American Realty Investors(US:ARL)2024-05-09 17:55Financial Performance - Net income attributable to common shares decreased by $1.2 million from $3.0 million in Q1 2023 to $1.8 million in Q1 2024, representing a 40% decline [5]. - Total revenue increased by $0.2 million from $11.7 million in Q1 2023 to $11.9 million in Q1 2024, a growth of approximately 1.7% [8]. - Net operating loss decreased by $1.6 million from $3.1 million in Q1 2023 to $1.5 million in Q1 2024, a reduction of approximately 51.6% [4]. - Earnings per share decreased from $0.18 in Q1 2023 to $0.11 in Q1 2024, a decline of approximately 38.9% [8]. Revenue Sources - Rental revenues rose by $0.3 million from $11.0 million in Q1 2023 to $11.3 million in Q1 2024, primarily driven by a $0.7 million increase in multifamily properties [4]. - Interest income decreased from $8.3 million in Q1 2023 to $5.7 million in Q1 2024, a decline of about 31.1% [8]. - Equity in income from unconsolidated joint ventures decreased from $2.4 million in Q1 2023 to $0.5 million in Q1 2024 [8]. Expenses and Financial Management - General and administrative expenses decreased from $3.2 million in Q1 2023 to $1.4 million in Q1 2024, a reduction of approximately 55.6% [8]. - The company extended the maturity of its loan on Windmill Farms to February 28, 2026, at an interest rate of 7.50% [3]. Occupancy Rates - Total occupancy was reported at 79% as of March 31, 2024, with multifamily properties at 94% and commercial properties at 49% [3].