Transcontinental Realty Investors (TCI)
Market Price (11/1/2026): $0 | Market Cap: $-Sector: Real Estate | Industry: Real Estate Services
Transcontinental Realty Investors (TCI)
Market Price (11/1/2026): $0Market Cap: $-Sector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Building Management Systems, Show more. | Weak multi-year price returns3Y Excs Rtn is -11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 207x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% Key risksTCI key risks include [1] a severe and persistent decline in profitability and earnings, Show more. |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Building Management Systems, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 207x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksTCI key risks include [1] a severe and persistent decline in profitability and earnings, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/1/2026
Transcontinental Realty Investors (TCI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong resurgence in the multifamily real estate market.
The multifamily segment of the commercial real estate market saw a significant increase in deal volume during fiscal Q3 2026, reaching its highest level since the 2021-2022 boom. This return of liquidity and heightened activity in a sector from which Transcontinental Realty Investors derives a majority of its revenue likely bolstered investor confidence in the company's prospects.
2. Improved operational performance in the company's property portfolio.
For fiscal Q2 2026, Transcontinental Realty Investors reported an increase in revenues, growing by $0.7 million from $12.2 million in the prior year to $12.9 million. This revenue growth was primarily attributed to successful lease-ups of the company's multifamily development properties and increased occupancy rates within its commercial properties, indicating a positive trend in its core asset performance.
Show more
Transcontinental Realty Investors (TCI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong resurgence in the multifamily real estate market.
The multifamily segment of the commercial real estate market saw a significant increase in deal volume during fiscal Q3 2026, reaching its highest level since the 2021-2022 boom. This return of liquidity and heightened activity in a sector from which Transcontinental Realty Investors derives a majority of its revenue likely bolstered investor confidence in the company's prospects.
2. Improved operational performance in the company's property portfolio.
For fiscal Q2 2026, Transcontinental Realty Investors reported an increase in revenues, growing by $0.7 million from $12.2 million in the prior year to $12.9 million. This revenue growth was primarily attributed to successful lease-ups of the company's multifamily development properties and increased occupancy rates within its commercial properties, indicating a positive trend in its core asset performance.
Show more
Updated on 10/1/2026
Transcontinental Realty Investors (TCI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong resurgence in the multifamily real estate market.
The multifamily segment of the commercial real estate market saw a significant increase in deal volume during fiscal Q3 2026, reaching its highest level since the 2021-2022 boom. This return of liquidity and heightened activity in a sector from which Transcontinental Realty Investors derives a majority of its revenue likely bolstered investor confidence in the company's prospects.
2. Improved operational performance in the company's property portfolio.
For fiscal Q2 2026, Transcontinental Realty Investors reported an increase in revenues, growing by $0.7 million from $12.2 million in the prior year to $12.9 million. This revenue growth was primarily attributed to successful lease-ups of the company's multifamily development properties and increased occupancy rates within its commercial properties, indicating a positive trend in its core asset performance.
3. Favorable broader commercial real estate market conditions.
Beyond the multifamily sector, the overall commercial real estate environment demonstrated improvement during fiscal Q3 2026. Net operating income experienced growth across most sectors, and office occupancy achieved its strongest rebound in several years, contributing to a generally positive sentiment for real estate investment trusts (REITs) like TCI.
Show less
Transcontinental Realty Investors (TCI) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Strong resurgence in the multifamily real estate market.
The multifamily segment of the commercial real estate market saw a significant increase in deal volume during fiscal Q3 2026, reaching its highest level since the 2021-2022 boom. This return of liquidity and heightened activity in a sector from which Transcontinental Realty Investors derives a majority of its revenue likely bolstered investor confidence in the company's prospects.
2. Improved operational performance in the company's property portfolio.
For fiscal Q2 2026, Transcontinental Realty Investors reported an increase in revenues, growing by $0.7 million from $12.2 million in the prior year to $12.9 million. This revenue growth was primarily attributed to successful lease-ups of the company's multifamily development properties and increased occupancy rates within its commercial properties, indicating a positive trend in its core asset performance.
