Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2022
13 8월 2022 - 5:30AM
Business Wire
Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting
its results of operations for the quarter ended June 30, 2022. For
the three months ended June 30, 2022, we reported net income
attributable to the Company of $16.5 million or $1.91 per diluted
share, compared to a net loss of $30.7 million or $3.56 per diluted
share for the same period in 2021.
Financial Highlights
- We collected approximately 97% of our rents for the three
months ended June 30, 2022, comprised of approximately 98% from
multifamily tenants and approximately 96% from office tenants.
- Total occupancy was 90% at June 30, 2022, which includes 93% at
our multifamily properties and 69% at our commercial
properties.
Financial Results
Rental revenues decreased $2.9 million from $10.2 million for
the three months ended June 30, 2021 to $7.3 million for the three
months ended June 30, 2022. The decrease in rental revenue is
primarily due to the sale of 600 Las Colinas in 2021 and the sale
of Toulon in the first quarter of 2022.
Net operating loss decreased $2.4 million from $5.2 million for
three months ended June 30, 2021 to $2.8 million for the three
months ended June 30, 2022. The decrease in net operating loss is
primarily due to a reduction of legal costs related to the
arbitration settlement in 2021 offset in part by net operating
profit from the sale of 600 Las Colinas in 2021.
Net income attributable to the Company increased $47.2 million
from a loss of $30.7 million for the three months ended June 30,
2021 to net income of $16.5 million for the three months ended June
30, 2022. The increase in net income is primarily attributed to the
$29.6 million arbitration settlement of the Earn Out Obligation in
2021 and $18.9 million increase in gain on foreign currency
transactions due to the improved exchange rate of the U.S. Dollar
to the New Israeli Shekel.
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
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Revenues: Rental revenues
$
7,259
$
10,194
$
14,740
$
20,555
Other income
511
601
817
2,068
Total revenue
7,770
10,795
15,557
22,623
Expenses: Property operating expenses
3,812
5,058
7,840
10,890
Depreciation and amortization
2,298
3,211
4,647
6,538
General and administrative
2,061
3,090
4,592
5,736
Advisory fee to related party
2,446
4,661
5,451
6,910
Total operating expenses
10,617
16,020
22,530
30,074
Net operating loss
(2,847
)
(5,225
)
(6,973
)
(7,451
)
Interest Income
4,906
4,662
10,720
9,363
Interest expense
(5,060
)
(6,582
)
(10,087
)
(13,186
)
Gain (loss) on foreign currency transactions
14,132
(4,793
)
17,904
2,824
Loss on extinguishment of debt
-
-
(1,639
)
-
Equity in income from unconsolidated joint venture
1,637
4,572
6,343
7,908
Gain (loss) on sale or write-down of assets, net
3,893
(24,445
)
15,041
(8,342
)
Income tax provision
(40
)
1,233
(68
)
1,193
Net income (loss)
16,621
(30,578
)
31,241
(7,691
)
Net income attributable to noncontrolling interest
(160
)
(155
)
(278
)
(410
)
Net income (loss) attributable to the Company
$
16,461
$
(30,733
)
$
30,963
$
(8,101
)
Earnings per share Basic and diluted
$
1.91
$
(3.56
)
$
3.58
$
(0.94
)
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220812005388/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik
Johnson (469) 522-4200
Investor.relations@transconrealty-invest.com
Transcontinental Realty ... (NYSE:TCI)
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Transcontinental Realty ... (NYSE:TCI)
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