American Realty Investors, Inc. reports Earnings for Q4 2021
Financial Highlights
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We collected approximately
97% of our rents for the three months endedDecember 31, 2021 , comprised of approximately96% from multifamily tenants and approximately99% from office tenants.
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Total occupancy was
91% atDecember 31, 2021 , which includes95% at our multifamily properties and70% at our commercial properties.
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On
November 17, 2021 , we entered into a Major Decision with Macquarie to engage a broker and initiate a sale of all the properties held by the VAA joint venture. In connection with the sale, VAA will distribute seven of its existing properties to us, and we in turn, will contribute one of our properties into the VAA Portfolio. The remaining forty-five properties will be sold to third party. The Major Decision agreement will expire onAugust 1, 2022 , if the VAA Portfolio has not been sold.
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On
January 14, 2022 , we sold Toulon, a 240 unit multifamily property inGautier, Mississippi , for . The proceeds were used to pay off the mortgage note payable on the property and for general corporate purposes.$26.8 million
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On
March 3, 2022 , we extended our loan on Stanford Center to$39.0 million February 26, 2023 .
Financial Results
Rental revenues decreased
Net operating loss increased
Net loss attributable to common shares increased
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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2021 |
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2020 |
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2021 |
|
2020 |
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Revenues: | ||||||||||||||||
Rental revenues | $ |
7,625 |
|
$ |
17,448 |
|
$ |
37,808 |
|
$ |
51,909 |
|
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Other incomes |
|
989 |
|
|
1,770 |
|
|
4,231 |
|
|
7,117 |
|
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Total revenue |
|
8,614 |
|
|
19,218 |
|
|
42,039 |
|
|
59,026 |
|
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Expenses: | ||||||||||||||||
Property operating expenses |
|
4,360 |
|
|
5,853 |
|
|
20,860 |
|
|
24,360 |
|
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Depreciation and amortization |
|
2,397 |
|
|
4,417 |
|
|
11,870 |
|
|
14,755 |
|
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General and administrative |
|
3,143 |
|
|
2,656 |
|
|
15,942 |
|
|
10,614 |
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Advisory fee to related party |
|
2,391 |
|
|
2,354 |
|
|
13,985 |
|
|
9,409 |
|
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Total operating expenses |
|
12,291 |
|
|
15,280 |
|
|
62,657 |
|
|
59,138 |
|
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Net operating (loss) income |
|
(3,677 |
) |
|
3,938 |
|
|
(20,618 |
) |
|
(112 |
) |
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Interest Income |
|
6,033 |
|
|
6,639 |
|
|
23,421 |
|
|
23,098 |
|
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Interest expense |
|
(6,604 |
) |
|
(8,709 |
) |
|
(29,080 |
) |
|
(35,004 |
) |
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Loss on foreign currency transactions |
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(7,360 |
) |
|
(14,152 |
) |
|
(6,175 |
) |
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(13,378 |
) |
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Loss on extinguishment of debt |
|
- |
|
|
- |
|
|
(1,451 |
) |
|
- |
|
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Equity in income (loss) from unconsolidated joint venture |
|
3,183 |
|
|
263 |
|
|
14,634 |
|
|
(379 |
) |
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Gain on sale or write-down of assets, net |
|
382 |
|
|
12,093 |
|
|
24,647 |
|
|
36,895 |
|
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Income tax provision |
|
(129 |
) |
|
493 |
|
|
1,067 |
|
|
147 |
|
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Net (loss) income |
|
(8,172 |
) |
|
565 |
|
|
6,445 |
|
|
11,267 |
|
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Net income attributable to noncontrolling interest |
|
1,368 |
|
|
(162 |
) |
|
(3,098 |
) |
|
(2,237 |
) |
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Net (loss) income attributable to common shares | $ |
(6,804 |
) |
$ |
403 |
|
$ |
3,347 |
|
$ |
9,030 |
|
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Earnings per share - basic | ||||||||||||||||
Basic and diluted | $ |
(0.42 |
) |
$ |
0.03 |
|
$ |
0.21 |
|
$ |
0.56 |
|
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Weighted average common shares used in computing earnings per share | ||||||||||||||||
Basic and diluted |
|
16,152,043 |
|
|
16,045,796 |
|
|
16,152,043 |
|
|
16,045,796 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005939/en/
Investor Relations
Investor.relations@americanrealtyinvest.com
Source: