DALLAS--(BUSINESS WIRE)--Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended September 30, 2024. For the three months ended September 30, 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 $1.6 million or $0.39 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
| Revenues: | ||||||||||||||||
| Other Income | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
||||
| Expenses: | ||||||||||||||||
| General and administrative |
|
71 |
|
|
91 |
|
|
230 |
|
|
385 |
|
||||
| Advisory fee to related party |
|
26 |
|
|
346 |
|
|
76 |
|
|
1,045 |
|
||||
| Total operating expenses |
|
97 |
|
|
437 |
|
|
306 |
|
|
1,430 |
|
||||
| Net operating loss |
|
(97 |
) |
|
(437 |
) |
|
(306 |
) |
|
(1,430 |
) |
||||
| Interest income from related parties |
|
1,614 |
|
|
2,516 |
|
|
4,785 |
|
|
7,160 |
|
||||
| Income tax provision |
|
(319 |
) |
|
(436 |
) |
|
(941 |
) |
|
(1,203 |
) |
||||
| Net income |
|
1,198 |
|
|
1,643 |
|
|
3,538 |
|
|
4,527 |
|
||||
| Earnings per share | ||||||||||||||||
| Basic and diluted | $ |
0.29 |
|
$ |
0.39 |
|
$ |
0.87 |
|
$ |
1.09 |
|
||||
| Weighted average common shares used in computing earnings per share | ||||||||||||||||
| Basic and diluted |
|
4,070,327 |
|
|
4,168,414 |
|
|
4,085,134 |
|
|
4,168,414 |
|
||||
