American Realty Investors, Inc. reports Earnings for Quarter Ended March 31, 2024
Financial Highlights
-
Total occupancy was 79% at
March 31, 2024 , which includes 94% at our multifamily properties and 49% at our commercial properties. -
On
February 8, 2024 , we extended the maturity of our loan onWindmill Farms toFebruary 28, 2026 at an interest rate of 7.50%.
Financial Results
Rental revenues increased
Net operating loss decreased
Net income attributable to common shares decreased
About
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended |
||||||||
2024 |
2023 |
|||||||
Revenues: | ||||||||
Rental revenues |
$ |
11,279 |
|
$ |
11,009 |
|
||
Other income |
|
620 |
|
|
679 |
|
||
Total revenue |
|
11,899 |
|
|
11,688 |
|
||
Expenses: | ||||||||
Property operating expenses |
|
6,634 |
|
|
6,106 |
|
||
Depreciation and amortization |
|
3,172 |
|
|
3,102 |
|
||
General and administrative |
|
1,408 |
|
|
3,161 |
|
||
Advisory fee to related party |
|
2,202 |
|
|
2,405 |
|
||
Total operating expenses |
|
13,416 |
|
|
14,774 |
|
||
Net operating loss |
|
(1,517 |
) |
|
(3,086 |
) |
||
Interest income |
|
5,733 |
|
|
8,295 |
|
||
Interest expense |
|
(1,922 |
) |
|
(3,140 |
) |
||
Gain on foreign currency transactions |
|
- |
|
|
971 |
|
||
Equity in income from unconsolidated joint ventures |
|
483 |
|
|
2,419 |
|
||
Income tax provision |
|
(475 |
) |
|
(1,240 |
) |
||
Net income |
|
2,302 |
|
|
4,219 |
|
||
Net income attributable to noncontrolling interest |
|
(551 |
) |
|
(1,241 |
) |
||
Net income attributable to common shares |
$ |
1,751 |
|
$ |
2,978 |
|
||
Earnings per share | ||||||||
Basic and diluted |
$ |
0.11 |
|
$ |
0.18 |
|
||
Weighted average common shares used in computing earnings per share | ||||||||
Basic and diluted |
|
16,152,043 |
|
|
16,152,043 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509492274/en/
Investor Relations
investor.relations@americanrealtyinvest.com
Source: