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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 Q2 2021 DALLAS ( August 11 , 2021 ) -- American Realty Investors , Inc. ( NYSE : ARL ) is reporting its results of operations for the quarter ended June 30 , 2021. For the three months ended June 30 , 2021 , we reported a net loss attributable to common shares of $ 27.3 million or $ 1.69 per diluted share , compared to $ 2.3 million or $ 0.14 per diluted share for the same period in 2020 . Financial Highlights • • We collected approximately 96 % of our rents for the three months ended June 30 , 2021 , comprised of approximately 96 % from multifamily tenants and approximately 97 % from office tenants . Total occupancy was 91 % at June 30 , 2021 , which includes 95 % at our multifamily properties and 73 % at our commercial properties . During the quarter , we successfully appealed the previous Clapper decision , and as result , the court vacated the previous $ 59.0 million judgement against us , and determined that Clapper would take nothing . On July 13 , 2021 , we received the arbitration verdict in connection with our dispute on the measurement of the Earn Out Obligation in connection with the formation of the VAA joint venture . As a result , we are required to pay approximately $ 39.6 million to Macquarie to satisfy the Earn Out Obligation , which represents a $ 29.6 million increase over the amount we had previously reserved . Financial Results Rental revenues decreased $ 1.4 million from $ 11.6 million for the three months ended June 30 , 2021 to $ 10.2 million for the three months ended 2020. The decrease in rental revenue is primarily due to a decrease in revenue from our commercial properties due to a decline in occupancy . Net operating loss was $ 8.8 million for three months ended June 30 , 2021 , compared to operating income of $ 1.5 million for the same period in 2020. The $ 10.3 million decrease is primarily due to an increase in legal fees associated with the Clapper litigation and the VAA Earn Out Arbitration . Net loss attributable to common shares increased $ 25.0 million from $ 2.3 million for the three months ended June 30 , 2020 to $ 27.3 million for the three months ended June 30 , 2021. The increase in net loss is primarily attributed to to the $ 29.6 million increase in the earn out obligation .