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

$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 three months ended September 30, 2023. For the three months ended September 30, 2023, we reported net income attributable to common shares of $3.0 million or $0.18 per diluted share, compared to net income attributable to common shares of $302.3 million or $18.72 per diluted share for the same period in 2022.

Financial Highlights

  • Total occupancy was 79% at September 30, 2023, which includes 96% at our multifamily properties and 49% at our commercial properties.
  • On August 28, 2023, we paid off the $1.2 million loan on Athens.
  • On November 6, 2023, we obtained a $25.4 million construction loan to build a 216 unit multifamily property in McKinney, Texas.

Financial Results

Rental revenues increased $4.3 million from $7.6 million for the three months ended September 30, 2022 to $11.8 million for the three months ended September 30, 2023. The increase in rental revenue is primarily due to a $5.0 million increase at our multifamily properties offset in part by a decrease of $0.8 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 decreased $1.1 million from $3.2 million for three months ended September 30, 2022 to $2.1 million for the three months ended September 30, 2023. The decrease in net operating loss is primarily due to a decrease in legal costs.

Net income attributable to common shares decreased $299.3 million from $302.3 million for the three months ended September 30, 2022 to $3.0 million for the three months ended September 30, 2023. The decrease in net income is primarily attributed to our share of the gain from the sale of the VAA Sale Portfolio, net of income tax effect in 2022.

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,

   

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

       
Revenues:         
Rental revenues  

 $

     11,838

 

 

 $

      7,570

 

 

 $

     34,236

 

 

 $

    22,310

 

Other income  

 

             688

 

 

 

            749

 

 

 

          2,217

 

 

 

         1,925

 

Total revenue  

 

        12,526

 

 

 

         8,319

 

 

 

        36,453

 

 

 

       24,235

 

Expenses:            
Property operating expenses  

 

          7,443

 

 

 

         4,701

 

 

 

        20,580

 

 

 

       12,541

 

Depreciation and amortization  

 

          3,313

 

 

 

         2,193

 

 

 

          9,615

 

 

 

         6,840

 

General and administrative  

 

          1,579

 

 

 

         3,042

 

 

 

          8,424

 

 

 

         7,956

 

Advisory fee to related party  

 

          2,295

 

 

 

         1,571

 

 

 

          6,883

 

 

 

         7,614

 

Total operating expenses  

 

        14,630

 

 

 

       11,507

 

 

 

        45,502

 

 

 

       34,951

 

Net operating loss  

 

        (2,104

)

   

 

       (3,188

)

 

 

        (9,049

)

   

 

     (10,716

)

Interest income  

 

          9,008

 

 

 

         7,035

 

 

 

        25,201

 

 

 

       19,937

 

Interest expense  

 

        (1,954

)

 

 

       (4,044

)

 

 

        (7,574

)

 

 

     (13,301

)

Gain on foreign currency transactions  

 

               -

 

 

 

         1,533

 

 

 

             993

 

 

 

       19,437

 

Loss on extinguishment of debt  

 

               -

 

 

 

       (1,166

)

 

 

        (1,710

)

 

 

       (2,805

)

Equity in income from unconsolidated joint ventures  

 

             234

 

 

 

     464,143

 

 

 

          2,946

 

 

 

     471,385

 

(Loss) gain on sale or write-down of assets, net  

 

             (32

)

 

 

         1,539

 

 

 

             156

 

 

 

       16,580

 

Income tax provision  

 

        (1,127

)

 

 

     (81,548

)

 

 

        (2,416

)

 

 

     (81,616

)

Net income  

 

          4,025

 

 

 

     384,304

 

 

 

          8,547

 

 

 

     418,901

 

Net income attributable to noncontrolling interest  

 

        (1,037

)

 

 

     (82,015

)

 

 

        (2,456

)

 

 

     (88,986

)

Net income attributable to the common shares  

 $

       2,988

 

 

 $

  302,289

 

 

 $

       6,091

 

 

 $

  329,915

 

Earnings per share     .      
Basic and diluted  

 $

         0.18

 

 

 $

      18.72

 

 

 $

         0.38

 

 

 $

      20.43

 

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

 

 
 

 

Get the next $ARL alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$ARL
$TCI

CompanyDatePrice TargetRatingAnalyst
More analyst ratings

$ARL
$TCI
Press Releases

Fastest customizable press release news feed in the world

See more
  • Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended December 31, 2024

    Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended December 31, 2024. For the three months ended December 31, 2024, we reported net income attributable to common shares of $0.1 million or $0.01 per diluted share, compared to a net loss of $2.6 million or $0.30 per diluted share for the same period in 2023. Financial Highlights Total occupancy was 81% at December 31, 2024, which includes 94% at our multifamily properties and 53% at our commercial properties. On October 18, 2024, we completed a 45,000 square foot lease at Stanford Center. This is the first new lease at the property following our major renovation of the pro

    $TCI
    Real Estate Investment Trusts
    Real Estate
  • American Realty Investors, Inc. Reports Earnings for Quarter Ended December 31, 2024

    American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the three months ended December 31, 2024. For the three months ended December 31, 2024, we reported net loss attributable to common shares of $0.2 million or $0.01 per diluted share, compared to net loss attributable to common shares of $2.1 million or $0.13 per diluted share for the same period in 2023. Financial Highlights Total occupancy was 81% at December 31, 2024, which includes 94% at our multifamily properties and 53% at our commercial properties. On October 18, 2024, we completed a 45,000 square foot lease at Stanford Center. This is the first new lease at the property following our major re

    $ARL
    $TCI
    Other Consumer Services
    Real Estate
    Real Estate Investment Trusts
  • Transcontinental Realty Investors, Inc Announces Number of Shares Received in Tender Offer Which Expired January 29, 2025

    Transcontinental Realty Investors, Inc. (NYSE:TCI) announced today that at the extended scheduled expiration time on January 29, 2025 at 5 pm local New York City time, the Depositary for the previously announced tender offer to purchase up to 100,000 shares of common stock, par value $0.01 per share (the "Shares") of Income Opportunity Realty Investors, Inc. (NYSE:IOR) for $18 per Share, net to the seller in cash without interest and less any required withholding taxes (the "Offer"), at least 21,128 Shares had been validly tendered and not withdrawn from the tender offer. Equiniti Trust Company, LLC, as the Depositary for the Offer, advised that of the Shares finally tendered, approximate

    $IOR
    $TCI
    Real Estate Investment Trusts
    Real Estate

$ARL
$TCI
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$ARL
$TCI
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$ARL
$TCI
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$ARL
$TCI
SEC Filings

See more

$ARL
$TCI
Leadership Updates

Live Leadership Updates

See more
  • Pillar Income Asset Management Announces Appointment of Erik Johnson as President and Chief Executive Officer

    Pillar Income Asset Management ("Pillar") is pleased to announce the appointment of Erik Johnson as President and Chief Executive Officer, effective immediately. In addition, Mr. Johnson was also appointed President and Chief Executive Officer of American Realty Investors, Inc. (NYSE:ARL), Transcontinental Realty Investors, Inc. (NYSE:TCI), and Income Opportunity Realty Investors, Inc. (NYSE:IOR), collectively referred to herein as the "Companies", which are each managed by Pillar. Mr. Johnson has served Pillar as Interim President since April 2023 and as Executive Vice and Chief Financial Officer since June 2020. He has also served as Executive Vice President and Chief Financial Officer

    $ARL
    $IOR
    $MAC
    $TCI
    Other Consumer Services
    Real Estate
    Real Estate Investment Trusts

$ARL
$TCI
Financials

Live finance-specific insights

See more
  • Pillar Income Asset Management and Affiliates Announce New President and CEO

    Pillar Income Asset Management ("Pillar") is pleased to announce that Bradley J. Muth has joined the Company as President & Chief Executive Officer. In addition, Mr. Muth was also recently appointed as President & Chief Executive Officer of American Realty Investors, Inc., Transcontinental Realty Investors, Inc., and Income Opportunity Realty Investors, Inc. (collectively referred to herein as the "Companies"), which are each managed by Pillar. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220111005907/en/Bradley Muth, Pillar Income Asset Management's newly appointed President and CEO. (Photo: Business Wire) Mr. Muth will work w

    $ARL
    $IOR
    $TCI
    Other Consumer Services
    Real Estate
    Real Estate Investment Trusts

$ARL
$TCI
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more