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, 2011. TCI announced today that the Company reported a net loss applicable to common shares of $12.2 million or $1.49 per diluted earnings per share, as compared to a net loss applicable to common shares of $10.5 million or $1.30 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 March 31, 2011. This represents a decrease of $1.3 million, as compared to the prior period revenues of $32.6 million. The change, by segment, is a decrease in the commercial portfolio of $2.2 million, a decrease in the land and other portfolios of $0.1 million, offset by an increase in the apartment portfolio of $1.0 million. Within the apartment portfolio, the developed apartments had an increase of $0.5 million and the same properties had an increase of $0.5 million. Within the commercial portfolio, the same property portfolio decreased by $2.2 million 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. Mortgage and loan interest was $14.2 million for the three months ended March 31, 2011. This represents a decrease of $1.3 million, as compared to the prior period interest expense of $15.5 million. This change, by segment is a decrease in the commercial portfolio of $0.6 million, a decrease in the apartment portfolio of $0.4 million and a decrease in the other portfolio of $0.6 million, offset by an increase in the land portfolio of $0.3 million. The commercial portfolio experienced a reduction in interest expense due to a matured loan that is being negotiated at a lower interest rate. The decrease in the apartment portfolio is primarily due to loans that were refinanced in 2010 at a lower interest rate. The decrease in the other portfolio is due to a decrease in interest expense on loan amounts due to our advisor.