SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) April 25, 2002
American Spectrum Realty, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Maryland 001-16785 522258674
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
incorporation) No.)
7700 Irvine Center Drive, Suite 555, Irvine CA 92618
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(Address of Principal Executive Offices) (Zip Code)
(949) 753-7111
(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, If Changed Since Last Report.)
ITEM 5. OTHER EVENTS.
Attached is a cover letter being sent to stockholders of American
Spectrum Realty, Inc., which will accompany American Spectrum Realty, Inc.'s
Annual Report on Form 10-K, which was placed in the mail to shareholders on
April 25, 2002.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
Exhibit Description
1.1 Cover letter to stockholders of American Spectrum Realty, Inc. dated
April 2002
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN SPECTRUM REALTY, INC.
BY: /s/ Harry A. Mizrahi
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Name: Harry A. Mizrahi
Title: Chief Operating Officer
Date: April 25, 2002
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Exhibit 1.1
April 2002
Dear Stockholder:
American Spectrum Realty, Inc., a real estate investment and management company,
became a publicly traded company in 2001. We would like to extend our personal
appreciation to all of our valued employees, the members of the Board of
Directors, and you, the stockholders, for providing your support in reaching
this first milestone.
The consolidation of the Company's real estate holdings and operations into a
single corporation has been achieved:
- More than 11,500 stockholders, who now have daily trading
opportunities on the American Stock Exchange under the symbol AQQ,
represent Company ownership.
- The Company's operating efficiency and synergy is symbolized by a
cohesive corporate entity and strategy, a result of the consolidation
of various companies and properties.
- The Company's diversified and balanced portfolio totals in excess of
3.6 million square feet of high quality office, office/warehouse,
apartment and retail space and represents a variety of tenants in
multiple markets.
- The Company's streamlined operations, both at the corporate and
property levels, have maximized the effectiveness of its full-time
employees.
- The Company has better access to investment opportunities and to debt
and equity financing, thereby providing strong potential for asset
and earnings growth. The Company has received positive reactions from
Wall Street and other capital sources based upon its growth prospects
and market platform.
Many of the Company's goals have been accomplished, although much work still
remains. The Company's current priority is to sell and refinance certain of its
property holdings in order to achieve better operating results, lower interest
rates, additional capital for capital expenditures and new asset growth. The
Company's focus for growth is in office and office/warehouse investment
opportunities in its core markets. The disposition of non-core assets continues,
both by geographic region and product type, and includes certain apartment and
retail properties, subject to market conditions.
The Company's management team remains excited by its forecast for earnings and
asset growth
and is committed to enhancing stockholder value.
Thank you for your continued support.
Sincerely,
William J. Carden
Chairman, Chief Executive Officer and President
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