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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 Q3 2021 DALLAS ( November 10 , 2021 ) -- American Realty Investors , Inc. ( NYSE : ARL ) is reporting its results of operations for the quarter ended September 30 , 2021. For the three months ended September 30 , 2021 , we reported net income attributable to common shares of $ 19.4 million or $ 1.20 per diluted share , compared to $ 8.0 million or $ 0.50 per diluted share for the same period in 2020 . Financial Highlights • • We collected approximately 94 % of our rents for the three months ended September 30 , 2021 , comprised of approximately 94 % from multifamily tenants and approximately 97 % from office tenants . Total occupancy was 93 % at September 30 , 2021 , which includes 97 % at our multifamily properties and 70 % at our commercial properties . On August 26 , 2021 , we sold 600 Las Colinas , a 512,173 square foot office building in Irving , Texas for $ 74.8 million , resulting in gain on sale of $ 27.3 million . After repayment of the mortgage note payable on the property , we realized approximately $ 38.8 million in net cash proceeds . On August 25 , 2021 , we replaced the existing loan on Villas at Bon Secour with a new $ 20.0 million loan that bears interest at 3.08 % and matures on August 25 , 2028. As a result of the transaction we generated $ 8.9 million in additional proceeds and reduced the rate by 92 basis points . Financial Results Rental revenues decreased $ 1.8 million from $ 11.5 million for the three months ended September 30 , 2020 to $ 9.6 million for the three months ended September 30 , 2021. The decrease in rental revenue is primarily due to the sale of 600 Las Colinas and a decrease in revenue from our commercial properties due to a decline in occupancy . Net operating loss increased $ 2.9 million from $ 2.3 million for three months ended September 30 , 2020 to $ 5.2 million for the three months ended September 30 , 2021. The increase in net operating loss is primarily due to an increase in legal fees from prior litigation and advisory fees from the sale of 600 Las Colinas and Villas at Bon Secour . Net income attributable to common shares increased $ 11.4 million from $ 8.0 million for the three months ended September 30 , 2020 to $ 19.4 million for the three months ended September 30 , 2021. The increase in net income is primarily attributed to the increase in gain on sale of assets offset in part by the increase in operating loss .