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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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