Attached files
| file | filename |
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| 8-K - TRANSCONTINENTAL REALTY INVESTORS - TRANSCONTINENTAL REALTY INVESTORS INC | tri8k081512.htm |
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TRANSCONTINENTAL REALTY INVESTORS, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited)
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For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30,
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2012
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2011
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2012
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2011
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(dollars in thousands, except share and per share amounts)
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Revenues:
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Rental and other property revenues (including $167 and $0 for the three months and $335
and $0 for the six months ended 2012 and 2011 respectively from affiliates and related parties)
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$ | 30,153 | $ | 28,285 | $ | 58,906 | $ | 54,500 | ||||||||
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Expenses:
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Property operating expenses (including $249 and $372 for the three months and $541 and
$625 for the six months ended 2012 and 2011 respectively from affiliates and related parties)
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15,128 | 14,415 | 29,875 | 28,978 | ||||||||||||
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Depreciation and amortization
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5,399 | 3,551 | 10,833 | 8,790 | ||||||||||||
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General and administrative (including $602 and $906 for the three months and $1,227 and
$1,748,for the six months ended 2012 and 2011 respectively from affiliates and related parties)
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787 | 2,408 | 2,951 | 4,400 | ||||||||||||
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Provision on impairment of notes receivable and real estate assets
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- | 444 | - | 5,622 | ||||||||||||
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Advisory fee to affiliate
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2,217 | 2,626 | 4,521 | 5,247 | ||||||||||||
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Total operating expenses
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23,531 | 23,444 | 48,180 | 53,037 | ||||||||||||
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Operating income
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6,622 | 4,841 | 10,726 | 1,463 | ||||||||||||
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Other income (expense):
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Interest income (including $3,866 and $700 for the three months and $7,091 and $1,051
for the six months ended 2012 and 2011 respectively from affiliates and related parties)
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3,869 | 704 | 7,098 | 1,130 | ||||||||||||
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Other income (including $1,500 and $0 for the three months and $3,000 and $0 for the
six months ended 2012 and 2011 respectively from affiliates and related parties)
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1,528 | 551 | 3,130 | 1,765 | ||||||||||||
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Mortgage and loan interest (including $1,107 and $1,269 for the three months and $1,861
and $1,567 for the six months ended 2012 and 2011 respectively from affiliates and related parties)
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(15,778 | ) | (13,481 | ) | (32,114 | ) | (25,726 | ) | ||||||||
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Loss on the sale of investments
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(16 | ) | (451 | ) | (118 | ) | (451 | ) | ||||||||
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Earnings from unconsolidated subsidiaries and investees
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9 | 117 | (63 | ) | 57 | |||||||||||
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Total other expenses
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(10,388 | ) | (12,560 | ) | (22,067 | ) | (23,225 | ) | ||||||||
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Loss before gain on land sales, non-controlling interest, and taxes
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(3,766 | ) | (7,719 | ) | (11,341 | ) | (21,762 | ) | ||||||||
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Gain on land sales
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4,738 | 1,285 | 5,160 | 2,081 | ||||||||||||
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Income (loss) from continuing operations before tax
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972 | (6,434 | ) | (6,181 | ) | (19,681 | ) | |||||||||
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Income tax benefit (expense)
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520 | (2,729 | ) | 1,579 | (2,309 | ) | ||||||||||
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Net income (loss) from continuing operations
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1,492 | (9,163 | ) | (4,602 | ) | (21,990 | ) | |||||||||
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Discontinued operations:
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Loss from discontinued operations
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(17 | ) | (883 | ) | (581 | ) | (3,360 | ) | ||||||||
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Gain (loss) on sale of real estate from discontinued operations
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1,502 | (6,914 | ) | 5,091 | (3,238 | ) | ||||||||||
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Income tax benefit (expense) from discontinued operations
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(520 | ) | 2,729 | (1,579 | ) | 2,309 | ||||||||||
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Net income (loss) from discontinued operations
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965 | (5,068 | ) | 2,931 | (4,289 | ) | ||||||||||
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Net income (loss)
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2,457 | (14,231 | ) | (1,671 | ) | (26,279 | ) | |||||||||
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Net (income) loss attributable to non-controlling interest
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(175 | ) | 45 | (254 | ) | 130 | ||||||||||
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Net income (loss) attributable to Transcontinental Realty Investors, Inc.
