DALLAS--(BUSINESS WIRE)--Income Opportunity Realty Investors, Inc. (NYSE American: IOR) is reporting its results of operations for the quarter ended June 30, 2024. For the three months ended June 30, 2024, we reported net income attributable to common shares of $1.2 million or $0.28 per diluted share compared to a net income of $1.8 million or $0.44 per share for the same period in 2023. Our decrease in net income is attributable to a decrease in interest income offset in part by a decrease in advisory fees.
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 June 30, | Six Months Ended June 30, | |||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
| Revenues: | ||||||||||||||||
| Other Income | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
||||
| Expenses: | ||||||||||||||||
| General and administrative |
|
93 |
|
|
76 |
|
|
159 |
|
|
294 |
|
||||
| Advisory fee to related party |
|
21 |
|
|
380 |
|
|
50 |
|
|
699 |
|
||||
| Total operating expenses |
|
114 |
|
|
456 |
|
|
209 |
|
|
993 |
|
||||
| Net operating loss |
|
(114 |
) |
|
(456 |
) |
|
(209 |
) |
|
(993 |
) |
||||
| Interest income from related parties |
|
1,585 |
|
|
2,778 |
|
|
3,171 |
|
|
4,644 |
|
||||
| Income tax provision |
|
(309 |
) |
|
(488 |
) |
|
(622 |
) |
|
(767 |
) |
||||
| Net income |
|
1,162 |
|
|
1,834 |
|
|
2,340 |
|
|
2,884 |
|
||||
| Earnings per share | ||||||||||||||||
| Basic and diluted | $ |
0.28 |
|
$ |
0.44 |
|
$ |
0.57 |
|
$ |
0.69 |
|
||||
| Weighted average common shares used in computing earnings per share | ||||||||||||||||
| Basic and diluted |
|
4,107,131 |
|
|
4,168,414 |
|
|
4,092,618 |
|
|
4,168,414 |
|
||||