3. Favorable broader commercial real estate market conditions.
Beyond the multifamily sector, the overall commercial real estate environment demonstrated improvement during fiscal Q3 2026. Net operating income experienced growth across most sectors, and office occupancy achieved its strongest rebound in several years, contributing to a generally positive sentiment for real estate investment trusts (REITs) like TCI.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 22.4% change in TCI stock from 7/31/2026 to 10/31/2026 was primarily driven by a 42.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.79 | 49.93 | 22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47 | 47 | 1.6% |
| Net Income Margin (%) | 20.1% | 17.0% | -15.2% |
| P/E Multiple | 37.7 | 53.5 | 42.1% |
| Shares Outstanding (Mil) | 9 | 9 | 0.0% |
| Cumulative Contribution | 22.4% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| TCI | 22.4% | |
| Market (SPY) | 1.2% | 13.8% |
| Sector (XLRE) | -4.2% | 17.4% |
Fundamental Drivers
The 41.0% change in TCI stock from 4/30/2026 to 10/31/2026 was primarily driven by a 141.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.42 | 49.93 | 41.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46 | 47 | 2.1% |
| Net Income Margin (%) | 29.8% | 17.0% | -42.8% |
| P/E Multiple | 22.2 | 53.5 | 141.5% |
| Shares Outstanding (Mil) | 9 | 9 | 0.0% |
| Cumulative Contribution | 41.0% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| TCI | 41.0% | |
| Market (SPY) | 5.4% | 3.1% |
| Sector (XLRE) | -1.9% | 29.0% |
Fundamental Drivers
The 11.4% change in TCI stock from 10/31/2025 to 10/31/2026 was primarily driven by a 16.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.82 | 49.93 | 11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 47 | 4.6% |
| Net Income Margin (%) | 14.6% | 17.0% | 16.7% |
| P/E Multiple | 58.7 | 53.5 | -8.7% |
| Shares Outstanding (Mil) | 9 | 9 | 0.0% |
| Cumulative Contribution | 11.4% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| TCI | 11.4% | |
| Market (SPY) | 11.7% | 8.5% |
| Sector (XLRE) | 8.4% | 26.7% |
Fundamental Drivers
The 64.4% change in TCI stock from 10/31/2023 to 10/31/2026 was primarily driven by a 8902.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.38 | 49.93 | 64.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42 | 47 | 13.4% |
| Net Income Margin (%) | 1057.4% | 17.0% | -98.4% |
| P/E Multiple | 0.6 | 53.5 | 8902.8% |
| Shares Outstanding (Mil) | 9 | 9 | 0.0% |
| Cumulative Contribution | 64.4% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| TCI | 64.4% | |
| Market (SPY) | 86.9% | 20.9% |
| Sector (XLRE) | 43.3% | 24.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TCI Return | 62% | 13% | -22% | -14% | 97% | -15% | 107% |
| Peers Return | 52% | -24% | 11% | 23% | -12% | 15% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TCI Win Rate | 50% | 58% | 33% | 42% | 58% | 50% | |
| Peers Win Rate | 77% | 38% | 53% | 57% | 38% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TCI Max Drawdown | -20% | -20% | -42% | -34% | -14% | -44% | |
| Peers Max Drawdown | -13% | -37% | -33% | -15% | -24% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FRT, AAT, VNO, KIM, REG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | TCI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.5% | -9.5% |
| % Gain to Breakeven | 25.8% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 781 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.3% | -33.7% |
| % Gain to Breakeven | 109.8% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.1% | -19.2% |
| % Gain to Breakeven | 17.7% | 23.8% |
| Time to Breakeven | 11 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -19.0% | -3.7% |
| % Gain to Breakeven | 23.5% | 3.9% |
| Time to Breakeven | 30 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.3% | -12.2% |
| % Gain to Breakeven | 52.1% | 13.9% |
| Time to Breakeven | 414 days | 62 days |
In The Past
Transcontinental Realty Investors's stock fell -5.7% during the 2025 US Tariff Shock. Such a loss loss requires a 6.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | TCI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.5% | -9.5% |
| % Gain to Breakeven | 25.8% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 781 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.3% | -33.7% |
| % Gain to Breakeven | 109.8% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.3% | -12.2% |
| % Gain to Breakeven | 52.1% | 13.9% |
| Time to Breakeven | 414 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -30.3% | -6.8% |
| % Gain to Breakeven | 43.5% | 7.3% |
