DALLAS, Dec. 8, 2000 (PRIMEZONE) -- The Board of Directors of Transcontinental Realty Investors, Inc. (NYSE:TCI) Friday announced that no fourth quarter dividend will be paid to shareholders of company's common stock. The non-payment decision was based on the board anticipating the need of additional cash for a greater equity stake in TCI's acquisition and development projects that are slated for the first half of 2001.
Pending projects include construction of a second phase of a highly successful luxury apartment complex in Austin, Texas, and possible European commercial acquisitions.
TCI paid an $.18 per share dividend in each of the first three quarters of 2000 to holders of its common stock.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, invests in real estate through direct equity ownership and partnerships nationwide. For more information, visit the company's Web site at www.transconrealty-invest.com.