Transcontinental Realty closes $1.8B portfolio sale; plans $100M dividend

TRANSCONTINENTAL REALTY INVESTORS INC

Sold 46 multifamily properties to two private equity funds for total of ~$1.8B; proceeds net of debt and costs ~$974M.
Southern Properties Capital (subsidiary) will receive ~$184M initial distribution and ~$185M second distribution ~45 days later.
SPC gains control of seven remaining 'Holdback Properties' encumbered by HUD-insured mortgages after HUD approval.
TCI expects ~$100M dividend distribution to shareholders in Q4 2022 to cover tax liability from the transaction.

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