Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'AMERICAN SPECTRUM REALTY INC | ' |
Entity Central Index Key | '0001121783 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,727,900 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real estate held for investment (includes $253,879 and $327,676 from consolidated Variable Interest Entities ("VIE's"), respectively) | $343,146 | $438,675 |
Accumulated depreciation (includes $36,953 and $37,127 from consolidated VIE's, respectively) | -68,547 | -71,775 |
Real estate held for investment, net (includes $216,926 and $290,549 from consolidated VIE's, respectively) | 274,599 | 366,900 |
Cash and cash equivalents | 148 | 492 |
Restricted cash (includes $2,977 and $3,724 from consolidated VIE's, respectively) | 2,977 | 3,724 |
Tenant and other receivables (includes $833 and $784 from consolidated VIE's, respectively), net of allowance for doubtful accounts of $254 and $673 (includes $254 and $473 from consolidated VIE's, respectively | 4,607 | 1,281 |
Deferred rents receivable (includes $2,675 and $2,204 from consolidated VIE's, respectively) | 3,671 | 3,269 |
Purchased intangibles subject to amortization, net of accumulated amortization of $5,340 and $3,114, respectively | 3,720 | 5,946 |
Deferred tax assets | 13,564 | 11,308 |
Goodwill | 6,687 | 6,687 |
Investment in unconsolidated real estate assets from related parties | 359 | 332 |
Notes receivable from Evergreen | 1,000 | 1,000 |
Interest receivable from Evergreen | 272 | 272 |
Accounts receivable from Evergreen | 414 | 414 |
Prepaid and other assets, net (includes $7,260 and $8,600 from consolidated VIE's, respectively) | 13,355 | 15,753 |
Total Assets | 325,373 | 417,378 |
Liabilities: | ' | ' |
Notes payable (includes $167,497 and $221,899 from consolidated VIE's, respectively) | 249,806 | 312,662 |
Accounts payable (includes $194 and $398 from consolidated VIE's, respectively) | 5,627 | 7,458 |
Accrued and other liabilities (includes $5,686 and $6,759 from consolidated VIE's, respectively | 11,579 | 15,241 |
Total Liabilities | 267,012 | 335,361 |
Commitments and Contingencies (Note 13): | ' | ' |
American Spectrum Realty, Inc, stockholders' (deficit) equity: | ' | ' |
Preferred stock par value $.01 per share, 25,000,000 authorized shares, 55,172 issued at September 30, 2013 and December 31, 2012, respectively | 1 | 1 |
Common stock par value $.01 per share, 100,000,000 authorized shares, 4,199,250 and 4,039,191 issued at September 30, 2013 and December 31, 2012, respectively; 3,727,900 and 3,567,779 outstanding at September 30, 2013 and December 31, 2012, respectively | 34 | 34 |
Additional paid-in capital | 61,128 | 61,158 |
Accumulated deficit | -59,007 | -55,096 |
Treasury stock, at cost, 471,350 and 471,412 shares at September 30, 2013 and December 31, 2012, respectively | -3,095 | -3,095 |
Total American Spectrum Realty, Inc. stockholders' (deficit) equity | -939 | 3,002 |
Non-controlling interest | 59,300 | 79,015 |
Total Equity | 58,361 | 82,017 |
Total Liabilities and Equity | $325,373 | $417,378 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate held for investment to VIE's | $343,146 | $438,675 |
Accumulated depreciation to VIE's | 68,547 | 71,775 |
Real estate held for investment, net to VIE's | 274,599 | 366,900 |
Restricted cash to VIE's | 2,977 | 3,724 |
Tenant and other receivables to VIE's | 4,607 | 1,281 |
Allowance for doubtful accounts of tenant and other receivables | 254 | 673 |
Deferred rents receivable to VIE's | 3,671 | 3,269 |
Accumulated amortization | 5,340 | 3,114 |
Prepaid and other assets, net to VIE's | 13,355 | 15,753 |
Notes payable to VIE's | 249,806 | 312,662 |
Accounts payable to VIE's | 5,627 | 7,458 |
Accrued and other liabilities to VIE's | 11,579 | 15,241 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued (in shares) | 55,172 | 55,172 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 4,199,250 | 4,039,191 |
Common Stock, Shares, Outstanding (in shares) | 3,727,900 | 3,567,779 |
Treasury Stock, Shares (in shares) | 471,350 | 471,412 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Real estate held for investment to VIE's | 253,879 | 327,676 |
Accumulated depreciation to VIE's | 36,953 | 37,127 |
Real estate held for investment, net to VIE's | 216,926 | 290,549 |
Restricted cash to VIE's | 2,977 | 3,724 |
Tenant and other receivables to VIE's | 833 | 784 |
Allowance for doubtful accounts of tenant and other receivables | 254 | 473 |
Deferred rents receivable to VIE's | 2,675 | 2,204 |
Prepaid and other assets, net to VIE's | 7,260 | 8,600 |
Notes payable to VIE's | 167,497 | 221,899 |
Accounts payable to VIE's | 194 | 398 |
Accrued and other liabilities to VIE's | $5,686 | $6,759 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES: | ' | ' | ' | ' |
Rental revenue | $9,991 | $11,190 | $29,761 | $33,706 |
Third party management and leasing revenue | 771 | 889 | 2,648 | 2,511 |
Interest income | 2 | 38 | 6 | 124 |
Total revenues | 10,764 | 12,117 | 32,415 | 36,341 |
EXPENSES: | ' | ' | ' | ' |
Property operating expense | 3,800 | 3,683 | 10,316 | 9,678 |
Corporate general and administrative | 2,045 | 2,571 | 6,179 | 8,245 |
Depreciation and amortization | 3,831 | 4,869 | 12,023 | 13,963 |
Interest expense | 3,357 | 4,568 | 10,800 | 13,763 |
Impairment expense | 551 | 104 | 1,936 | 585 |
Total expenses | 13,584 | 15,795 | 41,254 | 46,234 |
OTHER INCOME (LOSS): | ' | ' | ' | ' |
Other income (loss): | 802 | 876 | 975 | 748 |
Total other income (loss): | 802 | 876 | 975 | 748 |
Loss from continuing operation before deferred income tax benefit | -2,018 | -2,802 | -7,864 | -9,145 |
Deferred income tax benefit | 778 | 495 | 2,477 | 2,205 |
Loss from continuing operations | -1,240 | -2,307 | -5,387 | -6,940 |
Discontinued operations: | ' | ' | ' | ' |
Loss from operations | -298 | -415 | -841 | -2,502 |
(Loss) gain on disposition of discontinued operations | 1,233 | 7 | 1,150 | 7,549 |
Income tax benefit (expense) | -415 | 181 | -221 | -1,770 |
(Loss) income from discontinued operations | 520 | -227 | 88 | 3,277 |
Net (loss) income, including non-controlling interests | -720 | -2,534 | -5,299 | -3,663 |
Plus: Net loss attributable to non-controlling interests | 88 | 1,289 | 1,386 | 2,817 |
Net (loss) income attributable to American Spectrum Realty, Inc. | -632 | -1,245 | -3,913 | -846 |
Less: Preferred stock dividend | -60 | -60 | -180 | -180 |
Net (loss) income attributable to American Spectrum Realty, Inc. common stockholders | -692 | -1,305 | -4,093 | -1,026 |
Basic and diluted per share data: | ' | ' | ' | ' |
Loss from continuing operations attributable to American Spectrum Realty, Inc. common stockholders | ($0.22) | ($0.35) | ($1.04) | ($0.98) |
(Loss) income from discontinued operations attributable to American Spectrum Realty, Inc. | $0.04 | ' | ($0.05) | $0.74 |
Net (loss) income attributable to American Spectrum Realty, Inc. common stockholders | ($0.18) | ($0.35) | ($1.09) | ($0.24) |
Basic and diluted weighted average shares used | 3,614,243 | 3,566,782 | 3,582,109 | 3,569,783 |
Amounts attributable to American Spectrum Realty, Inc. common stockholders: | ' | ' | ' | ' |
Loss from continuing operations | -843 | -1,311 | -3,907 | -3,688 |
(Loss) income from discontinuing operations | 151 | 6 | -186 | 2,662 |
Net (loss) income | ($692) | ($1,305) | ($4,093) | ($1,026) |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Noncontrolling Interest [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2012 | $82,017 | $1 | $34 | $79,015 | $61,158 | ($55,096) | ($3,095) |
Balance, shares at Dec. 31, 2012 | ' | 55,172 | 4,039,191 | ' | ' | ' | ' |
Preferred stock dividends | -180 | ' | ' | ' | -180 | ' | ' |
Stock-based compensation | 133 | ' | ' | ' | 133 | ' | ' |
Stock-based compensation, shares | ' | ' | 170,000 | ' | ' | ' | ' |
Restricted stock forefeitures | -11 | ' | ' | -11 | ' | ' | ' |
Restricted stock forefeitures, shares | ' | ' | -11,068 | ' | ' | ' | ' |
Conversion of OP units to common stock | ' | ' | ' | -17 | 17 | ' | ' |
Conversion of OP units to common stock, shares | ' | ' | 1,127 | ' | ' | ' | ' |
Deconsolidation of VIE's | -13,634 | ' | ' | -13,634 | ' | ' | ' |
Noncontrolling interests share of loss | -1,386 | ' | ' | -1,385 | ' | ' | ' |
Distributions | -4,679 | ' | ' | -4,679 | ' | ' | ' |
Contributions | 11 | ' | ' | 11 | ' | ' | ' |
Net loss | -3,913 | ' | ' | ' | ' | -3,911 | ' |
Balance at Sep. 30, 2013 | $58,361 | $1 | $34 | $59,300 | $61,128 | ($59,007) | ($3,095) |
Balance, shares at Sep. 30, 2013 | ' | 55,172 | 4,199,250 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss, including non-controlling interests | ($5,299) | ($3,663) |
Adjustment to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 13,387 | 17,252 |
Impairment expense | 1,936 | 585 |
Income tax (benefit) expense | -2,256 | -435 |
Loss (gain) on disposition of real estate assets | -1,150 | -7,549 |
Stock-based compensation | 133 | 183 |
Deferred rental income | -713 | -583 |
Changes in operating assets and liabilities: | ' | ' |
Increase in tenant and other receivables | -1,007 | -489 |
(Increase) decrease in prepaid and other assets | -682 | -854 |
Increase (decrease) in accounts payable | -786 | 204 |
(Decrease) increase in accrued and other liabilities | -844 | 947 |
Change in restricted cash | 154 | 1,596 |
Net cash provided by operating activities: | 2,873 | 7,194 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds received from sales of real estate assets | 6,108 | 18,787 |
Capital improvements to real estate assets | -1,606 | -2,782 |
Net cash (used in) provided by investing activities: | 4,502 | 16,005 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings | 21,542 | 9,479 |
Repayment of borrowings-property sales | -5,236 | -15,760 |
Repayment of borrowings-scheduled payments | -4,083 | -4,853 |
Repayment of borrowings-other | -15,274 | -6,543 |
Contributions from non-controlling interests | 11 | 422 |
Distributions to non-controlling interests | -4,679 | -5,978 |
Net cash used in financing activities: | -7,719 | -23,233 |
(Decrease) increase in cash and cash equivalents | -344 | -34 |
Cash and cash equivalents, beginning of period | 492 | 473 |
Cash and cash equivalents, end of period | 148 | 439 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Conversion of operating partnership units to common stock | 17 | 1,711 |
Conversion of accounts payable to common stock | ' | 203 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 11,937 | 15,946 |
Cash paid for taxes | $70 | $32 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2013 | |
DESCRIPTION OF BUSINESS [Abstract] | ' |
DESCRIPTION OF BUSINESS | ' |
NOTE 1 - DESCRIPTION OF BUSINESS | |
We provide comprehensive integrated real estate solutions for our own property portfolio (properties in which we own a controlling interest or in properties where we are the primary beneficiary of a variable interest entity, ("a VIE")) and the portfolios of our third party clients. We own and/or manage commercial, industrial, retail, self-storage and multi-family, student housing income properties, and offer our third party clients comprehensive integrated real estate solutions, including management and transaction services based on our market expertise. We conduct our business in the continental United States. American Spectrum Realty, Inc. was incorporated in Maryland in August of 2000. | |
Our business is conducted through an Operating Partnership in which we are the sole general partner and a limited partner with a total equity interest of 93% at September 30, 2013. As the sole general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership. In general, the Operating Partnership units that are not held by us (approximately 7% of the outstanding units) are exchangeable for either common stock on a one-to-one basis or cash equal to the value of such stock at our sole discretion. | |
At September 30, 2013, we consolidated 36 properties (including 16 properties primarily owned by us and 20 properties owned by VIE's in which we were deemed the primary beneficiary), which consisted of 10 office properties, 12 self-storage facilities, 7 commercial/industrial properties, 4 multi-family properties, 2 retail properties and a parcel of land. The properties are located in 16 states. | |
The Company is experiencing liquidity problems. See Liquidity and Capital Resources in MD&A for the Company's analysis and plans. | |
The operating segments in which management assesses performance and allocates resources are rental operations and management and leasing services. Our segments reflect management's resource allocation and performance assessment in making decisions regarding our Company. | |
We deliver integrated property, facility, asset, business and engineering management services to a host of third party clients as well as to our own properties. We offer customized programs that focus on tenant retention through cost-efficient operations. | |
We are committed to expanding the scope of products and services offered. We believe this expansion will help us meet our own portfolio property needs as well as the needs of our third party clients. During 2013, we intend to expand the number of third party properties that we manage. | |
