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 year ended December 31, 2011.
Rental revenue for the year ended December 31, 2011 increased by $20.0 million, or 44%, in comparison to the year ended December 31, 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 $23.1 million. Rental revenue for properties owned other than through VIE’s decreased by approximately $3.1 million. This decrease was primarily due to a decrease in weight average occupancy. The decrease was also attributable to a decline in rental rates.
Third party management and leasing revenue increased by approximately $0.2 million for the year ended December 31, 2011 when compared to the year ended December 31, 2010. The increase was principally due to an increase in third party leasing commissions and transaction fees.
Property operating expenses increased by approximately $4.5 million, or 24%, in comparison to the year ended December 31, 2011. The increase was primarily due to the consolidation of VIE’s, which accounted for an increase of approximately $8.3 million. Property operating expenses for properties owned other than through VIE’s decreased by approximately $3.8 million. This decrease was in large part attributable to a decrease in utilities and repair and maintenance costs. The decrease was also due to a decrease in personnel costs and property taxes.Net loss from continuing operations for the year ended December 31, 2011 increased by approximately $3.3 million, or 23%, when compared to the year ended December 31, 2010. Net income attributable to common stockholders for the year ended December 31, 2011 was $3.8 million, or $1.32 per share, compared to net loss of $8.3 million, or $2.76 per share for the year ended December 31, 2010. The net income for the year ended December 31, 2011 included income from discontinued operations of $17.3 million, compared to a loss from discontinued operations of $0.8 million for the year ended December 31, 2010.
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