Transcontinental Realty Investors(US:TCI)2024-08-08 16:07Financial Performance - Net income attributable to common shares increased to $1.5 million or $0.17 per diluted share for Q2 2024, compared to $0.5 million or $0.06 per diluted share in Q2 2023, representing a 200% increase in net income [1][4]. - Net operating loss decreased by $2.4 million from $3.5 million in Q2 2023 to $1.1 million in Q2 2024, attributed to lower general and administrative expenses [3]. - Total revenue for Q2 2024 was $11.8 million, down from $12.2 million in Q2 2023, reflecting a decrease of approximately 3.8% [6]. Occupancy Rates - Total occupancy rate was 78% as of June 30, 2024, with multifamily properties at 93% occupancy and commercial properties at 48% occupancy [2]. Revenue Changes - Rental revenues decreased by $0.2 million from $11.4 million in Q2 2023 to $11.2 million in Q2 2024, primarily due to a $0.5 million decrease in commercial property revenues [3]. - Interest income decreased from $8.5 million in Q2 2023 to $5.2 million in Q2 2024, a decline of about 39% [6]. Expenses - General and administrative expenses dropped significantly from $3.5 million in Q2 2023 to $1.4 million in Q2 2024, a reduction of approximately 60% [6]. Financing Activities - The company replaced an existing loan on Forest Grove with a new $6.6 million loan at SOFR plus 1.85%, maturing on July 10, 2031 [2]. Share Information - The weighted average common shares used in computing earnings per share remained constant at 8,639,316 for both Q2 2024 and Q2 2023 [6]. Portfolio Overview - The company holds a diverse portfolio of equity real estate across the U.S., including office buildings, apartments, and shopping centers [5].