We refer to ourselves throughout this report as "the Company" or "ASR". | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying consolidated financial statements and related notes have been prepared in conformity with generally accepted accounting principles in the United States and the rules and regulations of the Securities and Exchange Commission (the "SEC") for preparation of interim financial statements. The information furnished in this report reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the Company's results of operations, financial position and cash flows, and such adjustments consist of items of a normal recurring nature. The results for such periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other future period. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2012 included in the Company's Annual Report on Form 10-K as filed with the SEC on April 1, 2013. | |
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States requires us to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we re-evaluate our judgments and estimates. We base our estimates and judgments on our historical experience, knowledge of current conditions and our belief of what could occur in the future considering available information, including assumptions that we believe to be reasonable under the circumstances. By their nature, these estimates and judgments are subject to an inherent degree of uncertainty and actual results could differ materially from the amounts reported based on these policies. | |
The financial statements include the accounts of the Operating Partnership, all subsidiaries of the Company, and VIE's where the Company is the primary beneficiary. All significant intercompany transactions, receivables and payables have been eliminated in consolidation. | |
The Company accounts for unconsolidated real estate investments using the equity method of accounting. Accordingly, the Company's share of earnings of these real estate investments is included in the consolidated results of operations. | |
Certain prior year balances have been reclassified to conform to the current year presentation. | |
Summary of Critical and Significant Accounting Policies and Estimates | |
Reference is made to "Summary of Critical and Significant Accounting Policies and Estimates" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC on April 1, 2013. | |
Segments | |
We have identified two reportable business segments: (i) rental operations and (ii) management and leasing services. We evaluate the performance of our operating segments based on operating income (loss). All inter-segment sales pricing is based on current market conditions. Unallocated corporate amounts include general expenses associated with managing our two reportable operating segments. | |
Recent Accounting Pronouncements | |
In July 2012, the FASB issued ASU 2012-02, "Intangibles, Goodwill, and Other (Topic 350): Testing Indefinite-Lived Intangibles for Impairment". This ASU adds new accounting guidance that simplifies how an entity tests indefinite-lived intangible assets other than goodwill for impairment. It permits an entity to first assess qualitative factors to determine whether further testing for impairment of indefinite-lived intangible assets other than goodwill is required. This accounting guidance will be effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations. | |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||||
NOTE 3 - DISCONTINUED OPERATIONS | |||||||||||||||||
In August 2013, the lender for Morenci Professional Park foreclosed on the asset. We were in default on our debt secured by Morenci Professional Park due to past due debt service. We had elected to discontinue servicing the unpaid balance of the debt, which totaled $1.6 million, due to the balance exceeding the market value of the property. The property securing the debt was held by a consolidated wholly-owned subsidiary that had not guaranteed the debt. The transaction generated a loss of $0.2 million. No proceeds were received as a result of the transaction. | |||||||||||||||||
In August 2013, we deconsolidated the VIE which owned University Fountains at Lubbock (a student housing property) after determining that we were no longer the primary beneficiary. We no longer manage or have a continuing involvement with this property. There was no loss recorded as a result of the transaction. No proceeds were received as a result of the transaction. | |||||||||||||||||
In July 2013, the lender for 1501 Mockingbird foreclosed on the asset. We were in default on our debt secured by 1501 Mockingbird due to past due debt service. We had elected to discontinue servicing the unpaid balance of the debt, which totaled $3.1 million, due to the balance exceeding the market value of the property. The property securing the debt was held by a consolidated wholly-owned subsidiary that had not guaranteed the debt. The transaction generated a loss of $0.2 million. No proceeds were received as a result of the transaction. | |||||||||||||||||
In July 2013, 2620-2630 Fountain View, an office property located in Houston, Texas, was sold for approximately $8.9 million. The sale generated net proceeds of approximately $3.0 million to the property's partnership, in which we own a 51% interest. The transaction generated a gain of $1.2 million. The net proceeds are currently held in escrow due to a distribution dispute with the minority owner of the property. The Company recorded a $3.0 million receivable. Negotiations are continuing to reach a settlement, but there can be no assurance that a favorable resolution will be obtained. The lawsuit is set for trial in March 2014. | |||||||||||||||||
In June 2013, the lender for our 11500 Northwest Freeway property foreclosed on the asset. We had elected to discontinue servicing the unpaid balance of the debt, which totaled $3.9 million, due to the balance exceeding the market value of the property. The property securing the debt was held by a consolidated wholly-owned subsidiary that had not guaranteed the debt. The transaction generated a loss of $0.1 million. No proceeds were received as a result of the transaction. | |||||||||||||||||
The consolidated statements of operations of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are summarized below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Rental Revenue | $ | 864 | $ | 2,742 | $ | 4,515 | $ | 9,592 | |||||||||
Less Expenses (1) | (1,162 | ) | (3,157 | ) | (5,356 | ) | (12,094 | ) | |||||||||
Loss from discontinued operations before net (loss) gain | |||||||||||||||||
on dispositions and income tax benefit (expense) | (298 | ) | (415 | ) | (841 | ) | (2,502 | ) | |||||||||
Net (loss) gain on dispositions of real estate assets | 1,233 | 7 | 1,150 | 7,549 | |||||||||||||
Income tax benefit (expense) | (415 | ) | 181 | (221 | ) | (1,770 | ) | ||||||||||
(Loss) income from discontinued operations | $ | 520 | $ | (227 | ) | $ | 88 | $ | 3,277 | ||||||||
(1) | Includes interest expense of approximately $0.2 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $3.7 million, for the nine months ended September 30, 2013 and 2012, respectively. Mortgage debt related to the properties included in discontinued operations were individually secured, and as such, interest expense was based on the property's debt. | ||||||||||||||||
Net income from discontinued operations for the three months ended September 30, 2013 includes the net gain from the disposition of 1501 Mockingbird, Morenci Professional Park and 2620-2630 Fountain View, their operating results through the date of disposition and the operating results of University Fountains at Lubbock. Loss from discontinued operations for the three months ended September 30. 2012 includes the net gain on the dispositions of 2855 Mangum, its operating results through the date of disposition and the operating results of Beltway Industrial Park and 8300 Bissonnet and the operating results of properties disposed of in 2013 and 2012. | |||||||||||||||||
Net income from discontinued operations for the nine months ended September 30, 2013 includes the net gain from the disposition of 11500 Northwest Freeway, 1501 Mockingbird, Morenci Professional Park and 2620-2630 Fountain View, their operating results through the date of disposition and the operating results of University Fountains at Lubbock. Income from discontinued operations for the nine months ended September 30, 2012 includes the net gain from the dispositions of 2855 Mangum, 8300 Bissonnet, Beltway Industrial Park, Park Ten Place I and II, Sierra Southwest Pointe, Foxborough Business Center Park, 6420 Atrium, Bristol Bay, and Pacific Spectrum, and the operating results of properties disposed of in 2013 and 2012. | |||||||||||||||||
ASSET_IMPAIRMENTS
ASSET IMPAIRMENTS | 9 Months Ended |
Sep. 30, 2013 | |
ASSET IMPAIRMENTS [Abstract] | ' |
ASSET IMPAIRMENTS | ' |
NOTE 4 - ASSET IMPAIRMENTS | |
Purchased Intangibles Subject to Amortization | |
During the nine months ended September 30, 2013 and 2012, we had our contractual relationships terminated or modified by the entities that owned some of the third party properties we manage. Based on this triggering event we evaluated the management contracts associated with some of our purchased intangibles for impairment and determined that impairment had occurred. We recorded impairment charges of $2.0 million and $0.5 million, for the nine months ended September 30, 2013 and 2012, respectively, which reduced the fair value of the impaired contracts to zero. (See Note 6 - Variable Interest Entities for additional information). | |
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
ASSETS HELD FOR SALE [Abstract] | ' | ||||||||||
ASSETS HELD FOR SALE | ' | ||||||||||
NOTE 5 - ASSETS HELD FOR SALE | |||||||||||
Below is a listing of the consolidated properties we have listed for sale. We can make no guarantees as to our ability to sell any of our consolidated properties. We further cannot assure you that we will achieve a sales price that allows us to receive cash to fund our operations. | |||||||||||
ASR | |||||||||||
Property | ownership | Carrying Values of | Carrying Value of | ||||||||
Property Name | Type | Percentage | Properties | Debt | |||||||
(in thousands) | |||||||||||
Fountain View Office Tower | Office | 51% | $ | 11,336 | $ | 11,428 | |||||
2640 & 2650 Fountain View | Office | 100% | 13,482 | 12,673 | |||||||
Windrose | Retail | 100% | 2,843 | 3,968 | |||||||
8100 Washington | Office | 100% | 1,768 | 2,041 | |||||||
$ | 29,429 | $ | 30,110 |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
VARIABLE INTEREST ENTITIES [Abstract] | ' | ||||||
VARIABLE INTEREST ENTITIES | ' | ||||||
NOTE 6 - VARIABLE INTEREST ENTITIES | |||||||
We have identified multiple Variable Interest Entities where we are the primary beneficiary for accounting purposes. As a result, these VIE entities were consolidated in the consolidated financial statements, after eliminating intercompany transactions and presenting the interests that are not owned by us as non-controlling interests in the condensed consolidated balance sheets. | |||||||
The entities consolidated as of September 30, 2013 include 9 self-storage properties, 2 student housing properties, 7 commercial properties and 2 multifamily properties. The entities are generally financed through cash flows from property operations. | |||||||
During the first quarter of 2013 we deconsolidated the VIEs which owned College Park (a student housing property) and Fishers Indiana (a commercial property) after determining that we were no longer the primary beneficiary. We no longer manage or have a continuing involvement with these two properties. | |||||||
During the third quarter of 2013 we deconsolidated the VIE which owned University Fountains at Lubbock (a student housing property) after determining that we were no longer the primary beneficiary. We no longer manage or have a continuing involvement with this property. | |||||||
The impact of the deconsolidation of VIE's on our year to date Consolidated Financial Statements was a decrease in total assets of $67.4 million, a decrease in total liabilities of $53.8 million, and decrease in non-controlling interest of $13.6 million. No net income was attributable to non-controlling interests from the deconsolidated VIE's for the three and nine months ended September 30, 2013. The deconsolidation of the VIE's did not result in a gain or loss in the Consolidated Statement of Operations, as the carrying amount of the non-controlling interest in the former subsidiaries at the deconsolidation dates were the same as the carrying amount of the former subsidiary's assets minus liabilities at the date of the deconsolidation. | |||||||
We own an insignificant interest in most of the VIE's, and therefore, substantially all related operating results are included in the net income (loss) attributable to non-controlling interests. | |||||||
The carrying amounts associated with the VIE's, after eliminating the effect of intercompany transactions, were as follows (in thousands): | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Assets | |||||||
Restricted cash | $ | 2,977 | $ | 3,724 | |||
