American Spectrum Recognizes a $5.0 Million Gain Before Income Tax Expense on the Sale of Three Assets in Houston, TX
04 April 2012 - 10:59PM
Business Wire
American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”),
a real estate investment, management and leasing company
headquartered in Houston, Texas is pleased to announce the
completed sale of three buildings, which have been pending for
several months.
The cash proceeds enabled The Company to reduce its corporate
bank debt by approximately $2 million, thus freeing up additional
borrowing capabilities from its primary lender. American Spectrum
used the proceeds to reduce their accounts payable by approximately
$1 million.
The Company also procured a $2 million loan secured by various
company assets. The loan will be used to further reduce corporate
debt and for general working capital. These sales continue to
implement American Spectrum Realty’s long term strategic plan of
selling certain assets to reduce liabilities, increase liquidity
and redirect assets to our third-party property management
business.
American Spectrum acquired the two Park Ten buildings in May of
2002. Park Ten I and II are 73,210 SF and 68,599 SF multi-tenant
office buildings located at 16350 and 16360 Park Ten. The third
property sold was a 101,056 SF industrial property located at 9630
Clarewood Drive. All three buildings closed on March 30, 2012.
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 Company’s 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 Company’s past and current
filings with the U.S. Securities and Exchange Commission.
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