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 quarter ended March 31, 2012.
The Company reported net income attributable to common stockholders for the first quarter of 2012 of approximately $0.4 million, or $.11 per share, compared to net loss of approximately $2.0 million, or $.69 per share for the first quarter of 2011. The net income for the first quarter 2012 included income from discontinued operations of approximately $2.8 million, compared to a loss from discontinued operations of approximately $1.2 million for the first quarter of 2011.
Net loss from continuing operations decreased by approximately $0.1 million, or 3%, for first quarter 2012 in comparison to the first quarter of 2011.
Total revenue decreased by approximately $2.0 million, or 11%, for the first quarter of 2012 when compared to the first quarter of 2011. This decrease was primarily due to the deconsolidation of variable interest entities (“VIE’s”) during 2011 which accounted for a decrease in rental revenue of approximately $1.3 million. The decrease in total revenue was also due to a decrease in rental revenue of approximately $0.4 million for properties consolidated for the full three months ended March 31, 2012 and 2011. This decrease was primarily attributable to our owned properties. Rental revenue for our VIE properties consolidated for the fully three months ended March 31, 2012 and 2011 was virtually unchanged. The decrease in rental revenue was primarily due to a decrease in occupancy. Weighted average occupancy of all consolidated properties decreased from 89% at March 31, 2011 to 86% at March 31, 2012. However, the weighted average occupancy of the Company’s owned assets in Houston, Texas has steadily risen from 78% to 87% over the past six months.Total expenses decreased by approximately $1.8 million, 8%, for the first quarter of 2012 when compared to the first quarter of 2011. The decrease was primarily due to the deconsolidation of VIE’s during 2011 which accounted for a decrease in total expenses of approximately $1.6 million.
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