American Realty Investors(ARL) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to common shares for Q3 2024 was a loss of $17.5 million or$1.08 per diluted share, compared to a net income of $3.0 million or$0.18 per diluted share in Q3 2023[1][5]. - Total revenue for Q3 2024 was $11.6 million, down from$12.5 million in Q3 2023[7]. - Net operating loss for Q3 2024 was $2.1 million, consistent with the loss reported in Q3 2023[4]. - General and administrative expenses were$1.59 million in Q3 2024, slightly up from $1.58 million in Q3 2023[7]. - The weighted average common shares used in computing earnings per share remained constant at 16,152,043 for both Q3 2024 and Q3 2023[7]. Occupancy and Rental Revenue - Total occupancy as of September 30, 2024, was 79$0.8 million from $11.8 million in Q3 2023 to$11.1 million in Q3 2024, primarily due to lower occupancy in commercial properties[3]. - A new lease at Stanford Center, covering 45,000 square feet, is expected to increase occupancy by 14% and rent per square foot by 20% over recent expired leases[2]. Development and Financing - A $27.5 million construction loan was obtained for the development of a 234-unit multifamily property in Dallas, Texas, expected to be completed in 2026[2]. Legal and Settlement Issues - The company accrued a loss of$23.4 million related to the settlement of claims with David Clapper and related entities[2][5].