TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 

    For the Three Months Ended  
    March 31,  
    2017     2016  
    (dollars in thousands, except share and par value amounts)  
Revenues:            
Rental and other property revenues (including $190 and $173 for the three months ended 2017 and 2016, respectively, from related parties)   $ 31,535     $ 28,903  
                 
Expenses:                
Property operating expenses (including $228 and $201 for the three months ended 2017 and 2016, respectively, from related parties)     15,889       14,963  
Depreciation and amortization     6,303       5,808  
General and administrative (including $732 and $749 for the three months ended 2017 and 2016, respectively, from related parties)     1,780       1,609  
Net income fee to related party     60       72  
Advisory fee to related party     2,305       2,371  
 Total operating expenses     26,337       24,823  
 Net operating income     5,198       4,080  
                 
Other income (expenses):                
Interest income (including $3,169 and $3,150 for the three months ended 2017 and 2016, respectively, from related parties)     3,421       3,847  
Other income (expense)     1,442       267  
Mortgage and loan interest (including $151 and $61 for the three months ended 2017 and 2016, respectively, from related parties)     (15,190 )     (13,166 )
Foreign currency translation loss     (323 )      
Earnings (losses) from unconsolidated joint ventures and investees     (8)       (2 )
 Total other expenses     (10,658 )     (9,054 )
Loss before gain on land sales, non-controlling interest, and taxes     (5,460 )     (4,974 )
Loss on sale of income producing properties           (244 )
Gain on land sales     445       1,652  
Net loss from continuing operations before taxes     (5,015 )     (3,566 )
Income tax benefit           1  
Net loss from continuing operations     (5,015 )     (3,565 )
Discontinued operations:                
 Net income (loss) from discontinued operations           3  
 Income tax benefit (expense) from discontinued operations           (1 )
 Net income (loss) from discontinued operations           2  
Net loss     (5,015 )     (3,563 )
Net income (loss) attributable to non-controlling interest     (119 )     23  
Net loss attributable to Transcontinental Realty Investors, Inc.     (5,134 )     (3,540 )
Preferred dividend requirement     (222 )     (222 )
Net loss applicable to common shares   $ (5,356 )   $ (3,762 )
                 
Earnings per share - basic                
Net loss from continuing operations   $ (0.61 )   $ (0.43 )
                 
Earnings per share - diluted                
Net loss from continuing operations   $ (0.61 )   $ (0.43 )
                 
Weighted average common shares used in computing earnings per share     8,717,767       8,717,767  
Weighted average common shares used in computing diluted earnings per share     8,717,767       8,717,767  
                 
Amounts attributable to Transcontinental Realty Investors, Inc.                
Net loss from continuing operations   $ (5,134 )   $ (3,542 )
Net income from discontinued operations           2  
Net loss from continuing operations   $ (5,134 )   $ (3,540 )

 

 

TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS

 

    March 31,
2017
    December 31,
2016
 
    (dollars in thousands, except share
and par value amounts)
 
Assets            
Real estate, at cost   $ 1,015,791     $ 998,498  
Real estate subject to sales contracts at cost     46,360       46,956  
Less accumulated depreciation     (160,269 )     (154,281 )
Total real estate     901,882       891,173  
Notes and interest receivable:                
Performing (including $65,289 in 2017 and $67,912 in 2016 from related parties)     78,681       81,133  
Less allowance for doubtful accounts (including $1,825 in 2017 and 2016 from related parties)     (1,825 )     (1,825 )
Total notes and interest receivable     76,856       79,308  
Cash and cash equivalents     55,282       17,506  
Restricted cash     31,045       38,227  
Investments in unconsolidated joint ventures and investees     2,438       2,446  
Receivable from related party     99,714       101,649  
Other assets     60,498       55,605  
Total assets   $ 1,227,715     $ 1,185,914  
                 
Liabilities and Shareholders’ Equity                
Liabilities:                
Notes and interest payable   $ 822,922     $ 835,528  
Notes related to real estate held for sale     376       376  
Notes related to real estate subject to sales contracts     4,177       5,612  
Bond and bond interest payable     71,975        
Deferred revenue (including $50,699 in 2017 and $50,689 in 2016 to related parties)     71,075       71,065  
Accounts payable and other liabilities (including $6,647 in 2017 and $6,487 in 2016 to related parties)     37,950       48,856  
Total liabilities     1,008,475       961,437  
                 
Shareholders’ equity:                
Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares; issued and outstanding zero shares in 2017 and 2016. Series D: $0.01 par value, authorized, issued and outstanding 100,000 shares in 2017 and 2016 (liquidation preference $100 per share)     1       1  
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2017 and 2016; outstanding 8,717,767 shares in 2017 and 2016     87       87  
Treasury stock at cost, 200 shares in 2017 and 2016     (2 )     (2 )
Paid-in capital     269,627       269,849  
Retained earnings     (69,184 )     (64,050 )
Total Transcontinental Realty Investors, Inc. shareholders’ equity     200,529       205,885  
Non-controlling interest     18,711       18,592  
Total shareholders’ equity     219,240       224,477  
Total liabilities and shareholders’ equity   $ 1,227,715     $ 1,185,914  

 


The following information was filed by Transcontinental Realty Investors Inc (TCI) on Friday, May 19, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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