Attached files
| file | filename |
|---|---|
| 8-K - AMERICAN REALTY INVESTORS INC | ari8k051817.htm |
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 | ||||