| Time to Breakeven | 138 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.2% | -15.4% |
| % Gain to Breakeven | 28.6% | 18.2% |
| Time to Breakeven | 1300 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.8% | -53.4% |
| % Gain to Breakeven | 84.4% | 114.4% |
| Time to Breakeven | 1834 days | 1085 days |
In The Past
Transcontinental Realty Investors's stock fell -5.7% during the 2025 US Tariff Shock. Such a loss loss requires a 6.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Transcontinental Realty Investors (TCI)
Transcontinental Realty Investors (TCI) is a Dallas-based real estate investment company that actively acquires, owns, and manages a diverse portfolio of properties across the United States. Its primary business revolves around generating returns from a wide array of equity real estate assets, encompassing various sectors of the U.S. property market.
The company's extensive holdings include a range of income-producing properties such as apartment complexes, office buildings, and shopping centers, alongside investments in developed and undeveloped land. TCI employs multiple investment strategies, engaging in direct ownership of properties, structuring lease agreements, and forming strategic partnerships. Additionally, the company diversifies its investment activities by providing mortgage loans on real estate.
TCI primarily serves the broad U.S. real estate market. Its "products" are the various types of properties it invests in, and its "services" involve the strategic management and financing of these assets. The company's customer base includes the tenants occupying its residential and commercial properties, businesses utilizing its land, and ultimately its investors who seek returns from its diversified real estate and mortgage loan portfolio.
AI Analysis | Feedback
Here are 1-3 brief analogies for Transcontinental Realty Investors (TCI):
- Like Berkshire Hathaway, but for real estate.
- Like Loews Corporation, but for real estate.
AI Analysis | Feedback
```html
- Apartment Properties: TCI invests in and holds a portfolio of residential apartment complexes across the U.S.
- Office Buildings: The company owns and invests in various commercial office buildings.
- Shopping Centers: TCI includes retail shopping centers within its diverse real estate portfolio.
- Land Investments: The company invests in both developed and undeveloped land parcels.
- Real Estate Mortgage Loans: TCI provides or invests in mortgage loans secured by real estate.
AI Analysis | Feedback
Transcontinental Realty Investors (TCI) is a real estate investment company that generates revenue primarily through leasing properties and investing in mortgage loans. As such, it does not have a few identifiable "major customer companies" in the traditional sense, but rather a diverse base of tenants and borrowers. Therefore, the company primarily serves the following categories of customers:
- Residential Tenants: Individuals and families who lease apartment units for housing.
- Commercial Office Tenants: Businesses, ranging from small enterprises to larger corporations, that lease office space for their operational needs.
- Retail Tenants: A variety of businesses, including national brands and local establishments, that lease space within shopping centers to operate their retail stores and services.
AI Analysis | Feedback
- Pillar Income Asset Management, Inc.
- Affiliated Computer Services, Inc.
AI Analysis | Feedback
Transcontinental Realty Investors (symbol: TCI) Management Team:
Erik Johnson, President and Chief Executive Officer
Erik Johnson has served as the President and Chief Executive Officer of Transcontinental Realty Investors, Inc., American Realty Investors, Inc., and Income Opportunity Realty Investors, Inc. since May 2024. Prior to this, he served as Executive Vice President and Chief Financial Officer of Transcontinental Realty Investors, Inc. and American Realty Investors, Inc. since August 2020, and for Income Opportunity Realty Investors, Inc. since December 2021. He was also the Interim President of Pillar Income Asset Management since April 2023, and its Executive Vice President and Chief Financial Officer since June 2020. Before joining Pillar, Mr. Johnson spent 15 years as Vice President of Financial Reporting at Macerich (NYSE: MAC), a significant retail REIT, where he was responsible for financial data consolidation, SEC reporting, and structuring transactions. He also served as the Chief Accounting Officer of North American Scientific, Inc. and began his career as an auditor with PricewaterhouseCoopers. He is a Certified Public Accountant (CPA).
