TCI reports Q4 2022 net income of $58.9M vs loss of $8.7M; gain on VAA remeasurement

TRANSCONTINENTAL REALTY INVESTORS INC

Diluted EPS of $6.82 vs -$1.01 YoY; net income swing of $67.7M.
Rental revenues of $11.8M, up 55% YoY, driven by multifamily from VAA Holdback Portfolio.
Received $204M distribution from VAA Sale Portfolio on Nov 1, 2022; fair value of Holdback Portfolio $219.5M.
Paid off $38.5M Stanford Center loan in Oct 2022 and $66.5M Series C bonds in Jan 2023.
Rent collection rate 96% for Q4; multifamily occupancy 93%, overall occupancy 81%.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRANSCONTINENTAL REALTY INVESTORS INC reported the three months ended December 31, 2022 results: net income $58.9 million, EPS $6.82 per diluted share.

Period: the three months ended December 31, 2022
Net income: $58.9 million
EPS: $6.82 per diluted share
Result: reported results

Exact text from the filing

For the three months ended December 31, 2022, we reported net income attributable to common shares of $58.9 million or $6.82 per diluted share, compared to a net loss of $8.7 million or $1.01 per diluted share for the same period in 2021.

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Source: SEC EDGAR

accession 0000733590-23-000006

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