Receivables | 3,508 | 2,988 | |||||
Fixed Assets, net | 216,926 | 290,549 | |||||
Other Assets | 7,260 | 8,600 | |||||
Total Assets | $ | 230,671 | $ | 305,861 | |||
Liabilities | |||||||
Accounts payable | 194 | 398 | |||||
Notes payable | 167,497 | 221,899 | |||||
Other liabilities | 5,686 | 6,759 | |||||
Total liabilities | $ | 173,377 | $ | 229,056 | |||
Variable interest entity net carrying amount | $ | 57,294 | $ | 76,805 | |||
At September 30, 2013, the liabilities in the above table are solely the obligations of the VIE's and are not guaranteed by the Company. In addition, the Company does not have the ability to leverage the assets of the above identified VIE's for the purpose of providing ourselves cash. The notes payable are solely secured by the property of the respective VIE's. | |||||||
During the nine months ended September 30, 2013, we did not provide short term advances to any properties that have been consolidated or deconsolidated. An immaterial balance is still owed to us as of September 30, 2013 relating to prior advances. We do not believe we have significant exposure to losses related to the VIE's. | |||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
RELATED PARTY TRANSACTIONS [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 7 - RELATED PARTY TRANSACTIONS | |
We pay a guarantee fee to William J. Carden and the estate of John N. Galardi ("the Guarantors"), in consideration for their guarantees of certain obligations of the Company. Mr. Carden is president, a principal shareholder and a director of the Company. Mr. Galardi, who died in April 2013, was a principal shareholder of the Company. The Guarantors are paid an annual guarantee fee equal to between .25% and .75% (depending on the nature of the guarantee) of the outstanding balance as of December 31 of the guaranteed obligations ("Guarantee Fee"). Guarantee fees for the nine months ended September 30, 2013 totaled approximately $0.04 million, all of which was paid to Mr. Carden. The following property notes are being guaranteed: 800/888 Sam Houston Parkway, 2640/2650 Fountain View, Windrose and Northwest Spectrum Plaza. There are also three corporate notes being guaranteed. The guaranteed notes total $11.3 million at September 30, 2013. | |
In January 2013, William J. Carden advanced $0.1 million to the Company. | |
SEGMENTS
SEGMENTS | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
SEGMENTS [Abstract] | ' | |||||||||||||||||
SEGMENTS | ' | |||||||||||||||||
NOTE 8 - SEGMENTS | ||||||||||||||||||
The operating segments in which management assesses performance and allocates resources are rental operations and management and leasing services. Our segments reflect management's resource allocation and performance assessment in making decisions regarding our Company. | ||||||||||||||||||
The following table sets forth our segment information for the periods presented: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Rental Operations: | ||||||||||||||||||
Revenues from external customers | $ | 9,991 | $ | 11,190 | $ | 29,761 | $ | 33,706 | ||||||||||
Intersegment revenues | 114 | 114 | 342 | 355 | ||||||||||||||
Net loss | (764 | ) | (1,366 | ) | (2,380 | ) | (1,923 | ) | ||||||||||
Total segment assets | 297,447 | 415,411 | 297,447 | 415,411 | ||||||||||||||
Management Services: | ||||||||||||||||||
Revenues from unaffiliated external customers | $ | 771 | $ | 889 | $ | 2,648 | $ | 2,511 | ||||||||||
Intersegment revenues | 324 | 596 | 1,169 | 2,400 | ||||||||||||||
Net loss | (954 | ) | (582 | ) | (2,563 | ) | (2,082 | ) | ||||||||||
Total segment assets | 13,409 | 15,626 | 13,409 | 15,626 | ||||||||||||||
Reconciliations: | ||||||||||||||||||
Total segment revenues | $ | 11,200 | $ | 12,789 | $ | 33,920 | $ | 38,972 | ||||||||||
Elimination of intersegment revenues | (438 | ) | (710 | ) | (1,511 | ) | (2,755 | ) | ||||||||||
Interest income | 2 | 38 | 6 | 124 | ||||||||||||||
Total consolidated revenues | $ | 10,764 | $ | 12,117 | $ | 32,415 | $ | 36,341 | ||||||||||
Segment net loss | $ | (1,718 | ) | $ | (1,947 | ) | $ | (4,943 | ) | $ | (4,005 | ) | ||||||
Unallocated expenses | (1,102 | ) | (1,731 | ) | (3,896 | ) | (5,888 | ) | ||||||||||
Other income (expense) | 802 | 876 | 975 | 748 | ||||||||||||||
Deferred income tax benefit | 778 | 495 | 2,477 | 2,205 | ||||||||||||||
(Loss) income from discontinued operations | 520 | (227 | ) | 88 | 3,277 | |||||||||||||
Net loss (income) attributable to non-controlling interests | 88 | 1,289 | 1,386 | 2,817 | ||||||||||||||
Net (loss) income attributable to ASR | $ | (632 | ) | $ | (1,245 | ) | $ | (3,913 | ) | $ | (846 | ) | ||||||
Total segment assets | $ | 310,856 | $ | 431,037 | $ | 310,856 | $ | 431,037 | ||||||||||
Unallocated corporate assets | 14,517 | 12,349 | 14,517 | 12,349 | ||||||||||||||
Total assets | $ | 325,373 | $ | 443,386 | $ | 325,373 | $ | 443,386 |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
NOTES PAYABLE [Abstract] | ' | |||||||||||||||
NOTES PAYABLE | ' | |||||||||||||||
NOTE 9 - NOTES PAYABLE | ||||||||||||||||
We had the following notes payable outstanding, as of September 30, 2013 and December 31, 2012, secured by the following properties (dollars in thousands): | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Property (unless otherwise noted) | Maturity Date | Principal | Interest | Principal | Interest | |||||||||||
Balance | Rate | Balance | Rate | |||||||||||||
Owned Properties - Fixed Rate: | ||||||||||||||||
Atrium 6430 (2) | 5/11/12 | 2,062 | 7.45% | 2,050 | 7.45% | |||||||||||
Corporate - Unsecured (2) (3) | 5/31/12 | 1,000 | 9.50% | 1,000 | 9.50% | |||||||||||
2640 - 2650 Fountain View (2) (3) | 8/29/12 | 726 | 10.00% | 726 | 10.00% | |||||||||||
Corporate - Secured by Northwest Spectrum Plaza (4) | 3/28/13 | - | 5.50% | 1,145 | 5.50% | |||||||||||
Corporate - Secured | 3/31/14 | 1,500 | 8.00% | 1,500 | 8.00% | |||||||||||
Corporate - Secured (5) | 3/31/14 | 1,750 | 12.00% | - | - | |||||||||||
11500 Northwest Freeway (10) | 6/1/14 | - | 5.93% | 3,861 | 5.93% | |||||||||||
11500 Northwest Freeway (10) | 6/1/14 | - | 5.93% | 279 | 5.93% | |||||||||||
Morenci Professional Park (1) | 7/1/14 | - | 7.25% | 1,578 | 7.25% | |||||||||||
FMC Technology | 9/1/14 | 8,210 | 5.32% | 8,309 | 5.32% | |||||||||||
8100 Washington | 2/22/15 | 2,041 | 5.59% | 2,005 | 5.59% | |||||||||||
Corporate - Secured by Management Contracts (2) (3) | 6/5/15 | 362 | 5.50% | 463 | 5.50% | |||||||||||
2620 - 2630 Fountain View (14) | 6/30/15 | - | 7.00% | 5,341 | 7.00% | |||||||||||
1501 Mockingbird Lane (12) | 7/1/15 | - | 5.28% | 3,089 | 5.28% | |||||||||||
5450 Northwest Central | 9/1/15 | 2,445 | 5.38% | 2,499 | 5.38% | |||||||||||
Ocala Self Storage | 10/3/15 | 1,412 | 4.25% | 1,412 | 4.25% | |||||||||||
Tampa Self Storage | 10/3/15 | 1,473 | 4.25% | 1,504 | 4.25% | |||||||||||
800 & 888 Sam Houston Parkway (3) | 12/29/15 | 4,244 | 6.25% | 4,289 | 6.25% | |||||||||||
Fountain View Office Tower | 3/1/16 | 11,428 | 5.82% | 11,540 | 5.82% | |||||||||||
Gray Falls and 12000 Westheimer | 1/1/17 | 7,004 | 5.70% | 7,077 | 5.70% | |||||||||||
2640 - 2650 Fountain View | 4/29/18 | 11,948 | 6.50% | 12,010 | 6.50% | |||||||||||
Corporate - Secured by Management Contracts | 12/31/19 | 9,280 | 5.00% | 9,380 | 5.00% | |||||||||||
Sabo Road Self Storage | 7/1/22 | 1,987 | 5.55% | 2,015 | 5.55% | |||||||||||
Corporate - Unsecured | Various | 3,824 | Various | 1,514 | Various | |||||||||||
Corporate - Secured | Various | 1,030 | Various | 1,163 | Various | |||||||||||
Subtotal | $ | 73,726 | $ | 85,749 | ||||||||||||
Owned Properties - Variable Rate | ||||||||||||||||
Corporate - Unsecured (3) | 12/12/13 | 125 | 6.00% | 175 | 6.00% | |||||||||||
Northwest Spectrum Plaza (3) (6) | 3/29/18 | 4,490 | 5.00% | 2,381 | 2.66% | |||||||||||
Windrose Plaza (3) (7) | 2/27/23 | 3,968 | 5.50% | 2,458 | 2.66% | |||||||||||
Subtotal | $ | 8,583 | $ | 5,014 | ||||||||||||
Subtotal ASR Principally Owned Properties | 82,309 | 90,763 | ||||||||||||||
Consolidated VIE Properties | ||||||||||||||||
Fishers Indiana Distribution Center (8) | 10/1/12 | - | 5.42 | % | 17,058 | 5.42 | % | |||||||||
University Springs San Marcos | 12/1/15 | 9,243 | 5.55 | % | 9,359 | 5.55 | % | |||||||||
University Fountains Lubbock (13) | 1/1/16 | - | 5.57 | % | 20,828 | 5.57 | % | |||||||||
Dixon & 51st Logistics Center | 1/1/16 | 17,036 | 5.69 | % | 17,258 | 5.69 | % | |||||||||
Campus Court Student Housing | 5/11/16 | 4,568 | 5.78 | % | 4,617 | 5.78 | % | |||||||||
Houston South Mason (11) | 6/25/16 | 2,808 | 5.25 | % | 2,817 | 5.25 | % | |||||||||
Grissom Road Self Storage | 6/1/17 | 2,288 | 7 | % | 2,308 | 7 | % | |||||||||
Loop 1604 Self Storage | 9/11/17 | 4,209 | 6.7 | % | 4,249 | 6.7 | % | |||||||||
College Park Student Apartments (8) | 11/6/17 | - | 6.35 | % | 14,283 | 6.35 | % | |||||||||
Ohio II Residences at Newark & Sheffield | 1/1/18 | 9,249 | 6.74 | % | 9,334 | 6.74 | % | |||||||||
Muirwood Village | 2/1/18 | 7,636 | 6.58 | % | 7,708 | 6.58 | % | |||||||||
Aldine Westfield Self Storage | 10/31/18 | 1,009 | 4.76 | % | 1,031 | 4.76 | % | |||||||||
Aldine | 8/14/19 | 1,149 | 6.07 | % | 1,171 | 6.07 | % | |||||||||
Attic Space Self Storage - Blanco Rd. | 4/1/21 | 1,300 | 6.63 | % | 1,300 | 6.63 | % | |||||||||
Attic Space Self Storage - Laredo Rd. | 4/1/21 | 1,682 | 6.63 | % | 1,721 | 6.63 | % | |||||||||
Ft. Worth River Oaks Self Storage | 7/1/21 | 2,088 | 6 | % | 2,118 | 6 | % | |||||||||
Ft. Worth Northwest Self Storage | 4/1/22 | 2,096 | 5.82 | % | 2,125 | 5.82 | % | |||||||||
San Antonio III - AAA Stowaway / FOE | 11/1/22 | 9,467 | 5.5 | % | 9,635 | 5.5 | % | |||||||||
Commerce Distribution Center (9) | 5/7/23 | 9,784 | 4.68 | % | 9,402 | 6.12 | % | |||||||||
Strongsville Corporate Center | 11/11/34 | 13,227 | 5.5 | % | 13,882 | 5.5 | % | |||||||||
Ohio Commerce Center | 6/11/35 | 18,162 | 5.64 | % | 18,412 | 5.64 | % | |||||||||
Springs Commerce Center I | 5/11/36 | 16,309 | 5.75 | % | 16,548 | 5.75 | % | |||||||||
Springs Office | 6/11/36 | 14,096 | 5.75 | % | 14,301 | 5.75 | % | |||||||||
Spring Commerce Center II | 7/11/36 | 19,825 | 6 | % | 20,100 | 6 | % | |||||||||
Other Unsecured Notes | Various | 266 | 6 | % | 334 | 6 | % | |||||||||
Subtotal Consolidated VIE Properties | $ | 167,497 | $ | 221,899 | ||||||||||||
Grand Total | $ | 249,806 | $ | 312,662 | ||||||||||||
-1 | Lender foreclosed on the property in August 2013. | |||||||||||||||
-2 | We are currently negotiating extension terms with lender. | |||||||||||||||
-3 | Loan or certain indemnification obligations are guaranteed by us and in some cases by Mr. Carden and/or the estate of Mr. Galardi. | |||||||||||||||
-4 | Loan was paid in March 2013. | |||||||||||||||
-5 | Represents new loan obtained in March 2013. | |||||||||||||||
-6 | Loan was refinanced in March 2013. | |||||||||||||||
-7 | Loan was refinanced in February 2013. | |||||||||||||||
-8 | The VIE which owned the property was deconsolidated during the first quarter of 2013. | |||||||||||||||
-9 | Loan was refinanced in May 2013. The new loan, in the amount of $9.9 million is for a ten-year term. | |||||||||||||||
-10 | Lender foreclosed on the property in June 2013. | |||||||||||||||
-11 | Lender extended maturity for an additional three year term in June 2013. | |||||||||||||||
-12 | Lender foreclosed on the property in July 2013. | |||||||||||||||
-13 | The VIE which owned the property was deconsolidated during the third quarter of 2013. | |||||||||||||||
(14) | Loan was paid in connection with the sale of the property in July 2013. | |||||||||||||||
We are in default on the notes listed below due to non-payment of scheduled debt service. The balances disclosed on the table below exclude additional fees that may be the result of non-payment. | ||||||||||||||||
Balance | ||||||||||||||||
ASR Ownership | 30-Sep-13 | |||||||||||||||
Property Secured by | Percentage | (in thousands) | ||||||||||||||
6430 Richmond | 100% | $ | 2,062 | |||||||||||||
2640/2650 Fountain View | 100% | 12,674 | ||||||||||||||
800 & 888 Sam Houston Parkway | 100% | 4,244 | ||||||||||||||
2401 Fountain View | 51% | 11,428 | ||||||||||||||
Northwest Spectrum Plaza | 100% | 4,490 | ||||||||||||||
Corporate - Unsecured | 100% | 1,000 | ||||||||||||||
TOTAL | $ | 35,898 | ||||||||||||||
During November 2013, the lender accelerated the terms for the loans secured by 2640 & 2650 Fountain View, 800 & 888 Sam Houston Parkway, 2401 Fountain View and Northwest Spectrum Plaza. We are currently negotiating the terms with the lender of these loans pursuant to a standstill agreement with the lender. Notwithstanding the standstill agreement, all of these properties have been scheduled for foreclosure sale on Tuesday, December 3, 2013. | ||||||||||||||||
The loan secured by 6430 Richmond is matured. We are currently negotiating an extension with the lender. | ||||||||||||||||
All of the properties securing the debt in default are held by consolidated wholly owned subsidiaries. These mortgages are not guaranteed by the Company. All of the notes in default have payment acceleration clauses and payment in full, including additional fees and interest, could be demanded by the lenders holding these notes. | ||||||||||||||||
