DALLAS--(BUSINESS WIRE)--Income Opportunity Realty Investors, Inc. (NYSE American: IOR) is reporting its results of operations for the quarter ended March 31, 2024. For the three months ended March 31, 2024, we reported net income attributable to common shares of $1.2 million or $0.29 per diluted share compared to a net income of $1.1 million or $0.25 per share for the same period in 2023. Our increase in net income is attributable to a decrease in general, administrative and advisory costs offset in part by a decrease in interest income.
About Income Opportunity Realty Investors, Inc.
Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, currently holds a portfolio of notes receivable. The Company invests in real estate through direct equity ownership and partnerships. For more information, visit the Company’s website at www.incomeopp-realty.com.
| INCOME OPPORTUNITY REALTY INVESTORS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (Dollars in thousands, except per share amounts) | |||||||
| (Unaudited) | |||||||
| Three Months Ended March 31, |
|||||||
|
2024 |
|
|
2023 |
|
||
| Revenues: | |||||||
| Other Income | $ |
- |
|
$ |
- |
|
|
| Expenses: | |||||||
| General and administrative |
|
66 |
|
|
218 |
|
|
| Advisory fee to related party |
|
29 |
|
|
319 |
|
|
| Total operating expenses |
|
95 |
|
|
537 |
|
|
| Net operating loss |
|
(95 |
) |
|
(537 |
) |
|
| Interest income from related parties |
|
1,586 |
|
|
1,866 |
|
|
| Income tax provision |
|
(313 |
) |
|
(279 |
) |
|
| Net income |
|
1,178 |
|
|
1,050 |
|
|
| Earnings per share | |||||||
| Basic and diluted | $ |
0.29 |
|
$ |
0.25 |
|
|
| Weighted average common shares used in computing earnings per share | |||||||
| Basic and diluted |
|
4,107,131 |
|
|
4,168,414 |
|
|
