American Spectrum Realty, Inc. (NYSE MKT: AQQ) – a real estate
investment, management and leasing company – announced today its
financial results for the third quarter and nine months period
ended September 30, 2013.
Rental revenue decreased by 11% approximately $1.2 million for
the three months ended September 30, 2013 compared to the three
months ended September 30, 2012. The decrease in rental revenue was
primarily due the deconsolidation of Variable Interest Entities
(VIE), which resulted in a reduction in rental revenue of
approximately $0.4 million. Rental revenue from properties
consolidated for the full three months ended September 30, 2013 and
2012 decreased by approximately $0.7 million. This decrease was
primarily attributable to our owned properties. The weighted
average occupancy of our owned properties was 84% at September 30,
2013. The weighted average occupancy of all consolidated properties
was 88% at September 30, 2013.
Third party management and leasing revenue decreased by
approximately $0.1 million for the three months ended September 30,
2013 compared to the three months ended September 30, 2012. A
reduction of $0.1 million was primarily due to the impact of
reduced insurance income which was the result of the non-renewal of
insurance policies for lost properties and also reduced third party
management fees due to the loss of residential contracts. In April
2013, we were assigned the management of 20 additional self-storage
properties. The self-storage properties total over 1.5 million
square feet. The assignment is expected to increase the Company’s
third party management revenue by approximately $1.0 million
annually.
Corporate general and administrative expenses decreased
approximately 20% by $0.5 million for the third quarter of 2013
compared to the third quarter of 2012. The decrease was primarily
due to a reduction in corporate personnel costs. The decrease was
also attributable to other cost cutting measures implemented by
management.
Net loss attributable to common stockholders for the third
quarter ended September 30, 2013 was approximately $0.7 million, or
a net loss of 18 cents per share, compared to a net loss of
approximately $1.3 million, or a net loss of 35 cents per share,
for the third quarter ended September 30, 2012. The net loss for
the quarter ended September 30, 2013 included a gain from
discontinued operations of $0.1 million compared to income of $0.01
million for the quarter ending September 30, 2013.
Net loss attributable to common stockholders for the nine months
ended September 30, 2013 was approximately $4.1 million, or a net
loss of $1.09 per share, compared to a net loss of approximately
$1.0 million, or a net loss of 24 cents per share, for the nine
months ended September 30, 2012. The net loss for the nine months
ended September 30, 2013 included a loss from discontinued
operations of $0.2 million compared to income of $2.7 million for
the nine months ending September 30, 2012.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interest in
office, industrial, self-storage, retail and multi-family
properties throughout the United States. The Company has been
publicly traded since 2001. American Spectrum Management Group,
Inc., a wholly-owned subsidiary of the Company, manages and leases
all properties owned by American Spectrum Realty, Inc. as well
as for third-party clients.
American Spectrum Management Group, Inc. provides first-class
management and leasing services for office, industrial, retail,
self-storage, student housing and multi-family properties totaling
9 million square feet in multiple states. For more information,
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.
– Financial Tables Follow –
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, 2013 2012
2013 2012 REVENUES: Rental revenue $
9,991 $ 11,190 $ 29,761 $ 33,706 Third party management and leasing
revenue 771 889 2,648 2,511 Interest income 2
38 6 124 Total revenues
10,764 12,117 32,415
36,341
EXPENSES: Property operating expense
3,800 3,683 10,316 9,678 Corporate general and administrative 2,045
2,571 6,179 8,245 Depreciation and amortization 3,831 4,869 12,023
13,963 Interest expense 3,357 4,568 10,800 13,763 Impairment
expense 551 104 1,936
585 Total expenses 13,584 15,795
41,254 46,234
OTHER
INCOME (LOSS): Other income (loss): 802
876 975 748 Total other income
(loss): 802 876 975
748 Loss from continuing operation before
deferred income tax benefit (2,018 ) (2,802 ) (7,864 ) (9,145 )
Deferred income tax benefit 778 495
2,477 2,205 Loss from
continuing operations (1,240 ) (2,307 ) (5,387
) (6,940 )
Discontinued
operations:
Loss from operations (298 ) (415 ) (841 ) (2,502 ) (Loss) gain on
disposition of discontinued operations 1,233 7 1,150 7,549 Income
tax benefit (expense) (415 ) 181
(221 ) (1,770 ) (Loss) income from discontinued operations
520 (227 ) 88 3,277 Net (loss) income,
including non-controlling interests
(720 )
(2,534 ) (5,299 ) (3,663
) Plus: Net loss attributable to non-controlling
interests 88 1,289 1,386
2,817 Net (loss) income attributable to
American Spectrum Realty, Inc. (632 ) (1,245 )
(3,913 ) (846 ) Less: Preferred stock dividend (60 )
(60 ) (180 ) (180 ) Net (loss) income
attributable to American Spectrum Realty, Inc. common stockholders
$ (692 ) $ (1,305 )
$ (4,093 ) $ (1,026 )
Basic and diluted per share data:
Loss from continuing operations
attributable to American Spectrum Realty, Inc. common
stockholders
$ (0.22 ) $ (0.35 ) $ (1.04 ) $ (0.98 ) (Loss) income from
discontinued operations attributable to American Spectrum Realty,
Inc. 0.04 - (0.05 ) 0.74
Net (loss) income attributable to American Spectrum Realty,
Inc. common stockholders $ (0.18 ) $ (0.35 ) $ (1.09 ) $ (0.24 )
Basic and diluted weighted average shares used
3,614,243 3,566,782 3,582,109 3,569,783 Amounts
attributable to American Spectrum Realty, Inc. common stockholders:
Loss from continuing operations $ (843 ) $ (1,311 ) $ (3,907 ) $
(3,688 ) (Loss) income from discontinuing operations $ 151 $
6 $ (186 ) $ 2,662 Net (loss) income
$
(692 ) $ (1,305 ) $
(4,093 ) $ (1,026 )
American Spectrum Realty, Inc.William J. Carden,
713-706-6200Chairman, President and CEO
American Spectrum (AMEX:AQQ)
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