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,|
|Third party management and leasing revenue||1,079||684||3,593||2,850|
|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|
|Gain on litigation settlement||-||-||4,174||-|
|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||)|
|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.|
|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|
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