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Transcontinental Realty Investors, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental revenues of $11,074,000, a decrease from $11,838,000 in the same quarter the previous year. The decline is attributed to reduced occupancy in certain commercial properties.
Property operating expenses for the quarter were $6,989,000, compared to $7,443,000 in the previous year. This decrease in expenses is due to lower management fees and maintenance costs.
The company reported a net operating loss of $1,669,000 for the quarter, compared to a loss of $1,775,000 in the previous year.
Interest income for the quarter was $5,917,000, down from $9,676,000 in the previous year. The decrease is primarily due to lower interest rates on related party receivables.
Net income for the quarter was $1,910,000, compared to $4,762,000 in the previous year. After accounting for noncontrolling interests, net income attributable to the company was $1,707,000, compared to $4,451,000 in the previous year.
Cash provided by operating activities was $17,057,000, while cash used in investing and financing activities was $27,082,000 and $93,000, respectively.
Transcontinental Realty had total assets of $1,056,589,000 as of September 30, 2024. The company continues to focus on property development projects, with several multifamily developments underway.
The filing also details various financial agreements, including construction loans for new developments and refinancing of existing debt.
The company does not anticipate cash dividend payments to common stockholders in the near future.
Transcontinental Realty is addressing a covenant breach related to the debt service coverage ratio for a specific loan, requiring surplus cash flow to be held in a designated account.
The company continues to engage in related party transactions, including management and advisory services provided by Pillar Income Asset Management, Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Transcontinental Realty Investors Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.