Alla Dzyuba, Senior Vice President and Chief Accounting Officer, Public Accounting
Alla Dzyuba holds the position of Senior Vice President and Chief Accounting Officer, Public Accounting at Transcontinental Realty Investors, Inc. She has been listed as Comptroller/Controller/Auditor since June 30, 2019.
Louis J. Corna, Executive Vice President, Tax Counsel, General Legal Counsel and Secretary
Louis J. Corna has been the Executive Vice President, Tax Counsel, General Legal Counsel and Secretary for Transcontinental Realty Investors, Inc., American Realty Investors, Inc. (ARL), and Income Opportunity Realty Investors, Inc. (IOR) since January 31, 2004. He also serves as Executive Vice President, General Counsel/Tax Counsel at Pillar Income Asset Management since March 2011 and as Secretary since December 2010. Mr. Corna is a Certified Public Accountant. His previous roles include Executive Vice President and CFO for ARL from June to October 2001, Senior Vice President–Tax for ARL from April to June 2001, and CFO of IOR in 2001. He also served as a Director and Vice President, and later Secretary, of First Equity Properties, Inc. from 2004 to 2010.
Henry A. Butler, Chairman of the Board
Henry A. Butler has served as the Independent Chairman of the Board of Transcontinental Realty Investors, Inc. since May 2009 and as a Director since November 2005. He retired from his operating role on April 30, 2019, having previously served as Vice President for Pillar Income Asset Management from April 2011 to April 30, 2019. Mr. Butler also holds the position of Chairman of the Board for American Realty Investors, Inc. since May 2009, and Income Opportunity Realty Investors (IOR) since May 2011, having been a Director for both since 2003 and 2011 respectively. He possesses decades of experience in real estate brokerage and land transactions through affiliated advisory entities.
Ted R. Munselle, Director and Presiding Independent Director
Ted R. Munselle has been an Independent Director of Transcontinental Realty Investors, Inc. since February 2004 and serves as the Presiding Independent Director. He has been the Vice President and Chief Financial Officer of Landmark Nurseries, Inc. since October 1998. A Certified Public Accountant since 1980, Mr. Munselle was appointed as a member of the Board of Directors for Spindletop Oil & Gas Company and as Chairman of their Audit Committee in February 2012. He is recognized as an Audit Committee financial expert.
Erik Johnson, President and Chief Executive Officer
Erik Johnson has served as the President and Chief Executive Officer of Transcontinental Realty Investors, Inc., American Realty Investors, Inc., and Income Opportunity Realty Investors, Inc. since May 2024. Prior to this, he served as Executive Vice President and Chief Financial Officer of Transcontinental Realty Investors, Inc. and American Realty Investors, Inc. since August 2020, and for Income Opportunity Realty Investors, Inc. since December 2021. He was also the Interim President of Pillar Income Asset Management since April 2023, and its Executive Vice President and Chief Financial Officer since June 2020. Before joining Pillar, Mr. Johnson spent 15 years as Vice President of Financial Reporting at Macerich (NYSE: MAC), a significant retail REIT, where he was responsible for financial data consolidation, SEC reporting, and structuring transactions. He also served as the Chief Accounting Officer of North American Scientific, Inc. and began his career as an auditor with PricewaterhouseCoopers. He is a Certified Public Accountant (CPA).
Alla Dzyuba, Senior Vice President and Chief Accounting Officer, Public Accounting
Alla Dzyuba holds the position of Senior Vice President and Chief Accounting Officer, Public Accounting at Transcontinental Realty Investors, Inc. She has been listed as Comptroller/Controller/Auditor since June 30, 2019.
Louis J. Corna, Executive Vice President, Tax Counsel, General Legal Counsel and Secretary
Louis J. Corna has been the Executive Vice President, Tax Counsel, General Legal Counsel and Secretary for Transcontinental Realty Investors, Inc., American Realty Investors, Inc. (ARL), and Income Opportunity Realty Investors, Inc. (IOR) since January 31, 2004. He also serves as Executive Vice President, General Counsel/Tax Counsel at Pillar Income Asset Management since March 2011 and as Secretary since December 2010. Mr. Corna is a Certified Public Accountant. His previous roles include Executive Vice President and CFO for ARL from June to October 2001, Senior Vice President–Tax for ARL from April to June 2001, and CFO of IOR in 2001. He also served as a Director and Vice President, and later Secretary, of First Equity Properties, Inc. from 2004 to 2010.
Henry A. Butler, Chairman of the Board
Henry A. Butler has served as the Independent Chairman of the Board of Transcontinental Realty Investors, Inc. since May 2009 and as a Director since November 2005. He retired from his operating role on April 30, 2019, having previously served as Vice President for Pillar Income Asset Management from April 2011 to April 30, 2019. Mr. Butler also holds the position of Chairman of the Board for American Realty Investors, Inc. since May 2009, and Income Opportunity Realty Investors (IOR) since May 2011, having been a Director for both since 2003 and 2011 respectively. He possesses decades of experience in real estate brokerage and land transactions through affiliated advisory entities.
Ted R. Munselle, Director and Presiding Independent Director
Ted R. Munselle has been an Independent Director of Transcontinental Realty Investors, Inc. since February 2004 and serves as the Presiding Independent Director. He has been the Vice President and Chief Financial Officer of Landmark Nurseries, Inc. since October 1998. A Certified Public Accountant since 1980, Mr. Munselle was appointed as a member of the Board of Directors for Spindletop Oil & Gas Company and as Chairman of their Audit Committee in February 2012. He is recognized as an Audit Committee financial expert.
AI Analysis | Feedback
The key risks to Transcontinental Realty Investors (TCI) primarily revolve around its inconsistent earnings quality, operational profitability challenges, and inherent real estate market dynamics.
- Reliance on One-Off Gains and Inconsistent Core Earnings: TCI's reported earnings have been significantly influenced by non-recurring, one-off gains from property and land sales, rather than consistent core operational profitability. Critics note that these transactional gains can inflate headline profit figures, masking a longer-term trend of declining annual earnings, which was a 15.1% annual decline over a five-year period. This reliance on episodic sales for profitability raises questions about the sustainability and quality of the company's earnings, especially as quarterly revenue has remained relatively stable without correlating with large earnings per share increases. The shift in Funds From Operations-adjusted from recurring interest income to transactional gains also indicates a less predictable income stream.
- High Operational Costs, Fluctuating Interest Income, and Debt Management: The company consistently faces challenges stemming from high operational costs that impact overall profitability. Additionally, TCI has experienced significant fluctuations and declines in interest income, which can further squeeze its financial performance. While current balance sheet leverage is considered moderate, the company has historically utilized a high amount of debt, and managing this debt while facing fluctuating income and high costs remains a pertinent financial risk for a real estate investment company.
- Real Estate Market Competition and Property Obsolescence: As a real estate investment company, TCI operates in a highly competitive market where numerous entities vie for properties and tenants. This intense competition can affect property sales prices, rental rates, and occupancy levels across its diverse portfolio of apartments, office buildings, and shopping centers. Furthermore, the inherent risk of functional obsolescence over time for its properties poses a challenge, potentially leading to decreased demand, lower valuations, and increased capital expenditures for renovations to remain competitive. Adverse market conditions or issues with existing tenants could also negatively impact TCI's ability to attract new tenants, renew leases, and collect rent, thereby affecting cash flow and growth.
