Nevada | 75-2847135 | |||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||
1800 Valley View Lane, Suite 300 Dallas, Texas | ||||
(Address of principal executive offices) | ||||
75234 | ||||
(Zip Code) | ||||
(469) 522-4200 | ||||
(Registrant’s telephone number, including area code) | ||||
(Former name, former address and former fiscal year, if changed since last report) |
APPLICABLE ONLY TO CORPORATE ISSUERS:
Common Stock, $.01 par value | 10,149,000 |
(Class) | (Outstanding at November 10, 2005)* |
September 30, 2005 | December 31, 2004 | ||||||
(dollars in thousands) | |||||||
Assets | |||||||
Real estate held for investment | $ | 940,969 | $ | 877,677 | |||
Less—accumulated depreciation | (151,577 | ) | (157,138 | ) | |||
789,392 | 720,539 | ||||||
Real estate held for sale, net of depreciation | 162,429 | 192,533 | |||||
Real estate subject to sales contract | 69,141 | 70,350 | |||||
Notes and interest receivable | |||||||
Performing ($44,298 in 2005 and $43,605 in 2004 from affiliates) | 70,185 | 67,894 | |||||
Non-performing | 5,896 | 6,632 | |||||
76,081 | 74,526 | ||||||
Less—allowance for estimated losses | (1,000 | ) | (1,865 | ) | |||
75,081 | 72,661 | ||||||
Restaurant equipment | 13,764 | 13,747 | |||||
Less—accumulated depreciation | (7,233 | ) | (6,608 | ) | |||
6,531 | 7,139 | ||||||
Marketable securities, at market value | 7,508 | 6,670 | |||||
Cash and cash equivalents | 16,538 | 22,401 | |||||
Investments in real estate entities | 9,289 | 8,212 | |||||
Goodwill, net of accumulated amortization ($1,763 in 2005 and 2004) | 11,858 | 11,858 | |||||
Other intangibles, net of accumulated amortization ($583 in 2005 and $871 in 2004) | 1,463 | 1,480 | |||||
Other assets ($38,884 in 2005 and $27,704 in 2004 from affiliate) | 107,791 | 77,000 | |||||
$ | 1,257,021 | $ | 1,190,843 |
September 30, 2005 | December 31, 2004 | ||||||
(dollars in thousands) | |||||||
Liabilities and Stockholders’ Equity | |||||||
Liabilities | |||||||
Notes and interest payable ($45,555 in 2005 and $36,298 in 2004 to affiliates) | $ | 758,159 | $ | 722,985 | |||
Liabilities related to assets held for sale | 146,121 | 156,959 | |||||
Liabilities subject to sales contract | 59,488 | 59,977 | |||||
Margin borrowings | 22,548 | 18,663 | |||||
Accounts payable and other liabilities ($7,466 in 2005 and $2,557 in 2004 to affiliates) | 76,787 | 71,357 | |||||
1,063,103 | 1,029,941 | ||||||
Commitments and contingencies | |||||||
Minority interest | 57,089 | 57,893 | |||||
Stockholders’ equity | |||||||
Preferred Stock, $2.00 par value, authorized 50,000,000 shares, issued and outstanding | |||||||
Series A, 3,469,326 shares in 2005 and 3,469,350 shares in 2004 (liquidation preference | 5,139 | 5,139 | |||||
$34,693), including 900,000 shares in 2005 and 2004 held by subsidiaries. | |||||||
Series E, 50,000 shares in 2005 and 2004 (liquidation preference $500) | 100 | 100 | |||||
Common Stock, $.01 par value, authorized 100,000,000 shares; issued 11,392,272 shares in 2005 and | 114 | 114 | |||||
2004 | |||||||
Treasury stock, at cost, 1,243,272 shares in 2005 and 2004 | (15,146 | ) | (15,146 | ) | |||
Paid-in capital | 91,789 | 91,789 | |||||
Retained earnings | 54,648 | 22,561 | |||||
Accumulated other comprehensive income (loss) | 185 | (1,548 | ) | ||||
136,829 | 103,009 | ||||||
$ | 1,257,021 | $ | 1,190,843 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
(dollars in thousands) | |||||||||||||
Property revenue: | |||||||||||||
Rental and other property revenues ($545 in nine months of 2005 and $933 in nine months of 2004 from affiliates) | $ | 44,704 | $ | 39,389 | $ | 124,050 | $ | 113,250 | |||||
Restaurant sales | 9,298 | 8,667 | 27,331 | 25,659 | |||||||||
Total operating revenues | 54,002 | 48,056 | 151,381 | 138,909 | |||||||||
Expenses: | |||||||||||||
Property operating expenses ($5,997 in nine months of 2005 and $3,895 in nine months of 2004 to affiliates) | 29,950 | 27,529 | 85,451 | 83,061 | |||||||||
Restaurant cost of sales | 7,014 | 6,788 | 20,908 | 19,925 | |||||||||
Depreciation and amortization | 4,748 | 5,843 | 16,180 | 17,237 | |||||||||
General and administrative ($3,326 in nine months of 2005 and $3,290 in nine months of 2004 to affiliates) | 3,643 | 2,613 | 11,290 | 11,474 | |||||||||
Advisory fee to affiliate | 3,206 | 2,934 | 8,844 | 8,162 | |||||||||
Total operating expenses | 48,561 | 45,707 | 142,673 | 139,859 | |||||||||
Operating income (loss) | 5,441 | 2,349 | 8,708 | (950 | ) | ||||||||
Other income (expense): | |||||||||||||
Interest income from notes receivable ($2,493 in nine months of 2005 and $1,915 in nine months of 2004 from affiliates) | 1,188 | 855 | 4,025 | 3,514 | |||||||||
Gain on foreign currency transaction | 37 | 543 | 265 | 1,791 | |||||||||
Gain on settlement of debt | — | 2,268 | — | 2,268 | |||||||||
Other income (expense) | 1,215 | 72 | 2,186 | (136 | ) | ||||||||
Mortgage and loan interest ($1,731 in nine months of 2005 and $1,845 in nine months of 2004 to affiliates) | (16,336 | ) | (15,121 | ) | (46,712 | ) | (44,724 | ) | |||||
Discount on sale of notes receivable | (15 | ) | 9 | (15 | ) | (389 | ) | ||||||
Net income fee to affiliate | (2,136 | ) | — | (2,950 | ) | — | |||||||
