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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Transcontinental Realty Investment Inc | NYSE:TCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.55 | 0 | 09:16:18 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended December 31, 2021. For the three months ended December 31, 2021, we reported net loss attributable to common shares of $8.7 million or $1.01 per diluted share, compared to $1.5 million or $0.17 per diluted share for the same period in 2020.
Financial Highlights
Financial Results
Rental revenues decreased $9.8 million from $17.4 million for the three months ended December 31, 2020 to $7.6 million for the three months ended December 31, 2021. The decrease in rental revenue is primarily due to the receipts of a $5.9 million lease termination payment at Browning Place in 2020 and a decline in occupancy in our commercial properties.
Net operating loss increased $8.2 million from net operating income of $4.0 million for three months ended December 31, 2020 to net operating loss of $4.2 million for the three months ended December 31, 2021. The increase in net operating loss is primarily due to the lease termination payment at Browning Place in 2020 and an increase in legal fees in 2021.
Net loss attributable to common shares increased $7.3 million from $1.5 million for the three months ended December 31, 2020 to $8.7 million for the three months ended December 31, 2021. The increase in net loss is primarily attributed to the lease termination payment at Browning Place in 2020, an increase in legal fees in 2021 and a decrease in gain on sale of assets offset in part by a decrease in loss on foreign currency transactions in 2021.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) Three Months EndedDecember 31, Twelve Months EndedDecember 31,
2021
2020
2021
2020
Revenues: Rental revenues
$
7,625
$
17,448
$
37,808
$
51,909
Other incomes
492
1,228
2,966
5,113
Total revenue
8,117
18,676
40,774
57,022
Expenses: Property operating expenses
4,360
5,853
20,860
24,360
Depreciation and amortization
2,397
4,417
11,870
14,755
General and administrative
3,876
2,224
12,425
9,287
Advisory fee to related party
1,638
2,165
11,782
8,648
Total operating expenses
12,271
14,659
56,937
57,050
Net operating (loss) income
(4,154
)
4,017
(16,163
)
(28
)
Interest Income
5,054
5,558
19,572
18,660
Interest expense
(5,504
)
(7,375
)
(24,600
)
(29,374
)
Loss on foreign currency transactions
(7,360
)
(14,152
)
(6,175
)
(13,378
)
Loss on extinguishment of debt
-
-
(1,451
)
-
Equity in income (loss) from unconsolidated joint ventures
2,996
221
14,531
(519
)
Gain on sale or write-down of assets, net
382
10,305
23,352
32,107
Income tax provision
(26
)
342
1,011
(4
)
Net (loss) income
(8,612
)
(1,084
)
10,077
7,464
Net income attributable to noncontrolling interest
(135
)
(395
)
(679
)
(795
)
Net (loss) income attributable to common shares$
(8,747
)
$
(1,479
)
$
9,398
$
6,669
Earnings per share - basic Basic and diluted
$
(1.01
)
$
(0.17
)
$
1.09
$
0.77
Weighted average common shares used in computing earnings per share Basic and diluted
8,639,316
8,639,316
8,639,316
8,639,316
View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005935/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (800) 400-6407 Investor.relations@transconrealty-invest.com
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