American Realty Investors(US:ARL)2024-08-08 16:02Financing Activities - The company paid off $67.5 million of Series C bonds on January 31, 2023[90]. - A $33.0 million construction loan was secured on March 15, 2023, for the development of a 240-unit multifamily property in Lake Wales, Florida, with an expected total cost of approximately $55.3 million[93]. - A $25.4 million construction loan was entered into on November 6, 2023, for the development of a 216-unit multifamily property in McKinney, Texas, with an expected total cost of approximately $51.9 million[94]. - A $23.5 million construction loan was secured on December 15, 2023, for the development of a 216-unit multifamily property in Temple, Texas, with an expected total cost of approximately $49.6 million[95]. - The company extended the maturity of its loan on Windmill Farms to February 28, 2026, at an interest rate of 7.50%[90]. - The company spent $3.2 million on reimbursable infrastructure investments during 2024[92]. Development Costs - The company has incurred a total of $25.1 million in development costs for the Alera project as of June 30, 2024[93]. - The company has incurred a total of $11.8 million in development costs for the Merano project as of June 30, 2024[94]. - The company has incurred a total of $6.2 million in development costs for the Bandera Ridge project as of June 30, 2024[95]. Revenue and Income - Multifamily segment revenue increased by $269 million to $7,927 million in 2024 compared to $7,658 million in 2023, while commercial segment revenue decreased by $470 million to $3,261 million[103]. - Net income for the three months ended June 30, 2024, was $1,491 million, an increase of $1,188 million compared to $303 million in the same period of 2023[103]. - Funds From Operations (FFO) for the six months ended June 30, 2024, was $9,365 million, compared to $10,251 million in 2023, reflecting a decrease of $886 million[118]. Cash Flow - Net cash provided by operating activities was $3,364 million for the six months ended June 30, 2024, a variance of $11,819 million compared to $(8,455) million in 2023[111]. - Cash used in financing activities decreased by $132.9 million to $(2,354) million in 2024, primarily due to the repayment of bonds in 2023[112]. - The company anticipates sufficient cash and cash equivalents to meet all cash requirements as of June 30, 2024[108]. Expenses - Interest income decreased by $2,537 million to $2,881 million in 2024, primarily due to lower interest rates on UHF notes and Pillar Receivable[105]. - General, administrative, and advisory expenses decreased by $2,578 million to $3,289 million in 2024, attributed to reduced legal and auditing costs[105]. Future Plans - The company plans to continue funding liquidity needs through property operations, sales, and refinancing of existing mortgage notes[107]. - The multifamily segment's profit increase was driven by a $0.4 million rise from the Redevelopment Property due to lease-up[106]. Property Transactions - The company reported no Acquisition Properties or Disposition Properties for the comparison of the three and six months ended June 30, 2024, to the same periods in 2023[102].