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QUARTERLY RESULTS OF OPERATIONS (Tables)

12 Months Ended

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