Attached files
| file | filename |
|---|---|
| 8-K - TRANSCONTINENTAL REALTY INVESTORS - TRANSCONTINENTAL REALTY INVESTORS INC | tci8k051614.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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March 31,
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2014
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2013
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(dollars in thousands, except
per share amounts)
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Revenues:
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Rental and other property revenues (including $175 and $165 for the three months ended 2014
and 2013, respectively, from related parties)
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$ | 19,727 | $ | 19,505 | ||||
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Expenses:
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Property operating expenses (including $146 and $194 for the three months ended 2014 and 2013,
respectively, from related parties)
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9,592 | 9,389 | ||||||
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Depreciation and amortization
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4,444 | 3,733 | ||||||
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General and administrative (including $744 and $648 for the three months ended 2014 and 2013,
respectively, from related parties)
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1,560 | 1,622 | ||||||
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Provision on impairment of notes receivable and real estate assets
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- | - | ||||||
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Net income fee to related party
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490 | 56 | ||||||
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Advisory fee to related party
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1,852 | 2,138 | ||||||
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Total operating expenses
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17,938 | 16,938 | ||||||
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Net operating income
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1,789 | 2,567 | ||||||
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Other income (expenses):
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Interest income (including $1,874 and $2,140 for the three months ended 2014 and 2013,
respectively, from related parties)
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2,113 | 2,176 | ||||||
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Other income
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157 | 36 | ||||||
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Mortgage and loan interest (including $31 and $487 for the three months ended 2014 and 2013,
respectively, from related parties)
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(6,841 | ) | (7,933 | ) | ||||
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Deferred borrowing costs amortization
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(932 | ) | (2,416 | ) | ||||
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Loan charges and prepayment penalties
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(1,582 | ) | (3,937 | ) | ||||
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Loss on the sale of investments
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- | (7 | ) | |||||
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Losses from unconsolidated joint ventures and investees
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(4 | ) | (13 | ) | ||||
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Litigation settlement
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3,839 | (45 | ) | |||||
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Total other expenses
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(3,250 | ) | (12,139 | ) | ||||
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Loss before gain on land sales, non-controlling interest, and taxes
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(1,461 | ) | (9,572 | ) | ||||
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Gain (loss) on land sales
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753 | (48 | ) | |||||
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Net loss from continuing operations before taxes
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(708 | ) | (9,620 | ) | ||||
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Income tax benefit
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1,870 | 2,318 | ||||||
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Net income (loss) from continuing operations
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1,162 | (7,302 | ) | |||||
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Discontinued operations:
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Net income (loss) from discontinued operations
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(710 | ) | 432 | |||||
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Gain on sale of real estate from discontinued operations
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6,053 | 6,190 | ||||||
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Income tax expense from discontinued operations
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(1,870 | ) | (2,318 | ) | ||||
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Net income from discontinued operations
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3,473 | 4,304 | ||||||
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Net income (loss)
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4,635 | (2,998 | ) | |||||
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Net loss attributable to non-controlling interest
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(84 | ) | (111 | ) | ||||
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Net income (loss) attributable to Transcontinental Realty Investors, Inc.
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4,551 | (3,109 | ) | |||||
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Preferred dividend requirement
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(274 | ) | (274 | ) | ||||
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Net income (loss) applicable to common shares
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$ | 4,277 | $ | (3,383 | ) | |||
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Earnings per share - basic
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Net income (loss) from continuing operations
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$ | 0.10 | $ | (0.91 | ) | |||
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Net income from discontinued operations
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0.41 | 0.51 | ||||||
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Net income (loss) applicable to common shares
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$ | 0.51 | $ | (0.40 | ) | |||
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Earnings per share - diluted
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Net income (loss) from continuing operations
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$ | 0.09 | $ | (0.91 | ) | |||
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Net income from discontinued operations
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0.40 | 0.51 | ||||||
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Net income (loss) applicable to common shares
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$ | 0.49 | $ | (0.40 | ) | |||
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Weighted average common shares used in computing earnings per share
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8,413,469 | 8,413,469 | ||||||
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Weighted average common shares used in computing diluted earnings per share
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8,639,679 | 8,413,469 | ||||||
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Amounts attributable to Transcontinental Realty Investors, Inc.
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Net income (loss) from continuing operations
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$ | 1,078 | $ | (7,413 | ) | |||
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Net income from discontinued operations
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3,473 | 4,304 | ||||||
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Net income (loss)
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$ | 4,551 | $ | (3,109 | ) | |||
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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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2014
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2013
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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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$ | 742,995 | $ | 777,974 | ||||
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Real estate held for sale at cost, net of depreciation ($28,033 for 2014 and $2,390 for 2013)
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11,945 | 16,427 | ||||||
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Real estate subject to sales contracts at cost, net of depreciation ($2,036 for 2014 and $1,949 for 2013)
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25,090 | 29,353 | ||||||
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Less accumulated depreciation
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(104,212 | ) | (127,952 | ) | ||||
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Total real estate
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675,818 | 695,802 | ||||||
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Notes and interest receivable:
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Performing (including $60,221 in 2014 and $66,431 in 2013 from related parties)
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63,479 | 69,626 | ||||||
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Non-performing
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552 | 543 | ||||||
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Less allowance for doubtful accounts (including $2,098 in 2014 and $2,098 in 2013 from related
parties)
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(2,262 | ) | (2,262 | ) | ||||
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Total notes and interest receivable
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61,769 | 67,907 | ||||||
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Cash and cash equivalents
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18,177 | 16,086 | ||||||
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Restricted cash
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27,185 | 31,799 | ||||||
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Investments in unconsolidated joint ventures and investees
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1,824 | 1,697 | ||||||
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Receivable from related party
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80,139 | 52,380 | ||||||
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Other assets
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35,492 | 32,000 | ||||||
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Total assets
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$ | 900,404 | $ | 897,671 | ||||
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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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$ | 578,133 | $ | 562,734 | ||||
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Notes related to real estate held for sale
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15,717 | 17,100 | ||||||
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Notes related to real estate subject to sales contracts
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20,991 | 23,011 | ||||||
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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 $4,893 in 2014 and $4,697 in 2013 to related parties)
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36,536 | 50,160 | ||||||
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Total liabilities
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704,473 | 706,101 | ||||||
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Shareholders’ equity:
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Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares, issued and outstanding 30,000
shares in 2014 and 2013 (liquidation preference $100 per share). Series D: $0.01 par value, authorized,
issued and outstanding 100,000 shares in 2013 and 2012 (liquidation preference $100 per share)
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1 | 1 | ||||||
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Common stock, $0.01 par value, authorized 10,000,000 shares, issued 8,413,669 shares in 2014 and 2013
and outstanding 8,413,469 shares in 2014 and 2013
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84 | 84 | ||||||
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Treasury stock at cost, 200 shares in 2014 and 2013
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(2 | ) | (2 | ) | ||||
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Paid-in capital
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271,446 | 271,720 | ||||||
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Retained earnings
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(93,478 | ) | (98,029 | ) | ||||
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Total Transcontinental Realty Investors, Inc. shareholders' equity
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178,051 | 173,774 | ||||||
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Non-controlling interest
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17,880 | 17,796 | ||||||
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Total shareholders' equity
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195,931 | 191,570 | ||||||
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Total liabilities and shareholders' equity
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$ | 900,404 | $ | 897,671 | ||||