Transcontinental Realty Investors, Inc. Reports Earnings for Q4 2021
30 März 2022 - 12:15AM
Business Wire
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting
its results of operations for the quarter ended December 31, 2021.
For the three months ended December 31, 2021, we reported net loss
attributable to common shares of $8.7 million or $1.01 per diluted
share, compared to $1.5 million or $0.17 per diluted share for the
same period in 2020.
Financial Highlights
- We collected approximately 97% of our rents for the three
months ended December 31, 2021, comprised of approximately 96% from
multifamily tenants and approximately 99% from office tenants.
- Total occupancy was 91% at December 31, 2021, which includes
95% at our multifamily properties and 70% at our commercial
properties.
- On November 17, 2021, we entered into a Major Decision with
Macquarie to engage a broker and initiate a sale of all the
properties held by the VAA joint venture. In connection with the
sale, VAA will distribute seven of its existing properties to us,
and we in turn, will contribute one of our properties into the VAA
Portfolio. The remaining forty-five properties will be sold to
third party. The Major Decision agreement will expire on August 1,
2022, if the VAA Portfolio has not been sold.
- On January 14, 2022, we sold Toulon, a 240 unit multifamily
property in Gautier, Mississippi, for $26.8 million. The proceeds
were used to pay off the mortgage note payable on the property and
for general corporate purposes.
- On March 3, 2022, we extended our $39.0 million loan on
Stanford Center to February 26, 2023.
Financial Results
Rental revenues decreased $9.8 million from $17.4 million for
the three months ended December 31, 2020 to $7.6 million for the
three months ended December 31, 2021. The decrease in rental
revenue is primarily due to the receipts of a $5.9 million lease
termination payment at Browning Place in 2020 and a decline in
occupancy in our commercial properties.
Net operating loss increased $8.2 million from net operating
income of $4.0 million for three months ended December 31, 2020 to
net operating loss of $4.2 million for the three months ended
December 31, 2021. The increase in net operating loss is primarily
due to the lease termination payment at Browning Place in 2020 and
an increase in legal fees in 2021.
Net loss attributable to common shares increased $7.3 million
from $1.5 million for the three months ended December 31, 2020 to
$8.7 million for the three months ended December 31, 2021. The
increase in net loss is primarily attributed to the lease
termination payment at Browning Place in 2020, an increase in legal
fees in 2021 and a decrease in gain on sale of assets offset in
part by a decrease in loss on foreign currency transactions in
2021.
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) Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2021
2020
2021
2020
Revenues: Rental revenues
$
7,625
$
17,448
$
37,808
$
51,909
Other incomes
492
1,228
2,966
5,113
Total revenue
8,117
18,676
40,774
57,022
Expenses: Property operating expenses
4,360
5,853
20,860
24,360
Depreciation and amortization
2,397
4,417
11,870
14,755
General and administrative
3,876
2,224
12,425
9,287
Advisory fee to related party
1,638
2,165
11,782
8,648
Total operating expenses
12,271
14,659
56,937
57,050
Net operating (loss) income
(4,154
)
4,017
(16,163
)
(28
)
Interest Income
5,054
5,558
19,572
18,660
Interest expense
(5,504
)
(7,375
)
(24,600
)
(29,374
)
Loss on foreign currency transactions
(7,360
)
(14,152
)
(6,175
)
(13,378
)
Loss on extinguishment of debt
-
-
(1,451
)
-
Equity in income (loss) from unconsolidated joint ventures
2,996
221
14,531
(519
)
Gain on sale or write-down of assets, net
382
10,305
23,352
32,107
Income tax provision
(26
)
342
1,011
(4
)
Net (loss) income
(8,612
)
(1,084
)
10,077
7,464
Net income attributable to noncontrolling interest
(135
)
(395
)
(679
)
(795
)
Net (loss) income attributable to common shares
$
(8,747
)
$
(1,479
)
$
9,398
$
6,669
Earnings per share - basic Basic and diluted
$
(1.01
)
$
(0.17
)
$
1.09
$
0.77
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220329005935/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik
Johnson (800) 400-6407
Investor.relations@transconrealty-invest.com
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