Incentive fee to affiliate | (904 | ) | — | (909 | ) | — | |||||||
Litigation settlement | (130 | ) | (50 | ) | (130 | ) | (50 | ) | |||||
Total other income (expense) | (17,081 | ) | (11,424 | ) | (44,240 | ) | (37,726 | ) | |||||
Loss before gain on land sales, minority interest, and equity in earnings of investees | (11,640 | ) | (9,075 | ) | (35,532 | ) | (38,676 | ) | |||||
Gain on land sales | 5,435 | 827 | 34,525 | 4,579 | |||||||||
Minority interest | 336 | 1,474 | (408 | ) | (155 | ) | |||||||
Equity in income (loss) of investees | 71 | 56 | 283 | (144 | ) | ||||||||
Loss from continuing operations | (5,798 | ) | (6,718 | ) | (1,132 | ) | (34,396 | ) | |||||
Income (loss) from discontinued operations | 21,872 | (269 | ) | 35,168 | 19,341 | ||||||||
Net income (loss) | 16,074 | (6,987 | ) | 34,036 | (15,055 | ) | |||||||
Preferred dividend requirement | (650 | ) | (651 | ) | (1,949 | ) | (1,951 | ) | |||||
Net income (loss) applicable to Common shares | $ | 15,424 | $ | (7,638 | ) | $ | 32,087 | $ | (17,006 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
(dollars in thousands) | |||||||||||||
Basic and diluted earnings per share: | |||||||||||||
Loss from continuing operations | $ | (.64 | ) | $ | (.70 | ) | $ | (.30 | ) | $ | (3.43 | ) | |
Income (loss) from discontinued operations | 2.16 | (.03 | ) | 3.46 | 1.83 | ||||||||
Net income (loss) applicable to Common shares | $ | 1.52 | $ | (.73 | ) | $ | 3.16 | $ | (1.60 | ) | |||
Weighted average Common shares used in computing earnings per share: | |||||||||||||
Basic and diluted | 10,149,000 | 10,532,796 | 10,149,000 | 10,596,902 |
Series A Preferred Stock | Series E Preferred Stock | Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Stockholders’ Equity | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance, January 1, 2005 | $ | 5,139 | $ | 100 | $ | 114 | $ | (15,146 | ) | $ | 91,789 | $ | 22,561 | $ | (1,548 | ) | $ | 103,009 | |||||||
Comprehensive income | |||||||||||||||||||||||||
Unrealized gain on foreign currency translation | — | — | — | — | — | — | 805 | 805 | |||||||||||||||||
Unrealized gain on marketable securities | — | — | — | — | — | — | 928 | 928 | |||||||||||||||||
Net income | — | — | — | — | — | 34,036 | — | 34,036 | |||||||||||||||||
35,769 | |||||||||||||||||||||||||
Repurchase of Preferred Stock | — | — | — | — | — | — | — | — | |||||||||||||||||
Preferred dividends | |||||||||||||||||||||||||
Series A Preferred Stock ($.75 per share) | — | — | — | — | ¾ | (1,927 | ) | — | (1,927 | ) | |||||||||||||||
Series E Preferred Stock ($.45 per share) | — | — | — | — | ¾ | (22 | ) | — | (22 | ) | |||||||||||||||
Balance, September 30, 2005 | $ | 5,139 | $ | 100 | $ | 114 | $ | (15,146 | ) | $ | 91,789 | $ | 54,648 | $ | 185 | $ | 136,829 |
For the Nine Months Ended September 30, | |||||||
2005 | 2004 | ||||||
(dollars in thousands) | |||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 34,036 | $ | (15,055 | ) | ||
Adjustments to reconcile net income to net cash used in operating activities | |||||||
Gain on sale of land and real estate | (72,196 | ) | (31,360 | ) | |||
Depreciation and amortization | 16,893 | 22,644 | |||||
Amortization of deferred borrowing costs | 5,198 | 6,073 | |||||
Discount on sale of notes receivable | 15 | 389 | |||||
Gain on settlement of debt | ¾ | (2,268 | ) | ||||
Litigation settlement | ¾ | 50 | |||||
Provision for asset impairment | ¾ | 3,444 | |||||
Equity in (income) loss of investees | (283 | ) | 144 | ||||
Gain on foreign currency transaction | (265 | ) | (1,791 | ) | |||
Decrease in accrued interest receivable | 999 | 680 | |||||
(Increase) decrease in other assets | (7,472 | ) | 6,088 | ||||
Increase (decrease) in accrued interest payable | (1,514 | ) | 1,798 | ||||
Increase in accounts payable and other liabilities | 5,886 | 3,481 | |||||
Decrease in minority interest | (792 | ) | (1,125 | ) | |||
Net cash used in operating activities | (19,495 | ) | (6,808 | ) | |||
Cash Flows From Investing Activities: | |||||||
Collections on notes receivable | 4,069 | 2,361 | |||||
Proceeds from sale of notes receivable | 32,219 | 6,227 | |||||
Acquisition of real estate (including $498 in 2004 from affiliates and related parties) | (91,639 | ) | (26,084 | ) | |||
Restaurant equipment purchased | (627 | ) | (983 | ) | |||
Proceeds from sale of restaurant equipment | 278 | ¾ | |||||
Proceeds from sale of real estate | 109,441 | 108,637 | |||||
Notes receivable funded | (3,117 | ) | (90 | ) | |||
Earnest money/escrow deposits | (5,154 | ) | (3,344 | ) | |||
Investment in real estate entities | (475 | ) | (2,625 | ) | |||
Real estate improvements | (35,550 | ) | (137,501 | ) | |||
Distribution from equity investees | 318 | 47 | |||||
Proceeds from sale of marketable securities | 84 | — | |||||
Net cash provided by (used in) investing activities | 9,847 | (53,355 | ) | ||||
Cash Flows From Financing Activities: | |||||||
Proceeds from notes payable | 146,825 | 314,612 | |||||
Payments on notes payable | (110,681 | ) | (237,042 | ) | |||
Deferred borrowing costs | (3,274 | ) | (6,354 | ) | |||
Net payments to affiliates | (32,397 | ) | (6,465 | ) | |||
Repurchase of Common Stock | — | (1,443 | ) | ||||
Margin borrowings (payments), net | 3,878 | (623 | ) | ||||
Preferred dividends paid | (566 | ) | (910 | ) | |||
Net cash provided by financing activities | 3,785 | 61,775 | |||||
Net increase (decrease) in cash and cash equivalents | (5,863 | ) | 1,612 | ||||
Cash and cash equivalents, beginning of period | 22,401 | 9,543 | |||||
Cash and cash equivalents, end of period | $ | 16,538 | $ | 11,155 |
For the Nine Months Ended September 30, | |||||||
2005 | 2004 | ||||||
(dollars in thousands) | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||
Cash paid for interest | $ | 48,124 | $ | 52,478 | |||
Cash paid for income taxes, net of refunds | 570 | — | |||||
Schedule of non-cash investing and financing activities: | |||||||
Notes payable assumed by buyer on sale of real estate | $ | 21,963 | $ | 25,607 | |||
Notes receivable from sale of real estate | 34,404 | 10,448 | |||||
Acquisition of property in exchange for note receivable | 5,497 | 2,585 | |||||
Issuance of Preferred Stock | — | 2,500 | |||||
Note payable paid by affiliate | 700 | 10,823 | |||||
Refinancing proceeds received by affiliate | — | 20,037 | |||||
Notes payable assumed on purchase of real estate | — | 5,027 | |||||
Purchase of subsidiary from affiliate | 4,101 | ¾ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Net income (loss) applicable to Common shares, as reported | $ | 15,424 | $ | (7,638 | ) | $ | 32,087 | $ | (17,006 | ) | |||
Deduct: Total stock-based employee compensation expense determined under fair value based methods for all awards, net of related tax effects | — | — | 26 | 22 | |||||||||
Pro forma net income (loss) applicable to Common shares | $ | 15,424 | $ | (7,638 | ) | $ | 32,061 | $ | (17,028 | ) | |||
Earnings per share: | |||||||||||||
Basic and diluted, as reported | $ | 1.52 | $ | (.73 | ) | $ | 3.16 | $ | (1.60 | ) | |||
Basic and diluted, pro forma | $ | 1.52 | $ | (.73 | ) | $ | 3.16 | $ | (1.60 | ) |
Property | Location | Units / Sq. Ft./Acres | Purchase Price | Net Cash Paid/ (Received) | Debt Incurred | Interest Rate | Maturity Date | ||||
First Quarter | |||||||||||
Land | |||||||||||
Katrina(1) | Palm Desert, CA | 23.0 Acres | $4,184 | $— | $— | — | — | ||||
Keenan Bridge(2) | Farmers Branch, TX | 7.5 Acres | 510 | 14 | — | — | — | ||||
Mandahl Bay | US Virgin Islands | 50.8 Acres | 7,000 | 4,101 | 3,500 | 7.00 | % | 07/05 | (7) | ||
Mandahl Bay (Gilmore) | US Virgin Islands | 1.0 Acres | 96 | 104 | — | — | — | ||||
Mandahl Bay (Chung) | US Virgin Islands | .7 Acres | 95 | 101 | — | ¾ | — | ||||
Second Quarter | |||||||||||
Apartments | |||||||||||
Mission Oaks(4) | San Antonio, TX | 228 Units | 573 | 573 | — | 5.30 | 09/46 | ||||
Parc at Metro Center(4) | Nashville, TN | 144 Units | 817 | (378 | ) | 817 | 5.65 | 09/46 | |||
Land | |||||||||||
Alliance Airport (formerly Centurion) | Tarrant County, TX | 12.7 Acres | 850 | 892 | — | — | — | ||||
Mandahl Bay (Marina) | US Virgin Islands | 24.0 Acres | 2,000 | 2,101 | — | — | — | ||||
Mason Goodrich(1) | Houston, TX | 13.0 Acres | 1,360 | — | — | — | — | ||||
Southwood(5) | Tallahassee, FL | 12.9 Acres | 525 | 555 | — | — | — | ||||
West End(6) | Dallas, TX | .2 Acres | 49 | 52 | — | — | — | ||||
Office Buildings | |||||||||||
Park West | Farmers Branch, TX | 243,416 Sq. Ft. | 10,000 | 4,715 | 6,500 | 7.50 | (3) | 05/06 | |||
Third Quarter | |||||||||||
Apartments | |||||||||||
Legends of El Paso(4) | El Paso, TX | 240 Units | 2,247 | 464 | 1,774 | 5.50 | 01/47 | ||||
Land | |||||||||||
Luna | Farmers Branch, TX | 2.6 Acres | 250 | 257 | — | — | — | ||||
Mansfield | Mansfield, TX | 21.9 Acres | 1,450 | 577 | 943 | 7.50 | (3) | 03/07 | |||
Senlac | Farmers Branch, TX | 11.9 Acres | 625 | 643 | — | — | — | ||||
Whorton | Benton County, AR | 79.7 Acres | 4,332 | 702 | 3,828 | 6.08 | 01/07 | ||||
Wilmer 88 | Dallas, TX | 87.6 Acres | 638 | 668 | — | — | — | ||||
Office Buildings | |||||||||||
600 Las Colinas | Las Colinas, TX | 509,829 Sq. Ft. | 56,000 | 17,663 | 40,487 | (8) | 6.16 | 01/13 | |||
Fourth Quarter | |||||||||||
Land | |||||||||||
Alliance 8 | Tarrant County, TX | 8 Acres | 657 | 332 | 408 | 7.75 | % | 05/06 | |||
Alliance 52 | Tarrant County, TX | 51.9 Acres | 2,538 | 1,054 | 1,610 | 7.75 | 05/06 | ||||
Denton | Denton, TX | 25.9 Acres | 2,100 | 862 | 1,365 | 7.75 | (3) | 04/07 | |||
Pantaze | Dallas, TX | 6.0 Acres | 265 | 276 | — | — | — | ||||
Payne(9) | Las Colinas, TX | 109.8 Acres | 1,000 | 1,066 | — | — | — | ||||
TuTu | US Virgin Islands | 19.5 Acres | 1,350 | 1,401 | — | — | — | ||||
Woodmont-Bailey | Addison, TX | 1.9 Acres | 1,475 | 381 | 1,180 | — | — | ||||
Woodmont-Town Center | Addison, TX | 1.2 Acres | 400 | 102 | 320 | — | — | ||||
Woodmont-Veladi | Addison, TX | 2.1 Acres | 383 | 99 | 306 | — | — |
Property | Location | Units / Sq. Ft./Acres | Purchase Price | Net Cash Paid/ (Received) | Debt Incurred | Interest Rate | Maturity Date | ||||
Shopping Centers | |||||||||||
Willowbrook | Coldwater, MI | 117,689 Sq. Ft. | 8,200 | 2,223 | 6,495 | 7.28 | 02/13 |
(9) Dissolved 50% Tenant-in-Common interest in the Payne land, resulting in ARI’s ownership of 149.7 gross acres, plus purchasing an additional 30.4 acres for $1.0 million. Resulting total net average of 180.1 acres.
Property | Location | Units / Sq. Ft./Acres | Purchase Price | Net Cash Paid/ (Received) | Debt Incurred | Interest Rate | Maturity Date | |||
First Quarter | ||||||||||
Apartments | ||||||||||
288 City Park(1) | Houston, TX | 240 Units | $3,056 | $612 | $2,444 | 5.95 | % | 04/45 | ||
Blue Lake Villas II(1) | Waxahachie, TX | 70 Units | 729 | (164 | ) | 729 | 5.80 | 04/45 | ||
Bridges on Kinsey(1) | Tyler, TX | 232 Units | 2,291 | 596 | 1,687 | 5.74 | 08/45 | |||
Dakota Arms(1) | Lubbock, TX | 208 Units | 2,472 | 681 | 1,791 | 5.85 | 06/45 | |||
Lake Forest(1) | Houston, TX | 240 Units | 2,316 | (470 | ) | 2,316 | 5.60 | 03/45 | ||
Vistas of Vance Jackson(1) | San Antonio, TX | 240 Units | 3,550 | 771 | 2,779 | 5.78 | 06/45 | |||
Land | ||||||||||
Lubbock land | Lubbock, TX | 2.9 Acres | 224 | 224 | ¾ | — | — | |||
Meloy Road | Kent, OH | 54.2 Acres | 4,900 | 343 | 4,900 | 5.00 | (2) | 01/06 | ||
Railroad land | Dallas, TX | .3 Acres | 708 | 704 | — | — | — | |||
Second Quarter | ||||||||||
Apartments | ||||||||||
Treehouse(3) | Irving, TX | 160 Units | 8,017 | (498 | ) | 5,027 | (4) | 5.00 | 08/13 | |
Wildflower Villas(1) | Temple, TX | 220 Units | 2,045 | 79 | 1,966 | 5.99 | 10/45 | |||
Land | ||||||||||
Cooks Lane(1) | Ft. Worth, TX | 23.2 Acres | 1,000 | 1,034 | — | — | — | |||
Rogers(1) | Rogers, AR | 20.1 Acres | 1,390 | 619 | 1,130 | 10.50 | 04/05 | |||
Third Quarter | ||||||||||
Land | ||||||||||
Ladue | Farmers Branch, TX | 8.0 Acres | 1,743 | 659 | 1,207 | 6.65 | (2) | 06/06 | ||
Granbury Station | Ft. Worth, TX | 15.7 Acres | 923 | 236 | 738 | 7.00 | 09/07 | |||
(1) Initial construction loan funding to purchase land and begin apartment construction. Does not represent actual units purchased.
Property | Location | Units/Acres/ Sq. Ft. | Sales Price | Net Cash Received/ (Paid) | Debt Discharged | Gain on Sale | |||
First Quarter | |||||||||
Apartments | |||||||||
Longwood | Long Beach, MS | 200 Units | $6,456 | $9 | $6,253 | $56 | |||
Land | |||||||||
Granbury Station | Ft. Worth, TX | 15.7 Acres | 1,003 | 265 | 738 | 10 | |||
Katrina | Palm Desert, CA | 9.9 Acres | 2,616 | 574 | — | 1,323 | |||
Katrina | Palm Desert, CA | 13.6 Acres | 3,703 | 591 | — | 1,706 | |||
Katrina | Palm Desert, CA | 5.5 Acres | 1,325 | 1,281 | — | 619 | |||
Katrina | Palm Desert, CA | 6.5 Acres | 1,695 | 340 | — | 818 | |||
Katrina | Palm Desert, CA | 7.4 Acres | 2,028 | 455 | — | 1,072 | |||
Katrina | Palm Desert, CA | 81.2 Acres | 19,878 | (814 | ) | 5,100 | 9,387 | ||
Katrina | Palm Desert, CA | 24.8 Acres | 6,402 | 1,027 | — | 2,947 | |||
Katy | Katy, TX | 130.6 Acres | 12,400 | 4,981 | 6,601 | 5,630 | |||
Nashville | Nashville, TN | 1.2 Acres | 304 | 236 | — | 226 | |||
Vista Ridge | Lewisville, TX | 4.4 Acres | 950 | (92 | ) | 914 | 440 | ||
Office Buildings | |||||||||
Institute Place | Chicago, IL | 144,915 Sq. Ft. | 14,460 | 4,843 | 7,792 | 10,603 | |||
Industrial Warehouses | |||||||||
5700 Tulane | Atlanta, GA | 67,850 Sq. Ft. | 816 | 738 | — | 329 | |||
Second Quarter | |||||||||
Land | |||||||||
Lemmon Carlisle/Alamo Springs | Dallas, TX | 2.8 Acres | 7,674 | 5,627 | 1,744 | 2,729 | |||
Vista Ridge | Lewisville, TX | 17.9 Acres | 4,291 | (129 | ) | 4,096 | 2,185 | ||
Office Buildings | |||||||||
9033 Wilshire | Los Angeles, CA | 44,253 sq. ft. | 12,000 | 4,366 | 6,506 | 2,781 | |||
Bay Plaza | Tampa, FL | 75,780 sq. ft. | 4,682 | 3,253 | 961 | 1,212 | |||
Bay Plaza II | Tampa, FL | 78,882 sq. ft. | 4,719 | 1,114 | 3,284 | 132 | |||
Third Quarter | |||||||||
Apartments | |||||||||
Quail Pointe | Huntsville, AL | 184 Units | 6,200 | 2,157 | 3,501 | 5,265 | |||
Waters Edge III & IV | Gulfport, MS | 318 Units | 16,350 | 6,201 | 7,207 | 7,724 | |||
Windsor Tower | Ocala, FL | 64 Units | 2,845 | (85 | )(2) | 1,937 | (1) | 785 | |
