American Realty Investors, Inc. reports Earnings for Quarter Ended December 31, 2024
Financial Highlights
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Total occupancy was 77% at
December 31, 2023 , which includes 92% at our multifamily properties and 49% at our commercial properties. -
On
November 6, 2023 , we entered into a$25.4 million construction loan to construct a 216 unit multifamily property inMcKinney, Texas ("Merano") that bears interest at prime plus 0.25% and matures onNovember 6, 2028 . Merano is expected to be completed in 2025 for a total cost of approximately$51.9 million . As ofDecember 31, 2023 , we have incurred a total of$7.2 million in development costs. -
On
December 15, 2023 , we entered into a$23.5 million construction loan to construct a 216 unit multifamily property inTemple, Texas ("Bandera Ridge ") that bears interest at SOFR plus 3% and matures onDecember 15, 2028 .Bandera Ridge is expected to be completed in 2025 for a total cost of approximately$49.6 million . As ofDecember 31, 2023 , we have incurred a total of$3.1 million in development costs. -
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 income decreased
Net income attributable to common shares decreased
About
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Dollars in thousands, except per share amounts) |
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Three Months Ended
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Twelve Months Ended
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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 |
$ |
12,787 |
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$ |
11,770 |
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$ |
47,023 |
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$ |
34,080 |
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Other income |
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1,260 |
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1,539 |
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3,477 |
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3,464 |
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Total revenue |
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14,047 |
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13,309 |
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50,500 |
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37,544 |
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Expenses: | ||||||||||||||||
Property operating expenses |
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7,316 |
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5,798 |
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27,896 |
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18,339 |
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Depreciation and amortization |
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4,031 |
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2,846 |
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13,646 |
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9,686 |
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General and administrative |
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1,587 |
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2,077 |
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10,011 |
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10,033 |
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Advisory fee to related party |
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3,304 |
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1,139 |
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10,187 |
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8,753 |
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Total operating expenses |
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16,238 |
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11,860 |
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61,740 |
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46,811 |
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Net operating (loss) income |
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(2,191 |
) |
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1,449 |
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(11,240 |
) |
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(9,267 |
) |
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Interest Income |
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1,646 |
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6,621 |
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26,847 |
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26,559 |
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Interest expense |
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(1,928 |
) |
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(4,227 |
) |
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(9,502 |
) |
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(17,529 |
) |
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Gain on foreign currency transactions |
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- |
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630 |
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|
993 |
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20,067 |
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Loss on early extinguishment of debt |
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- |
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- |
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(1,710 |
) |
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(2,805 |
) |
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Equity in (loss) income from unconsolidated joint ventures |
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296 |
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(2,117 |
) |
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3,242 |
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469,268 |
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(Loss) Gain on sale or write-down of assets, net |
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(2,079 |
) |
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70,552 |
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(1,923 |
) |
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87,132 |
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Income tax provision |
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960 |
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(16,492 |
) |
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(1,456 |
) |
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(98,108 |
) |
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Net (loss ) income |
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(3,296 |
) |
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56,416 |
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5,251 |
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475,317 |
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Net income attributable to noncontrolling interest |
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1,173 |
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(12,982 |
) |
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(1,283 |
) |
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(101,968 |
) |
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Net (loss) income attributable to the common shares |
$ |
(2,123 |
) |
$ |
43,434 |
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$ |
3,968 |
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$ |
373,349 |
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Earnings per share - basic | ||||||||||||||||
Basic and diluted |
$ |
(0.13 |
) |
$ |
2.69 |
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$ |
0.25 |
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$ |
23.11 |
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Weighted average common shares used in computing earnings per share | ||||||||||||||||
Basic and diluted |
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16,152,043 |
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16,152,043 |
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16,152,043 |
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16,152,043 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240321838017/en/
Investor Relations
investor.relations@americanrealtyinvest.com
Source: