ARL Q3 net income jumps to $302.3M on $1.8B VAA property sale, distribution of $182.8M

AMERICAN REALTY INVESTORS INC

2022-Q3 EPS reported $20.43 revenue$24,235,000

Net income attributable to ARL: $302.3M ($18.72 diluted EPS) vs $19.4M ($1.20) in Q3 2021.
VAA joint venture sold 45 properties for $1.8B, generating $738.7M gain; ARL received initial $182.8M distribution.
Rental revenues decreased to $7.6M from $9.6M YoY; net operating loss narrowed to $3.2M from $5.2M.
Stabilized occupancy 94% (multifamily 96%, commercial 68%); rent collection 99% in Q3.
Sold Sugar Mill Phase III for $11.8M, gain $1.9M; proceeds used to pay off $9.6M mortgage.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERICAN REALTY INVESTORS INC reported the three months ended September 30, 2022 results: net income $302.3 million, EPS $18.72 per diluted share.

Period: the three months ended September 30, 2022
Net income: $302.3 million
EPS: $18.72 per diluted share
Result: reported results

Exact text from the filing

For the three months ended September 30, 2022, we reported net income attributable to the Company of $302.3 million or $18.72 per diluted share, compared to net income of $19.4 million or $1.20 per diluted share for the same period in 2021.

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Source: SEC EDGAR

accession 0001102238-22-000028

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