Exhibit 99.1

American Spectrum Realty Reports Year End Results

HOUSTON--(BUSINESS WIRE)--March 31, 2010--American Spectrum Realty, Inc. (AMEX: AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today its results for the fourth quarter and year ended December 31, 2009.

Rental revenue for the year ended 2009 increased by $85,000, or 0.3%, in comparison to the year ended December 31, 2008. This increase was primarily attributable to $878,000 in revenue generated from an office property acquired in April 2008. The increase was mostly offset by a decrease in rental revenue of $793,000 from properties owned for the full years ended December 31, 2009 and December 31, 2008. The decrease in rental revenue from properties owned for the full years ended December 31, 2009 and December 31, 2008 was primarily due to a decrease in occupancy and a rise in rent concessions. The decrease in occupancy and rise in rent concessions was partially attributable to Hurricane Ike, which affected the operations of the Company’s Houston area properties in September 2008. The Company expects to recover the lost revenue from its insurance carrier, but no amounts relating to such recovery have been reflected in its financial statements. Occupancy, on a weighted average basis, decreased from 85% at December 31, 2008 to 82% at December 31, 2009.

Property operating expenses for the year ended 2009 decreased by $259,000, or 1.6%, in comparison to the year ended December 31, 2008. During 2008, the Company incurred expenses related to Hurricane Ike of $500,000. The decrease was also due to a decrease in real estate taxes attributable to a decline in the assessed value of several of the Company’s properties. The decrease was partially offset by an increase in property operating expenses of $479,000 attributable to the office property acquired in 2008.

The Company’s net loss attributable to common stockholders for the year ended December 31, 2009 was $8,512,000, or $5.88 per share, compared to a net loss attributable to common stockholders of $6,643,000, or $4.82 per share, for the year ended December 31, 2008. The net losses for 2009 and 2008 included income from discontinued operations of $190,000 and $974,000, respectively.

The Company’s net loss attributable to common stockholders for the three months ended December 31, 2009 was $2,016,000, or $1.39 per share, compared to a net loss attributable to common stockholders of $1,870,000, or $1.36 per share, for the three months ended December 31, 2008. The net losses for 2009 and 2008 included income from discontinued operations of $81,000 and $65,000, respectively.

The Company generated Funds From Operations (FFO), a widely accepted supplemental measure of REIT performance established by the National Association of Real Estate Investment Trusts, of $37,000 for the year ended December 31, 2009 as compared to $430,000 for the year ended December 31, 2008. The Company’s business is the ownership, operation and management of real estate. It believes that FFO is helpful to investors when measuring operating performance because it excludes various items that are considered in the determination of net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. The following table reflects the reconciliation of FFO to net loss attributable to the Company, the most directly comparable Generally Accepted Accounting Principles measure, for the years ended December 31, 2009 and 2008 (in thousands):


The following information was filed by American Spectrum Realty Inc (AQQSQ) on Wednesday, March 31, 2010 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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