Revenue: As of FY2026 Q1, the actual value is USD 12.34 M.

EPS: As of FY2026 Q1, the actual value is USD -0.03.

EBIT: As of FY2026 Q1, the actual value is USD -3.047 M.

American Realty Investors, Inc. (美国房地产投资公司) reported its operational results for the quarter ended March 31, 2026.

Operational Metrics

As of March 31, 2026, American Realty Investors, Inc. reported a total occupancy of 81%, with multifamily properties at 93% and commercial properties at 58%. Occupancy rates for its Development Properties were 47% for Alera, 44% for Bandera Ridge, and 42% for Merano. During the three months ended March 31, 2026, the company sold 21 lots from its Windmill Farms holdings for $1.0 million, resulting in a gain on sale of $0.8 million.

Segment Revenue

Total revenue for the three months ended March 31, 2026, increased by $0.3 million to $12.3 million, up from $12.0 million for the same period in 2025. This increase was primarily driven by a $0.7 million increase from commercial properties, partially offset by a $0.3 million decrease from multifamily properties, with growth in commercial properties revenue mainly due to increased occupancy at Stanford Center.

Operating Costs

Total operating expenses for the three months ended March 31, 2026, were $14,532 thousand, compared to $12,821 thousand for the same period in 2025. Property operating expenses increased to $7,333 thousand in 2026 from $5,977 thousand in 2025. Depreciation and amortization expenses were $3,630 thousand in 2026, up from $2,883 thousand in 2025. General and administrative expenses were $1,486 thousand in 2026, slightly down from $1,492 thousand in 2025. The advisory fee to a related party decreased to $2,083 thousand in 2026 from $2,469 thousand in 2025.

Net Operating Loss

Net operating loss increased by $1.4 million, from - $0.8 million for the three months ended March 31, 2025, to - $2.2 million for the same period in 2026, primarily due to a $1.4 million rise in operating expenses from lease-up properties.

Net Income Attributable to Common Shares

American Realty Investors, Inc. reported a net loss attributable to common shares of - $0.6 million (or - $0.03 per share) for the three months ended March 31, 2026. This represents a decrease of $3.5 million from a net income of $3.0 million (or $0.18 per share) for the same period in 2025. The decrease was primarily attributed to a $3.5 million decrease from gain on sale or write-down of assets, a $1.3 million decrease in interest income, net, and a $1.4 million increase in net operating loss, partially offset by a $1.6 million decrease in tax provision. The decrease in gain on sale of real estate transactions was attributed to the condemnation of a parcel of land at Windmill Farms in 2025.

Other Financial Metrics (Three Months Ended March 31, in thousands)

• Interest income: $3,824 in 2026 vs $4,010 in 2025.
• Interest expense: - $2,968 in 2026 vs - $1,820 in 2025.
• Equity in loss from unconsolidated joint ventures: $0 in 2026 vs - $159 in 2025.
• Gain on real estate transactions: $385 in 2026 vs $3,891 in 2025.
• Income tax provision: $434 in 2026 vs - $1,146 in 2025.
• Net (loss) income: - $516 in 2026 vs $3,963 in 2025.
• Net income attributable to noncontrolling interest: - $35 in 2026 vs - $998 in 2025.
• Weighted average common shares used in computing earnings per share: 16,152,043 for both 2026 and 2025.