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American Spectrum Realty Reports Decreased Corporate Overhead In Third Quarter

Stocks in this article: AQQ

American Spectrum Realty, Inc. (NYSE MKT:AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today its results for the quarter ended September 30, 2012.

Corporate general and administrative expense decreased by approximately $1.0 million for the third quarter of 2012 when compared to the third quarter of 2011. The decrease was primarily attributable to a reduction in personnel costs and professional fees through streamlined operations. During the third quarter of 2012, the Company initiated a plan to relocate its accounting department from Irvine, California to Houston, Texas, thereby reducing annual costs by approximately $0.5 million. This restructuring has allowed the company to reduce redundancy between its two corporate office locations and provide more efficient service to third-party management clients.

Rental revenue decreased by approximately $0.7 million for the third quarter of 2012 in comparison to the third quarter of 2011. This decrease was primarily due to the deconsolidation of VIE’s during 2011 which accounted for approximately $1.4 million of the decrease. Rental revenue for properties consolidated for the full three months ended September 30, 2012 and 2011 increased by approximately $0.7 million. This increase was attributable to an increase in rental revenue for our owned properties of $0.1 million and our VIE properties of $0.6 million. The increases were primarily attributable to occupancy fluctuations. As of September 30, 2012, the weighted average occupancy of our owned properties and our VIE properties was 83% and 89%, respectively.

Net loss attributable to common stockholders decreased by $1.9 million for the third quarter of 2012 in comparison to the third quarter of 2011. Net loss attributable to common stockholders for the third quarter of 2012 was $1.3 million, or $0.35 per share, compared to a net loss of $3.2 million, or $1.05 per share for the third quarter of 2011.

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