American Spectrum Realty Acquires $84.8M Portfolio
07 Gennaio 2014 - 3:05PM
Business Wire
American Spectrum Realty, Inc. (NYSE MKT: AQQ) – a real estate
investment, management and leasing company – today announced the
acquisition of a diverse real estate portfolio valued at an
estimated gross value of $84.8 million, which included the
assumption of $17.2 million of debt, from three limited
partnerships managed by Asset Managers, Inc. of San Diego, CA.:
D&A Daily Mortgage Fund III, L.P., D&A Semi-Annual
Mortgage Fund III, L.P. and D&A Intermediate-Term Mortgage Fund
III, L.P.
The newly-acquired 19 real properties consist of
commercial/retail properties, multi-family and single family
residences, RV parks and land and are owned by American Spectrum
Dunham Properties LLC, a wholly-owned subsidiary of American
Spectrum Realty, Inc. The properties were acquired in exchange for
preferred stock of American Spectrum Realty, Inc.
“This acquisition enlarges our portfolio of owned and managed
properties in California and Nevada,” according to William J.
Carden, CEO of American Spectrum Realty, Inc. “We plan to apply our
national resources to these properties with intense asset
management, introduction to our web-based marketing resources and
the talents of our sales/leasing network to allow the properties to
perform at their highest levels,” Carden pointed out.
American Spectrum Realty, Inc. is issuing to the selling
entities new shares of 8% Cumulative Preferred Stock, Series “B” in
exchange for the contribution of the properties in an amount based
on the net contribution value of the contributed properties. The
Series “B” Preferred Stock is not convertible into common shares of
American Spectrum Realty, Inc. The Series “B” Preferred Stock will
be redeemed over a two-year period.
The Series “B” Preferred Stock will earn a dividend calculated
as simple interest at a rate of 8% from the closing date until
December 31, 2014 and thereafter at a rate of 12%. Fifty percent of
the dividends accruing before or on December 31, 2014 will be
payable monthly and the remainder will accrue and be paid in a lump
sum on December 1, 2015. All of the dividends that accrue after
December 31, 2014 will be payable monthly.
American Spectrum Realty may be obligated to pay to the holders
of Series “B” Preferred Stock additional amounts based on sales of
contributed properties under the terms of the contribution
agreement.
In connection with the closing of the transaction, American
Spectrum Realty offered holders of its outstanding Series “A”
Preferred Stock to exchange such shares on a one-for-one basis for
new shares of 8% Cumulative Preferred Stock, Series “C.” The
dividend rates are identical to the rates on the Series “B”
Preferred Stock and the liquidation and redemption rights are
substantially the same as the rights provided to the holders of
Series “B” Preferred Stock. Holders of two-thirds of the existing
Series “A” Preferred Stock have already agreed to such
exchange.
Additional details regarding the terms of the transaction,
Series “B” Preferred Stock and Series “C” Preferred Stock are
included in American Spectrum Realty, Inc.’s Current Report on Form
8-K filed on January 6, 2014 with the SEC.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial self-storage, retail and multi-family properties
throughout the United States. American Spectrum Management Group,
Inc., a wholly-owned subsidiary of the Company, manages and leases
all properties owned by American Spectrum Realty, Inc. as well as
for third-party clients. American Spectrum Management Group, Inc.
provides first-class management and leasing services for office,
industrial, retail, self-storage, student housing and multi-family
properties totaling 10 million square feet in multiple states.
Website: www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
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.
American Spectrum Realty, Inc.Elisa Grainger, CFO(949)
825-6409egrainger@americanspectrum.com
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