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American Spectrum Realty Reports First Quarter 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 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(Dollars in thousands, except share amounts)(Unaudited)
Three Months Ended March 31,
2012   2011
Rental revenue $ 14,570 $ 16,298
Third party management and leasing revenue 894 1,036
Interest income   45     139  
Total revenues   15,509     17,473  
Property operating expense 5,088 5,582
Corporate general and adminstrative 3,235 2,517
Depreciation and amortization 5,848 6,772
Interest expense 6,071 7,539
Impairment of real estate assets   481     150  
Total expenses   20,723     22,560  
Other expense   (106 )   -  
Total other expense   (106 )   -  
Loss from continuing operation before deferred income tax (5,320 ) (5,087 )
Deferred income tax benefit   1,109     751  
Loss from continuing operations   (4,211 )   (4,336 )

Discontinued operations:

Loss from operations (365 ) (1,571 )
Gain on disposition of discontinued operations 4,608 -
Income tax (expense)/benefit   (1,470 )   376  
Income/(loss) from discontinued operations 2,773 (1,195 )
Net loss, including non-controlling interests (1,438 ) (5,531 )
Plus: Net loss attributable to non-controlling interests   1,850     3,492  
Net Income/(loss) attributable to American Spectrum Realty, Inc.   412     (2,039 )
Less: Preferred stock dividend (60 ) (60 )
Net Income/(loss) attributable to American Spectrum Realty, Inc. common stockholders $ 352   $ (2,099 )
Basic and diluted per share data:
Loss from continuing operations attributable to American Spectrum Realty, Inc.
common stockholders (0.60 ) $ (0.47 )
Income/(loss) from discontinued operations attributable to American Spectrum Realty, Inc.   0.71     (0.22 )
Net income/(loss) attributable to American Spectrum Realty, Inc. common stockholders   0.11   $ (0.69 )
Basic and diluted weighted average shares used 3,577,783 2,961,294
Amounts attributable to American Spectrum Realty, Inc. common stockholders:
Loss from continuing operations $ (2,200 ) $ (1,449 )
Income/(loss) from discontinuing operations $ 2,552   $ (650 )
Net Income/(loss) $ 352   $ (2,099 )

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