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Article Excerpt
American Realty Investors, Inc. (NYSE:ARL), a Dallas-based real estate investment company, reported a net loss for the six months ended June 30, 2009. ARL announced that the Company reported a net loss applicable to common shares of ($36.1) million or $(3.22) per diluted earnings per share for the six months ended June 30, 2009, as compared to a net income applicable to common shares of $46.7 million or $4.46 per diluted earnings per share which includes gain on sale of real estate from discontinued operations of $115.1 million for the same period ended 2008.
In addition, the Company reported a net loss applicable to common shares for the three months ended June 30, 2009. ARL reported a net loss applicable to common shares of ($28.9) million or ($2.57) per diluted earnings per share, as compared to a net income applicable to common shares of ($13.1) million or ($1.25) per diluted earnings per share for the same period ended 2008. Comparison of the three months ended June 30, 2009 as compared to the same period ended 2008 Rental and other property revenues increased by $1.0 million as compared to the prior year period which by segment was an increase in the apartment portfolio of $2.9 million, offset by a decrease in the commercial portfolio of $0.2 million, a decrease in the hotel portfolio of $0.5 million, a decrease in the land portfolio of $0.5 million and a decrease in the other portfolio of $0.7 million. Within the apartment portfolio, the $3.5 million increase was due to developed properties in the lease up phase and $0.2 million from newly acquired properties, offset by a $0.8 million decrease in the same property portfolio. Within the...
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