Transcontinental Realty Investors, Inc. Investor Relations
FOR IMMEDIATE RELEASEErik Johnson (469) 522-4200

Transcontinental Realty Investors, Inc. reports Earnings for Q4 2020

DALLAS (March 26, 2021) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended December 31, 2020. For the three months ended December 31, 2020, we reported a net loss attributable to common shares of $1.5 million or $0.17 per diluted share, compared to $7.2 million or $0.82 per diluted share for the same period in 2019.

Financial Highlights

We collected approximately 96% of our fourth quarter rents, comprised of approximately 96% from multifamily tenants and approximately 97% from office tenants.
Occupancy remains stable at 91% at December 31, 2020 and 2019.
On November 30, 2020, we issued $19.7 million in additional Series A bonds.

Financial Results

Rental revenues increased $5.5 million from $11.9 million for the three months ended December 31, 2019 to $17.4 million for the three months ended December 31, 2020. The increase in rental revenue is primarily due to a $6.0 million lease termination payment at Browning Place. We have replaced the terminated tenant with a new tenant at increased rents.

Net operating income (“NOI”) was $4.0 million for three months ended December 31, 2020, compared to a net loss of $2.0 million for the same period in 2019. The $6.0 million increase in NOI is primarily due to an increase in rental revenue as discussed above.

Net loss attributable to common shares decreased $5.7 million from $7.2 million for the the three months ended December 31, 2019 to $1.5 million for the three months ended December 31, 2020. The decrease in net loss is primarily attributed to a $6.0 million increase in NOI as discussed above.

About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.

(Dollars in thousands, except per share amounts)
For the Three Months Ended December 31,For the Years Ended December 31,
Rental revenues$17,448 $11,909 $51,909 $46,231 
Other income1,228 493 5,113 1,823 
   Total revenue18,676 12,402 57,022 48,054 
Property operating expenses5,853 6,491 24,360 25,213 
Depreciation and amortization4,417 3,415 14,755 13,379 
General and administrative2,224 2,236 9,287 8,704 
Advisory fee to related party2,165 2,214 8,648 8,410 
   Total operating expenses14,659 14,356 57,050 55,706 
   Net operating income (loss)4,017 (1,954)(28)(7,652)
Interest income5,558 4,939 18,660 19,607 
Interest expense(7,375)(8,174)(29,374)(31,816)
Loss on foreign currency transactions(14,152)(1,812)(13,378)(15,108)
Loss on extinguishment of debt— — — (5,219)
Equity in income (loss) from unconsolidated joint ventures221 (1,284)(519)(2,758)
Gain (loss) on sale or write-down of assets, net10,305 (694)32,107 14,809 
Income tax provision342 2,000 (4)2,000 
Net (loss) income(1,084)(6,979)7,464 (26,137)
Net income attributable to noncontrolling interest(395)(200)(795)(783)
Net (loss) income attributable to common shares$(1,479)$(7,179)$6,669 $(26,920)
Earnings per share - basic
Basic and diluted$(0.17)$(0.82)$0.77 $(3.09)
Weighted average common shares used in computing earnings per share
Basic and diluted8,639,316 8,717,767 8,639,316 8,717,767 

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