The first quarter results reflect a net loss of $.38 per common share, after deducting depreciation of $3 million and non-cash compensation charges of $273,000. The company says that around $250,000 in expenses, which were spent on professional fees, are not anticipated to be recurring.
In addition, American Spectrum has reported that the weighted average occupancy of its properties at March 31, 2002 was 87%. The Irvine-based diversified real estate investment and management company owns 33 office, office/warehouse, apartment and retail properties encompassing more than 3.6 million square feet in California, Texas, Arizona, South Carolina and the Midwest.
American Spectrum reported a net loss of $3 million for the year ended December 31, 2001. However, last year's operating results consisted of the operations of one of the funds, which was treated as the accounting acquirer in the October 2001 consolidation, while this year's results are for the combined operations of the company. "Therefore, a comparison of operating results between 2002 and 2001 is not meaningful," according to an American Spectrum statement.
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