Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended December 31, 2024
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
construction loan to finance the development of a 234 unit multifamily property in$27.5 million Dallas, Texas ("Mountain Creek") that is expected to be completed in 2026 for a total cost of approximately . The construction loan on Mountain Creek bears interest at SOFR plus$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
, resulting in a gain on sale of$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.