Income Opportunity Realty Investors, Inc. Form 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 September 30, 2024

 

DALLAS (November 7, 2024) – Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended September 30, 2024. For the three months ended September 30, 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 $1.6 million or $0.39 per share for the same period in 2023. Our decrease in net income is attributable to a decrease in interest income offset in part by a decrease in advisory fees.

 

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
September 30,		   Nine Months Ended
September 30,
  2024   2023   2024   2023
Revenues:                      
Other income $ —   $ —   $ —   $ —
Expenses:                      
General and administrative   71     91     230     385
Advisory fee to related party   26     346     76     1,045
Total operating expenses   97     437     306     1,430
Net operating loss   (97)     (437)     (306)     (1,430)
Interest income from related parties   1,614     2,516     4,785     7,160
Income tax provision   (319)     (436)     (941)     (1,203)
Net income $ 1,198   $ 1,643   $ 3,538   $ 4,527
                       
Earnings per share                      
Basic and diluted $ 0.29   $ 0.39   $ 0.87   $ 1.09
Weighted average common shares used in computing earnings per share                      
Basic and diluted   4,070,327     4,168,414     4,085,134     4,168,414