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    American Realty Investors, Inc. reports Earnings for Quarter Ended June 30, 2023

    8/10/23 5:30:00 PM ET
    $ARL
    $TCI
    Other Consumer Services
    Real Estate
    Real Estate Investment Trusts
    Real Estate
    Get the next $ARL alert in real time by email

    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

    • Total occupancy was 81% at June 30, 2023, which includes 93% at our multifamily properties and 59% at our commercial properties.
    • On January 31, 2023, we paid off our $67.5 million Series C bonds from cash received from the sale of the VAA Sale Portfolio.
    • On May 4, 2023, we paid off the remaining $42.9 million balances of our Series A and Series B Bonds. In connection with the repayment of the bonds, our wholly-owned subsidiary, Southern Properties Capital Ltd. withdrew from the Tel-Aviv Stock Exchange ("TASE").

    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/

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