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 | |||||
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