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TheStreet Open House

Transcontinental Realty Investors, Inc. Reports Second Quarter 2011 Results

Stock quotes in this article: TCI

Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2011. TCI announced today that the Company reported, for the three months ended June 30, 2011, a net loss applicable to common shares of $41.1 million or $4.88 per diluted earnings per share, as compared to a net loss applicable to common shares of $20.7 million or $2.54 per diluted earnings per share for the same period ended 2010.

Rental and other property revenues were $31.8 million for the three months ended June 30, 2011. This represents an increase of $1.2 million, as compared to the prior period revenues of $30.6 million. The change, by segment, is an increase in the commercial portfolio of $0.5 million and an increase in the apartment portfolio of $0.7 million. Within the apartment portfolio, the developed apartments had an increase of $0.3 million and the same properties had an increase of $0.4 million. Our apartment portfolio has continued to thrive with the addition of several newly developed properties and continuous improvements within our existing portfolio, which has led to the rental growth in the second quarter. The commercial portfolio received a lease buyout fee in the second quarter of 2011, which led to the increase in comparison to the prior year.

Property operating expenses were $16.2 million for the three months ended June 30, 2011. This represents a decrease of $1.9 million, as compared to the prior period operating expenses of $18.1 million. This change, by segment, is a decrease in the commercial portfolio of $0.5 million, a decrease in the apartment portfolio of $0.6 million, and a decrease in the land and other portfolios of $0.7 million. Property management, in both the residential and commercial portfolios, has been diligent in reducing overall costs and unnecessary repair and maintenance expenses without compromising the quality of services provided. We have reduced the number of land development projects that are in progress, thereby reducing expenses from the year prior.

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