<SEC-DOCUMENT>0001010549-17-000462.txt : 20171116
<SEC-HEADER>0001010549-17-000462.hdr.sgml : 20171116
<ACCEPTANCE-DATETIME>20171115173855
ACCESSION NUMBER:		0001010549-17-000462
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171116
DATE AS OF CHANGE:		20171115

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:		171206145

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act</B></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event
reported):&nbsp;<B><U>November 14, 2017</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCOME OPPORTUNITY REALTY INVESTORS,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified
in its Charter)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Nevada</U></B></P></TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>001-14784</U></B></P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>75-2615944</U></B></P></TD></TR>
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    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">jurisdiction of incorporation)</P></TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">File No.)</P></TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1603 LBJ Freeway, Suite 800</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Dallas, Texas</U></B></P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B><U>75234</U></B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number,
including area code&nbsp;&nbsp;<B>469-522-4200</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD>
        <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0">Written communications pursuant to Rule 425 under the Securities
        Act (17 CFR 230.425)</P>
        <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt; line-height: 106%">&#168;</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD>
        <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under
        the Exchange Act (17 CFR 240.14d-2(b))</P>
        <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt; line-height: 106%">&#168;</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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    <TD STYLE="width: 34%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Section 2 &ndash; Financial Information</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 2.02. Results of Operations and Financial Condition</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 14, 2017, American
Realty Investors, Inc. (&ldquo;ARL&rdquo; or the &ldquo;Company&rdquo;) announced its operational results for the quarter ended
September 30, 2017. A copy of the announcement is attached as Exhibit &ldquo;99.1.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information furnished
pursuant to Item 2.02 in this Form 8-K, including Exhibit &ldquo;99.1,&rdquo; attached hereto, shall not be deemed to be &ldquo;filed&rdquo;
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 STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Section 9 &ndash; Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
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<P STYLE="font: 12pt/normal Segoe Print; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following exhibit is furnished with
this Report:</P>

<P STYLE="font: 11.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 11.5pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Designation</B></P></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Description of Exhibit</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 2.9pt">99.1*</P></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: justify">Press Release dated November 14,
        2017</P></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">_________________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* Furnished herewith</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dated: &nbsp;November 15, 2017</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">INCOME OPPORTUNITY REALTY INVESTORS, INC.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Gene S. Bertcher</U></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Gene S. Bertcher, Executive Vice</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">President and Chief Financial Officer</P></TD></TR>
</TABLE>
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<TYPE>EX-99
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        RELEASE </FONT></B></P>
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 1.75pt 0.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>FOR
        IMMEDIATE RELEASE </I></B></FONT></P>
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.65pt; padding-right: 5.75pt; padding-left: 5.35pt"><P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Contact:
        </B></FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Income
        Opportunity Realty Investors, Inc. </B></FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Investor
        Relations </B></FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Gene
        Bertcher (800) 400-6407 </B></FONT></P>
        <P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 1.8pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>investor.relations@incomeopp-realty.com
        </B></FONT></P>
        <P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 24pt 0 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 26.9pt 0 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Income
Opportunity Realty Investors, Inc. Reports Third Quarter 2017 Results</B></FONT><B> </B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 24.5pt 3.5pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 11.5pt 0; text-align: justify; text-indent: -0.5pt">DALLAS
(November 14, 2017) Income Opportunity Realty Investors, Inc. (NYSE American: IOR), a Dallas-based real estate investment company,
reported results of operations for the third quarter ended September 30, 2017. IOR announced today that the Company reported net
income applicable to common shares of $0.6 million or $0.15 per diluted earnings per share for the three months ended September
30, 2017, as compared to net income applicable to common shares of $0.8 million or $0.18 per diluted earnings per share for the
same period ended 2016.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 13.1pt 0; text-align: justify; text-indent: -0.5pt">In
June 2017, the Company changed its trading symbol from (&ldquo;IOT&rdquo;) to (&ldquo;IOR&rdquo;).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.35pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">Revenues</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 13.1pt 0; text-align: justify; text-indent: -0.5pt">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 September 30, 2017 and 2016.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">Expenses</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 0 0; text-align: justify; text-indent: -0.5pt">General
and administrative expenses were $93,000 for the three months ended September 30, 2017. This represents a decrease of $21,000 compared
to the prior period general and administrative expenses of $114,000.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 13.1pt 0; text-align: justify; text-indent: -0.5pt">Net
income fee to related party decreased $14,000 to $53,000 for the three months ended September 30, 2017 compared to the prior period.
The net income fee paid to our Advisor is calculated at 7.5% of net income.</P>

<P STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin: 0 0 12.35pt; text-indent: -0.5pt">Other income (expense)</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 26.3pt 0 0; text-align: justify; text-indent: -0.5pt">Interest
income decreased to $0.9 million for the three months ended September 30, 2017 compared to $1.1 million for the same period of
2016. The decrease of $0.2 million was due primarily to <FONT STYLE="color: #333333">the payoff, during 2017, of notes receivable
related to three income-producing properties sold in a prior year</FONT>.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B><I>About Income Opportunity
Realty Investors, Inc.</I></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B><I></I></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">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&rsquo;s
website at <U>www.incomeopp-realty.com</U>.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCOME OPPORTUNITY REALTY INVESTORS,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Three Months Ended </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nine Months Ended </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(dollars in thousands, except per share amounts)</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Revenues:</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental and other property revenues</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses:</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 56%; padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative (including $63 and $47 for the three months and $174 and $127 for the nine months ended 2017 and 2016, respectively, from related parties)</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">342</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income fee to related party</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">189</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">193</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advisory fee to related party</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">493</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">475</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">343</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,024</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,001</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(312</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(343</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,024</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,001</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other income:</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income from related parties</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">924</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,095</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,133</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,389</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Income</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total other income</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">924</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,095</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,383</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,389</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">612</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">752</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,359</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,388</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Earnings per share - basic and diluted</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.57</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.57</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average common shares used in computing earnings per share</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,168,214</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,168,214</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,168,214</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,168,214</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCOME OPPORTUNITY REALTY INVESTORS,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(dollars in thousands, except par value amount)</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 68%; padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real estate land holdings subject to sales contract, at cost</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,717</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,717</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total real estate</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,717</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,717</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes and interest receivable from related parties </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,403</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,485</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less allowance for doubtful accounts</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,826</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,826</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total notes and interest receivable</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,577</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,659</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable and accrued interest from related parties </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,391</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,768</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other assets </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,049</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,257</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,738</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,402</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 20pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities: </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable and other liabilities</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo; equity: </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury stock at cost, 5,461 shares in 2017 and 2016</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in capital</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,955</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,955</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained earnings</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,780</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,421</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,738</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,379</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 20pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities and shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,738</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,402</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>
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