American Realty Investors, Inc. reports Earnings for Quarter Ended June 30, 2022
12 Agosto 2022 - 5:30PM
Business Wire
American Realty Investors, Inc. (NYSE:ARL) is reporting its
results of operations for the quarter ended June 30, 2022. For the
three months ended June 30, 2022, we reported net income
attributable to the Company of $16.3 million or $1.01 per diluted
share, compared to net loss of $27.3 million or $1.69 per diluted
share for the same period in 2021.
Financial Highlights
- We collected approximately 97% of our rents for the three
months ended June 30, 2022, comprised of approximately 98% from
multifamily tenants and approximately 96% from office tenants.
- Total occupancy was 90% at June 30, 2022, which includes 93% at
our multifamily properties and 69% at our commercial
properties.
Financial Results
Rental revenues decreased $2.9 million from $10.2 million for
the three months ended June 30, 2021 to $7.3 million for the three
months ended June 30, 2022. The decrease in rental revenue is
primarily due to the sale of 600 Las Colinas in 2021 and the sale
of Toulon in the first quarter of 2022.
Net operating loss decreased $5.7 million from $8.8 million for
three months ended June 30, 2021 to $3.0 million for the three
months ended June 30, 2022. The decrease in net operating loss is
primarily due to a reduction of legal costs related to the Clapper
litigation and arbitration settlement in 2021 offset in part by net
operating profit from the sale of 600 Las Colinas in 2021.
Net income attributable to the Company increased $43.6 million
from a net loss $27.3 million for the three months ended June 30,
2021 to net income of $16.3 million for the three months ended June
30, 2022. The increase in net income is primarily attributed to the
$29.6 million arbitration settlement of the Earn Out Obligation in
2021 and $18.9 million increase in gain on foreign currency
transactions due to the improved exchange rate of the U.S. Dollar
to the New Israeli Shekel.
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,
2022
2021
2022
2021
Revenues: Rental revenues
$
7,259
$
10,194
$
14,740
$
20,555
Other income
870
909
1,176
2,376
Total revenue
8,129
11,103
15,916
22,931
Expenses: Property operating expenses
3,812
5,058
7,840
10,890
Depreciation and amortization
2,298
3,211
4,647
6,538
General and administrative
2,194
5,866
4,914
9,101
Advisory fee to related party
2,858
5,739
6,043
8,175
Total operating expenses
11,162
19,874
23,444
34,704
Net operating loss
(3,033
)
(8,771
)
(7,528
)
(11,773
)
Interest Income
9,419
5,616
16,201
11,260
Interest expense
(6,389
)
(7,681
)
(12,556
)
(15,419
)
Gain (loss) on foreign currency transactions
14,132
(4,793
)
17,904
2,824
Loss on extinguishment of debt
-
-
(1,639
)
-
Equity in income from unconsolidated joint venture
2,048
4,572
7,242
7,908
Gain (loss) on sale or write-down of assets, net
3,893
(24,445
)
15,041
(7,047
)
Income tax provision
(40
)
1,841
(68
)
1,801
Net income (loss)
20,030
(33,661
)
34,597
(10,446
)
Net income (loss) attributable to noncontrolling interest
(3,718
)
6,333
(6,971
)
1,186
Net income (loss) attributable to the Company
$
16,312
$
(27,328
)
$
27,626
$
(9,260
)
Earnings per share Basic and diluted
$
1.01
$
(1.69
)
$
1.71
$
(0.57
)
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220812005389/en/
American Realty Investors, Inc. Investor Relations Erik Johnson
(469) 522-4200 Investor.relations@americanrealtyinvest.com
American Realty Investors (NYSE:ARL)
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