We also are in default on a $1.0 million corporate note, which matured in May 2012. The loan is guaranteed by the estate of John N. Galardi. The lender on the note has initiated legal proceedings to collect on the debt. Negotiations are in progress to settle this debt. | ||||||||||||||||
Unamortized financing costs at September 30, 2013 and December 31, 2012 were $1.4 million and $0.8 million, respectively. Most of our mortgage debt is not cross-collateralized. We have four mortgage loans that are cross-collateralized with a second property. | ||||||||||||||||
In September 2013, we re-negotiated some of our accounts payable which resulted in extended payment terms and discounted amounts. This agreement has three promissory notes with interest rates of 6% and maturities in March 2014. We recorded a gain of $0.5 million, net of taxes, which amounts to $0.14 per share. | ||||||||||||||||
NONCONTROLLING_INTERESTS_AND_O
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS [Abstract] | ' | |||||||
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS | ' | |||||||
NOTE 10 - NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS | ||||||||
The following table summarizes the activity for the OP Units: | ||||||||
OP Units | ||||||||
(in thousands) | ||||||||
Balance, January 1, 2013 | 3,819 | |||||||
Issuances | 170 | |||||||
Redemptions | (12 | ) | ||||||
Balance, September 30, 2013 | 3,977 | |||||||
Ownership of Operating Partnership Units | ||||||||
ASR | 3,728 | |||||||
All others | 249 | |||||||
3,977 | ||||||||
The following represents the effects of changes in our equity related to non-controlling interests: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Net (loss) income attributable to the Company | $ | (3,913 | ) | $ | (846 | ) | ||
Increase in the Company's paid-in-capital on exchange of OP Units for shares | ||||||||
of common stock | 17 | 1,711 | ||||||
Increase in the Company's paid-in-capital on redemption of OP Units for cash | - | 8,000 | ||||||
Change from net (loss) income attributable to the Company related to non- | ||||||||
controlling interest transactions | $ | (3,896 | ) | $ | 8,865 |
NET_LOSS_INCOME_PER_SHARE
NET (LOSS) INCOME PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
NET (LOSS) INCOME PER SHARE [Abstract] | ' | |||||||||||||||
NET (LOSS) INCOME PER SHARE | ' | |||||||||||||||
NOTE 11 - NET (LOSS) INCOME PER SHARE | ||||||||||||||||
Net (loss) income per share is calculated based on the weighted average number of common shares outstanding. Stock options outstanding, OP Units and preferred shares have not been included in the net loss per share calculation since their effect on the losses would be antidilutive. Net (loss) income per share for the three and nine months ended September 30, 2013 and 2012 is as follows (in thousands, except for shares and per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Loss from continuing operations | $ | (1,240 | ) | $ | (2,307 | ) | $ | (5,387 | ) | $ | (6,940 | ) | ||||
Net loss (income) attributable to non-controlling interests from | ||||||||||||||||
continuing operations | 457 | 1,056 | 1,660 | 3,432 | ||||||||||||
Income (loss) from continuing operations attributable to | ||||||||||||||||
American Spectrum Realty Inc. common stockholders | $ | (783 | ) | $ | (1,251 | ) | $ | (3,727 | ) | $ | (3,508 | ) | ||||
Loss from discontinued operations | (298 | ) | (415 | ) | (841 | ) | (2,502 | ) | ||||||||
(Loss) gain on disposition of discontinued operations | 1,233 | 7 | 1,150 | 7,549 | ||||||||||||
Income tax benefit (expense) | (415 | ) | 181 | (221 | ) | (1,770 | ) | |||||||||
Net loss (income) attributable to non-controlling interests | ||||||||||||||||
from discontinued operations | (369 | ) | 233 | (274 | ) | (615 | ) | |||||||||
(Loss) income from discontinued operations | 151 | 6 | (186 | ) | 2,662 | |||||||||||
Preferred stock dividend | (60 | ) | (60 | ) | (180 | ) | (180 | ) | ||||||||
Net (loss) income attributable to American Spectrum | ||||||||||||||||
Realty Inc. common stockholders | $ | (692 | ) | $ | (1,305 | ) | $ | (4,093 | ) | $ | (1,026 | ) | ||||
Basic per share data: | ||||||||||||||||
Loss from continuing operations attributable to American | ||||||||||||||||
Spectrum Realty, Inc. common stockholders | $ | (0.22 | ) | $ | (0.35 | ) | $ | (1.04 | ) | $ | (0.98 | ) | ||||
(Loss) income from discontinued operations attributable to | ||||||||||||||||
American Spectrum Realty, Inc. common stockholders | 0.04 | - | (0.05 | ) | 0.74 | |||||||||||
Net (loss) income attributable to American Spectrum | ||||||||||||||||
Realty Inc. common stockholders | $ | (0.18 | ) | $ | (0.35 | ) | $ | (1.09 | ) | $ | (0.24 | ) | ||||
Basic weighted average shares used | 3,614,243 | 3,566,782 | 3,582,109 | 3,569,783 | ||||||||||||
The following weighted average preferred shares, stock options and OP units outstanding that may be redeemed for common stock on a one-for-one basis were excluded from the computation of diluted net (loss) income per share as they had an anti-dilutive effect: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Preferred shares | 55,172 | 55,172 | 55,172 | 55,172 | ||||||||||||
Stock options | - | 17,500 | - | 17,500 | ||||||||||||
OP Units | 248,395 | 252,463 | 249,687 | 608,019 | ||||||||||||
Total | 303,567 | 325,135 | 304,859 | 680,691 |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
NOTE 12 - STOCK-BASED COMPENSATION | |||||||||||||
Share-based compensation expense is measured at grant date, based on the fair value of the instrument, and is recognized as expense over the requisite service period. | |||||||||||||
The following table sets forth the total share-based compensation expense included in our Consolidated Statements of Operations: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(in thousands) | (in thousands) | ||||||||||||
General and administrative | $ | 103 | $ | 25 | $ | 133 | $ | 183 | |||||
Total | $ | 103 | $ | 25 | $ | 133 | $ | 183 | |||||
As of September 30, 2013 approximately $0.4 million total unrecognized share-based compensation expense related to non-vested awards is expected to be recognized over the respective vesting terms of each award over the weighted average period of 0.9 years. | |||||||||||||
Valuation Assumptions | |||||||||||||
The fair value of our restricted stock awards (RSA) is estimated on the date of grant based on the closing price of our stock on the grant date. Share-based compensation expense related to RSAs is recognized over the requisite service period. | |||||||||||||
Equity Incentive Program and Restricted Stock Awards | |||||||||||||
We grant RSA's to employees and directors under the Omnibus Stock Incentive Plan ("the Plan"). New shares are issued for RSA's released. RSA's give the recipient the right to vote all shares, to receive and retain all cash dividends payable to holders of shares of record on or after the date of issuance and to exercise all other rights, powers and privileges of a holder of our shares, with the exception that the recipient may not transfer the shares during the restriction period that lapses over various periods ranging from one to five years. | |||||||||||||
We have reserved 360,000 shares under the Plan. As of September 30, 2013, we had issued 291,712 shares under the Plan. | |||||||||||||
The following table summarizes the combined activity under the equity incentive plan for the indicated periods: | |||||||||||||
Weighted average | |||||||||||||
Number of | Grant-date fair value | ||||||||||||
RSAs | per Share | ||||||||||||
Balances at December 31, 2012 | 22,070 | $ | 13.54 | ||||||||||
Granted | 170,000 | $ | 2.25 | ||||||||||
RSA Releases | (45,832 | ) | $ | 3.06 | |||||||||
Forfeited/Expired | (11,068 | ) | $ | 16.42 | |||||||||
Balances at September 30, 2013 | 135,170 | $ | 2.75 | ||||||||||
The RSA's had no intrinsic value as of September 30, 2013. The aggregate intrinsic value of the restricted stock awards outstanding at September 30, 2013 represents the total pretax intrinsic value, based on our closing stock price of $2.07 per share as of September 30, 2013, which would have been received by the grant holders if all restricted stock awards were vested as of September 30, 2013. | |||||||||||||
There was no incentive or nonqualified stock options outstanding at September 30, 2013 or December 31, 2012. | |||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 13 - COMMITMENTS AND CONTINGENCIES | |
On March 2, 2011, we filed an action against Evergreen Realty Group, LLC and certain of its affiliates ("Evergreen") relating to its acquisition of assets from Evergreen in January 2010. The purchase price of the assets was $18.0 million, subject to adjustment as provided in the purchase agreement, and was paid in the form of (a) the assumption of $500,000 of payables, (b) the issuance of a $9.5 million promissory note and (c) the issuance of 800,000 operating partnership units which would be redeemable by Evergreen after June 30, 2011 for a number of shares of our common stock (or, at our option, the cash equivalent) equal to the quotient obtained by dividing $8.0 million by the greater of our share price or net asset value as of December 31, 2010. (Our share price as of December 31, 2010 was $17.52; our net asset value as of December 31, 2010 has not been definitively determined.) In our action, we are alleging various offsets and adjustments to the purchase price, as well as defaults by Evergreen, and are seeking damages and a declaration that the principal amount of the promissory note should be reduced to zero, that the operating partnership units should be cancelled and that Evergreen should refund to us payments of at least $578,000 which have been made on the promissory note. On March 7, 2011, New West Realty, Inc. ("New West"), an affiliate of Evergreen, filed a complaint for damages in Orange County Superior Court against ASR and other related entities. New West alleges in the complaint that ASR had failed to pay amounts then due under a $9.5 million promissory note held by New West. We have subsequently paid all amounts currently due and payable under the note and therefore dispute the claim and deny that any payment is now due under the note, and we have filed a separate lawsuit against New West and others seeking damages in excess of the amount of New West's claim. | |
In January 2013, we reached a tentative agreement with Evergreen to settle the $9.5 million promissory note. That agreement provides that we will pay $4.6 million in a combination of cash, a new note, and nonconvertible preferred stock as settlement of the note. The new debt will mature in 2017. However, that agreement has not been formalized. Negotiations are continuing to reach a settlement, but there can be no assurance that a resolution will be obtained. The lawsuit is set for trial in April 2014. | |
During the second quarter of 2012, we repurchased all of the operating partnership units ("OP Units") issued to Evergreen Realty Group, LLC and certain of its affiliates ("Evergreen") in 2010. We had issued the OP Units to Evergreen in connection with the acquisition of assets from Evergreen on January 17, 2010. The OP Units issued to Evergreen were repurchased by the Company for one dollar as provided in the purchase and sell agreement. | |
We are in default on a $1.0 million unsecured note, which matured in May 2012. The loan is guaranteed by Mr. Galardi. The lender on the note has initiated legal proceedings to collect on the debt. Negotiations are in progress to settle this debt. | |
Some of our notes payable require that we maintain minimum cash and tangible net worth. We believe we are in compliance with these requirements, except as to our loans in default. | |
In July 2013, 2620-2630 Fountain View, an office property located in Houston, Texas, was sold for approximately $8.9 million. The sale generated net proceeds of approximately $3.0 million to the property's partnership, in which we own a 51% interest. The transaction generated a gain of $1.2 million. The net proceeds are currently held in escrow due to a distribution dispute with the minority owner of the property. Negotiations are continuing to reach a settlement, but there can be no assurance that a favorable resolution will be obtained. The lawsuit is set for trial in March 2014. | |
Certain other claims and lawsuits have arisen against us in our normal course of business including lawsuits by creditors with respect to past due accounts payable. The ultimate outcome of such lawsuits cannot be estimated; however management does not believe it will have a material effect on the accompanying financial statements. | |
PREFERRED_STOCK
PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2013 | |
PREFERRED STOCK [Abstract] | ' |
PREFERRED STOCK | ' |
NOTE 14 - PREFERRED STOCK | |
We are authorized to issue up to 25.0 million shares of one or more classes or series of preferred stock with a par value of $.01 per share. | |
On December 30, 2008, we filed Articles Supplementary to our Articles of Incorporation, which authorized the issuance of 68,965 of Series A Preferred Stock ("Preferred Stock"). | |
