American Spectrum Realty Reports Second Quarter Results
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 June 30, 2010.
Total revenue for the three months ended June 30, 2010 increased by $799,000, or 9.9%, in comparison to the three months ended June 30, 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. Third party management and leasing revenues increased $1,197,000 for the quarter, of which $1,065,000 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 $392,000, primarily due to an increase in rent concessions. The decrease was also attributable to a decrease in occupancy. The weighted average occupancy of the Company’s properties decreased from 84% at June 30, 2009 to 82% at June 30, 2010.
Net loss attributable to common stockholders for the three months ended June 30, 2010 was $2,115,000, or $0.70 per share, compared to $2,253,000, or $0.78 per share, for the three months ended June 30, 2009. Per share data has been adjusted to reflect the Company’s one-for-one stock dividend which became effective on May 7, 2010.
Net loss attributable to common stockholders for the six months ended June 30, 2010 was $1,666,000, or $0.52 per share, compared to $4,114,000, or $1.42 per share, for the six months ended June 30, 2009. The net loss for the six months ended June 30, 2010 included income from discontinued operations of $2,847,000. The income from discontinued operations represented the gain on sale of 5850 San Felipe, net of income tax and the property’s operating results for the first quarter of 2010. 5850 San Felipe, an office property located in Houston, Texas, was sold on March 31, 2010.
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