American Spectrum Realty, Inc. is in Discussions to Raise Capital
HOUSTON--(BUSINESS WIRE)-- American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (The Company), a real estate investment, management and leasing company headquartered in Houston, Texas is in discussion with several parties to sell or spin-off to one or more joint venture partners its property management and tenant-in-common (TIC) businesses in order to raise capital and to invest in the TIC business for The Company.
The Company is also in discussions with an investment firm to raise new capital for The Company through a senior common stock offering. The Company is also in direct discussions with several real estate operators concerning a direct investment in The Company.
These transactions may require The Company to elect to be treated as a real estate investment trust (REIT) if it meets the relevant qualifications. There are no binding agreements or commitments with respect to any of these transactions or their terms, and there is no assurance that they will be consummated.
These transactions will allow American Spectrum Realty (AQQ) to implement its long term strategic plan of selling certain assets to reduce our liabilities, increase our liquidity, and redirect capital to our core business. These transactions will generate sufficient cash to pay down debt and reinvest the remaining capital. The Company makes no assurances that these transactions will be concluded.
About American Spectrum Realty, Inc.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self storage, retail properties, and apartments throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Companys operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.
ASRM provides first-class management and leasing services for over 93 office, industrial, retail, self-storage, and multi-family properties, totaling over 11 million square feet in 18 states.
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 Companys past and current filings with the U. S. Securities and Exchange Commission.
American Spectrum Realty, Inc.
William J. Carden
President & CEO
Source: American Spectrum Realty, IncCopyright Business Wire 2012