American Strategic Investment Co. (NYSE:NYC), which is currently trading at a significant discount to book value with a price-to-book ratio of 0.25, has recently witnessed insider buying activity by Nicholas S. Schorsch and related entities. The transactions, reported on December 23 and 24, included the purchase of 1,626 shares of Class A common stock, valued at approximately $14,032. The shares were acquired at a weighted average price of $8.55 to $8.71 per share. According to InvestingPro analysis, the stock appears to be undervalued based on fair value estimates.
Nicholas S. Schorsch, a significant shareholder, made these transactions through entities under his control, including Bellevue Capital Partners (WA:), LLC. The purchases increased the total shares owned by Schorsch and its subsidiaries to 919,994. Want deeper insight into insider trading patterns and comprehensive financial analysis? InvestingPro subscribers get access to detailed insider trading data and 10+ additional NYC ProTips.
These transactions highlight the continued interest in American Strategic Investment Co., formerly known as New York City REIT, Inc., by its insiders. While the company maintains adequate liquidity with a current ratio of 1.5, it operates with a significant debt burden, it reveals InvestingPro data. The company operates in the real estate investment trusts sector, with headquarters in Newport, Rhode Island.
In other recent news, American Strategic Investment Co . reported an increase in cash net operating income and an increase in occupancy rate to 85.8% during Q3 2024 earnings. However, the company also posted a GAAP net loss of $34.5 million, primarily attributable to non-cash impairments and revenue declines to $15.4 million from $16 million in the same quarter of 2023. In a significant development, American Strategic Investment Co. has finalized the sale of its 9 Times Square property for a gross purchase price of $63.5 million, a move seen as part of the company’s strategic plan to optimize its portfolio. The firm is also actively selling properties at 123 William Street and 196 Orchard Street. These recent developments reflect American Strategic Investment’s focus on long-term value creation through strategic portfolio management and asset sales, with plans to invest the proceeds of these sales in higher yielding assets outside of New York.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
