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, 2012. ARL announced today that the Company reported net income applicable to common shares of $4.1 million or $0.16 per diluted earnings per share, as compared to a net income applicable to common shares of $13.8 million or $0.80 per diluted earnings per share for the same period ended 2011. Included in the net income applicable to common shares of $4.1 million is $5.4 million in depreciation and amortization expense for the three months ended June 30, 2012. For the same period ending June 30, 2011, included in the net income applicable to common shares of $13.8 million is $5.0 million in depreciation and amortization expense and $0.4 million of impairment reserves on real estate assets and notes receivable.
Rental and other property revenues were $31.0 million for the three months ended June 30, 2012. This represents an increase of $1.7 million, as compared to the prior period revenues of $29.3 million. This change, by segment, is an increase in the apartment portfolio of $3.2 million, offset by decrease in the commercial portfolio of $1.4 million and decrease in the land and other portfolios of $0.1 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 $1.0 million in the same property portfolio. Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging over 95%. Within the commercial portfolio, the same property portfolio decreased by $1.4 million. 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.
General and administrative expenses were $0.9 million for the three months ended June 30, 2012. This represents a decrease of $2.8 million, as compared to the prior period expenses of $3.7 million. The majority of the reduction relates to land and corporate expenses as professional services decreased by $2.5 million and cost reimbursements to our Advisor decreased by $0.3 million.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV