跨大陆房地产投资者有限公司 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________ to________ Commission File Number001-09240 (Exact Name of Registrant as Specified in Its Charter)(State or Other Jurisdiction of 1603 Lyndon B. Johnson Freeway,Suite 800,Dallas,Texas75234 (Address of principal executive offices) (Zip Code) 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.xYes¨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Acceleratedfiler☐Non-accelerated filer☒Smallerreportingcompany☒Emerging growth Company☐ new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐YesxNo. As of May8, 2025, there were8,639,316shares of common stock outstanding. Notes to Consolidated Financial Statements Management’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RisksControls and ProceduresPART II. OTHER INFORMATIONLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety Disclosures Net cash provided by (used in) financing activities Cash, cash equivalents and restricted cash, end of period The accompanying notes are an integral part of these consolidated financial statements. 1.Organization owned approximately78% by American Realty Investors, Inc. (“ARL”), whose common stock is listed on the NYSE under the symbol“ARL”, and8% bythe controlling shareholder of ARL.Our primary business is the acquisition, development and ownership of income-producing residential and commercial real estateproperties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time totime, and when we believe it appropriate to do so, we will also sell land and income-producing properties. We generate revenues by leasing ●Fouroffice buildings comprising in aggregate of approximately1,060,236square feet; ●Fourteenmultifamily properties, owned directly by us, comprising of2,328units; ●Fourmultifamily properties in development comprising in906units; and●Approximately1,797acres of developed and undeveloped land.Our day to day operations are managed by Pillar Income Asset Management, Inc. (“Pillar”). Pillar's duties include, but are not limitedto, locating, evaluating and recommending real estate and real estate-related investment opportunities, asset management, property managed by outside management companies. Pillar and Regis are considered to be related parties (See Note 12 – Related PartyTransactions). 2.Summary of Significant Accounting PoliciesBasis of Presentation accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted inaccordance with such rules and regulations, although management believes the disclosures are adequate to prevent the informationpresented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considerednecessary for a fair presentation have been included. The consolidated balance sheet at December31, 2024 was derived from the audited consolidated financial statements at that date, butdoes not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December31, to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or theright to receive benefits that could potentially be significant to the VIE. In determining 7 whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, managementrepresentation, ability to control decision and other contractual rights. Weighted-average common shares outstanding — basic and diluted EPS - attributable to common shares — basic and diluted Three Months Ended Ma 5.Operating Segments Segment information is prepared on the same basis that our chief operating decision maker ("CODM") reviews information to assessperformance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate intworeportable se