American Spectrum Realty Reports Second Quarter Results.HOUSTON -- American 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. ("the Company") (AMEX AMEX See: American Stock Exchange :AQQ AQQ Annual Qualifications Questionnaire ), a real estate investment and management company whose headquarters are 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 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 Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $631,000 attributable to the Company's sale of Columbia, a non-core property located in 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. . 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 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 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 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 - [TABLE OMITTED] |
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