Transcontinental Realty Investors(US:TCI)2024-03-21 17:09Financial Performance - For Q4 2023, Transcontinental Realty Investors, Inc. reported a net loss attributable to common shares of $2.6 million, or $0.30 per diluted share, compared to a net income of $58.9 million, or $6.82 per diluted share for the same period in 2022[1]. - Net income attributable to the company decreased by $61.5 million from Q4 2022, primarily due to a $74.7 million decrease in gain on sale, remeasurement, or write down of assets[6]. - Earnings per share for Q4 2023 were reported at $(0.30), a significant decrease from $6.82 in Q4 2022[9]. Revenue and Expenses - Total revenue for Q4 2023 was $13.5 million, compared to $12.8 million in Q4 2022, with total operating expenses increasing to $15.6 million from $12.3 million[9]. - Rental revenues increased by $1.0 million from $11.8 million in Q4 2022 to $12.8 million in Q4 2023, primarily due to a $0.9 million increase at multifamily properties[3]. - Net operating income decreased by $2.6 million, resulting in a net operating loss of $2.1 million for Q4 2023, attributed to a $2.7 million increase in property operating and depreciation expenses[4]. - The company reported a decrease in general and administrative expenses by $0.6 million, despite the overall increase in operating expenses[4]. Occupancy and Properties - Total occupancy was reported at 77% as of December 31, 2023, with multifamily properties at 92% and commercial properties at 49%[5]. - The company entered into a $25.4 million construction loan for a 216-unit multifamily property in McKinney, Texas, expected to be completed in 2025 at a total cost of approximately $51.9 million[5]. - A second construction loan of $23.5 million was secured for a 216-unit multifamily property in Temple, Texas, also expected to be completed in 2025 at a total cost of approximately $49.6 million[5].