Income Opportunity Realty Investors, Inc. (NYSE American: IOR) is reporting its results of operations for the quarter ended June 30, 2024. For the three months ended June 30, 2024, we reported net income attributable to common shares of $1.2 million or $0.28 per diluted share compared to a net income of $1.8 million or $0.44 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 June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Other Income | $ | - | $ | - | $ | - | $ | - | ||||||||
| Expenses: | ||||||||||||||||
| General and administrative | 93 | 76 | 159 | 294 | ||||||||||||
| Advisory fee to related party | 21 | 380 | 50 | 699 | ||||||||||||
| Total operating expenses | 114 | 456 | 209 | 993 | ||||||||||||
| Net operating loss | (114 | ) | (456 | ) | (209 | ) | (993 | ) | ||||||||
| Interest income from related parties | 1,585 | 2,778 | 3,171 | 4,644 | ||||||||||||
| Income tax provision | (309 | ) | (488 | ) | (622 | ) | (767 | ) | ||||||||
| Net income | 1,162 | 1,834 | 2,340 | 2,884 | ||||||||||||
| Earnings per share | ||||||||||||||||
| Basic and diluted | $ | 0.28 | $ | 0.44 | $ | 0.57 | $ | 0.69 | ||||||||
| Weighted average common shares used in computing earnings per share | ||||||||||||||||
| Basic and diluted | 4,107,131 | 4,168,414 | 4,092,618 | 4,168,414 | ||||||||||||
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