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2,282 | (14,186 | ) | (1,925 | ) | (26,149 | ) | |||||||||
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Preferred dividend requirement
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(277 | ) | (277 | ) | (554 | ) | (551 | ) | ||||||||
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Net income (loss) applicable to common shares
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$ | 2,005 | $ | (14,463 | ) | $ | (2,479 | ) | $ | (26,700 | ) | |||||
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Earnings per share - basic
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Income (loss) from continuing operations
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$ | 0.12 | $ | (1.12 | ) | $ | (0.64 | ) | $ | (2.69 | ) | |||||
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Income (loss) from discontinued operations
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0.11 | (0.60 | ) | 0.35 | (0.52 | ) | ||||||||||
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Net income (loss) applicable to common shares
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$ | 0.23 | $ | (1.72 | ) | $ | (0.29 | ) | $ | (3.21 | ) | |||||
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Earnings per share - diluted
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Income (loss) from continuing operations
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$ | 0.11 | $ | (1.12 | ) | $ | (0.64 | ) | $ | (2.69 | ) | |||||
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Income (loss) from discontinued operations
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0.10 | (0.60 | ) | 0.35 | (0.52 | ) | ||||||||||
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Net income (loss) applicable to common shares
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$ | 0.21 | $ | (1.72 | ) | $ | (0.29 | ) | $ | (3.21 | ) | |||||
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Weighted average common share used in computing earnings per share
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8,413,469 | 8,413,469 | 8,413,469 | 8,327,281 | ||||||||||||
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Weighted average common share used in computing diluted earnings per share
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9,622,951 | 8,413,469 | 8,413,469 | 8,327,281 | ||||||||||||
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Amounts attributable to Transcontinental Realty Investors, Inc.
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Income (loss) from continuing operations
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$ | 1,317 | $ | (9,118 | ) | $ | (4,856 | ) | $ | (21,860 | ) | |||||
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Income (loss) from discontinued operations
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965 | (5,068 | ) | 2,931 | (4,289 | ) | ||||||||||
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Net income (loss)
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$ | 2,282 | $ | (14,186 | ) | $ | (1,925 | ) | $ | (26,149 | ) | |||||
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TRANSCONTINENTAL REALTY INVESTORS, INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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June 30,
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December 31,
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2012
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2011
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(dollars in thousands, except share and
par value amounts)
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Assets
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Real estate, at cost
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$ | 1,013,502 | $ | 1,069,699 | ||||
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Real estate held for sale at cost, net of depreciation ($3,417 for 2012 and $1,752 for 2011)
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2,879 | 15,015 | ||||||
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Real estate subject to sales contracts at cost, net of depreciation ($15,483 for 2012 and $7,213 for 2011)
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51,959 | 52,555 | ||||||
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Less accumulated depreciation
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(139,950 | ) | (148,930 | ) | ||||
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Total real estate
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928,390 | 988,339 | ||||||
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Notes and interest receivable
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Performing (including $79,204 in 2012 and $78,852 in 2011 from affiliates and related parties)
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79,205 | 79,161 | ||||||
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Non-performing (including $0 in 2012 and $0 in 2011 from affiliates and related parties)
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2,485 | 2,152 | ||||||
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Less allowance for estimated losses (including $2,097 in 2012 and $2,097 in 2011 from affiliates and related parties)
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(3,942 | ) | (3,942 | ) | ||||
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Total notes and interest receivable
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77,748 | 77,371 | ||||||
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Cash and cash equivalents
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17,522 | 19,991 | ||||||
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Investments in unconsolidated subsidiaries and investees
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5,637 | 6,362 | ||||||
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Other assets
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64,485 | 68,261 | ||||||
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Total assets
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$ | 1,093,782 | $ | 1,160,324 | ||||
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Liabilities and Shareholders’ Equity
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Liabilities:
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Notes and interest payable
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$ | 763,862 | $ | 829,617 | ||||
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Notes related to assets held for sale
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3,868 | 13,830 | ||||||
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Notes related to subject to sales contracts
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55,503 | 38,376 | ||||||
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Stock-secured notes payable
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2,283 | 2,482 | ||||||
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Affiliate payables
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36,276 | 17,465 | ||||||
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Deferred gain (from sales to related parties)
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57,136 | 65,607 | ||||||
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Accounts payable and other liabilities (including $1,887 in 2012 and $1,746 in 2011 from affiliates and related parties)
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34,734 | 51,663 | ||||||
| 953,662 | 1,019,040 | |||||||
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Shareholders’ equity:
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Preferred stock, Series C: $.01 par value, authorized 10,000,000 shares, issued and outstanding 30,000
shares in 2012 and 2011 respectively (liquidation preference $100 per share). Series D: $.01 par value,
authorized, issued and outstanding 100,000 shares in 2012 and 2011 respectively.
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1 | 1 | ||||||
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Common stock, $.01 par value, authorized 10,000,000 shares; issued 8,413,669 shares in 2012 and 2011,
and outstanding 8,413,469 shares in 2012 and 2011.
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84 | 84 | ||||||
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Treasury stock at cost; 200 shares in 2012 and 2011
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(2 | ) | (2 | ) | ||||
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Paid-in capital
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273,332 | 273,886 | ||||||
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Retained earnings
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(150,160 | ) | (148,235 | ) | ||||
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Total Transcontinental Realty Investors, Inc. shareholders' equity
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123,255 | 125,734 | ||||||
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Non-controlling interest
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16,865 | 15,550 | ||||||
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Total equity
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140,120 | 141,284 | ||||||
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Total liabilities and equity
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$ | 1,093,782 | $ | 1,160,324 | ||||