Woodhollow | San Antonio, TX | 546 Units | 12,500 | 3,429 | 7,900 | 8,290 |
Property | Location | Units/Acres/ Sq. Ft. | Sales Price | Net Cash Received/ (Paid) | Debt Discharged | Gain on Sale | |||
Land | |||||||||
Mason Goodrich | Houston, TX | 16.0 Acres | 2,091 | 935 | — | 802 | |||
Round Mountain | Austin, TX | 18.0 Acres | 1,500 | 251 | — | 1,094 | |||
Vineyards | Grapevine, TX | 7.6 Acres | 4,323 | 874 | — | 1,764 | |||
Vineyards and Vineyards II | Grapevine, TX | 5.2 Acres | 2,332 | 160 | 300 | 494 | |||
West End | Dallas, TX | 0.8 Acres | 2,259 | 2,099 | — | 1,259 | |||
Fourth Quarter | |||||||||
Apartments | |||||||||
Sun Hollow | El Paso, TX | 216 Units | 7,700 | 2,623 | 4,327 | 5,811 | |||
Terrace Hills | El Paso, TX | 310 Units | 12,300 | 5,467 | 5,890 | 6,959 | |||
Land | |||||||||
Nashville | Nashville, TN | 3.0 Acres | 441 | (13 | ) | 408 | 282 |
Property | Location | Units/ Acres/Sq. Ft. | Sales Price | Net Cash Received | Debt Discharged | Gain on Sale | |||
First Quarter | |||||||||
Apartments | |||||||||
Tiberon Trails | Merrillville, IN | 376 Units | $10,325 | $2,618 | $6,189 | (1) | $48 | ||
Industrial Warehouses | |||||||||
Kelly (Pinewood) | Dallas, TX | 100,000 Sq. Ft. | 1,650 | 65 | 1,376 | 153 | |||
Ogden Industrial | Ogden, UT | 107,112 Sq. Ft. | 2,600 | 668 | 1,775 | 1,474 | |||
Texstar Warehouse | Arlington, TX | 97,846 Sq. Ft. | 2,400 | — | 1,148 | (1) | 1,157 | (3) | |
Land | |||||||||
Allen | Collin County, TX | 492.5 Acres | 19,962 | 7,956 | 4,088 | 7,915 | (2) | ||
Marine Creek | Ft. Worth, TX | 10.7 Acres | 1,488 | 1,198 | 991 | 581 | (7) | ||
Mason Goodrich | Houston, TX | 5.7 Acres | 686 | 45 | 588 | 379 | |||
Mason Goodrich | Houston, TX | 8.0 Acres | 1,045 | 248 | 200 | 617 | |||
Red Cross | Dallas, TX | 2.9 Acres | 8,500 | 2,842 | 4,450 | — | |||
Office Buildings | |||||||||
Brandeis(6) | Omaha, NE | 319,234 Sq. Ft. | ¾ | ¾ | ¾ | (92 | ) | ||
Countryside Harmon | Sterling, VA | 72,062 Sq. Ft. | 2,650 | 216 | 2,200 | 1,861 | |||
Countryside Retail | Sterling, VA | 133,422 Sq. Ft. | 27,100 | 3,407 | 22,800 | 6,807 | |||
Shopping Centers | |||||||||
K-Mart | Cary, NC | 92,033 Sq. Ft. | 3,200 | — | 1,677 | (1) | 521 | (3) | |
Plaza on Bachman Creek | Dallas, TX | 80,278 Sq. Ft. | 7,850 | 1,808 | 5,358 | 3,682 | |||
Second Quarter | |||||||||
Apartments | |||||||||
Cliffs of El Dorado(5) | McKinney, TX | 208 Units | 13,442 | 10 | 10,323 | (1) | 2,542 | ||
Park Avenue | Tallahassee, FL | 121 Units | 6,225 | 876 | 4,320 | (1) | 3,922 | ||
Sandstone | Mesa, AZ | 238 Units | 8,650 | 2,920 | (4) | 5,531 | 1,688 |
Property | Location | Units/ Acres/Sq. Ft. | Sales Price | Net Cash Received | Debt Discharged | Gain on Sale | |||
Office Buildings | |||||||||
4135 Beltline | Addison, TX | 90,000 Sq. Ft. | 4,900 | 2,472 | 2,009 | 337 | |||
Atrium | Palm Beach, FL | 74,603 Sq. Ft. | 5,775 | 1,842 | 3,772 | 708 | |||
Third Quarter | |||||||||
Apartments | |||||||||
Falcon House | Fort Walton, FL | 82 Units | 3,330 | 1,178 | 1,950 | (1) | 1,209 | ||
Industrial Warehouses | |||||||||
Kelly (Cash Road) | Dallas, TX | 97,150 Sq. Ft. | 1,500 | 1,077 | 422 | 454 | |||
Land | |||||||||
Rasor | Plano, TX | 24.5 Acres | 2,600 | 2,600 | ¾ | 220 | (8) | ||
Vista Ridge | Lewisville, TX | 1.3 Acres | 310 | 259 | ¾ | 131 | |||
Shopping Centers | |||||||||
Collection | Denver, CO | 267,812 Sq. Ft. | 21,200 | 6,703 | 13,153 | 3,314 | |||
(1) | Debt assumed by purchaser. |
(3) Sold to Basic Capital Management, Inc. (“BCM”), a related party, for assumption of debt and a note receivable. Gain deferred until sale to unrelated party. Failure to notify and receive approval from the lender for this transaction may constitute an event of default under the terms of the debt.
(4) Includes a $1,971 deposit received in February 2004.
Property | Location | Units | Amount Expended | Additional Amount to Expend | Construction Loan Funding |
Laguna Vista | Farmers Branch, TX | 206 Units | $5,688 | $15,417 | $17,741 |
Legends of El Paso | El Paso, TX | 240 Units | 2,723 | 15,361 | 16,040 |
Mission Oaks | San Antonio, TX | 228 Units | 811 | 16,658 | 15,636 |
Parc at Maumelle | Maumelle, AR | 240 Units | 6,543 | 12,156 | 16,829 |
Parc at Metro Center | Nashville, TN | 144 Units | 2,522 | 10,093 | 11,141 |
Investee | Percentage of ARI’s Ownership at September 30, 2005 | Carrying Value of Investment at September 30, 2005 | Market Value of Investment at September 30, 2005 | |||||||
IORI | 20.4 | % | $ | 6,048 | $ | 7,520 | ||||
Garden Centura, L.P. | 5.0 | % | 1,925 | ¾ | ||||||
Other | 1,316 | |||||||||
$ | 9,289 |
2005 | ||||
Revenues | $ | 7,767 | ||
Equity in loss of partnership | (45 | ) | ||
Property operating expenses | (3,563 | ) | ||
Depreciation | (539 | ) | ||
Interest | (2,487 | ) | ||
Income before gain on sale of real estate | 1,133 | |||
Gain on sale of real estate | — | |||
Net income | $ | 1,133 |
Property | Location | Sq. Ft./Rooms/ Units/Acres | Debt Incurred | Debt Discharged | Net Cash Received | Interest Rate | Maturity Date | |
First Quarter | ||||||||
Land | ||||||||
Nashville | Nashville, TN | 109.6 Acres | $7,000 | $— | $6,341 | 7.50 | % | 02/07 |
Shopping Centers | ||||||||
Bridgeview Plaza | LaCrosse, WI | 116,008 Sq. Ft. | 7,197 | 6,304 | 649 | 7.25 | (1) | 03/10 |
Dunes Plaza | Michigan City, IN | 223,869 Sq. Ft. | 3,750 | 2,685 | 658 | 7.50 | (1) | 01/10 |
Second Quarter | ||||||||
Apartments | ||||||||
Autumn Chase | Midland, TX | 64 Units | 1,166 | 797 | 317 | 5.88 | (1) | 05/35 |
Courtyard | Midland, TX | 133 Units | 1,342 | 966 | 266 | 5.88 | (1) | 05/35 |
Southgate | Odessa, TX | 180 Units | 1,879 | 1,712 | 61 | 5.88 | (1) | 05/35 |
Hotels | ||||||||
The Majestic | Chicago, IL | 55 Rooms | 3,225 | ¾ | 3,066 | 6.40 | 06/10 | |
Third Quarter | ||||||||
Hotels | ||||||||
Williamsburg Hospitality House | Williamsburg, VA | 296 Rooms | 11,000 | 10,540 | 147 | 6.19 | (1) | 09/10 |
Land | ||||||||
Alliance Airport(2) | Tarrant County, TX | 12.7 Acres | 553 | ¾ | 540 | 7.25 | (1) | 01/07 |
Centura(3) | Farmers Branch, TX | 8.8 Acres | 6,727 | ¾ | 6,727 | 8.50 | (1) | 08/07 |
DeSoto Ranch(2) | DeSoto, TX | 21.9 Acres | 1,635 | 1,271 | 336 | 7.25 | (1) | 01/07 |
Elm Fork | Denton County, TX | 105.4 Acres | 7,740 | ¾ | 7,540 | 7.00 | (1) | 07/06 |
Sheffield Village(2) | Grand Prairie, TX | 13.9 Acres | 975 | 975 | 94 | 7.75 | 03/07 | |
West End(2) | Dallas, TX | 6.3 Acres | 2,000 | ¾ | 1,951 | 7.25 | (1) | 01/07 |
Property | Location | Sq. Ft./Rooms/ Units/Acres | Debt Incurred | Debt Discharged | Net Cash Received/ (Paid) | Interest Rate | Maturity Date | ||||
First Quarter | |||||||||||
Hotels | |||||||||||
Williamsburg Hospitality House | Williamsburg, VA | 296 Rooms | $11,500 | $12,332 | $(13,689 | )(2) | 7.00 | %(1) | 03/05 | ||
Land | |||||||||||
Centura | Farmers Branch, TX | 8.8 Acres | 4,485 | 4,000 | (183 | ) | 7.00 | (1) | 02/05 | ||
Dominion/Hollywood | Farmers Branch, TX | 66.1 Acres | 6,985 | 6,222 | (67 | ) | 7.00 | (1) | 02/05 | ||
Katy | Harris County, TX | 130.6 Acres | 7,500 | — | (75 | )(3) | 6.00 | 02/07 | |||
Marine Creek | Ft. Worth, TX | 54.0 Acres | 1,286 | 991 | 192 | 5.75 | 06/05 | ||||
Office Buildings | |||||||||||
Centura Tower | Farmers Branch, TX | 410,901 Sq. Ft. | 34,000 | 36,889 | (4,588 | ) | 5.50 | (1) | 04/06 | ||
Second Quarter | |||||||||||
Apartments | |||||||||||
Paramount Terrace | Amarillo, TX | 181 Units | 3,176 | 2,663 | 323 | 5.15 | 06/37 | ||||
Treehouse | Irving, TX | 160 Units | 5,780 | 5,027 | 138 | 5.06 | 07/34 | ||||
Land | |||||||||||
Lacy Longhorn | Farmers Branch, TX | 17.1 Acres | 1,965 | 1,800 | 78 | 4.03 | (1) | 07/07 | |||
Marine Creek | Fort Worth, TX | 28.4 Acres | 1,785 | 0 | 1,746 | 4.03 | (1) | 07/07 | |||
Mason/Goodrich | Houston, TX | 39.4 Acres | 2,133 | 714 | 1,345 | 6.00 | (1) | 08/05 | |||
Office Buildings | |||||||||||
1010 Common | New Orleans, LA | 494,579 Sq. Ft. | 16,250 | 8,000 | 7,829 | 4.03 | (1) | 07/07 | |||
Two Hickory Centre | Farmers Branch, TX | 96,127 Sq. Ft. | 7,500 | 7,500 | (164 | ) | 3.60 | (1) | 05/06 | ||
Third Quarter | |||||||||||
Apartments | |||||||||||
Villager | Fort Walton, FL | 33 Units | 804 | 507 | 129 | 5.15 | 06/34 | ||||
Waters Edge III | Gulfport, MS | 238 Units | 3,250 | ¾ | ¾ | (4) | 12.50 | 12/04 | |||
Hotels | |||||||||||
City Suites | Chicago, IL | 45 Rooms | 3,640 | ¾ | 3,548 | 6.75 | (1) | 09/09 | |||
Willows | Chicago, IL | 52 Rooms | 3,500 | ¾ | 3,411 | 6.75 | (1) | 09/09 | |||
Land | |||||||||||
Bonneau | Dallas County, TX | 8.4 Acres | 9,661 | (5) | 10,283 | (6) | 76 | 6.75 | (1) | 09/05 | |
Chase Oaks | Plano, TX | 5.8 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
Dalho | Farmers Branch, TX | 2.9 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
HSM | Farmers Branch, TX | 6.2 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
JHL Connell | Carrollton, TX | 7.6 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
Las Colinas | Las Colinas, TX | 1.5 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
Stagliano | Farmers Branch, TX | 3.2 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
Vista Ridge | Lewisville, TX | 64.9 Acres | ¾ | (5) | ¾ | ¾ | ¾ | ¾ | |||
Office Buildings | |||||||||||
Centura Tower | Farmers Branch, TX | 410,901 Sq. Ft. | 50,000 | 37,594 | 2,989 | 4.94 | 10/09 | ||||
Cooley | Farmers Branch, TX | 27,000 Sq. Ft. | 2,600 | 1,726 | 811 | 5.50 | (1) | 09/06 | |||
Warehouses | |||||||||||
Addison Hangers I & II | Addison, TX | 52,650 Sq. Ft. | 4,500 | 2,592 | 1,635 | 10.00 | 09/14 |
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
PRIME | IORI | ||||||
Balance, December 31, 2004 | $ | 13,579 | $ | (260 | ) | ||
Cash transfers to affiliates | 122,670 | 260 | |||||
Cash transfers from affiliates | (91,377 | ) | — | ||||
Payments by affiliates on ARI’s behalf | (700 | ) | ¾ | ||||
Repayments through property transfers | (4,388 | ) | ¾ | ||||
Construction fees payable to affiliate | (934 | ) | — | ||||
Payables clearing through Prime | (2,254 | ) | — | ||||
Balance, September 30, 2005 | $ | 36,596 | $ | ¾ |
Three Months Ended September 30, 2005 | Commercial Properties | Apartments | Hotels | Land | Restaurants | Receivables/ Other | Total | |||||||||||||||
Operating revenue | $ | 12,820 | $ | 20,981 | $ | 10,761 | $ | 135 | $ | 9,298 | $ | 7 | $ | 54,002 | ||||||||
Operating expenses | 7,594 | 13,943 | 6,715 | 1,503 | 7,014 | 195 | 36,964 | |||||||||||||||
Depreciation | 1,159 | 2,304 | 967 | — | 314 | 4 | 4,748 | |||||||||||||||
Mortgage and loan interest | 3,399 | 7,697 | 1,227 | 2,677 | 336 | 1,000 | 16,336 | |||||||||||||||
Interest income | — | — | — | — | — | 1,188 | 1,188 | |||||||||||||||
Gain on land sales | — | — | — | 5,435 | — | — | 5,435 | |||||||||||||||
Segment operating income (loss) | $ | 668 | $ | (2,963 | ) | $ | 1,852 | $ | 1,390 | $ | 1,634 | $ | (4 | ) | $ | 2,577 | ||||||
Capital expenditures | $ | 833 | $ | 5,800 | $ | 344 | $ | 89 | $ | 151 | $ | 16 | $ | 7,233 | ||||||||
Assets | 230,238 | 503,220 | 81,856 | 205,633 | 19,900 | 75,096 | 1,115,943 |
Property Sales: | ||||||||||||||||||||||
Sales price | $ | — | $ | 37,895 | $ | — | $ | 12,506 | $ | — | $ | — | $ | 50,401 | ||||||||
Cost of sale | — | 15,830 | — | 7,071 | — | — | 22,901 | |||||||||||||||
Recognized prior deferred gain | — | 494 | — | — | — | — | 494 | |||||||||||||||
Gain on sale | $ | — | $ | 22,559 | $ | — | $ | 5,435 | $ | — | $ | — | $ | 27,994 |
Three Months Ended September 30, 2004 | Commercial Properties | Apartments | Hotels | Land | Restaurants | Receivables/ Other | Total | |||||||||||||||
Operating revenue | $ | 11,825 | $ | 16,847 | $ | 10,489 | $ | 221 | $ | 8,667 | $ | 7 | $ | 48,056 | ||||||||
Operating expenses | 8,276 | 10,888 | 7,455 | 910 | 6,788 | — | 34,317 | |||||||||||||||
Depreciation | 2,858 | 1,682 | 950 | — | 337 | 16 | 5,843 | |||||||||||||||
Mortgage and loan interest | 3,169 | 5,769 | 1,317 | 3,186 | 368 | 1,312 | 15,121 | |||||||||||||||
Interest income | — | — | — | — | — | 855 | 855 | |||||||||||||||
Gain on land sales | — | — | — | 827 | — | — | 827 | |||||||||||||||
Segment operating income (loss) | $ | (2,478 | ) | $ | (1,492 | ) | $ | 767 | $ | (3,048 | ) | $ | 1,174 | $ | (466 | ) | $ | (5,543 | ) | |||
Capital expenditures | $ | 2,654 | $ | 28,572 | $ | 610 | $ | 1,426 | $ | 258 | $ | — | $ | 33,520 | ||||||||
Assets | 261,466 | 491,409 | 86,974 | 217,728 | 20,797 | 75,487 | 1,153,861 |
Property Sales: | ||||||||||||||||||||||
Sales price | $ | 22,700 | $ | 3,330 | $ | — | $ | 2,910 | $ | — | $ | — | $ | 28,940 | ||||||||
Cost of sale | 18,932 | 2,121 | — | 2,610 | — | — | 23,663 | |||||||||||||||
Deferred current gain | — | ¾ | — | 220 | — | — | 220 | |||||||||||||||
Recognized prior deferred gain | 329 | ¾ | ¾ | 747 | ¾ | ¾ | 1,076 | |||||||||||||||
Gain on sale | $ | 4,097 | $ | 1,209 | $ | — | $ | 827 | $ | — | $ | — | $ | 6,133 |
Nine Months Ended September 30, 2005 | Commercial Properties | Apartments | Hotels | Land | Restaurants | Receivables/ Other | Total | |||||||||||||||
Operating revenue | $ | 34,618 | $ | 60,256 | $ | 28,644 | $ | 491 | $ | 27,331 | $ | 41 | $ | 151,381 | ||||||||
Operating expenses | 21,909 | 38,473 | 20,104 | 4,757 | 20,908 | 208 | 106,359 | |||||||||||||||
Depreciation | 6,297 | 6,587 | 2,356 | — | 934 | 6 | 16,180 | |||||||||||||||
Mortgage and loan interest | 8,846 | 21,971 | 3,873 | 7,858 | 1,026 | 3,138 | 46,712 | |||||||||||||||
Interest income | — | — | — | — | — | 4,025 | 4,025 | |||||||||||||||
Gain on land sales | — | — | — | 34,525 | — | — | 34,525 | |||||||||||||||
Segment operating income (loss) | $ | (2,434 | ) | $ | (6,775 | ) | $ | 2,311 | $ | 22,401 | $ | 4,463 | $ | 714 | $ | 20,680 | ||||||
Capital expenditures | $ | 3,743 | $ | 29,562 | $ | 610 | $ | 1,619 | $ | 627 | $ | 16 | $ | 36,177 | ||||||||
Assets | 230,238 | 503,220 | 81,856 | 205,633 | 19,900 | 75,096 | 1,115,943 |
Property Sales: | ||||||||||||||||||||||
Sales price | $ | 36,677 | $ | 44,102 | $ | — | $ | 76,776 | $ | — | $ | — | $ | 157,555 | ||||||||
Cost of sale | 21,621 | 21,981 | — | 42,251 | — | — | 85,853 | |||||||||||||||
Recognized prior deferred gain | — | 494 | — | — | — | — | 494 | |||||||||||||||
Gain on sale | $ | 15,056 | $ | 22,615 | $ | — | $ | 34,525 | $ | — | $ | — | $ | 72,196 |
Nine Months Ended September 30, 2004 | Commercial Properties | Apartments | Hotels | Land | Restaurants | Receivables/ Other | Total | |||||||||||||||
Operating revenue | $ | 34,908 | $ | 48,760 | $ | 28,636 | $ | 569 | $ | 25,659 | $ | 377 | $ | 138,909 | ||||||||
Operating expenses | 26,000 | 31,588 | 21,417 | 3,711 | 19,925 | 345 | 102,986 | |||||||||||||||
Depreciation | 8,260 | 5,090 | 2,845 | — | 1,001 | 41 | 17,237 | |||||||||||||||
Mortgage and loan interest | 9,456 | 16,792 | 4,059 | 9,398 | 1,129 | 3,890 | 44,724 | |||||||||||||||
Interest income | — | — | — | — | — | 3,514 | 3,514 | |||||||||||||||
Gain on land sales | — | — | — | 4,579 | — | — | 4,579 | |||||||||||||||
Segment operating income (loss) | $ | (8,808 | ) | $ | (4,710 | ) | $ | 315 | $ | (7,961 | ) | $ | 3,604 | $ | (385 | ) | $ | (17,945 | ) | |||
Capital expenditures | $ | 5,509 | $ | 127,392 | $ | 988 | $ | 3,612 | $ | 983 | $ | — | $ | 138,484 | ||||||||
Assets | 261,466 | 491,409 | 86,974 | 217,728 | 20,797 | 75,487 | 1,153,861 | |||||||||||||||
Property Sales: | ||||||||||||||||||||||
Sales price | $ | 80,825 | $ | 46,972 | $ | — | $ | 34,592 | $ | — | $ | — | $ | 162,389 | ||||||||
Cost of sale | 60,449 | 37,067 | — | 24,801 | — | — | 122,317 | |||||||||||||||
Deferred current gain | 1,678 | 3,037 | — | 5,212 | — | — | 9,927 | |||||||||||||||
Recognized prior deferred gain | 329 | — | — | — | — | — | 329 | |||||||||||||||
Gain on sale | $ | 19,027 | $ | 6,868 | $ | — | $ | 4,579 | $ | — | $ | — | $ | 30,474 |
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, 2005 | September 30, 2004 | September 30, 2005 | September 30, 2004 | ||||||||||
Segment operating income (loss) | $ | 2,577 | $ | (5,543 | ) | $ | 20,680 | $ | (17,945 | ) | |||
Other non-segment items of income/(expense): | |||||||||||||
General and administrative | (3,643 | ) | (2,613 | ) | (11,290 | ) | (11,474 | ) | |||||
Advisory fee | (3,206 | ) | (2,934 | ) | (8,844 | ) | (8,162 | ) | |||||
Gain/(loss) on foreign currency transaction | 37 | 543 | 265 | 1,791 | |||||||||
Other income/(expense) | 1,215 | 72 | 2,186 | (136 | ) | ||||||||
Gain on settlement of debt | — | 2,268 | — | 2,268 | |||||||||
Discount on sale of notes receivable | (15 | ) | 9 | (15 | ) | (389 | ) | ||||||
Net income fee | (2,136 | ) | — | (2,950 | ) | — | |||||||
Incentive Fee | (904 | ) | — | (909 | ) | — | |||||||
Litigation settlement | (130 | ) | (50 | ) | (130 | ) | (50 | ) | |||||
Equity in income (loss) of investees | 71 | 56 | 283 | (144 | ) | ||||||||
Minority interest | 336 | 1,474 | (408 | ) | (155 | ) | |||||||
Loss from continuing operations | $ | (5,798 | ) | $ | (6,718 | ) | $ | (1,132 | ) | $ | (34,396 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
(dollars in thousands) | |||||||||||||
Revenue: | |||||||||||||
Rental | $ | 4,428 | $ | 11,362 | $ | 15,031 | $ | 37,907 | |||||
Property operations | 3,455 | 7,695 | 11,245 | 23,191 | |||||||||
973 | 3,667 | 3,786 | 14,716 | ||||||||||
Expenses: | |||||||||||||
Interest | 1,486 | 4,197 | 5,577 | 13,305 | |||||||||
Depreciation | 174 | 1,592 | 712 | 5,407 | |||||||||
1,660 | 5,789 | 6,289 | 18,712 | ||||||||||
Loss from discontinued operations | (687 | ) | (2,122 | ) | (2,503 | ) | (3,996 | ) | |||||
Gain on sale of real estate | 22,559 | 5,306 | 37,671 | 25,895 | |||||||||
Write-down of assets held-for-sale | — | (3,444 | ) | — | (3,444 | ) | |||||||
Equity in gain on sale of real estate by equity investees | — | (9 | ) | — | 886 | ||||||||
Income (loss) from discontinued operations | $ | 21,872 | $ | (269 | ) | $ | 35,168 | $ | 19,341 |
Exhibit Number | Description of Exhibit | |
3.0 | Certificate of Restatement of Articles of Incorporation of American Realty Investors, Inc. dated August 3, 2000 (incorporated by reference to Exhibit 3.0 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2000). | |
3.1 | Certificate of Correction of Restated Articles of Incorporation of American Realty Investors, Inc. dated August 29, 2000 (incorporated by reference to Exhibit 3.1 to Registrant’s Quarterly Report on Form 10-Q dated September 30, 2000). | |
3.2 | Articles of Amendment to the Restated Articles of Incorporation of American Realty Investors, Inc. decreasing the number of authorized shares of and eliminating Series B Cumulative Convertible Preferred Stock dated August 23, 2003 (incorporated by reference to Exhibit 3.3 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). | |
3.3 | Articles of Amendment to the Restated Articles of Incorporation of American Realty Investors, Inc., decreasing the number of authorized shares of and eliminating Series I Cumulative Preferred Stock dated October 1, 2003 (incorporated by reference to Exhibit 3.4 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003). | |
3.4 | Bylaws of American Realty Investors, Inc. (incorporated by reference to Exhibit 3.2 to Registrant’s Registration Statement on Form S-4 filed December 30, 1999). | |
31.1* | Certification pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended. | |
32.1* | Certification pursuant to 18 U.S.C. 1350. |
AMERICAN REALTY INVESTORS, INC. | |||
Date: | November 18, 2005 | By: | /s/ Steven A. Abney |
Steven A. Abney | |||
Executive Vice President and Chief Financial Officer | |||
(Principal Financial and Accounting Officer and | |||
Acting Principal Executive Officer) | |||
Exhibit Number | Description of Exhibits |
31.1* | Certification pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended. |
32.1* | Certification pursuant to 18 U.S.C. 1350. |