American Strategic Investment Co. (NYSE:) recently saw significant insider activity as Nicholas S. Schorsch, a major shareholder, purchased shares in multiple transactions. According to a recent SEC filing, Schorsch acquired 3,394 shares of Class A common stock over two days. InvestingPro analysis shows the company trading at just 0.26 times book value, suggesting potential undervaluation despite its weak financial health score.
On January 21, Schorsch purchased 1,697 shares at a weighted average price of $9.20 per share. The following day, January 22, he acquired another 1,697 shares at an average price of $9.05 per share. The total value of these transactions amounted to $30,970. While the company maintains adequate liquidity with a current ratio of 1.5, InvestingPro data reveals significant debt concerns that investors should monitor.
These acquisitions increase Schorsch’s holdings in American Strategic Investment, reflecting continued confidence in the company’s prospects. The transactions were executed through Bellevue Capital Partners (WA:), LLC, where Schorsch is the sole managing member with full voting and investment discretion. For deeper insights into NYC’s valuation and financial health, including 8 additional ProTips and comprehensive analysis, check out the full research report on InvestingPro.
In other recent news, American Strategic Investment Co. has reported significant developments in its financial and strategic performance. The company has recently completed the sale of its 9 Times Square property for a gross purchase price of $63.5 million. This move, part of a broader strategy to reduce leverage and diversify the portfolio, is expected to bring in net proceeds of around $13.5 million.
The company has also reported its third-quarter earnings for 2024, highlighting a growth in cash net operating income (NOI) and a 70 basis point increase in occupancy rates to 85.8%. However, the company also reported a GAAP net loss of $34.5 million, primarily due to noncash impairments, and a decline in revenue to $15.4 million from $16 million in the same quarter of 2023.
In addition to the sale of 9 Times Square, American Strategic Investment Co. is actively marketing properties at 123 William Street and 196 Orchard for sale. The proceeds from these sales are expected to be invested in higher-yielding assets outside of New York City. These recent developments demonstrate the company’s focus on long-term value creation through strategic portfolio management and asset divestiture.
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