American Realty Investors Inc (ARL) saw its loss narrow to $3.75 million, or $0.26 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.16 million, or $0.35 a share.
Revenue during the quarter grew 8.05 percent to $30.07 million from $27.83 million in the previous year period.
Total expenses were $26.27 million for the quarter, up 2.06 percent or $0.53 million from year-ago period. Operating margin for the quarter expanded 513 basis points over the previous year period to 12.62 percent.
Operating income for the quarter was $3.80 million, compared with $2.08 million in the previous year period.
“The Company believes there is no reason to adjust our strategic posture of maintaining a strong focus on our multi-family portfolio. We will also continue to solidify the portfolio and pay close attention to all operational details, while at the same time maintaining our commitment to creating value. We believe our third quarter 2016 operating results, combined with our recent acquisitions, demonstrates yet another quarter of stabilized performance for the Company. We believe the portfolio is well positioned to deliver solid financial returns for the remainder of 2016,” said Danny Moos, the Company’s chief executive officer and president. “We are pleased that we are seeing continued improvements in our operations from these endeavors and will continue to adapt to market challenges with an eye on both near term economic challenges and long-term prospects as the real estate market improves.”
Receivables move up marginally
Net receivables were at $119.07 million as on Sep. 30, 2016, up 3.17 percent or $3.66 million from year-ago.
Total assets grew 4.81 percent or $52.28 million to $1,139.40 million on Sep. 30, 2016. On the other hand, total liabilities were at $968.66 million as on Sep. 30, 2016, up 6.63 percent or $60.22 million from year-ago.
Return on assets moved up 12 basis points to 0.91 percent in the quarter. Return on equity for the quarter stood at negative 2.36 percent as compared to a negative 3.04 percent for the previous year period.
Debt moves up marginally
Total debt was at $827.79 million as on Sep. 30, 2016, up 4.74 percent or $37.43 million from year-ago. Shareholders equity stood at $170.73 million as on Sep. 30, 2016, down 4.44 percent or $7.93 million from year-ago. As a result, debt to equity ratio went up 42 basis points to 4.85 percent in the quarter.
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