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 September 30, 2022
DALLAS (November 10, 2022) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended September 30, 2022. For the three months ended September 30, 2022, we reported net income attributable to common shares of $1.2 million or $0.29 per diluted share compared to a net income of $0.7 million or $0.17 per share for the same period in 2021.
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, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Revenues: | |||||||
Other income | — | — | — | — | |||
Expenses: | |||||||
General and administrative | 114 | 88 | 374 | 376 | |||
Advisory fee to related party | 283 | 257 | 824 | 849 | |||
Total operating expenses | 397 | 345 | 1,198 | 1,225 | |||
Net operating loss | (397) | (345) | (1,198) | (1,225) | |||
Interest income from related parties | 1,821 | 1,248 | 4,506 | 3,697 | |||
Other income | — | — | — | 1,179 | |||
Income tax provision | (236) | (191) | (646) | (768) | |||
Net income applicable to common shares | 1,188 | 712 | 2,662 | 2,883 | |||
Earnings per share | |||||||
Basic and diluted | $ 0.29 | $ 0.17 | $ 0.64 | $ 0.69 | |||
Weighted average common shares used in computing earnings per share | |||||||
Basic and diluted | 4,168,414 | 4,168,414 | 4,168,414 | 4,168,414 |