American Spectrum Realty, Inc. (ASR) is a full-service real estate company, which owns, manages and operates income-producing properties. Substantially all of the Company’s assets are held through an operating partnership (the Operating Partnership). As of December 31, 2008, through its majority-owned subsidiary, the Operating Partnership, the Company owned and operated 29 properties, which consisted of 23 office buildings, five industrial properties and one retail property. The 29 properties are located in five states. During 2008, the Company acquired a 178,000 square foot office property consisting of two adjacent buildings located in Houston, Texas. In February 2008, the Company sold Columbia, one of the Company’s non-core properties. Columbia is a 58,783 square foot retail center located in Columbia, South Carolina. During the year ended December 31, 2007, ASR acquired two industrial parks aggregating 448,000 square feet and a 28,000 square foot retail property.