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, 2011. TCI announced today that the Company reported, for the three months ended September 30, 2011, a net loss applicable to common shares of $1.0 million or $0.13 per diluted earnings per share, as compared to a net loss applicable to common shares of $9.2 million or $1.14 per diluted earnings per share for the same period ended 2010.
Rental and other property revenues were $31.3 million for the three months ended September 30, 2011. This represents an increase of $3.2 million, as compared to the prior period revenues of $28.1 million. The change, by segment, is an increase in the apartment portfolio of $3.8 million and a decrease in the commercial portfolio of $0.6 million. Within the apartment portfolio, there was an increase of $2.2 million due to the developed properties in the lease-up phase and an increase of $1.6 million in the same property portfolio. Our apartment portfolio continues to thrive in the current economic conditions with occupancies averaging approximately 95%. Within the commercial portfolio, the same properties decreased by $0.6 million. As a whole, the commercial portfolio decreased due to an increase in vacancy which we attribute to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are also continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.
Property operating expenses were $17.2 million for the three months ended September 30, 2011. This represents an increase of $1.1 million, as compared to the prior period operating expenses of $16.1 million. This change, by segment, is an increase in the apartment portfolio of $1.3 million and a decrease in the commercial portfolio of $0.2 million. Within the apartment portfolio, there was an increase of $1.2 million due to the developed properties in the lease-up phase and an increase of $0.1 million in the same properties. Within the commercial portfolio, the same properties decreased by $0.2 million. Overall, the Company has made strides to improve operating costs and efficiencies while still maintaining the same high-quality level of services provided to our residents.
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