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

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 June 30, Six Months Ended June 30,
2012   2011 2012   2011
 
REVENUES:      
Rental revenue $ 13,818 $ 15,551 $ 28,176 $ 31,296
Third party management and leasing revenue 728 1,478 1,622 2,514
Interest income   40     60     86     199  
Total revenues   14,586     17,089     29,884     34,009  
 
EXPENSES:
Property operating expense 3,497 6,070 8,493 11,379
Corporate general and administrative 2,439 2,424 5,674 4,941
Depreciation and amortization 5,413 6,641 11,045 13,139
Interest expense 5,794 6,116 11,509 13,398
Impairment of real estate assets   -     -     481     150  
Total expenses   17,143     21,251     37,202     43,007  
 
OTHER INCOME/(EXPENSE):
Gain on litigation settlement - 4,174 - 4,174
Other income/(expense)   -     623     (151 )   623  
Total other income/(expense)   -     4,797     (151 )   4,797  
 
(Loss)/income from continuing operation before deferred income tax (2,557 ) 635 (7,469 ) (4,201 )
 
Deferred income tax benefit   1,058     571     2,048     1,262  
 
(Loss)/income from continuing operations   (1,499 )   1,206     (5,421 )   (2,939 )
 

Discontinued operations:

Loss from operations (182 ) (1,791 ) (955 ) (3,613 )
Gain on disposition of discontinued operations 2,934 23,631 7,542 23,631
Income tax expense   (938 )     (6,719 )   (2,289 )   (6,283 )
Income from discontinued operations 1,814 15,121 4,298 13,735
       
Net income/(loss), including non-controlling interests 315 16,327 (1,123 ) 10,796
 
Plus: Net (income)/loss attributable to non-controlling interests   (308 )   (6,894 )   1,542     (3,402 )
 
Net income attributable to American Spectrum Realty, Inc.   7     9,433     419     7,394  
 
Less: Preferred stock dividend (60 ) (60 ) (120 ) (120 )
       
Net (loss)/income attributable to American Spectrum Realty, Inc.
common stockholders $ (53 ) $ 9,373   $ 299   $ 7,274  
 
 
Basic per share data:
 
(Loss) income from continuing operations attributable to American Spectrum Realty, Inc.
common stockholders (0.46 ) 1.13 (1.00 ) $ 0.70
Income from discontinued operations attributable to American Spectrum Realty, Inc.   0.46     2.05     1.12     1.80  
Net income attributable to American Spectrum Realty, Inc. common stockholders   -   $ 3.18   $ 0.12   $ 2.50  
 
Basic weighted average shares used 3,564,783 2,964,001 3,571,283 2,962,647
 
Diluted per share data:
 
(Loss) income from continuing operations attributable to American Spectrum Realty, Inc.
common stockholders (0.46 ) 0.72 (1.00 ) $ 0.70
Income from discontinued operations attributable to American Spectrum Realty, Inc.   0.46     1.30     1.12     1.80  
Net income attributable to American Spectrum Realty, Inc. common stockholders   -   $ 2.02   $ 0.12   $ 2.50  
 
Diluted weighted average shares used 3,564,783 4,663,775 3,571,283 2,962,647
 
Amounts attributable to American Spectrum Realty, Inc. common stockholders:
(Loss) income from continuing operations $ (1,688 ) $ 3,298 $ (3,692 ) $ 1,956
Income from discontinuing operations $ 1,635   $ 6,075   $ 3,991   $ 5,318  
Net (loss)/income $ (53 ) $ 9,373   $ 299   $ 7,274  




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