American Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022
13 Maio 2022 - 5:30PM
Business Wire
American Realty Investors, Inc. (NYSE:ARL) is reporting its
results of operations for the quarter ended March 31, 2022. For the
three months ended March 31, 2022, we reported net income
attributable to the Company of $11.3 million or $0.70 per diluted
share, compared to $18.1 million or $1.12 per diluted share for the
same period in 2021.
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 in Gautier, 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 to February 26, 2023.
Financial Results
Rental revenues decreased $2.9 million from $10.4 million for
the three months ended March 31, 2021 to $7.5 million for the three
months ended March 31, 2022. The decrease in rental revenue is
primarily due to the sale of 600 Las Colinas in 2021.
Net operating loss increased $1.5 million from $3.0 million for
three months ended March 31, 2021 to $4.5 million for the three
months ended March 31, 2022. The increase in net operating loss is
primarily due to the sale of 600 Las Colinas in 2021.
Net income attributable to the Company decreased $6.8 million
from $18.1 million for the three months ended March 31, 2021 to
$11.3 million for the three months ended March 31, 2022. The
decrease in net income is primarily attributed to the decrease in
gain on sale of land 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
March 31,
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220513005274/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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