Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2025

DALLAS--(BUSINESS WIRE)--May 08, 2025-- 

Transcontinental Realty Investors, Inc. $(TCI)$ is reporting its results of operations for the three months ended March 31, 2025. For the three months ended March 31, 2025, we reported net income attributable to common shares of $4.6 million or $0.53 per diluted share, compared to $2.5 million or $0.30 per diluted share for the same period in 2024.

Financial Highlights

   -- Total occupancy was 80% at March 31, 2025, which includes 94% at our 
      multifamily properties and 53% at our commercial properties. 
   -- On December 13, 2024, we sold 30 single family lots from our holdings in 
      Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 
      million. 

Financial Results

Rental revenues increased $0.1 million from $11.3 million for the three months ended March 31, 2024 to $11.4 million for the three months ended March 31, 2025. The increase in rental revenue is primarily due to an increase in rents at our multifamily properties.

Net operating loss decreased $0.7 million from $1.3 million for the three months ended March 31, 2024 to $0.6 million for the three months ended March 31, 2025. Our decrease in net operating loss was due to a $0.6 million decrease in operating expenses. The decrease in operating expenses is primarily due to a decrease in the cost of insurance and property taxes for the three months ended March 31, 2025.

Net income attributable to the Company increased $2.1 million from $2.5 million for the three months ended March 31, 2024 to $4.6 million for the three months ended March 31, 2025. The increase in net income is primarily attributed to an increase in gain on real estate transactions offset in part by a decrease in interest income and an increase in tax provision for the three months ended March 31, 2025.

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.

 
                CONSOLIDATED STATEMENTS OF OPERATIONS 
           (Dollars in thousands, except per share amounts) 
                             (Unaudited) 
 
 
                                                Three Months Ended 
                                                     March 31, 
                                            -------------------------- 
                                               2025         2024 
                                             ---------    --------- 
 
Revenues: 
       Rental revenues                      $   11,427   $   11,279 
       Other income                                581          620 
                                             ---------    --------- 
          Total revenue                         12,008       11,899 
                                             ---------    --------- 
Expenses: 
       Property operating expenses               5,977        6,634 
       Depreciation and amortization             2,883        3,172 
       General and administrative                1,352        1,261 
       Advisory fee to related party             2,431        2,165 
                                             ---------    --------- 
          Total operating expenses              12,643       13,232 
                                             ---------    --------- 
          Net operating loss                      (635)      (1,333) 
Interest income                                  4,628        6,127 
Interest expense                                (1,781)      (1,869) 
Equity in income from unconsolidated joint 
 venture                                             -          435 
Gain on sale or write down of assets, net        3,891            - 
Income tax provision                            (1,322)        (603) 
                                             ---------    --------- 
Net income                                       4,781        2,757 
Net income attributable to noncontrolling 
 interest                                         (163)        (208) 
                                             ---------    --------- 
Net income attributable to the Company      $    4,618   $    2,549 
                                             =========    ========= 
Earnings per share 
       Basic and diluted                    $     0.53   $     0.30 
                                             =========    ========= 
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/20250508850397/en/

 
    CONTACT:    Transcontinental Realty Investors, Inc. 

Investor Relations

Erik Johnson (469) 522-4200

investor.relations@transconrealty-invest.com

(END) Dow Jones Newswires

May 08, 2025 17:30 ET (21:30 GMT)