American Spectrum Realty, Inc. Subsidiary Enters into Advisory Agreement with Evergreen Realty REIT, Inc.
American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“the Company”), a real
estate investment and management company, headquartered in Houston,
Texas, announced today that:
Evergreen Realty REIT, Inc., a Virginia corporation (the “REIT”) has
terminated its prior advisory agreement with Evergreen Realty Advisors,
Inc., and has entered into a new advisory agreement with American
Spectrum Realty Advisors, LLC, a Delaware limited liability company
(“ASR Advisors”). ASR Advisors is a wholly-owned subsidiary of the
Company.
Luke McCarthy and Forbes Burdette each have consensually resigned their
positions as members of the board of directors of the REIT, but will
continue to consult with, advise and assist the new board of directors
in all REIT matters.
William J. Carden and Jonathan T. Brohard of the Company were appointed
by the outgoing board of directors to fill vacancies on the REIT board.
Mr. Carden and Mr. Brohard appointed Morris Cohen to fill the remaining
vacancy on the REIT board and to serve as an independent director to the
REIT. The new board members have over 75 years of combined real estate
experience and will utilize that extensive experience to benefit the
REIT and its shareholders.
The new board of directors has voted to submit to the REIT shareholders
for approval a proposal to change the name of the REIT to American
Spectrum REIT I, Inc. Pending receipt of such shareholder approval, the
board of directors intends to conduct all future REIT business using
this new proposed name.
American Spectrum Realty, Inc. is a real estate investment company that
owns 30 offices, industrial and retail properties aggregating
approximately 2.7 million square feet in California, Texas, Arizona and
the Midwest and has been publicly traded on the Exchange since 2001.
American Spectrum Realty Management, Inc., a wholly-owned subsidiary of
American Spectrum Realty, Inc., manages and leases all properties owned
by American Spectrum Realty, Inc. American Spectrum Realty’s business
plan focuses on acquisition of value-added real estate investments in
its core markets of California, Texas and Arizona.
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