American Realty Investors Inc. (ARL, Financial) filed Quarterly Report for the period ended 2009-03-31.
American Realty Investors Inc. is engaged in investing in equity interests in real estate leases joint venture development projects and partnerships and to a lesser extent financing real estate and real estate activities through investments in mortgage loans including first wraparound and junior mortgage loans. American Realty Investors Inc. has a market cap of $123.5 million; its shares were traded at around $11 with and P/S ratio of 0.7.
Rental and other property revenues increased by $3.5 million as compared to the prior period which by segment was an increase in the apartment portfolio of $2.8 million and an increase in the commercial portfolio of $2.0 million, offset by a decrease in the hotel portfolio of $0.9 million, a decrease in the land portfolio of $0.3 million and a decrease in the other portfolio of $0.1 million. Within the apartment portfolio the increase was attributable to a $3.2 million increase from developed properties in the lease up phase and $0.2 million from newly acquired properties, offset by a $0.6 million decrease in the same property portfolio. Within the commercial portfolio the increase was attributable to a $1.7 million increase from newly acquired properties and a $0.3 million increase from the same properties.
Depreciation and amortization increased $1.0 million as compared to the prior period which by segment was an increase in the apartment portfolio of $0.7 million and an increase in the commercial portfolio of $0.3 million. Within the apartment portfolio, the same properties increased $0.1 million and the developed properties increased $0.6 million. Within the commercial portfolio the acquired properties increased $0.3 million.
Other income increased $2.8 million as compared to the prior period. The majority of the increase of $2.3 million is from the gains on our disposition of our investment in the Korean REIT. In addition, we had $0.5 of nonrecurring income.
Mortgage and loan interest expense decreased $1.6 million as compared to the prior period which by segment is a decrease in the apartment portfolio of $0.4 million, a decrease in the commercial portfolio of $0.4 million, a decrease in the land portfolio of $0.8 million and a decrease in the other portfolio of $0.1 million, offset by an increase in the hotel portfolio of $0.1 million. Within the apartment portfolio, the same properties decreased $1.6 million, offset by an increase in the developed properties of $1.2 million. Within the commercial portfolio, the same properties increased $0.2 million and the acquired properties increased $0.2 million.
Provisions for allowance on notes receivable and impairment decreased $11.6 million as compared to the prior period. In the prior period, we posted a provision for doubtful collections on our receivables of $5.0 million and a $7.0 million reserve for against certain investments within our portfolio.
Read the The complete Report
American Realty Investors Inc. is engaged in investing in equity interests in real estate leases joint venture development projects and partnerships and to a lesser extent financing real estate and real estate activities through investments in mortgage loans including first wraparound and junior mortgage loans. American Realty Investors Inc. has a market cap of $123.5 million; its shares were traded at around $11 with and P/S ratio of 0.7.
Highlight of Business Operations:
For the three months ended March 31, 2009, we reported a net loss applicable to common shares of ($7.2) million or ($0.64) per diluted earnings per share, as compared to a net income applicable to common shares of $59.8 million or $4.60 per diluted earnings per share for the same period ended 2008.Rental and other property revenues increased by $3.5 million as compared to the prior period which by segment was an increase in the apartment portfolio of $2.8 million and an increase in the commercial portfolio of $2.0 million, offset by a decrease in the hotel portfolio of $0.9 million, a decrease in the land portfolio of $0.3 million and a decrease in the other portfolio of $0.1 million. Within the apartment portfolio the increase was attributable to a $3.2 million increase from developed properties in the lease up phase and $0.2 million from newly acquired properties, offset by a $0.6 million decrease in the same property portfolio. Within the commercial portfolio the increase was attributable to a $1.7 million increase from newly acquired properties and a $0.3 million increase from the same properties.
Depreciation and amortization increased $1.0 million as compared to the prior period which by segment was an increase in the apartment portfolio of $0.7 million and an increase in the commercial portfolio of $0.3 million. Within the apartment portfolio, the same properties increased $0.1 million and the developed properties increased $0.6 million. Within the commercial portfolio the acquired properties increased $0.3 million.
Other income increased $2.8 million as compared to the prior period. The majority of the increase of $2.3 million is from the gains on our disposition of our investment in the Korean REIT. In addition, we had $0.5 of nonrecurring income.
Mortgage and loan interest expense decreased $1.6 million as compared to the prior period which by segment is a decrease in the apartment portfolio of $0.4 million, a decrease in the commercial portfolio of $0.4 million, a decrease in the land portfolio of $0.8 million and a decrease in the other portfolio of $0.1 million, offset by an increase in the hotel portfolio of $0.1 million. Within the apartment portfolio, the same properties decreased $1.6 million, offset by an increase in the developed properties of $1.2 million. Within the commercial portfolio, the same properties increased $0.2 million and the acquired properties increased $0.2 million.
Provisions for allowance on notes receivable and impairment decreased $11.6 million as compared to the prior period. In the prior period, we posted a provision for doubtful collections on our receivables of $5.0 million and a $7.0 million reserve for against certain investments within our portfolio.
Read the The complete Report
