<SEC-DOCUMENT>0001010549-20-000049.txt : 20200327
<SEC-HEADER>0001010549-20-000049.hdr.sgml : 20200327
<ACCEPTANCE-DATETIME>20200327165718
ACCESSION NUMBER:		0001010549-20-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200324
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200327
DATE AS OF CHANGE:		20200327

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:		20752623

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>income8k.htm
<TEXT>
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<P STYLE="font: 12pt/6.7pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES
</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT</B></FONT></P>

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

<P STYLE="font: 12pt 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>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported):&#9; <B><U>March
24,
2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 18pt"><B>INCOME
OPPORTUNITY REALTY INVESTORS, INC.</B></FONT></P>

<P STYLE="font: 12pt/0.95pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 2px; width: 624px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 9.5pt">(Exact Name of Registrant as
Specified in its Charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>Nevada</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>001-14784</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>75-2615944</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" 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: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">jurisdiction of incorporation)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">File No.)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1603 LBJ Freeway, Suite 800</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><B>75234</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Zip Code)</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code&#9;<B><U>469-522-4200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities registered pursuant
to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Title of Each Class</B></P></TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Trading Symbol</B></P></TD>
    <TD STYLE="width: 44%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of Each Exchange </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>on which Registered</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Common Stock, par value $0.01</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">IOR</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">NYSE American</P></TD></TR>
</TABLE>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company [ &nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the Registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">[ &nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

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<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 2 &ndash; Financial Information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.02. Results of Operations and Financial
Condition</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 24, 2020, Income
Opportunity Realty Investors, Inc. (&ldquo;<B>IOR</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) announced its operational results
for the year ended December 31, 2019. A copy of the announcement is attached as Exhibit &ldquo;99.1.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 9 &ndash; Financial Statements and
Exhibits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01. Financial Statements and Exhibits</B></P>

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 60pt">The
following exhibit is furnished with this Report:</P>

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Exhibit
No</U></B>.&#9;<B><U>Description</U></B></P>

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 1in">99.1*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
release dated March 24, 2020&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">_________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* Furnished herewith</P>

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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#9;<B>SIGNATURES</B></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Dated: March 26, 2020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>INCOME OPPORTUNITY REALTY INVESTORS, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 30%"></TD>
    <TD STYLE="width: 26%; text-align: right; vertical-align: middle">By:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">/s/ Gene S. Bertcher</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Gene
S. Bertcher</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Exhibit "99.1"</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.35pt"><B>NEWS RELEASE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt"><B>FOR IMMEDIATE RELEASE</B></P></TD>
    <TD STYLE="width: 61%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt"><B>Contact:</B></P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Income Opportunity Realty Investors, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Investor Relations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Gene Bertcher (800) 400-6407</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 54.65pt; color: blue"><B><U>investor.relations@incomeopp-realty.com</U></B></P></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B></B></P>

<P STYLE="font: 11pt/115% New times roman,serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>Income
Opportunity Realty Investors, Inc. Reports Fourth Quarter and Full Year 2019 Results</B></P>



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

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P>DALLAS (March 24, 2020) Income Opportunity Realty Investor, Inc. (NYSE MKT: IOR), a Dallas-based real estate
investment company, today reported results of operations for the. forth quarter ended December 31, 2019. For the three months
ended December 31, 2019, we reported a net income applicable to common shares of $1.1 million or $0.25 per share, as
compared to net income of $800,000 or $0.19 per diluted share for the same period ended 2018.</P>

<P>For the full year ended December 31, 2019 the Company reported net income of $4.1 million or ($0.99) per share, compared
to net income of $8.2 million or ($1.97) per share for the same period ended December 31, 2018. Included in 2018 is a gain
on the sale of land of $7.3 million.</P>

<P>Our primary business is investing in real estate and mortgage note
receivables.</P>

<P><B>Expenses</B></P>

<P>General and administrative expenses were $494,000 for the year ended December 31, 2019. General and administrative
expenses were also $494,000 for the year ended December 31. 2018. This included an increase in Legal expenses of $32,000 and
a decrease in reimbursements to Pillar and of $24,000.</P>

<P>Net income fee to related party was $357,000 for the year ended
December 31, 2019. This represents a decrease of $274,000, compared to the net income fee of $63l,000 for the year ended
December 31, 2018. The net income fee paid is calculated at the rate of 7.5% of net income.</P>

<P>Advisory fees were $737,000 for
the year ended December 31, 2019. This represents an increase of $52,000 compared to advisory fees of $685,000 for the year
ended December 31, 2018. Advisory fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the
average of the gross asset value.</P>

<P><B>Other Income (expense)</B></P>

<P>Interest income was $6.6 million for the year coded December 31, 2019. This represents an increase of $1.7 million,
compared to interest income of $4.9 million for the year ended December 31, 2018. This increase was primarily due to an
increase in the receivable amount owed from our Advisor.</P>

