Revenue: As of FY2025 Q4, the actual value is USD 13.01 M.

EPS: As of FY2025 Q4, the actual value is USD 0.6.

EBIT: As of FY2025 Q4, the actual value is USD -7.742 M.

Financial Highlights (Three Months Ended December 31, 2025 vs. 2024)

Net Income Attributable to Common Shares

American Realty Investors, Inc. reported net income attributable to common shares of $9.8 million for the three months ended December 31, 2025, a significant increase from a net loss of - $0.2 million for the same period in 2024, marking a $9.9 million increase year-over-year.

Total Revenue

Total revenues increased by $1.0 million, from $12.0 million in 2024 to $13.0 million in 2025. This increase was primarily driven by a $0.6 million increase from commercial properties and a $0.7 million increase in other income, partially offset by a $0.3 million decrease from multifamily properties.

Net Operating Loss

The net operating loss increased by $1.2 million, from - $1.8 million in 2024 to - $3.0 million in 2025. This was due to a $2.1 million increase in operating expenses, partially offset by the $1.0 million increase in revenue.

Gain on Sale of Assets

An increase of $15.0 million in gain on sale of assets contributed to the net income increase, primarily due to the sale of Villas at Bon Secour in 2025. The sale of Villas at Bon Secour, a 200-unit multifamily property, generated $28.0 million and resulted in a gain on sale of $12.2 million.

Income Tax Provision

The income tax provision increased by $1.5 million year-over-year.

Stabilized Occupancy (as of December 31, 2025)

Total stabilized occupancy was 81%. Multifamily properties had a stabilized occupancy of 93%, while commercial properties had a stabilized occupancy of 59%. Stabilized occupancy excludes properties currently in lease-up, such as Alera, Bandera Ridge, and Merano.

Consolidated Statements of Operations (Dollars in thousands)

Three Months Ended December 31,

• Rental revenues: $11,510 (2025) vs. $11,222 (2024)
• Other income: $1,501 (2025) vs. $817 (2024)
• Total revenue: $13,011 (2025) vs. $12,039 (2024)
• Property operating expenses: $7,823 (2025) vs. $6,816 (2024)
• Depreciation and amortization: $3,696 (2025) vs. $2,847 (2024)
• General and administrative: $1,714 (2025) vs. $1,845 (2024)
• Advisory fee to related party: $2,808 (2025) vs. $2,315 (2024)
• Total operating expenses: $16,041 (2025) vs. $13,823 (2024)
• Net operating loss: - $3,030 (2025) vs. - $1,784 (2024)
• Interest income: $3,175 (2025) vs. $3,940 (2024)
• Interest expense: - $1,537 (2025) vs. - $1,880 (2024)
• Loss on early extinguishment of debt: - $284 (2025) vs. - $0 (2024)
• Equity in income from unconsolidated joint ventures: $143 (2025) vs. $42 (2024)
• Gain (loss) on real estate transactions: $14,395 (2025) vs. - $589 (2024)
• Income tax provision: - $1,470 (2025) vs. $55 (2024)
• Net income (loss): $11,392 (2025) vs. - $216 (2024)
• Net income attributable to noncontrolling interest: - $1,610 (2025) vs. $55 (2024)
• Net income (loss) attributable to common shares: $9,782 (2025) vs. - $161 (2024)

Twelve Months Ended December 31,

• Rental revenues: $46,366 (2025) vs. $44,763 (2024)
• Other income: $3,648 (2025) vs. $2,555 (2024)
• Total revenue: $50,014 (2025) vs. $47,318 (2024)
• Property operating expenses: $27,885 (2025) vs. $27,063 (2024)
• Depreciation and amortization: $12,577 (2025) vs. $12,276 (2024)
• General and administrative: $6,459 (2025) vs. $6,395 (2024)
• Advisory fee to related party: $9,522 (2025) vs. $8,225 (2024)
• Total operating expenses: $56,443 (2025) vs. $53,959 (2024)
• Net operating loss: - $6,429 (2025) vs. - $6,641 (2024)
• Interest income: $14,637 (2025) vs. $19,973 (2024)
• Interest expense: - $6,825 (2025) vs. - $7,838 (2024)
• Loss on early extinguishment of debt: - $284 (2025) vs. - $0 (2024)
• Equity in income from unconsolidated joint ventures: $119 (2025) vs. $1,449 (2024)
• Gain (loss) on real estate transactions: $19,988 (2025) vs. - $23,989 (2024)
• Income tax provision: - $2,667 (2025) vs. $3,607 (2024)
• Net income (loss): $18,539 (2025) vs. - $13,439 (2024)
• Net income attributable to noncontrolling interest: - $2,836 (2025) vs. - $1,264 (2024)
• Net income (loss) attributable to common shares: $15,703 (2025) vs. - $14,703 (2024)