Transcontinental Realty Investors, Inc. Reports Third Quarter 2010 Results
Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the third quarter ended September 30, 2010. TCI announced today that the Company reported a net loss applicable to common shares of $40.4 million or $4.99 per diluted earnings per share, as compared to a net loss applicable to common shares of $54.8 million or $6.75 per diluted earnings per share for the same period ended 2009.
Rental and other property revenues were $101.8 million for the nine months ended September 30, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $100.6 million. The change, by segment, is an increase in the apartment portfolio of $3.9 million, an increase in the land and other portfolios of $0.7 million, offset by a decrease in the commercial portfolio of $3.4 million. The addition of newly constructed apartment complexes has increased our rental revenues by $2.7 million, with the same properties increasing by $1.2 million. Within the commercial portfolio, the same property portfolio decreased by $3.4 million due to an increase in vacancy, which we attribute to the current state of the economy.
Property operating expenses were $58.6 million for the nine months ended September 30, 2010. This represents an increase of $1.8 million, as compared to the prior period operating expenses of $56.8 million. The newly constructed apartment complexes has increased our operating expenses by $1.0 million as those properties were not fully completed in the prior year and the land portfolio has increased by $0.8 million due to a prior year real estate tax accrual adjustments that reduced expenses significantly, in comparison to the current year.
Depreciation and amortization expense were $20.8 million for the nine months ended September 30, 2010. This represents an increase of $1.5 million, as compared to the prior period expense of $19.3 million. This change, by segment, is an increase in the apartment portfolio of $1.5 million, of which $1.0 million is attributable to the developed properties and $0.5 million from the same properties.
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