Transcontinental Realty Investors Inc 8-K, filed Mar 26, 2021
Transcontinental Realty Investors Inc (TCI)
8-K
2021-03-26
For: 2021-03-26
View Original
Added on
April 08, 2026
About this 8-K
Transcontinental Realty Investors Inc filed this 8-K on March 26, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | |||||
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of Incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) | |||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
(469 ) 522-4200
Registrant’s Telephone Number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether teh Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((17 CFR 230.405 of or Rule 12b-2 of the Securities Act of 1934 (17 CFR 230.405):
If an emerging growth company indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On March 26, 2021, Transcontinental Realty Investors, Inc. (“TCI” or the “Company”) announced its operational results for the quarter ended December 31, 2020. A copy of the announcement is attached as Exhibit “99.1.”
The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this Report:
| Exhibit No. | Description | ||||||||||
| Press release dated | March 26, 2021 | ||||||||||
_________________________
* Furnished herewith
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TRANSCONTINENTAL REALTY INVESTORS, INC. | ||||||||
| Dated: March 26, 2021 | By: | /s/ ERIK L. JOHNSON | ||||||
| Erik L. Johnson | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| (Principal Executive and Financial Officer) | ||||||||
| NEWS RELEASE | Contact: | |||||||
| Transcontinental Realty Investors, Inc. Investor Relations | ||||||||
| FOR IMMEDIATE RELEASE | Erik Johnson (469) 522-4200 investor.relations@transconrealty-invest.com | |||||||
Transcontinental Realty Investors, Inc. reports Earnings for Q4 2020
DALLAS (March 26, 2021) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended December 31, 2020. For the three months ended December 31, 2020, we reported a net loss attributable to common shares of $1.5 million or $0.17 per diluted share, compared to $7.2 million or $0.82 per diluted share for the same period in 2019.
Financial Highlights
•We collected approximately 96% of our fourth quarter rents, comprised of approximately 96% from multifamily tenants and approximately 97% from office tenants.
•Occupancy remains stable at 91% at December 31, 2020 and 2019.
•On November 30, 2020, we issued $19.7 million in additional Series A bonds.
Financial Results
Rental revenues increased $5.5 million from $11.9 million for the three months ended December 31, 2019 to $17.4 million for the three months ended December 31, 2020. The increase in rental revenue is primarily due to a $6.0 million lease termination payment at Browning Place. We have replaced the terminated tenant with a new tenant at increased rents.
Net operating income (“NOI”) was $4.0 million for three months ended December 31, 2020, compared to a net loss of $2.0 million for the same period in 2019. The $6.0 million increase in NOI is primarily due to an increase in rental revenue as discussed above.
Net loss attributable to common shares decreased $5.7 million from $7.2 million for the the three months ended December 31, 2019 to $1.5 million for the three months ended December 31, 2020. The decrease in net loss is primarily attributed to a $6.0 million increase in NOI as discussed above.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.
TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenues | $ | 17,448 | $ | 11,909 | $ | 51,909 | $ | 46,231 | |||||||||||||||
| Other income | 1,228 | 493 | 5,113 | 1,823 | |||||||||||||||||||
| Total revenue | 18,676 | 12,402 | 57,022 | 48,054 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating expenses | 5,853 | 6,491 | 24,360 | 25,213 | |||||||||||||||||||
| Depreciation and amortization | 4,417 | 3,415 | 14,755 | 13,379 | |||||||||||||||||||
| General and administrative | 2,224 | 2,236 | 9,287 | 8,704 | |||||||||||||||||||
| Advisory fee to related party | 2,165 | 2,214 | 8,648 | 8,410 | |||||||||||||||||||
| Total operating expenses | 14,659 | 14,356 | 57,050 | 55,706 | |||||||||||||||||||
| Net operating income (loss) | 4,017 | (1,954) | (28) | (7,652) | |||||||||||||||||||
| Interest income | 5,558 | 4,939 | 18,660 | 19,607 | |||||||||||||||||||
| Interest expense | (7,375) | (8,174) | (29,374) | (31,816) | |||||||||||||||||||
| Loss on foreign currency transactions | (14,152) | (1,812) | (13,378) | (15,108) | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | (5,219) | |||||||||||||||||||
| Equity in income (loss) from unconsolidated joint ventures | 221 | (1,284) | (519) | (2,758) | |||||||||||||||||||
| Gain (loss) on sale or write-down of assets, net | 10,305 | (694) | 32,107 | 14,809 | |||||||||||||||||||
| Income tax provision | 342 | 2,000 | (4) | 2,000 | |||||||||||||||||||
| Net (loss) income | (1,084) | (6,979) | 7,464 | (26,137) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | (395) | (200) | (795) | (783) | |||||||||||||||||||
| Net (loss) income attributable to common shares | $ | (1,479) | $ | (7,179) | $ | 6,669 | $ | (26,920) | |||||||||||||||
| Earnings per share - basic | |||||||||||||||||||||||
| Basic and diluted | $ | (0.17) | $ | (0.82) | $ | 0.77 | $ | (3.09) | |||||||||||||||
| Weighted average common shares used in computing earnings per share | |||||||||||||||||||||||
| Basic and diluted | 8,639,316 | 8,717,767 | 8,639,316 | 8,717,767 | |||||||||||||||||||