This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

American Spectrum Realty Reports First Quarter Results

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
 
REVENUES:
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  
 
EXPENSES:
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:
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 )




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs