Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended December 31, 2024
Transcontinental Realty Investors (NYSE:TCI) reported Q4 2024 financial results, showing a net income of $0.1 million ($0.01 per diluted share), compared to a net loss of $2.6 million ($0.30 per diluted share) in Q4 2023.
Key highlights include:
- Total occupancy at 81%, with 94% for multifamily and 53% for commercial properties
- Completed a 45,000 sq ft lease at Stanford Center with 14% occupancy increase and 20% higher rent per square foot
- Secured $27.5M construction loan for a 234-unit multifamily development in Dallas
- Sold 30 single family lots in Windmill Farms for $1.4M with $1.1M gain
Rental revenues decreased to $11.2 million from $12.8 million year-over-year. Net operating loss improved to $1.7 million from $2.1 million, driven by $2.1M decrease in operating expenses, partially offset by $1.7M decrease in revenues.
Transcontinental Realty Investors (NYSE:TCI) ha riportato i risultati finanziari del quarto trimestre 2024, mostrando un reddito netto di 0,1 milioni di dollari (0,01 dollari per azione diluita), rispetto a una perdita netta di 2,6 milioni di dollari (0,30 dollari per azione diluita) nel quarto trimestre 2023.
I principali punti salienti includono:
- Occupazione totale all'81%, con il 94% per le proprietà multifamiliari e il 53% per le proprietà commerciali
- Completato un contratto di locazione di 45.000 piedi quadrati presso Stanford Center con un aumento dell'occupazione del 14% e un affitto per piede quadrato superiore del 20%
- Ottenuto un prestito per costruzione di 27,5 milioni di dollari per uno sviluppo multifamiliare di 234 unità a Dallas
- Venduti 30 lotti di case unifamiliari a Windmill Farms per 1,4 milioni di dollari con un guadagno di 1,1 milioni di dollari
I ricavi da affitto sono diminuiti a 11,2 milioni di dollari rispetto ai 12,8 milioni di dollari dell'anno precedente. La perdita operativa netta è migliorata a 1,7 milioni di dollari rispetto ai 2,1 milioni di dollari, grazie a una diminuzione delle spese operative di 2,1 milioni di dollari, parzialmente compensata da una diminuzione dei ricavi di 1,7 milioni di dollari.
Transcontinental Realty Investors (NYSE:TCI) informó los resultados financieros del cuarto trimestre de 2024, mostrando un ingreso neto de $0.1 millones ($0.01 por acción diluida), en comparación con una pérdida neta de $2.6 millones ($0.30 por acción diluida) en el cuarto trimestre de 2023.
Los puntos destacados incluyen:
- Ocupación total del 81%, con un 94% para propiedades multifamiliares y un 53% para propiedades comerciales
- Se completó un contrato de arrendamiento de 45,000 pies cuadrados en Stanford Center con un aumento del 14% en la ocupación y un 20% más de alquiler por pie cuadrado
- Se aseguró un préstamo de construcción de $27.5 millones para un desarrollo multifamiliar de 234 unidades en Dallas
- Se vendieron 30 lotes de casas unifamiliares en Windmill Farms por $1.4 millones con una ganancia de $1.1 millones
Los ingresos por alquiler disminuyeron a $11.2 millones desde $12.8 millones interanualmente. La pérdida operativa neta mejoró a $1.7 millones desde $2.1 millones, impulsada por una disminución de $2.1 millones en gastos operativos, parcialmente compensada por una disminución de $1.7 millones en los ingresos.
Transcontinental Realty Investors (NYSE:TCI)는 2024년 4분기 재무 결과를 발표하며 순이익이 $0.1백만 ($0.01 희석 주당)으로 나타났으며, 이는 2023년 4분기 순손실 $2.6백만 ($0.30 희석 주당)과 비교됩니다.
주요 하이라이트는 다음과 같습니다:
- 전체 점유율 81%, 다가구 주택 94%, 상업용 부동산 53%
- 스탠포드 센터에서 45,000 평방피트 임대 계약을 완료하여 점유율이 14% 증가하고 평방피트당 임대료가 20% 상승함
- 달라스에서 234세대 다가구 개발을 위한 2750만 달러 건설 대출 확보
- 윈드밀 팜즈에서 30개의 단독 주택 부지를 140만 달러에 판매하여 110만 달러의 이익을 기록함
임대 수익은 전년 대비 $11.2백만에서 $12.8백만으로 감소했습니다. 운영 손실은 $2.1백만에서 $1.7백만으로 개선되었으며, 이는 운영 비용이 $2.1백만 감소한 데 기인하였고, 부분적으로는 수익이 $1.7백만 감소한 것에 의해 상쇄되었습니다.
Transcontinental Realty Investors (NYSE:TCI) a publié ses résultats financiers pour le quatrième trimestre 2024, affichant un revenu net de 0,1 million de dollars (0,01 dollar par action diluée), comparé à une perte nette de 2,6 millions de dollars (0,30 dollar par action diluée) au quatrième trimestre 2023.
Les points clés incluent:
- Taux d'occupation total de 81%, avec 94% pour les propriétés multifamiliales et 53% pour les propriétés commerciales
- Achèvement d'un bail de 45 000 pieds carrés au Stanford Center avec une augmentation de l'occupation de 14% et un loyer par pied carré supérieur de 20%
- Obtention d'un prêt de construction de 27,5 millions de dollars pour un développement multifamilial de 234 unités à Dallas
- Vente de 30 lots de maisons individuelles à Windmill Farms pour 1,4 million de dollars avec un gain de 1,1 million de dollars
Les revenus locatifs ont diminué à 11,2 millions de dollars par rapport à 12,8 millions de dollars d'une année sur l'autre. La perte d'exploitation nette s'est améliorée à 1,7 million de dollars contre 2,1 millions de dollars, grâce à une réduction des dépenses d'exploitation de 2,1 millions de dollars, partiellement compensée par une diminution des revenus de 1,7 million de dollars.
Transcontinental Realty Investors (NYSE:TCI) hat die Finanzzahlen für das vierte Quartal 2024 veröffentlicht, mit einem Nettogewinn von 0,1 Millionen Dollar (0,01 Dollar pro verwässerter Aktie), im Vergleich zu einem Nettverlust von 2,6 Millionen Dollar (0,30 Dollar pro verwässerter Aktie) im vierten Quartal 2023.
Wichtige Highlights sind:
- Gesamtbelegung bei 81%, mit 94% für Mehrfamilienhäuser und 53% für Gewerbeimmobilien
- Abschluss eines Mietvertrags über 45.000 Quadratfuß im Stanford Center mit einem Anstieg der Belegung um 14% und 20% höherer Miete pro Quadratfuß
- Erhalt eines Baukredits über 27,5 Millionen Dollar für ein Mehrfamilienhausprojekt mit 234 Einheiten in Dallas
- Verkauf von 30 Einfamilienhausgrundstücken in Windmill Farms für 1,4 Millionen Dollar mit einem Gewinn von 1,1 Millionen Dollar
Die Mieteinnahmen sanken auf 11,2 Millionen Dollar von 12,8 Millionen Dollar im Jahresvergleich. Der operative Verlust verbesserte sich auf 1,7 Millionen Dollar von 2,1 Millionen Dollar, was auf eine Reduzierung der Betriebskosten um 2,1 Millionen Dollar zurückzuführen ist, die teilweise durch einen Rückgang der Einnahmen um 1,7 Millionen Dollar ausgeglichen wurde.
- Net income improved by $2.7M year-over-year to $0.1M profit
- New Stanford Center lease secured with 20% higher rent per square foot
- Strong 94% occupancy in multifamily properties
- $1.1M gain from sale of Windmill Farms lots
- Operating expenses decreased by $2.1M
- Rental revenues declined by $1.6M year-over-year
- Low 53% occupancy in commercial properties
- Net operating loss of $1.7M despite improvement
- Total revenues decreased by $1.7M
Insights
Transcontinental Realty Investors' Q4 results show a company making incremental progress amidst persistent challenges. The swing from a
The stark occupancy disparity between multifamily (
Three strategic initiatives merit attention: First, the Stanford Center lease following renovations yielded
The reduction in net operating loss from
TCI appears to be executing a rational transition strategy: strengthening its multifamily portfolio, upgrading select commercial assets, and converting land holdings to cash. However, the minimal profitability and significant commercial vacancy issues suggest a lengthy path to meaningful financial improvement.
Financial Highlights
-
Total occupancy was
81% at December 31, 2024, which includes94% at our multifamily properties and53% 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 a20% 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 Dallas, Texas ("Mountain Creek") that is expected to be completed in 2026 for a total cost of approximately$49.8 million 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 $1.1 million
Financial Results
Rental revenues decreased
Net operating loss decreased
Net income (loss) attributable to the Company increased
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 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
investor.relations@transconrealty-invest.com
Source: Transcontinental Realty Investors, Inc.
FAQ
What was TCI's net income for Q4 2024 compared to Q4 2023?
What are the occupancy rates for TCI's properties as of December 2024?
How much did TCI's rental revenues decline in Q4 2024?
What are the details of TCI's new Mountain Creek development project?
What was the outcome of TCI's Stanford Center lease agreement in October 2024?
