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American Realty Investors, Inc. reports Earnings for Quarter Ended September 30, 2022

American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the quarter ended September 30, 2022. For the three months ended September 30, 2022, we reported net income attributable to the Company of $302.3 million or $18.72 per diluted share, compared to net income of $19.4 million or $1.20 per diluted share for the same period in 2021.

Financial Highlights

  • We collected approximately 99% of our rents for the three months ended September 30, 2022, comprised of approximately 98% from multifamily tenants and approximately 99% from office tenants.
  • Total stabilized occupancy was 94% at September 30, 2022, which includes 96% at our multifamily properties and 68% at our commercial properties.
  • On September 16, 2022, VAA completed the sale of 45 properties for $1.8 billion, resulting in gain on sale of $738.7 million to the joint venture. In connection with sale, we received an initial distribution of $182.8 million from VAA. We plan to use our share of the proceeds to invest in income-producing real estate, pay down debt and for general corporate purposes.
  • In connection with the VAA sale, we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge, Louisiana for $11.8 million, resulting in gain on sale of $1.9 million. We used the proceeds to pay off the $9.6 million mortgage note payable on the property and for general corporate purposes.

Financial Results

Rental revenues decreased $2.1 million from $9.6 million for the three months ended September 30, 2021 to $7.6 million for the three months ended September 30, 2022. The decrease in rental revenue is primarily due to the sale of 600 Las Colinas in 2021 and the sale of Toulon in the first quarter of 2022.

Net operating loss decreased $2.0 million from $5.2 million for three months ended September 30, 2021 to $3.2 million for the three months ended September 30, 2022. The decrease in net operating loss is primarily due to a reduction of legal costs related to the Clapper litigation and arbitration settlement in 2021 offset in part by net operating profit from the sale of 600 Las Colinas in 2021.

Net income attributable to the Company increased $282.9 million from $19.4 million for the three months ended September 30, 2021 to $302.3 million for the three months ended September 30, 2022. The increase in net income is primarily attributed to our share of the gain on the sale of the 45 properties by VAA, offset in part by the tax expense from the sale.

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

September 30,
Nine Months Ended

September 30,

2022

2021

2022

2021

 
Revenues:
Rental revenues

$

7,570

 

$

9,628

 

$

22,310

 

$

30,183

 

Other income

 

749

 

 

866

 

 

1,925

 

 

3,242

 

Total revenue

 

8,319

 

 

10,494

 

 

24,235

 

 

33,425

 

Expenses:
Property operating expenses

 

4,701

 

 

5,610

 

 

12,541

 

 

16,500

 

Depreciation and amortization

 

2,193

 

 

2,935

 

 

6,840

 

 

9,473

 

General and administrative

 

3,042

 

 

3,698

 

 

7,956

 

 

12,799

 

Advisory fee to related party

 

1,571

 

 

3,419

 

 

7,614

 

 

11,594

 

Total operating expenses

 

11,507

 

 

15,662

 

 

34,951

 

 

50,366

 

Net operating loss

 

(3,188

)

 

(5,168

)

 

(10,716

)

 

(16,941

)

Interest Income

 

9,482

 

 

6,128

 

 

25,683

 

 

17,388

 

Interest expense

 

(6,491

)

 

(7,057

)

 

(19,047

)

 

(22,476

)

Gain (loss) on foreign currency transactions

 

1,533

 

 

(1,639

)

 

19,437

 

 

1,185

 

Loss on extinguishment of debt

 

(1,166

)

 

(1,451

)

 

(2,805

)

 

(1,451

)

Equity in income from unconsolidated joint ventures

 

464,143

 

 

3,543

 

 

471,385

 

 

11,451

 

Gain on sale or write-down of assets, net

 

1,539

 

 

31,312

 

 

16,580

 

 

24,265

 

Income tax provision

 

(81,548

)

 

(605

)

 

(81,616

)

 

1,196

 

Net income

 

384,304

 

 

25,063

 

 

418,901

 

 

14,617

 

Net income attributable to noncontrolling interest

 

(82,015

)

 

(5,652

)

 

(88,986

)

 

(4,466

)

Net income attributable to the Company

$

302,289

 

$

19,411

 

$

329,915

 

$

10,151

 

Earnings per share
Basic and diluted

$

18.72

 

$

1.20

 

$

20.43

 

$

0.63

 

Weighted average common shares used in computing earnings per share
Basic and diluted

 

16,512,043

 

 

16,152,043

 

 

16,152,043

 

 

16,152,043

 

 

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