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 year ended December 31, 2013.
On Friday, October 31, 2014 the Company filed its 2013 Annual
Report on Form 10-K with the Securities and Exchange Commission and
reported a net loss of $13.8 million for the fiscal year ending
December 31, 2013. During the same period in 2012, the Company
reported net income of $1.4 million. The Company’s net loss
attributable to its common shares for the year ended December 31,
2013, was $3.88 per share and consisted of a net loss of $3.68 per
share from continuing operations, and a net loss of $0.20 per share
from discontinued operations. During the same period in 2012, the
Company had net income attributable to its common shares of $0.33
per share, including a net loss of $1.60 per share from continuing
operations which was more than offset by net income of $1.93 per
share from discontinued operations.
The change in net income for the year ended December 31, 2013,
as compared to the same period in 2012, largely resulted from:
- Revenues – The $0.4 million increase
from 2012 to 2013 is mainly the result of an increase in the
average occupancy rates, average rent rates and the number of
active third party management contracts.
- Expenses – For 2013, expenses increased
$7.4 million as a result of increases in property operating
expenses, attorney fees and settlement costs.
- Other income – The $5.7 million
increase is primarily due to a one-time settlement in the Evergreen
matter during 2013.
- Income Taxes - An adjustment to the
Company’s deferred future tax benefits resulted in an increase in
the current year provision for income taxes in the amount of $5.0
million.
- Discontinued Operations – Gains
recognized in 2012 from multiple asset sales were not repeated in
2013 which contributed to a $7.1 million decline in discontinued
operations.
- Losses attributable to noncontrolling
interests – The gain attributable to the sale of a property held in
a partnership with another investor contributed to a $1.8 million
decline in the net losses attributable to noncontrolling interests
in 2013.
Condensed Consolidated Statements of Operations (unaudited) are
as follows:
Year Ended December 31, 2013
2012 (in thousands) Revenues $ 42,673 $ 42,235
Expenses 61,827 54,464 Other income 6,399 682 Income tax (expense)
benefit (1,774 ) 3,268 Loss from continuing
operations (14,529 ) (8,279 ) Income (loss) from discontinued
operations (654 ) 6,494 Net loss, including
noncontrolling interests (15,183 ) (1,785 ) Net loss attributable
to noncontrolling interests 1,414 3,199
Net income (loss) attributable to American Spectrum Realty, Inc. $
(13,769 ) $ 1,414 Basic and diluted per share data:
Loss from continuing operations attributable to American Spectrum
Realty, Inc. common stockholders ($3.68 ) ($1.60 ) Income (loss)
from discontinued operations attributable to American Spectrum
Realty, Inc. common stockholders (0.20 ) 1.93
Net income (loss) attributable to American Spectrum Realty, Inc.
common stockholders ($3.88 ) $ 0.33 Basic and
diluted weighted average shares used 3,610,243 3,569,032
As of December 31, 2013, the Company had an equity deficit of
$11.5 million and cash and cash equivalents of $2.6 million. Debt
obligations that mature and come due in 2014 totaled $53.7 million.
In addition, the Company had $22.2 million in vendor obligations
and other accrued liabilities. These liquidity concerns create
uncertainty about the Company's ability to meet its ongoing
obligations in the normal course of business without the sale of
real estate assets. To generate additional liquidity for maturing
obligations, management has increased the pace of asset sales in
2014, and expects to continue the process into 2015. The current
plan is to dispose of properties that will generate aggregate net
sales revenue of approximately $57 million, reduce consolidated
secured obligations by approximately $34 million, and provide
liquidity to the company of approximately $10 million.
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
over 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.
AMERICAN SPECTRUM REALTY, INC.
