Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-American Spectrum Realty Inc. reported a loss of $6.1 million, or 99 cents per share, for the third quarter ended Sept. 30, along with lower revenue in comparison to the third quarter of last year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.