On December 31, 2008, we issued 55,172 shares of the Preferred Stock to Mr. Carden, Mr. Galardi and Timothy R. Brown. Each share of Preferred Stock was sold for $29.00 and is entitled to annual dividends, payable quarterly, at an annual rate of 15%, and to a preference on liquidation equal to the following: (a) if on or prior to December 31, 2011, the sum of $29.00 and any accrued and unpaid dividends or (b) if after December 31, 2011, the greater of (x) the sum of $29.00 and any accrued and unpaid dividends or (y) the amount which would be paid on account of each share of common stock upon liquidation if each share of Preferred Stock had hypothetically been converted into one share of common stock. The Preferred Stock is not required to be redeemed by us and the holders will have no right to require redemption. The Preferred Stock is redeemable at our option at any time after December 31, 2011. The shares were issued in a private transaction exempt from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended. | |
As of September 30, 2013 there were accrued and unpaid dividends on the outstanding preferred shares of $0.5 million, or $.15 per common share. | |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE 15 - INCOME TAXES | |
For the nine months ended September 30, 2013 we recorded an income tax benefit of $2.3 million. The income tax benefit was recorded solely on the net loss attributable to the Company. We utilized an effective tax rate of 36.58% on our net loss. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 16 - SUBSEQUENT EVENTS | |
During November 2013, the lender accelerated the terms for the loans secured by 2640 & 2650 Fountain View, 800 & 888 Sam Houston Parkway, 2401 Fountain View and Northwest Spectrum Plaza. We are currently negotiating the terms with the lender on these loans pursuant to a standstill agreement with the lender. Notwithstanding the standstill agreement, all of these properties have been scheduled for foreclosure sale on Tuesday, December 3, 2013. See Note 9 for additional details of notes payable. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements and related notes have been prepared in conformity with generally accepted accounting principles in the United States and the rules and regulations of the Securities and Exchange Commission (the "SEC") for preparation of interim financial statements. The information furnished in this report reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the Company's results of operations, financial position and cash flows, and such adjustments consist of items of a normal recurring nature. The results for such periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other future period. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2012 included in the Company's Annual Report on Form 10-K as filed with the SEC on April 1, 2013. | |
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States requires us to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we re-evaluate our judgments and estimates. We base our estimates and judgments on our historical experience, knowledge of current conditions and our belief of what could occur in the future considering available information, including assumptions that we believe to be reasonable under the circumstances. By their nature, these estimates and judgments are subject to an inherent degree of uncertainty and actual results could differ materially from the amounts reported based on these policies. | |
The financial statements include the accounts of the Operating Partnership, all subsidiaries of the Company, and VIE's where the Company is the primary beneficiary. All significant intercompany transactions, receivables and payables have been eliminated in consolidation. | |
The Company accounts for unconsolidated real estate investments using the equity method of accounting. Accordingly, the Company's share of earnings of these real estate investments is included in the consolidated results of operations. | |
Certain prior year balances have been reclassified to conform to the current year presentation. | |
Summary of Critical and Significant Accounting Policies and Estimates | ' |
Summary of Critical and Significant Accounting Policies and Estimates | |
Reference is made to "Summary of Critical and Significant Accounting Policies and Estimates" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC on April 1, 2013. | |
Segments | ' |
Segments | |
We have identified two reportable business segments: (i) rental operations and (ii) management and leasing services. We evaluate the performance of our operating segments based on operating income (loss). All inter-segment sales pricing is based on current market conditions. Unallocated corporate amounts include general expenses associated with managing our two reportable operating segments. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2012, the FASB issued ASU 2012-02, "Intangibles, Goodwill, and Other (Topic 350): Testing Indefinite-Lived Intangibles for Impairment". This ASU adds new accounting guidance that simplifies how an entity tests indefinite-lived intangible assets other than goodwill for impairment. It permits an entity to first assess qualitative factors to determine whether further testing for impairment of indefinite-lived intangible assets other than goodwill is required. This accounting guidance will be effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations. | |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||||||
The consolidated statements of operations of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are summarized below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Rental Revenue | $ | 864 | $ | 2,742 | $ | 4,515 | $ | 9,592 | |||||||||
Less Expenses (1) | (1,162 | ) | (3,157 | ) | (5,356 | ) | (12,094 | ) | |||||||||
Loss from discontinued operations before net (loss) gain | |||||||||||||||||
on dispositions and income tax benefit (expense) | (298 | ) | (415 | ) | (841 | ) | (2,502 | ) | |||||||||
Net (loss) gain on dispositions of real estate assets | 1,233 | 7 | 1,150 | 7,549 | |||||||||||||
Income tax benefit (expense) | (415 | ) | 181 | (221 | ) | (1,770 | ) | ||||||||||
(Loss) income from discontinued operations | $ | 520 | $ | (227 | ) | $ | 88 | $ | 3,277 | ||||||||
(1) | Includes interest expense of approximately $0.2 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $3.7 million, for the nine months ended September 30, 2013 and 2012, respectively. Mortgage debt related to the properties included in discontinued operations were individually secured, and as such, interest expense was based on the property's debt. |
ASSETS_HELD_FOR_SALE_Tables
ASSETS HELD FOR SALE (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
ASSETS HELD FOR SALE [Abstract] | ' | ||||||||||
Schedule of Long Lived Assets Held-for-sale | ' | ||||||||||
Below is a listing of the consolidated properties we have listed for sale. We can make no guarantees as to our ability to sell any of our consolidated properties. We further cannot assure you that we will achieve a sales price that allows us to receive cash to fund our operations. | |||||||||||
ASR | |||||||||||
Property | ownership | Carrying Values of | Carrying Value of | ||||||||
Property Name | Type | Percentage | Properties | Debt | |||||||
(in thousands) | |||||||||||
Fountain View Office Tower | Office | 51% | $ | 11,336 | $ | 11,428 | |||||
2640 & 2650 Fountain View | Office | 100% | 13,482 | 12,673 | |||||||
Windrose | Retail | 100% | 2,843 | 3,968 | |||||||
8100 Washington | Office | 100% | 1,768 | 2,041 | |||||||
$ | 29,429 | $ | 30,110 |
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
VARIABLE INTEREST ENTITIES [Abstract] | ' | ||||||
Schedule of Variable Interest Entities | ' | ||||||
The carrying amounts associated with the VIE's, after eliminating the effect of intercompany transactions, were as follows (in thousands): | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Assets | |||||||
Restricted cash | $ | 2,977 | $ | 3,724 | |||
Receivables | 3,508 | 2,988 | |||||
Fixed Assets, net | 216,926 | 290,549 | |||||
Other Assets | 7,260 | 8,600 | |||||
Total Assets | $ | 230,671 | $ | 305,861 | |||
Liabilities | |||||||
Accounts payable | 194 | 398 | |||||
Notes payable | 167,497 | 221,899 | |||||
Other liabilities | 5,686 | 6,759 | |||||
Total liabilities | $ | 173,377 | $ | 229,056 | |||
Variable interest entity net carrying amount | $ | 57,294 | $ | 76,805 |
SEGMENTS_Tables
SEGMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
SEGMENTS [Abstract] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||
The following table sets forth our segment information for the periods presented: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Rental Operations: | ||||||||||||||||||
Revenues from external customers | $ | 9,991 | $ | 11,190 | $ | 29,761 | $ | 33,706 | ||||||||||
Intersegment revenues | 114 | 114 | 342 | 355 | ||||||||||||||
Net loss | (764 | ) | (1,366 | ) | (2,380 | ) | (1,923 | ) | ||||||||||
Total segment assets | 297,447 | 415,411 | 297,447 | 415,411 | ||||||||||||||
Management Services: | ||||||||||||||||||
Revenues from unaffiliated external customers | $ | 771 | $ | 889 | $ | 2,648 | $ | 2,511 | ||||||||||
Intersegment revenues | 324 | 596 | 1,169 | 2,400 | ||||||||||||||
Net loss | (954 | ) | (582 | ) | (2,563 | ) | (2,082 | ) | ||||||||||
Total segment assets | 13,409 | 15,626 | 13,409 | 15,626 | ||||||||||||||
Reconciliations: | ||||||||||||||||||
Total segment revenues | $ | 11,200 | $ | 12,789 | $ | 33,920 | $ | 38,972 | ||||||||||
Elimination of intersegment revenues | (438 | ) | (710 | ) | (1,511 | ) | (2,755 | ) | ||||||||||
Interest income | 2 | 38 | 6 | 124 | ||||||||||||||
Total consolidated revenues | $ | 10,764 | $ | 12,117 | $ | 32,415 | $ | 36,341 | ||||||||||
Segment net loss | $ | (1,718 | ) | $ | (1,947 | ) | $ | (4,943 | ) | $ | (4,005 | ) | ||||||
Unallocated expenses | (1,102 | ) | (1,731 | ) | (3,896 | ) | (5,888 | ) | ||||||||||
Other income (expense) | 802 | 876 | 975 | 748 | ||||||||||||||
Deferred income tax benefit | 778 | 495 | 2,477 | 2,205 | ||||||||||||||
(Loss) income from discontinued operations | 520 | (227 | ) | 88 | 3,277 | |||||||||||||
Net loss (income) attributable to non-controlling interests | 88 | 1,289 | 1,386 | 2,817 | ||||||||||||||
Net (loss) income attributable to ASR | $ | (632 | ) | $ | (1,245 | ) | $ | (3,913 | ) | $ | (846 | ) | ||||||
Total segment assets | $ | 310,856 | $ | 431,037 | $ | 310,856 | $ | 431,037 | ||||||||||
Unallocated corporate assets | 14,517 | 12,349 | 14,517 | 12,349 | ||||||||||||||
Total assets | $ | 325,373 | $ | 443,386 | $ | 325,373 | $ | 443,386 |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
NOTES PAYABLE [Abstract] | ' | |||||||||||||||
Schedule of Debt | ' | |||||||||||||||
We had the following notes payable outstanding, as of September 30, 2013 and December 31, 2012, secured by the following properties (dollars in thousands): | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Property (unless otherwise noted) | Maturity Date | Principal | Interest | Principal | Interest | |||||||||||
Balance | Rate | Balance | Rate | |||||||||||||
Owned Properties - Fixed Rate: | ||||||||||||||||
Atrium 6430 (2) | 5/11/12 | 2,062 | 7.45% | 2,050 | 7.45% | |||||||||||
Corporate - Unsecured (2) (3) | 5/31/12 | 1,000 | 9.50% | 1,000 | 9.50% | |||||||||||
2640 - 2650 Fountain View (2) (3) | 8/29/12 | 726 | 10.00% | 726 | 10.00% | |||||||||||
Corporate - Secured by Northwest Spectrum Plaza (4) | 3/28/13 | - | 5.50% | 1,145 | 5.50% | |||||||||||
Corporate - Secured | 3/31/14 | 1,500 | 8.00% | 1,500 | 8.00% | |||||||||||
Corporate - Secured (5) | 3/31/14 | 1,750 | 12.00% | - | - | |||||||||||
11500 Northwest Freeway (10) | 6/1/14 | - | 5.93% | 3,861 | 5.93% | |||||||||||
11500 Northwest Freeway (10) | 6/1/14 | - | 5.93% | 279 | 5.93% | |||||||||||
Morenci Professional Park (1) | 7/1/14 | - | 7.25% | 1,578 | 7.25% | |||||||||||
FMC Technology | 9/1/14 | 8,210 | 5.32% | 8,309 | 5.32% | |||||||||||
8100 Washington | 2/22/15 | 2,041 | 5.59% | 2,005 | 5.59% | |||||||||||
Corporate - Secured by Management Contracts (2) (3) | 6/5/15 | 362 | 5.50% | 463 | 5.50% | |||||||||||
2620 - 2630 Fountain View (14) | 6/30/15 | - | 7.00% | 5,341 | 7.00% | |||||||||||
1501 Mockingbird Lane (12) | 7/1/15 | - | 5.28% | 3,089 | 5.28% | |||||||||||
5450 Northwest Central | 9/1/15 | 2,445 | 5.38% | 2,499 | 5.38% | |||||||||||
Ocala Self Storage | 10/3/15 | 1,412 | 4.25% | 1,412 | 4.25% | |||||||||||
Tampa Self Storage | 10/3/15 | 1,473 | 4.25% | 1,504 | 4.25% | |||||||||||
800 & 888 Sam Houston Parkway (3) | 12/29/15 | 4,244 | 6.25% | 4,289 | 6.25% | |||||||||||
Fountain View Office Tower | 3/1/16 | 11,428 | 5.82% | 11,540 | 5.82% | |||||||||||
Gray Falls and 12000 Westheimer | 1/1/17 | 7,004 | 5.70% | 7,077 | 5.70% | |||||||||||
2640 - 2650 Fountain View | 4/29/18 | 11,948 | 6.50% | 12,010 | 6.50% | |||||||||||
Corporate - Secured by Management Contracts | 12/31/19 | 9,280 | 5.00% | 9,380 | 5.00% | |||||||||||
Sabo Road Self Storage | 7/1/22 | 1,987 | 5.55% | 2,015 | 5.55% | |||||||||||
Corporate - Unsecured | Various | 3,824 | Various | 1,514 | Various | |||||||||||
Corporate - Secured | Various | 1,030 | Various | 1,163 | Various | |||||||||||
