American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, today reported results of operations for the fourth quarter ended December 31, 2010. The Company reported net loss applicable to common shares of $97.2 million or $8.48 per share, as compared to a net loss applicable to common shares of $72.6 million or $6.31 per share for the same period ended 2009.
Net loss for the three months ended December 31, 2010 was $60.7 million or $5.35 per share, as compared to a net loss applicable to common shares of $26.3 million or $2.28 per share. The Company took impairment on notes receivable and real estate of $61.3 million in the fourth quarter of 2010, compared to $14.0 million for the same period ended 2009.
Rental and other property revenues were $157.0 million for the twelve months ended December 31, 2010. This represents a decrease of $4.8 million, as compared to the prior period revenues of $161.9 million. This change, by segment, is a decrease in the commercial portfolio of $7.2 million, a decrease in the hotel portfolio of $2.6 million and a decrease in the land portfolio of $1.0 million, offset by an increase in the apartment portfolio of $3.3 million and an increase in the other portfolio of $2.7 million. The commercial and hotel portfolios saw an increase in vacancy, which we attribute to the current state of the economy with some commercial tenants struggling to stay afloat and make their rental payments in the commercial properties along with decreased stays from travelers in the hotel portfolio. We have been successful in our efforts to develop new apartment communities along with operating and leasing our existing apartments. We continue to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.