Transcontinental Realty Investors Inc. (TCI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Transcontinental Realty Investors Inc. has a market cap of $75.5 million; its shares were traded at around $9.2999 with and P/S ratio of 0.5. Transcontinental Realty Investors Inc. had an annual average earning growth of 0.2% over the past 10 years.
Depreciation and amortization expense were $7.0 million for the three months ended September 30, 2010. This represents an increase of $0.6 million, as compared to the prior period expense of $6.4 million. This change, by segment, is an increase in the apartment portfolio of $0.6 million, of which $0.4 million is attributable to the developed properties and $0.2 million from the same properties.
Loss on land sales was $0.4 million for the three months ended September 30, 2010. There were no land sales in the prior period. In the current period we recorded a loss of $1.2 million on the sale of 21.9 acres of land known as Pulaski land, offset by a gain of $0.1 million on the sale of .43 acres of land known as McKinney 36 land, a gain of $0.1 million on the sale of 9.78 acres of land known as Waco Swanson land, and a gain of $0.6 million on the sale of 6.51 acres of land known as Hines Meridian land.
Rental and other property revenues were $101.8 million for the nine months ended September 30, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $100.6 million. The change, by segment, is an increase in the apartment portfolio of $3.9 million, an increase in the land and other portfolios of $0.7 million, offset by a decrease in the commercial portfolio of $3.4 million. Within the apartment portfolio, the same property portfolio increased by $1.2 million and the developed properties increased by $2.7 million. Within the commercial portfolio, the same property portfolio decreased by $3.4 million due to an increase in vacancy, which we attribute to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are also continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Property operating expenses were $58.6 million for the nine months ended September 30, 2010. This represents an increase of $1.8 million, as compared to the prior period operating expenses of $56.8 million. This change, by segment, is an increase in the apartment portfolio of $0.7 million, an increase in the commercial portfolio of $0.1 million, an increase in the land portfolio of $0.9 million, and an increase in the other portfolio of $0.1 million. Within the apartment portfolio, the same apartment properties decreased $0.3 million due to decrease in overall costs and additional repairs and maintenance. The developed apartments increased expenses by $1.0 million. Within the commercial portfolio, there was an increase in the same properties portfolio of $0.1 million. The increase within the land and other portfolios was primarily due to an adjustment to correct over accrual of 2008 real estate property taxes recorded in the prior period, resulting in lower operating expenses. In the current period, we incurred additional real estate tax penalties and interest that we did not incur in the prior period.
Depreciation and amortization expense were $20.8 million for the nine months ended September 30, 2010. This represents an increase of $1.5 million, as compared to the prior period expense of $19.3 million. This change, by segment, is an increase in the apartment portfolio of $1.5 million, of which $1.0 million is attributable to the developed properties and $0.5 million from the same properties.
Read the The complete Report
Transcontinental Realty Investors Inc. has a market cap of $75.5 million; its shares were traded at around $9.2999 with and P/S ratio of 0.5. Transcontinental Realty Investors Inc. had an annual average earning growth of 0.2% over the past 10 years.
Highlight of Business Operations:
Rental and other property revenues were $33.1 million for the three months ended September 30, 2010. This represents a decrease of $0.5 million, as compared to the prior period revenues of $33.6 million. The change, by segment, is a decrease in the commercial portfolio of $1.9 million, offset by an increase in the apartment portfolio of $0.6 million and increases in the land and other portfolios of $0.8 million. Within the apartment portfolio, the developed apartments had an increase of $0.7 million and the same properties decreased by $0.1 million. Within the commercial portfolio, the same property portfolio decreased by $1.9 million due to an increase in vacancy, which we attribute to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are also continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.Depreciation and amortization expense were $7.0 million for the three months ended September 30, 2010. This represents an increase of $0.6 million, as compared to the prior period expense of $6.4 million. This change, by segment, is an increase in the apartment portfolio of $0.6 million, of which $0.4 million is attributable to the developed properties and $0.2 million from the same properties.
Loss on land sales was $0.4 million for the three months ended September 30, 2010. There were no land sales in the prior period. In the current period we recorded a loss of $1.2 million on the sale of 21.9 acres of land known as Pulaski land, offset by a gain of $0.1 million on the sale of .43 acres of land known as McKinney 36 land, a gain of $0.1 million on the sale of 9.78 acres of land known as Waco Swanson land, and a gain of $0.6 million on the sale of 6.51 acres of land known as Hines Meridian land.
Rental and other property revenues were $101.8 million for the nine months ended September 30, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $100.6 million. The change, by segment, is an increase in the apartment portfolio of $3.9 million, an increase in the land and other portfolios of $0.7 million, offset by a decrease in the commercial portfolio of $3.4 million. Within the apartment portfolio, the same property portfolio increased by $1.2 million and the developed properties increased by $2.7 million. Within the commercial portfolio, the same property portfolio decreased by $3.4 million due to an increase in vacancy, which we attribute to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are also continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Property operating expenses were $58.6 million for the nine months ended September 30, 2010. This represents an increase of $1.8 million, as compared to the prior period operating expenses of $56.8 million. This change, by segment, is an increase in the apartment portfolio of $0.7 million, an increase in the commercial portfolio of $0.1 million, an increase in the land portfolio of $0.9 million, and an increase in the other portfolio of $0.1 million. Within the apartment portfolio, the same apartment properties decreased $0.3 million due to decrease in overall costs and additional repairs and maintenance. The developed apartments increased expenses by $1.0 million. Within the commercial portfolio, there was an increase in the same properties portfolio of $0.1 million. The increase within the land and other portfolios was primarily due to an adjustment to correct over accrual of 2008 real estate property taxes recorded in the prior period, resulting in lower operating expenses. In the current period, we incurred additional real estate tax penalties and interest that we did not incur in the prior period.
Depreciation and amortization expense were $20.8 million for the nine months ended September 30, 2010. This represents an increase of $1.5 million, as compared to the prior period expense of $19.3 million. This change, by segment, is an increase in the apartment portfolio of $1.5 million, of which $1.0 million is attributable to the developed properties and $0.5 million from the same properties.
Read the The complete Report
