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Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022

By: via 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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