AI Analysis | Feedback
The increasing prevalence and adoption of flexible workspace (often referred to as "Real Estate as a Service" or "Space-as-a-Service") and co-living models. These new business models challenge the traditional long-term leasing structure for office and residential properties, which form a significant part of Transcontinental Realty Investors' portfolio. They offer tenants greater flexibility, shorter terms, and bundled services, potentially eroding demand for TCI's conventional offerings.
AI Analysis | Feedback
Transcontinental Realty Investors (TCI) operates in various segments of the U.S. real estate market. The addressable market sizes for its main products and services in the U.S. are as follows:
- Apartments (Multifamily Residential): The U.S. multifamily market size was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion in 2030.
- Office Buildings: The U.S. office real estate market size was estimated at USD 1.5 trillion in 2025.
- Shopping Centers (Retail): The retail sector accounted for a 27% share of sales volume across the four major commercial real estate sectors in 2024. Given that the U.S. commercial real estate market size in terms of transaction value is projected to grow from USD 1.66 trillion in 2024, this implies a retail real estate transaction value of approximately USD 448.2 billion in 2024.
- Developed and Undeveloped Land: The market size for land development in the U.S. is estimated at USD 22.6 billion in 2026.
- Mortgage Loans on Real Estate: The U.S. home loan market reached USD 2.42 trillion in 2026 and is forecasted to grow to USD 3.17 trillion by 2031.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Transcontinental Realty Investors (TCI)
Over the next 2-3 years, Transcontinental Realty Investors (TCI) is expected to drive future revenue growth through several key initiatives:
- Lease-up and Stabilization of New Multifamily Developments: TCI has significantly invested in multifamily development projects, with several properties like Alera, Bandera Ridge, and Merano substantially completed. The Mountain Creek project is also slated for completion in 2026. As these new multifamily properties complete their lease-up phases and achieve stabilized occupancy, they are expected to contribute to increased rental revenue. In 2025, TCI allocated approximately $69 million towards multifamily development projects.
- Increased Occupancy and Rental Rates in Existing Commercial Properties: The company's commercial segment demonstrated improved revenue in 2025, primarily attributed to higher occupancy levels at its Stanford Center property. Continued efforts to enhance occupancy and potentially implement strategic rental rate adjustments across its existing portfolio of four office buildings, encompassing approximately 1.0 million rentable square feet, are anticipated to boost commercial revenue.
- Development and Sale of Land and Residential Lots: TCI is actively engaged in the development of land, particularly within Windmill Farms, with plans to convert raw land into residential lots. While gains from land sales can be episodic, the ongoing development and subsequent sale of these lots are expected to contribute to the company's revenue streams.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Capital Expenditures
- Transcontinental Realty Investors Inc.'s latest trailing twelve months (TTM) Capital Expenditures (CapEx) stand at $87.95 million.
- Approximately $69 million was spent on construction in 2025, primarily financed with property construction loans to advance the growth pipeline.
- Over the past five years, the highest CapEx recorded was $90.08 million (June 30, 2025), while the lowest was -$110.16 million (March 31, 2022), which can indicate asset sales exceeding new purchases.
