AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 

    For the Three Months Ended  
    March 31,  
    2017     2016  
    (dollars in thousands, except per share amounts)  
Revenues:            
Rental and other property revenues (including $190 and $173 for the three months ended 2017 and 2016, respectively, from related parties)   $ 31,822     $ 29,205  
                 
Expenses:                
Property operating expenses (including $237 and $210 for the three months ended 2017 and 2016, respectively, from related parties)     16,265       15,216  
Depreciation and amortization     6,330       5,830  
General and administrative (including $962 and $918 for the three months ended 2017 and 2016, respectively, from related parties)     2,031       2,025  
Net income fee to related party     60       72  
Advisory fee to related party     2,659       2,738  
Total operating expenses     27,345       25,881  
Net operating income     4,477       3,324  
                 
Other income (expenses):                
Interest income (including $4,476 and $4,528 for the three months ended 2017 and 2016, respectively, from related parties)     4,792       5,291  
Other income     1,443       298  
Mortgage and loan interest (including $1,511 and $1,092 for the three months ended 2017 and 2016, respectively, from related parties)     (16,796 )     (14,214 )
Foreign currency transaction loss     (323 )      
Earnings from unconsolidated subsidiaries and investees     55       155  
Total other expenses     (10,829 )     (8,470 )
Loss before gain on land sales, non-controlling interest, and taxes     (6,352 )     (5,146 )
Loss on sale of income producing properties           (244 )
Gain on land sales     445       1,652  
Net loss from continuing operations before taxes     (5,907 )     (3,738 )
Income tax benefit           1  
Net loss from continuing operations     (5,907 )     (3,737 )
Discontinued operations:                
Net income from discontinued operations           3  
Income tax expense from discontinued operations           (1 )
Net income from discontinued operations           2  
Net loss     (5,907 )     (3,735 )
Net income attributable to non-controlling interest     193       530  
Net loss attributable to American Realty Investors, Inc.     (5,714 )     (3,205 )
Preferred dividend requirement     (275 )     (497 )
Net loss applicable to common shares   $ (5,989 )   $ (3,702 )
                 
Earnings per share - basic                
Net loss from continuing operations   $ (0.39 )   $ (0.24 )
                 
Earnings per share - diluted                
Net loss from continuing operations   $ (0.39 )   $ (0.24 )
                 
Weighted average common shares used in computing earnings per share     15,514,360       15,514,360  
Weighted average common shares used in computing diluted earnings per share     15,514,360       15,514,360  
                 
Amounts attributable to American Realty Investors, Inc.                
Net loss from continuing operations   $ (5,714 )   $ (3,207 )
Net income from discontinued operations           2  
Net loss applicable to American Realty Investors, Inc.   $ (5,714 )   $ (3,205 )

 

 

 

AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS

 

    March 31,
2017
    December 31,
2016
 
    (dollars in thousands, except share and par value amounts)  
Assets            
Real estate, at cost   $ 1,035,008     $ 1,017,684  
Real estate subject to sales contracts at cost     48,323       48,919  
Less accumulated depreciation     (171,607 )     (165,597 )
Total real estate     911,724       901,006  
Notes and interest receivable:                
Performing (including $121,173 in 2017 and $125,799 in 2016 from related parties)     138,733       143,601  
Less allowance for estimated losses (including $15,537 in 2017 and 2016 from related parties)     (17,037 )     (17,037 )
Total notes and interest receivable     121,696       126,564  
Cash and cash equivalents     55,284       17,522  
Restricted cash     31,259       38,399  
Investments in unconsolidated joint ventures and investees     6,141       6,087  
Receivable from related party     22,064       24,672  
Other assets     65,557       60,659  
Total assets   $ 1,213,725     $ 1,174,909  
                 
Liabilities and Shareholders’ Equity                
Liabilities:                
Notes and interest payable   $ 830,742     $ 845,107  
Notes related to real estate held for sale     376       376  
Notes related to real estate subject to sales contracts     4,177       5,612  
Bond and interest payable     71,975        
Deferred revenue (including $70,945 in 2017 and $70,935 in 2016 to related parties)     91,390       91,380  
Accounts payable and other liabilities (including $10,793 in 2017 and $10,854 in 2016 to related parties)     45,183       56,303  
Total liabilities     1,043,843       998,778  
                 
Shareholders’ equity:                
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 shares in 2017 and 2016 (liquidation preference $10 per share), including 900,000 shares in 2017 and 2016 held by ARL.     2,205       2,205  
Common stock, $0.01 par value, authorized 100,000,000 shares; issued 15,930,145 shares and outstanding 15,514,360 in 2017 and 2016, including 140,000 shares held by TCI (consolidated) in 2017 and 2016.     159       159  
Treasury stock at cost; 415,785 shares in 2017 and 2016, and 140,000 shares held by TCI (consolidated) as of 2017 and 2016     (6,395 )     (6,395 )
Paid-in capital     111,168       111,510  
Retained earnings     8,684       14,398  
Total American Realty Investors, Inc. shareholders’ equity     115,821       121,877  
Non-controlling interest     54,061       54,254  
Total shareholders’ equity     169,882       176,131  
Total liabilities and shareholders’ equity   $ 1,213,725     $ 1,174,909  

 

 

 

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