American Realty Investors, Inc. Reports Second Quarter 2010 Results
American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2010. ARL announced today that the Company reported a net loss applicable to common shares of ($26.9) million or ($2.33) per share, as compared to a net loss applicable to common shares of ($36.1) million or ($3.14) per share for the same period ended 2009.
Rental and other property revenues were $85.9 million for the six months ended June 30, 2010. This represents a decrease of $3.8 million, as compared to the prior period revenues of $89.7 million. This change, by segment, is a decrease in the apartment portfolio of $0.3 million, a decrease in the commercial portfolio of $2.5 million, a decrease in the hotel portfolio of $1.6 million and a decrease in the land portfolio of $0.3 million, offset by an increase in the other portfolio of $0.9 million.
Property operating expenses were $52.8 million for the six months ended June 30, 2010. This represents an increase of $1.2 million, as compared to the prior period operating expenses of $51.6 million. This change, by segment, is an increase in our commercial properties of $0.2 million and an increase in our land and other segments of $2.8 million, offset by a decrease in our apartments of $1.1 million and a decrease in our hotels of $0.7 million.
Other income was $1.9 million for the six months ended June 30, 2010. This represents a decrease of $2.0 million, as compared to the prior period other income of $3.9 million. The majority of the decrease was due to $2.3 million recorded, in the prior period, as a gain on the disposition of our investment in the Korean REIT.Provision on impairment of notes receivable, investments in real estate partnerships, and real estate assets decreased by $30.6 million as compared to prior period. There were no impairment reserves taken in the current period. Impairment in the prior period was recorded as an additional loss of $1.8 million in the commercial portfolio, $19.1 million in land we currently hold and $9.7 million in land that was sold for a loss in subsequent periods.
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