Consolidated Balance Sheets
December 31, 2013 2012
ASSETS (in thousands) Real estate held for investment
(includes $253,928 and $327,676 from consolidated Variable Interest
Entities ("VIE's"), respectively) $ 416,982 $ 438,675 Accumulated
depreciation (includes $39,828 and $37,127 from consolidated VIE's,
respectively) (70,208 ) (71,775 ) Real estate held
for investment, net (includes $214,100 and $290,549 from
consolidated VIE's, respectively) 346,774
366,900 Cash and cash equivalents (includes $2,475 and
$3,724 from consolidated VIE's, respectively) 2,587 4,216
Restricted cash 2,805
-
Tenant and other receivables (includes $970 and $784 from
consolidated VIE's, respectively), net of allowance for doubtful
accounts of $417 and $673 (includes $236 and $473 from consolidated
VIE's, respectively) 1,687 1,281 Assets held for sale, net of
accumulated depreciation of $1,485 2,870
-
Deferred rents receivable (includes $2,811
and $2,204 from consolidated VIE's, respectively)
3,546 3,269 Purchased intangibles subject to amortization, net of
accumulated amortization of $5,417 and $3,114, respectively 2,920
5,946 Deferred tax assets 9,340 11,308 Goodwill 12,756 6,687
Investment in unconsolidated real estate assets from related
parties 389 332 Receivables from Evergreen
-
1,686 Prepaid and other assets, net (includes $7,668 and $8,600
from consolidated VIE's, respectively) 12,981 15,753
Total Assets $ 398,655 $ 417,378
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities: Notes payable (includes $168,433 and
$221,899 from consolidated VIE's, respectively) $ 259,600 $ 312,662
Notes payable on assets held for sale 3,794
-
Accounts payable (includes $284 and $398 from consolidated VIE's,
respectively) 8,868 7,458 Accrued and other liabilities (includes
$5,773 and $6,759 from consolidated VIE's, respectively) 13,357
15,241 Long-term liabilities - Series B Preferred and Series C
Preferred 69,022
-
Total liabilities 354,641 335,361
Commitments and Contingencies
Stockholders'
Equity: American Spectrum Realty, Inc, stockholders'
equity (deficit): Preferred Stock, par value $.01 per share,
25,000,000 shares authorized: Series A Preferred, 15%
cumulative, par value $.01 per share, 68,965 authorized shares,
18,390 and 55,170 shares issued and outstanding at December 31,
2013 and December 31, 2012, respectively
-
1 Series B Preferred, 8% cumulative, par value $.01 per share,
17,000,000 authorized shares, 16,870,609 shares issued and
outstanding at December 31, 2013
-
-
Series C Preferred, 8% cumulative, par value $.01 per share, 55,170
authorized shares, 36,780 shares issued and outstanding at December
31, 2013
-
-
Common Stock, par value $.01 per share, 100,000,000
authorized shares, 4,174,492 and 4,039,191 shares issued at
December 31, 2013 and December 31, 2012, respectively; 3,703,142
and 3,567,779 shares outstanding at December 31, 2013 and December
31, 2012, respectively 42 34 Additional paid-in capital 60,412
61,158 Accumulated deficit (68,865 ) (55,096 ) Treasury stock, at
cost, 471,350 shares at December 31, 2013 and December 31, 2012
(3,095 ) (3,095 ) Total American Spectrum Realty,
Inc. stockholders' equity (deficit) (11,506 ) 3,002
Noncontrolling interest 55,520 79,015
Total Equity 44,014 82,017 Total
Liabilities and Equity $ 398,655 $ 417,378
AMERICAN SPECTRUM REALTY, INC.
Consolidated Statements of
Operations
Year Ended December 31, 2013
2012 REVENUES: (in thousands) Rental revenue $ 39,226
$ 39,050 Third party management and leasing revenue 3,441
3,060 Interest income 6 125
Total
revenues 42,673 42,235
EXPENSES: Property operating expense 13,944 10,505
Corporate general and administrative
15,192 10,204 Depreciation and amortization 15,909 16,265 Interest
expense 14,938 16,508 Impairment expense 1,844
982
Total expenses 61,827 54,464
OTHER INCOME: Gain on extinguishment of debt
10,327 682 Loss on litigation settlement (3,928 )
-
Total other income 6,399 682
Loss from continuing operations before income taxes
(12,755 ) (11,547 ) Income tax (expense) benefit (1,774 )
3,268 Loss from continuing operations (14,529
) (8,279 ) Discontinued operations: Loss from
discontinued operations (899 ) (4,505 ) Gain on disposition of
discontinued operations 439 15,082 Income tax expense (194 )
(4,083 ) Income (loss) from discontinued operations (654 )
6,494 Net loss, including noncontrolling interests
(15,183 ) (1,785 ) Net loss attributable to noncontrolling
interests 1,414 3,199 Net income (loss) attributable
to American Spectrum Realty, Inc. (13,769 ) 1,414
Less: Preferred stock dividend (240 ) (240 )
Net income (loss) attributable to American Spectrum Realty,
Inc. common stockholders $ (14,009 ) $ 1,174 Basic
and diluted per share data: Loss from continuing operations
attributable to American Spectrum Realty, Inc. common stockholders
($3.68 ) ($1.60 ) Income (loss) from discontinued operations
attributable to American Spectrum Realty, Inc. common stockholders
(0.20 ) 1.93 Net income (loss) attributable to
American Spectrum Realty, Inc. common stockholders ($3.88 )
$ 0.33 Basic and diluted weighted average shares used
3,610,243 3,569,032 Amounts attributable to American
Spectrum Realty, Inc. common stockholders: Loss from continuing
operations $ (13,286 ) $ (5,715 ) Income (loss) from discontinued
operations (723 ) 6,889 Net income (loss) $
(14,009 ) $ 1,174
American Spectrum Realty, Inc.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
American Spectrum (AMEX:AQQ)
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