<P>Income tax expense was $1.1 million for the year ended December 31, 2019 compared to income tax expense of $2.2 million
for the year ended December 31, 2018. Net income before taxes was $5.1 million for the year ended December 31, 2019.
This represents a decrease of $5.3 million compared to net income before taxes of $10.4 million for the year ended December
31, 2018.</P>

<P>Gain on land sales decreased by $7.3 million for the year ended December 3l, 2019, compared to the same period a
year ago, as a result of the sale of real estate holdings during 2018 for approximately $22.5 million.</P>

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

<P><B>&nbsp;</B><BR></P>

<P>Income Opportunity Realty Investors, lnc., a Dallas based real estate investment company,
holds a portfolio of equity real estate in Texas, including undeveloped land. The Company invests in real estate through
direct equity ownership and partnerships. For more information, visit the Company's website at www.incomeopp-realty.com.</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P></P>

<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>&nbsp;</P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="margin: 0px; width: 100%; border-collapse: collapse">
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="10" VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>For the Years Ended December 31, </B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="TOP" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2019</B></P>
            </TD>
            <TD STYLE="vertical-align: bottom">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0pt">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2018</B></P>
            </TD>
            <TD STYLE="vertical-align: bottom">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0pt">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2017</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="10" NOWRAP VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>(dollars in thousands, except per share amounts)</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt; width: 58%">
                <P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>
            </TD>
            <TD STYLE="width: 2%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 10%">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD STYLE="width: 2%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 10%">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD STYLE="width: 2%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 10%">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Revenues:</B></P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt; text-indent: 8.65pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Expenses:</B></P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
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                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
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                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
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                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
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                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">General and administrative (including $260, $284, and $234 for the year ended 2019, 2018, and 2017 respectively, to related parties)</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">494</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">494</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">438</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">357</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">631</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">250</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">737</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">685</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">660</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 25.95pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total operating expenses</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,588</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,810</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,348</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 25.95pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Net operating loss</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,588</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,810</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,348</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Other income / expenses:</B></P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">
                    <FONT STYLE="color: black">Interest income from related parties</FONT>
                </P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">6,574</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,880</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,237</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">
                    <FONT STYLE="color: black">Other Income</FONT>
                </P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">237</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">250</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 34.55pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total other income</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">6,811</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,880</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,487</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Income before gain on sale of real estate land</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">5,223</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">3,070</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">3,139</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">
                    <FONT STYLE="color: black">Gain on sale of real estate land</FONT>
                </P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">7,323</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Income before taxes</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">5,223</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">10,393</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">3,139</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Income tax expense - current</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,078</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,391</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,098</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Income tax expense - deferred</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">792</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">533</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD STYLE="padding: 0pt; vertical-align: bottom">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
            <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Net income</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,145</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,210</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,508</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Earnings per share - basic and diluted</B></P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 25.95pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Net income</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: white">
            <TD STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD NOWRAP STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Weighted average common shares used in computing earnings per share</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,173,675</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,168,214</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4,168,214</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>&nbsp;</P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED BALANCE SHEETS</B>&nbsp;</P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>(Audited)</B></P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="margin: 0px 0px 0px 0pt; width: 100%; border-collapse: collapse">
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
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            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" VALIGN="TOP" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2019</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="2" VALIGN="TOP" STYLE="border-bottom: black 1pt solid; padding: 0pt">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2018</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD COLSPAN="6" STYLE="vertical-align: bottom; white-space: nowrap">
                <P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>(dollars in thousands, except par value amount)</B></P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt; width: 72%">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-align: center; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Assets</B></P>
            </TD>
            <TD STYLE="width: 2%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
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                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 10%">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD STYLE="width: 2%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 10%">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="width: 1%">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Real estate land holdings subject to sales contract, at cost</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total real estate</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable from related parties</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">14,030</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">14,030</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total notes and interest receivable</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">14,030</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">14,030</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">5</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">4</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Receivable and accrued interest from related parties</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">86,221</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">82,089</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Other assets</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total assets</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100,256</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,123</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-align: center; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><B>Liabilities and Shareholders&#x2019; Equity</B></P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Liabilities:</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Accounts payable and other liabilities</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total liabilities</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">14</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">26</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 8.65pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Shareholders&#x2019; equity:</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2019 and 2018</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">42</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">42</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Treasury stock at cost, 5,461 shares in 2019 and 2018</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">(39</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">(39</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Paid-in capital</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">61,955</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">61,955</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Retained earnings</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">38,284</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">34,139</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR>
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total shareholders&#x2019; equity</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">100,242</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-top: black 1pt solid">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1pt solid; border-left-style: none; border-right-style: none; border-top: black 1pt solid">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">96,097</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
        <TR STYLE="background-color: #cceeff">
            <TD VALIGN="BOTTOM" STYLE="padding: 0pt">
                <P STYLE="margin: 0pt 0pt 0pt 0.5in; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif">Total liabilities and shareholders&#x2019; equity</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100,256</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD>
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">$</P>
            </TD>
            <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2pt double">
                <P STYLE="margin: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,123</P>
            </TD>
            <TD VALIGN="BOTTOM">
                <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




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