Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2023
Financial Highlights
-
Total occupancy was
81% at June 30, 2023, which includes93% at our multifamily properties and59% at our commercial properties. -
On January 31, 2023, we paid off our
Series C bonds from cash received from the sale of the VAA Sale Portfolio.$67.5 million -
On May 4, 2023, we paid off the remaining
balances of our Series A and Series B Bonds. In connection with the repayment of the bonds, our wholly-owned subsidiary, Southern Properties Capital Ltd. withdrew from the Tel-Aviv Stock Exchange (“TASE”).$42.9 million
Financial Results
Rental revenues increased
Net operating loss increased
Net income attributable to the Company decreased
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a
TRANSCONTINENTAL REALTY INVESTORS, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Revenues: | ||||||||||||||||
Rental revenues | $ |
11,389 |
|
$ |
7,259 |
|
$ |
22,398 |
|
$ |
14,740 |
|
||||
Other income |
|
850 |
|
|
511 |
|
|
1,529 |
|
|
817 |
|
||||
Total revenue |
|
12,239 |
|
|
7,770 |
|
|
23,927 |
|
|
15,557 |
|
||||
Expenses: | ||||||||||||||||
Property operating expenses |
|
7,031 |
|
|
3,812 |
|
|
13,137 |
|
|
7,840 |
|
||||
Depreciation and amortization |
|
3,200 |
|
|
2,298 |
|
|
6,302 |
|
|
4,647 |
|
||||
General and administrative |
|
3,521 |
|
|
2,061 |
|
|
6,404 |
|
|
4,592 |
|
||||
Advisory fee to related party |
|
2,000 |
|
|
2,446 |
|
|
4,170 |
|
|
5,451 |
|
||||
Total operating expenses |
|
15,752 |
|
|
10,617 |
|
|
30,013 |
|
|
22,530 |
|
||||
Net operating loss |
|
(3,513 |
) |
|
(2,847 |
) |
|
(6,086 |
) |
|
(6,973 |
) |
||||
Interest income |
|
8,494 |
|
|
4,387 |
|
|
17,322 |
|
|
9,783 |
|
||||
Interest expense |
|
(2,426 |
) |
|
(4,541 |
) |
|
(5,513 |
) |
|
(9,150 |
) |
||||
Gain on foreign currency transactions |
|
22 |
|
|
14,132 |
|
|
993 |
|
|
17,904 |
|
||||
Loss on extinguishment of debt |
|
(1,710 |
) |
|
- |
|
|
(1,710 |
) |
|
(1,639 |
) |
||||
Equity in income from unconsolidated joint venture |
|
25 |
|
|
1,637 |
|
|
713 |
|
|
6,343 |
|
||||
Gain on sale or write-down of assets, net |
|
188 |
|
|
3,893 |
|
|
188 |
|
|
15,041 |
|
||||
Income tax provision |
|
(204 |
) |
|
(40 |
) |
|
(1,316 |
) |
|
(68 |
) |
||||
Net income |
|
876 |
|
|
16,621 |
|
|
4,591 |
|
|
31,241 |
|
||||
Net income attributable to noncontrolling interest |
|
(346 |
) |
|
(160 |
) |
|
(544 |
) |
|
(278 |
) |
||||
Net income attributable to the Company | $ |
530 |
|
$ |
16,461 |
|
$ |
4,047 |
|
$ |
30,963 |
|
||||
Earnings per share | ||||||||||||||||
Basic and diluted | $ |
0.06 |
|
$ |
1.91 |
|
$ |
0.47 |
|
$ |
3.58 |
|
||||
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/20230810223078/en/
Transcontinental Realty Investors, Inc.
Investor Relations
Erik Johnson (469) 522-4200
Investor.relations@transconrealty-invest.com
Source: Transcontinental Realty Investors, Inc.