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

Stocks in this article: AQQ

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.

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