Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2010. TCI announced today that the Company reported a net loss applicable to common shares of ($10.5 million) or ($1.30) per share, as compared to a net loss applicable to common shares of ($11.0) million or ($1.36) per share for the same period ended 2009.

Rental and other property revenues were $37.0 million for the three months ended March 31, 2010. This represents an increase of $1.2 million, as compared to the prior period revenues of $35.8 million. The change, by segment, is an increase in the apartment portfolio of $0.8 million, an increase in the other portfolio of $1.0, offset by decreases in the commercial portfolio of $0.5 million and the land portfolio of $0.1 million.

Property operating expenses were $20.2 million for the three months ended March 31, 2010. This represents a decrease of $2.2 million, as compared to the prior period operating expenses of $22.4 million. This change, by segment, is a decrease in the apartment portfolio of $2.4 million, offset by increases in the commercial and land portfolios of $0.1 million and $0.1 million, respectively.

Other income was $0.7 million for the three months ended March 31, 2010, as compared to $3.1 million in the prior period. This represents a decrease of $2.4 million, which is mainly due to $2.3 million of gain recorded, in the prior period, on the disposition of our investment in a Korean REIT.

Mortgage and loan interest expense was $16.8 million for the three months ended March 31, 2010. This represented an increase of $0.8 million, as compared to the prior period expense of $16.0 million. This change, by segment, is an increase in the apartment portfolio of $0.4 million, an increase in the commercial portfolio of $0.4 million, and an increase in the other portfolio of $0.4 million, offset by a decrease in the land portfolio of $0.4 million.