American Spectrum Realty Announces Repurchase of All Operating Partnership Units Issued to Evergreen Realty Group
May 30 2012 - 8:55AM
Business Wire
American Spectrum Realty, Inc. (AMEX:AQQ) (“the Company”), a
real estate investment, management and leasing company
headquartered in Houston, Texas, announced today that it has
repurchased all of the operating partnership units (“OP Units”)
issued to Evergreen Realty Group, LLC and certain of its affiliates
(“Evergreen”) in 2010. The Company had issued the OP Units to
Evergreen in connection with its acquisition of assets from
Evergreen on January 17, 2010. A total of 800,000 OP Units issued
to Evergreen (adjusted from the original 1,600,000 OP Units issued
to reflect the Company’s 2011 two-for-one reverse split), were
repurchased by the Company for a total of ONE DOLLAR
($1).
As a result of the repurchase, the number of OP Units
outstanding (other than those held by the Company), was reduced to
252,463. Holders of OP Units have the option to redeem their OP
Units and to receive, at the option of the Company, either (i) one
share of common stock of the Company, or (ii) cash equal to the
value of one share of common stock of the Company on the date of
conversion.
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
multi-family properties throughout the United States. The company
has been publicly traded since 2001. American Spectrum Realty
Management, LLC (“ASRM”) 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
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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