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American Realty Investors Inc. Reports Operating Results (10-Q)

November 13, 2009 | About:
10qk

10qk

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American Realty Investors Inc. (ARL) filed Quarterly Report for the period ended 2009-09-30.

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 $98.6 million; its shares were traded at around $8.77 with and P/S ratio of 0.6.

Highlight of Business Operations:

Rental and other property revenues increased by $0.6 million as compared to the prior year period which by segment was an increase in the apartment portfolio of $2.7 million, offset by a decrease in the commercial portfolio of $1.5 million, a decrease in the hotel portfolio of $1.2 million, a decrease in the land portfolio of $0.3 million and an increase in the other portfolio of $0.9 million. Within the apartment portfolio, $3.2 million increase was due to developed properties in the lease up phase and $0.1 million increase from newly acquired properties, offset by a $0.6 million decrease in the same property portfolio. Within the commercial portfolio, $1.4 million increase was due to newly acquired properties and a $0.1 million increase from the same properties.

Property operating expenses decreased by $2.1 million as compared to prior year period which by segment is a decrease in the apartment portfolios of $0.3 million, commercial portfolio of $1.2 million, hotel portfolio of $0.5 million and land and other portfolio of $0.1 million. Within the apartment portfolio, decreases came from same properties which decreased $0.7 million, and developed properties increased by $0.4 million. Within the commercial properties the same properties decreased $2.4 million and the acquired properties increased $1.2 million.

Depreciation and amortization increased $1.0 million as compared to the prior year 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 developed properties increased $0.7 million. Within the commercial portfolio, the same properties increased $0.1 million and the acquired properties increased $0.2 million.

Mortgage and loan interest expense increased $1.1 million as compared to the prior year period which by segment is an increase in the apartment portfolio of $1.5 million, a decrease in the commercial portfolio of $0.2 million, an increase in the land portfolio of $0.9 million and a decrease in the other portfolio of $1.1 million. Within the apartment portfolio, the same properties decreased $0.3 million, offset by an increase in the developed properties of $1.8 million. Within the commercial portfolio, the same properties decreased $0.1 million and the acquired properties decreased $0.1 million.

For the nine months ended September 30, 2009, we reported a net loss applicable to common shares of ($46.3) million or ($4.13) per diluted earnings per share, as compared to a net income applicable to common shares of $38.3 million or $3.64 per diluted earnings per share for the same period ended 2008.

Rental and other property revenues increased by $5.8 million as compared to the prior year period which by segment was an increase in the apartment portfolio of $9.5 million and an increase in the commercial portfolio of $2.1 million, offset by a decrease in the hotel portfolio of $3.5 million, a decrease in the land portfolio of $1.6 million and a decrease in the other portfolio of $0.7 million. Within the apartment portfolio the increase was attributable to a $10.8 million from developed properties in the lease up phase and $0.9 million from newly acquired properties, offset by a $2.2 million decrease in the same property portfolio. Within the commercial portfolio the increase was attributable to a $3.3 million increase from newly acquired properties and a $1.2 million decrease from the same properties.

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