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 December 31, 2023

DALLAS (March 21, 2024) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended December 31, 2023. For the three months ended December 31, 2023, we reported net income attributable to common shares of $2.5 million or $0.60 per diluted share compared to net income of $1.3 million or $0.30 per share for the same period in 2022. Our increase in net income is attributable to an increase in interest income due to an increase in interest rates in 2023.

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

Twelve Months Ended

December 31,

December 31,

2023

2022

2023

2022

Revenues:

Other income

-

-

-

-

Expenses:

General and administrative

105

77

490

451

Advisory fee to related party

(75)

351

970

1,175

Total operating expenses

30

428

1,460

1,626

Net operating loss

(30)

(428)

(1,460)

(1,626)

Interest income from related parties

2,910

2,096

10,070

6,602

Income tax provision

(406)

(399)

(1,609)

(1,045)

Net income

2,474

1,269

7,001

3,931

Earnings per share

Basic and diluted

$

0.60

$

0.30

$

1.68

$

0.94

Weighted average common shares used in computing earnings

per share

Basic and diluted

4,145,016

4,168,414

4,162,516

4,168,414

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Income Opportunity Realty Investors Inc. published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 21:56:44 UTC.