On August 31, 2012, American Spectrum Realty Inc. terminated Ms. Elisa R. Grainger as Principal Accounting Officer. The termination of Ms. Elisa R. Granger is part of the company's transition of the accounting department to Houston, Texas. The transition plan includes the elimination of several mid-management positions.

The restructuring is part of a company-wide effort to reduce redundancy between its Houston and California office locations and provide more efficient service to third-party management clients. Also effective as of August 31, 2012, G. Anthony Eppolito was appointed as Principal Accounting Officer by the company. Mr. Eppolito has served as Chief Financial Officer since March 2007 and Vice President, Treasurer and Secretary since January 2006.