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<SEC-DOCUMENT>0001181431-05-027991.txt : 20050516
<SEC-HEADER>0001181431-05-027991.hdr.sgml : 20050516
<ACCEPTANCE-DATETIME>20050513200514
ACCESSION NUMBER:		0001181431-05-027991
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050513
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20050516
DATE AS OF CHANGE:		20050513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		05831163

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd78918.htm
<DESCRIPTION>CURRENT REPORT, ITEMS 2.02, 8.01, AND 9.01
<TEXT>



<HTML>


<HEAD>








<META NAME="_AdHocReviewCycleID" CONTENT="-1836788040">


<META NAME="_EmailSubject" CONTENT="Form 8-K">


<META NAME="_AuthorEmail" CONTENT="aglendinning@pmklaw.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Glendinning, Ashley">


</HEAD>


<BODY LINK="#0000ff">





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="JUSTIFY">&#9;Washington, D.C. 20549</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>FORM 8-K</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>CURRENT REPORT</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;Date of Report: May 10, 2005</P>


<P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Date of Earliest Event Reported)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>INCOME OPPORTUNITY REALTY INVESTORS, INC.</P>


</B></FONT><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=624>


<TR><TD WIDTH="35%" VALIGN="TOP">


<P>&nbsp;</P>


<P>&#9;<B>Nevada</B></TD>


<TD WIDTH="32%" VALIGN="TOP">





<P>&#9;<B>1-14784</B></TD>


<TD WIDTH="33%" VALIGN="TOP">





<P>&#9;<B>75-2615944</B></TD>


</TR>


<TR><TD WIDTH="35%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(State or other </P>


<P ALIGN="CENTER">jurisdiction of incorporation)</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission</P>


<P ALIGN="CENTER">File No.)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(I.R.S. Employer</P>


<P ALIGN="CENTER">Identification No.)</FONT></TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>1755 Wittington Place, Suite 340</P>


<P ALIGN="JUSTIFY">&#9;Dallas, Texas 75234</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Address of principal executive offices)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>214-750-5800</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Registrant<FONT FACE="WP TypographicSymbols">&#61;</FONT>


s telephone number, including area code)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</P>


<P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>





</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P></DIR>


</DIR>


</DIR>





</FONT><B><P ALIGN="JUSTIFY">Section 2 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Information</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 2.02.  Results of Operations and Financial Condition</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">On May 13, 2005, Income Opportunity Realty Investors, Inc. (<FONT FACE="WP TypographicSymbols">&#65;</FONT>


IOT<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 or the <FONT FACE="WP TypographicSymbols">&#65;</FONT>


Company<FONT FACE="WP TypographicSymbols">&#64;</FONT>


) announced its operational results for the first quarter of 2005.  A copy of the announcement is attached as Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1.<FONT FACE="WP TypographicSymbols">&#64;</FONT>


</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 attached hereto, shall not be deemed to be <FONT FACE="WP TypographicSymbols">&#65;</FONT>


filed<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.  We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Section 8 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Other Events</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 8.01.  Other Events</P>


<P ALIGN="JUSTIFY"></P>


</B><P ALIGN="JUSTIFY">On May 10, 2005, the Board of Directors of the Company approved a 3-for-1 forward split of the Common Stock with a record date of June 10, 2005.  The forward split will entitle stockholders to receive two additional newly-issued shares of Common Stock for each share of Common Stock held as of the record date.  Certificates for the new shares will be mailed to stockholders on or about June 14, 2005.</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Section 9 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Statements and Exhibits</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 9.01.  Financial Statements and Exhibits</P>


</B><P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>


<DIR>





<FONT FACE="Shruti,Georgia"><P ALIGN="JUSTIFY">(c)&#9;Exhibits.</P>


</FONT><P ALIGN="JUSTIFY"></P></DIR>


</DIR>


</DIR>


</DIR>





<FONT FACE="Shruti,Georgia"><P ALIGN="JUSTIFY">The following exhibit is furnished with this Report:</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=623>


