ADDED
As of March 10, 2026, there were 4,066,178 shares of common stock outstanding.
( TCI ), whose common stock is traded on the New York Stock Exchange ( NYSE ) under the symbol TCI , is our controlling shareholder.
As of December 31, 2025 , TCI owned 84.6% of our stock and with its affiliates owned 91.2% of our common stock.
Pillar is a wholly-owned affiliate of ARL's controlling stockholder.
RISK FACTORS The following discusses those risk factors that we believe could have a material effect on our business, operations and financial condition.
If any of these risks, as well as other risks and uncertainties that we have not yet identified or that we currently believe are not material, become realized, we could be materially adversely affected.
Epidemics, pandemics or other outbreaks of an illness, disease or virus, such as COVID-19, can severely disrupt general economic activities in a variety of ways that are difficult to predict.
For example, governments and businesses may take actions to mitigate the public health crisis, including quarantines, stay-at-home orders, density limitations, social distancing measures, and/or restrictions on types of business that may continue to operate.
The extent to which an outbreak could impact our business will depend on factors such as the duration and spread, its severity, the actions taken to contain the virus, the emergence and impact of future virus variants, and how quickly and to what extent normal economic and operating conditions resume.
The impacts to our business could impact our financial condition, results of operations, cash flows, liquidity and our ability to meet our debt service obligations.
REMOVED
As of March 19, 2025, there were 4,066,178 shares of common stock outstanding.
( TCI ), whose common stock is traded on the NYSE under the symbol TCI , is our controlling shareholder.
As of December 31, 2024 , TCI owned 83.2% of our stock and with its affiliates owned 89.8% of our common stock.
Pillar is a wholly-owned affiliate of ARL s controlling stockholder.
RISK FACTORS The following discusses risk factors that could affect our business, operations and financial condition.
If any of these risks, as well as other risks and uncertainties that we have not yet identified or that we currently believe are not material, actually occur, we could be materially adversely affected and the value of our securities could decline.
Considerable uncertainty still surrounds the recent Covid-19 pandemic, including its conclusion, the availability of and effectiveness of vaccines, the potential short-term and long term effects, including but not limited to shifts in consumer housing demand based on geography, affordability, housing type (e.g., multi-family vs.
multi-bedroom), mainly resulting from the paradigm shift of work culture, the decentralization of corporate headquarters and the success of work from home models.
Moreover, local, state and national measures taken to limit the spread of the recent pandemic have already resulted in significant economic impacts and mortality rates, the duration and scope of which cannot currently be predicted.
The extent to which our financial condition or operating results will be effected in the future by any future pandemic will largely depend on future demand and developments, which are highly uncertain and cannot be accurately predicted with any degree of accuracy.