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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% | 28.24 | 0 | 09:17:31 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended December 31, 2022. For the three months ended December 31, 2022, we reported net income attributable to the common shares of $58.9 million or $6.82 per diluted share, compared to a net loss of $8.7 million or $1.01 per diluted share for the same period in 2021.
Financial Highlights
Financial Results
Rental revenues increased $4.1 million from $7.6 million for the three months ended December 31, 2021 to $11.8 million for the three months ended December 31, 2022. The increase in rental revenue is primarily due to a $4.9 million increase at our multifamily properties offset in part by a decrease of $0.7 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 income increased $4.6 million from net operating loss of $4.2 million for three months ended December 31, 2021 to net operating income of $0.5 million for the three months ended December 31, 2022. The increase in net operating income is primarily due to the $4.1 million increase in rental revenue as noted above and a decrease of $1.8 million in general administrative and advisory expenses offset in part by an increase of $1.9 million in property operating and depreciation expenses. The decrease in general administrative and advisory expenses is primarily due to a decrease in legal expenses and the increase in property and depreciation expenses is due to the acquisition of the VAA Holdback Portfolio.
Net income attributable to the Company increased $67.7 million from a net loss of $8.7 million for the three months ended December 31, 2021 to net income of $58.9 million for the three months ended December 31, 2022. The increase in net income is primarily attributed to $72.2 million increase in gain on sale, remeasurement or write down of assets offset in part by a $15.1 million increase in our tax provision. The increase in gain on our sale or write down of assets and our tax provision is due to the remeasurement of the VAA Holdback Portfolio that was acquired in 2022.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.
TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Nine Months Ended December 31,
2022
2021
2022
2021
Revenues: Rental revenues$
11,770
$
7,625
$
34,080
$
37,808
Other income
1,014
492
2,580
2,966
Total revenue
12,784
8,117
36,660
40,774
Expenses: Property operating expenses
5,798
4,360
18,339
20,860
Depreciation and amortization
2,846
2,397
9,686
11,870
General and administrative
2,595
3,876
9,943
12,425
Advisory fee to related party
1,089
1,638
7,974
11,782
Total operating expenses
12,328
12,271
45,942
56,937
Net operating income (loss)
456
(4,154
)
(9,282
)
(16,163
)
Interest Income
7,938
5,054
26,745
19,572
Interest expense
(5,026
)
(5,504
)
(19,813
)
(24,600
)
Gain (loss) on foreign currency transactions
630
(7,360
)
20,067
(6,175
)
Loss on early extinguishment of debt
-
-
(2,805
)
(1,451
)
Equity in (loss) income from unconsolidated joint venture
(2,342
)
2,996
468,086
14,531
Gain on sale, remeasurement or write down of assets, net
72,616
382
89,196
23,352
Income tax provision
(15,085
)
(26
)
(103,190
)
1,011
Net income (loss)
59,187
(8,612
)
469,004
10,077
Net income attributable to noncontrolling interest
(239
)
(135
)
(742
)
(679
)
Net income (loss) attributable to the Company$
58,948
$
(8,747
)
$
468,262
$
9,398
Earnings per share Basic and diluted
$
6.82
$
(1.01
)
$
54.20
$
1.09
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/20230323005025/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@transconrealty-invest.com
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