Transcontinental Realty swings to Q2 net income of $16.5M from prior-year loss of $30.7M

TRANSCONTINENTAL REALTY INVESTORS INC

2022-Q2 EPS reported $3.58 revenue$15,557,000

Net income of $16.5M ($1.91 diluted EPS) vs net loss of $30.7M (-$3.56 EPS) in Q2 2021.
Rental revenues decreased to $7.3M from $10.2M due to property sales in 2021 & Q1 2022.
Net operating loss narrowed to $2.8M from $5.2M, helped by reduced legal costs from 2021 arbitration settlement.
Total occupancy 90% (93% multifamily, 69% commercial); rent collection 97% overall.
Results benefited from $18.9M gain on foreign currency transactions due to USD/ILS exchange rate.

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