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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.82 | 14.1699 | 13.79 | 13.88 | 4,848 | 01:00:00 |
American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the quarter ended June 30, 2023. For the three months ended June 30, 2023, we reported net income attributable to common shares of $0.1 million or $0.01 per diluted share, compared to net income attributable to common shares of $16.3 million or $1.01 per diluted share for the same period in 2022.
Financial Highlights
Financial Results
Rental revenues increased $4.1 million from $7.3 million for the three months ended June 30, 2022 to $11.4 million for the three months ended June 30, 2023. The increase in rental revenue is primarily due to a $4.7 million increase at our multifamily properties offset in part by a decrease of $0.6 million from the commercial properties. The increase in revenue from the multifamily properties is primarily due to the acquisition of the VAA Holdback Portfolio in 2022.
Net operating loss increased $0.8 million from $3.0 million for three months ended June 30, 2022 to $3.9 million for the three months ended June 30, 2023. The increase in net operating loss is primarily due to an increase in legal costs offset in part by an increase in operating profit from the multifamily portfolio.
Net income attributable to common shares decreased $16.2 million from $16.3 million for the three months ended June 30, 2022 to $0.1 million for the three months ended June 30, 2023. The decrease in net income is primarily attributed to the $14.1 million decrease in gain on foreign currency transactions, which is attributed to our repayment of our bonds payable and exit from the TASE in 2023.
About American Realty Investors, Inc.
American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables. The Company’s primary asset and source of its operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI). For more information, visit the Company’s website at www.americanrealtyinvest.com.
AMERICAN REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30,2023
2022
2023
2022
Revenues: Rental revenues$
11,389
$
7,259
$
22,398
$
14,740
Other income
850
870
1,529
1,176
Total revenue
12,239
8,129
23,927
15,916
Expenses: Property operating expenses
7,031
3,812
13,137
7,840
Depreciation and amortization
3,200
2,298
6,302
4,647
General and administrative
3,684
2,194
6,845
4,914
Advisory fee to related party
2,183
2,858
4,588
6,043
Total operating expenses
16,098
11,162
30,872
23,444
Net operating loss
(3,859
)
(3,033
)
(6,945
)
(7,528
)
Interest income
7,898
7,625
16,193
12,902
Interest expense
(2,480
)
(4,595
)
(5,620
)
(9,257
)
Gain on foreign currency transactions
22
14,132
993
17,904
Loss on extinguishment of debt
(1,710
)
-
(1,710
)
(1,639
)
Equity in income from unconsolidated joint venture
293
2,048
2,712
7,242
Gain on sale or write-down of assets, net
188
3,893
188
15,041
Income tax provision
(49
)
(40
)
(1,289
)
(68
)
Net income
303
20,030
4,522
34,597
Net income attributable to noncontrolling interest
(178
)
(3,718
)
(1,419
)
(6,971
)
Net income attributable to the common shares$
125
$
16,312
$
3,103
$
27,626
Earnings per share Basic and diluted
$
0.01
$
1.01
$
0.19
$
1.71
Weighted average common shares used in computing earnings per share Basic and diluted
16,512,043
16,152,043
16,152,043
16,152,043
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810298656/en/
American Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 Investor.relations@americanrealtyinvest.com
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