TRANSCONTINENTAL REALTY INVESTORS INC : Other Events, Financial Statements and Exhibits (form 8-K)

Published: 2021-08-30 17:00:08 ET TCI

Item 8.01. Other Events

On August 26, 2021, Transcontinental Realty Investors, Inc. (the "Company" or "TCI") and its wholly-owned subsidiary, Southern Properties Capital Ltd. ("SPC"), completed the sale of 600 Las Colinas, a 512,173 square foot office building in Irving, Texas, for $74.5 million, resulting in a gain of approximately $32.3 million. The Company used the proceeds from the sale to pay off the $35.9 million mortgage note payable on the property and for general corporate purposes.

SPC has three series of nonconvertible bonds that are traded on the Tel Aviv Stock Exchange ("TASE") and is therefore subject to the filing and listing requirements of the TASE, which includes, but is not limited to, issuing financial statements prepared in accordance with International Financial Reporting Standards. On August 29, 2021, pursuant to the rules and regulations of the TASE, SPC disclosed the sale of 600 Las Colinas in an Immediate Report, a copy of which has been translated into English and attached herein as Exhibit "99.3."

Item 9.01. Financial Statements and Exhibits

The following exhibit is furnished with this Report:

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