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 $(1.8) million for the nine months ended September 30, 2012 compared to approximately $2.1 million for the nine months ended September 30, 2011. 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 nine months ended September 30, 2012 and 2011 (in thousands):

         
Nine Months Ended
September 30,
2012           2011
Net (loss) income attributable to the Company $ (846 ) $ 4,232
Depreciation and amortization from discontinued operations 1,680 5,207
Gain on disposition of discontinued operations (6,178 ) (15,969 )
Deferred income tax (benefit) expense (435 ) 3,125
Depreciation and amortization attributable to the Company’s owned properties 3,956   5,531  
FFO $ (1,823 ) $ 2,126  
 

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 Management Group, Inc. is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.

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