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 -
|AMERICAN SPECTRUM REALTY, INC CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)|
|Third party management and leasing revenue||3,859||3,692|
|Property operating expense||22,789||18,337|
|Corporate general and adminstrative||11,916||9,659|
|Depreciation and amortization||29,189||18,937|
|Impairment of real estate assets||4,485||3,387|
|Gain on litigation settlement||4,076||-|
|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||)|
|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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