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Transcontinental Realty Investors Inc. Reports Operating Results (10-Q)

May 15, 2009 | About:
10qk

Transcontinental Realty Investors Inc. (TCI) filed Quarterly Report for the period ended 2009-03-31.

Transcontinental Realty Investors Inc. invests in real estate through direct equity ownership and partnerships and financing real estate and real estate related activities through investments in mortgage loans including first wraparound and junior mortgage loans. Transcontinental Realty Investors Inc. has a market cap of $103.6 million; its shares were traded at around $12.7656 with and P/S ratio of 0.8. Transcontinental Realty Investors Inc. had an annual average earning growth of 3% over the past 5 years.

Highlight of Business Operations:

For the three months ended March 31, 2009, we reported a net loss applicable to common shares of ($11.0 million) or ($1.37) per diluted earnings per share, as compared to a net income of $67.1 million or $8.07 per diluted earnings per share for the same period ended 2008.

increase in the apartment portfolio of $2.7 million, the commercial portfolio of $2.5 million, offset by a decrease in the land and other portfolio of $0.5 million. Within the apartment portfolio, the increase was due to the developed properties being leased up which was offset by a slight decrease in the same property portfolio. There appears to be a continued demand for newly developed properties. Within the commercial portfolio, the same property portfolio increased by $0.8 million and the acquired properties increased by $1.7 million, primarily due to our purchase of Stanford Center in July of 2008.

Property operating expenses increased by $2.1 million as compared to the prior period which by segment is an increase in the apartment portfolio of $3.9 million and an increase in the other portfolio of $0.1 million, offset by decreases in the commercial and land portfolio of $0.8 million and $1.1 million, respectively. Within the apartment portfolio increases came from the same properties which increased by $2.7 million and the developed properties which increased by $1.2 million. Within the commercial portfolio, the same properties decreased by $0.5 million and the acquired properties decreased by $0.3 million.

Depreciation and amortization increased by $1.4 million as compared to the prior period which by segment is an increase in the apartment portfolio of $1.0 million, and an increase in the commercial portfolio of $0.4 million. Within the apartment portfolio, the same properties increased by $0.2 million and the develop properties increased by $0.8 million. Within the commercial properties, the same properties increased by $0.1 million and the acquired properties increased by $0.3 million.

Other income increased by $3.6 million as compared to the prior period. The increase is due to $2.3 million for gains on the disposition of our investment in the Korean REIT. In addition, we received $0.8 million in litigation settlements and $0.5 million in other non-recurring income.

Mortgage and loan interest expense decreased by $1.1 million as compared to the prior period which by segment is a decrease in the apartment portfolio of $0.4 million, a decrease in the commercial portfolio of $0.4 million, and a decrease in the other portfolio of $0.3 million. Within the apartment portfolio the same properties decreased by $1.6 million, which was offset by an increase in the developed properties of $1.2 million. Within the commercial portfolio, the same properties decreased by $0.2 million and the acquired properties decreased by $0.2 million.

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Rating: 2.8/5 (6 votes)

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