Financial Performance - Net income attributable to common shares increased to $1.2 million or $0.07 per diluted share for Q2 2024, compared to $0.1 million or $0.01 per diluted share in Q2 2023, representing a significant increase of 1,100%[2][5] - Net operating loss decreased by $2.6 million from $3.9 million in Q2 2023 to $1.3 million in Q2 2024, attributed to lower general and administrative expenses[4] - The company reported a net operating loss of $1.3 million for Q2 2024, a significant improvement compared to a loss of $3.9 million in Q2 2023[4] Revenue and Occupancy - Total revenue for the six months ended June 30, 2024, was $23.7 million, down from $23.9 million for the same period in 2023[8] - Rental revenues decreased by $0.2 million from $11.4 million in Q2 2023 to $11.2 million in Q2 2024, primarily due to a $0.5 million decrease in commercial properties[4] - Total occupancy rate was 78% as of June 30, 2024, with multifamily properties at 93% occupancy and commercial properties at 48%[3] Expenses - General and administrative expenses dropped from $3.7 million in Q2 2023 to $1.6 million in Q2 2024, a reduction of approximately 57%[8] - Interest income decreased from $7.9 million in Q2 2023 to $4.8 million in Q2 2024, a decline of about 39%[8] Investments and Financing - Equity in income from unconsolidated joint ventures increased from $0.3 million in Q2 2023 to $0.5 million in Q2 2024, a growth of approximately 71%[8] - The company replaced an existing loan on Forest Grove with a new $6.6 million loan at SOFR plus 1.85%, maturing on July 10, 2031[3]
American Realty Investors(ARL) - 2024 Q2 - Quarterly Results