American Spectrum Realty, Inc. is in Discussions to Raise Capital
May 22 2012 - 9:02AM
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 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 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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