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 June 30, 2024
DALLAS (August 8, 2024) -- 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 | |
