American Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2024
Financial Highlights
-
Total occupancy was
78% at June 30, 2024, which includes93% at our multifamily properties and49% at our commercial properties. -
On July 10, 2024, we replaced the existing loan on Forest Grove with a
loan that bears interest at SOFR plus$6.6 million 1.85% and matures on July 10, 2031.
Financial Results
Rental revenues decreased
Net operating loss decreased
Net income attributable to common shares increased
About American Realty Investors, Inc.
American Realty Investors, Inc., a
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, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Revenues: | ||||||||||||
Rental revenues | $ |
11,188 |
$ |
11,389 |
$ |
22,467 |
$ |
22,398 |
||||
Other income |
|
585 |
|
850 |
|
1,205 |
|
1,529 |
||||
Total revenue |
|
11,773 |
|
12,239 |
|
23,672 |
|
23,927 |
||||
Expenses: | ||||||||||||
Property operating expenses |
|
6,624 |
|
7,031 |
|
13,258 |
|
13,137 |
||||
Depreciation and amortization |
|
3,137 |
|
3,200 |
|
6,309 |
|
6,302 |
||||
General and administrative |
|
1,552 |
|
3,684 |
|
2,960 |
|
6,845 |
||||
Advisory fee to related party |
|
1,737 |
|
2,183 |
|
3,939 |
|
4,588 |
||||
Total operating expenses |
|
13,050 |
|
16,098 |
|
26,466 |
|
30,872 |
||||
Net operating loss |
|
(1,277) |
|
(3,859) |
|
(2,794) |
|
(6,945) |
||||
Interest income |
|
4,794 |
|
7,898 |
|
10,527 |
|
16,193 |
||||
Interest expense |
|
(1,913) |
|
(2,480) |
|
(3,835) |
|
(5,620) |
||||
Gain on foreign currency transactions |
|
- |
|
22 |
|
- |
|
993 |
||||
Loss on early extinguishment of debt |
|
- |
|
(1,710) |
|
- |
|
(1,710) |
||||
Equity in income from unconsolidated joint ventures |
|
501 |
|
293 |
|
984 |
|
2,712 |
||||
Gain on sale or write-down of assets, net |
|
- |
|
188 |
|
- |
|
188 |
||||
Income tax provision |
|
(614) |
|
(49) |
|
(1,089) |
|
(1,289) |
||||
Net income |
|
1,491 |
|
303 |
|
3,793 |
|
4,522 |
||||
Net income attributable to noncontrolling interest |
|
(324) |
|
(178) |
|
(875) |
|
(1,419) |
||||
Net income attributable to the common shares | $ |
1,167 |
$ |
125 |
$ |
2,918 |
$ |
3,103 |
||||
Earnings per share | ||||||||||||
Basic and diluted | $ |
0.07 |
$ |
0.01 |
$ |
0.18 |
$ |
0.19 |
||||
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808888034/en/
American Realty Investors, Inc.
Investor Relations
Erik Johnson (469) 522-4200
investor.relations@americanrealtyinvest.com
Source: American Realty Investors, Inc.