AMERICAN REALTY INVESTORS INC

Listed Company

ARLCIK 0001102238NYSENon-AcceleratedSmaller ReportingReal Estate Operators (No Developers) & LessorsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$50.01M

Net Income

$15.70M

Total Assets

$1.10B

Equity

$617.40M

Shares Out

16.15M

Op. Cash Flow

$-5.55M

Business

AMERICAN REALTY INVESTORS INC is a fully integrated externally managed real estate company that acquires, develops, owns and manages income-producing real estate and mortgage notes receivable. It offers multifamily apartments, office and other commercial rental properties, land held for appreciation or development, and mortgage notes receivable. The company operates through two business segments: multifamily properties and commercial (primarily office) properties, with third-party and affiliate property managers providing property-level services. It focuses on secondary markets in the Southern United States and uses institutional lenders, sales and joint ventures as distribution and financing channels.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues (including $579, $652 and $882 for 2025, 2024 and 2023, respectively, from related parties)	46	45	47	34	38
Other income	4	3	3	3	4
Total revenue	50	47	51	38	42
Property operating expenses (including $353, $346 and $366 for 2025, 2024 and 2023, respectively, from related parties)	28	27	28	18	21
Depreciation and amortization	13	12	14	10	12
General and administrative (including $4,262, $3,871 and $4,006 for 2025, 2024 and 2023, respectively, from related parties)	6	6	10	10	16
Advisory fee to related party	10	8	10	9	14
Total operating expenses	56	54	62	47	63
Net operating loss	−6	−7	−11	−9	−21
Interest income (including $7,478, $8,985 and $13,259 for 2025, 2024 and 2023, respectively, from related parties)	15	20	27	27	18
Interest expense	−7	−8	−10	−18	−23
Gain on foreign currency transactions	0	0	993,000	20	−6
Loss on early extinguishment of debt	−284,000	0	−2	−3	−1
Equity in income from unconsolidated joint ventures	119,000	1	3	469	15
Gain (loss) on real estate transactions	20	−24	−2	87	—
Income tax provision	−3	4	−1	−98	1
Net income (loss)	19	−13	5	475	6
Net income attributable to noncontrolling interest	−3	−1	−1	−102	−3
Net income (loss) applicable to the Company	16	−15	4	373	3
Basic (in dollars per share)	0.97	−0.91	0.25	23.11	0.21
Diluted (in dollars per share)	0.97	−0.91	0.25	23.11	0.21
Basic (in shares)	16	16	16	16	16
Diluted (in shares)	16	16	16	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate	602	557	502	494	296
Cash and cash equivalents	14	20	37	113	51
Restricted cash	15	21	42	109	22
Short-term investments	75	80	90	120	16
Notes receivable (including $67,349 and $71,365 at December 31, 2025 and 2024, respectively, from related parties)	142	138	144	140	137
Investment in unconsolidated joint ventures	1	10	10	28	62
Receivable from related parties	104	98	97	108	—
Other assets (including $1,475 and $1,855 at December 31, 2025 and 2024, respectively, from related parties)	143	109	102	86	87
Total assets	1,097	1,033	1,023	1,197	771
Mortgages and other notes payable	214	185	183	188	183
Accounts payable and other liabilities (including $30 and $601 at December 31, 2025 and 2024, respectively, to related parties)	50	32	12	53	45
Accrued interest	4	3	3	5	7
Deferred revenue	10	10	10	10	10
Total liabilities	278	231	207	385	434
Preferred stock, Series A, $2.00 par value, 15,000,000 shares authorized, 900,614 shares issued and outstanding	2	2	2	2	2
Common stock, $0.01 par value, 100,000,000 shares authorized; 16,152,043 shares issued and outstanding	162,000	162,000	162,000	162,000	162,000
Additional paid-in capital	61	61	62	62	62
Retained earnings	554	539	553	549	176
Total shareholders equity	617	602	617	613	240
Noncontrolling interest	202	200	200	199	97
Total equity	820	802	817	812	337
Total liabilities and equity	1,097	1,033	1,023	1,197	771

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
(Gain) loss on real estate transactions	−20	24	2	−87	—
Depreciation and amortization	13	13	15	13	15
Provision for doubtful accounts	104,000	166,000	2	−3	−1
Distribution of income from unconsolidated joint ventures	0	1	0	5	3
Other assets	−10	−7	−10	8	−14
Related party receivables	−6	−1	−11	−8	18
Accrued interest payable	573,000	605,000	−2	−1	−5
Accounts payable and other liabilities	−2	−15	−29	39	−3
Net cash (used in) provided by operating activities	−6	1	−31	−45	−12
Collection of notes receivable	9	6	2	3	18
Originations and advances on notes receivable	0	0	−7	−2	−5
Purchase of short-term investments	−85	−59	−91	−278	−16
Redemption of short-terms investments	89	70	120	175	0
Development and renovation of real estate	−79	−58	−18	−19	−8
Deferred leasing costs	−519,000	−1	−1	−1	−877,000
Proceeds from sale of assets	35	1	188,000	45	106
Contribution to unconsolidated joint venture	−1	0	0	0	−411,000
Distributions from unconsolidated joint ventures	0	0	21	384	7
Net cash (used in) provided by investing activities	−33	−41	27	307	101
Proceeds from mortgages and other notes payable	64	15	0	—	—
Payments on mortgages, other notes and bonds payable	−35	−12	−138	—	—
Purchase IOR shares	−1	−802,000	−908,000	0	0
Debt extinguishment costs	0	0	−435,000	−1	−4
Deferred financing costs	0	−199,000	−20,000	0	−614,000
Net cash provided by (used in) financing activities	28	2	−139	−112	−104
Net decrease in cash and cash equivalents	−11	−39	−143	150	−14

Filings

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