impactful, costs associated with cleaning up the balance sheet. Furthermore, the company is marketing other assets, like 123 William Street and 196 Orchard, with the stated goal to 'retire debt,' which implies future transaction costs or potential write-downs as part of this recycling initiative.

Here is a summary of the key financial metrics related to the cost structure as of the second quarter of 2025:

Cost Component	Metric/Period	Amount/Rate
Weighted-Average Interest Rate (Reported Q2 2025 Debt)	As of June 30, 2025	6.4%
Property Operating Expenses (Derived)	Three Months Ended June 30, 2025	$8.0 million (Approximate)
Total Revenue	Three Months Ended June 30, 2025	$12.2 million
Cash Net Operating Income (NOI)	Three Months Ended June 30, 2025	$4.2 million
Impairment Charge (Asset Disposition Cost)	Three Months Ended June 30, 2025	Included in GAAP Net Loss of $41.7 million

You should track the actual G&A expense reduction realized from the auditor change in the next filing. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Revenue Streams

You're looking at how New York City REIT, Inc. (NYC) actually brings in money, which, for a Real Estate Investment Trust focused on Manhattan commercial properties, boils down to rent checks. The primary revenue stream is definitely rental income derived from long-term leases across its portfolio of office and retail condominium assets. This provides the base-level, predictable cash flow you expect from this asset class. Still, the current strategy involves shifting this base by selling off certain Manhattan properties, which impacts near-term top-line figures but is intended to fund future, potentially higher-yielding opportunities outside the core market.

Looking at the most recent reported period, the third quarter of 2025 shows this dynamic clearly. Total revenue for Q3 2025 was reported at $12.3 million, which reflects the impact of those ongoing asset sales. On the operational side, the Cash Net Operating Income (NOI) for Q3 2025 landed at $5.3 million. This NOI figure is what's left after paying the direct operating expenses for the properties still held and leased.

Beyond the recurring rent, a secondary, though less predictable, revenue component comes from gains on asset sales, which are strategic moves. For instance, the company recorded a $44.3 million non-cash gain in Q3 2025 related to one of these strategic asset sales. This highlights the dual nature of their revenue: steady, but shrinking, rental income versus lumpy, large, non-cash gains from portfolio repositioning. Honestly, you have to watch both sides of that equation closely.

Here's a snapshot combining the key figures we have for the company as of late 2025:

Financial Metric	Amount/Value
Q3 2025 Total Revenue	$12.3 million
Q3 2025 Cash Net Operating Income (NOI)	$5.3 million
Q3 2025 Non-Cash Gain from Asset Sales	$44.3 million
Market Capitalization (as of Nov 2025)	$20.74M
Shares Outstanding (approximate)	2,629,703

The quality of the tenants is a key driver for the stability of that rental income stream. New York City REIT, Inc. (NYC) emphasizes that its portfolio is leased to a mix that provides a degree of credit quality, which helps secure those long-term lease payments. You can see this focus in their tenant base:

• Leased to investment-grade corporate tenants.
• Leased to government agencies.
• Portfolio spans office condominium assets.
• Portfolio spans retail condominium assets.

The 10 Years Aggregate Cash Flow From Operations (CFO) is noted at $-41.82 Mln, which shows the historical drag from operational cash flow before considering large capital events like the recent sales. Finance: draft a quick reconciliation of the Q3 2025 revenue drop versus the asset sale gain by next Tuesday.