Transcontinental Realty Q3 net income falls to $1.7M from $4.5M; EPS $0.20 vs $0.52

TRANSCONTINENTAL REALTY INVESTORS INC

2024-Q3 EPS reported $0.67 revenue$35,279,000

Net income attributable to common shares $1.7M ($0.20 diluted EPS) vs $4.5M ($0.52) in Q3 2023.
Rental revenues decreased to $11.1M from $11.8M YoY; total occupancy 79% (95% multifamily, 48% commercial).
On Oct 18, completed a 45,000 sq ft lease at Stanford Center, first new lease after major renovation; occupancy up 14%, rent up 20%.
On Oct 21, obtained $27.5M construction loan for 234-unit Mountain Creek multifamily project in Dallas; total cost ~$49.8M, expected completion 2026.
On Jul 10, replaced existing loan on Forest Grove with $6.6M loan at SOFR+1.85%, maturing Aug 2031.

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