Transcontinental Realty Investors Inc 8-K, filed May 13, 2021
Transcontinental Realty Investors Inc (TCI)
8-K
2021-05-13
For: 2021-05-13
View Original
Added on
April 08, 2026
About this 8-K
Transcontinental Realty Investors Inc filed this 8-K on May 13, 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 May 13, 2021, Transcontinental Realty Investors, Inc. (“TCI” or the “Company”) announced its operational results for the quarter ended March 31, 2021. 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 | May 13, 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: May 13, 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 Q1 2021
DALLAS (May 13, 2021) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended March 31, 2021. For the three months ended March 31, 2021, we reported net income attributable to common shares of $22.6 million or $2.62 per diluted share, compared to $4.6 million or $0.53 per diluted share for the same period in 2020.
Financial Highlights
•We collected approximately 97% of our rents for the three months ended March 31, 2021, comprised of approximately 96% from multifamily tenants and approximately 98% from office tenants.
•Occupancy remains stable at 91% at March 31, 2021 and December 31, 2020.
•On March 30, 2021, we sold a 50% ownership interest in Overlook at Allensville Phase II, a 144 unit multifamily property in Sevierville, Tennessee to Macquarie bank for $2.6 million resulting in gain on sale of assets of $1.4 million. Concurrent with the sale, we each contributed our 50% ownership interests into VAA.
Financial Results
Rental revenues decreased $1.1 million from $11.4 million for the three months ended March 31, 2021 to $10.4 million for the three months ended March 31, 2020. The decrease in rental revenue is primarily due to a $0.9 million decrease in revenue at Browning Place due to a decline in occupancy.
Net operating loss was $2.2 million for three months ended March 31, 2021, compared to $3.1 million for the same period in 2020. The $0.9 million decrease in net operating loss is primarily due to an decrease in general and administrative expenses.
Net income attributable to common shares increased $18.0 million from $4.6 million for the the three months ended March 31, 2020 to $22.6 million for the three months ended March 31, 2021. The increase in net income is primarily attributed to an increase in gain on sale of assets, including the sale of Overlook at Allensville Phase II and additional land sales during the three months ended March 31, 2021.
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)
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenues | $ | 10,361 | $ | 11,442 | |||||||||||||||||||
| Other income | 1,467 | 1,311 | |||||||||||||||||||||
| Total revenue | 11,828 | 12,753 | |||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating expenses | 5,832 | 6,309 | |||||||||||||||||||||
| Depreciation and amortization | 3,327 | 3,394 | |||||||||||||||||||||
| General and administrative | 2,646 | 4,015 | |||||||||||||||||||||
| Advisory fee to related party | 2,249 | 2,181 | |||||||||||||||||||||
| Total operating expenses | 14,054 | 15,899 | |||||||||||||||||||||
| Net operating loss | (2,226) | (3,146) | |||||||||||||||||||||
| Interest income | 4,701 | 4,527 | |||||||||||||||||||||
| Interest expense | (6,604) | (7,967) | |||||||||||||||||||||
| Gain on foreign currency transactions | 7,617 | 7,843 | |||||||||||||||||||||
| Equity in income (loss) from unconsolidated joint ventures | 3,336 | (377) | |||||||||||||||||||||
| Gain on sale or write-down of assets, net | 16,103 | 4,138 | |||||||||||||||||||||
| Income tax provision | (40) | (247) | |||||||||||||||||||||
| Net income | 22,887 | 4,771 | |||||||||||||||||||||
| Net income attributable to noncontrolling interest | (255) | (158) | |||||||||||||||||||||
| Net income attributable to common shares | $ | 22,632 | $ | 4,613 | |||||||||||||||||||
| Earnings per share - basic | |||||||||||||||||||||||
| Basic and diluted | $ | 2.62 | $ | 0.53 | |||||||||||||||||||
| Weighted average common shares used in computing earnings per share | |||||||||||||||||||||||
| Basic and diluted | 8,639,316 | 8,717,677 | |||||||||||||||||||||