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QUARTERLY RESULTS OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly results of operations

The following is a tabulation of quarterly results of operations for the years 2019, 2018 and 2017. 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 2019
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)

Total operating revenues	$	11,929		$	11,840		$	11,943		$	12,258
Total operating expenses		13,664			16,217			13,809			15,688
Operating loss		(1,735	)		(4,377	)		(1,866	)		(3,430	)
Other expense		(6,963	)		(1,927	)		(12,723	)		(3,914	)
(Loss) before gain on sales, non-contolling interest, and taxes		(8,698	)		(6,304	)		(14,589	)		(7,344	)
Loss on sale of income producing properties		—			(80	)		—			—
Gain on land sales		2,216			2,517			5,139			5,400
Net loss from continued operations		(6,482	)		(3,867	)		(9,450	)		(1,944	)
Net loss		(6,482	)		(3,867	)		(9,450	)		(1,944	)
Less: net (income) attributable to non-controlling interest		335			1,089			1,879			2,482
Net (loss) income applicable to common shares	$	(6,147	)	$	(2,778	)	$	(7,571	)	$	538

PER SHARE DATA
Earnings per share - basic
Income (loss) from continued operations	$	(0.41	)	$	(0.24	)	$	(0.59	)	$	(0.12	)
Net income (loss) applicable to common shares	$	(0.38	)	$	(0.17	)	$	(0.47	)	$	0.03
Weighted average common shares used in computing earnings per share		15,997,076			15,997,076			15,997,076			15,997,076

Earnings per share - diluted
Income (loss) from continued operations	$	(0.41	)	$	(0.24	)	$	(0.59	)	$	(0.12	)
Net income (loss) applicable to common shares	$	(0.38	)	$	(0.17	)	$	(0.47	)	$	0.03
Weighted average common shares used in computing diluted earnings per share		15,997,076			15,997,076			15,997,076			15,997,076

	Three Months Ended 2018
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)

Total operating revenues	$	31,083		$	31,607		$	33,409		$	24,857
Total operating expenses		26,165			27,990			28,199			24,717
Operating income		4,918			3,617			5,210			140
Other (expense) income		(6,638	)		2,678			5,955			(3,508	)
(Loss) income before gain on sales, non-contolling interest, and taxes		(1,720	)		6,295			11,165			(3,368	)
Gain on formation of joint venture		—			—			—			154,126
Gain on land sales		1,335			—			12,243			3,826
Income tax expense		—			—			(792	)		(418	)
Net (loss) income from continued operations		(385	)		6,295			22,616			154,166
Net (loss) income		(385	)		6,295			22,616			154,166
Less: net (income) attributable to non-controlling interest		(275	)		(441	)		(2,265	)		(6,012	)
Preferred dividend requirement		(225	)		(225	)		(225	)		(226	)
Net (loss) income applicable to common shares	$	(885	)	$	5,629		$	20,126		$	147,928

PER SHARE DATA
Earnings per share - basic
(Loss) income from continued operations	$	(0.06	)	$	0.35		$	1.26		$	9.26
Net (loss) income applicable to common shares	$	(0.06	)	$	0.35		$	1.26		$	9.26
Weighted average common shares used in computing earnings per share		15,938,077			15,997,076			15,997,076			15,997,076

Earnings per share - diluted
Income (loss) from continued operations	$	(0.06	)	$	0.35		$	1.26		$	9.27
Net income (loss) applicable to common shares	$	(0.06	)	$	0.35		$	1.26		$	9.27
Weighted average common shares used in computing diluted earnings per share		15,938,077			15,997,076			15,997,076			15,997,076

	Three Months Ended 2017
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)

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 on sale of income producing properties		—			—			12,760			3,938
Gain (loss) on land sales		445			(476	)		1,062			3,853
Income tax expense		—			—			—			(180	)
Net (loss) income from continued operations		(5,907	)		(11,324	)		9,884			(1,529	)
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 (loss) income applicable to common shares	$	(5,989	)	$	(11,164	)	$	9,087		$	(1,470	)

PER SHARE DATA
Earnings per share - basic
(Loss) income from continued operations	$	(0.39	)	$	(0.72	)	$	0.59		$	(0.09	)
Net (loss) income 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) income from continued operations	$	(0.39	)	$	(0.72	)	$	0.59		$	(0.09	)
Net (loss) income 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