Transcontinental Realty Q3 2022 net income $378.4M ($43.79/diluted) driven by $1.8B VAA property sale

TRANSCONTINENTAL REALTY INVESTORS INC

2022-Q3 EPS reported $47.38 revenue$23,876,000

Net income attributable to Company: $378.4M ($43.79 diluted) vs $26.2M ($3.04) in Q3 2021.
Rental revenues decreased to $7.6M from $9.6M due to prior property sales; net operating loss improved to $2.8M.
VAA joint venture sold 45 properties for $1.8B; TCI received initial $182.8M distribution and $738.7M gain.
Sold Sugar Mill Phase III multifamily for $11.8M (gain $1.9M); proceeds used to pay off $9.6M mortgage.
Stabilized occupancy 94% (multifamily 96%, commercial 68%); rent collection 99%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRANSCONTINENTAL REALTY INVESTORS INC reported the quarter ended September 30, 2022 results: net income net income attributable to the Company of $378.4 million or $43.79 per diluted share, EPS $43.79 per diluted share.

Period: the quarter ended September 30, 2022
Net income: net income attributable to the Company of $378.4 million or $43.79 per diluted share
EPS: $43.79 per diluted share
Result: reported results

Exact text from the filing

On November 10, 2022, Transcontinental Realty Investors, Inc. (“TCI” or the “Company”) announced its operational results for the quarter ended September 30, 2022.

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Source: SEC EDGAR

accession 0000733590-22-000027

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