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American Realty Investors Inc. (ARL+1.56%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $47.3 million, down from $50.5 million in the previous year. The decrease in revenue is attributed to lower rental income from both multifamily and commercial segments.
Operating expenses for the year were $54 million, compared to $61.7 million in the previous year. This decrease is primarily due to lower general and administrative expenses.
The company reported a net loss of $13.4 million for the year, compared to a net income of $5.3 million in the previous year. The loss is attributed to a $23.4 million settlement payment related to litigation with David Clapper and entities associated with him.
American Realty Investors Inc. owns a portfolio of multifamily and commercial properties, including 14 multifamily properties and four commercial properties. The company also holds land for future development.
During the year, the company engaged in several financing activities, including entering into new construction loans for development projects such as Alera and Mountain Creek.
The company has no employees and relies on Pillar Income Asset Management, Inc. for management services under an Advisory Agreement. Pillar is compensated through advisory fees based on the company's gross asset value and net income.
The filing also details various financial agreements, including development agreements with Pillar for ongoing projects and amendments to existing loan agreements.
American Realty Investors Inc. does not anticipate paying dividends on its common stock in the near future, as determined by its Board of Directors.
The company continues to focus on its strategy of acquiring, developing, and managing income-producing properties in the Southern United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Realty Investors Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.