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Income Opportunity Realty Investors, Inc. Reports Second Quarter 2017 Results

DALLAS--(BUSINESS WIRE)-- Income Opportunity Realty Investors, Inc. (NYSE American: IOR), a Dallas-based real estate investment company, reported results of operations for the second quarter ended June 30, 2017. IOR announced today that the Company reported net income applicable to common shares of $1.0 million or $0.24 per diluted earnings per share for the three months ended June 30, 2017, as compared to net income applicable to common shares of $0.7 million or $0.18 per diluted earnings per share for the same period ended 2016.

In June 2017, the Company changed its trading symbol from (“IOT”) to (“IOR”).

Revenues

Land held subject to a sales contract is our sole operating segment. There was no income generated from this segment for the three months ended June 30, 2017 nor for the prior period ended 2016.

Expenses

General and administrative expenses were $119,000 for the three months ended June 30, 2017. This represents a decrease of $9,000, as compared to the prior period general and administrative expenses of $128,000. This decrease was primarily due to a decrease in legal fees and cost reimbursements to our Advisor.

Net income fee to related party increased $23,000 to $77,000 for the three months ended June 30, 2017 compared to the prior period. The net income fee paid to our Advisor is calculated at 7.5% of net income.

Other income (expense)

Interest income remained constant at $1.1 million for the three months ended June 30, 2017 and 2016.

About Income Opportunity Realty Investors, Inc.

Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, holds a portfolio of equity real estate in Texas, including undeveloped land. 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
(Unaudited)
 
   

Three Months Ended
June 30,

     

Six Months Ended
June 30,

2017     2016 2017     2016
(dollars in thousands, except per share amounts)
Revenues:
Rental and other property revenues $ - $ - $ - $ -
 
Expenses:
Property operating expenses - - - -
General and administrative (including $0 and $47 for the three months and $0 and $90 for the six months ended 2017 and 2016, respectively, from related parties) 119 128 249 221
Net income fee to related party 77 54 137 126
Advisory fee to related party   164     160     326     313  
Total operating expenses   360     342     712     660  
Net operating loss (360 ) (342 ) (712 ) (660 )
 
Other income:
Interest income from related parties 1,119 1,085 2,208 2,293
Other Income   250     -     250     3  
Total other income   1,369     1,085     2,458     2,296  
Net income $ 1,009   $ 743   $ 1,746   $ 1,636  
 
Earnings per share - basic and diluted
Net income $ 0.24   $ 0.18   $ 0.42   $ 0.39  
 
Weighted average common shares used in computing earnings per share 4,168,214 4,168,214 4,168,214 4,168,214
 
       
INCOME OPPORTUNITY REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
June 30, December 31,
2017 2016
(dollars in thousands, except par value amount)
Assets
Real estate land holdings subject to sales contract, at cost $ 22,717   $ 22,717  
Total real estate 22,717 22,717
 
Notes and interest receivable from related parties 16,887 25,485
Less allowance for doubtful accounts   (1,826 )   (1,826 )
Total notes and interest receivable 15,061 23,659
 
Cash and cash equivalents - 1
Receivable and accrued interest from related parties 48,308 37,768
Other assets   2,049     2,257  
Total assets $ 88,135   $ 86,402  
 
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and other liabilities $ 10   $ 23  
Total liabilities 10 23
Shareholders’ equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2017 and 2016 42 42
Treasury stock at cost, 5,461 shares in 2017 and 2016 (39 ) (39 )
Paid-in capital 61,955 61,955
Retained earnings   26,167     24,421  
Total shareholders' equity   88,125     86,379  
Total liabilities and shareholders' equity $ 88,135   $ 86,402  

Income Opportunity Realty Investors, Inc.

Investor Relations

Gene Bertcher, 800-400-6407

investor.relations@incomeopp-realty.com

Source: Income Opportunity Realty Investors, Inc.

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