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 June 30, 2012.
Second quarter rental revenue for ASR owned properties increased by approximately $0.2 million, primarily due to an increase in occupancy. The weighted average occupancy of our owned properties increased from 84% at June 30, 2011 to 88% at June 30, 2012. The weighted average occupancy of the Company's owned, managed and leased properties in Houston, Texas has steadily risen over the past nine months from 78% to 88% due to aggressive marketing and creative leasing strategies. Overall rental revenue for the second quarter decreased by approximately $1.7 million, or by 11%, compared to the second quarter of 2011. This decrease was primarily due to the deconsolidation of VIE’s during 2011 which accounted for approximately $1.6 million of the decrease. Rental revenue for properties consolidated for the full three months ended June 30, 2012 and 2011 was relatively unchanged, decreasing by approximately $0.1 million. However, Rental revenue for our VIE properties consolidated for the full three months ended June 30, 2012 and 2011 decreased by approximately $0.3 million, primarily due to a decrease in occupancy.
Total expenses decreased by approximately $4.1 million, or by 19.0%, for the second quarter of 2012 when compared to the second quarter of 2011 through cost-efficient management and streamlined operations. The decrease was also due to the deconsolidation of VIE’s during 2011 which accounted for a decrease in total expenses of approximately $2.7 million.
The Company reported a net loss attributable to common stockholders for the second quarter of 2012 of approximately $0.1 million, or $0.00 per diluted share, compared to net income of approximately $9.4 million, or $2.02 per diluted share for the second quarter of 2011. The net loss for the second quarter 2012 included income from discontinued operations of approximately $1.8 million, compared to net income from discontinued operations of approximately $15.1 million for the second quarter 2011. The net income for the second quarter of 2011 included a gain on litigation settlement of approximately $4.8 million related to the Company’s Hurricane Ike insurance claims.
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