This Day On The Street
Continue to site
ADVERTISEMENT
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

American Spectrum Realty Reports Decreased Expenses And Occupancy Increase For Owned Properties In Second Quarter

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs