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American Spectrum Realty Reports 2011 Year End Results

Stocks in this article: AQQ

American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self-storage, retail properties, and multi-family properties throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Company’s operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.

ASRM provides first-class management and leasing services for over 95 office, industrial, retail, self-storage, and multi-family properties, totaling over 11 million square feet in 18 states.

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 Tables Follow -

Year Ended
December 31,
2011 2010
Rental revenue $ 65,146 $ 45,185
Third party management and leasing revenue 3,859 3,692
Interest income   345     324  
Total revenues   69,350     49,201  
Property operating expense 22,789 18,337
Corporate general and adminstrative 11,916 9,659
Depreciation and amortization 29,189 18,937
Interest expense 27,096 17,754
Impairment of real estate assets   4,485     3,387  
Total expenses   95,475     68,074  
Gain on litigation settlement 4,076 -
Other income   485     -  
Total other income   4,561     -  
Loss from continuing operation before deferred income tax benefit (21,564 ) (18,873 )
Deferred income tax benefit   4,035     4,661  
Loss from continuing operations   (17,529 )   (14,212 )

Discontinued operations:

Loss from operations (2,553 ) (5,546 )
Gain on sale and foreclosure of discontinued operations 26,016 4,315
Income tax (expense) benefit   (6,150 )   447  
Income (loss) from discontinued operations 17,313 (784 )
Net Loss, including non-controlling interests (216 ) (14,996 )
Plus: Net income attributable to non-controlling interests   4,215     6,959  
Net Income (Loss) attributable to American Spectrum Realty, Inc.   3,999     (8,037 )
Less: Preferred stock dividend (240 ) (240 )
Net Income (Loss) attributable to American Spectrum Realty, Inc. common stockholders $ 3,759   $ (8,277 )
Basic and diluted per share data:
Loss from continuing operations attributable to American Spectrum Realty, Inc. common stockholders ($1.79 ) $ (2.66 )

Income (Loss) from discontinued operations attributable to American Spectrum Realty, Inc. common stockholders

  3.11     (0.10 )
Net Income (Loss) attributable to American Spectrum Realty, Inc. common stockholders $ 1.32   $ (2.76 )
Basic and diluted weighted average shares used 3,008,836 2,916,836
Amounts attributable to American Spectrum Realty, Inc. common stockholders:
Loss from continuing operations $ (5,605 ) $ (7,998 )
Income (Loss) from discontinuing operations   9,364         (279 )
Net Income (Loss) $ 3,759       $ (8,277 )

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