American Realty Investors Q1 net income drops to $3.0M from $11.3M YoY

AMERICAN REALTY INVESTORS INC

2023-Q1 EPS reported $0.18 revenue$11,688,000

Net income attributable to common shares was $3.0M ($0.18 diluted EPS) vs $11.3M ($0.70) in Q1 2022.
Rental revenues increased to $11.0M from $7.5M, driven by multifamily acquisitions offset by commercial declines.
Total occupancy 80% (multifamily 92%, commercial 59%) as of March 31, 2023.
Paid off $67.4M Series C bonds in Jan and $43.1M Series A/B bonds in May 2023; subsidiary exited Tel-Aviv Stock Exchange.
Entered agreement to develop a 240-unit multifamily property in Lake Wales, FL for ~$55.3M, funded partly by $33.0M construction loan.

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 March 31, 2023 results: revenue $11.0 million, net income $3.0 million, EPS $0.18 per diluted share.

Period: the three months ended March 31, 2023
Revenue: $11.0 million
Net income: $3.0 million
EPS: $0.18 per diluted share
Result: reported results

Exact text from the filing

Capital Ltd. withdrew from the Tel-Aviv Stock Exchange . Financial Results Rental revenues increased $3.5 million from $7.5 million for the three months ended March 31, 2022 to $11.0 million for the three months ended March 31, 2023 . The increase in rental revenue is primarily due to $4.1 million increase at our multifamily properties offset in part by a decrease of

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Source: SEC EDGAR

accession 0001102238-23-000014

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