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 | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107595968/en/