Transcontinental Realty Investors, Inc. reported net income attributable to common shares of $0.1 million, or $0.01 per diluted share, for the three months ended December 31, 2024. This marks a significant improvement compared to a net loss of $2.6 million, or $0.30 per diluted share, for the same period in 2023. The increase in net income was primarily attributed to a decrease in loss on sale or write-down of assets and an increase in interest income, partially offset by an increase in the provision for income tax.
Despite the positive shift in net income, rental revenues decreased by $1.6 million, falling to $11.2 million for the fourth quarter of 2024 from $12.8 million in the prior-year period. This decline in rental revenue was primarily due to a decrease in occupancy at the company's commercial properties. However, the net operating loss decreased by $0.4 million to $1.7 million, driven by a $2.1 million decrease in operating expenses, mainly depreciation.
For the full year 2024, Transcontinental Realty Investors reported earnings per share of $0.68, a slight decrease from $0.69 in fiscal year 2023. The company's ability to convert a net loss to net income in the fourth quarter, despite revenue headwinds, highlights the impact of cost management and strategic financial adjustments. These results provide insight into the company's performance and its efforts to manage profitability.
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