Attached files
| file | filename |
|---|---|
| 8-K - TRANSCONTINENTAL REALTY - TRANSCONTINENTAL REALTY INVESTORS INC | tci8k051613.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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2013
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2012
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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 $165 and $167 for the three months ended 2013 and
2012 respectively from related parties)
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$ | 27,277 | $ | 27,215 | ||||
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Expenses:
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Property operating expenses (including $259 and $291 for the three months ended 2013 and 2012
respectively from related parties)
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13,319 | 13,020 | ||||||
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Depreciation and amortization
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5,021 | 5,157 | ||||||
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General and administrative (including $704 and $666 for the three months ended 2013 and 2012
respectively from related parties)
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1,837 | 2,463 | ||||||
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Provision on impairment of notes receivable and real estate assets
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- | - | ||||||
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Advisory fee to related party
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2,138 | 2,303 | ||||||
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Total operating expenses
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22,315 | 22,943 | ||||||
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Operating income
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4,962 | 4,272 | ||||||
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Other income (expense):
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Interest income (including $2,139 and $3,225 for the three months ended 2013 and 2012 respectively
from related parties)
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2,176 | 3,229 | ||||||
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Other income (including $0 and $1,500 for the three months ended 2013 and 2012 respectively from
related parties)
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36 | 1,611 | ||||||
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Mortgage and loan interest (including $487 and $754 for the three months ended 2013 and 2012
respectively from related parties)
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(9,987 | ) | (12,477 | ) | ||||
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Deferred borrowing costs amortization
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(2,433 | ) | (896 | ) | ||||
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Loan charges and prepayment penalties
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(3,982 | ) | (2,392 | ) | ||||
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Earnings (losses) from unconsolidated subsidiaries and investees
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8 | (73 | ) | |||||
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Total other expenses
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(14,182 | ) | (10,998 | ) | ||||
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Loss before gain on land sales, non-controlling interest, and taxes
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(9,220 | ) | (6,726 | ) | ||||
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Gain (loss) on land sales
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(48 | ) | 423 | |||||
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Loss from continuing operations before tax
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(9,268 | ) | (6,303 | ) | ||||
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Income tax benefit
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2,195 | 761 | ||||||
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Net loss from continuing operations
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(7,073 | ) | (5,542 | ) | ||||
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Discontinued operations:
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Income (loss) from discontinued operations
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80 | (1,413 | ) | |||||
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Gain on sale of real estate from discontinued operations
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6,190 | 3,588 | ||||||
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Income tax expense from discontinued operations
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(2,195 | ) | (761 | ) | ||||
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Net income from discontinued operations
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4,075 | 1,414 | ||||||
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Net loss
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(2,998 | ) | (4,128 | ) | ||||
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Net income attributable to non-controlling interest
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(111 | ) | (79 | ) | ||||
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Net loss attributable to Transcontinental Realty Investors, Inc.
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(3,109 | ) | (4,207 | ) | ||||
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Preferred dividend requirement
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(274 | ) | (277 | ) | ||||
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Net loss applicable to common shares
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$ | (3,383 | ) | $ | (4,484 | ) | ||
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Earnings per share - basic
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Loss from continuing operations
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$ | (0.89 | ) | $ | (0.70 | ) | ||
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Income from discontinued operations
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0.48 | 0.17 | ||||||
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Net loss applicable to common shares
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$ | (0.41 | ) | $ | (0.53 | ) | ||
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Earnings per share - diluted
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Loss from continuing operations
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$ | (0.89 | ) | $ | (0.70 | ) | ||
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Income from discontinued operations
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0.48 | 0.17 | ||||||
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Net loss applicable to common shares
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$ | (0.41 | ) | $ | (0.53 | ) | ||
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Weighted average common share used in computing earnings per share
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8,413,469 | 8,413,469 | ||||||
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Weighted average common share used in computing diluted earnings per share
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8,413,469 | 8,413,469 | ||||||
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Amounts attributable to Transcontinental Realty Investors, Inc.
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Loss from continuing operations
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$ | (7,184 | ) | $ | (5,621 | ) | ||
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Income from discontinued operations
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4,075 | 1,414 | ||||||
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Net loss
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$ | (3,109 | ) | $ | (4,207 | ) | ||
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TRANSCONTINENTAL REALTY INVESTORS, INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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March 31,
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December 31,
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2013
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2012
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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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$ | 948,504 | $ | 978,781 | ||||
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Real estate held for sale at cost, net of depreciation ($11,164 for 2013 and $4,658 for 2012)
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20,237 | 18,077 | ||||||
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Real estate subject to sales contracts at cost, net of depreciation ($16,688 for 2013 and $16,412 for 2012)
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42,874 | 45,706 | ||||||
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Less accumulated depreciation
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(139,345 | ) | (145,614 | ) | ||||
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Total real estate
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872,270 | 896,950 | ||||||
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Notes and interest receivable
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Performing (including $55,937 in 2013 and $58,007 in 2012 from related parties)
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58,750 | 60,637 | ||||||
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Non-performing
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737 | 723 | ||||||
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Less allowance for estimated losses (including $2,097 in 2013 and 2012 from related parties)
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(2,262 | ) | (2,262 | ) | ||||
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Total notes and interest receivable
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57,225 | 59,098 | ||||||
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Cash and cash equivalents
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7,836 | 16,620 | ||||||
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Related party receivables
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2,279 | - | ||||||
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Investments in unconsolidated subsidiaries and investees
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5,415 | 5,439 | ||||||
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Other assets
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54,586 | 67,237 | ||||||
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Total assets
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$ | 999,611 | $ | 1,045,344 | ||||
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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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$ | 712,855 | $ | 730,931 | ||||
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Notes related to assets held for sale
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18,183 | 18,915 | ||||||
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Notes related to subject to sales contracts
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53,838 | 55,976 | ||||||
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Stock-secured notes payable
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2,212 | 2,221 | ||||||
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Related party payables
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- | 10,057 | ||||||
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Deferred gain (from sales to related parties)
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53,096 | 53,096 | ||||||
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Accounts payable and other liabilities (including $4,261 in 2013 and $4,282 in 2012 to related parties)
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29,570 | 41,019 | ||||||
| 869,754 | 912,215 | |||||||
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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 2013 and 2012 respectively (liquidation preference $100 per share) Series D: $.01 par value,
authorized, issued and outstanding 100,000 shares in 2013 and 2012 respectively
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1 | 1 | ||||||
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Common stock, $.01 par value, authorized 10,000,000 shares; issued 8,413,669 shares in 2013 and 2012,
and outstanding 8,413,469 shares in 2013 and 2012
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84 | 84 | ||||||
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Treasury stock at cost; 200 shares in 2013 and 2012
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(2 | ) | (2 | ) | ||||
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Paid-in capital
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272,500 | 272,774 | ||||||
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Retained earnings
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(159,668 | ) | (156,559 | ) | ||||
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Total Transcontinental Realty Investors, Inc. shareholders' equity
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112,915 | 116,298 | ||||||
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Non-controlling interest
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16,942 | 16,831 | ||||||
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Total equity
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129,857 | 133,129 | ||||||
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Total liabilities and equity
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$ | 999,611 | $ | 1,045,344 | ||||