American Spectrum Realty, Inc. (NYSE MKT: AQQ) (“the Company”),
a real estate investment, management and leasing company
headquartered in Houston, Texas, announced today its results for
the quarter ended June 30, 2013.
Corporate general and administrative expenses decreased by
approximately $0.4 million for the second quarter of 2013 compared
to the second quarter of 2012. The decrease was primarily due to a
reduction in corporate personnel costs. In 2012, the Company
relocated its accounting department from Irvine, California to
Houston, Texas, thereby reducing annual costs. This restructuring
has allowed the Company to reduce redundancy between its two
corporate office locations and provide more efficient service to
third-party management clients. The decrease was also attributable
to other cost cutting measures implemented by management.
Third party management and leasing revenue increased by
approximately $0.1 million for three months ended June 30, 2013 in
comparison to the three months ended June 30, 2012. The increase
was primarily due to an increase in third party management
contracts. In April 2013, we were assigned the management of an
additional 20 self-storage properties. The self-storage properties
total over 1.5 million square feet and are located across seven
states. The assignment is expected to increase the Company’s third
party management revenue by approximately $1.0 million
annually.
Rental revenue decreased by approximately $1.2 million for the
three months ended June 30, 2013 compared to the three months ended
June 30, 2012. The decrease in rental revenue was primarily due the
deconsolidation of VIEs, which resulted in a reduction in rental
revenue of approximately $1.4 million. Rental revenue from
properties consolidated for the full three months ended June 30,
2013 and 2012 increased by approximately $0.2 million compared to
the three months ended June 30, 2012. This increase was primarily
attributable to our owned properties. The weighted average
occupancy of our owned properties was 84% at June 30, 2013. The
weighted average occupancy of all properties consolidated was 88%
at June 30, 2013.
Net loss attributable to common stockholders for the quarter
ended June 30, 2013 was $1.5 million, or $0.39 per share, compared
to $0.1 million, or $0.00 per share, for the quarter ended June 30,
2012. The net loss for the quarter ended June 30, 2013 included a
loss from discontinued operations of $0.2 million compared to
income of $1.5 million for the quarter ended June 30, 2012.
Net loss attributable to common stockholders for the six months
ended June 30, 2013 was $3.4 million, or $0.92 per share, compared
to net income of $0.3 million, or $0.12 per share, for the six
months ended June 30, 2012. The net loss for the six months ended
June 30, 2013 included a loss from discontinued operations of $0.3
million compared to income of $3.9 million for the quarter ended
June 30, 2012.
The Company’s Funds From Operations (FFO), a widely accepted
supplemental measure of REIT performance established by the
National Association of Real Estate Investment Trusts, was $(2.3)
million for the six months ended June 30, 2013 compared to $(1.5)
million for the six months ended June 30, 2012. The Company’s
business is the ownership, operation and management of real estate.
It believes that FFO is helpful to investors when measuring
operating performance because it excludes various items that are
considered in the determination of net income or loss that do not
relate to or are not indicative of operating performance, such as
gains or losses from sales of operating properties and depreciation
and amortization, which can make periodic and peer analyses of
operating performance more difficult. The following table reflects
the reconciliation of FFO to net (loss) income attributable to the
Company, the most directly comparable Generally Accepted Accounting
Principles measure, for the six months ended June 30, 2013 and 2012
(in thousands):
Six Months Ended June 30, 2013
2012 (in thousands) Net (loss) income
attributable to ASR $ (3,281 ) $ 419 Depreciation and
amortization from discontinued operations 159 1,815 Loss (gain)
from disposition of discontinued operations 77 (6,171 ) Deferred
income tax (benefit) expense (1,894 ) 241 Depreciation and
amortization attributable to ASR properties 2,665
2,202 FFO $ (2,274 ) $ (1,494 )
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interest in
office, industrial self-storage, retail and multi-family properties
throughout the United States. The Company has been publicly traded
since 2001. American Spectrum Management Group, Inc., a
wholly-owned subsidiary of the Company, manages and leases all
properties owned by American Spectrum Realty, Inc. as well as
for third-party clients.
American Spectrum Management Group, Inc. provides first-class
management and leasing services for office, industrial, retail,
self-storage, student housing and multi-family properties totaling
10 million square feet in multiple states. For more information,
visit www.asrmanagement.com or call 713-706-6200.
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 share
amounts)(Unaudited)
Three Months Ended Six Months Ended June 30,
June 30, 2013 2012 2013 2012
REVENUES: Rental revenue $ 11,219 $ 12,378 $ 22,738 $
25,334 Third party management and leasing revenue 867 728 1,877
1,622 Interest income 3 40 4
86 Total revenues 12,089
13,146 24,619 27,042
EXPENSES: Property operating expense 4,393 3,162 8,095 7,359
Corporate general and administrative 2,000 2,439 4,134 5,674
Depreciation and amortization 4,258 4,774 9,053 9,936 Interest
expense 4,092 4,910 8,103 9,995 Impairment expense 269
- 1,385 481 Total
expenses 15,012 15,285 30,770
33,445
OTHER INCOME (LOSS):
Other income (loss): 173 - 173
(151 ) Total other income (loss): 173
- 173 (151 ) Loss from
continuing operation before deferred income tax benefit (2,750 )
(2,139 ) (5,978 ) (6,554 ) Deferred income tax benefit
679 985 1,724
1,500 Loss from continuing operations (2,071 )
(1,154 ) (4,254 ) (5,054 )
Discontinued
operations:
Loss from operations (277 ) (600 ) (413 ) (1,870 ) (Loss) gain on
disposition of discontinued operations (83 ) 2,934 (83 ) 7,542
Income tax benefit (expense) 123 (865 )
170 (1,741 ) (Loss) income from discontinued
operations (237 ) 1,469 (326 ) 3,931
Net (loss) income, including non-controlling interests
(2,308 ) 315 (4,580 )
(1,123 ) Plus: Net loss (income) attributable
to non-controlling interests 914 (308 )
1,299 1,542 Net (loss) income
attributable to American Spectrum Realty, Inc. (1,394 )
7 (3,281 ) 419 Less:
Preferred stock dividend (60 ) (60 ) (120 ) (120 )
Net (loss) income attributable to American Spectrum
Realty, Inc. common stockholders
$ (1,454 )
$ (53 ) $ (3,401 )
$ 299 Basic and diluted per share
data: Loss from continuing operations attributable to American
Spectrum Realty, Inc. common stockholders $ (0.33 ) $ (0.38 ) $
(0.84 ) $ (0.79 ) (Loss) income from discontinued operations
attributable to American Spectrum Realty, Inc. (0.06 )
0.38 (0.08 ) 0.91 Net (loss)
income attributable to American Spectrum Realty, Inc. common
stockholders $ (0.39 ) $ - $ (0.92 ) $ 0.12
Basic and diluted weighted average shares used
3,564,304 3,564,783 3,566,041 3,571,283 Amounts
attributable to American Spectrum Realty, Inc. common stockholders:
Loss from continuing operations $ (1,241 ) $ (1,393 ) $ (3,107 ) $
(2,958 ) (Loss) income from discontinuing operations $ (213 ) $
1,340 $ (294 ) $ 3,257 Net (loss) income
$
(1,454 ) $ (53 ) $
(3,401 ) $ 299
American Spectrum Realty, Inc.William J. Carden,
713-706-6200Chairman, President and CEO
American Spectrum (AMEX:AQQ)
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