-----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, ESi8LHvvfZ4sSQuwvUGr0zjcMV+lqe296skUz7hj5RzRCTMPtI62fZshIu4KqFSg nIlek9Hfbx/Q09KDqytRnQ== 0001157523-08-006806.txt : 20080813 0001157523-08-006806.hdr.sgml : 20080813 20080813090022 ACCESSION NUMBER: 0001157523-08-006806 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080813 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080813 DATE AS OF CHANGE: 20080813 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: 081011589 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 a5754657.htm 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 13, 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 (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 13, 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 August 13, 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:

August 13, 2008

EX-99.1 2 a5754657ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

American Spectrum Realty Reports Second Quarter Results

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 second quarter ended June 30, 2008.

Rental revenue for the three months ended June 30, 2008 increased $956,000, or 12.2%, in comparison to the three months ended June 30, 2007. This increase was primarily attributable to $654,000 in revenue generated from one office property acquired during the second quarter of 2008 and two retail properties and one multi-tenant industrial park acquired during the second quarter of 2007. Greater revenues from properties owned for the full three months ended June 30, 2008 and June 30, 2007 accounted for the remaining increase of $302,000. The increase in revenues from the properties owned for the full three months ended June 30, 2008 and June 30, 2007 was primarily due to an increase in rental rates, a reduction in rent concessions and an increase in lease termination revenue. The occupancy of the Company’s properties was 88% at June 30, 2008.

The Company’s net loss for the three months ended June 30, 2008 was $1,890,000, or $1.37 per share, compared to a net loss of $1,303,000, or $0.94 per share, for the three months ended June 30, 2007. The Company’s net loss for the six months ended June 30, 2008 was $2,587,000, or $1.88 per share, compared to a net loss of $2,440,000, or $1.77 per share, for the six months ended June 30, 2007. The net loss for 2008 included income from discontinued operations of $631,000 attributable to the Company’s sale of Columbia, a non-core property located in South Carolina.

American Spectrum Realty, Inc. is a real estate investment and management company that owns 29 office, industrial and retail properties aggregating approximately 2.7 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 acquisition of value-added real estate investments in its core markets of 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 June 30,   Six Months Ended June 30,
2008   2007   2008   2007
REVENUES:

Rental revenue

$ 8,778   $ 7,822   $ 17,042   $ 15,001
Interest and other income   40     21     130     58  
Total revenues   8,818     7,843     17,172     15,059  
 
EXPENSES:
Property operating expense 4,216 3,296 7,744 6,285
General and administrative 1,025 955 1,881 1,682
Depreciation and amortization 3,550 3,092 6,788 6,036
Interest expense   3,362     3,078     6,467     5,636  
Total expenses 12,153 10,421 22,880 19,639
 
Net loss from continuing operations before deferred income tax benefit and minority interest (3,335 ) (2,578 ) (5,708 ) (4,580 )
 
Deferred income tax benefit   1,165     1,092     2,013     1,784  
 
Net loss from continuing operations before minority interest (2,170 ) (1,486 ) (3,695 ) (2,796 )
 
Minority interest (share from continuing operations)   280     193     477     367  
 
Net loss from continuing operations (1,890 ) (1,293 ) (3,218 ) (2,429 )
 
Discontinued operations:
(Loss) gain from discontinued operations - (20 ) 5 (21 )
Gain on sale of discontinued operations - - 1,141 -
Income tax benefit (expense) - 8 (421 ) 8
Minority interest   -     2     (94 )   2  
(Loss) income from discontinued operations   -     (10 )   631     (11 )
 
Net loss $ (1,890 ) $ (1,303 ) $ (2,587 ) $ (2,440 )
 
Basic and diluted per share data:
Net loss from continuing operations $ (1.37 ) $ (0.94 ) $ (2.34 ) $ (1.77 )
Income from discontinued operations   -     -     0.46     -  
Net loss $ (1.37 ) $ (0.94 ) $ (1.88 ) $ (1.77 )
 
Basic weighted average shares used 1,376,098 1,380,221 1,375,864 1,378,512

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

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