Subtotal | $ | 73,726 | $ | 85,749 | ||||||||||||
Owned Properties - Variable Rate | ||||||||||||||||
Corporate - Unsecured (3) | 12/12/13 | 125 | 6.00% | 175 | 6.00% | |||||||||||
Northwest Spectrum Plaza (3) (6) | 3/29/18 | 4,490 | 5.00% | 2,381 | 2.66% | |||||||||||
Windrose Plaza (3) (7) | 2/27/23 | 3,968 | 5.50% | 2,458 | 2.66% | |||||||||||
Subtotal | $ | 8,583 | $ | 5,014 | ||||||||||||
Subtotal ASR Principally Owned Properties | 82,309 | 90,763 | ||||||||||||||
Consolidated VIE Properties | ||||||||||||||||
Fishers Indiana Distribution Center (8) | 10/1/12 | - | 5.42 | % | 17,058 | 5.42 | % | |||||||||
University Springs San Marcos | 12/1/15 | 9,243 | 5.55 | % | 9,359 | 5.55 | % | |||||||||
University Fountains Lubbock (13) | 1/1/16 | - | 5.57 | % | 20,828 | 5.57 | % | |||||||||
Dixon & 51st Logistics Center | 1/1/16 | 17,036 | 5.69 | % | 17,258 | 5.69 | % | |||||||||
Campus Court Student Housing | 5/11/16 | 4,568 | 5.78 | % | 4,617 | 5.78 | % | |||||||||
Houston South Mason (11) | 6/25/16 | 2,808 | 5.25 | % | 2,817 | 5.25 | % | |||||||||
Grissom Road Self Storage | 6/1/17 | 2,288 | 7 | % | 2,308 | 7 | % | |||||||||
Loop 1604 Self Storage | 9/11/17 | 4,209 | 6.7 | % | 4,249 | 6.7 | % | |||||||||
College Park Student Apartments (8) | 11/6/17 | - | 6.35 | % | 14,283 | 6.35 | % | |||||||||
Ohio II Residences at Newark & Sheffield | 1/1/18 | 9,249 | 6.74 | % | 9,334 | 6.74 | % | |||||||||
Muirwood Village | 2/1/18 | 7,636 | 6.58 | % | 7,708 | 6.58 | % | |||||||||
Aldine Westfield Self Storage | 10/31/18 | 1,009 | 4.76 | % | 1,031 | 4.76 | % | |||||||||
Aldine | 8/14/19 | 1,149 | 6.07 | % | 1,171 | 6.07 | % | |||||||||
Attic Space Self Storage - Blanco Rd. | 4/1/21 | 1,300 | 6.63 | % | 1,300 | 6.63 | % | |||||||||
Attic Space Self Storage - Laredo Rd. | 4/1/21 | 1,682 | 6.63 | % | 1,721 | 6.63 | % | |||||||||
Ft. Worth River Oaks Self Storage | 7/1/21 | 2,088 | 6 | % | 2,118 | 6 | % | |||||||||
Ft. Worth Northwest Self Storage | 4/1/22 | 2,096 | 5.82 | % | 2,125 | 5.82 | % | |||||||||
San Antonio III - AAA Stowaway / FOE | 11/1/22 | 9,467 | 5.5 | % | 9,635 | 5.5 | % | |||||||||
Commerce Distribution Center (9) | 5/7/23 | 9,784 | 4.68 | % | 9,402 | 6.12 | % | |||||||||
Strongsville Corporate Center | 11/11/34 | 13,227 | 5.5 | % | 13,882 | 5.5 | % | |||||||||
Ohio Commerce Center | 6/11/35 | 18,162 | 5.64 | % | 18,412 | 5.64 | % | |||||||||
Springs Commerce Center I | 5/11/36 | 16,309 | 5.75 | % | 16,548 | 5.75 | % | |||||||||
Springs Office | 6/11/36 | 14,096 | 5.75 | % | 14,301 | 5.75 | % | |||||||||
Spring Commerce Center II | 7/11/36 | 19,825 | 6 | % | 20,100 | 6 | % | |||||||||
Other Unsecured Notes | Various | 266 | 6 | % | 334 | 6 | % | |||||||||
Subtotal Consolidated VIE Properties | $ | 167,497 | $ | 221,899 | ||||||||||||
Grand Total | $ | 249,806 | $ | 312,662 | ||||||||||||
-1 | Lender foreclosed on the property in August 2013. | |||||||||||||||
-2 | We are currently negotiating extension terms with lender. | |||||||||||||||
-3 | Loan or certain indemnification obligations are guaranteed by us and in some cases by Mr. Carden and/or the estate of Mr. Galardi. | |||||||||||||||
-4 | Loan was paid in March 2013. | |||||||||||||||
-5 | Represents new loan obtained in March 2013. | |||||||||||||||
-6 | Loan was refinanced in March 2013. | |||||||||||||||
-7 | Loan was refinanced in February 2013. | |||||||||||||||
-8 | The VIE which owned the property was deconsolidated during the first quarter of 2013. | |||||||||||||||
-9 | Loan was refinanced in May 2013. The new loan, in the amount of $9.9 million is for a ten-year term. | |||||||||||||||
-10 | Lender foreclosed on the property in June 2013. | |||||||||||||||
-11 | Lender extended maturity for an additional three year term in June 2013. | |||||||||||||||
-12 | Lender foreclosed on the property in July 2013. | |||||||||||||||
-13 | The VIE which owned the property was deconsolidated during the third quarter of 2013. | |||||||||||||||
(14) | Loan was paid in connection with the sale of the property in July 2013. | |||||||||||||||
Schedule of Nonpayment Debt Service | ' | |||||||||||||||
We are in default on the notes listed below due to non-payment of scheduled debt service. The balances disclosed on the table below exclude additional fees that may be the result of non-payment. | ||||||||||||||||
Balance | ||||||||||||||||
ASR Ownership | 30-Sep-13 | |||||||||||||||
Property Secured by | Percentage | (in thousands) | ||||||||||||||
6430 Richmond | 100% | $ | 2,062 | |||||||||||||
2640/2650 Fountain View | 100% | 12,674 | ||||||||||||||
800 & 888 Sam Houston Parkway | 100% | 4,244 | ||||||||||||||
2401 Fountain View | 51% | 11,428 | ||||||||||||||
Northwest Spectrum Plaza | 100% | 4,490 | ||||||||||||||
Corporate - Unsecured | 100% | 1,000 | ||||||||||||||
TOTAL | $ | 35,898 |
NONCONTROLLING_INTERESTS_AND_O1
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS [Abstract] | ' | |||||||
Schedule of Operating Partnership Units Activity | ' | |||||||
The following table summarizes the activity for the OP Units: | ||||||||
OP Units | ||||||||
(in thousands) | ||||||||
Balance, January 1, 2013 | 3,819 | |||||||
Issuances | 170 | |||||||
Redemptions | (12 | ) | ||||||
Balance, September 30, 2013 | 3,977 | |||||||
Ownership of Operating Partnership Units | ||||||||
ASR | 3,728 | |||||||
All others | 249 | |||||||
3,977 | ||||||||
Schedule of Effects of Changes in Equity Related to Non-Controlling Interests | ' | |||||||
The following represents the effects of changes in our equity related to non-controlling interests: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Net (loss) income attributable to the Company | $ | (3,913 | ) | $ | (846 | ) | ||
Increase in the Company's paid-in-capital on exchange of OP Units for shares | ||||||||
of common stock | 17 | 1,711 | ||||||
Increase in the Company's paid-in-capital on redemption of OP Units for cash | - | 8,000 | ||||||
Change from net (loss) income attributable to the Company related to non- | ||||||||
controlling interest transactions | $ | (3,896 | ) | $ | 8,865 |
NET_LOSS_INCOME_PER_SHARE_Tabl
NET (LOSS) INCOME PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
NET (LOSS) INCOME PER SHARE [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
Net (loss) income per share for the three and nine months ended September 30, 2013 and 2012 is as follows (in thousands, except for shares and per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Loss from continuing operations | $ | (1,240 | ) | $ | (2,307 | ) | $ | (5,387 | ) | $ | (6,940 | ) | ||||
Net loss (income) attributable to non-controlling interests from | ||||||||||||||||
continuing operations | 457 | 1,056 | 1,660 | 3,432 | ||||||||||||
Income (loss) from continuing operations attributable to | ||||||||||||||||
American Spectrum Realty Inc. common stockholders | $ | (783 | ) | $ | (1,251 | ) | $ | (3,727 | ) | $ | (3,508 | ) | ||||
Loss from discontinued operations | (298 | ) | (415 | ) | (841 | ) | (2,502 | ) | ||||||||
(Loss) gain on disposition of discontinued operations | 1,233 | 7 | 1,150 | 7,549 | ||||||||||||
Income tax benefit (expense) | (415 | ) | 181 | (221 | ) | (1,770 | ) | |||||||||
Net loss (income) attributable to non-controlling interests | ||||||||||||||||
from discontinued operations | (369 | ) | 233 | (274 | ) | (615 | ) | |||||||||
(Loss) income from discontinued operations | 151 | 6 | (186 | ) | 2,662 | |||||||||||
Preferred stock dividend | (60 | ) | (60 | ) | (180 | ) | (180 | ) | ||||||||
Net (loss) income attributable to American Spectrum | ||||||||||||||||
Realty Inc. common stockholders | $ | (692 | ) | $ | (1,305 | ) | $ | (4,093 | ) | $ | (1,026 | ) | ||||
Basic per share data: | ||||||||||||||||
Loss from continuing operations attributable to American | ||||||||||||||||
Spectrum Realty, Inc. common stockholders | $ | (0.22 | ) | $ | (0.35 | ) | $ | (1.04 | ) | $ | (0.98 | ) | ||||
(Loss) income from discontinued operations attributable to | ||||||||||||||||
American Spectrum Realty, Inc. common stockholders | 0.04 | - | (0.05 | ) | 0.74 | |||||||||||
Net (loss) income attributable to American Spectrum | ||||||||||||||||
Realty Inc. common stockholders | $ | (0.18 | ) | $ | (0.35 | ) | $ | (1.09 | ) | $ | (0.24 | ) | ||||
Basic weighted average shares used | 3,614,243 | 3,566,782 | 3,582,109 | 3,569,783 | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||||
The following weighted average preferred shares, stock options and OP units outstanding that may be redeemed for common stock on a one-for-one basis were excluded from the computation of diluted net (loss) income per share as they had an anti-dilutive effect: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Preferred shares | 55,172 | 55,172 | 55,172 | 55,172 | ||||||||||||
Stock options | - | 17,500 | - | 17,500 | ||||||||||||
OP Units | 248,395 | 252,463 | 249,687 | 608,019 | ||||||||||||
Total | 303,567 | 325,135 | 304,859 | 680,691 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
Schedule of Share-Based Compensation Expense | ' | ||||||||||||
The following table sets forth the total share-based compensation expense included in our Consolidated Statements of Operations: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(in thousands) | (in thousands) | ||||||||||||
General and administrative | $ | 103 | $ | 25 | $ | 133 | $ | 183 | |||||
Total | $ | 103 | $ | 25 | $ | 133 | $ | 183 | |||||
Schedule of Combined Activity Under Equity Incentive Plan | ' | ||||||||||||
The following table summarizes the combined activity under the equity incentive plan for the indicated periods: | |||||||||||||
Weighted average | |||||||||||||
Number of | Grant-date fair value | ||||||||||||
RSAs | per Share | ||||||||||||
Balances at December 31, 2012 | 22,070 | $ | 13.54 | ||||||||||
Granted | 170,000 | $ | 2.25 | ||||||||||
RSA Releases | (45,832 | ) | $ | 3.06 | |||||||||
Forfeited/Expired | (11,068 | ) | $ | 16.42 | |||||||||
Balances at September 30, 2013 | 135,170 | $ | 2.75 |
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details) | Sep. 30, 2013 |
states | |
properties | |
Noncontrolling Interest [Line Items] | ' |
Ownership interest in Operating Partnership | 93.00% |
Noncontrolling interest in Operating Partnership | 7.00% |
Real Estate Properties [Line Items] | ' |
Number of properties | 36 |
Number of states | 16 |
Office Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 10 |
Self Storage Building [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 12 |
Commercial and Industrial Property [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 7 |
Multi-Family Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 4 |
Retail Site [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 2 |
Land [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 1 |
Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 16 |
Consolidated Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 20 |
DISCONTINUED_OPERATIONS_Schedu
DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
DISCONTINUED OPERATIONS [Abstract] | ' | ' | ' | ' | ||||
Rental Revenue | $864,000 | $2,742,000 | $4,515,000 | $9,592,000 | ||||
Less Expenses | -1,162,000 | [1] | -3,157,000 | [1] | -5,356,000 | [1] | -12,094,000 | [1] |
Loss from discontinued operations before net (loss) gain on dispositions and income tax benefit (expense) | -298,000 | -415,000 | -841,000 | -2,502,000 | ||||
Net (loss) gain on dispositions of real estate assets | 1,233,000 | 7,000 | 1,150,000 | 7,549,000 | ||||
Income tax benefit (expense) | -415,000 | 181,000 | -221,000 | -1,770,000 | ||||
(Loss) income from discontinued operations | 520,000 | -227,000 | 88,000 | 3,277,000 | ||||
Interest expense | $200,000 | $900,000 | $1,200,000 | $3,700,000 | ||||
[1] | Includes interest expense of approximately $0.2 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $1.2 million and $3.7 million, for the nine months ended September 30, 2013 and 2012, respectively. Mortgage debt related to the properties included in discontinued operations were individually secured, and as such, interest expense was based on the property's debt. |
DISCONTINUED_OPERATIONS_Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 |
11500 Northwest Freeway [Member] | Morenci Professional Park [Member] | 1501 Mockingbird Lane [Member] | 2620 - 2630 Fountain View [Member] | 2620 - 2630 Fountain View [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Principal Balance | ' | $3,900,000 | $1,600,000 | $3,100,000 | ' | ' |
Gain (loss) on asset disposed of | ' | -100,000 | -200,000 | -200,000 | 1,200,000 | ' |
Proceeds from sale of property | ' | ' | ' | ' | 8,900,000 | ' |
Net proceeds from sale of property | ' | ' | ' | ' | 3,000,000 | ' |
ASR Ownership Percentage | 93.00% | ' | ' | ' | 51.00% | ' |
Receivable on sale | ' | ' | ' | ' | ' | $3,000,000 |
ASSET_IMPAIRMENTS_Details
ASSET IMPAIRMENTS (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Impairment expense | $1,936 | $585 |
Contractual Rights [Member] | ' | ' |
Impairment expense | $2,000 | $500 |
ASSETS_HELD_FOR_SALE_Details
ASSETS HELD FOR SALE (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Long Lived Assets Held-for-sale [Line Items] | ' |
ASR Ownership Percentage | 93.00% |
Carrying Values of Properties | $29,429 |
