Liquidity remains a critical concern, with the company reporting a $5.4 million deficit in AFFO for 2026Q1 and a dwindling cash balance of only $2.5 million.
| Cash from Operations | -4.9M | -7.75M | -4M | -7.41M | -486K | -7.92M | -13.58M | -1.6M | -7.08M | 2.28M | 4.13M | -5.19M | -4.96M |
| Operating CF Growth % | -89.8% | -93.87% | 46% | -1423.66% | 93.86% | 41.7% | -747.04% | 77.36% | -410.25% | -44.72% | 179.48% | -4.61% | - |
| Operating CF / Revenue % | -12.78% | -17.92% | -6.5% | -11.81% | -0.76% | -11.27% | -21.59% | -2.27% | -11.35% | 3.91% | 8.67% | -19.65% | -174.15% |
| Net Income | -20.38M | -21.19M | -140.59M | -105.92M | -45.9M | -39.47M | -40.96M | -21.89M | -24.11M | -23.07M | -19.77M | -15.79M | -6.52M |
| Depreciation & Amortization | 11.45M | 12.52M | 18.41M | 26.53M | 28.67M | 31.06M | 31.75M | 31.16M | 29.69M | 29.54M | 25.59M | 16.76M | 1.88M |
| Stock-Based Compensation | 363K | 364K | 408K | 5.86M | 8.78M | 8.47M | 3.87M | 86K | 17K | 74K | 61K | 26K | 13K |
| Other Non-Cash Items | -16.11M | -16.13M | 115.13M | 68.52M | 6.61M | -7.05M | -330K | -259K | -1.25M | -1.13M | 103K | -745K | 1.21M |
| Working Capital Changes | 19.77M | 16.69M | 2.64M | -2.4M | 1.35M | -2.38M | -7.91M | -10.7M | -11.42M | -3.11M | -1.86M | -5.52M | -1.55M |
| Cash from Investing | -3.81M | -3.79M | 59.86M | 71K | -5.55M | -3.38M | -3.75M | -45.97M | -14.94M | -10.34M | -95.88M | -169.16M | -256.57M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.27M | -5.95M | 0 | -79.16M | -28K | -514K |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 491K | 5K | 2.07M | 0 |
| Other Investing | -3.03M | -3.03M | 61.15M | 4.13M | 0 | 0 | 0 | 0 | -5.95M | 491K | -79.17M | -154.96M | -256.48M |
| Cash from Financing | 1.05M | 650K | -49.73M | 4.03M | -6.27M | -275K | -970K | 51.07M | 29.6M | 5.45M | -41.13M | 172.72M | 445.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | -2.67M | -5.2M | -622K | 0 | -7.47M | -28.28M | -25.31M | -19.99M | -3.32M |
| Common Dividends | 0 | 0 | 0 | 0 | -2.67M | -5.2M | -622K | 0 | -7.47M | -28.28M | -25.31M | -19.99M | -3.32M |
| Debt Issuance (Net) | 1.05M | 650K | -1000K | 0 | -1000K | 0 | 0 | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -231K | -24K | 0 | -183K | -328K | 0 | -10.27M | -7.34M | -12.49M | -2.76M | 0 |
| Other Financing | 0 | 0 | 0 | -10K | -80K | -160K | -20K | -3.93M | -2.66M | -2.93M | -3.33M | -35.13M | 0 |
| Net Change in Cash | -7.66M | -10.89M | 6.13M | -3.31M | -12.31M | -11.57M | -18.3M | 3.5M | 7.58M | -2.6M | -132.88M | -1.64M | 184.34M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 8.05M | 18.93M | 12.81M | 16.12M | 28.43M | 39.99M | 58.3M | 54.8M | 47.22M | 49.82M | 182.7M | 184.34M | 0 |
| Cash at End | 8.16M | 8.05M | 18.93M | 12.81M | 16.12M | 28.43M | 39.99M | 58.3M | 54.8M | 47.22M | 49.82M | 182.7M | 184.34M |
| Free Cash Flow | -5.68M | -8.51M | -5.29M | -11.46M | -6.04M | -11.29M | -17.33M | -9.31M | -16.07M | -8.55M | -12.59M | -19.37M | -5.05M |
| FCF Growth % | 41.34% | -60.87% | 53.86% | -89.77% | 46.5% | 34.86% | -86.14% | 42.04% | -87.94% | 32.1% | 35% | -283.47% | - |
| FCF / Revenue % | -14.83% | -19.66% | -8.59% | -18.28% | -9.44% | -16.08% | -27.56% | -13.2% | -25.75% | -14.64% | -26.45% | -73.27% | -177.17% |
Liquidity and occupancy collapse
As reported in financial statements, the company's FFO consistently fails to align with GAAP operating cash flow, with FFO reaching negative $5.3 million in 2026Q1 while operating cash flow remained near zero, suggesting that non-cash adjustments are failing to mask the underlying operational cash burn.
The persistent gap between FFO and operating cash flow suggests that the REIT's core operations are not generating sufficient liquidity to cover basic corporate overhead. Investors should monitor this divergence, as it indicates that even after stripping out non-cash depreciation, the business model struggles to achieve positive cash generation.
Based on the company's reported figures, AFFO has remained negative for nine of the last ten quarters, including a $5.4 million deficit in 2026Q1, which confirms that there is no distributable cash flow available to support a dividend or provide a buffer for capital reinvestment.
The consistent negative AFFO profile implies that the company is currently in a value-destructive phase where recurring capital requirements exceed the net cash generated by the portfolio. Without a fundamental shift in occupancy or expense management, the lack of a positive AFFO buffer suggests that the company remains reliant on external capital or asset sales to survive.
According to recent SEC filings, the company continues to deploy capital into property maintenance and leasing commissions, with expenditures totaling $101,000 in 2026Q1, despite a severely constrained liquidity position that limits the ability to fund necessary tenant improvements to drive future revenue growth.
The ongoing commitment to maintenance capex, despite negative operating margins, suggests a defensive posture aimed at preventing further asset degradation. This capital allocation appears to be a necessary evil rather than a growth-oriented strategy, further straining the company's limited cash reserves.
As indicated by the provided financial data, the massive disparity between GAAP Net Income and FFO, such as the $35.8 million net income swing in 2025Q3, highlights how non-cash accounting distortions frequently obscure the true, negative cash-generating reality of the underlying commercial condominium portfolio.
The volatility in net income appears largely driven by accounting adjustments rather than operational performance, which may mislead investors regarding the company's actual cash health. Analysts should prioritize AFFO as the primary metric, as the GAAP figures appear to provide little insight into the firm's ability to sustain its current asset base.
Quick answers to the most common questions about buying NYC stock.
American Strategic Investment Co. (NYC) generated $-7.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Strategic Investment Co. (NYC) reported negative free cash flow of $8.5M in 2025, indicating capital requirements exceeded cash from operations.
American Strategic Investment Co. (NYC) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.