American Spectrum Realty Reports First Quarter Results; Rental Revenues Increased 10.6%.Business Editors HOUSTON--(BUSINESS WIRE)--April 29, 2004 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Spectrum Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , Inc. (AMEX AMEX See: American Stock Exchange :AQQ AQQ Annual Qualifications Questionnaire ), a real estate investment and management company, announced today its results for the first quarter of 2004. For the quarter ended March 31, 2004, the Company recorded rental revenue of $7.4 million compared with $6.7 million for the 2003 first quarter. This increase of $707,000 was primarily the result of revenue being generated from four Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; office properties acquired between May 7, 2003 and November November: see month. 13, 2003. Rental revenue from the acquired properties was included in the Company's results since the date of acquisition of each property. The weighted average occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy of the Company's properties at March 31, 2004 and 2003 was 81% and 79%, respectively. The Company will continue its strategy to sell its non-core property types -- apartment and shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into properties -- and to sell its properties located in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and Carolina's -- its non-core markets. The Company will focus primarily on office and industrial properties located in Texas, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). . Net loss for the year ended March 31, 2004 was $1.8 million, or $1.17 per share, compared with a net loss of $2.3 million, or $1.64 per share, for the first quarter 2003. Results for the first quarter 2004 and 2003 reflect the following non-cash items (in thousands):
Three Months Ended
March 31,
2004 2003
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Non-Cash Charges:
Depreciation and amortization from real estate
held for investment $ 2,685 $ 2,262
Mark-to-market adjustments on interest rate
protection agreements - 222
Deferred compensation expense 28 79
Non-Cash Items:
Deferred rental income 245 120
Minority interest 263 294
Interest on receivable from principal
stockholders 18 -
Amortization of loan premiums 149 140
Amortization of note receivable discount 25 -
Mark-to-market adjustments on interest rate
protection agreements 10 -
William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Carden Carden can refer to:
See also: Step to aggressively market all of our properties thereby increasing occupancy and improving our financial results." American Spectrum Realty, Inc. is a real estate investment and management company that owns 25 office, industrial, apartment and retail properties aggregating over 2.4 million square feet in California, Texas, Arizona, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and the Midwest. Publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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
March 31,
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2004 2003
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REVENUES:
Rental revenue $ 7,373 $ 6,666
Interest and other income 80 10
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Total revenues 7,453 6,676
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EXPENSES:
Property operating expense 2,766 2,511
General and administrative 1,127 1,593
Depreciation and amortization 2,685 2,262
Interest expense 2,963 2,598
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Total expenses 9,541 8,964
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Net loss before minority interest and
discontinued operations (2,088) (2,288)
Minority interest 263 294
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Net loss before discontinued operations (1,825) (1,994)
Discontinued operations:
Loss from discontinued operations - (282)
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Net loss $ (1,825) $ (2,276)
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Basic and diluted per share data:
Net loss before discontinued operations $ (1.17) $ (1.44)
Loss from discontinued operations - (0.20)
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Net loss $ (1.17) $ (1.64)
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Basic weighted average shares used 1,555,442 1,384,542
March 31, March 31,
2004 2003
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Real estate held for investment, net $182,598 $182,790
Cash 566 2,937
Total assets 205,529 208,003
Notes payable, net of premiums 150,145 151,051
Total liabilities 179,725 180,259
Total stockholders' equity 18,758 20,435
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