Carrying Value of Debt | 30,110 |
Fountain View Office Tower [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Property Type | 'Office |
ASR Ownership Percentage | 51.00% |
Carrying Values of Properties | 11,336 |
Carrying Value of Debt | 11,428 |
2640 & 2650 Fountain View [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Property Type | 'Office |
ASR Ownership Percentage | 100.00% |
Carrying Values of Properties | 13,482 |
Carrying Value of Debt | 12,673 |
Windrose Plaza [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Property Type | 'Retail |
ASR Ownership Percentage | 100.00% |
Carrying Values of Properties | 2,843 |
Carrying Value of Debt | 3,968 |
8100 Washington [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Property Type | 'Office |
ASR Ownership Percentage | 100.00% |
Carrying Values of Properties | 1,768 |
Carrying Value of Debt | $2,041 |
VARIABLE_INTEREST_ENTITIES_Sch
VARIABLE INTEREST ENTITIES (Schedule of Carrying Amounts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Total Assets | $230,671 | $305,861 |
Liabilities | ' | ' |
Total liabilities | 173,377 | 229,056 |
Variable interest entity net carrying amount | 57,294 | 76,805 |
Restricted Cash [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 2,977 | 3,724 |
Receivables [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 3,508 | 2,988 |
Fixed Assets, Net [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 216,926 | 290,549 |
Other Assets [Member] | ' | ' |
Assets | ' | ' |
Total Assets | 7,260 | 8,600 |
Accounts Payable [Member] | ' | ' |
Liabilities | ' | ' |
Total liabilities | 194 | 398 |
Notes Payable [Member] | ' | ' |
Liabilities | ' | ' |
Total liabilities | 167,497 | 221,899 |
Other Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Total liabilities | $5,686 | $6,759 |
VARIABLE_INTEREST_ENTITIES_Nar
VARIABLE INTEREST ENTITIES (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Number of properties | 36 |
Self Storage Building [Member] | ' |
Number of properties | 12 |
Office Properties [Member] | ' |
Number of properties | 10 |
Multi-Family Properties [Member] | ' |
Number of properties | 4 |
Variable Interest Entity, Primary Beneficiary [Member] | ' |
Increase (Decrease) in total Assets | ($67.40) |
Increase (Decrease) in Total Liabilities | -53.8 |
Noncontrolling Interest, Period Increase (Decrease) | ($13.60) |
Variable Interest Entity, Primary Beneficiary [Member] | Self Storage Building [Member] | ' |
Number of properties | 9 |
Variable Interest Entity, Primary Beneficiary [Member] | Student Housing Building [Member] | ' |
Number of properties | 2 |
Variable Interest Entity, Primary Beneficiary [Member] | Office Properties [Member] | ' |
Number of properties | 7 |
Variable Interest Entity, Primary Beneficiary [Member] | Multi-Family Properties [Member] | ' |
Number of properties | 2 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 |
Minimum [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of annual guarantee fee | ' | 0.25% |
Maximum [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of annual guarantee fee | ' | 0.75% |
William J. Carden [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Proceeds from related party advances | $0.10 | ' |
Guarantee fees paid | ' | 0.04 |
Value of notes guaranteed | ' | $11.30 |
SEGMENTS_Details
SEGMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $10,764 | $12,117 | $32,415 | $36,341 | ' |
Interest income | 2 | 38 | 6 | 124 | ' |
Other income (expense) | 802 | 876 | 975 | 748 | ' |
Deferred income tax benefit | 778 | 495 | 2,477 | 2,205 | ' |
(Loss) income from discontinued operations | 520 | -227 | 88 | 3,277 | ' |
Net loss (income) attributable to non-controlling interests | 88 | 1,289 | 1,386 | 2,817 | ' |
Net (loss) income attributable to American Spectrum Realty, Inc. | -632 | -1,245 | -3,913 | -846 | ' |
Assets | 325,373 | 443,386 | 325,373 | 443,386 | 417,378 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 11,200 | 12,789 | 33,920 | 38,972 | ' |
Segment net loss | -1,718 | -1,947 | -4,943 | -4,005 | ' |
Assets | 310,856 | 431,037 | 310,856 | 431,037 | ' |
Operating Segments [Member] | Rental Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 9,991 | 11,190 | 29,761 | 33,706 | ' |
Segment net loss | -764 | -1,366 | -2,380 | -1,923 | ' |
Assets | 297,447 | 415,411 | 297,447 | 415,411 | ' |
Operating Segments [Member] | Management Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 771 | 889 | 2,648 | 2,511 | ' |
Segment net loss | -954 | -582 | -2,563 | -2,082 | ' |
Assets | 13,409 | 15,626 | 13,409 | 15,626 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 438 | 710 | 1,511 | 2,755 | ' |
Intersegment Eliminations [Member] | Rental Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 114 | 114 | 342 | 355 | ' |
Intersegment Eliminations [Member] | Management Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 324 | 596 | 1,169 | 2,400 | ' |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 2 | 38 | 6 | 124 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment net loss | -1,102 | -1,731 | -3,896 | -5,888 | ' |
Assets | $14,517 | $12,349 | $14,517 | $12,349 | ' |
NOTES_PAYABLE_Schedule_of_Note
NOTES PAYABLE (Schedule of Notes Payable) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal Balance | $249,806 | $312,662 | ||
Principally Owned Properties [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal Balance | 82,309 | 90,763 | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 73,726 | 85,749 | ||
Variable Rate: | ' | ' | ||
Principal Balance | 8,583 | 5,014 | ||
Atrium 6430 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-May-12 | [1] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 2,062 | [1] | 2,050 | [1] |
Interest Rate | 7.45% | [1] | 7.45% | [1] |
Corporate - Unsecured [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 31-May-12 | [1],[2] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 1,000 | [1],[2] | 1,000 | [1],[2] |
Interest Rate | 9.50% | [1],[2] | 9.50% | [1],[2] |
2640 - 2650 Fountain View [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 29-Aug-12 | [1],[2] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 726 | [1],[2] | 726 | [1],[2] |
Interest Rate | 10.00% | [1],[2] | 10.00% | [1],[2] |
Corporate - Secured by Northwest Spectrum Plaza [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 28-Mar-13 | [3] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [3] | 1,145 | [3] |
Interest Rate | 5.50% | [3] | 5.50% | [3] |
Corporate - Secured [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 31-Mar-14 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 1,500 | 1,500 | ||
Interest Rate | 8.00% | 8.00% | ||
Corporate - Secured [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 31-Mar-14 | [4] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 1,750 | [4] | ' | [4] |
Interest Rate | 12.00% | [4] | ' | [4] |
11500 Northwest Freeway [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jun-14 | [5] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [5] | 3,861 | [5] |
Interest Rate | 5.93% | [5] | 5.93% | [5] |
11500 Northwest Freeway [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jun-14 | [5] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [5] | 279 | [5] |
Interest Rate | 5.93% | [5] | 5.93% | [5] |
Morenci Professional Park [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jul-14 | [6] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [6] | 1,578 | [6] |
Interest Rate | 7.25% | [6] | 7.25% | [6] |
FMC Technology [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Sep-14 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 8,210 | 8,309 | ||
Interest Rate | 5.32% | 5.32% | ||
8100 Washington [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 22-Feb-15 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 2,041 | 2,005 | ||
Interest Rate | 5.59% | 5.59% | ||
Corporate - Secured by Management Contracts [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 5-Jun-15 | [1],[2] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 362 | [1],[2] | 463 | [1],[2] |
Interest Rate | 5.50% | [1],[2] | 5.50% | [1],[2] |
2620 - 2630 Fountain View [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 30-Jun-15 | [7] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [7] | 5,341 | [7] |
Interest Rate | 7.00% | [7] | 7.00% | [7] |
1501 Mockingbird Lane [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jul-15 | [8] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | ' | [8] | 3,089 | [8] |
Interest Rate | 5.28% | [8] | 5.28% | [8] |
5450 Northwest Central [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Sep-15 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 2,445 | 2,499 | ||
Interest Rate | 5.38% | 5.38% | ||
Ocala Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 3-Oct-15 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 1,412 | 1,412 | ||
Interest Rate | 4.25% | 4.25% | ||
Tampa Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 3-Oct-15 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 1,473 | 1,504 | ||
Interest Rate | 4.25% | 4.25% | ||
800 & 888 Sam Houston Parkway [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 29-Dec-15 | [2] | ' | |
Fixed Rate: | ' | ' | ||
Principal Balance | 4,244 | [2] | 4,289 | [2] |
Interest Rate | 6.25% | [2] | 6.25% | [2] |
Fountain View Office Tower [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Mar-16 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 11,428 | 11,540 | ||
Interest Rate | 5.82% | 5.82% | ||
Gray Falls and 12000 Westheimer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jan-17 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 7,004 | 7,077 | ||
Interest Rate | 5.70% | 5.70% | ||
2640 - 2650 Fountain View [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 29-Apr-18 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 11,948 | 12,010 | ||
Interest Rate | 6.50% | 6.50% | ||
Corporate - Secured by Management Contracts [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 31-Dec-19 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 9,280 | 9,380 | ||
Interest Rate | 5.00% | 5.00% | ||
Sabo Road Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jul-22 | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 1,987 | 2,015 | ||
Interest Rate | 5.55% | 5.55% | ||
Corporate - Unsecured [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 3,824 | 1,514 | ||
Corporate - Secured [Member] | ' | ' | ||
Fixed Rate: | ' | ' | ||
Principal Balance | 1,030 | 1,163 | ||
Corporate - Unsecured [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 12-Dec-13 | [2] | ' | |
Variable Rate: | ' | ' | ||
Principal Balance | 125 | [2] | 175 | [2] |
Interest Rate | 6.00% | [2] | 6.00% | [2] |
Northwest Spectrum Plaza [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 29-Mar-18 | [2],[9] | ' | |
Variable Rate: | ' | ' | ||
Principal Balance | 4,490 | [2],[9] | 2,381 | [2],[9] |
Interest Rate | 5.00% | [2],[9] | 2.66% | [2],[9] |
Windrose Plaza [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 27-Feb-23 | [10],[2] | ' | |
Variable Rate: | ' | ' | ||
Principal Balance | 3,968 | [10],[2] | 2,458 | [10],[2] |
Interest Rate | 5.50% | [10],[2] | 2.66% | [10],[2] |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal Balance | 167,497 | 221,899 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Fishers Indiana Distribution Center [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Oct-12 | [11] | ' | |
Principal Balance | ' | [11] | 17,058 | [11] |
Interest Rate | 5.42% | [11] | 5.42% | [11] |
Variable Interest Entity, Primary Beneficiary [Member] | University Springs San Marcos [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Dec-15 | ' | ||
Principal Balance | 9,243 | 9,359 | ||
Interest Rate | 5.55% | 5.55% | ||
Variable Interest Entity, Primary Beneficiary [Member] | University Fountains Lubbock [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jan-16 | [12] | ' | |
Principal Balance | ' | [12] | 20,828 | [12] |
Interest Rate | 5.57% | [12] | 5.57% | [12] |
Variable Interest Entity, Primary Beneficiary [Member] | Dixon & 51st Logistics Center [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jan-16 | ' | ||
Principal Balance | 17,036 | 17,258 | ||
Interest Rate | 5.69% | 5.69% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Campus Court Student Housing [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-May-16 | ' | ||
Principal Balance | 4,568 | 4,617 | ||
Interest Rate | 5.78% | 5.78% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Houston South Mason [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 25-Jun-16 | [13] | ' | |
Principal Balance | 2,808 | [13] | 2,817 | [13] |
Interest Rate | 5.25% | [13] | 5.25% | [13] |
Variable Rate: | ' | ' | ||
Debt term | '3 years | ' | ||
Variable Interest Entity, Primary Beneficiary [Member] | Grissom Road Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jun-17 | ' | ||
Principal Balance | 2,288 | 2,308 | ||
Interest Rate | 7.00% | 7.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Loop 1604 Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-Sep-17 | ' | ||
Principal Balance | 4,209 | 4,249 | ||
Interest Rate | 6.70% | 6.70% | ||
