American Realty Investors, Inc. Reports Third Quarter 2010 Results
American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, today reported results of operations for the third quarter ended September 30, 2010. ARL announced today that the Company reported net loss applicable to common shares of $36.5 million or $3.17 per diluted earnings per share, as compared to a net loss applicable to common shares of $46.3 million or $4.02 per diluted earnings per share for the same period ended 2009.
Rental and other property revenues were $122.7 million for the nine months ended September 30, 2010. This represents a decrease of $2.9 million, as compared to the prior period revenues of $125.6 million. This change, by segment, is a decrease in the commercial portfolio of $4.8 million and a decrease in the hotel portfolio of $2.3 million, offset by an increase in the apartment portfolio of $4.0 million and an increase in the land and other portfolio of $0.2 million. Within the apartment portfolio, the addition of newly constructed apartment complexes has increased our rental revenues $2.7 million, with the same properties increasing by $1.3 million. Within the commercial and hotel portfolio, the same property portfolio decreased due to an increase in vacancy, which we attribute to the current state of the economy.
Property operating expenses were $76.1 million for the nine months ended September 30, 2010. This represents an increase of $2.7 million, as compared to the prior period operating expenses of $73.4 million. This change, by segment, is an increase in our apartment portfolio of $0.8 million and an increase in our land portfolio of $3.2 million, offset by a decrease in our commercial properties of $0.2 million and a decrease in our hotels of $1.1 million. Within the apartment portfolio, the same apartment properties decreased $0.2 million due to a decrease in overall costs and additional repairs and maintenance. The developed apartments increased expenses by $1.0 million. The land portfolio increased due to a prior year real estate tax accrual adjustments that reduced expenses significantly, in comparison to the current year.
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