Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022
13 Mai 2022 - 10:30PM
Business Wire
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting
its results of operations for the quarter ended March 31, 2022. For
the three months ended March 31, 2022, we reported net income
attributable to the Company of $14.5 million or $1.68 per diluted
share, compared to $22.6 million or $2.62 per diluted share for the
same period in 2021.
Financial Highlights
- We collected approximately 98% of our rents for the three
months ended March 31, 2022, comprised of approximately 98% from
multifamily tenants and approximately 96% from office tenants.
- Total occupancy was 90% at March 31, 2022, which includes 94%
at our multifamily properties and 70% at our commercial
properties.
- On January 14, 2022, we sold Toulon, a 240 unit multifamily
property in Gautier, Mississippi for $26.8 million, resulting in
gain on sale of $9.4 million. We used the proceeds to pay off the
$14.7 million mortgage note payable on the property and for general
corporate purposes.
- On March 3, 2022, our $38.8 million loan on Stanford Center was
extended to February 26, 2023.
Financial Results
Rental revenues decreased $2.9 million from $10.4 million for
the three months ended March 31, 2021 to $7.5 million for the three
months ended March 31, 2022. The decrease in rental revenue is
primarily due to the sale of 600 Las Colinas in 2021.
Net operating loss increased $1.9 million from $2.2 million for
three months ended March 31, 2021 to $4.1 million for the three
months ended March 31, 2022. The increase in net operating loss is
primarily due to the sale of 600 Las Colinas in 2021.
Net income attributable to the Company decreased $8.1 million
from $22.6 million for the three months ended March 31, 2021 to
$14.5 million for the three months ended March 31, 2022. The
decrease in net income is primarily attributed to the decrease in
gain on sale of land 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
March 31,
2022
2021
Revenues:
Rental revenues
$
7,481
$
10,361
Other incomes
306
1,467
Total revenue
7,787
11,828
Expenses:
Property operating expenses
4,028
5,832
Depreciation and amortization
2,349
3,327
General and administrative
2,531
2,646
Advisory fee to related party
3,005
2,249
Total operating expenses
11,913
14,054
Net operating loss
(4,126
)
(2,226
)
Interest Income
5,814
4,701
Interest expense
(5,027
)
(6,604
)
Gain on foreign currency transactions
3,772
7,617
Loss on extinguishment of debt
(1,639
)
-
Equity in income from unconsolidated joint ventures
4,706
3,336
Gain on sale or write-down of assets, net
11,148
16,103
Income tax provision
(28
)
(40
)
Net income
14,620
22,887
Net income attributable to noncontrolling interest
(118
)
(255
)
Net income attributable to common shares
$
14,502
$
22,632
Earnings per share
Basic and diluted
$
1.68
$
2.62
Weighted average common shares used in computing earnings per share
Basic and diluted
8,639,316
8,639,316
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version on businesswire.com: https://www.businesswire.com/news/home/20220513005277/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik
Johnson (800) 400-6407
Investor.relations@transconrealty-invest.com
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