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QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Schedule of quarterly results of operations | The following is a tabulation of quarterly results of operations for the years 2017, 2016 and 2015. Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360:
|  | Three Months Ended 2017 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2017 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 31,822 |  |  | $ | 31,587 |  |  | $ | 31,807 |  |  | $ | 31,005 |
Total operating expenses |  |  | 27,345 |  |  |  | 26,759 |  |  |  | 26,397 |  |  |  | 28,292 |
Operating income |  |  | 4,477 |  |  |  | 4,828 |  |  |  | 5,410 |  |  |  | 2,713 |
Other expense |  |  | (10,829 | ) |  |  | (15,676 | ) |  |  | (9,348 | ) |  |  | (11,853 | )
Loss before gain on sales, non-contolling interest, and taxes |  |  | (6,352 | ) |  |  | (10,848 | ) |  |  | (3,938 | ) |  |  | (9,140 | )
Gain (loss) on sale of income producing properties |  |  | — |  |  |  | — |  |  |  | 12,760 |  |  |  | 3,938 |
Gain (loss) on land sales |  |  | 445 |  |  |  | (476 | ) |  |  | 1,062 |  |  |  | 3,853 |
Income tax benefit (expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (180 | )
Net income (loss) from continued operations |  |  | (5,907 | ) |  |  | (11,324 | ) |  |  | 9,884 |  |  |  | (1,529 | )
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  |  | (5,907 | ) |  |  | (11,324 | ) |  |  | 9,884 |  |  |  | (1,529 | )
Less: net (income) loss attributable to non-controlling interest |  |  | 193 |  |  |  | 435 |  |  |  | (522 | ) |  |  | 339 |
Preferred dividend requirement |  |  | (275 | ) |  |  | (275 | ) |  |  | (275 | ) |  |  | (280 | )
Net income (loss) applicable to common shares |  | $ | (5,989 | ) |  | $ | (11,164 | ) |  | $ | 9,087 |  |  | $ | (1,470) |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) applicable to common shares |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Weighted average common shares used in computing earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) applicable to common shares |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Weighted average common shares used in computing diluted earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
|  | Three Months Ended 2016 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2016 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 29,205 |  |  | $ | 30,834 |  |  | $ | 30,067 |  |  | $ | 29,557 |
Total operating expenses |  |  | 25,881 |  |  |  | 26,212 |  |  |  | 26,272 |  |  |  | 26,664 |
Operating income |  |  | 3,324 |  |  |  | 4,622 |  |  |  | 3,795 |  |  |  | 2,893 |
Other expense |  |  | (8,470 | ) |  |  | (8,156 | ) |  |  | (9,252 | ) |  |  | (10,447 | )
Loss before gain on sales, non-contolling interest, and taxes |  |  | (5,146 | ) |  |  | (3,534 | ) |  |  | (5,457 | ) |  |  | (7,554 | )
Gain (loss) on sale of income producing properties |  |  | (244 | ) |  |  | 5,168 |  |  |  | — |  |  |  | 11,283 |
Gain (loss) on land sales |  |  | 1,652 |  |  |  | 1,719 |  |  |  | 555 |  |  |  | (805 | )
Income tax benefit (expense) |  |  | — |  |  |  | — |  |  |  | (46 | ) |  |  | — |
Net income (loss) from continued operations |  |  | (3,738 | ) |  |  | 3,353 |  |  |  | (4,948 | ) |  |  | 2,924 |
Net loss from discontinued operations |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | (3 | )
Net income (loss) |  |  | (3,736 | ) |  |  | 3,353 |  |  |  | (4,948 | ) |  |  | 2,921 |
Less: net (income) loss attributable to non-controlling interest |  |  | 530 |  |  |  | (864 | ) |  |  | 1,194 |  |  |  | (1,182 | )
Preferred dividend requirement |  |  | (497 | ) |  |  | (53 | ) |  |  | (275 | ) |  |  | (276 | )
Net income (loss) applicable to common shares |  | $ | (3,703 | ) |  | $ | 2,436 |  |  | $ | (4,029 | ) |  | $ | 1,463 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | (0.24 | ) |  | $ | 0.16 |  |  | $ | (0.26 | ) |  | $ | 0.09 |
Income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) applicable to common shares |  | $ | (0.24 | ) |  | $ | 0.16 |  |  | $ | (0.26 | ) |  | $ | 0.09 |
Weighted average common shares used in computing earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | (0.24 | ) |  | $ | 0.16 |  |  | $ | (0.26 | ) |  | $ | 0.09 |
Income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) applicable to common shares |  | $ | (0.24 | ) |  | $ | 0.16 |  |  | $ | (0.26 | ) |  | $ | 0.09 |
Weighted average common shares used in computing diluted earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
|  | Three Months Ended 2015 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2015 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 23,156 |  |  | $ | 24,241 |  |  | $ | 27,826 |  |  | $ | 28,965 |
Total operating expenses |  |  | 21,155 |  |  |  | 20,388 |  |  |  | 25,741 |  |  |  | 30,596 |
Operating income |  |  | 2,001 |  |  |  | 3,853 |  |  |  | 2,085 |  |  |  | (1,631 | )
Other expense |  |  | (2,338 | ) |  |  | (5,139 | ) |  |  | (11,152 | ) |  |  | (12,993 | )
Loss before gain on land sales, non-contolling interest, and taxes |  |  | (337 | ) |  |  | (1,286 | ) |  |  | (9,067 | ) |  |  | (14,624 | )
Gain (loss) on land sales |  |  | 2,876 |  |  |  | 3,027 |  |  |  | 1,958 |  |  |  | 13,787 |
Income tax benefit |  |  | 103 |  |  |  | (12 | ) |  |  | 274 |  |  |  | (882 | )
Net income (loss) from continued operations |  |  | 2,642 |  |  |  | 1,729 |  |  |  | (6,835 | ) |  |  | (1,719 | )
Net income from discontinued operations |  |  | 190 |  |  |  | (22 | ) |  |  | 508 |  |  |  | 220 |
Net income (loss) |  |  | 2,832 |  |  |  | 1,707 |  |  |  | (6,327 | ) |  |  | (1,499 | )
Less: net (income) loss attributable to non-controlling interest |  |  | 508 |  |  |  | (540 | ) |  |  | 1,164 |  |  |  | 195 |
Preferred dividend requirement |  |  | (390 | ) |  |  | (275 | ) |  |  | (275 | ) |  |  | (276 | )
Net income (loss) applicable to common shares |  | $ | 2,950 |  |  | $ | 892 |  |  | $ | (5,438 | ) |  | $ | (1,580 | )
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | 0.20 |  |  | $ | 0.06 |  |  | $ | (0.38 | ) |  | $ | (0.24 | )
Income from discontinued operations |  |  | 0.01 |  |  |  | — |  |  |  | 0.03 |  |  |  | 0.01 |
Net income (loss) applicable to common shares |  | $ | 0.21 |  |  | $ | 0.06 |  |  | $ | (0.35 | ) |  | $ | (0.23 | )
Weighted average common shares used in computing earnings per share |  |  | 14,027,619 |  |  |  | 15,367,320 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | (0.38 | ) |  | $ | (0.24 | )
Income from discontinued operations |  |  | 0.01 |  |  |  | — |  |  |  | 0.03 |  |  |  | 0.01 |
Net income (loss) applicable to common shares |  | $ | 0.17 |  |  | $ | 0.05 |  |  | $ | (0.35 | ) |  | $ | (0.23 | )
Weighted average common shares used in computing diluted earnings per share |  |  | 17,426,707 |  |  |  | 17,844,339 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
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