American Spectrum Realty, Inc. (NYSE AMEX: AQQ), a real estate
investment, management and leasing company, headquartered in
Houston, Texas, announced today its results for the second quarter
ended June 30, 2009.
Rental revenue decreased $287,000, or 3.3%, for the three months
ended June 30, 2009 in comparison to the three months ended June
30, 2008. Rental revenue for properties owned for the full three
months ended June 30, 2009 and June 30, 2008 decreased $500,000, or
6.1%. The decrease was in large part due to a decrease in
occupancy. The weighted average occupancy of the Company’s
properties was 83% as of June 30, 2009 compared to 88% as of June
30, 2008. The decrease was also attributable to a rise in rent
concessions and a decrease in lease termination revenue. The
decrease was partially offset by revenue generated from an office
property acquired during the second quarter of 2008. The amount of
revenue attributable to this acquisition for the quarter ended June
30, 2009 was $213,000 more than for the quarter ended June 30,
2008.
The Company’s net loss attributable to common stockholders for
the three months ended June 30, 2009 was $2,253,000, or $1.60 per
share, compared to a net loss attributable to common stockholders
of $1,890,000, or $1.37 per share, for the three months ended June
30, 2008.
The Company’s net loss attributable to common stockholders for
the six months ended June 30, 2009 was $4,114,000, or $2.93 per
share, compared to a net loss attributable to common stockholders
of $2,587,000, or $1.88 per share, for the six months ended June
30, 2008. The net loss recorded during the first six months of 2008
included income from discontinued operations of $725,000
attributable to the Company’s sale of Columbia, a non-core property
located in South Carolina.
American Spectrum Realty, Inc. is a real estate investment
company that owns 29 office, industrial and retail properties
aggregating approximately 2.7 million square feet in California,
Texas, Arizona and the Midwest and has been publicly traded on the
Exchange since 2001. American Spectrum Realty Management, Inc., a
wholly-owned subsidiary of American Spectrum Realty, Inc., manages
and leases all properties owned by American Spectrum Realty and all
third parties. American Spectrum Realty’s business plan focuses on
acquisition of value-added real estate investments in its core
markets of California, Texas and Arizona.
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 per
share amounts)
(Unaudited)
Three Months Ended June 30, Six Months
Ended June 30, 2009 2008
2009 2008
REVENUES:
Rental revenue
$ 8,491 $ 8,778
$
17,382
$
17,042
Third party management and leasing revenue 24 3 41 16 Interest and
other income 19 37 27 114 Total
revenues 8,534 8,818 17,450 17,172
EXPENSES: Property operating expense 4,192 4,216
8,300 7,744 Corporate general and administrative 1,024 1,025 1,894
1,881 Depreciation and amortization 3,807 3,550 7,519 6,788
Interest expense 3,388 3,362 6,759 6,467
Total expenses 12,411 12,153 24,472 22,880 Loss from
continuing operations before deferred income tax benefit (3,877 )
(3,335 ) (7,022 ) (5,708 ) Deferred income tax benefit 1,392
1,165 2,486 2,013 Loss from
continuing operations (2,485 ) (2,170 ) (4,536 ) (3,695 )
Discontinued operations: Gain from discontinued operations - - - 5
Gain on sale of discontinued operations - - - 1,141 Deferred income
tax expense - - - (421 ) Income from
discontinued operations - - - 725 Net
loss, including noncontrolling interest $ (2,485 ) $ (2,170 ) $
(4,536 ) $ (2,970 ) Plus: Net loss attributable to
noncontrolling interest 292 280 542 383 Net loss
attributable to American Spectrum Realty, Inc. (2,193 ) (1,890 )
(3,994 ) (2,587 ) Preferred stock dividend (60 ) - (120 ) -
Net loss attributable to American
Spectrum Realty, Inc. common stockholders
$
(2,253 )
$
(1,890
)
$
(4,114
)
$
(2,587
)
Basic and diluted per share data:
Loss from continuing operations
attributable to American Spectrum Realty, Inc. common
stockholders
$
(1.60 )
$
(1.37 )
$
(2.93
)
$
(2.34
)
Income from discontinued
operations attributable to American Spectrum Realty, Inc. common
stockholders
- -
-
0.46
Net loss attributable to American
Spectrum Realty, Inc. common stockholders
$ (1.60 )
$
(1.37 )
$
(2.93
)
$
(1.88
)
Basic weighted average shares used 1,407,032 1,376,098
1,402,349 1,375,864
Amounts attributable to American
Spectrum Realty, Inc. common stockholders:
Loss from continuing operations $ (2,253 ) $ (1.37 ) $ (4,114 ) $
(3,218 ) Income from discontinuing operations $ - $ - $ - $ 631 Net
loss $ (2,253 ) $ (1.37 ) $ (4,114 ) $ (2,587 )
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