Income Opportunity Realty Investors, Inc. 8-K

Exhibit 99.1

NEWS RELEASE		Contact:
		Income Opportunity Realty Investors, Inc. Investor Relations
FOR IMMEDIATE RELEASE		Erik Johnson (469) 522-4200 investor.relations@incomeopp-invest.com

Income Opportunity Realty Investors, Inc. reports Earnings
for Quarter Ended March 31, 2024

DALLAS (May 9, 2024) -- Income Opportunity Realty Investors, Inc. (NYSE American: IOR) is reporting its results of operations for the quarter ended March 31, 2024. For the three months ended March 31, 2024, we reported net income attributable to common shares of $1.2 million or $0.29 per diluted share compared to a net income of $1.1 million or $0.25 per share for the same period in 2023. Our increase in net income is attributable to a decrease in general, administrative and advisory costs offset in part by a decrease in interest income.

About Income Opportunity Realty Investors, Inc.

Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, currently holds a portfolio of notes receivable. The Company invests in real estate through direct equity ownership and partnerships. For more information, visit the Company’s website at www.incomeopp-realty.com.

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

(Unaudited)

		Three Months Ended March 31,
		2024				2023
Revenues:
Other income			—				—
Expenses:
General and administrative			66				218
Advisory fee to related party			29				319
Total operating expenses			95				537
Net operating loss			(95	)			(537	)
Interest income from related parties			1,586				1,866
Income tax provision			(313	)			(279	)
Net income			1,178				1,050
Earnings per share
Basic and diluted		$	0.29			$	0.25
Weighted average common shares used in computing earnings per share
Basic and diluted			4,107,131				4,168,414