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American Spectrum Realty Reports First Quarter Results

Stocks 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 approximately $(1.1) million for the three months ended March 31, 2012 compared to approximately $0.6 million for the three months ended March 31, 2011. 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 three months ended March 31, 2012 and 2011 (in thousands):

   
Three Months Ended

March 31,

2012 2011
Net income (loss) attributable to the Company $ 412 $ (2,039 )
Depreciation and amortization from discontinued operations 217 1,452
Gain on disposition of discontinued operations (4,115 ) -
Deferred income tax expense (benefit) 362 (1,127 )
Depreciation and amortization attributable to the Company’s owned properties 2,024   2,291  
FFO $ (1,100 ) $ 577  




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