XML 29 R4.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Rental and other property revenues (including $841, $767 and $839 for the years ended 2019, 2018 and 2017, respectively, from related parties) $ 47,970 $ 120,955 $ 125,233
Expenses:      
Property operating expenses (including $991, $943 and $929 for the years ended 2019, 2018 and 2017, respectively, from related parties) 25,213 59,420 63,056
Depreciation and amortization 13,379 22,761 25,558
General and administrative (including $4,144, $4,578 and $3,120 for the years ended 2019, 2018 and 2017, respectively, from related parties) 10,951 11,359 6,269
Net income fee to related party 357 631 250
Advisory fee to related party 5,806 10,663 9,995
Total operating expenses 55,706 104,834 105,128
Net operating (loss) income (7,736) 16,121 20,105
Other income (expenses):      
Interest income (including $17,413, $13,132 and $11,485 for the years ended 2019, 2018 and 2017, respectively, from related parties) 19,607 15,793 13,862
Other income 84 28,150 625
Mortgage and loan interest (including $1,999, $423 and $1,174 for the year ended 2019, 2018 and 2017, respectively, from related parties) (31,816) (58,872) (59,944)
Foreign currency transaction (loss) gain (15,108) 12,399 (4,536)
Loss on debt extinguishment (5,219)    
Equity (loss) earnings from VAA (2,774) 44  
Earnings from other unconsolidated investees 16 1,085 26
Total other expenses (35,210) (1,401) (49,967)
(Loss) income before gain on disposition of 50% interest in VAA, gain on land sales, non-controlling interest, and taxes (42,946) 14,720 (29,862)
Gain on disposition of 50% interest in VAA   154,126  
(Loss) gain on sale of income producing properties (80)   9,842
Gain on land sales 14,889 17,404 4,884
Net (loss) income from continuing operations before taxes (28,137) 186,250 (15,136)
Income tax expense - current 0 (1,210) (180)
Income tax benefit (expense) - deferred 2,000 (2,000)  
Net (loss) income from continuing operations (26,137) 183,040 (15,316)
Net (loss) income (26,137) 183,040 (15,316)
Net (income) attributable to non-controlling interest (783) (1,590) (499)
Net (loss) income attributable to Transcontinental Realty Investors, Inc. (26,920) 181,450 (15,815)
Preferred dividend requirement   (900) (900)
Net (loss) income applicable to common shares $ (26,920) $ 180,550 $ (16,715)
Earnings per share - basic      
Net (loss) income from continuing operations (in dollars per share) $ (3.00) $ 20.89 $ (1.86)
Net (loss) income applicable to common shares (in dollars per share) (3.09) 20.71 (1.92)
Earnings per share - diluted      
Net (loss) income from continuing operations (in dollars per share) (3.00) 20.89 (1.86)
Net (loss) income applicable to common shares (in dollars per share) $ (3.09) $ 20.71 $ (1.92)
Weighted average common shares used in computing earnings per share (in shares) 8,717,767 8,717,767 8,717,767
Weighted average common shares used in computing diluted earnings per share (in shares) 8,717,767 8,717,767 8,717,767
Amounts attributable to Transcontinental Realty Investors, Inc.      
Net (loss) income from continuing operations $ (26,137) $ 183,040 $ (15,316)
Net (loss) income applicable to common shares $ (26,920) $ 180,550 $ (16,715)