American Realty Investors, Inc. reports Earnings for Quarter Ended September 30, 2023
Financial Highlights
-
Total occupancy was
79% at September 30, 2023, which includes96% at our multifamily properties and49% at our commercial properties. -
On August 28, 2023, we paid off the
loan on$1.2 million Athens . -
On November 6, 2023, we obtained a
construction loan to build a 216 unit multifamily property in$25.4 million McKinney, Texas .
Financial Results
Rental revenues increased
Net operating loss decreased
Net income attributable to common shares decreased
About American Realty Investors, Inc.
American Realty Investors, Inc., a
AMERICAN REALTY INVESTORS, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Dollars in thousands, except per share amounts) |
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(Unaudited) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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|
|
2022 |
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|
|
2023 |
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|
|
2022 |
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Revenues: | ||||||||||||||||
Rental revenues | $ |
11,838 |
|
$ |
7,570 |
|
$ |
34,236 |
|
$ |
22,310 |
|
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Other income |
|
688 |
|
|
749 |
|
|
2,217 |
|
|
1,925 |
|
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Total revenue |
|
12,526 |
|
|
8,319 |
|
|
36,453 |
|
|
24,235 |
|
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Expenses: | ||||||||||||||||
Property operating expenses |
|
7,443 |
|
|
4,701 |
|
|
20,580 |
|
|
12,541 |
|
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Depreciation and amortization |
|
3,313 |
|
|
2,193 |
|
|
9,615 |
|
|
6,840 |
|
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General and administrative |
|
1,579 |
|
|
3,042 |
|
|
8,424 |
|
|
7,956 |
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Advisory fee to related party |
|
2,295 |
|
|
1,571 |
|
|
6,883 |
|
|
7,614 |
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Total operating expenses |
|
14,630 |
|
|
11,507 |
|
|
45,502 |
|
|
34,951 |
|
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Net operating loss |
|
(2,104 |
) |
|
(3,188 |
) |
|
(9,049 |
) |
|
(10,716 |
) |
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Interest income |
|
9,008 |
|
|
7,035 |
|
|
25,201 |
|
|
19,937 |
|
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Interest expense |
|
(1,954 |
) |
|
(4,044 |
) |
|
(7,574 |
) |
|
(13,301 |
) |
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Gain on foreign currency transactions |
|
- |
|
|
1,533 |
|
|
993 |
|
|
19,437 |
|
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Loss on extinguishment of debt |
|
- |
|
|
(1,166 |
) |
|
(1,710 |
) |
|
(2,805 |
) |
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Equity in income from unconsolidated joint ventures |
|
234 |
|
|
464,143 |
|
|
2,946 |
|
|
471,385 |
|
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(Loss) gain on sale or write-down of assets, net |
|
(32 |
) |
|
1,539 |
|
|
156 |
|
|
16,580 |
|
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Income tax provision |
|
(1,127 |
) |
|
(81,548 |
) |
|
(2,416 |
) |
|
(81,616 |
) |
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Net income |
|
4,025 |
|
|
384,304 |
|
|
8,547 |
|
|
418,901 |
|
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Net income attributable to noncontrolling interest |
|
(1,037 |
) |
|
(82,015 |
) |
|
(2,456 |
) |
|
(88,986 |
) |
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Net income attributable to the common shares | $ |
2,988 |
|
$ |
302,289 |
|
$ |
6,091 |
|
$ |
329,915 |
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Earnings per share | . | |||||||||||||||
Basic and diluted | $ |
0.18 |
|
$ |
18.72 |
|
$ |
0.38 |
|
$ |
20.43 |
|
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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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View source version on businesswire.com: https://www.businesswire.com/news/home/20231109013267/en/
American Realty Investors, Inc.
Investor Relations
Erik Johnson (469) 522-4200
Investor.relations@americanrealtyinvest.com
Source: American Realty Investors, Inc.