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TRANSCONTINENTAL REALTY INVESTORS, INC. REPORTS FIRST QUARTER RESULTS

TRANSCONTINENTAL REALTY INVESTORS, INC. REPORTS FIRST QUARTER RESULTS
 DALLAS, May 21 /PRNewswire/ -- Transcontinental Realty Investors, Inc. (NYSE: TCI) reported net income of $808,000, or 25 cents per share, on revenues of $6.4 million for the first quarter ended March 31, 1992. This compares with a loss of $30,000, or 1 cent per share, on revenues of $7.5 million for the first quarter of 1991.
 Transcontinental recorded a gain on sale of real estate of $1.9 million for the first quarter ended March 31, 1992, compared with no gain in the corresponding period in 1991. A provision for losses of $763,000 was recorded in the three months ended March 31, 1992, compared with no provision for losses in the comparable period of 1991.
 Net rental income of $1.9 million for the three months ended March 31, 1992, was slightly lower than $2.1 million recorded in the first quarter of 1991. This decrease is attributable to the buyout of a lease in the first quarter of 1991, the sale of five properties in June and July of 1991 and the loss of a property due to foreclosure. Offsetting this decrease was an increase of $641,000 resulting from the acquisition of properties during 1991 and the first quarter of 1992.
 Transcontinental Realty Investors, Inc. is a combination mortgage and equity real estate investment trust which operates nationwide.
 FINANCIAL HIGHLIGHTS
 (in thousands, except share and per share data)
 For the three months
 ended March 31,
 1992 1991
 Total revenue $ 6,350 $ 7,497
 (Loss) before gain on sale of real estate (1,059) (30)
 Gain on sale of real estate 1,867 -
 Net income (loss) $ 808 $ (30)
 Earnings per share
 (Loss) before gain on sale of real estate (0.34) (0.01)
 Gain on sale of real estate 0.59 -
 Income (loss) per share $ 0.25 $(0.01)
 Weighted average common shares used
 in computing earnings per share 3,174,435 3,022,612
 -0- 5/21/92
 /CONTACT: Kevin LeBlanc of Transcontinental, 214-692-4800/
 (TCI) CO: Transcontinental Realty Investors, Inc. ST: Texas IN: FIN SU: ERN


KD -- NY071 -- 2865 05/21/92 12:59 EDT
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Publication:PR Newswire
Date:May 21, 1992
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