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TheStreet Open House

American Spectrum Realty Reports 2011 Year End Results

Stock quotes in this article: AQQ

The Company’s Funds From Operations (FFO), a widely accepted supplemental measure of REIT performance established by the National Association of Real Estate Investment Trusts, was $2.1 million for the year ended December 31, 2011 compared to $(4.1) million for the year ended December 31, 2010. The Company’s business is the ownership, operation and management of real estate. It believes that FFO is helpful to investors when measuring operating performance because it excludes various items that are considered in the determination of net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. The following table reflects the reconciliation of FFO to net income (loss) attributable to the Company, the most directly comparable Generally Accepted Accounting Principles measure, for the years ended December 31, 2011 and 2010 (in thousands):

     
Year Ended December 31,
2011   2010
Net income (loss) attributable to the Company $ 3,999 $ (8,037)
Depreciation and amortization from discontinued operations 1,921 4,878
Gain on sale of discontinued operations attributable to the Company (17,129) (4,315)
Deferred income tax expense (benefit) 2,115 (5,108)
Depreciation and amortization attributable to the Company’s owned properties 11,203 8,456
FFO $ 2,109 $ (4,126)

The increase in FFO for the year ended December 31, 2011 comparison to the year ended December 31, 2010 was primarily due to a gain recognized on litigation settlement.

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