American Spectrum Realty, Inc. (AMEX: AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today its results for the quarter ended March 31, 2010.
Total revenue for the three months ended March 31, 2010 increased by $746,000, or 8.8%, in comparison to the three months ended March 31, 2009. The increase was primarily due to third party management and leasing revenues generated as a result of the January 2010 acquisition of property management and asset management contracts from Evergreen Realty Group, LLC and affiliates (“Evergreen”). Third party management and leasing revenues increased $947,000 for the quarter, of which $910,000 was attributable to the Evergreen acquisition. Property management and asset management contracts for a total of 80 separate assets were acquired in the transaction. The increase in total revenue was partially offset by a decrease in rental revenue on owned properties of $257,000, primarily due to increase in rent concessions and a decrease in common area maintenance fee revenue recognized during the quarter. The weighted average occupancy of the Company’s properties was 84% at March 31, 2010 and 2009.
The Company’s net income attributable to common stockholders for the three months ended March 31, 2010 was $449,000, or $0.18 per share, compared to a net loss attributable to common stockholders of $1,861,000, or $0.64 per share, for the three months ended March 31, 2009. The net income for the three months ended March 31, 2010 included income from discontinued operations of $2,847,000. Per share data has been adjusted to reflect the Company’s one-for-one stock dividend which became effective on May 7, 2010. The income from discontinued operations represented the gain on sale of 5850 San Felipe, net of income tax and the properties operating results for the first quarter of 2010. 5850 San Felipe, an office property located in Houston, Texas, was sold on March 31, 2010.