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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 | |
---|---|---|---|---|---|---|---|---|
-0.10 | -0.35% | 28.40 | 29.82 | 28.01 | 28.41 | 6,215 | 01:00:00 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended September 30, 2023. For the three months ended September 30, 2023, we reported net income attributable to common shares of $4.5 million or $0.52 per diluted share, compared to a net income of $378.4 million or $43.79 per diluted share for the same period in 2022.
Financial Highlights
Financial Results
Rental revenues increased $4.3 million from $7.6 million for the three months ended September 30, 2022 to $11.8 million for the three months ended September 30, 2023. The increase in rental revenue is primarily due to a $5.0 million increase at our multifamily properties offset in part by a decrease of $0.8 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 $1.0 million from $2.8 million for three months ended September 30, 2022 to $1.8 million for the three months ended September 30, 2023. The decrease in net operating loss is primarily due to a decrease in legal costs.
Net income attributable to the Company decreased $373.9 million from $378.4 million for the three months ended September 30, 2022 to $4.5 million for the three months ended September 30, 2023. The decrease in net income is primarily attributed to our share of the gain from the sale of the VAA Sale Portfolio, net of income tax effect in 2022.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30,2023
2022
2023
2022
Revenues: Rental revenues$
11,838
$
7,570
$
34,236
$
22,310
Other income
687
749
2,216
1,566
Total revenue
12,525
8,319
36,452
23,876
Expenses: Property operating expenses
7,443
4,701
20,580
12,541
Depreciation and amortization
3,313
2,193
9,615
6,840
General and administrative
1,432
2,756
7,836
7,348
Advisory fee to related party
2,112
1,434
6,282
6,885
Total operating expenses
14,300
11,084
44,313
33,614
Net operating loss
(1,775
)
(2,765
)
(7,861
)
(9,738
)
Interest income
9,676
7,379
26,998
17,162
Interest expense
(1,902
)
(3,992
)
(7,415
)
(13,142
)
Gain on foreign currency transactions
-
1,533
993
19,437
Loss on extinguishment of debt
-
(1,166
)
(1,710
)
(2,805
)
Equity in income from unconsolidated joint venture
85
464,085
798
470,428
Gain on sale or write-down of assets, net
-
1,539
188
16,580
Income tax provision
(1,322
)
(88,037
)
(2,638
)
(88,105
)
Net income
4,762
378,576
9,353
409,817
Net income attributable to noncontrolling interest
(311
)
(225
)
(855
)
(503
)
Net income attributable to the Company$
4,451
$
378,351
$
8,498
$
409,314
Earnings per share Basic and diluted
$
0.52
$
43.79
$
0.98
$
47.38
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/20231109012867/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 Investor.relations@transconrealty-invest.com
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