American Realty Investors, Inc. Reports First Quarter 2010 Results
American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2010. ARL announced today that the Company reported a net loss applicable to common shares of ($12.5) million or ($1.09) per share, as compared to a net loss applicable to common shares of ($7.2) million or ($0.63) per share for the same period ended 2009.
Rental and other property revenues were $44.8 million for the three months ended March 31, 2010. This represents a decrease of $0.7 million as compared to the prior period revenues of $45.5 million. This change, by segment, is an increase in the apartment portfolio of $0.8 million and an increase in the other portfolio of $0.9 million, offset by a decrease in the commercial portfolio of $1.2 million, a decrease in the hotel portfolio of $1.0 million and a decrease in the land portfolio of $0.2 million.
Property operating expenses were $26.3 million for the three months ended March 31, 2010. This represents a decrease of $2.4 million as compared to the prior period operating expenses of $28.7 million. This change, by segment, is a decrease in our apartments of $2.4 million, a decrease in our commercial properties of $0.1 million and a decrease in our hotels of $0.3 million, offset by an increase in our land and other segments of $0.4 million.
Interest income was $1.5 million for the three months ended March 31, 2010. This represents a decrease of $1.1 million as compared to the prior period interest income of $2.6 million. This change is due to the accrued interest recognition on the cash flow notes from Unified Housing Foundation, Inc. On cash flow notes where payments are based upon surplus cash from operations, accrued but unpaid interest income is only recognized to the extent that cash is received. Less cash was received in the current period, as compared to the prior period.
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