On May 30th, 2012 the Company announced that it repurchased all of the operating partnership units (“OP Units”) issued to Evergreen Realty Group, LLC and certain of its affiliates (“Evergreen”). The Company had issued the OP Units to Evergreen in connection with its acquisition of assets from Evergreen on January 17, 2010. A total of 800,000 OP Units issued to Evergreen (adjusted from the original 1,600,000 OP Units issued to reflect the Company’s 2011 two-for-one reverse split), were repurchased by the Company for a total of ONE DOLLAR ($1). The repurchase transaction effectively increased the Company’s stockholders’ equity and decreased its non-controlling interest by $8 million, respectively. As a result of the repurchase, the number of OP Units outstanding (other than those held by the Company), was reduced to 252,463. Holders of OP Units have the option to redeem their OP Units and to receive, at the option of the Company, either (i) one share of common stock of the Company, or (ii) cash equal to the value of one share of common stock of the Company on the date of conversion.
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 $(1.5) million for the six months ended June 30, 2012 compared to approximately $3.9 million for the six months ended June 30, 2012. The Company’s business is the ownership, operation and management of real estate. It believes that FFO is helpful to investors when measuring operating performance because it excludes various items that are considered in the determination of net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. The following table reflects the reconciliation of FFO to net income (loss) attributable to the Company, the most directly comparable Generally Accepted Accounting Principles measure, for the six months ended June 30, 2012 and 2011 (in thousands):
|Six Months Ended June 30,|
|Net income (loss) attributable to the Company||$||419||$||7,394|
|Depreciation and amortization from discontinued operations||706||2,811|
|Gain on disposition of discontinued operations||(6,171||)||(15,444||)|
|Deferred income tax expense (benefit)||241||5,021|
|Depreciation and amortization attributable to the Company’s owned properties||3,311||4,058|
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.
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