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Accordingly, we include TCI’s financial results in our consolidated financial statements.
−Removed: Substantially all of TCI's assets are held by its wholly-owned subsidiary, Southern Properties Capital Ltd.
−Removed: (“SPC”), which was formed to raise funds by issuing non-convertible bonds that were listed and traded on the Tel-Aviv Stock Exchange ("TASE").
In addition, TCI owns approximately 83.2% of the common stock of Income Opportunity Realty Investors, Inc.
("IOR") a Nevada corporation, which is publicly listed and traded on the NYSE under the symbol IOR.
−Removed: On November 19, 2018, SPC formed the Victory Abode Apartments, LLC (“VAA”) joint venture with the Macquarie Group (“Macquarie”).
−Removed: In connection with the formation of VAA, we sold a 50% ownership interest in 51 multifamily properties.
−Removed: We account for our investment in VAA under the equity method.
−Removed: In 2022, VAA sold 45 of its properties to a third party and distributed the remaining seven properties to us in a liquidating distribution.
Controlling Stockholder
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At December 31, 2024, our property portfolio consisted of:
−Removed: • Commercial pr operties , consisting of four office buildings with an aggregate of approximately 1,056,793 square feet;
−Removed: • Fourteen multifamily properties, comprising in 2,328 units;
+Added: • Commercial pr operties , consisting of four office buildings with an aggregate of approximately 1,060,236 rentable square feet;
+Added: • Fourteen multifamily properties in operation, comprising 2,328 units;
+Added: • Four multifamily properties under development, comprising 906 units;
• Approximately 1,804 acres of developed and undeveloped land.
Recent Activity
+Added: Acquisitions and Dispositions
+Added: • On December 13, 2024 , we sold 30 single family lots from our holdings in Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 million.
Financing Activities
−Removed: • On January 31, 2023 , we paid off our $67.5 million of Series C bonds.
−Removed: • On February 28, 2023 , we extended the maturity of our loan on Windmill Farms until February 28, 2024 at a revised interest rate of 7.75%.
−Removed: • On March 15, 2023 , we entered into a $33.0 million construction loan to finance the development of Lake Wales (See "Development Activities") that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026 , with two one-year extension options.
−Removed: • On May 4, 2023, we paid off the remaining $14.0 million of our Series A Bonds and $28.9 million of our Series B Bonds, which resulted in a loss on early extinguishment of debt of $1.7 million.
−Removed: • On August 28, 2023, we paid off our $1.2 million loan on Athens .
−Removed: • On November 6, 2023 , we entered into a $25.4 million construction loan to finance the development of Merano (See "Development Activities") that bears interest at prime plus 0.25% and matures on November 6, 2028 .
−Removed: • On December 15, 2023 , we entered into a $23.5 million construction loan to finance the development of Bandera Ridge (See "Development Activities") that bears interest at SOFR plus 3% and matures on December 15, 2028 .
+Added: • On January 1, 2024, we amended our cash management agreement with Pillar .
+Added: As a result, the interest rate on the related party receivable (" Pillar Receivable ") changed from prime plus one to the Secured Overnight Financing Rate (" SOFR").
• On February 8, 2024, we extended the maturity of our loan on Windmill Farms to February 28, 2026 at an interest rate of 7.50%.
+Added: • On July 10, 2024, we replaced the existing loan on Forest Grove with a $6.6 million loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031.
+Added: • On October 21, 2024 , we entered into a $27.5 million construction loan to finance the development of Mountain Creek (See "Development Activities") that bears interest at SOFR plus 3.45% and matures on October 20, 2026.
Development Activities
−Removed: We have agreements to develop two land parcels or " PODs " of our land holdings in Windmill Farms .
−Removed: The agreements provide for the development of 125 acres of raw land into approximately 470 lands lots to used for single family homes for a total of $24.3 million.
−Removed: We estimate that we will complete the development of these PODs over a two-year period starting in the third quarter of 2024.
−Removed: During 2023, we spent $5.0 million on the project, which included $0.5 million on lot development and $4.5 million on reimbursable infrastructure investments.
−Removed: On March 15, 2023, we entered into a development agreement with Pillar to build a 240 unit multifamily property in Lake Wales, Florida (" Lake Wales ") that is expected to be completed in 2025 for a total cost of approximately $55.3 million.
−Removed: The cost of construction will be funded in part by a $33.0 million construction loan (See "Financing Activities") .
−Removed: The development agreement provides for a $1.6 million fee that will be paid to Pillar over the construction period.
−Removed: In connection with the closing of the loan, we purchased the land and certain entitlement costs from a related party at an appraised value of $6.1 million.
−Removed: As of December 31, 2023, we have incurred a total of $16.9 million in development costs.
−Removed: On November 6, 2023, we entered into a development agreement with Pillar to build a 216 unit multifamily property in McKinney , Texas (" Merano ") that is expected to be completed in 2025 for a total cost of approximately $51.9 million.
−Removed: The cost of construction will be funded in part by a $25.4 million construction loan (See "Financing Activities") .
−Removed: The development agreement provides for a $1.6 million fee that will be paid to Pillar over the construction period.
−Removed: As of December 31, 2023, we have incurred a total of $7.2 million in development costs.
−Removed: On December 15, 2023, we entered into a development agreement with Pillar to build a 216 unit multifamily property in Temple , Texas (" Bandera Ridge ") that is expected to be completed in 2025 for a total cost of approximately $49.6 million.
+Added: On October 21, 2024, we entered into a development agreement with Pillar to build a 234 unit multifamily property in Dallas , Texas (" Mountain Creek ") that is expected to be completed in 2026 for a total cost of approximately $49.8 million.
The cost of construction will be funded in part by a $27.5 million construction loan (See "Financing Activities") .
The development agreement provides for a $1.6 million fee that will be paid to Pillar over the construction period.
−Removed: In connection with the closing of the loan, we purchased the land from a related party at an appraised value of $2.7 million.
As of December 31, 2024, we have incurred a total of $5.0 million in development costs.
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The construction costs included a development fee paid to the Developer.
−Removed: To ensure that the Development Project was constructed
−Removed: on plan, on time and on budget, we entered into a convertible loan arrangement with the Developer, whereby we advanced the out-of-pocket capital to the developer at nominal rate of interest with an option to convert the loan into a 100% ownership interest in the entity that holds the Development Project for a price equal to development cost.
+Added: To ensure that the Development Project was constructed on plan, on time and on budget, we entered into a convertible loan arrangement with the Developer, whereby we advanced the out-of-pocket capital to the developer at nominal rate of interest with an option to convert the loan into a 100% ownership interest in the entity that holds the Development Project for a price equal to development cost.
We have also used Pillar as the Developer for our land development projects, including Windmill Farms and have elected to use Pillar as the Developer for our current portfolio multifamily development projects.
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The services for our commercial segment include primarily rental of office space and other tenant services, including parking and storage space rental.
−Removed: The services for our multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental.
+Added: The services for our multifamily segment include primarily rental of apartments and other tenant
+Added: services, including parking and storage space rental.
See Note 5 to our consolidated financial statements in Item 8 of this Report for more information regarding our segments.
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Available Information
−Removed: We maintain an internet site at www.americanrealtyinvest.com.
+Added: We maintain a website at www.americanrealtyinvest.com.
We make available through our website free of charge Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, reports filed pursuant to Section 16, and amendments to those reports, as soon as reasonably practicable after we electronically file or furnish such materials to the Securities and Exchange Commission.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.