Income Opportunity Realty Investors : reports Earnings for Quarter Ended December 31, 2023
March 21, 2024 at 05:57 pm EDT
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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
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21 March 2024 21:56:44 UTC.
Income Opportunity Realty Investors, Inc. is an externally managed company that invests in mortgage notes receivables and real property. The Company is a real estate investment company, which holds a portfolio of notes receivable. The Company invests in real estate through direct equity ownership and partnerships. The Company also invests in note receivables that are collateralized by investments in land and/or multifamily properties. Its business is managed by Pillar Income Asset Management, Inc. (Pillar).