American Realty Investors : reports Earnings for Quarter Ended June 30, 2024

About this update from American Realty Investors, Inc.

NEWS RELEASE Contact: FOR IMMEDIATE RELEASE American Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 [email protected] American Realty Investors, Inc. reports Earnings for Quarter Ended June 30, 2024 DALLAS (August 8, 2024) -- American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the three months ended June 30, 2024. For the three months ended June 30, 2024, we reported net income attributable to common shares of $1.2 million or $0.07 per diluted share, compared to net income attributable to common shares of $0.1 million or $0.01 per diluted share for the same period in 2023. Financial Highlights Total occupancy was 78% at June 30, 2024, which includes 93% at our multifamily properties and 49% at our commercial properties. On July 10, 2024, we replaced the existing loan on Forest Grove with a $6.6 million loan that bears interest at SOFR plus 1.85% and matures on July 10, 2031. Financial Results Rental revenues decreased $0.2 million from $11.4 million for the three months ended June 30, 2023 to $11.2 million for the three months ended June 30, 2024. The decrease in rental revenue is primarily due to an increase of $0.3 million from our multifamily properties offset in part by a decrease of $0.5 million from the commercial properties. The increase in revenue from the multifamily properties is primarily due to the lease-up of Landing on Bayou Cane. Net operating loss decreased $2.6 million from $3.9 million for the three months ended June 30, 2023 to $1.3 million for the three months ended June 30, 2024. The decrease in net operating loss is primarily due to a decrease in general and administrative expenses associated with our bonds payable, which were repaid in 2023. Net income attributable to common shares increased $1.0 million from $0.1 million for the three months ended June 30, 2023 to $1.2 million for the three months ended June 30, 2024. The increase in net income is primarily attributed to a decrease in general administrative expenses and loss on extinguishment in debt offset in part by a decrease in interest income. About American Realty Investors, Inc. American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables. The Company's primary asset and source of its operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI). For more information, visit the Company's website at www.americanrealtyinvest.com. AMERICAN REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues: Rental revenues $ 11,188 $ 11,389 $ 22,467 $ 22,398 Other income 585 850 1,205 1,529 Total revenue 11,773 12,239 23,672 23,927 Expenses: Property operating expenses 6,624 7,031 13,258 13,137 Depreciation and amortization 3,137 3,200 6,309 6,302 General and administrative 1,552 3,684 2,960 6,845 Advisory fee to related party 1,737 2,183 3,939 4,588 Total operating expenses 13,050 16,098 26,466 30,872 Net operating loss (1,277) (3,859) (2,794) (6,945) Interest income 4,794 7,898 10,527 16,193 Interest expense (1,913) (2,480) (3,835) (5,620) Gain on foreign currency transactions - 22 - 993 Loss on early extinguishment of debt - (1,710) - (1,710) Equity in income from unconsolidated joint ventures 501 293 984 2,712 Gain on sale or write-down of assets, net - 188 - 188 Income tax provision (614) (49) (1,089) (1,289) Net income 1,491 303 3,793 4,522 Net income attributable to noncontrolling interest (324) (178) (875) (1,419) Net income attributable to the common shares $ 1,167 $ 125 $ 2,918 $ 3,103 Earnings per share Basic and diluted $ 0.07 $ 0.01 $ 0.18 $ 0.19 Weighted average common shares used in computing earnings per share Basic and diluted 16,152,043 16,152,043 16,152,043 16,152,043

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