American Spectrum real estate, Inc. a real estate speculation, running and leasing company headquartered in Houston, Texas, announced today its results for the district ended June 30, 2010.Total proceeds for the three months ended June 30, 2010 increased by $799,000, or 9.9%, in comparison to the three months ended June 30, 2009. The increase was primarily due to third party organization and leasing revenues generate as a result of the January 2010 attainment of property management and asset management contracts from Evergreen Realty Group, LLC and affiliates. Third party management and leasing revenues increased $1,197,000 for the quarter, of which $1,065,000 was attributable to the Evergreen acquisition.
Possessions management and asset administration contracts for a total of 80 separate assets were acquired in the transaction. The increase in total revenue was partially offset by a decrease in rental revenue on owned properties of $392,000, primarily due to an amplify in rent concession. The decline was also attributable to a decrease in occupancy. The prejudiced average occupancy of the Company's property decrease from 84% at June 30, 2009 to 82% at June 30, 2010.
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