ARL posts $1.2M net loss as multifamily NOI falls $2.8M on lease-up drag and occupancy pressure

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Net income swung from $6.8M profit to $1.8M loss (six months) as multifamily NOI fell $2.8M on Same Properties occupancy declines and lease-up drag from three development properties, while interest expense rose $2.2M on newly placed-in-service debt.

  MD&A: Operating Results verify on EDGAR →
• high

  total Same Properties occupancy was 81% (multifamily 93%, commercial 58%) at quarter-end, with development properties Alera, Bandera Ridge, and Merano at 86%, 85%, and 77% respectively.

  MD&A: Multifamily NOI verify on EDGAR →
• high

  Six-month FFO fell 46% from $11.1M to $6.0M, driven by lower NOI and higher interest expense as three development properties transitioned from construction to lease-up in Q4 2025.

  MD&A: FFO verify on EDGAR →