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

March 24, 2008
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:

⃞ 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 March 24, 2008, 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 March 24, 2008

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:	March 24, 2008

EX-99.1

Exhibit 99.1

American Spectrum Realty Reports Year End Results

Three Value-Added Properties Acquired in Houston, Texas in 2007

HOUSTON--(BUSINESS WIRE)--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 fourth quarter and year ended December 31, 2007.

Rental revenue for the year ended 2007 increased $5.1 million, or 20.2%, in comparison to the year ended December 31, 2006. This increase was primarily attributable to $3,729,000 in revenue generated from two retail properties and one multi-tenant industrial park acquired during 2007 and from seven office properties acquired during 2006. Greater revenues from properties owned for the full years ended December 31, 2007 and December 31, 2006 accounted for the remaining increase of $1,371,000. The increase in revenues from the properties owned for the full years ended December 31, 2007 and December 31, 2006 was primarily due to an increase in rental rates. Occupancy, on a weighted average basis, remained relatively unchanged for 2007 in comparison to 2006. The weighted average occupancy for both years was 88%. As of December 31, 2007, the Company’s properties were 85% occupied. Rental revenue from the ten properties acquired in 2006 and 2007 has been included in the Company’s results since their respective dates of acquisition.

The Company’s net loss for the year ended December 31, 2007 was $8.8 million, or $6.38 per share, compared with net income for the 2006 year of $6.1 million, or $4.40 per share (restated from $6.5 million, or $4.71 per share). The net loss for 2007 included a loss on extinguishment of debt of $2.4 million. The net income generated in 2006 included income from discontinued operations of $11.9 million.

William J. Carden, President of American Spectrum, commented, “We continued to acquire value-added real estate in Houston, Texas during 2007. We purchased a 400,000 square foot multi-tenant industrial park, which was 70% leased, and two retail properties, one of which was under construction. The industrial park includes 12 acres of land on which we plan on developing an additional 100,000 square feet of multi-tenant industrial space. American Spectrum will continue to seek additional value-added projects in 2008.”

American Spectrum Realty, Inc. is a real estate investment and management company that owns 28 office, industrial and retail properties aggregating approximately 2.5 million square feet in California, Texas, Arizona and the Midwest. Publicly traded on the American Stock Exchange since November 2001, American Spectrum Realty’s business plan focuses on expansion of multi-tenant value-added 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)
	Three Months Ended December 31,						Year Ended December 31,
	2007			2006				2007			2006
				(Restated)*							(Restated)*
REVENUES: Rental revenue	$	7,553		$	6,910			$	30,300		$	25,200
Interest and other income		61			327				173			501
Total revenues		7,614			7,237				30,473			25,701
EXPENSES:
Property operating expense		3,716			3,262				13,681			11,826
General and administrative		925			738				3,470			3,468
Depreciation and amortization		3,761			2,889				13,204			10,870
Interest expense		3,189			2,598				12,087			9,668
Total expenses		11,591			9,487				42,442			35,832
OTHER LOSS:
Loss on extinguishment of debt		-			(567	)			(2,413	)		(567	)
Total other loss		-			(567	)			(2,413	)		(567	)
Net loss from continuing operations before deferred income tax (expense) benefit and minority interest		(3,977	)		(2,817	)			(14,382	)		(10,698	)
Deferred income tax benefit		383			1,158				4,318			4,047
Net loss from continuing operations before minority interest		(3,594	)		(1,659	)			(10,064	)		(6,651	)
Minority interest (share from continuing operations)		464			221				1,306			887
Net loss from continuing operations		(3,130	)		(1,438	)			(8,758	)		(5,764	)
Discontinued operations:
Loss from discontinued operations		(4	)		(16	)			(30	)		(160	)
Gain on sale of discontinued operations		-			-				-			22,349
Gain on extinguishment of debt		-			-				-			1,849
Income tax benefit (expense)		2			(1,496	)			12			(10,344	)
Minority interest		-			200				2			(1,824	)
(Loss) income from discontinued operations		(2	)		(1,312	)			(16	)		11,870
Net (loss) income	$	(3,132	)	$	(2,750	)		$	(8,774	)	$	6,106
Basic and diluted per share data:
Net loss from continuing operations	$	(2.28	)	$	(1.04	)		$	(6.37	)	$	(4.15	)
(Loss) income from discontinued operations		-			(0.95	)			(0.01	)		8.55
Net (loss) income	$	(2.28	)	$	(1.99	)		$	(6.38	)	$	4.40
Basic weighted average shares used		1,373,631			1,379,332				1,375,708			1,386,328
* The restatement reflects an increase of $492,000 in deferred tax liability for 2006.

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