Exhibit 99.1

American Spectrum Realty Reports Year End Results

Three Value-Added Properties Acquired in Houston, Texas in 2007

HOUSTON--(BUSINESS WIRE)--American Spectrum Realty, Inc. (“the Company”) (AMEX:AQQ), a real estate investment and management company whose headquarters are located in Houston, Texas, announced today its results for the fourth quarter and year ended December 31, 2007.

Rental revenue for the year ended 2007 increased $5.1 million, or 20.2%, in comparison to the year ended December 31, 2006. This increase was primarily attributable to $3,729,000 in revenue generated from two retail properties and one multi-tenant industrial park acquired during 2007 and from seven office properties acquired during 2006. Greater revenues from properties owned for the full years ended December 31, 2007 and December 31, 2006 accounted for the remaining increase of $1,371,000. The increase in revenues from the properties owned for the full years ended December 31, 2007 and December 31, 2006 was primarily due to an increase in rental rates. Occupancy, on a weighted average basis, remained relatively unchanged for 2007 in comparison to 2006. The weighted average occupancy for both years was 88%. As of December 31, 2007, the Company’s properties were 85% occupied. Rental revenue from the ten properties acquired in 2006 and 2007 has been included in the Company’s results since their respective dates of acquisition.

The Company’s net loss for the year ended December 31, 2007 was $8.8 million, or $6.38 per share, compared with net income for the 2006 year of $6.1 million, or $4.40 per share (restated from $6.5 million, or $4.71 per share). The net loss for 2007 included a loss on extinguishment of debt of $2.4 million. The net income generated in 2006 included income from discontinued operations of $11.9 million.

William J. Carden, President of American Spectrum, commented, “We continued to acquire value-added real estate in Houston, Texas during 2007. We purchased a 400,000 square foot multi-tenant industrial park, which was 70% leased, and two retail properties, one of which was under construction. The industrial park includes 12 acres of land on which we plan on developing an additional 100,000 square feet of multi-tenant industrial space. American Spectrum will continue to seek additional value-added projects in 2008.”

American Spectrum Realty, Inc. is a real estate investment and management company that owns 28 office, industrial and retail properties aggregating approximately 2.5 million square feet in California, Texas, Arizona and the Midwest. Publicly traded on the American Stock Exchange since November 2001, American Spectrum Realty’s business plan focuses on expansion of multi-tenant value-added 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.

Financial Tables Follow


The following information was filed by American Spectrum Realty Inc (AQQSQ) on Monday, March 24, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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