Transcontinental Realty Investors, Inc. reported net income attributable to common shares of $1.7 million, or $0.20 per diluted share, for the three months ended September 30, 2024. This represents a decrease from the $4.5 million, or $0.52 per diluted share, reported for the same period in 2023. The decline in net income was primarily attributed to a decrease in interest income.
Rental revenues for the third quarter of 2024 decreased by $0.8 million, falling to $11.1 million from $11.8 million in the prior-year period. This reduction in rental revenue was mainly due to a decrease in occupancy at the company's commercial properties. Management expects occupancy to improve in the fourth quarter following a recently completed 45,000 square foot lease at Stanford Center.
Despite the decrease in revenues and net income, the net operating loss saw a slight improvement, decreasing by $0.1 million to $1.7 million from $1.8 million in the third quarter of 2023. This reduction in net operating loss was primarily driven by a decrease in general and administrative expenses. The overall results indicate challenges in revenue generation, particularly from commercial properties, alongside some cost management efforts.
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