Peer Outperformance in Real Estate Services
TCI has outperformed 77% of its 26 Real Estate Services peers over 5Y. Real Estate Services ranks 11th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Real Estate Services constituents that TCI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 31 industry peers · 11.4% return
3Y
76%
of 29 industry peers · 67.8% return
5Y
77%
of 26 industry peers · 31.4% return
No Real Estate Services peer with a comparable growth profile has beaten TCI by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Real Estate Services is TCI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.6% | 63.2% | 65.8% | WELL 229% · OHI 137% · CTRE 124% |
| Retail REITs | 22 | 16.5% | 37.4% | 26.3% | SKT 168% · SPG 94% · MAC 68% |
| Hotel & Resort REITs | 16 | 65.3% | 58.7% | 14.4% | HST 92% · RHP 85% · DRH 80% |
| Other Specialized REITs | 11 | -2.3% | 21.9% | 11.2% | IRM 209% · LAMR 79% · OUT 78% |
| Real Estate Development | 6 | -8.0% | 22.1% | 10.0% | JOE 56% |
| Industrial REITs | 11 | 11.8% | 33.0% | -1.9% | EGP 17% · FR 8% · TRNO 4% |
| Diversified REITs | 13 | 2.6% | 23.4% | -20.4% | WPC 13% · EPRT 11% · LXP 8% |
| Single-Family Residential REITs | 4 | -1.4% | 3.5% | -21.4% | AMH -10% · ELS -19% · INVH -23% |
| Multi-Family Residential REITs | 12 | -3.4% | 28.3% | -25.6% | ESS -7% · VMRK -12% · UDR -22% |
| Office REITs | 19 | -4.9% | 44.6% | -30.5% | CDP 53% · SLG 0% · HIW -1% |
| Real Estate Services ← | 27 | -25.3% | -5.1% | -34.4% | JLL 39% · CBRE 24% · NMRK -18% |
| Telecom Tower REITs | 3 | 3.4% | 12.8% | -37.0% | AMT -22% · CCI -37% · SBAC -41% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Transcontinental Realty Investors Earnings Notes | 12/16/2025 | |
| Can Transcontinental Realty Investors Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.38 |
| Mkt Cap | 8.0 |
| Rev LTM | 1,468 |
| Op Inc LTM | 335 |
| FCF LTM | 365 |
| FCF 3Y Avg | 544 |
| CFO LTM | 521 |
| CFO 3Y Avg | 683 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 5.0% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 0.0% |
| Op Inc Chg 3Y Avg | 1.3% |
| Op Mgn LTM | 29.0% |
| Op Mgn 3Y Avg | 29.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 43.3% |
| CFO/Rev 3Y Avg | 45.1% |
| FCF/Rev LTM | 23.3% |
| FCF/Rev 3Y Avg | 34.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential Segment | 34 | 34 | 35 | 20 | 14 |
| Commercial Segment | 15 | 13 | 15 | 17 | 23 |
| Other income | 3 | ||||
| Total | 49 | 47 | 50 | 37 | 41 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential Segment | 15 | 16 | 17 | 10 | 6 |
| Commercial Segment | 6 | 4 | 5 | 8 | 11 |
| General and administrative | -6 | -5 | -9 | -10 | -12 |
| Advisory fee to related party | -9 | -8 | -9 | -8 | -12 |
| Depreciation and amortization | -13 | -12 | -14 | -10 | -12 |
| Other income | 3 | ||||
| Total | -6 | -6 | -10 | -9 | -16 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Other assets | 275 | 304 | 266 | 213 | |
| Commerical | 229 | 153 | 137 | 149 | |
| Apartments | 179 | 144 | 727 | 624 | 554 |
| Notes and interest receivable | 121 | 84 | 70 | 79 | |
| Investments in real estate partnerships | 82 | 91 | 2 | 2 | |
| Land | 70 | 84 | 115 | 118 | 137 |
| Less accumulated depreciation | -90 | ||||
| Other | 4 | 1 | |||
| Income tax benefit (expense) | -5 | ||||
| Adjustments | 266 | ||||
| Commercial Properties | 153 | ||||
| Total | 866 | 862 | 1,313 | 1,186 | 1,110 |
Price Behavior
Price Behavior
| Market Price | $49.93 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -15.2% | |
| 50 Days | 200 Days | |
| DMA Price | $43.34 | $41.60 |
| DMA Trend | up | down |
| Distance from DMA | 15.2% | 20.0% |
| 3M | 1YR | |
| Volatility | 42.7% | 59.0% |
| Downside Capture | -14.89 | 21.90 |
| Upside Capture | 89.17 | 34.33 |
