Transcontinental Realty Investors Inc. (TCI, Financial) filed Quarterly Report for the period ended 2012-09-30.
Transcontinental Realty has a market cap of $37.6 million; its shares were traded at around $4.23 with and P/S ratio of 0.3. Transcontinental Realty had an annual average earning growth of 0.8% over the past 10 years.
Gain on land sales decreased for the three months ended September 30, 2012 as compared to the prior period. In the current period we sold 102.28 acres of land in seven separate transactions for an aggregate sales price of $16.1 million and recorded a gain of $2.9 million. In the prior period, we sold 2,999.28 acres of land in six separate transactions for an aggregate sales price of $52.4 million and recorded a gain of $6.3 million.
Rental and other property revenues were $87.0 million for the nine months ended September 30, 2012. This represents an increase of $3.2 million, as compared to the prior period revenues of $83.8 million. The change, by segment, is an increase in the apartment portfolio of $6.4 million, a decrease in the commercial portfolio of $2.7 million and a decrease in the land and other portfolios of $0.5 million. Within the apartment portfolio, there was an increase of $5.2 million due to the developed properties in the lease-up phase and an increase of $1.2 million in the same property portfolio. Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging over 95%. Our existing commercial portfolio decreased by $2.7 million in the same store properties, primarily due to miscellaneous non-recurring revenue received in the prior period. We continue to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Mortgage and loan interest was $41.1 million for the nine months ended September 30, 2012. This represents an increase of $3.6 million, as compared to the prior period interest expense of $37.5 million. This change, by segment, is an increase in the apartment portfolio of $7.5 million, offset by a decrease in the commercial portfolio of $2.5 million and a decrease in the land and other portfolios of $1.4 million. Within the apartment portfolio, the same apartment portfolio increased $4.3 million due to the write off of the previous loan s deferred financing charges and prepayment penalties that were paid as part of the closing costs associated with the refinancing of eleven apartment loans in the current period. The developed properties increased $3.2 million due to properties in the lease-up phase. Once an apartment is completed, the interest expense is no longer capitalized. Within the commercial portfolio, the same properties decreased by $2.5 million. This decrease is related to a commercial loan that was in default status in 2011 and was accruing interest at the default interest rate. The default rate is no longer applicable in the current period. The decrease in land and other portfolios was due to land sales.
Gain on land sales decreased for the nine months ended September 30, 2012 as compared to the prior period. In the current period we sold 618.61 acres of land in 16 separate transactions for an aggregate sales price of $35.1 million and recorded a gain of $8.1 million. In the prior period, we sold 3,761.81 acres of land in 31 separate transactions for an aggregate sales price of $135.7 million and recorded a gain of $8.4 million.
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Transcontinental Realty has a market cap of $37.6 million; its shares were traded at around $4.23 with and P/S ratio of 0.3. Transcontinental Realty had an annual average earning growth of 0.8% over the past 10 years.
Highlight of Business Operations:
Rental and other property revenues were $28.1 million for the three months ended September 30, 2012. This represents a decrease of $1.2 million, as compared to the prior period revenues of $29.3 million. The change, by segment, is an increase in the apartment portfolio of $0.5 million, a decrease in the commercial portfolio of $1.5 million and a decrease in the land and other portfolio of $0.2 million. Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging over 95%. Within our commercial portfolio, the same properties decreased by $1.5 million, primarily due to miscellaneous non-recurring revenue received in the prior period. We continue to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.Gain on land sales decreased for the three months ended September 30, 2012 as compared to the prior period. In the current period we sold 102.28 acres of land in seven separate transactions for an aggregate sales price of $16.1 million and recorded a gain of $2.9 million. In the prior period, we sold 2,999.28 acres of land in six separate transactions for an aggregate sales price of $52.4 million and recorded a gain of $6.3 million.
Rental and other property revenues were $87.0 million for the nine months ended September 30, 2012. This represents an increase of $3.2 million, as compared to the prior period revenues of $83.8 million. The change, by segment, is an increase in the apartment portfolio of $6.4 million, a decrease in the commercial portfolio of $2.7 million and a decrease in the land and other portfolios of $0.5 million. Within the apartment portfolio, there was an increase of $5.2 million due to the developed properties in the lease-up phase and an increase of $1.2 million in the same property portfolio. Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging over 95%. Our existing commercial portfolio decreased by $2.7 million in the same store properties, primarily due to miscellaneous non-recurring revenue received in the prior period. We continue to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Mortgage and loan interest was $41.1 million for the nine months ended September 30, 2012. This represents an increase of $3.6 million, as compared to the prior period interest expense of $37.5 million. This change, by segment, is an increase in the apartment portfolio of $7.5 million, offset by a decrease in the commercial portfolio of $2.5 million and a decrease in the land and other portfolios of $1.4 million. Within the apartment portfolio, the same apartment portfolio increased $4.3 million due to the write off of the previous loan s deferred financing charges and prepayment penalties that were paid as part of the closing costs associated with the refinancing of eleven apartment loans in the current period. The developed properties increased $3.2 million due to properties in the lease-up phase. Once an apartment is completed, the interest expense is no longer capitalized. Within the commercial portfolio, the same properties decreased by $2.5 million. This decrease is related to a commercial loan that was in default status in 2011 and was accruing interest at the default interest rate. The default rate is no longer applicable in the current period. The decrease in land and other portfolios was due to land sales.
Gain on land sales decreased for the nine months ended September 30, 2012 as compared to the prior period. In the current period we sold 618.61 acres of land in 16 separate transactions for an aggregate sales price of $35.1 million and recorded a gain of $8.1 million. In the prior period, we sold 3,761.81 acres of land in 31 separate transactions for an aggregate sales price of $135.7 million and recorded a gain of $8.4 million.
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