American Spectrum Realty, Inc. (“ASR”) (NYSE AMEX: AQQ), a real estate investment and management company headquartered in Houston, announced today that The Company plans to cut over $1.2 million in expenses by the end of the 3 rd quarter 2011.
ASR and its management company, American Spectrum Realty Management, LLC (“ASRM”), have meticulously examined their operations in order to eliminate duplicate responsibilities between its Houston and California offices. As part of this effort to reduce redundancy, The Company has consolidated its two accounting divisions into one department and relocated it to the Irvine, CA office. The plan also includes seventeen job cuts, the majority of which have already been completed. The Company intends to implement the remainder of these cost-cutting changes throughout the month of September.
About American Spectrum Realty, Inc.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self storage, retail properties, and apartments throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Company’s operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.ASRM provides first-class management and leasing services for over 115 office, industrial, retail, self-storage, and multi-family properties, totaling over 15 million square feet in 18 states. Certain matters discussed in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected including the risks and uncertainties of acquiring, owning, operating and disposing of real estate. Such risks and uncertainties are disclosed in the Company’s past and current filings with the U.S. Securities and Exchange Commission.