American Spectrum Realty, Inc. (NYSE MKT: AQQ) (“The Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, made a major announcement this week that its subsidiary, American Spectrum Self-Storage Management, LLC, has been named the property management company of 19 self-storage properties.
The properties will be marketed under the trademark name “1st American Storage”.
The new self-storage management portfolio consists of 19 self-storage properties totaling over 1.3 million square feet and 11,000 units across seven states. This assignment brings the Company’s self-storage management portfolio to a total of 42 self-storage properties totaling 2.9 million square feet. 66% of those assets are located in Texas, making American Spectrum one of the largest self-storage management companies in Houston, Texas. Due to the Company’s current infrastructure, managing the additional properties will not significantly increase the Company’s G&A allowing a large portion of the new management fees to contribute directly to net income.
“We feel that we are uniquely suited to serve the needs of this self-storage portfolio. Our specific experience managing similar properties and the size of our portfolio – specifically in Texas – is a natural fit for a seamless transition,” says CEO William Carden. “We are honored to be awarded this management assignment and look forward to implementing some positive changes to achieve the same success we’ve experienced with our current storage portfolio.”
American Spectrum assumed the property management of a similar self-storage portfolio in January 2010. A detailed evaluation of each property was completed and apparent operational and financial struggles were evident. Through extensive staff training, streamlined operations, and aggressive marketing, American Spectrum was able to lower operating costs, increase occupancy, and dramatically improve the “NET OPERATING INCOME” despite a down economy. Over a two year period the portfolio saw a 28% increase in occupancy, a 13% growth in revenue, and a 22% improvement in NOI. American Spectrum significantly increased the portfolio value during this time period and was able to restore distributions to the owners.
American Spectrum has a track record of success that has delivered above market results to clients year after year. The Company’s vast experience and market insight provides a strategic, proactive, long term solution to investment and operational challenges. For more information on our National Self-Storage Division, visit www.1stAmericanStorage.com.
About American Spectrum Realty, Inc.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self-storage, retail properties, multi-family, and student housing properties throughout the United States. The Company has been publicly traded since 2001.
American Spectrum Management Group, Inc. is a full-service asset management company providing premier property management and leasing to self-storage, office, retail, R&D, multi-family, and student housing owners and investors nationwide. ASMG currently provides in-house, accounting, marketing, management, leasing, risk management, and receivership services. To find out more about what American Spectrum can do for your properties, visit www.asrmanagement.com or call 713-706-6200 today.
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.
William J. Carden, 713-706-6200
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