We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 28.28 | 0 | 09:16:29 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended June 30, 2023. For the three months ended June 30, 2023, we reported net income attributable to common shares of $0.5 million or $0.06 per diluted share, compared to a net income of $16.5 million or $1.91 per diluted share for the same period in 2022.
Financial Highlights
Financial Results
Rental revenues increased $4.1 million from $7.3 million for the three months ended June 30, 2022 to $11.4 million for the three months ended June 30, 2023. The increase in rental revenue is primarily due to a $4.7 million increase at our multifamily properties offset in part by a decrease of $0.6 million from the commercial properties. The increase in revenue from the multifamily properties is primarily due to the acquisition of the VAA Holdback Portfolio in 2022.
Net operating loss increased $0.7 million from $2.8 million for the three months ended June 30, 2022 to $3.5 million for the three months ended June 30, 2023. The increase in net operating loss is primarily due to an increase in legal costs offset in part by an increase in operating profit from the multifamily portfolio.
Net income attributable to the Company decreased $15.9 million from $16.5 million for the three months ended June 30, 2022 to $0.5 million for the three months ended June 30, 2023. The decrease in net income is primarily attributed to the $14.1 million decrease in gain on foreign currency transactions, which is attributed to our repayment of our bonds payable and exit from the TASE in 2023.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited)Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenues: Rental revenues$
11,389
$
7,259
$
22,398
$
14,740
Other income
850
511
1,529
817
Total revenue
12,239
7,770
23,927
15,557
Expenses: Property operating expenses
7,031
3,812
13,137
7,840
Depreciation and amortization
3,200
2,298
6,302
4,647
General and administrative
3,521
2,061
6,404
4,592
Advisory fee to related party
2,000
2,446
4,170
5,451
Total operating expenses
15,752
10,617
30,013
22,530
Net operating loss
(3,513
)
(2,847
)
(6,086
)
(6,973
)
Interest income
8,494
4,387
17,322
9,783
Interest expense
(2,426
)
(4,541
)
(5,513
)
(9,150
)
Gain on foreign currency transactions
22
14,132
993
17,904
Loss on extinguishment of debt
(1,710
)
-
(1,710
)
(1,639
)
Equity in income from unconsolidated joint venture
25
1,637
713
6,343
Gain on sale or write-down of assets, net
188
3,893
188
15,041
Income tax provision
(204
)
(40
)
(1,316
)
(68
)
Net income
876
16,621
4,591
31,241
Net income attributable to noncontrolling interest
(346
)
(160
)
(544
)
(278
)
Net income attributable to the Company$
530
$
16,461
$
4,047
$
30,963
Earnings per share Basic and diluted
$
0.06
$
1.91
$
0.47
$
3.58
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/20230810223078/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 Investor.relations@transconrealty-invest.com
1 Year Transcontinental Realty ... Chart |
1 Month Transcontinental Realty ... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions