AMERICAN REALTY TRUST REPORTS YEAR END RESULTS
AMERICAN REALTY TRUST REPORTS YEAR END RESULTS DALLAS, May 4 /PRNewswire/ -- American Realty Trust, Inc.
(NYSE: ARB) today announced operating results for the year ended Dec. 31, 1991. The company recorded a net loss of $2.9 million, or $1.36 per share, on revenues of $12.6 million for 1991, compared with a net loss of $16.4 million, or $7.73 per share, on revenues of $15.3 million for 1990.
Net rental income increased from $1.4 million in 1990 to $2.4 million in 1991. This increase is primarily due to the company's December 1990 acquisition, through foreclosure, of a property in Minnesota and the May 1990 acquisition of a property in Wisconsin. Interest income decreased by $2.4 million from 1990 to 1991. The decrease is primarily due to foreclosures on mortgage notes receivable in late 1990 and further reductions in mortgages receivable as the result of principal paydowns and nonperforming loans in 1991. The company's 1991 results include an extraordinary gain of $7.6 million from the discounted payoff of the line of credit with First City. The company recorded a gain on sale of real estate of $1.3 million in 1991 compared with a gain of $1.0 million in 1990. American Realty recorded a $5.3 million provision for losses in 1991, compared with a $6.5 million provision in 1990. The 1991 provision is attributable to the write-off of two mortgage loans secured by a commercial property in South Carolina, a mortgage receivable secured by an apartment complex in Alabama and $3.5 million related to performance obligations of the company. A spokesman for the company called the greatly reduced loss for 1991 "a sign that the company had weathered the storms of adversity brought on by the bankruptcy of its former controlling shareholder, Southmark, and the real estate depression. Though the sea of tranquility is still a way off, the company is now master of its own destiny." American Realty Trust, Inc. is a real estate investment company which primarily invests in mortgage loans, real estate and real estate- related entities. AMERICAN REALTY TRUST, INC. Financial Highlights (in thousands, except share and per share data) Years ended Dec. 31, 1991 1990 Revenues $ 12,609 $ 15,327 (Loss) before gain on sale of real estate and extraordinary gain (11,778) (17,362) Gain on sale of real estate 1,271 983 Extraordinary gain 7,628 - Net (loss) $ (2,879) $(16,379) Earns. per share (loss) before gain on sale of real estate and extraordinary gain $ (5.56) $ (8.20) Gain on sale of real estate 0.60 0.47 Extraordinary gain 3.60 - Net (loss) $ (1.36) $ (7.73) Wtd. avg. common shares used in computing earnings per share 2,117,699 2,118,160 -0- 5/4/92 /CONTACT: Kevin LeBlanc of American Realty Trust, 214-692-4800/ (ARB) CO: American Realty Trust Inc. ST: Texas IN: FIN SU: ERN
SH -- NY052 -- 5979 05/04/92 11:24 EDT
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|Date:||May 4, 1992|
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