Exhibit 99.1

   American Spectrum Realty Announces Postponement of Odd Lot Offer

    HOUSTON--(BUSINESS WIRE)--Sept. 7, 2004--American Spectrum Realty
Inc. (AMEX:AQQ), a real estate investment and management company
headquartered in Houston, announced today that, due to market
conditions, it has decided not to proceed at this time with an offer
to purchase shares of its common stock from holders of fewer than 100
shares. It had announced its intention to make such an offer on Aug.
30.
    American Spectrum Realty Inc. is a real estate investment and
management company that owns 24 office, industrial, apartment and
retail properties aggregating over 2.1 million square feet in
California, Texas, Arizona, South Carolina and the Midwest. Publicly
traded on the American Stock Exchange since November 2001, American
Spectrum Realty's business plan focuses on expansion of office and
industrial property investments in California, Texas and Arizona.

    Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning, operating
and disposing of real estate. Such risks and uncertainties are
disclosed in the Company's past and current filings with the U.S.
Securities and Exchange Commission.

    CONTACT: American Spectrum Realty Inc., Houston
             William J. Carden, 713-706-6200