Pillar Income Asset Management, as the management company for Transcontinental Realty Investors Inc. (NYSE: TCI), American Realty Investors, Inc. (NYSE: ARL), Income Opportunity Realty Investors, Inc. (NYSE American: IOR) and Abode Properties confirms that business operations are continuing steadily tied to daily operations. In addition, the company’s various multifamily development projects, land sales, and refinancing activities have continued.
Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, is reporting its Results of Operations for the year ended December 31, 2019. With the current Coronavirus presenting a concern; we remain confident the underlying need for quality multi-family housing will remain strong. Should circumstances change or our view be less optimistic, we have the ability to dramatically slow our pace of our new development efforts. However, to date, TCI’s existing portfolio has seen a significant increase in value. For FYE 2018, same store aggregate appraised value of TCI’s holdings was approximately $244.4 million. Whereas for FYE 2019, same store aggregate appraised value of TCI’s holdings was $298.7 million. This represents a $54.2 million or 22% increase in overall asset value year over year.
Transcontinental Realty Investors Inc., (NYSE: TCI) and Abode Properties announces successful refinance of Class A asset Terra Lago apartments in Rowlett, Texas. Barings Real Estate Capital originated the refinance with a significant rate reduction.
Transcontinental Realty Investors Inc., (NYSE: TCI) Southern Properties Capital, and Abode Properties announce successful refinance of Class A asset Sawgrass Creek apartments in New Port Richey, Florida. Berkeley Point Capital LLC originated the refinance with the loan insured by Freddie Mac. Due to mature in June, the new loan is for 7 years and the London Inter-bank Offered Rate reduced from + 3% down to + 2.31%.
Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, is reporting its Results of Operations for the quarter ended March 31, 2020. For the three months ended March 31, 2020, The Company reported a net income applicable to common shares of $4.6 million or $0.53 per diluted share, compared to a net loss applicable to common shares of $5.6 million or $0.64 per diluted share for the same period in 2019. This was driven by the overall strategic direction of both investing and expanding the core multi-family portfolio. In particular, as certain new multifamily development projects are completed, in which the Company has made significant new investments, it is expected that net income will again be positively impacted throughout the remainder of 2020. All new multifamily real estate projects within TCI’s future pipeline are progressing in various stages of development. Of significant note, the Company experienced a one-time expense as a requirement to pay Franchise Tax due to the Joint Venture Victory Abode Apartments (VAA). The Company does not anticipate this expense to reoccur in future periods.