American Realty Investors, Inc. Reports First Quarter 2009 Results.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- American Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Investors, Inc. (NYSE NYSE See: New York Stock Exchange :ARL ARL - ASSET Reuse Library ), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2009. ARL announced today that the Company reported net income applicable to common shares of ($7.2) million or ($0.64) per diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of which includes gain on sale of real estate from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $4.8 million, as compared to a net income applicable to common shares of $59.8 million or $4.60 per diluted earnings per share which includes gain on sale of real estate from discontinued operations of $111.4 million for the same period ended 2008. Results of operations for the three months ended March 31, 2009 as compared to the same period ended 2008. Rental and other property revenues increased by $3.5 million as compared to the prior period, which by segment was an increase in the apartment portfolio of $2.8 million and an increase in the commercial portfolio of $2.0 million, offset by a decrease in the hotel portfolio of $0.9 million, a decrease in the land portfolio of $0.3 million and a decrease in the other portfolio of $0.1 million. Depreciation and amortization increased $1.0 million as compared to the prior period, which by segment was an increase in the apartment portfolio of $0.7 million and an increase in the commercial portfolio of $0.3 million. Other income increased $2.8 million as compared to the prior period. The majority of the increase of $2.3 million is from the gains on our disposition of our investment in the Korean REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . In addition, we had $0.5 of nonrecurring income. Mortgage and loan interest expense decreased $1.6 million as compared to the prior period, which by segment is a decrease in the apartment portfolio of $0.4 million, a decrease in the commercial portfolio of $0.4 million, a decrease in the land portfolio of $0.8 million and a decrease in the other portfolio of $0.1 million, offset by an increase in the hotel portfolio of $0.1 million. Earnings from unconsolidated subsidiaries decreased $5.1 million as compared to prior period. The decrease is attributable to the lack of activity within the entities. In the prior period, these entities had large non-recurring gains from the sale of properties. Provisions for allowance on notes receivable and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. decreased $11.6 million as compared to the prior period. In the prior period, we posted a provision for doubtful collections on our receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed of $5.0 million and a $7.0 million reserve against certain investments within our portfolio. Loss from discontinued operations decreased $13.8 million as compared to the prior period. There are only two properties in discontinued operations for 2009 as compared to 30 for 2008. Gain on sale of real estate from discontinued operations decreased $106.6 million. In the current period, we sold one income producing property as compared to 17 properties sold during the first quarter of 2008. About American Realty Investors, Inc. American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, hotels, shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and developed and undeveloped land. We invest in real estate through direct equity ownership and partnerships nationwide. For more information, go to ARL's web site at www.amrealtytrust.com. [TABLE OMITTED] [TABLE OMITTED] |
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