American Spectrum Realty Inc., which operates self-storage facilities under the 1st American Storage brand, has released its financial results for the third quarter of 2013, which ended Sept. 30. Rental revenue decreased 11 percent, approximately $1.2 million, compared to the same period last year. The company attributed the decline primarily to the deconsolidation of variable interests, which resulted in a reduction in rental revenue of approximately $400,000. Revenue for properties consolidated for the full three months in the quarter decreased by $700,000.
The weighted average occupancy of the companys owned properties was 84 percent as of Sept. 30. By comparison, the weighted average occupancy of all consolidated properties in the companys portfolio was 88 percent.
Third-party management and leasing revenue decreased about $100,000 during the quarter compared to the same period a year ago. The decline was attributed primarily to reduced income from insurance. In April, American Spectrum added management contracts of 20 self-storage properties totaling more than 1.5 million square feet. These managed properties are expected to add about $1 million annually to the companys third-party management revenue, company officials said.
Net loss attributable to common stockholders for the third quarter was approximately $700,000, or 18 cents per share, an improvement from a net loss of approximately $1.3 million (35 cents per share) for the same period last year.
Headquartered in Houston, American Spectrum Realty is a real estate investment, management and leasing company that owns self-storage, office, retail and multi-family interests across the United States through an operating partnership. The company has been publicly traded since 2001.