TRANSCONTINENTAL REALTY INVESTORS INC
10-Q/A, 1999-02-16
REAL ESTATE INVESTMENT TRUSTS
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<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  FORM 10-Q/A

                                AMENDMENT NO. 1

              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31, 1998
                                                            --------------

                          Commission File Number 1-9240
                                                 ------


                     TRANSCONTINENTAL REALTY INVESTORS, INC.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)



           Nevada                                          94-6565852
- -------------------------------                      ---------------------
(State or Other Jurisdiction of                       (I.R.S. Employer
 Incorporation or Organization)                       Identification No.)




10670 North Central Expressway, Suite 300, Dallas, Texas           75231
- --------------------------------------------------------------------------------
       (Address of Principal Executive Office)                   (Zip Code)



                                 (214) 692-4700
                         -------------------------------
                         (Registrant's Telephone Number,
                              Including Area Code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes  X  . No      .
   -----    -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS:


Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.



Common Stock, $.01 par value                            3,870,700
- ----------------------------                   -------------------------------
          (Class)                              (Outstanding at April 30, 1998)

                                        1

<PAGE>   2
This Form 10-Q/A Amendment No. 1 amends the Registrant's quarterly report on 
Form 10-Q for the quarter ended March 31, 1998 as follows:


ITEM 1.  FINANCIAL STATEMENTS - Consolidated Balance Sheet - page 2 and 
Consolidated Statement of Stockholders' Equity - page 4.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K - Exhibit 27.0 - page 18.
<PAGE>   3



                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

The accompanying Consolidated Financial Statements have not been audited by
independent certified public accountants, but in the opinion of the management
of Transcontinental Realty Investors, Inc. (the "Company"), all adjustments
(consisting of normal recurring accruals) necessary for a fair presentation of
the Company's consolidated financial position, consolidated results of
operations and consolidated cash flows at the dates and for the periods
indicated, have been included.

                     TRANSCONTINENTAL REALTY INVESTORS, INC.
                           CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>

                                                                March 31,   December 31,
                                                                  1998          1997
                                                               ----------   ------------
                     Assets                                      (dollars in thousands)
                     ------                                           
<S>                                                            <C>          <C>        
Notes and interest receivable
   Performing ..............................................   $   4,357    $   4,388
   Nonperforming, nonaccruing ..............................         453          450
                                                               ---------    ---------
                                                                   4,810        4,838

Less - allowance for estimated losses ......................        (891)        (891)
                                                               ---------    ---------
                                                                   3,919        3,947

Foreclosed real estate held for sale .......................       1,356        1,356

Real estate held for sale, net of accumulated
   depreciation ($1,350 in 1997) ...........................       5,624        3,630
                                                               ---------    ---------
                                                                   6,980        4,986
Real estate held for investment, net of
   accumulated depreciation ($57,955 in 1998 and
   $55,487 in 1997) ........................................     293,014      269,845
Investment in real estate entities .........................       4,284        4,333
Cash and cash equivalents ..................................      11,829       24,733
Other assets (including $462 in 1998 and $497 in
   1997 from affiliates) ...................................      12,348       11,291
                                                               ---------    ---------
                                                               $ 332,374    $ 319,135
                                                               =========    =========
       Liabilities and Stockholders' Equity
       ------------------------------------

Liabilities
Notes and interest payable .................................   $ 242,030    $ 222,029
Other liabilities (including $323 in 1998 and $1,157
   in 1997 to affiliates) ..................................       6,151       10,973
                                                               ---------    ---------
                                                                 248,181      233,002
Stockholders' equity
Common stock, $.01 par value, authorized, 10,000,000
   shares; issued and outstanding, 3,878,700 shares
   in 1998 and 3,889,200 shares in 1997 ....................          39           39
Paid-in capital ............................................     217,527      217,688
Accumulated distributions in excess of
   accumulated earnings ....................................    (133,373)    (131,594)
                                                               ---------    ---------
                                                                  84,193       86,133
                                                               ---------    ---------
                                                               $ 332,374    $ 319,135
                                                               =========    =========
</TABLE>

  The accompanying notes are an integral part of these Consolidated Financial
                                  Statements.

                                        2

<PAGE>   4



                     TRANSCONTINENTAL REALTY INVESTORS, INC.
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                    For the Three Months Ended March 31, 1998





<TABLE>
<CAPTION>


                                                                 
                                                                               Accumulated                 
                                                                               Distributions               
                                             Common Stock                      in Excess of                
                                         -------------------       Paid-in     Accumulated   Stockholders'
                                         Shares       Amount       Capital     Earnings         Equity
                                         ------       ------       -------     ------------- -------------
                                                      (dollars in thousands, except per share)


<S>                                    <C>          <C>          <C>           <C>           <C>       
Balance, January 1, 1998 ..........    3,889,200    $       39   $  217,688    $ (131,594)   $   86,133



Repurchase of Common Stock ........      (10,500)           --         (161)           --          (161)


Dividends ($.15 per share)  .......           --            --           --          (573)         (573)


Net (loss) ........................           --            --           --        (1,206)       (1,206)



Balance, March 31, 1998 ...........    3,878,700    $       39   $  217,527    $ (133,373)   $   84,193
                                       =========    ==========   ==========    ==========    ==========
</TABLE>




  The accompanying notes are an integral part of these Consolidated Financial
                                  Statements.

                                        4

<PAGE>   5




                                   SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                              TRANSCONTINENTAL REALTY
                                              INVESTORS, INC.






Date:      February 16, 1999                   By:  /s/ Randall M. Paulson
     ------------------------------              -------------------------------
                                                 Randall M. Paulson
                                                 President


Date:      February 16, 1999                   By:  /s/ Thomas A. Holland
     ------------------------------              -------------------------------
                                                 Thomas A. Holland
                                                 Executive Vice President and
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer)

                                       16

<PAGE>   6
                              INDEX TO EXHIBITS




<TABLE>
<CAPTION>
Exhibit
Number                  Description
- ------                  -----------
<S>                     <C>
 27                     Financial Data Schedule

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1998
<CASH>                                          11,829
<SECURITIES>                                         0
<RECEIVABLES>                                    4,810
<ALLOWANCES>                                       891
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         357,949
<DEPRECIATION>                                  57,955
<TOTAL-ASSETS>                                 332,374
<CURRENT-LIABILITIES>                                0
<BONDS>                                        242,030
                                0
                                          0
<COMMON>                                            39
<OTHER-SE>                                      84,154
<TOTAL-LIABILITY-AND-EQUITY>                   332,374
<SALES>                                              0
<TOTAL-REVENUES>                                16,054
<CGS>                                                0
<TOTAL-COSTS>                                    8,409
<OTHER-EXPENSES>                                 2,523
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,335
<INCOME-PRETAX>                                (1,206)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (1,206)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (1,206)
<EPS-PRIMARY>                                    (.31)
<EPS-DILUTED>                                    (.31)
        

</TABLE>


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