<TR><TD WIDTH="20%" VALIGN="MIDDLE">


<P>&nbsp;</P>


<B><P ALIGN="CENTER">Exhibit Designation</B></TD>


<TD WIDTH="80%" VALIGN="TOP">





<P>&nbsp;</P>


<P>&#9;<B>Description of Exhibit</B></TD>


</TR>


<TR><TD WIDTH="20%" VALIGN="TOP">





<P>&#9;99.1*</TD>


<TD WIDTH="80%" VALIGN="TOP">





<P ALIGN="JUSTIFY">Press Release dated May 13, 2005.</TD>


</TR>


<TR><TD VALIGN="TOP" COLSPAN=2>





<P>_____________________</P>


<P>*Furnished herewith.</TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="JUSTIFY">&#9;<B>SIGNATURES</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Dated: May 13, 2005.&#9;&#9;&#9;&#9;INCOME OPPORTUNITY REALTY </P>


<P ALIGN="JUSTIFY">INVESTORS, INC.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">/s/ Robert N. Crouch II</P>


<P ALIGN="JUSTIFY">By: <U>&#9;</P><DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>





</U><P ALIGN="JUSTIFY">Robert N. Crouch II, Executive Vice</P></DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>





<P ALIGN="JUSTIFY">President, Chief Financial Officer and</P>


<P ALIGN="JUSTIFY">Acting Principal Executive Officer</P>


<P ALIGN="JUSTIFY"></P></BODY>


</HTML>








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.
<SEQUENCE>2
<FILENAME>rrd78918_5828.htm
<TEXT>



<HTML>


<HEAD>








<TITLE>NEWS RELEASE</TITLE>


<META NAME="_AdHocReviewCycleID" CONTENT="1679884344">


<META NAME="_EmailSubject" CONTENT="IOT - Press Releases">


<META NAME="_AuthorEmail" CONTENT="smetzger@pmklaw.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Metzger, Steven C.">


</HEAD>


<BODY LINK="#0000ff">





<B><FONT FACE="Arial"><P ALIGN="RIGHT">Exhibit 99.1</P>


</B>


</FONT><B><FONT FACE="Arial" SIZE=4><P>Income Opportunity Reports 1Q 2005 Results</P>


</B></FONT><FONT SIZE=2>


<P>DALLAS (May 13, 2005) -- Income Opportunity Realty Investors, Inc. (AMEX: IOT), a Dallas-based real estate investment company, announced today that the company reported a first quarter 2005 net income of $239,000, or $0.17 per share on revenue of $1.53 million for the first quarter ending March 31, 2005, as compared to a net income of $2.65 million, or $1.84 per share, on revenue of $2.14 million for the comparable period in 2004.</P>





<P>The difference in net income in the two periods reflects no property being sold during the first quarter of 2005 whereas $3.26 million gain on the sale of a real estate property was recognized in the comparable period in 2004. </P>





<P>Income in the first quarter of 2005, compared to the same period in 2004, included:</P>








<UL>


<LI>Rental income of $1.53 million versus $2.14 million in 2004.  The decrease in 2005 from 2004 was primarily due to sale of properties throughout 2004.</LI></UL>











<UL>


<LI>Interest income of $974,000 versus $598,000 in 2004.  The increase in 2005 from 2004 was due to additional interest earned from the additional notes receivable obtained from the affiliated companies.</LI></UL>











<UL>


<LI>Equity in (loss) of equity partnerships of ($9,000) versus ($1,000) in 2004.</LI></UL>








<P>Expenses in the first quarter of 2005, compared to the same periods in 2004, included:</P>








<UL>


<LI>Operating expenses of $821,000 versus $1.21 million in 2004.  The decrease in 2005 from 2004 was primarily due to sale of properties throughout 2004.</LI></UL>











