American Realty Investors, Inc. reports Earnings for Q4 2021
29 Março 2022 - 7:15PM
Business Wire
American Realty Investors, Inc. (NYSE:ARL) is reporting its
results of operations for the quarter ended December 31, 2021. For
the three months ended December 31, 2021, we reported net loss
attributable to common shares of $6.8 million or $0.42 per diluted
share, compared to net income attributable to common shares of $0.4
million or $0.03 per diluted share for the same period in 2020.
Financial Highlights
- We collected approximately 97% of our rents for the three
months ended December 31, 2021, comprised of approximately 96% from
multifamily tenants and approximately 99% from office tenants.
- Total occupancy was 91% at December 31, 2021, which includes
95% at our multifamily properties and 70% at our commercial
properties.
- On November 17, 2021, we entered into a Major Decision with
Macquarie to engage a broker and initiate a sale of all the
properties held by the VAA joint venture. In connection with the
sale, VAA will distribute seven of its existing properties to us,
and we in turn, will contribute one of our properties into the VAA
Portfolio. The remaining forty-five properties will be sold to
third party. The Major Decision agreement will expire on August 1,
2022, if the VAA Portfolio has not been sold.
- On January 14, 2022, we sold Toulon, a 240 unit multifamily
property in Gautier, Mississippi, for $26.8 million. The proceeds
were used to pay off the mortgage note payable on the property and
for general corporate purposes.
- On March 3, 2022, we extended our $39.0 million loan on
Stanford Center to February 26, 2023.
Financial Results
Rental revenues decreased $9.8 million from $17.4 million for
the three months ended December 31, 2020 to $7.6 million for the
three months ended December 31, 2021. The decrease in rental
revenue is primarily due to the receipt of a $5.9 million lease
termination payment at Browning Place in 2020 and a decline in
occupancy in our commercial properties.
Net operating loss increased $7.6 million from net operating
income of $3.9 million for three months ended December 31, 2020 to
net operating loss of $3.7 million for the three months ended
December 31, 2021. The increase in net operating loss is primarily
due to the lease termination payment at Browning Place in 2020 and
an increase in legal fees in 2021.
Net loss attributable to common shares increased $7.2 million
from net income of $0.4 million for the three months ended December
31, 2020 to net loss of $6.8 million for the three months ended
December 31, 2021. The increase in net loss is primarily attributed
to the lease termination payment at Browning Place in 2020, an
increase in legal fees in 2021 and a decrease in gain on sale of
assets, offset in part by a decrease in loss on foreign currency
transactions in 2021.
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)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2021
2020
2021
2020
Revenues:
Rental revenues
$
7,625
$
17,448
$
37,808
$
51,909
Other incomes
989
1,770
4,231
7,117
Total revenue
8,614
19,218
42,039
59,026
Expenses: Property
operating expenses
4,360
5,853
20,860
24,360
Depreciation and amortization
2,397
4,417
11,870
14,755
General and administrative
3,143
2,656
15,942
10,614
Advisory fee to related party
2,391
2,354
13,985
9,409
Total operating expenses
12,291
15,280
62,657
59,138
Net operating (loss) income
(3,677
)
3,938
(20,618
)
(112
)
Interest Income
6,033
6,639
23,421
23,098
Interest expense
(6,604
)
(8,709
)
(29,080
)
(35,004
)
Loss on foreign currency transactions
(7,360
)
(14,152
)
(6,175
)
(13,378
)
Loss on extinguishment of debt
-
-
(1,451
)
-
Equity in income (loss) from unconsolidated joint venture
3,183
263
14,634
(379
)
Gain on sale or write-down of assets, net
382
12,093
24,647
36,895
Income tax provision
(129
)
493
1,067
147
Net (loss) income
(8,172
)
565
6,445
11,267
Net income attributable to noncontrolling interest
1,368
(162
)
(3,098
)
(2,237
)
Net (loss) income attributable to common shares
$
(6,804
)
$
403
$
3,347
$
9,030
Earnings per share - basic
Basic and diluted
$
(0.42
)
$
0.03
$
0.21
$
0.56
Weighted average common shares used in computing earnings per
share
Basic and diluted
16,152,043
16,045,796
16,152,043
16,045,796
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version on businesswire.com: https://www.businesswire.com/news/home/20220329005939/en/
American Realty Investors, Inc. Investor Relations Erik Johnson
(800) 400-6407 Investor.relations@americanrealtyinvest.com
American Realty Investors (NYSE:ARL)
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