Transcontinental Realty Q1 net income falls 36% to $14.5M; rental revenue declines on property sale

TRANSCONTINENTAL REALTY INVESTORS INC

2022-Q1 EPS reported $1.68 revenue$7,787,000

Net income attributable to company of $14.5M ($1.68/diluted share) vs $22.6M ($2.62) in Q1 2021.
Rental revenues dropped 28% to $7.5M from $10.4M, primarily due to sale of 600 Las Colinas in 2021.
Net operating loss widened to $4.1M from $2.2M year-over-year.
Sold Toulon multifamily property in Mississippi for $26.8M in Jan 2022, generating $9.4M gain.
Occupancy at 90% (94% multifamily, 70% commercial); rent collection at 98%.

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