Transcontinental Realty Q1 net income $3.5M vs $14.5M YoY; rental revenue $11.0M

TRANSCONTINENTAL REALTY INVESTORS INC

2023-Q1 EPS reported $0.41 revenue$11,688,000

Net income attributable to common shares $3.5M ($0.41 diluted) vs $14.5M ($1.68) in Q1 2022, a 76% decline.
Rental revenue increased 47% to $11.0M from $7.5M; overall occupancy 80% (multifamily 92%, commercial 59%).
Paid off $67.4M Series C bonds in Jan 2023 and $43.1M Series A & B bonds in May 2023, reducing debt.
Entered agreement to develop 240-unit multifamily in Lake Wales, FL for ~$55.3M, funded in part by $33M construction loan.
Net operating loss improved to $2.6M from $4.1M YoY due to higher rental revenue offset by increased operating expenses.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRANSCONTINENTAL REALTY INVESTORS INC reported the quarter ended March 31, 2023 results: revenue $11.0 million, net income $3.5 million, EPS $0.41 per diluted share.

Period: the quarter ended March 31, 2023
Revenue: $11.0 million
Net income: $3.5 million
EPS: $0.41 per diluted share
Result: reported results

Exact text from the filing

Capital Ltd. withdrew from the Tel-Aviv Stock Exchange . Financial Results Rental revenues increased $3.5 million from $7.5 million for the three months ended March 31, 2022 to $11.0 million for the three months ended March 31, 2023. The increase in rental revenue is primarily due to $4.1 million increase at our multifamily properties offset in part by a decrease of

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Source: SEC EDGAR

accession 0000733590-23-000011

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