This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Spectrum Realty Reports Rental Revenue Increased By $1.3 Million In Third Quarter

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 September 30, 2011.

Rental revenue for the third quarter 2011 increased by $1.3 million, or 9%, in comparison to the third quarter 2010. The increase in rental revenue was primarily due to the consolidation of variable interest entities (“VIE”), which resulted in additional rental revenues of approximately $2.3 million. Rental revenue for properties owned other than through VIE’s decreased by $1.0 million. This decrease was primarily due to a decrease in occupancy. The weighted average occupancy of the Company’s properties owned other than through VIE’s decreased from 82% at September 30, 2010 to 73% at September 30, 2011. The properties owned in Houston had a weighted average occupancy of 78% at September 30, 2011.

Third party management and leasing revenue increased by approximately $0.4 million for the third quarter 2011 when compared to the third quarter 2010. The increase was due to an increase in third party management and leasing revenues attributable to the Company’s third party management and leasing contracts.

Net loss attributable to common stockholders for the quarter ended September 30, 2011 was $3.2 million, or $1.05 per share, compared to a net loss of $2.3 million, or $.78 per share for the quarter ended September 30, 2010. The net loss for the third quarter 2011 included income from discontinued operations of $0.3 million, compared to a loss from discontinued operations of $0.7 million for the third quarter 2010. The net loss for the third quarter 2011 also included impairment charges of $4.1 million.

Net income attributable to common stockholders for the nine months ended September 30, 2011 was $4.1 million, or $1.42 per share, compared to net loss of $4.2 million, or $1.39 per share for the nine month months ended September 30, 2010. The net income for the nine months ended September 30, 2011 included income from discontinued operations of $16.7 million, compared to income from discontinued operations of $1.1 million for the nine months ended September 30, 2010. The net loss for the nine months ended September 30, 2011 also included impairment charges of $4.3 million.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs