Line of Credit 
Print FormatAmerican Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022
Financial Highlights
-
We collected approximately 98% of our rents for the three months ended
March 31, 2022 , comprised of approximately 98% from multifamily tenants and approximately 96% from office tenants. -
Total occupancy was 90% at
March 31, 2022 , which includes 94% at our multifamily properties and 70% at our commercial properties. -
On
January 14, 2022 , we sold Toulon, a 240 unit multifamily property inGautier, Mississippi for$26.8 million , resulting in gain on sale of$9.4 million . We used the proceeds to pay off the$14.7 million mortgage note payable on the property and for general corporate purposes. -
On
March 3, 2022 , our$38.8 million loan on Stanford Center was extended toFebruary 26, 2023 .
Financial Results
Rental revenues decreased
Net operating loss increased
Net income attributable to the Company decreased
About American Realty Investors, Inc. (ARL)
American Realty Investors, Inc. (ARL), a
| AMERICAN REALTY INVESTORS, INC. (ARL) | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Dollars in thousands, except per share amounts) (Unaudited) |
|||||||||
Three Months Ended |
|||||||||
|
|||||||||
2022 |
|
2021 |
|||||||
| Revenues: | |||||||||
| Rental revenues | $ |
7,481 |
|
$ |
10,361 |
|
|||
| Other incomes |
|
306 |
|
|
1,467 |
|
|||
| Total revenue |
|
7,787 |
|
|
11,828 |
|
|||
| Expenses: | |||||||||
| Property operating expenses |
|
4,028 |
|
|
5,832 |
|
|||
| Depreciation and amortization |
|
2,349 |
|
|
3,327 |
|
|||
| General and administrative |
|
2,720 |
|
|
3,235 |
|
|||
| Advisory fee to related party |
|
3,185 |
|
|
2,436 |
|
|||
| Total operating expenses |
|
12,282 |
|
|
14,830 |
|
|||
| Net operating loss |
|
(4,495 |
) |
|
(3,002 |
) |
|||
| Interest Income |
|
6,782 |
|
|
5,644 |
|
|||
| Interest expense |
|
(6,167 |
) |
|
(7,738 |
) |
|||
| Gain on foreign currency transactions |
|
3,772 |
|
|
7,617 |
|
|||
| Loss on extinguishment of debt |
|
(1,639 |
) |
|
- |
|
|||
| Equity in income from unconsolidated joint venture |
|
5,194 |
|
|
3,336 |
|
|||
| Gain on sale or write-down of assets, net |
|
11,148 |
|
|
17,398 |
|
|||
| Income tax provision |
|
(28 |
) |
|
(40 |
) |
|||
| Net income |
|
14,567 |
|
|
23,215 |
|
|||
| Net income attributable to noncontrolling interest |
|
(3,253 |
) |
|
(5,147 |
) |
|||
| Net income attributable to the Company | $ |
11,314 |
|
$ |
18,068 |
|
|||
| Earnings per share | |||||||||
| Basic and diluted | $ |
0.70 |
|
$ |
1.12 |
|
|||
| Weighted average common shares used in computing earnings per share | |||||||||
| Basic and diluted |
|
16,152,043 |
|
|
16,152,043 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220513005274/en/
Source: American Realty Investors, Inc. (ARL)
