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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, 2013. ARL announced today that the Company reported net gain applicable to common shares of $7.7 million or $0.67 per diluted earnings per share, as compared to a net gain applicable to common shares of $4.1 million or $0.35 per diluted earnings per share for the same period ended 2012.
The Company has shown an unwavering commitment to fortify our portfolio and streamline our operational activity; while at the same time maintaining our commitment to creating value. We are pleased that we are seeing improvements in our operations 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 work aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants. We have seen positive signs from the commercial market within the last three months, with new leases being signed and an increase in traffic and we look forward to growth in our commercial products in the near future.
Rental and other property revenues have remained in line during the three months ended June 30, 2013 as they were in the prior period.
Property operating expenses were $12.5 million for the three months ended June 30, 2013. This represents a decrease of $0.8 million, as compared to the prior period expense of $13.3 million. Within the apartment portfolio, there was an increase of $0.2 million in the same properties due to an increase in real estate taxes for several properties in the current period. Within the commercial portfolio, the same properties decreased by $1.2 million due to real estate tax refunds from protests and litigations for several properties.