American Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2024
American Realty Investors, Inc. (NYSE:ARL) reported its Q2 2024 results, showing a net income of $1.2 million or $0.07 per diluted share, up from $0.1 million or $0.01 per diluted share in Q2 2023. Total occupancy was 78%, with 93% in multifamily and 49% in commercial properties. Rental revenues slightly decreased to $11.2 million from $11.4 million year-over-year. The company's net operating loss improved, decreasing from $3.9 million to $1.3 million. This improvement was primarily due to reduced general and administrative expenses related to repaid bonds. ARL also refinanced its Forest Grove property with a $6.6 million loan at SOFR plus 1.85%, maturing in 2031.
American Realty Investors, Inc. (NYSE:ARL) ha riportato i risultati del secondo trimestre 2024, mostrando un reddito netto di 1.2 milioni di dollari o $0.07 per azione diluita, in aumento rispetto a $0.1 milioni o $0.01 per azione diluita nel secondo trimestre 2023. Il tasso di occupazione totale era del 78%, con il 93% negli immobili multifamiliari e il 49% in quelli commerciali. I ricavi da affitto sono leggermente diminuiti a 11.2 milioni di dollari rispetto a 11.4 milioni di dollari nell'anno precedente. La perdita operativa netta dell'azienda è migliorata, scendendo da 3.9 milioni a 1.3 milioni. Questo miglioramento è stato principalmente dovuto alla riduzione delle spese generali e amministrative relative ai bond rimborsati. ARL ha anche rifinanziato la sua proprietà di Forest Grove con un prestito di 6.6 milioni di dollari a SOFR più 1.85%, in scadenza nel 2031.
American Realty Investors, Inc. (NYSE:ARL) informó sobre sus resultados del segundo trimestre de 2024, mostrando un ingreso neto de 1.2 millones de dólares o $0.07 por acción diluida, un aumento respecto a $0.1 millones o $0.01 por acción diluida en el segundo trimestre de 2023. La ocupación total fue del 78%, con un 93% en propiedades multifamiliares y un 49% en propiedades comerciales. Los ingresos por alquileres disminuyeron levemente a 11.2 millones de dólares desde 11.4 millones de dólares interanualmente. La pérdida neta de operación de la empresa mejoró, disminuyendo de 3.9 millones a 1.3 millones. Esta mejora se debió principalmente a la reducción de los gastos generales y administrativos relacionados con los bonos pagados. ARL también refinanció su propiedad de Forest Grove con un préstamo de 6.6 millones de dólares a SOFR más 1.85%, con vencimiento en 2031.
American Realty Investors, Inc. (NYSE:ARL)는 2024년 2분기 결과를 보고하며 120만 달러의 순이익 또는 희석주당 0.07달러를 기록했다고 발표했습니다. 이는 2023년 2분기 10만 달러 또는 희석주당 0.01달러에서 증가한 수치입니다. 전체 점유율은 78%였으며, 다가구 주택에서 93%, 상업용 부동산에서 49%를 기록했습니다. 임대 수익은 전년 대비 1140만 달러에서 1120만 달러로 약간 감소했습니다. 회사의 순 운영 손실은 390만 달러에서 130만 달러로 개선되었습니다. 이러한 개선은 주채권 상환과 관련된 일반 및 관리 비용이 줄어든 데 주로 기인합니다. ARL은 또한 Forest Grove 부동산을 660만 달러 대출로 재융자했으며, 이는 SOFR 플러스 1.85%로 2031년에 만료됩니다.
American Realty Investors, Inc. (NYSE:ARL) a publié ses résultats du deuxième trimestre 2024, montrant un revenu net de 1,2 million de dollars ou 0,07 dollar par action diluée, en hausse par rapport à 0,1 million de dollars ou 0,01 dollar par action diluée au deuxième trimestre 2023. Le taux d'occupation global était de 78%, avec 93% dans le secteur résidentiel multifamilial et 49% dans les propriétés commerciales. Les revenus locatifs ont légèrement diminué, passant de 11,4 millions de dollars à 11,2 millions de dollars d'une année sur l'autre. La perte opérationnelle nette de l'entreprise s'est améliorée, diminuant de 3,9 millions de dollars à 1,3 million de dollars. Cette amélioration était principalement due à la réduction des dépenses générales et administratives liées aux obligations remboursées. ARL a également refinancé sa propriété de Forest Grove avec un prêt de 6,6 millions de dollars à SOFR plus 1,85%, arrivant à échéance en 2031.
American Realty Investors, Inc. (NYSE:ARL) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht, mit einem Nettoeinkommen von 1,2 Millionen US-Dollar oder 0,07 US-Dollar pro verwässerter Aktie, ein Anstieg von 0,1 Millionen US-Dollar oder 0,01 US-Dollar pro verwässerter Aktie im zweiten Quartal 2023. Die gesamte Belegung betrug 78%, mit 93% in Mehrfamilienhäusern und 49% in Gewerbeimmobilien. Die Mieteinnahmen sanken leicht auf 11,2 Millionen US-Dollar von 11,4 Millionen US-Dollar im Jahresvergleich. Der Netto-Betriebsverlust des Unternehmens verbesserte sich und sank von 3,9 Millionen auf 1,3 Millionen US-Dollar. Diese Verbesserung war hauptsächlich auf reduzierte allgemeine und administrative Ausgaben zurückzuführen, die mit zurückgezahlten Anleihen verbunden waren. ARL refinanzierte auch sein Forest Grove-Objekt mit einem Darlehen von 6,6 Millionen US-Dollar zu SOFR zuzüglich 1,85%, fällig im Jahr 2031.
- Net income increased to $1.2 million from $0.1 million year-over-year
- Earnings per share improved to $0.07 from $0.01 year-over-year
- Net operating loss decreased by $2.6 million to $1.3 million
- Multifamily property revenues increased by $0.3 million
- High occupancy rate of 93% in multifamily properties
- Overall rental revenues decreased by $0.2 million to $11.2 million
- Commercial property revenues decreased by $0.5 million
- Total occupancy at 78%, with commercial properties at only 49%
- Decrease in interest income reported
Insights
The Q2 2024 earnings report for American Realty Investors (ARL) shows mixed results. While net income increased to
Rental revenues decreased by
ARL's Q2 2024 results reflect the diverging trends in the multifamily and commercial real estate sectors. The
The refinancing of the Forest Grove property with a
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
$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.
FAQ
What was American Realty Investors' (ARL) net income for Q2 2024?
How did ARL's rental revenues change in Q2 2024 compared to Q2 2023?
What was the occupancy rate for ARL's properties as of June 30, 2024?
How did ARL's net operating loss change in Q2 2024?