<UL>


<LI>Interest expense of $936,000 versus $978,000 in 2004.  The decrease in 2005 from 2004 was primarily due to sale of properties throughout 2004.</LI></UL>











<UL>


<LI>Depreciation expense of $177,000 versus $342,000 in 2004.  The decrease in 2005 from 2004 was due to sale of properties and fully depreciated tenant improvements in 2004.</LI></UL>











<UL>


<LI>A net income fee to affiliate of $12,000 versus $215,000 in 2004.  The net income fee is based on 7.5 percent of net income.</LI></UL>











<UL>


<LI>An advisory fee to affiliate of $167,000 versus $193,000 in 2004.  The advisory fee is based on the amount of gross assets.</LI></UL>











<UL>


<LI>General and administrative expenses of $142,000 versus $270,000 in 2004.  The decrease in 2005 from 2004 was primarily due to a decrease in property insurance and rental expense.</LI></UL>








<P>See attached schedule.</P>





<P ALIGN="JUSTIFY">Separately, on May 10, 2005, the Board of Directors of the Company approved a 3-for-1 forward split of the Common Stock with a record date of June 10, 2005.  This forward split will entitle stockholders to receive two additional newly-issued shares of Common Stock for each share of Common Stock held as of the record date.  Certificates for the new shares will be mailed to stockholders on or about June 14, 2005.</P>





<P>&nbsp;</P>


<B><I><P>About Income Opportunity Realty Investors, Inc.</P>


</B></I><P>Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, and undeveloped land.  For more information, go to IORI's website.</P>





<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">INCOME OPPORTUNITY REALTY INVESTORS, INC.</P>


<P ALIGN="CENTER">FINANCIAL HIGHLIGHTS</P>


<P ALIGN="CENTER">(dollars in thousands, except share and per share data)</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=524>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">  Three Months ended     March 31,</B></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>         <U>2005</B></U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>       <U>2004</U> </B></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Income from rents</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$1,529</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$2,136</FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Expense from operations &#9;</FONT></TD>


<TD WIDTH="18%" VALIGN="TOP" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>    821</U></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>  1,211</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>   Operating Income</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>708</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>925</FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Other Income</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  965</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>597</FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>Other Expense</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>  1,434</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>  1,998</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>Net Income (Loss) from Continuing Operations</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>239</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(476)</FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>Net Income (Loss) from Discontinued Operations</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>     0</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>  3,129</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>Net Income (Loss)</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>     239</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>     2,653</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>Earnings (Loss Per Share)</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT FACE="Arial" SIZE=2><P>  Net Loss from Continuing Operations</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>   0.17</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>  (0.33</U>)</FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Discontinued Operations</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   <U>    0.00</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>   2.17</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="TOP" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>


<DIR>





<FONT FACE="Arial" SIZE=2><P>Net Income (Loss)</DIR>


</DIR>


</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>    0.17</U></FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>   1.84</U></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="TOP" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Weighted average common shares used </P>


<P>   to compute earnings per share</FONT></TD>


<TD WIDTH="18%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>1,389,345</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>1,438,945</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER"> # # #</P>


</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P>


</FONT><P ALIGN="JUSTIFY">&nbsp;</P>


<FONT FACE="Arial"><P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</P>


<P ALIGN="JUSTIFY">&#9;ANNOUNCES A 3-FOR-1 STOCK SPLIT</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">DALLAS, TEXAS, MAY 13, 2005 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 INCOME OPPORTUNITY REALTY INVESTORS, INC. (ASE:IOT).  The Board of Directors is pleased to announce that the Company will effect a 3-for-1 forward split of the Common Stock with a record date of June 10, 2005.  This forward split will entitle stockholders to receive two additional newly-issued shares of Common Stock for each share of Common Stock held as of the record date.  Certificates for the new shares will be mailed to stockholders on or about June 14, 2005.</P>


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<P ALIGN="JUSTIFY">Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment company.</P>


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