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% | 28.24 | 0 | 09:17:31 |
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended September 30, 2022. For the three months ended September 30, 2022, we reported net income attributable to the Company of $378.4 million or $43.79 per diluted share, compared to a net income of $26.2 million or $3.04 per diluted share for the same period in 2021.
Financial Highlights
Financial Results
Rental revenues decreased $2.1 million from $9.6 million for the three months ended September 30, 2021 to $7.6 million for the three months ended September 30, 2022. The decrease in rental revenue is primarily due to the sale of 600 Las Colinas in 2021 and the sale of Toulon in the first quarter of 2022.
Net operating loss decreased $1.8 million from $4.6 million for three months ended September 30, 2021 to $2.8 million for the three months ended September 30, 2022. The decrease in net operating loss is primarily due to a reduction of legal costs related to the arbitration settlement in 2021 offset in part by net operating profit from the sale of 600 Las Colinas in 2021.
Net income attributable to the Company increased $352.1 million from $26.2 million for the three months ended September 30, 2021 to $378.4 million for the three months ended September 30, 2022. The increase in net income is primarily attributed to our share of the gain on the sale of the 45 properties by VAA, offset in part by tax expense from the sale.
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
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Revenues: Rental revenues
$
7,570
$
9,628
$
22,310
$
30,183
Other income
749
406
1,566
2,474
Total revenue
8,319
10,034
23,876
32,657
Expenses: Property operating expenses
4,701
5,610
12,541
16,500
Depreciation and amortization
2,193
2,935
6,840
9,473
General and administrative
2,756
2,813
7,348
8,549
Advisory fee to related party
1,434
3,234
6,885
10,144
Total operating expenses
11,084
14,592
33,614
44,666
Net operating loss
(2,765
)
(4,558
)
(9,738
)
(12,009
)
Interest Income
8,087
5,155
18,807
14,518
Interest expense
(4,700
)
(5,910
)
(14,787
)
(19,096
)
Gain (loss) on foreign currency transactions
1,533
(1,639
)
19,437
1,185
Loss on extinguishment of debt
(1,166
)
(1,451
)
(2,805
)
(1,451
)
Equity in income from unconsolidated joint ventures
464,085
3,627
470,428
11,535
Gain on sale or write-down of assets, net
1,539
31,312
16,580
22,970
Income tax provision
(88,037
)
(156
)
(88,105
)
1,037
Net income
378,576
26,380
409,817
18,689
Net income attributable to noncontrolling interest
(225
)
(134
)
(503
)
(544
)
Net income attributable to the Company$
378,351
$
26,246
$
409,314
$
18,145
Earnings per share Basic and diluted
$
43.79
$
3.04
$
47.38
$
2.10
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/20221110005105/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