Transcontinental Realty Investors, Inc. reports Earnings for Quarter Ended December 31, 2023
Financial Highlights
-
Total occupancy was 77% at
December 31, 2023 , which includes 92% at our multifamily properties and 49% at our commercial properties. -
On
November 6, 2023 , we entered into a$25.4 million construction loan to construct a 216 unit multifamily property inMcKinney, Texas ("Merano") that bears interest at prime plus 0.25% and matures onNovember 6, 2028 . Merano is expected to be completed in 2025 for a total cost of approximately$51.9 million . As ofDecember 31, 2023 , we have incurred a total of$7.2 million in development costs. -
On
December 15, 2023 , we entered into a$23.5 million construction loan to construct a 216 unit multifamily property inTemple, Texas ("Bandera Ridge ") that bears interest at SOFR plus 3% and matures onDecember 15, 2028 .Bandera Ridge is expected to be completed in 2025 for a total cost of approximately$49.6 million . As ofDecember 31, 2023 , we have incurred a total of$3.1 million in development costs. -
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 income decreased
Net income attributable to the Company decreased
About
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CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Revenues: | ||||||||||||||||
Rental revenues |
$ |
12,787 |
|
$ |
11,770 |
|
$ |
47,023 |
|
$ |
34,080 |
|
||||
Other income |
|
666 |
|
|
1,014 |
|
|
2,882 |
|
|
2,580 |
|
||||
Total revenue |
|
13,453 |
|
|
12,784 |
|
|
49,905 |
|
|
36,660 |
|
||||
Expenses: | ||||||||||||||||
Property operating expenses |
|
7,316 |
|
|
5,798 |
|
|
27,896 |
|
|
18,339 |
|
||||
Depreciation and amortization |
|
4,031 |
|
|
2,846 |
|
|
13,646 |
|
|
9,686 |
|
||||
General and administrative |
|
1,363 |
|
|
2,595 |
|
|
9,199 |
|
|
9,943 |
|
||||
Advisory fee to related party |
|
2,874 |
|
|
1,089 |
|
|
9,156 |
|
|
7,974 |
|
||||
Total operating expenses |
|
15,584 |
|
|
12,328 |
|
|
59,897 |
|
|
45,942 |
|
||||
Net operating (loss) income |
|
(2,131 |
) |
|
456 |
|
|
(9,992 |
) |
|
(9,282 |
) |
||||
Interest Income |
|
3,022 |
|
|
7,086 |
|
|
30,020 |
|
|
24,248 |
|
||||
Interest expense |
|
(1,876 |
) |
|
(4,174 |
) |
|
(9,291 |
) |
|
(17,316 |
) |
||||
Gain on foreign currency transactions |
|
- |
|
|
630 |
|
|
993 |
|
|
20,067 |
|
||||
Loss on early extinguishment of debt |
|
- |
|
|
- |
|
|
(1,710 |
) |
|
(2,805 |
) |
||||
Equity in income (loss) from unconsolidated joint venture |
|
262 |
|
|
(2,342 |
) |
|
1,060 |
|
|
468,086 |
|
||||
Gain on sale, remeasurement or write down of assets, net |
|
(2,079 |
) |
|
72,616 |
|
|
(1,891 |
) |
|
89,196 |
|
||||
Income tax provision |
|
699 |
|
|
(15,085 |
) |
|
(1,939 |
) |
|
(103,190 |
) |
||||
Net (loss) income |
|
(2,103 |
) |
|
59,187 |
|
|
7,250 |
|
|
469,004 |
|
||||
Net income attributable to noncontrolling interest |
|
(458 |
) |
|
(239 |
) |
|
(1,313 |
) |
|
(742 |
) |
||||
Net (loss) income attributable to the Company |
$ |
(2,561 |
) |
$ |
58,948 |
|
$ |
5,937 |
|
$ |
468,262 |
|
||||
Earnings per share | ||||||||||||||||
Basic and diluted |
$ |
(0.30 |
) |
$ |
6.82 |
|
$ |
0.69 |
|
$ |
54.20 |
|
||||
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/20240321569276/en/
Investor Relations
investor.relations@transconrealty-invest.com
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