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
31, 2012
Date
of Report (Date of earliest event reported)
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American Spectrum Realty, Inc.
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(Exact name of registrant as specified in its charter) |
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Maryland |
001-16785 |
52-2258674 |
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(State or Other Jurisdiction of incorporation)
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(Commission File Number) |
(I.R.S. Employer Identification No.) |
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2401 Fountain View, Suite 750, Houston, Texas 77057 |
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(Address of principal executive offices) (Zip Code) |
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(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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 31, 2012, the Registrant terminated Ms. Elisa R. Grainger as Principal Accounting Officer. The termination of Ms. Elisa R. Granger is part of the Registrant’s transition of the accounting department to Houston, Texas. The transition plan includes the elimination of several mid-management positions. The restructuring is part of a company-wide effort to reduce redundancy between its Houston and California office locations and provide more efficient service to third-party management clients.
Also effective as of August 31, 2012, G. Anthony Eppolito was appointed as Principal Accounting Officer by the Registrant. Mr. Eppolito has served as Chief Financial Officer since March 2007 and Vice President, Treasurer and Secretary since January 2006.
The Registrant issued a press release with respect to relocating the accounting department to Houston, Texas, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
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Exhibits |
Description |
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99.1 |
Press release dated on September 5, 2012 |
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.
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AMERICAN SPECTRUM REALTY, INC. |
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By: |
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/s/ William J. Carden |
| Name: |
William J. Carden |
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| Title: |
Chairman of the Board, President |
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and Chief Executive Officer |
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Date: September 5, 2012 |
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Exhibit 99.1
American Spectrum Reduces Annual Cost $500,000 by Relocating Accounting Department from California to Houston, TX
HOUSTON--(BUSINESS WIRE)--September 5, 2012--American Spectrum Realty, Inc. (AMEX:AQQ)(“the Company”), a real estate investment and management company headquartered in Houston, announced today that the Company plans to reduce annual cost $500,000 by transitioning the accounting department from California to Houston, TX.
This restructuring is part of a company-wide effort to reduce redundancy between its Houston and California office locations and provide more efficient service to third-party management clients. Houston’s low cost of living, central location, and rich employment pool of qualified applicants were all factors in the relocation decision. The plan includes the elimination of several mid-management positions, as well as bringing IT support in-house to reduce outsourced service fees. The Company intends to implement the remainder of these cost-cutting changes throughout the month of September.
American Spectrum is always seeking ways to provide better service to its customers and clients and this decision is consistent with the Company’s long term strategic plan to reduce expenses and grow its third-party management business. “American Spectrum represents owners all over the United States and it’s important that we are accessible and responsive to clients on both coasts. Not only will this transition save the Company a significant amount of money, but we will be better equipped to provide efficient and reliable service,” says ASR President and CEO William J. Carden.
About American Spectrum Realty, Inc.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self-storage, retail properties, and multi-family properties throughout the United States. The Company has been publicly traded since 2001. American Spectrum Management Group, Inc. (“ASMG”) is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.
ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, and multi-family properties, totaling over 11 million square feet in 18 states.
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.
William J.
Carden, 713-706-6200
Chairman, President and CEO