Variable Interest Entity, Primary Beneficiary [Member] | College Park Student Apartments [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 6-Nov-17 | [11] | ' | |
Principal Balance | ' | [11] | 14,283 | [11] |
Interest Rate | 6.35% | [11] | 6.35% | [11] |
Variable Interest Entity, Primary Beneficiary [Member] | Ohio II Residences at Newark & Sheffield [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jan-18 | ' | ||
Principal Balance | 9,249 | 9,334 | ||
Interest Rate | 6.74% | 6.74% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Muirwood Village [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Feb-18 | ' | ||
Principal Balance | 7,636 | 7,708 | ||
Interest Rate | 6.58% | 6.58% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Aldine Westfield Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 31-Oct-18 | ' | ||
Principal Balance | 1,009 | 1,031 | ||
Interest Rate | 4.76% | 4.76% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Aldine [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 14-Aug-19 | ' | ||
Principal Balance | 1,149 | 1,171 | ||
Interest Rate | 6.07% | 6.07% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Attic Space Self Storage - Blanco Rd [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Apr-21 | ' | ||
Principal Balance | 1,300 | 1,300 | ||
Interest Rate | 6.63% | 6.63% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Attic Space Self Storage - Laredo Rd [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Apr-21 | ' | ||
Principal Balance | 1,682 | 1,721 | ||
Interest Rate | 6.63% | 6.63% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Ft. Worth River Oaks Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jul-21 | ' | ||
Principal Balance | 2,088 | 2,118 | ||
Interest Rate | 6.00% | 6.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Ft. Worth Northwest Self Storage [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Apr-22 | ' | ||
Principal Balance | 2,096 | 2,125 | ||
Interest Rate | 5.82% | 5.82% | ||
Variable Interest Entity, Primary Beneficiary [Member] | San Antonio III - AAA Stowaway / FOE [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Nov-22 | ' | ||
Principal Balance | 9,467 | 9,635 | ||
Interest Rate | 5.50% | 5.50% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Commerce Distribution Center [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 7-May-23 | [14] | ' | |
Principal Balance | 9,784 | [14] | 9,402 | [14] |
Interest Rate | 4.68% | [14] | 6.12% | [14] |
Variable Rate: | ' | ' | ||
Debt term | '10 years | ' | ||
Variable Interest Entity, Primary Beneficiary [Member] | Strongsville Corporate Center [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-Nov-34 | ' | ||
Principal Balance | 13,227 | 13,882 | ||
Interest Rate | 5.50% | 5.50% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Ohio Commerce Center [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-Jun-35 | ' | ||
Principal Balance | 18,162 | 18,412 | ||
Interest Rate | 5.64% | 5.64% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Springs Commerce Center I [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-May-36 | ' | ||
Principal Balance | 16,309 | 16,548 | ||
Interest Rate | 5.75% | 5.75% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Springs Office [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-Jun-36 | ' | ||
Principal Balance | 14,096 | 14,301 | ||
Interest Rate | 5.75% | 5.75% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Spring Commerce Center II [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 11-Jul-36 | ' | ||
Principal Balance | 19,825 | 20,100 | ||
Interest Rate | 6.00% | 6.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Other Unsecured Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal Balance | $266 | $334 | ||
Interest Rate | 6.00% | 6.00% | ||
[1] | We are currently negotiating extension terms with lender. | |||
[2] | Loan or certain indemnification obligations are guaranteed by us and in some cases by Mr. Carden and/or the estate of Mr. Galardi. | |||
[3] | Loan was paid in March 2013. | |||
[4] | Represents new loan obtained in March 2013. | |||
[5] | Lender foreclosed on the property in June 2013. | |||
[6] | Lender foreclosed on the property in August 2013. | |||
[7] | Loan was paid in connection with the sale of the property in July 2013. | |||
[8] | Lender foreclosed on the property in July 2013. | |||
[9] | Loan was refinanced in March 2013. | |||
[10] | Loan was refinanced in February 2013. | |||
[11] | The VIE which owned the property was deconsolidated during the first quarter of 2013. | |||
[12] | The VIE which owned the property was deconsolidated during the third quarter of 2013. | |||
[13] | Lender extended maturity for an additional three year term in June 2013. | |||
[14] | Loan was refinanced in May 2013. The new loan, in the amount of $9.9 million is for a ten-year term. |
NOTES_PAYABLE_Schedule_of_Note1
NOTES PAYABLE (Schedule of Notes in Default) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Debt Instrument, Debt Default, Amount | $35,898 |
6430 Richmond [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 100.00% |
Debt Instrument, Debt Default, Amount | 2,062 |
2640 - 2650 Fountain View [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 100.00% |
Debt Instrument, Debt Default, Amount | 12,674 |
800 & 888 Sam Houston Parkway [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 100.00% |
Debt Instrument, Debt Default, Amount | 4,244 |
Fountain View Office Tower [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 51.00% |
Debt Instrument, Debt Default, Amount | 11,428 |
Northwest Spectrum Plaza [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 100.00% |
Debt Instrument, Debt Default, Amount | 4,490 |
Corporate - Unsecured [Member] | ' |
Debt Instrument [Line Items] | ' |
ASR Ownership Percentage | 100.00% |
Debt Instrument, Debt Default, Amount | $1,000 |
NOTES_PAYABLE_Narrative_Detail
NOTES PAYABLE (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Corporate - Unsecured [Member] | Three Promissory Notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Default on debt, amount | $35,898,000 | ' | $1,000,000 | ' | |
Unamortized financing costs | 1,400,000 | 800,000 | ' | ' | |
Notes payable, interest rate | ' | ' | ' | 6.00% | |
Maturity date | ' | ' | 31-May-12 | [1],[2] | 31-Mar-14 |
Gain on restructuring of debt | ' | ' | ' | $500,000 | |
Gain on restructuring of debt, per share effect | ' | ' | ' | $0.14 | |
[1] | We are currently negotiating extension terms with lender. | ||||
[2] | Loan or certain indemnification obligations are guaranteed by us and in some cases by Mr. Carden and/or the estate of Mr. Galardi. |
NONCONTROLLING_INTERESTS_AND_O2
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS (Schedule of OP Unit Activity) (Details) (Reportable Legal Entities [Member], Operating Partnership [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interest [Line Items] | ' |
Balance | 3,819 |
Issuances | 170 |
Redemptions | -12 |
Balance | 3,977 |
Parent [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Balance | 3,728 |
Noncontrolling Interest [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Balance | 249 |
NONCONTROLLING_INTERESTS_AND_O3
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS (Schedule of Effects of Changes in Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NON-CONTROLLING INTERESTS AND OPERATING PARTNERSHIP UNITS [Abstract] | ' | ' | ' | ' |
Net (loss) income attributable to the Company | ($632) | ($1,245) | ($3,913) | ($846) |
Increase in the Company's paid-in-capital on exchange of OP Units for shares of common stock | ' | ' | 17 | 1,711 |
Increase in the Company's paid-in-capital on redemption of OP Units for cash | ' | ' | ' | 8,000 |
Change from net (loss) income attributable to the Company related to non- controlling interest transactions | ' | ' | ($3,896) | $8,865 |
NET_LOSS_INCOME_PER_SHARE_Sche
NET (LOSS) INCOME PER SHARE (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NET (LOSS) INCOME PER SHARE [Abstract] | ' | ' | ' | ' |
Loss from continuing operations | ($1,240) | ($2,307) | ($5,387) | ($6,940) |
Net loss (income) attributable to non-controlling interests from continuing operations | 457 | 1,056 | 1,660 | 3,432 |
Income (loss) from continuing operations attributable to American Spectrum Realty Inc. common stockholders | -783 | -1,251 | -3,727 | -3,508 |
Discontinued operations: | ' | ' | ' | ' |
Loss from discontinued operations | -298 | -415 | -841 | -2,502 |
(Loss) gain on disposition of discontinued operations | 1,233 | 7 | 1,150 | 7,549 |
Income tax benefit (expense) | -415 | 181 | -221 | -1,770 |
Net loss (income) attributable to non-controlling interests from discontinued operations | -369 | 233 | -274 | -615 |
(Loss) income from discontinued operations | 151 | 6 | -186 | 2,662 |
Preferred stock dividend | -60 | -60 | -180 | -180 |
Net (loss) income attributable to American Spectrum Realty, Inc. common stockholders | ($692) | ($1,305) | ($4,093) | ($1,026) |
Basic per share data: | ' | ' | ' | ' |
Loss from continuing operations attributable to American Spectrum Realty, Inc. common stockholders | ($0.22) | ($0.35) | ($1.04) | ($0.98) |
(Loss) income from discontinued operations attributable to American Spectrum Realty, Inc. common stockholders | $0.04 | ' | ($0.05) | $0.74 |
Net (loss) income attributable to American Spectrum Realty, Inc. common stockholders | ($0.18) | ($0.35) | ($1.09) | ($0.24) |
Basic weighted average shares used | 3,614,243 | 3,566,782 | 3,582,109 | 3,569,783 |
NET_LOSS_INCOME_PER_SHARE_Sche1
NET (LOSS) INCOME PER SHARE (Schedule of Securities Excluded) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 303,567 | 325,135 | 304,859 | 680,691 |
Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 55,172 | 55,172 | 55,172 | 55,172 |
Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 17,500 | ' | 17,500 |
Operating Partnership Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 248,395 | 252,463 | 249,687 | 608,019 |
STOCKBASED_COMPENSATION_Schedu
STOCK-BASED COMPENSATION (Schedule of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $103 | $25 | $133 | $183 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $103 | $25 | $133 | $183 |
STOCKBASED_COMPENSATION_Schedu1
STOCK-BASED COMPENSATION (Schedule of RSA Activity) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Number of RSAs | ' |
Beginning balances | 22,070 |
Granted | 170,000 |
RSA Releases | -45,832 |
Forfeited/Expired | -11,068 |
Ending balances | 135,170 |
Weighted average Grant-date fair value per Share | ' |
Beginning balances | $13.54 |
Granted | $2.25 |
RSA Releases | $3.06 |
Forfeited/Expired | $16.42 |
Ending balances | $2.75 |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2010 |
STOCK-BASED COMPENSATION [Abstract] | ' | ' |
Unrecognized share-based compensation expense | $0.40 | ' |
Unrecognized share-based compensation expense, recognition period | '10 months 24 days | ' |
Shares reserved under plan | 360,000 | ' |
Shares issued under plan | 291,712 | ' |
Closing stock price | $2.07 | $17.52 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Mar. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2010 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Jan. 31, 2013 | Dec. 31, 2011 | |
2620 - 2630 Fountain View [Member] | Corporate - Unsecured [Member] | Payments Sought by ARS [Member] | New West Realty, Inc. Action [Member] | New West Realty, Inc. Action [Member] | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of assets | $18,000,000 | ' | ' | ' | ' | ' | ' | ' |
Assumption of payables | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Promissory note issued | 9,500,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of equity | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Dividing Amount By Greater Of Share Price | ' | ' | 8,000,000 | ' | ' | ' | ' | ' |
Closing stock price | ' | $2.07 | $17.52 | ' | ' | ' | ' | ' |
Damages sought | ' | ' | ' | ' | ' | 578,000 | ' | 9,500,000 |
Default on debt, amount | ' | 35,898,000 | ' | ' | 1,000,000 | ' | ' | ' |
Amount of settlement | ' | ' | ' | ' | ' | ' | 4,600,000 | ' |
Proceeds from sale of property | ' | ' | ' | 8,900,000 | ' | ' | ' | ' |
Net proceeds from sale of property | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
ASR Ownership Percentage | ' | 93.00% | ' | 51.00% | ' | ' | ' | ' |
Gain (loss) on asset disposed of | ' | ' | ' | $1,200,000 | ' | ' | ' | ' |
PREFERRED_STOCK_Details
PREFERRED STOCK (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 30, 2008 |
Mr. Carden, Mr. Galardi and Timothy R. Brown [Member] | Series A Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | ' | 68,965 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | $0.01 | ' | ' |
Issuance of common stock (in shares) | ' | ' | 55,172 | ' |
Shares Issued, Price Per Share | ' | ' | $29 | ' |
Preferred Stock, Dividend Rate, Percentage | 15.00% | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | $29 | ' | ' | ' |
Dividends Payable | $0.50 | ' | ' | ' |
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $0.15 | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
INCOME TAXES [Abstract] | ' | ' |
Income tax (benefit) expense | ($2,256) | ($435) |
Effective tax rate utilized | 36.58% | ' |