Exhibit (a)(3)






November 16, 2007



TO:         SHAREHOLDERS OF AMERICAN SPECTRUM REALTY, INC.

SUBJECT:    OFFER TO PURCHASE SHARES

Dear Shareholder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal   (the  "Offer")  the   Purchasers   named  in  the  attached  Offer
(collectively the "Purchasers") are offering to purchase up to 138,180 Shares of
common  stock  (the   "Shares")  in  AMERICAN   SPECTRUM   REALTY,   INC.   (the
"Corporation") at a purchase price equal to:

                                $17.25 per Share
                                ----------------

The Offer will provide you with an opportunity to liquidate all, or a portion
of, your investment in AMERICAN SPECTRUM REALTY, INC. without the usual
transaction costs associated with market sales or transfer fees. Reasons you may
wish to sell your Shares include:

     o    SELL ALL YOUR  SHARES AT THE  OFFER  PRICE.  Our  Offer  gives you the
          opportunity  to sell all of your shares  (unless you are Mr. Carden or
          Mr.  Galardi) at $17.25 per Share,  free of commissions  (although you
          should  check  with  your  broker  to see if it  charges  you a fee to
          tender). The average closing price from August 1, 2007 to November 13,
          2007 was $18.76,  however, the average volume was only 907 shares over
          that time  period,  and on 22 of those  days,  or 30% of the time,  no
          trading  occurred at all!  (finance.google.com).  If more than 138,180
          Shares  are  tendered,  you can  indicate  that  you do not wish to be
          pro-rated by checking the "All or None" box. We do not anticipate that
          the Offer will be fully subscribed, however.

     o    INFINITE  LIFE  OF  CORPORATION.  Our  offer  provides  you  with  the
          opportunity  to receive a  guaranteed  amount of money in a  specified
          time period. The Corporation's life is infinite,  so investors may not
          see liquidity for some time.

     o    LOW TRADING VOLUME.  The relative  illiquidity of the Shares resulting
          from the extremely thin trading  market makes the Shares  difficult to
          sell  except in small  blocks.  Our Offer is only 8.0%  lower than the
          average  closing price from August 1, 2007 to November 13, 2007 and it
          is 3% higher than lowest trading price in that period.

After carefully reading the enclosed Offer, if you elect to tender your Shares,
instruct your broker to tender your Shares through Depository Trust Company, or,
if you hold certificates, mail (using the enclosed pre-addressed, postage paid
envelope) or fax (then mail) a duly completed and executed copy of the Letter of
Transmittal (printed on purple paper) and change of address forms, your original
certificates, and any other documents required by the Letter of Transmittal, to
the Depositary for the Offer at:

                         MacKenzie Patterson Fuller, LP
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any questions or need assistance, please call the Depositary at
800-854-8357.

This Offer expires (unless extended) December 21, 2007.