American Spectrum Realty Reports Decreased Corporate Overhead In Third Quarter

ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing and multi-family properties, totaling over 10 million square feet in multiple states. For more information, please visit www.asrmanagement.com or call 713-706-6200.

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.

AMERICAN SPECTRUM REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share amounts)
(Unaudited)
							Three Months Ended															Nine Months Ended
							September 30,															September 30,
							2012							2011								2012							2011
REVENUES:
Rental revenue							$	13,256						$	13,941							$	39,777						$	44,044
Third party management and leasing revenue								889							1,079								2,511							3,593
Interest income								38							73								124							272
Total revenues								14,183							15,093								42,412							47,909
EXPENSES:
Property operating expense								4,670							4,686								12,488							14,953
Corporate general and administrative								2,571							3,583								8,245							8,524
Depreciation and amortization								5,397							6,929								15,572							19,282
Interest expense								5,145							4,844								15,844							16,816
Impairment expense								104							3,450								585							3,600
Total expenses								17,887							23,492								52,734							63,175
OTHER INCOME:
Gain on litigation settlement								-							-								-							4,170
Other income								876							-								726							623
Total other income								876							-								726							4,793
Loss from continuing operation before deferred income tax								(2,828	)						(8,399	)							(9,596	)						(10,473	)
Deferred income tax benefit								534							1,584								2,363							1,228
Loss from continuing operations								(2,294	)						(6,815	)							(7,233	)						(9,245	)
Discontinued operations:
Loss from operations								(389	)						(1,637	)							(2,051	)						(7,366	)
Gain on disposition of discontinued operations								7							380								7,549							24,011
Income tax benefit/(expense)								142							322								(1,928	)						(4,353	)
(Loss)/income from discontinued operations								(240	)						(935	)							3,570							12,292
Net (loss)/income, including non-controlling interests								(2,534	)						(7,750	)							(3,663	)						3,047
Plus: Net loss attributable to non-controlling interests								1,289							4,587								2,817							1,185
Net (loss)/income attributable to American Spectrum Realty, Inc.								(1,245	)						(3,163	)							(846	)						4,232
Less: Preferred stock dividend								(60	)						(60	)							(180	)						(180	)
Net (loss)/income attributable to American Spectrum Realty, Inc. common stockholders							$	(1,305	)					$	(3,223	)						$	(1,026	)					$	4,052
Basic and diluted per share data:
Loss from continuing operations attributable to American Spectrum Realty, Inc.
common stockholders								(0.29	)						(0.88	)							(1.19	)					$	(0.77	)
(Loss)/income from discontinued operations attributable to American Spectrum Realty, Inc.								(0.06	)						(0.17	)							0.95							2.19
Net (loss)/income attributable to American Spectrum Realty, Inc. common stockholders								(0.35	)					$	(1.05	)							(0.24	)					$	1.42
Basic and diluted weighted average shares used								3,566,782							2,996,914								3,569,783							2,974,070
Amounts attributable to American Spectrum Realty, Inc. common stockholders:
Loss from continuing operations							$	(1,090	)					$	(2,721	)						$	(4,417	)					$	(2,455	)
(Loss)/income from discontinuing operations							$	(215	)					$	(502	)						$	3,391						$	6,507
Net (loss)/income							$	(1,305	)					$	(3,223	)						$	(1,026	)					$	4,052

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