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    Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended December 31, 2024

    3/20/25 5:30:00 PM ET
    $TCI
    Real Estate Investment Trusts
    Real Estate
    Get the next $TCI alert in real time by email

    Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended December 31, 2024. For the three months ended December 31, 2024, we reported net income attributable to common shares of $0.1 million or $0.01 per diluted share, compared to a net loss of $2.6 million or $0.30 per diluted share for the same period in 2023.

    Financial Highlights

    • Total occupancy was 81% at December 31, 2024, which includes 94% at our multifamily properties and 53% at our commercial properties.
    • On October 18, 2024, we completed a 45,000 square foot lease at Stanford Center. This is the first new lease at the property following our major renovation of the property. The new lease provides a 14% increase in occupancy to the property and a 20% increase in rent per square foot over recent expired leases at the property. The lease is expected to commence in April 2025.
    • On October 21, 2024, we obtained a $27.5 million construction loan to finance the development of a 234 unit multifamily property in Dallas, Texas ("Mountain Creek") that is expected to be completed in 2026 for a total cost of approximately $49.8 million. The construction loan on Mountain Creek bears interest at SOFR plus 3.45% and matures on October 20, 2026.
    • On December 13, 2024, we sold 30 single family lots from our holdings in Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 million.

    Financial Results

    Rental revenues decreased $1.6 million from $12.8 million for the three months ended December 31, 2023 to $11.2 million for the three months ended December 31, 2024. The decrease in rental revenue is primarily due to a decrease in occupancy at our commercial properties.

    Net operating loss decreased $0.4 million from $2.1 million for the three months ended December 31, 2023 to $1.7 million for the three months ended December 31, 2024. Our decrease in net operating loss was due to a $2.1 million decrease in operating expenses offset in part by a $1.7 million decrease in revenues. The decrease in operating expenses is primarily due to a decrease in depreciation for the three months ended December 31, 2024.

    Net income (loss) attributable to the Company increased $2.7 million from a net loss of $2.6 million for the three months ended December 31, 2023 to net income $0.1 million for the three months ended December 31, 2024. The increase in net income is primarily attributed to a decrease in loss on sale or write down of assets and an increase in interest income offset in part by an increase in the provision for income tax.

    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

    December 31,
    Twelve Months Ended

    December 31,

    2024

    2023

    2024

    2023

     
    Revenues:
    Rental revenues

    $

    11,222

    $

    12,787

    $

    44,763

    $

    47,023

    Other income

     

    569

     

    666

     

    2,307

     

    2,882

    Total revenue

     

    11,791

     

    13,453

     

    47,070

     

    49,905

    Expenses:
    Property operating expenses

     

    6,816

     

    7,316

     

    27,063

     

    27,896

    Depreciation and amortization

     

    2,847

     

    4,031

     

    12,276

     

    13,646

    General and administrative

     

    1,549

     

    1,363

     

    5,447

     

    9,199

    Advisory fee to related party

     

    2,269

     

    2,874

     

    8,058

     

    9,156

    Total operating expenses

     

    13,481

     

    15,584

     

    52,844

     

    59,897

    Net operating loss

     

    (1,690)

     

    (2,131)

     

    (5,774)

     

    (9,992)

    Interest income

     

    4,642

     

    3,022

     

    21,886

     

    30,020

    Interest expense

     

    (1,836)

     

    (1,876)

     

    (7,642)

     

    (9,291)

    Gain on foreign currency transactions

     

    -

     

    -

     

    -

     

    993

    Loss on early extinguishment of debt

     

    -

     

    -

     

    -

     

    (1,710)

    Equity in (loss) income from unconsolidated joint venture

     

    (119)

     

    262

     

    708

     

    1,060

    Loss on sale or write down of assets, net

     

    (589)

     

    (2,079)

     

    (589)

     

    (1,891)

    Income tax provision

     

    (112)

     

    699

     

    (1,930)

     

    (1,939)

    Net income (loss)

     

    296

     

    (2,103)

     

    6,659

     

    7,250

    Net income attributable to noncontrolling interest

     

    (188)

     

    (458)

     

    (797)

     

    (1,313)

    Net income (loss) attributable to the Company

    $

    108

    $

    (2,561)

    $

    5,862

    $

    5,937

    Earnings per share
    Basic and diluted

    $

    0.01

    $

    (0.30)

    $

    0.68

    $

    0.69

    Weighted average common shares used in computing earnings per share
    Basic and diluted

     

    8,639,316

     

    8,369,316

     

    8,639,316

     

    8,639,316

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250320188911/en/

    Transcontinental Realty Investors, Inc.

    Investor Relations

    Erik Johnson (469) 522-4200

    [email protected]

    Get the next $TCI alert in real time by email

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