American Realty Investors, Inc. reports Earnings for Quarter Ended March 31, 2023
11 Maio 2023 - 6:00PM
Business Wire
American Realty Investors, Inc. (NYSE:ARL) is reporting its
results of operations for the quarter ended March 31, 2023. For the
three months ended March 31, 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
$11.3 million or $0.70 per diluted share for the same period in
2022.
Financial Highlights
- Total occupancy was 80% at March 31, 2023, which includes 92%
at our multifamily properties and 59% at our commercial
properties.
- On January 31, 2023, we paid off our $67.4 million Series C
bonds from cash received from the sale of the VAA Sale
Portfolio.
- On March 15, 2023, we entered into an agreement to develop a
240 unit multifamily property in Lake Wales, Florida that is
expected to be completed in 2025 for a total cost of approximately
$55.3 million. The cost of construction will be funded in part by a
$33.0 million construction loan. As of March 31, 2023, we have
incurred a total of $8.6 million in development costs.
- On May 4, 2023, we paid off the remaining $43.1 million
balances of the Series A and Series B Bonds. In connection with the
repayment of the bonds, our wholly-owned subsidiary, Southern
Properties Capital Ltd. withdrew from the Tel-Aviv Stock
Exchange.
Financial Results
Rental revenues increased $3.5 million from $7.5 million for the
three months ended March 31, 2022 to $11.0 million for the three
months ended March 31, 2023. The increase in rental revenue is
primarily due to a $4.1 million increase at our multifamily
properties offset in part by a decrease of $0.6 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 $1.4 million from $4.5 million for
three months ended March 31, 2022 to $3.1 million for the three
months ended March 31, 2023. The decrease in net operating loss is
primarily due to the $3.5 million increase in rental revenue as
noted above offset in part by an increase of $2.8 million in
property operating and depreciation expenses. The increase in
property and depreciation expenses is due to the acquisition of the
VAA Holdback Portfolio.
Net income attributable to common shares decreased $8.3 million
from $11.3 million for the three months ended March 31, 2022 to
$3.0 million for the three months ended March 31, 2023. The
decrease in net income is primarily attributed to $11.1 million
gain on sale or write down of assets in 2022, offset in part by
approximately $2.0 million of noncontrolling interest. The gain on
sale or write down of assets is primarily due to the sale of
Toulon, a 240 unit multifamily property in Gautier, Mississippi, 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,
2023
2022
Revenues: Rental revenues
$
11,009
$
7,481
Other income
679
306
Total revenue
11,688
7,787
Expenses: Property operating expenses
6,106
4,028
Depreciation and amortization
3,102
2,349
General and administrative
3,161
2,720
Advisory fee to related party
2,405
3,185
Total operating expenses
14,774
12,282
Net operating loss
(3,086
)
(4,495
)
Interest Income
11,503
6,782
Interest expense
(6,348
)
(6,167
)
Gain on foreign currency transactions
971
3,772
Loss on early extinguishment of debt
-
(1,639
)
Equity in income from unconsolidated joint ventures
2,419
5,194
Gain on sale or write-down of assets, net
-
11,148
Income tax provision
(1,240
)
(28
)
Net income
4,219
14,567
Net income attributable to noncontrolling interest
(1,241
)
(3,253
)
Net income attributable to the common shares
$
2,978
$
11,314
Earnings per share - basic Basic and diluted
$
0.18
$
0.70
Weighted average common shares used in computing earnings per share
Basic and diluted
16,512,043
16,152,043
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005554/en/
American Realty Investors, Inc. Investor Relations Erik Johnson
(469) 522-4200 Investor.relations@americanrealtyinvest.com
American Realty Investors (NYSE:ARL)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
American Realty Investors (NYSE:ARL)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024