Income Opportunity Realty Investors, Inc. Form 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, 2024
DALLAS (November 7, 2024) – 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.
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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 | |||||||
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