Exhibit 99.1

      American Spectrum Realty Announces Odd Lot Buy Back Offer

    HOUSTON--(BUSINESS WIRE)--April 4, 2005--American Spectrum Realty,
Inc. ("the Company") (AMEX:AQQ), a real estate investment and
management company, headquartered in Houston, Texas, announced today
that its Board of Directors has approved an odd lot buy back program.
The Company will offer to purchase up to 250,000 shares from holders
of fewer than 100 shares. Shareholders who participate in the program
will receive the price-per-share equal to the average of the daily
closing prices of the Company's Common Stock during the week in which
response cards are received and processed, with no additional charges
from the program.
    Shareholders with fewer than 100 shares will be eligible to
participate. The Company intends to mail the offer during the week of
April 4, 2005. Mellon Investor Services, the Company's transfer agent,
will be administering the program. The offer will expire on July 1,
2005, unless extended by the Company. Holders of fewer than 100 shares
who elect to accept the offer must sell all of the shares owned by
them.
    William J. Carden, President and CEO, stated, "We are pleased to
extend this offer to our shareholders." He reiterated, "This odd lot
offer will enable holders of fewer than 100 shares to sell their stock
without broker commission or other costs. The Company will benefit by
reducing its costs related to shareholder recordkeeping and
shareholder communication."
    The Company encourages each holder of fewer than 100 shares to
make his or her own decision as to whether to sell shares in this odd
lot buy back offer. The Company may withdraw the offer at any time.
    Inquiries about this program can be directed to Mellon Investor
Services at 866-786-4949.
    American Spectrum Realty, Inc. is a real estate investment and
management company that owns 24 office, industrial, apartment and
retail properties aggregating over 2.2 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