DALLAS, June 28, 2000 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) announced Wednesday that its Board of Directors voted June 23, 2000, to increase the number of shares authorized in the company's repurchase program by 700,000 shares to a total of 1.39 million shares. If or when the company repurchases TCI shares under the plan, purchases will be made in the open market.
Transcontinental's Board authorized its share repurchase plan on Dec. 5, 1989. Since the plan's authorization, a total of 409,765 TCI shares were repurchased through Dec. 31, 1999, for a total of $3.3 million. The additional authorization will allow the company to repurchase an additional 980,235 shares.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment trust, invests in real estate through direct equity ownership and partnerships nationwide. The company also invests in mortgage loans, including first, wraparound and junior mortgages. For more information, visit the company's Web site at www.transconrealty-invest.com.