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NEWS RELEASE FOR IMMEDIATE RELEASE Contact : American Realty Investors , Inc. Investor Relations Erik Johnson ( 469 ) 522-4200 investor.relations@transconrealty-invest.com American Realty Investors , Inc. reports Earnings for Q1 2021 DALLAS ( May 13 , 2021 ) -- American Realty Investors , Inc. ( NYSE : ARL ) is reporting its results of operations for the quarter ended March 31 , 2021. For the three months ended March 31 , 2021 , we reported a net income attributable to common shares of $ 18.1 million or $ 1.12 per diluted share , compared to $ 2.9 million or $ 0.18 per diluted share for the same period in 2020 . Financial Highlights We collected approximately 97 % of our rents for the three months ended March 31 , 2021 , comprised of approximately 96 % from multifamily tenants and approximately 98 % from office tenants . Occupancy remains stable at 91 % at March 31 , 2021 and December 31 , 2020 . On March 30 , 2021 , we sold a 50 % ownership interest in Overlook at Allensville Phase II , a 144 unit multifamily property in Sevierville , Tennessee to Macquarie bank for $ 2.6 million resulting in gain on sale of assets of $ 1.4 million . Concurrent with the sale , we each contributed our 50 % ownership interests into VAA . Financial Results Rental revenues decreased $ 1.1 million from $ 11.4 million for the three months ended March 31 , 2021 to $ 10.4 million for the three months ended 2020. The decrease in rental revenue is primarily due to a $ 0.9 million decrease in revenue at Browning Place due to a decline in occupancy . Net operating loss was $ 3.0 million for three months ended March 31 , 2021 , compared to $ 3.2 million for the same period in 2020 . Net income attributable to common shares increased $ 15.1 million from $ 2.9 million for the the three months ended March 31 , 2020 to $ 18.1 million for the three months ended March 31 , 2021. The increase in net income is primarily attributed to an increase in gain on sale of assets , including the sale of Overlook at Allensville Phase II and additional land sales during the three months ended March 31 , 2021 . 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 .