Transcontinental Realty Investors(US:TCI)2024-11-07 17:15Financial Performance - Net income attributable to common shares decreased by $2.7 million from $4.5 million in Q3 2023 to $1.7 million in Q3 2024, representing a 60% decline [5]. - Rental revenues decreased by $0.8 million from $11.8 million in Q3 2023 to $11.1 million in Q3 2024, a decline of approximately 6.8% [3]. - Total revenue for Q3 2024 was $11.6 million, down from $12.5 million in Q3 2023, reflecting a decrease of approximately 7.3% [7]. - Interest income decreased from $9.7 million in Q3 2023 to $5.9 million in Q3 2024, a decline of about 39.5% [7]. - Net operating loss decreased by $0.1 million from $1.8 million in Q3 2023 to $1.7 million in Q3 2024, primarily due to reduced general and administrative expenses [4]. Occupancy and Leasing - Total occupancy was reported at 79% as of September 30, 2024, with multifamily properties at 95% and commercial properties at 48% [2]. - A new lease at Stanford Center is expected to increase occupancy by 14% and rent per square foot by 20% compared to recent expired leases, commencing in April 2025 [2]. - The company completed a major renovation at Stanford Center, leading to the first new lease at the property since the renovation [2]. Development and Financing - The company obtained a $27.5 million construction loan for a 234-unit multifamily property in Dallas, expected to be completed in 2026 at a total cost of approximately $49.8 million [2]. - The company replaced an existing loan on Forest Grove with a $6.6 million loan, maturing on August 1, 2031, at an interest rate of SOFR plus 1.85% [2].