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DALLAS--(BUSINESS WIRE)--Nov 7, 2024--
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended September 30, 2024. For the three months ended September 30, 2024, we reported net income attributable to common shares of $1.7 million or $0.20 per diluted share, compared to a net income of $4.5 million or $0.52 per diluted share for the same period in 2023.
Financial Highlights
Financial Results
Rental revenues decreased $0.8 million from $11.8 million for the three months ended September 30, 2023 to $11.1 million for the three months ended September 30, 2024. The decrease in rental revenue is primarily due to a decrease in occupancy at our commercial properties. We expect occupancy to improve in the fourth quarter due to our recently completed 45,000 square foot lease at Stanford Center.
Net operating loss decreased $0.1 million from $1.8 million for the three months ended September 30, 2023 to $1.7 million for the three months ended September 30, 2024. The decrease in net operating loss is primarily due to a decrease in general and administrative expenses.
Net income attributable to the Company decreased $2.7 million from $4.5 million for the three months ended September 30, 2023 to $1.7 million for the three months ended September 30, 2024. The decrease in net income is primarily attributed to a decrease in interest income.
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 |
| Nine Months Ended | ||||||||||||||
2024 |
| 2023 |
| 2024 |
| 2023 | ||||||||||
| Revenues: | ||||||||||||||||
| Rental revenues | $ | 11,074 |
| $ | 11,838 |
| $ | 33,541 |
| $ | 34,236 |
| ||||
| Other income |
| 533 |
|
| 687 |
|
| 1,738 |
|
| 2,216 |
| ||||
| Total revenue |
| 11,607 |
|
| 12,525 |
|
| 35,279 |
|
| 36,452 |
| ||||
| Expenses: | ||||||||||||||||
| Property operating expenses |
| 6,989 |
|
| 7,443 |
|
| 20,247 |
|
| 20,580 |
| ||||
| Depreciation and amortization |
| 3,120 |
|
| 3,313 |
|
| 9,429 |
|
| 9,615 |
| ||||
| General and administrative |
| 1,223 |
|
| 1,432 |
|
| 3,898 |
|
| 7,836 |
| ||||
| Advisory fee to related party |
| 1,944 |
|
| 2,112 |
|
| 5,789 |
|
| 6,282 |
| ||||
| Total operating expenses |
| 13,276 |
|
| 14,300 |
|
| 39,363 |
|
| 44,313 |
| ||||
| Net operating loss |
| (1,669 | ) |
| (1,775 | ) |
| (4,084 | ) |
| (7,861 | ) | ||||
| Interest income |
| 5,917 |
|
| 9,676 |
|
| 17,244 |
|
| 26,998 |
| ||||
| Interest expense |
| (2,075 | ) |
| (1,902 | ) |
| (5,806 | ) |
| (7,415 | ) | ||||
| Gain on foreign currency transactions |
| - |
|
| - |
|
| - |
|
| 993 |
| ||||
| Loss on early extinguishment of debt |
| - |
|
| - |
|
| - |
|
| (1,710 | ) | ||||
| Equity in income from unconsolidated joint venture |
| 283 |
|
| 85 |
|
| 827 |
|
| 798 |
| ||||
| Gain on sale or write-down of assets, net |
| - |
|
| - |
|
| - |
|
| 188 |
| ||||
| Income tax provision |
| (546 | ) |
| (1,322 | ) |
| (1,818 | ) |
| (2,638 | ) | ||||
| Net income |
| 1,910 |
|
| 4,762 |
|
| 6,363 |
|
| 9,353 |
| ||||
| Net income attributable to noncontrolling interest |
| (203 | ) |
| (311 | ) |
| (609 | ) |
| (855 | ) | ||||
| Net income attributable to the Company | $ | 1,707 |
| $ | 4,451 |
| $ | 5,754 |
| $ | 8,498 |
| ||||
| Earnings per share | ||||||||||||||||
| Basic and diluted | $ | 0.20 |
| $ | 0.52 |
| $ | 0.67 |
| $ | 0.98 |
| ||||
| 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/20241107693403/en/
CONTACT: Transcontinental Realty Investors, Inc.
Investor Relations
Erik Johnson (469) 522-4200
investor.relations@transconrealty-invest.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Transcontinental Realty Investors, Inc.
Copyright Business Wire 2024.
PUB: 11/07/2024 05:00 PM/DISC: 11/07/2024 05:00 PM
http://www.businesswire.com/news/home/20241107693403/en