American Realty Investors, Inc. reports Earnings for Quarter Ended December 31, 2024
22 3월 2024 - 10:11PM
Business Wire
American Realty Investors, Inc. (NYSE:ARL) is reporting its
results of operations for the quarter ended December 31, 2023. For
the three months ended December 31, 2023, we reported net loss
attributable to common shares of $2.1 million or $0.13 per diluted
share, compared to net income attributable to common shares of
$43.4 million or $2.69 per diluted share for the same period in
2022.
Financial Highlights
- Total occupancy was 77% at December 31, 2023, which includes
92% at our multifamily properties and 49% at our commercial
properties.
- On November 6, 2023, we entered into a $25.4 million
construction loan to construct a 216 unit multifamily property in
McKinney, Texas ("Merano") that bears interest at prime plus 0.25%
and matures on November 6, 2028. Merano is expected to be completed
in 2025 for a total cost of approximately $51.9 million. As of
December 31, 2023, we have incurred a total of $7.2 million in
development costs.
- On December 15, 2023, we entered into a $23.5 million
construction loan to construct a 216 unit multifamily property in
Temple, Texas ("Bandera Ridge") that bears interest at SOFR plus 3%
and matures on December 15, 2028. Bandera Ridge is expected to be
completed in 2025 for a total cost of approximately $49.6 million.
As of December 31, 2023, we have incurred a total of $3.1 million
in development costs.
- On February 8, 2024, we extended the maturity of our loan on
Windmill Farms to February 28, 2026 at an interest rate of
7.50%.
Financial Results
Rental revenues increased $1.0 million from $11.8 million for
the three months ended December 31, 2022 to $12.8 million for the
three months ended December 31, 2023. The increase in rental
revenue is primarily due to a $0.9 million increase at our
multifamily properties and an increase of $0.1 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 income decreased $3.6 million from net operating
income of $1.4 million for three months ended December 31, 2022 to
net operating loss of $2.2 million for the three months ended
December 31, 2023. The decrease in net operating income is
primarily due to an increase of $2.7 million in property operating
and depreciation expenses and an increase of $1.7 million in
general administrative and advisory expenses offset in part by the
$1.0 million increase in rental revenue as noted above.
Net income attributable to common shares decreased $45.6 million
from net income of $43.4 million for the three months ended
December 31, 2022 to a net loss of $2.1 million for the three
months ended December 31, 2023. The decrease in net income is
primarily attributed to the $72.6 million decrease in gain on sale,
remeasurement or write down of assets offset in part by a $17.5
million decrease in tax provision. The decrease in gain on our sale
or write down of assets and tax provision is due to the
remeasurement of the VAA Holdback Portfolio that was acquired 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)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenues: Rental revenues
$
12,787
$
11,770
$
47,023
$
34,080
Other income
1,260
1,539
3,477
3,464
Total revenue
14,047
13,309
50,500
37,544
Expenses: Property operating expenses
7,316
5,798
27,896
18,339
Depreciation and amortization
4,031
2,846
13,646
9,686
General and administrative
1,587
2,077
10,011
10,033
Advisory fee to related party
3,304
1,139
10,187
8,753
Total operating expenses
16,238
11,860
61,740
46,811
Net operating (loss) income
(2,191
)
1,449
(11,240
)
(9,267
)
Interest Income
1,646
6,621
26,847
26,559
Interest expense
(1,928
)
(4,227
)
(9,502
)
(17,529
)
Gain on foreign currency transactions
-
630
993
20,067
Loss on early extinguishment of debt
-
-
(1,710
)
(2,805
)
Equity in (loss) income from unconsolidated joint ventures
296
(2,117
)
3,242
469,268
(Loss) Gain on sale or write-down of assets, net
(2,079
)
70,552
(1,923
)
87,132
Income tax provision
960
(16,492
)
(1,456
)
(98,108
)
Net (loss ) income
(3,296
)
56,416
5,251
475,317
Net income attributable to noncontrolling interest
1,173
(12,982
)
(1,283
)
(101,968
)
Net (loss) income attributable to the common shares
$
(2,123
)
$
43,434
$
3,968
$
373,349
Earnings per share - basic Basic and diluted
$
(0.13
)
$
2.69
$
0.25
$
23.11
Weighted average common shares used in computing earnings per share
Basic and diluted
16,152,043
16,152,043
16,152,043
16,152,043
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version on businesswire.com: https://www.businesswire.com/news/home/20240321838017/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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American Realty Investors (NYSE:ARL)
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