Transcontinental Realty Investors Inc. (TCI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Transcontinental Realty Investors Inc. has a market cap of $79.6 million; its shares were traded at around $9.81 with and P/S ratio of 0.52. Transcontinental Realty Investors Inc. had an annual average earning growth of 0.2% over the past 10 years.
Rental and other property revenues were $37.0 million for the three months ended March 31, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $35.8 million. The change, by segment, is an increase in the apartment portfolio of $0.8 million, an increase in the other portfolio of $1.0, offset by decreases in the commercial portfolio of $0.5 million, and the land portfolio of $0.1 million.
Property operating expenses were $20.2 million for the three months ended March 31, 2010. This represents a decrease of $2.2 million, as compared to the prior period operating expenses of $22.4 million. This change, by segment, is a decrease in the apartment portfolio of $2.4 million, offset by increases in the commercial and land portfolios of $0.1 million and $0.1 million, respectively. Within the apartment portfolio, decreases came from the same properties which decreased by $0.9 million due to a decrease in overall costs and additional repairs and maintenance. The developed properties increased by $0.5 million. There was a decrease of $2.0 million in operating expenses related to the properties damaged in Galveston, Texas by Hurricane Ike.
Interest income was $0.86 million for the three months ended March 31, 2010. This represents an increase of $0.2 million, as compared to the prior period interest income of $0.64 million. The increase is due to the receipt of cash on the receivables from Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. More cash was received in the current period as compared to the prior period.
Other income was $0.7 million for the three months ended March 31, 2010, as compared to $3.1 million in the prior period. This represents a decrease of $2.4 million, which is mainly due to $2.3 million of gain recorded, in the prior period, on the disposition of our investment in the Korean REIT.
Mortgage and loan interest expense was $16.8 million for the three months ended March 31, 2010. This represented an increase of $0.8 million, as compared to the prior period expense of $16.0 million. This change, by segment, is an increase in the apartment portfolio of $0.4 million, an increase in the commercial portfolio of $0.4 million, and an increase in the other portfolio of $0.4 million, offset by a decrease in the land portfolio of $0.4 million. Within the apartment portfolio, the same properties decreased by $0.6 million, which was offset by an increase in the developed properties of $1.0 million. Within the commercial portfolio, the same properties increased by $0.3 million and the acquired properties increased by $0.1 million.
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Transcontinental Realty Investors Inc. has a market cap of $79.6 million; its shares were traded at around $9.81 with and P/S ratio of 0.52. Transcontinental Realty Investors Inc. had an annual average earning growth of 0.2% over the past 10 years.
Highlight of Business Operations:
For the three months ended March 31, 2010, we reported a net loss applicable to common shares of ($10.5 million) or ($1.30) per diluted earnings per share, as compared to a net loss applicable to common shares of ($11.0) million or ($1.36) per diluted earnings per share for the same period ended 2009.Rental and other property revenues were $37.0 million for the three months ended March 31, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $35.8 million. The change, by segment, is an increase in the apartment portfolio of $0.8 million, an increase in the other portfolio of $1.0, offset by decreases in the commercial portfolio of $0.5 million, and the land portfolio of $0.1 million.
Property operating expenses were $20.2 million for the three months ended March 31, 2010. This represents a decrease of $2.2 million, as compared to the prior period operating expenses of $22.4 million. This change, by segment, is a decrease in the apartment portfolio of $2.4 million, offset by increases in the commercial and land portfolios of $0.1 million and $0.1 million, respectively. Within the apartment portfolio, decreases came from the same properties which decreased by $0.9 million due to a decrease in overall costs and additional repairs and maintenance. The developed properties increased by $0.5 million. There was a decrease of $2.0 million in operating expenses related to the properties damaged in Galveston, Texas by Hurricane Ike.
Interest income was $0.86 million for the three months ended March 31, 2010. This represents an increase of $0.2 million, as compared to the prior period interest income of $0.64 million. The increase is due to the receipt of cash on the receivables from Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. More cash was received in the current period as compared to the prior period.
Other income was $0.7 million for the three months ended March 31, 2010, as compared to $3.1 million in the prior period. This represents a decrease of $2.4 million, which is mainly due to $2.3 million of gain recorded, in the prior period, on the disposition of our investment in the Korean REIT.
Mortgage and loan interest expense was $16.8 million for the three months ended March 31, 2010. This represented an increase of $0.8 million, as compared to the prior period expense of $16.0 million. This change, by segment, is an increase in the apartment portfolio of $0.4 million, an increase in the commercial portfolio of $0.4 million, and an increase in the other portfolio of $0.4 million, offset by a decrease in the land portfolio of $0.4 million. Within the apartment portfolio, the same properties decreased by $0.6 million, which was offset by an increase in the developed properties of $1.0 million. Within the commercial portfolio, the same properties increased by $0.3 million and the acquired properties increased by $0.1 million.
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