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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, 2012. ARL announced today that the Company reported net loss applicable to common shares of $7.5 million or $0.65 per diluted earnings per share, as compared to a net loss applicable to common shares of $9.8 million or $0.85 per diluted earnings per share for the same period ended 2011. Included in the net loss applicable to common shares of $7.5 million is $5.7 million in depreciation and amortization expense for the three months ended March 31, 2012. For the same period ending March 31, 2011, included in the net loss applicable to common shares of $9.8 million is $7.2 million in depreciation and amortization expense and $6.1 million of impairment reserves on real estate assets and notes receivable.
Rental and other property revenues were $30.3 million for the three months ended March 31, 2012. This represents an increase of $2.4 million, as compared to the prior period revenues of $27.9 million. This change, by segment, is an increase in the apartment portfolio of $2.7 million, offset by decrease in the commercial portfolio of $0.1 million and decrease in the land and other portfolios of $0.2 million. Within the apartment portfolio, there was an increase of $2.2 million due to the developed properties in the lease-up phase and an increase of $0.5 million in the same property portfolio. Within the commercial portfolio, the same property portfolio decreased by $0.1 million. Over the past several years, we have directed our efforts to apartment development and put some of our land development projects on hold until the economic conditions turn around. 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.