Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2024
Financial Highlights
-
Total occupancy was 79% at
March 31, 2024 , which includes 94% at our multifamily properties and 49% at our commercial properties. -
On
February 8, 2024 , we extended the maturity of our loan onWindmill Farms toFebruary 28, 2026 at an interest rate of 7.50%.
Financial Results
Rental revenues increased
Net operating loss decreased
Net income attributable to the Company decreased
About
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||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended |
||||||||
2024 |
2023 |
|||||||
Revenues: | ||||||||
Rental revenues |
$ |
11,279 |
|
$ |
11,009 |
|
||
Other income |
|
620 |
|
|
679 |
|
||
Total revenue |
|
11,899 |
|
|
11,688 |
|
||
Expenses: | ||||||||
Property operating expenses |
|
6,634 |
|
|
6,106 |
|
||
Depreciation and amortization |
|
3,172 |
|
|
3,102 |
|
||
General and administrative |
|
1,261 |
|
|
2,883 |
|
||
Advisory fee to related party |
|
2,165 |
|
|
2,170 |
|
||
Total operating expenses |
|
13,232 |
|
|
14,261 |
|
||
Net operating loss |
|
(1,333 |
) |
|
(2,573 |
) |
||
Interest income |
|
6,127 |
|
|
8,828 |
|
||
Interest expense |
|
(1,869 |
) |
|
(3,087 |
) |
||
Gain on foreign currency transactions |
|
- |
|
|
971 |
|
||
Equity in income from unconsolidated joint venture |
|
435 |
|
|
688 |
|
||
Income tax provision |
|
(603 |
) |
|
(1,112 |
) |
||
Net income |
|
2,757 |
|
|
3,715 |
|
||
Net income attributable to noncontrolling interest |
|
(208 |
) |
|
(198 |
) |
||
Net income attributable to the Company |
$ |
2,549 |
|
$ |
3,517 |
|
||
Earnings per share | ||||||||
Basic and diluted |
$ |
0.30 |
|
$ |
0.41 |
|
||
Weighted average common shares used in computing earnings per share | ||||||||
Basic and diluted |
|
8,639,316 |
|
|
8,639,316 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509665350/en/
Investor Relations
investor.relations@transconrealty-invest.com
Source: