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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% | 28.28 | 29.05 | 27.96 | 28.25 | 1,993 | 18:11:12 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended March 31, 2023. For the three months ended March 31, 2023, we reported net income attributable to common shares of $3.5 million or $0.41 per diluted share, compared to a net income of $14.5 million or $1.68 per diluted share for the same period in 2022.
Financial Highlights
Financial Results
Rental revenues increased $3.5 million from $7.5 million for the three months ended March 31, 2022 to $11.0 million for the three months ended March 31, 2023. The increase in rental revenue is primarily due to $4.1 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 decreased $1.6 million from $4.1 million for three months ended March 31, 2022 to $2.6 million for the three months ended March 31, 2023. The decrease in net operating loss is primarily due to the $3.5 million increase in rental revenue as noted above offset in part by an increase of $2.8 million in property operating and depreciation expenses. The increase in property and depreciation expenses is due to the acquisition of the VAA Holdback Portfolio.
Net income attributable to the Company decreased $11.0 million from $14.5 million for the three months ended March 31, 2022 to $3.5 million for the three months ended March 31, 2023. The decrease in net income is primarily attributed to $11.1 million gain on sale or write down of assets in 2022. The gain on sale or write down of assets is primarily due to the sale of Toulon, a 240 unit multifamily property in Gautier, Mississippi, in 2022.
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 March 31,
2023
2022
Revenues: Rental revenues
$
11,009
$
7,481
Other income
679
306
Total revenue
11,688
7,787
Expenses: Property operating expenses
6,106
4,028
Depreciation and amortization
3,102
2,349
General and administrative
2,883
2,531
Advisory fee to related party
2,170
3,005
Total operating expenses
14,261
11,913
Net operating loss
(2,573
)
(4,126
)
Interest Income
9,772
5,814
Interest expense
(4,031
)
(5,027
)
Gain on foreign currency transactions
971
3,772
Loss on early extinguishment of debt
-
(1,639
)
Equity in income from unconsolidated joint venture
688
4,706
Gain on sale or write down of assets, net
-
11,148
Income tax provision
(1,112
)
(28
)
Net income
3,715
14,620
Net income attributable to noncontrolling interest
(198
)
(118
)
Net income attributable to the Company$
3,517
$
14,502
Earnings per share Basic and diluted
$
0.41
$
1.68
Weighted average common shares used in computing earnings per share Basic and diluted
8,639,316
8,639,316
View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005560/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 Investor.relations@transconrealty-invest.com
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