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American Realty Investors(ARL) - 2024 Q1 - Quarterly Results
ARLAmerican Realty Investors(ARL)2024-05-09 17:55

Financial Performance - Net income attributable to common shares decreased by 1.2millionfrom1.2 million from 3.0 million in Q1 2023 to 1.8millioninQ12024,representinga401.8 million in Q1 2024, representing a 40% decline [5]. - Total revenue increased by 0.2 million from 11.7millioninQ12023to11.7 million in Q1 2023 to 11.9 million in Q1 2024, a growth of approximately 1.7% [8]. - Net operating loss decreased by 1.6millionfrom1.6 million from 3.1 million in Q1 2023 to 1.5millioninQ12024,areductionofapproximately51.61.5 million in Q1 2024, a reduction of approximately 51.6% [4]. - Earnings per share decreased from 0.18 in Q1 2023 to 0.11inQ12024,adeclineofapproximately38.90.11 in Q1 2024, a decline of approximately 38.9% [8]. Revenue Sources - Rental revenues rose by 0.3 million from 11.0millioninQ12023to11.0 million in Q1 2023 to 11.3 million in Q1 2024, primarily driven by a 0.7millionincreaseinmultifamilyproperties[4].−Interestincomedecreasedfrom0.7 million increase in multifamily properties [4]. - Interest income decreased from 8.3 million in Q1 2023 to 5.7millioninQ12024,adeclineofabout31.15.7 million in Q1 2024, a decline of about 31.1% [8]. - Equity in income from unconsolidated joint ventures decreased from 2.4 million in Q1 2023 to 0.5millioninQ12024[8].ExpensesandFinancialManagement−Generalandadministrativeexpensesdecreasedfrom0.5 million in Q1 2024 [8]. Expenses and Financial Management - General and administrative expenses decreased from 3.2 million in Q1 2023 to $1.4 million in Q1 2024, a reduction of approximately 55.6% [8]. - The company extended the maturity of its loan on Windmill Farms to February 28, 2026, at an interest rate of 7.50% [3]. Occupancy Rates - Total occupancy was reported at 79% as of March 31, 2024, with multifamily properties at 94% and commercial properties at 49% [3].