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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, 2011. ARL announced today that the Company reported net loss applicable to common shares of $9.8 million or $0.86 per diluted earnings per share, as compared to a net loss applicable to common shares of $12.5 million or $1.09 per diluted earnings per share for the same period ended 2010.
Rental and other property revenues were $38.7 million for the three months ended March 31, 2011. This represents a decrease of $1.5 million, as compared to the prior period revenues of $40.2 million. This change, by segment, is a decrease in the commercial portfolio of $2.2 million, a decrease in the hotel portfolio of $0.3 million, and a decrease in the land and other portfolios of $0.1 million, offset by an increase in the apartment portfolio of $1.1 million. Within the apartment portfolio, there was an increase of $0.5 million due to the developed properties in the lease-up phase and an increase of $0.6 million in the same property portfolio. Within the commercial and hotel portfolios, the decrease is attributable to increased vacancies due to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Property operating expenses were $23.3 million for the three months ended March 31, 2011. This represents a decrease of $1.3 million, as compared to the prior period operating expenses of $24.6 million. This change, by segment, is a decrease in our commercial properties of $0.3 million, a decrease in our apartment portfolio of $0.6 million, a decrease in our hotels of $0.1 million and a decrease in our in our land and other segments of $0.3 million. The Company has taken great strides to reduce costs and increase efficiency for repairs and maintenance of the properties.