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

American Spectrum Realty, Inc. is a real estate investment company that owns, through an operating partnership, 29 office, industrial and retail properties aggregating approximately 2.5 million square feet in California, Texas, Arizona and the Midwest, and has been publicly traded since 2001. American Spectrum Realty Management, LLC, a wholly-owned subsidiary of the Company’s operating partnership, manages and leases all properties owned by American Spectrum Realty, Inc. For more information, visit www.americanspectrum.com or call 888-315-ASRM.

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.

- Financial Table Follows –

             

AMERICAN SPECTRUM REALTY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except share amounts)(Unaudited)

 
Three Months Ended September 30, Nine Months Ended September 30,
2011   2010 2011   2010
    (Restated)     (Restated)
REVENUES:
Rental revenue $ 16,758 $ 15,436 $ 51,851 $ 28,721
Third party management and leasing revenue 1,079 684 3,593 2,850
Interest income   73     140     272     217  
Total revenues   17,910     16,260     55,716     31,788  
 
EXPENSES:
Property operating expense 5,967 6,121 19,352 12,507
Corporate general and adminstrative 3,583 2,557 8,524 6,695
Depreciation and amortization 8,509 6,833 23,567 12,821
Interest expense 5,711 6,005 21,256 11,542
Impairment expense   4,153     -     4,303     -  
Total expenses   27,923     21,516     77,002     43,565  
 
OTHER INCOME:
Gain on litigation settlement - - 4,174 -
Other income   -     -     623     -  
Total other income   -     -     4,797     -  
 
Loss from continuing operation before deferred income tax (10,013 ) (5,256 ) (16,489 ) (11,777 )
 
Deferred income tax benefit/(expense)   1,988     1,381     2,861     3,866  
 
Loss from continuing operations   (8,025 )   (3,875 )   (13,628 )   (7,911 )
 

Discontinued operations:

Loss from operations

(13 ) (1,150 ) (1,350 ) (2,586 )
Gain on sale and foreclosure of discontinued operations 380 - 24,011 4,315
Income tax (expense)/benefit   (92 )   420     (5,986 )   (634 )
Income/(loss) from discontinued operations 275

 

(730 ) 16,675 1,095
       
Net (Loss)/Income, including non-controlling interests (7,750 ) (4,605 ) 3,047 (6,816 )
 
Plus: Net loss attributable to non-controlling interests   4,587     2,333     1,185     2,788  
 
Net (Loss)/Income attributable to American Spectrum Realty, Inc.   (3,163 )   (2,272 )   4,232     (4,028 )
 
Less: Preferred stock dividend (60 ) (60 ) (180 ) (180 )
       
Net (Loss)/Income attributable to American Spectrum Realty, Inc. common stockholders $ (3,223 ) $ (2,332 ) $ 4,052   $ (4,208 )
 
Basic and diluted per share data:
 
(Loss)/Income from continuing operations attributable to American Spectrum Realty, Inc.
common stockholders (1.10 ) ($0.66 ) ($1.48 ) $ (1.63 )
Income/(Loss) from discontinued operations attributable to American Spectrum Realty, Inc.   0.05     (0.12 ) $ 2.90     0.24  
Net (Loss)/income attributable to American Spectrum Realty, Inc. common stockholders   (1.05 ) $ (0.78 ) $ 1.42   $ (1.39 )
 
Basic and diluted weighted average shares used 2,996,914 2,934,294 2,974,070 2,906,317
 
Amounts attributable to American Spectrum Realty, Inc. common stockholders:
(Loss)/Income from continuing operations $ (3,371 ) $ (2,003 ) $ (4,581 ) $ (4,900 )

Income (loss) from discontinuing operations

$ 148     $ (329 )   $ 8,633     $ 692  
Net (Loss)/Income $ (3,223 )   $ (2,332 )   $ 4,052     $ (4,208 )




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