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 third quarter ended September 30, 2012. ARL announced today that the Company reported a net loss applicable to common shares of $0.05 million or $0.00 per diluted earnings per share, as compared to a net loss applicable to common shares of $0.3 million or $0.03 per diluted earnings per share for the same period ended 2011. Included in the net loss applicable to common shares of $0.05 million is $5.5 million in depreciation and amortization expense for the three months ended September 30, 2012. For the same period ending September 30, 2011, included in the net loss applicable to common shares of $0.3 million is $5.2 million in depreciation and amortization expense.
For the past year and a half, ARL has shown an unwavering commitment to fortify our portfolio and streamline our operational activity; all while maintaining our commitment to creating value. ARL is pleased that we are seeing improved results from these endeavors and will continue to adapt to market challenges with an eye on both near term economic challenges and long term prospects as the real estate market improves.
Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging over 95%. 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.
Revenue and operating expenses remained consistent for the three months ended September 30, 2012, as compared to the prior period.
General and administrative expenses were $1.5 million for the three months ended September 30, 2012. This represents a decrease of $2.1 million, as compared to the prior period expenses of $3.6 million. The majority of the reduction in general and administrative expenses is related to land and corporate expenses as professional services decreased by $1.8 million and cost reimbursements to our Advisor decreased by $0.3 million.