| Correlation (S&P 500) | 12.9% | 10.5% |
TCI Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.48 | 0.27 | 0.55 | 0.14 | 0.40 | 0.62 |
| Up Beta | 1.90 | 0.32 | 1.17 | -0.28 | 0.63 | 0.77 |
| Down Beta | 1.24 | 1.39 | 0.28 | 0.65 | 0.47 | 0.46 |
| Up Capture | 120% | 107% | 94% | 42% | 26% | 32% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 28 | 40 | 67 | 121 | 360 |
| Down Capture | -70% | -174% | -23% | -46% | 31% | 81% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 14 | 23 | 56 | 117 | 347 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCI | |
|---|---|---|---|---|
| TCI | 16.2% | 59.0% | 0.47 | - |
| Sector ETF (XLRE) | 9.1% | 14.1% | 0.37 | 26.8% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 8.1% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -2.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -29.3% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 27.5% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCI | |
|---|---|---|---|---|
| TCI | 5.2% | 41.3% | 0.24 | - |
| Sector ETF (XLRE) | 1.2% | 19.2% | -0.04 | 25.9% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 22.2% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | -1.2% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -6.7% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 27.2% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCI | |
|---|---|---|---|---|
| TCI | 15.1% | 53.6% | 0.48 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 22.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 23.1% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | -2.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 4.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 23.4% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.5% | -11.1% | -4.9% |
| 5/7/2026 | -2.6% | -2.6% | -0.5% |
| 3/12/2026 | 9.8% | -3.2% | 14.6% |
| 11/6/2025 | -0.3% | -3.3% | -5.2% |
| 8/7/2025 | 0.0% | 9.8% | 12.1% |
| 5/8/2025 | 5.3% | 9.9% | 19.0% |
| 3/20/2025 | 0.4% | 1.2% | 0.4% |
| 11/7/2024 | 2.0% | 2.0% | 8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 10 |
| # Negative | 8 | 11 | 12 |
| Median Positive | 1.8% | 4.3% | 8.2% |
| Median Negative | -2.1% | -3.3% | -5.6% |
| Max Positive | 9.8% | 40.9% | 66.2% |
| Max Negative | -7.2% | -11.1% | -20.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.5% | -11.1% | -4.9% |
| 5/7/2026 | -2.6% | -2.6% | -0.5% |
| 3/12/2026 | 9.8% | -3.2% | 14.6% |
| 11/6/2025 | -0.3% | -3.3% | -5.2% |
| 8/7/2025 | 0.0% | 9.8% | 12.1% |
| 5/8/2025 | 5.3% | 9.9% | 19.0% |
| 3/20/2025 | 0.4% | 1.2% | 0.4% |
| 11/7/2024 | 2.0% | 2.0% | 8.0% |
| 8/8/2024 | -3.4% | -2.2% | -6.0% |
| 5/9/2024 | -7.2% | -6.9% | -4.8% |
| 3/21/2024 | -3.2% | -4.9% | -20.5% |
| 11/9/2023 | 0.2% | 0.8% | 0.7% |
| 8/10/2023 | 0.0% | -1.6% | -6.6% |
| 5/11/2023 | 3.5% | 4.3% | 5.8% |
| 3/24/2023 | 0.1% | -1.4% | -16.6% |
| 11/10/2022 | -1.4% | -3.6% | 8.4% |
| 8/12/2022 | -0.2% | 0.0% | -10.5% |
| 5/13/2022 | 0.6% | 8.1% | -10.6% |
| 11/10/2021 | 1.5% | 3.1% | 0.4% |
| 8/11/2021 | 3.0% | -7.1% | -3.6% |
| 5/13/2021 | 2.5% | 40.9% | 66.2% |
| 3/26/2021 | 2.2% | 5.6% | -1.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 10 |
| # Negative | 8 | 11 | 12 |
| Median Positive | 1.8% | 4.3% | 8.2% |
| Median Negative | -2.1% | -3.3% | -5.6% |
| Max Positive | 9.8% | 40.9% | 66.2% |
| Max Negative | -7.2% | -11.1% | -20.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/26/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | American, Realty Investors Inc | Direct | Buy | 1142026 | 55.50 | 70,023 | 3,886,276 | 300,172,582 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | American, Realty Investors Inc | Direct | Buy | 1142026 | 55.50 | 70,023 | 3,886,276 | 300,172,582 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 10/31/2026