DALLAS, August 08, 2024--(BUSINESS WIRE)--American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the three months ended June 30, 2024. For the three months ended June 30, 2024, we reported net income attributable to common shares of $1.2 million or $0.07 per diluted share, compared to net income attributable to common shares of $0.1 million or $0.01 per diluted share for the same period in 2023.

Financial Highlights

• Total occupancy was 78% at June 30, 2024, which includes 93% at our multifamily properties and 49% at our commercial properties.

• On July 10, 2024, we replaced the existing loan on Forest Grove with a $6.6 million loan that bears interest at SOFR plus 1.85% and matures on July 10, 2031.

Financial Results

Rental revenues decreased $0.2 million from $11.4 million for the three months ended June 30, 2023 to $11.2 million for the three months ended June 30, 2024. The decrease in rental revenue is primarily due to an increase of $0.3 million from our multifamily properties offset in part by a decrease of $0.5 million from the commercial properties. The increase in revenue from the multifamily properties is primarily due to the lease-up of Landing on Bayou Cane.

Net operating loss decreased $2.6 million from $3.9 million for the three months ended June 30, 2023 to $1.3 million for the three months ended June 30, 2024. The decrease in net operating loss is primarily due to a decrease in general and administrative expenses associated with our bonds payable, which were repaid in 2023.

Net income attributable to common shares increased $1.0 million from $0.1 million for the three months ended June 30, 2023 to $1.2 million for the three months ended June 30, 2024. The increase in net income is primarily attributed to a decrease in general administrative expenses and loss on extinguishment in debt offset in part by a decrease in interest income.

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.