The diversified real estate investment and management company, which owns 25 office, industrial, apartment and retail properties in California, Texas, Arizona, South Carolina and the Midwest, said the third-quarter net results compared with a loss in the third quarter of last year of $2.6 million, or 46 cents per share. Revenue from real estate rents totaled $6.6 million for the quarter, compared with $7.4 million in the same period last year, a decline the company attributed to a decrease in occupancy, particularly in certain properties located in San Diego, due to the expiration of leases of three major tenants. It said the reduction was partially offset by revenue related to acquired properties.
William J. Carden, president of American Spectrum, said the company continues to refocus its property portfolio on the office and industrial segments in targeted markets in California, Texas and Arizona. In the third quarter, it sold seven properties in Texas, Ohio, Indiana, Missouri and Illinois, while acquiring an office building in Houston. It also has two other office buildings under contract to purchase in Texas, which it expects to close before year-end.
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