American Spectrum Realty Reports First Quarter Results.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; -- Occupancy Increased to 87% from 85% Last Year Gain of $2.5 Million Recognized on Sale of Industrial Property in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. 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 located in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , announced today its results for the first quarter of 2005. Net loss for the quarter ended March 31, 2005 was $199,000, or $0.13 per share, compared with a net loss of $1.8 million, or $1.17 per share, for the first quarter 2004. For the quarter ended March 31, 2005, the Company's rental revenue remained relatively unchanged compared with the quarter ended March 31, 2004, increasing $2,000. An increase of $329,000 in revenue generated from two Houston office properties acquired subsequent to the first quarter of 2004 was offset by fewer revenues from properties owned on March 31, 2005 and 2004. This decrease was primarily due to lease buy-outs and other non-recurring payments received in the first quarter 2004. 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 of the Company's properties held for investment at March 31, 2005 and 2004 was 87% and 85%, respectively. For the quarter ended March 31, 2005, the Company reduced its general and administrative expenses $207,000 or 18.4%. This decrease was in large part due to a decrease in compensation expense as a result of an overall downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of corporate management. During the first quarter of 2005, the Company sold an industrial property in San Diego, California. The property, which was unoccupied, generated a gain on sale of $2.5 million. Proceeds of $3.2 million (net of debt repayments and sales costs) were received as a result of the transaction.
Results for the first quarter 2005 and 2004 reflect the following
non-cash items (in thousands):
Three Months Ended
March 31,
2005 2004
--------- ---------
Non-Cash Charges:
Depreciation and amortization from real estate held
for investment $2,792 $2,487
Deferred compensation expense 19 28
--------- ---------
Total-Cash Charges 2,811 2,515
Non-Cash Items:
Deferred rental income (50) (250)
Minority interest (29) (263)
Interest on receivable from principal stockholders (13) (18)
Amortization of loan premiums (114) (133)
Amortization of note receivable discount - (25)
Mark-to-market adjustments on interest rate
protection agreements - (10)
--------- ---------
Total Non-Cash Items (206) (699)
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 acquiring and repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. 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). . 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 24 office, industrial, apartment and retail properties aggregating over 2.2 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.
AMERICAN SPECTRUM REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
---------------------------
2005 2004
------------- -------------
REVENUES:
Rental revenue $6,858 $6,856
Interest and other income 49 80
------------- -------------
Total revenues 6,907 6,936
------------- -------------
EXPENSES:
Property operating expense 2,873 2,494
General and administrative 920 1,127
Depreciation and amortization 2,792 2,487
Interest expense 2,981 2,809
------------- -------------
Total expenses 9,566 8,917
------------- -------------
Net loss before minority interest and
discontinued operations (2,659) (1,981)
Minority interest 29 263
------------- -------------
Net loss before discontinued operations (2,630) (1,718)
Discontinued operations:
Loss from discontinued operations (29) (107)
Gain on sale of discontinued operations 2,460 -
------------- -------------
Income (loss) from discontinued
operations 2,431 (107)
------------- -------------
Net loss $(199) $(1,825)
============= =============
Basic and diluted per share data:
Net loss before discontinued
operations $(1.75) $(1.10)
Gain (loss) from discontinued
operations 1.62 (0.07)
------------- -------------
Net loss $(0.13) $(1.17)
============= =============
Basic weighted average shares used 1,499,419 1,555,442
March 31, December 31,
2005 2004
-------------- -------------
Real estate held for investment, net
of accumulated depreciation $167,056 $168,531
Cash 1,727 589
Total assets 184,294 187,545
Notes payable, net of premiums 148,747 149,589
Total liabilities 167,606 170,626
Total stockholders' equity 11,237 11,427
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