This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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, 2011. ARL announced today that the Company reported, for the three months ended June 30, 2011, net income applicable to common shares of $13.8 million or $1.20 per share, as compared to a net loss applicable to common shares of ($14.4) million or ($1.25) per share for the same period ended 2010.
Rental and other property revenues were $37.5 million for the three months ended June 30, 2011. This represents an increase of $1.0 million, as compared to the prior period revenues of $36.5 million. This change, by segment, is an increase in the commercial portfolio of $0.6 million, an increase in the apartment portfolio of $0.7 million, offset by a decrease in the hotel portfolio of $0.3 million. Our apartment portfolio has continued to thrive with the addition of several newly developed properties and continuous improvements within our existing portfolio, which has led to the rental growth in the second quarter. The commercial portfolio received a lease buyout fee in the second quarter of 2011, which led to the increase in comparison to the prior year. The hotel portfolio has suffered from the current state of the economy, resulting in higher vacancy for the hotel rooms and lower room rates.
Property operating expenses were $21.2 million for the three months ended June 30, 2011. This represents a decrease of $2.1 million, as compared to the prior period operating expenses of $23.3 million. This change, by segment, is a decrease in our commercial properties of $0.6 million, a decrease in our apartment portfolio of $0.6 million, and a decrease in our in our land and other segments of $0.9 million. Property management, in both the residential and commercial portfolios, has been diligent in reducing overall costs and unnecessary repair and maintenance expenses without compromising the quality of services provided. We have reduced the number of land development projects that are in progress, thereby reducing expenses from the year prior.