8-K

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                                  June 29, 2005
                Date of Report (Date of earliest event reported)

                         American Spectrum Realty, Inc.

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             (Exact name of registrant as specified in its charter)


Maryland                         001-16785                           52-2258674
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(State or Other                 (Commission                    (I.R.S. Employer
Jurisdiction of                File Number)                      Identification
incorporation)                                                             No.)


                5850 San Felipe, Suite 450, Houston, Texas 77057
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               (Address of principal executive offices) (Zip Code)


                                 (713) 706-6200
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              (Registrant's telephone number, including area code)

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          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))





Item 8.01 Other Events.

On June 29, 2005,  American Spectrum Realty, Inc. issued a press release, a copy
of which is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(c)  Exhibits.

Exhibit           Description
- -------           -----------

99.1              Press Release dated June 29, 2005





                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                 AMERICAN SPECTRUM REALTY, INC.


                                 By: /s/ William J. Carden
                                     -------------------------------------------
                                     Name: William J. Carden
                                     Title: Chairman of the Board, President and
                                            Chief Executive Officer


Date:   June 29, 2005

EX-99.1

                                                                    Exhibit 99.1


        American Spectrum Realty Announces Extension to Odd Lot Buy Back
                        Offer Through September 30, 2005


    HOUSTON--(BUSINESS WIRE)--June 29, 2005--American Spectrum Realty,
Inc. ("the Company") (AMEX:AQQ), a real estate investment and
management company headquartered in Houston, Texas, announced today
that it will extend the odd lot buy back program currently due to
expire July 1, 2005. The Company will continue its offer to purchase
up to 250,000 shares from holders of fewer than 100 shares through
September 30, 2005. Shareholders who participate in the program will
receive the price-per-share equal to the average of the daily closing
prices of the Company's Common Stock during the week in which response
cards are received and processed, with no additional charges from the
program.
    Shareholders with fewer than 100 shares will be eligible to
participate. The Company mailed the original offer during the week of
April 4, 2005, and will mail the extended offer during the week of
June 27, 2005. Mellon Investor Services, the Company's transfer agent,
will continue to administer the program. The offer will expire on
September 30, 2005. Holders of fewer than 100 shares who elect to
accept the offer must sell all of the shares owned by them.
    William J. Carden, President and CEO, stated, "We are pleased to
extend this offer to our shareholders." He reiterated, "This odd lot
offer will enable holders of fewer than 100 shares to sell their stock
without broker commission or other costs. The Company will benefit by
reducing its costs related to shareholder recordkeeping and
shareholder communication."
    The Company encourages each holder of fewer than 100 shares to
make his or her own decision as to whether to sell shares in this odd
lot buy back offer. The Company may withdraw the offer at any time.
    Inquiries about this program can be directed to Mellon Investors
Services at 866-768-4949.
    American Spectrum Realty, Inc. is a real estate investment and
management company that owns 24 office, industrial, apartment and
retail properties aggregating over 2.2 million square feet in
California, Texas, Arizona, South Carolina and the Midwest. Publicly
traded on the American Stock Exchange since November 2001, American
Spectrum Realty's business plan focuses on expansion of office and
industrial property investments in 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.


    CONTACT: American Spectrum Realty, Inc., Houston
             William J. Carden, 713-706-6200