We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Realty Investors Inc | NYSE:ARL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.40 | -2.60% | 15.00 | 16.0648 | 15.7032 | 15.9862 | 5,669 | 22:30:00 |
American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the three months ended September 30, 2024. For the three months ended September 30, 2024, we reported net income attributable to common shares of $17.5 million or $1.08 per diluted share, compared to net income attributable to common shares of $3.0 million or $0.18 per diluted share for the same period in 2023.
Financial Highlights
Financial Results
Rental revenues decreased $0.8 million from $11.8 million for the three months ended September 30, 2023 to $11.1 million for the three months ended September 30, 2024. The decrease in rental revenue is primarily due to a decrease in occupancy at our commercial properties. We expect occupancy to improve in the fourth quarter due to our recently completed 45,000 square foot lease at Stanford Center.
Net operating loss was $2.1 million for the three months ended September 30, 2023 and September 30, 2024. Our decrease in revenue was offset by a decrease in operating expenses, including a decrease in general and administrative expenses.
Net income attributable to common shares decreased $20.4 million from net income of $3.0 million for the three months ended September 30, 2023 to a net loss of $17.5 million for the three months ended September 30, 2024. The decrease in net income is primarily attributed to our accrual of the $23.4 million Clapper Settlement in 2024.
About American Realty Investors, Inc.
American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables. The Company’s primary asset and source of its operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI). For more information, visit the Company’s website at www.americanrealtyinvest.com.
AMERICAN REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited)Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenues: Rental revenues$
11,074
$
11,838
$
33,541
$
34,236
Other income
533
688
1,738
2,217
Total revenue
11,607
12,526
35,279
36,453
Expenses: Property operating expenses
6,989
7,443
20,247
20,580
Depreciation and amortization
3,120
3,313
9,429
9,615
General and administrative
1,590
1,579
4,550
8,424
Advisory fee to related party
1,971
2,295
5,910
6,883
Total operating expenses
13,670
14,630
40,136
45,502
Net operating loss
(2,063
)
(2,104
)
(4,857
)
(9,049
)
Interest income
5,506
9,008
16,033
25,201
Interest expense
(2,123
)
(1,954
)
(5,958
)
(7,574
)
Gain on foreign currency transactions
-
-
-
993
Loss on early extinguishment of debt
-
-
-
(1,710
)
Equity in income from unconsolidated joint ventures
423
234
1,407
2,946
(Loss) gain on real estate transactions
(23,400
)
(32
)
(23,400
)
156
Income tax provision
4,641
(1,127
)
3,552
(2,416
)
Net (loss) income
(17,016
)
4,025
(13,223
)
8,547
Net income attributable to noncontrolling interest
(444
)
(1,037
)
(1,319
)
(2,456
)
Net (loss) income attributable to the common shares$
(17,460
)
$
2,988
$
(14,542
)
$
6,091
Earnings per share Basic and diluted
$
(1.08
)
$
0.18
$
(0.90
)
$
0.38
Weighted average common shares used in computing earnings per share Basic and diluted
16,152,043
16,152,043
16,152,043
16,152,043
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107129132/en/
American Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@americanrealtyinvest.com
1 Year American Realty Investors Chart |
1 Month American Realty Investors Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions