-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NDpqn5+m69Ge6NiXBnDpL/6W5BLG6Olm8s7DxqQuJnDCSXXUKehVVqFoW/t/96g7 NPIIo/QA+t98eT0zmQN5nw== 0001157523-07-008136.txt : 20070809 0001157523-07-008136.hdr.sgml : 20070809 20070809090104 ACCESSION NUMBER: 0001157523-07-008136 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070809 DATE AS OF CHANGE: 20070809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN SPECTRUM REALTY INC CENTRAL INDEX KEY: 0001121783 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 522258674 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16785 FILM NUMBER: 071037952 BUSINESS ADDRESS: STREET 1: 5850 SAN FELIPE STREET 2: SUITE 450 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 713-706-6200 MAIL ADDRESS: STREET 1: 5850 SAN FELIPE STREET 2: SUITE 450 CITY: HOUSTON STATE: TX ZIP: 77057 8-K 1 a5467835.txt AMERICAN SPECTRUM REALTY, INC. 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 August 9, 2007 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 (Commission (I.R.S. Employer Jurisdiction of File Number) Identification incorporation) 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 2.02 Results of Operations and Financial Condition. On August 9, 2007, 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 August 9, 2007 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: August 9, 2007 EX-99.1 2 a5467835-ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 American Spectrum Realty Reports Second Quarter Results Three Properties Acquired During the Quarter Rental Revenue Increased 29% HOUSTON--(BUSINESS WIRE)--Aug. 9, 2007--American Spectrum Realty, Inc. ("the Company") (AMEX:AQQ), a real estate investment and management company whose headquarters are located in Houston, Texas, announced today its results for the second quarter of 2007. Rental revenue increased 28.7%, for the second quarter of 2007 in comparison to the second quarter of 2006. This increase was primarily attributable to $1,162,000 in revenue generated from two retail properties and one multi-tenant industrial property acquired during the second quarter of 2007 and three office properties acquired during the second quarter of 2006. Greater revenues from properties owned for the full quarters ended June 30, 2007 and June 30, 2006 accounted for the remaining increase of $602,000. The increase in revenues from the properties owned for the full quarters ended June 30, 2007 and June 30, 2006 was primarily due to an increase in overall occupancy and rental rates. The weighted average occupancy of the Company's properties increased from 88% at June 30, 2006 to 91% at March 31, 2007. The weighed average occupancy of the Company's properties decreased to 88% at June 30, 2007, principally due to the second quarter 2007 acquisition of the industrial property. The industrial property, which consists of approximately 400,000 square feet of leasable area, was 73% leased when acquired. Rental revenue from the acquired properties has been included in the Company's results since their respective dates of acquisition. All of the acquired properties are located in Texas, one of the Company's core-markets. The loss from continuing operations for the three months ended June 30, 2007 was $1.3 million compared to income from continuing operations of $250,000 for the three months ended June 30, 2006. The income from continuing operations recorded during the second quarter of 2006 included a gain on extinguishment of debt of $1.8 million. Net loss for the quarter ended June 30, 2007 was $1.3 million, or $0.94 per share, compared to net loss of $6.9 million, or $4.93 per share, for the second quarter of 2006. The net loss recorded during the second quarter of 2006 included a $7.1 million loss from discontinued operations related to deferred income tax expense. The Company had no income or losses from discontinued operations for the quarter ended June 30, 2007. Net loss for the six months ended June 30, 2007 was $2.4 million, or $1.77 per share, compared to net income of $10.4 million, or $7.46 per share, for the six months ended 2006. The net income recorded during the six months ended June 30, 2006 included income from discontinued operations of $12.2 million and a gain on extinguishment of debt of $1.8 million. The Company had no income or losses from discontinued operations for the six months ended June 30, 2007. American Spectrum Realty, Inc. is a real estate investment and management company that owns 29 office, industrial and retail properties aggregating over 2.5 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. - Financial Tables Follow - AMERICAN SPECTRUM REALTY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) ---------------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ---------------------------------------------- 2007 2006 2007 2006 ---------------------------------------------- REVENUES: Rental revenue $ 7,904 $ 6,140 $ 15,168 $ 11,717 Interest and other income 21 74 58 148 ---------- ---------- ---------- ---------- Total revenues 7,925 6,214 15,226 11,865 ---------- ---------- ---------- ---------- EXPENSES: Property operating expense 3,324 2,854 6,327 5,350 General and administrative 1,023 1,004 1,750 1,924 Depreciation and amortization 3,126 2,766 6,102 5,227 Interest expense 3,118 2,369 5,716 4,554 ---------- ---------- ---------- ---------- Total expenses 10,591 8,993 19,895 17,055 ---------- ---------- ---------- ---------- OTHER INCOME: Gain on extinguishment of debt - 1,849 - 1,849 ---------- ---------- ---------- ---------- Total other income - 1,849 - 1,849 ---------- ---------- ---------- ---------- Net loss from continuing operations before deferred income tax and minority interest (2,666) (930) (4,669) (3,341) Deferred income tax benefit 1,168 1,218 1,860 1,218 ---------- ---------- ---------- ---------- Net (loss) income from continuing operations before minority interest (1,498) 288 (2,809) (2,123) Minority interest (share from continuing operations) 195 (38) 369 283 ---------- ---------- ---------- ---------- Net (loss) income from continuing operations (1,303) 250 (2,440) (1,840) Discontinued operations: Loss from discontinued operations - - - (65) Gain on sale of discontinued operations - - - 22,349 Deferred income tax expense - (8,196) - (8,196) Minority interest - 1,093 - (1,875) ---------- ---------- ---------- ---------- (Loss) income from discontinued operations - (7,103) - 12,213 ---------- ---------- ---------- ---------- Net (loss) income $ (1,303) $ (6,853) $ (2,440) $ 10,373 ========== ========== ========== ========== Basic and diluted per share data: Net (loss) income from continuing operations $ (0.94) $ 0.18 $ (1.77) $ (1.32) (Loss) income from discontinued operations - (5.11) - 8.78 ---------- ---------- ---------- ---------- Net (loss) income $ (0.94) $ (4.93) $ (1.77) $ 7.46 ========== ========== ========== ========== Basic weighted average shares used 1,380,221 1,390,488 1,378,512 1,391,289 June 30, December 31, 2007 2006 ------------ ------------ Real estate held for investment, net $ 195,448 $ 172,813 Cash 777 1,166 Total assets 212,445 190,182 Notes payable, including premiums 181,429 155,036 Total liabilities 194,047 168,798 Total stockholders' equity 12,857 15,339 CONTACT: American Spectrum Realty, Inc., Houston Chairman, President and CEO William J. Carden, 713-706-6200 -----END PRIVACY-ENHANCED MESSAGE-----