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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
September 30, 1996
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Date of Report (Date of Earliest Event Reported)
INCOME OPPORTUNITY REALTY INVESTORS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Nevada 1-9525 75-2615944
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(State of Incorporation) (Commission (IRS Employer
File No.) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, TX 75231
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 692-4700
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
This Form 8-K/A amends a Form 8-K Current Report dated September 30, 1996 and
filed October 25, 1996 by Income Opportunity Realty Investors, Inc. (the
"Company") and provides required financial statements that were not available
at the date of the original filing.
(a) Pro forma financial information:
Pro forma statements of operations are presented for the year ended December
31, 1995 and the nine months ended September 30, 1996. A pro forma balance
sheet for September 30, 1996 has not been presented as the purchase of the
Daley Plaza Corporate Center is reflected in the balance sheet included in the
Company's Quarterly Report on Form 10-Q for the three months ended September
30, 1996.
A summary of the pro forma transaction follows:
On September 30, 1996, the Company purchased the Daley Plaza Corporate Center,
a three building, 122,795 square foot office facility in San Diego, California
for $7.1 million exclusive of commissions and closing costs. The Company paid
$3.6 million in cash and received seller mortgage financing of the remaining
$3.5 million. The mortgage bears interest at 6% per annum, compounded monthly.
Principal and accrued but unpaid interest are due on September 25, 1997, the
date of the mortgage's maturity. The $7.1 million purchase price is
approximately 14.4% of the Company's assets at December 31, 1995.
These proforma statements of operations present the Company's operations as if
the purchase transaction described above had occurred at the beginning of each
of the periods presented.
[This space intentionally left blank.]
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
PRO FORMA
STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1996
Daley Plaza
Corporate
Actual Center Proforma
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(dollars in thousands, except per share)
Income
Rents..................... $ 6,149 $ 993 $ 7,142
Interest.................. 248 - 248
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6,397 993 7,390
Expenses
Property operations....... 3,198 267 3,465
Equity in (income) of
investees.............. (29) - (29)
Interest.................. 1,803 161 1,964
Depreciation.............. 792 113 905
Advisory fee to affiliate. 302 - 302
General and administrative 918 - 918
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6,984 541 7,525
Net income (loss)........... $ (587) $ 452 $ (135)
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Earnings per share
Net (loss)................ $ (.38) $ (.09)
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Weighted average shares of
Common Stock used in
computing earnings per
share..................... 1,533,406 1,533,406
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
PRO FORMA
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1995
Daley Plaza
Corporate
Actual Center Proforma
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(dollars in thousands, except per share)
Income
Rents..................... $ 7,688 $ 1,324 $ 9,012
Interest.................. 231 - 231
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7,919 1,324 9,243
Expenses
Property operations....... 4,035 356 4,391
Equity in losses of
investees.............. 744 - 744
Interest.................. 1,979 215 2,194
Depreciation.............. 1,052 150 1,202
Advisory fee to affiliate. 316 - 316
General and administrative 699 - 699
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8,825 721 9,546
Net income (loss)............ $ (906) $ 603 $ (303)
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Earnings per share
Net (loss)................ $ (.57) $ (.19)
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Weighted average shares of
Common Stock used in
computing earnings per
share..................... 1,582,888 1,582,888
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(b) Financial statements of property acquired:
Exhibit
Number Description
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99.0 Audited Statement of Revenue and Direct Operating
Expenses of Daley Plaza Corporate Center for the year ended
December 31, 1995.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
INCOME OPPORTUNITY REALTY INVESTORS,
INC.
Date: November 27, 1996 By: /s/ Thomas A. Holland
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Thomas A. Holland
Executive Vice President and
Chief Financial Officer
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
EXHIBITS TO
CURRENT REPORT ON FORM 8-K
Dated November 30, 1996
Exhibit Page
Number Description Number
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99.0 Daley Plaza Corporate Center Audited State- 7
ment of Revenues and Direct Operating
Expenses for the year ended December 31,
1995.
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