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NewsRegulatory · TCI

TCI swings to $0.13 Q2 loss as lease-up costs outpace revenue gain

The print for Transcontinental Realty Investors (NYSE: TCI) in the quarter ended June 30, 2026 is a $1.1 million net loss attributable to common shares, or $0.13 per share, against $0.2 million net income and $0.02 per share in Q2 2025. Total revenue rose to $12.9 million from $12.2 million, a $0.7 million gain the company attributes to its multifamily and commercial segments. Property operating expenses expanded $1.6 million in the same window, and the net operating loss widened to $2.3 million from $0.8 million.

By Grant HalloranNewsroomAugust 6, 20262 min readTCI
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Key takeaways

  • Transcontinental Realty Investors (NYSE: TCI) reported a $1.1 million net loss attributable to common shares, or $0.13 per share, for the quarter ended June 30, 2026, versus $0.2 million net income ($0.02 per share) in Q2 2025.
  • Total revenue rose to $12.9 million from $12.2 million, but property operating expenses grew $1.6 million due to lease-up activity, widening the net operating loss to $2.3 million from $0.8 million.
  • At June 30, 2026, stabilized properties were 81% occupied, with multifamily at 93% and commercial at just 58%.
  • Over the first half of 2026, TCI recorded a $0.96 million net loss ($0.11 per share), compared with $4.8 million net income ($0.55 per share) in the same period of 2025.
  • Windmill Farms generated a $0.8 million gain from selling 21 lots for $1.0 million during the quarter.

The print for Transcontinental Realty Investors (NYSE: TCI) in the quarter ended June 30, 2026 is a $1.1 million net loss attributable to common shares, or $0.13 per share, against $0.2 million net income and $0.02 per share in Q2 2025. Total revenue rose to $12.9 million from $12.2 million, a $0.7 million gain the company attributes to its multifamily and commercial segments. Property operating expenses expanded $1.6 million in the same window, and the net operating loss widened to $2.3 million from $0.8 million.

Expenses in the detail

Property operating expenses reached $8.2 million in Q2 2026, up from $6.5 million a year earlier, attributed to lease-up activity at the development portfolio. Depreciation and amortization rose to $3.7 million from $3.1 million. Interest income contracted from $4.0 million to $3.2 million, while interest expense widened from $1.7 million to $2.8 million. A $2.2 million swing in the tax provision helped offset some of that, leaving the net loss at $1.0 million before noncontrolling interests.

Rental revenues were $12.2 million against $11.5 million in the prior-year quarter. Multifamily drove $0.5 million of that increase through lease-up at the development properties. Commercial contributed $0.2 million, with Stanford Center cited as the primary occupancy driver. Windmill Farms produced a $0.8 million gain from the sale of 21 lots for $1.0 million during the quarter.

Occupancy by segment at June 30

Stabilized properties sat at 81% occupancy at June 30, 2026. Multifamily was at 93%; the commercial book was at 58%. That 58% is where the setup carries the most distance.

Among the development properties, Alera was at 86%, Bandera Ridge at 85%, and Merano at 77%. Alera and Bandera Ridge are close to the stabilized multifamily figure. Merano is the furthest from that level.

First-half context

Over the six months ended June 30, 2026, net loss attributable to the company reached $0.96 million, or $0.11 per share. That compares to $4.8 million net income and $0.55 per share over the same period in 2025. Half-year total revenue was $25.2 million against $24.2 million. Operating expenses over the same stretch expanded to $29.5 million from $25.6 million in the prior-year period.

What to watch: Q3 occupancy at Merano and whether the 58% commercial figure moves before the next earnings filing.

About this story

Filed by the newsroom of MarketPR on August 6, 2026. Source: sec.gov. Indicative figures are not investment advice.

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Frequently asked

Why did TCI swing to a loss in Q2 2026?

Property operating expenses rose $1.6 million—driven by lease-up activity at the development portfolio—outpacing the $0.7 million revenue gain, pushing the company to a $1.1 million net loss.

How did occupancy vary across TCI's development properties?

Among development properties, Alera was at 86%, Bandera Ridge at 85%, and Merano at 77%, with Merano furthest from the stabilized multifamily level.

What happened to TCI's interest income and expense?

Interest income contracted from $4.0 million to $3.2 million, while interest expense widened from $1.7 million to $2.8 million year-over-year.

What are the key figures to watch going forward?

Investors should watch Q3 occupancy at Merano and whether the 58% commercial occupancy figure moves before the next earnings filing.

What drove the increase in rental revenues?

Rental revenues rose to $12.2 million from $11.5 million, with multifamily adding $0.5 million through lease-up at development properties and commercial contributing $0.2 million, led by occupancy at Stanford Center.