Transcontinental Realty Investors, Inc. Reports Fourth Quarter And Full Year 2009 Financial Results

Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the year ended December 31, 2009. TCI reported a net loss applicable to common shares of $80.7 million or $9.95 per share in 2009, as compared to prior year net income applicable to common shares of $31.2 million or $3.86 per share. Net loss for the three months ended December 31, 2009 was $26.0 million or $3.20 per share, as compared to prior year net loss applicable to common shares of $14.5 million or $1.80 per share.

Results of operations for the year ended December 31, 2009 as compared to the same period ended 2008;

Rental revenues were $151.6 million for the twelve months ended December 31, 2009. The rental revenues for 2009, as compared to the same period in 2008, increased by $13.3 million, of which the apartment portfolio increased by $11.4 million, the commercial portfolio increased by $3.9 million and the land portfolio decreased $1.1 million with the remaining $0.9 million decrease in our other portfolios.

Depreciation expense was $29.1 million for the twelve months ended December 31, 2009. The depreciation expense for 2009, as compared to the same period in 2008, increased by $4.7 million of which the apartment portfolio increased by $3.4 million with the remainder due to the commercial portfolio.

The provision on impairment of notes receivable, investment in real estate partnerships, and real estate assets was $42.5 million for the twelve months ended December 31, 2009. The provision on impairment of notes receivable, investment in real estate partnerships, and real estate assets for 2009, as compared to the same period in 2008, increased by $35.1 million.

Interest income was $5.4 million for the twelve months ended December 31, 2009. The interest income recorded for 2009, as compared to the same period in 2008, increased by $2.2 million due to the receipt of interest payments due on our Unified Housing surplus cash flow notes. Interest is recognized when interest payments are received.

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