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

May 8, 2006

Date of Report (Date of earliest event reported)

American Spectrum Realty, Inc.

(Exact name of registrant as specified in its charter)

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

5850 San Felipe, Suite 450, Houston, Texas 77057

(Address of principal executive offices)(Zip Code)

(713) 706-6200

(Registrant’s telephone number, including area code)

(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 May 8, 2006, 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 May 8, 2006

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
Date: May 8, 2006		Title: Chairman of the Board, President and Chief Executive Officer

EX-99.1

Exhibit 99.1

AMERICAN SPECTRUM REALTY, INC.	FOR IMMEDIATE RELEASE
William J. Carden, Chairman, President and CEO 713-706-6200

AMERICAN SPECTRUM REALTY INC. ANNOUNCES STOCKHOLDER APPROVAL TO REMOVE STOCK OWNERSHIP AND TRANSFER RESTRICTIONS

Houston, TX, May 8, 2006 - American Spectrum Realty, Inc. (AMEX: AQQ) (“the Company’), a real estate investment and management company located in Houston, Texas, announced today that its stockholders, at the 2006 Annual Meeting held on Friday, May 5, 2006, approved the proposed amendment to the Company’s Articles of Incorporation to remove stock ownership and transfer restrictions set forth in the Articles.

In March 2006, the Company announced that it Board of Directors had determined that it was not in the best interests of the Company to elect to be taxed as a real estate investment trust (or REIT), as defined in the Internal Revenue Code and determined that it was not in the best interests of its shareholders to retain in its Articles of Incorporation restrictive provisions on stock ownership, which it originally adopted in order to preserve the Company’s ability to make a REIT election.

American Spectrum Realty, Inc. is a real estate investment and management company that owns 23 office, industrial, and retail properties aggregating approximately 1.9 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.