TRANSCONTINENTAL REALTY INVESTORS INC TCI
Transcontinental Realty Investors, Inc. (the "Company"), a Nevada Corporation, is a fully integrated externally managed real estate company. We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. As used herein, the terms "TCI", "the Company", "We", "Our", or "Us" refer to the Company.
As of December 31, 2025, we owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. ("IOR"), a Nevada Corporation, whose common stock is listed and traded on the New York Stock Exchange American under the symbol "IOR". Accordingly, we include IOR's financial results in our consolidated financial statements. IOR's primary business is investing in mortgage loans and real estate.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M | $47.1M | $49.9M | $36.7M | $40.8M | $57.0M | $48.1M | $149.1M | $125.2M | $118.5M |
| SG&A | $5.8M | $5.4M | $9.2M | $9.9M | $12.4M | $9.3M | $8.7M | $11.4M | $6.3M | $5.5M |
| Total operating expenses | $55.4M | $52.8M | $59.9M | $45.9M | $56.9M | $57.0M | $55.7M | $104.8M | $105.1M | $100.8M |
| Operating income | -$6.3M | -$5.8M | -$10.0M | -$9.3M | -$16.2M | -$28.0K | -$7.7M | $44.3M | $20.1M | $17.6M |
| Pre-tax income | $20.9M | $7.8M | $7.9M | $571.5M | $10.4M | $6.7M | -$42.9M | $14.7M | -$29.9M | -$19.0M |
| Income tax | $7.1M | $1.9M | $1.9M | $103.2M | $1.0M | $4.0K | $2.0M | $3.2M | $180.0K | $24.0K |
| Net income | $13.8M | $5.9M | $5.9M | $468.3M | $9.4M | $6.7M | -$26.9M | $181.4M | -$15.8M | $37.0K |
| EPS, basic | 1.60 | 0.68 | 0.69 | 54.20 | 1.09 | 0.77 | -3.09 | 20.71 | -1.92 | -0.10 |
| EPS, diluted | 1.60 | 0.68 | 0.69 | 54.20 | 1.09 | 0.77 | -3.09 | 20.71 | -1.92 | -0.10 |
| Shares, diluted (wtd. avg.) | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.7M | $8.7M | $8.7M | $8.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.1M | $19.9M | $36.7M | $113.4M | $50.7M | $36.8M | $51.2M | $36.4M | $42.7M | $55.7M |
| Short-term investments | $75.0M | $79.8M | $90.4M | $119.8M | $16.0M | $0 | — | — | — | — |
| Total assets | $1.13B | $1.07B | $1.04B | $1.22B | $788.4M | $879.1M | $865.9M | $862.4M | $1.31B | $1.19B |
| Long-term debt | $210.8M | $181.9M | $179.1M | $184.5M | $176.8M | $236.1M | $241.5M | $277.2M | $894.5M | $841.5M |
| Total liabilities | $266.4M | $217.7M | $196.1M | $377.6M | $416.8M | $517.6M | $511.9M | $482.0M | $1.11B | $961.4M |
| Retained earnings | $584.6M | $570.8M | $564.9M | $559.0M | $90.7M | $81.3M | $74.7M | $101.6M | -$79.9M | -$64.0M |
| Total equity | $846.7M | $832.3M | $847.0M | $840.6M | $371.6M | $361.5M | $354.1M | $380.4M | $208.3M | $224.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.9M | $1.3M | -$31.1M | -$45.4M | -$11.0M | $5.6M | -$35.7M | -$181.2M | -$25.1M | $2.2M |
| Depreciation and amortisation | $12.6M | $12.5M | $14.6M | $13.1M | $15.0M | $18.6M | $15.6M | $30.7M | $25.6M | $23.7M |
| Capital expenditure | — | — | — | — | — | — | — | $10.6M | $37.0M | $79.7M |
| Investing cash flow | -$35.8M | -$41.5M | $26.8M | $307.4M | $100.3M | $381.0K | -$9.6M | $147.6M | -$98.3M | -$66.9M |
| Financing cash flow | $27.5M | $1.7M | -$139.0M | -$112.4M | -$103.6M | -$2.3M | $22.0M | $51.8M | $156.0M | $61.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000733590-26-000004.
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